Edgar Filing: BlackRock Utility & Infrastructure Trust

Expiration Date

October 31, 2015

October 31, 2016

October 31, 2017

October 31, 2018

<![CDATA[BLACKROCK UTILITY & INFRASTRUCTURE TRUST ]]>

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 811-22606

Name of Fund: BlackRock Utility and Infrastructure Trust (BUI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2014

Date of reporting period: 04/30/2014

Item 1 – Report to Stockholders

APRIL 30, 2014

SEMI-ANNUAL REPORT (UNAUDITED)

BLACKROCK^®

„ BlackRock Dividend Income Trust (BQY)

„ BlackRock EcoSolutions Investment Trust (BQR)

„ BlackRock Energy and Resources Trust (BGR)

„ BlackRock Enhanced Capital and Income Fund, Inc. (CII)

„ BlackRock Enhanced Equity Dividend Trust (BDJ)

„ BlackRock Global Opportunities Equity Trust (BOE)

„ BlackRock Health Sciences Trust (BME)

„ BlackRock International Growth and Income Trust (BGY)

„ BlackRock Real Asset Equity Trust (BCF)

„ BlackRock Resources & Commodities Strategy Trust (BCX)

„ BlackRock Utility and Infrastructure Trust (BUI)


Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee

Section 19(a) Notices

BlackRock Dividend Income Trust’s (BQY), BlackRock EcoSolutions Investment Trust’s (BQR), BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Global Opportunities Equity Trust’s (BOE), BlackRock Health Sciences Trust’s (BME), BlackRock International Growth and Income Trust’s (BGY), BlackRock Real Asset Equity Trust’s (BCF), BlackRock Resources & Commodities Strategy Trust’s (BCX) and BlackRock Utility and Infrastructure Trust’s (BUI) (each, a “Trust” and collectively, the “Trusts”), reported amounts and sources of distributions are estimates and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

April 30, 2014


	Total Cumulative Distributions for the Fiscal Year									% Breakdown of the Total Cumulative Distributions for the Fiscal Year
	Net Investment Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share	Net Investment Income			Net Realized Capital Gains Short-Term			Net Realized Capital Gains Long-Term			Return of Capital			Total Per Common Share
BQY	$	0.077560	$	0.062072	$	0.320368		—	$0.460000		17	%		13	%		70	%		0	%		100	%
BQR*	$	0.031226		—		—	$	0.327274	$0.358500		9	%		0	%		0	%		91	%		100	%
BGR*	$	0.106544	$	0.699246	$	2.431520	$	0.072690	$3.310000		3	%		21	%		73	%		2	%		100	%
CII*	$	0.432951		—		—	$	0.167049	$0.600000		72	%		0	%		0	%		28	%		100	%
BDJ*	$	0.074764		—		—	$	0.205236	$0.280000		27	%		0	%		0	%		73	%		100	%
BOE*		—		—		—	$	0.623300	$0.623300		0	%		0	%		0	%		100	%		100	%
BME	$	0.025679	$	1.541611	$	1.202660		—	$2.769950		1	%		56	%		43	%		0	%		100	%
BGY*	$	0.053081		—		—	$	0.282619	$0.335700		16	%		0	%		0	%		84	%		100	%
BCF*	$	0.047668		—		—	$	0.301932	$0.349600		14	%		0	%		0	%		86	%		100	%
BCX*	$	0.079122		—		—	$	0.383278	$0.462400		17	%		0	%		0	%		83	%		100	%
BUI*	$	0.157289	$	0.066024	$	0.024199	$	0.477489	$0.725000		22	%		9	%		3	%		66	%		100	%

Certain Trusts estimate they have distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’ When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share.

Section 19(a) notices for each Trust, as applicable, are available on the BlackRock website http://www.blackrock.com.

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees/Directors (the “Board”), each have adopted a plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a quarterly basis:


		Exchange Symbol					Amount Per Common Share
		BQY					$0.230000
		BQR					$0.179250
		BGR					$0.405000
		CII					$0.300000
		BDJ					$0.140000
		BOE					$0.311650
		BME					$0.429975
		BGY					$0.167850
		BCF					$0.174800
		BCX					$0.231200
		BUI					$0.362500

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

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

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


2		SEMI-ANNUAL REPORT		APRIL 30, 2014


Table of Contents


			Page
Section 19(a) Notices			2
Section 19(b) Disclosure			2
Shareholder Letter			4
Semi-Annual Report:
The Benefits and Risks of Option Over-Writing			5
Trust Summaries			6
Derivative Financial Instruments			28
Financial Statements:
Schedules of Investments			29
Statements of Assets and Liabilities			106
Statements of Operations			108
Statements of Changes in Net Assets			110
Statements of Cash Flows			116
Financial Highlights			119
Notes to Financial Statements			130
Officers and Trustees			145
Additional Information			146


		SEMI-ANNUAL REPORT		APRIL 30, 2014		3

Shareholder Letter

Dear Shareholder,

Markets have remained highly attuned to potential changes in U.S. monetary policy over the past year. This was markedly evident one year ago in May of 2013 when then-Federal Reserve Chairman Bernanke first mentioned the possibility of reducing (or “tapering”) the central bank’s asset purchase programs — comments that were widely misinterpreted as signaling an end to the Fed’s zero-interest-rate policy. U.S. Treasury yields rose sharply following his comments, triggering a steep sell-off across fixed income markets. (Bond prices move in the opposite direction of yields.) Global equities also suffered as investors feared the implications of a potential end to a program that had greatly supported stocks. Emerging markets, which are more sensitive to changes in global liquidity, were especially hurt by the prospect of ebbing cash flows from the United States. Markets broadly rebounded in late June, however, when the Fed’s tone turned more dovish. At the same time, improving economic indicators and better corporate earnings helped extend gains through most of the summer.

Although the tone of economic and financial news was mixed last autumn, it was a surprisingly positive period for most asset classes. Early on, the Fed defied market expectations with its decision to delay tapering, but higher volatility returned in late September 2013 when the U.S. Treasury Department warned that the national debt would soon breach its statutory maximum. The ensuing political brinksmanship led to a partial government shutdown, roiling global financial markets through the first half of October. Equities and other so-called “risk assets” managed to resume their rally when politicians finally engineered a compromise to reopen the government and extend the debt ceiling.

The remainder of 2013 was a generally positive period for stock markets in the developed world, although investors continued to grapple with uncertainty about when and how much the Fed would scale back on stimulus. When the Fed ultimately announced its tapering plans in mid-December, markets reacted positively, as this action signaled the Fed’s perception of real improvement in the economy, and investors were finally released from the anxiety that had gripped them for quite some time.

The start of the new year brought a stark change in sentiment. Heightened volatility in emerging markets — driven by reduced global liquidity, severe currency weakness, high levels of debt and uneven growth — combined with mixed U.S. economic data caused global equities to weaken in January while bond markets found renewed strength from investors seeking relatively safer assets. Although these headwinds persisted, equities were back on the rise in February as investors were encouraged by a one-year extension of the U.S. debt ceiling and market-friendly comments from new Fed Chair Janet Yellen. While U.S. economic data had softened, investors were assuaged by increasing evidence that this was a temporary trend resulting from harsher-than-usual winter weather.

In the final months of the period, signs of decelerating growth in China and geopolitical tensions in Russia and Ukraine made for a bumpy ride, but markets continued their climb as investors focused on improving U.S. economic data, stronger corporate earnings and a still-dovish central bank. Within developed markets, investors shifted from growth to value stocks as the strong performance of growth stocks in 2013 had pushed valuations higher in many of these sectors. Emerging markets also benefited from this broad rotation into cheaper valuations and were further supported by an improving growth outlook for a number of developing countries.

Even though investors were gearing up for a modest shift toward tighter monetary policy from the Fed, equity markets in the developed world posted solid gains for the six- and 12-month periods ended April 30. Emerging markets, however, experienced increased volatility amid heightened risks for the asset class. Interest rate uncertainty posed a headwind for fixed income assets, and higher-quality sectors of the market performed poorly over the reporting period. Conversely, high yield bonds benefited from income-oriented investors’ search for yield in the overall low-rate environment. Short-term interest rates remained near zero, keeping yields on money market securities close to historic lows.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit www.blackrock.com for further insight about investing in today’s world.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

“In a modest global growth environment, expectations around monetary policy changes continued to be a key theme in financial market performance.”

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2014
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		8.36	%		20.44	%
U.S. small cap equities (Russell 2000^® Index)		3.08			20.50
International equities (MSCI Europe, Australasia, Far East Index)		4.44			13.35
Emerging market equities (MSCI Emerging Markets Index)		(2.98	)		(1.84	)
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)		0.03			0.06
U.S. Treasury securities (BofA Merrill Lynch 10- Year U.S. Treasury Index)		0.88			(5.25	)
U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index)		1.74			(0.26	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		4.24			0.46
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		4.72			6.28

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


4		THIS PAGE NOT PART OF YOUR TRUST REPORT


The Benefits and Risks of Option Over-Writing

In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to enhance distribution yield and total return performance. However, these objectives cannot be achieved in all market conditions.

The Trusts primarily write single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, the Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trusts receive cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trusts. During the option term, the counterparty will elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust will be obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received will increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trusts will realize gains equal to the premiums received.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by the Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty will result in a sale below the current market value and will result in a gain or loss being realized by the Trust; and writing covered call options limits the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Each Trust employs a plan to support a level distribution of income, capital gains and/or return of capital. The goal of the plan is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trusts. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference will reduce the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment. In order to make these distributions, a Trust may have to sell portfolio securities at less than opportune times.

The final tax characterization of distributions is determined after the fiscal year and is reported in the Trust’s annual report to shareholders. Distributions will be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income or net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. Distributions that exceed a Trust’s taxable income but do not exceed the Trust’s current and accumulated earnings and profits, may be classified as ordinary income which are taxable to shareholders. Such distributions are reported as distributions in excess of net investment income.

A return of capital distribution does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’ A return of capital is a return of a portion of an investor’s original investment. A return of capital is not taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital or as distributions in excess of net investment income for income tax purposes when the final determination of the source and character of the distributions is made.

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option will expire and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		5


Trust Summary as of April 30, 2014			BlackRock Dividend Income Trust

Trust Overview

BlackRock Dividend Income Trust’s (BQY) (the “Trust”) investment objective is to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in equity securities of issuers that pay above-average dividends and have the potential for capital appreciation. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities that pay dividends. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 7.67% based on market price and 6.58% based on NAV. For the same period, the MSCI World Value Index returned 7.35%. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Relative to the benchmark index, the Trust’s underweight to energy as well as stock selection within the sector detracted from performance for the period. Stock selection in the health care and information technology (“IT”) sectors also had a negative impact. An overweight and stock selection in consumer staples detracted from relative performance, as did individual security selection within financials.

Contributing positively to the Trust’s performance was strong individual stock selection in both the consumer discretionary and industrials sectors. A significant underweight to financials also had a positive impact on relative results. The combination of an overweight and stock selection in utilities added to returns, as did an overweight in the health care sector.

Also, during the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income

returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy generated net gains during the period.

Describe recent portfolio activity.

During the six-month period, the Trust sought opportunities in sectors and industries that are likely to be among the earlier beneficiaries of a recovering global economy. The Trust added to U.S. financial companies, select IT names and industrials. The Trust eliminated certain positions within telecommunication services (“telecom”) and utilities in the U.S. and abroad, where valuations had moved higher in recent months.

Describe Trust positioning at period end.

As of period end, the investment advisor remains constructive on the ability of corporations to continue to generate cash, especially in the mega-cap space where many firms are well positioned to thrive in a slower-growth environment. The Trust’s largest sector allocations on an absolute basis are financials, consumer staples, industrials, energy and health care, while the Trust maintains smaller exposures to consumer discretionary, telecom, utilities, materials and IT. The Trust remains positioned in high quality stocks, with a special emphasis on affording relative protection and growth of income.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


6		SEMI-ANNUAL REPORT		APRIL 30, 2014


Trust Summary as of April 30, 2014			BlackRock Dividend Income Trust

Trust Information


Symbol on New York Stock Exchange (“NYSE”) MKT		BQY
Initial Offering Date		May 28, 2004
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($13.34)¹		6.90%
Current Quarterly Distribution per Common Share^2,3		$0.23
Current Annualized Distribution per Common Share²		$0.92

Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate consists of income, net realized gains and/or a return of capital. See Section 19(a) Notices on page 2 for the estimated sources and character of distributions. Past performance does not guarantee future results.

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	13.34	$	12.84		3.89	%	$	13.36	$	12.16
Net Asset Value	$	14.83	$	14.42		2.84	%	$	14.83	$	13.77

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Exxon Mobil Corp.	3	%
Chevron Corp.	2
The Walt Disney Co.	2
Total SA — ADR	2
General Mills, Inc.	2
Emerson Electric Co.	2
Bristol-Myers Squibb Co.	2
Dominion Resources, Inc.	2
Microsoft Corp.	2
Altria Group, Inc.	2


Sector Allocation	4/30/14			10/31/13
Financials		20	%		20	%
Consumer Staples		14			14
Industrials		13			12
Health Care		12			11
Energy		11			11
Information Technology		8			7
Consumer Discretionary		8			8
Utilities		7			7
Materials		4			4
Telecommunication Services		3			6

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


		SEMI-ANNUAL REPORT		APRIL 30, 2014		7


Trust Summary as of April 30, 2014			BlackRock EcoSolutions Investment Trust

Trust Overview

BlackRock EcoSolutions Investment Trust’s (BQR) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities issued by companies that are engaged in one or more of New Energy (e.g., products, technologies and services connected to the efficient use of energy or the provision or manufacture of alternative forms of energy), Water Resources and Agriculture business segments. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 7.46% based on market price and 5.24% based on NAV. For the same period, the closed-end Lipper Utility Funds category posted an average return of 10.57% based on market price and 10.69% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Many of the Trust’s new energy investments benefited from positive momentum during the period, with particularly robust performance from holdings in the renewable energy technology space. Vestas Wind Systems A/S was among the Trust’s strongest contributors to performance as the company received a number of new orders, finalized its joint venture with Mitsubishi and secured a five-year revolving credit facility on attractive terms. All of these announcements combined have lowered the risks around the stock and it has been rewarded by the market as a result.

Within agriculture, a holding in livestock producer Tyson Foods, Inc. boosted performance. The company, which specializes in chicken, beef and pork production, posted strong earnings for 2013 and raised its earnings expectations for 2014, which also served to ease broader concerns in the market about earnings in the poultry sector given increased competition resulting from lower grain prices. In the water resources segment of the Trust, exposure to water utilities companies had a positive impact on returns, with notable contributions from United Utilities Group PLC and Severn Trent PLC.

Also, during the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy generated net gains during the period.

Conversely, the Trust’s holding in integrated solar power products manufacturer Trina Solar detracted from performance as investors took profits on the stock following its strong performance in 2013. A position in global agricultural products company Syngenta AG also hurt returns as the company announced a disappointing earnings report reflecting lower-than-expected sales in South America due to a delayed product launch.

Describe recent portfolio activity.

During the six-month period, the Trust sold a position in agriculture equipment company AGCO Corp. given concerns that the sub-sector will be challenged in the medium-term. The Trust added to a holding in Tyson Foods, Inc. based on a strong outlook for poultry margins in the U.S. In the new energy segment, the Trust initiated a position in energy efficiency company Regal-Beloit Corp., reflecting optimism for a recovery in U.S. non-residential construction markets. In the water segment, the Trust initiated a position in an industrial conglomerate company Danaher Corp.

Describe portfolio positioning at period end.

As of period end, the Trust continued to hold large allocations to both the water and agriculture segments and less emphasis on the new energy segment.


8		SEMI-ANNUAL REPORT		APRIL 30, 2014


Trust Summary as of April 30, 2014			BlackRock EcoSolutions Investment Trust

Trust Information


Symbol on NYSE		BQR
Initial Offering Date		September 28, 2007
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 8.15)¹		8.80%
Current Quarterly Distribution per Common Share^2,3		$0.17925
Current Annualized Distribution per Common Share²		$0.71700

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	8.15	$	7.93		2.77	%	$	8.33	$	7.49
Net Asset Value	$	9.22	$	9.16		0.66	%	$	9.30	$	8.65

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Archer-Daniels-Midland Co.	4	%
Monsanto Co.	4
Severn Trent PLC	3
Manila Water Co., Inc.	3
Aqua America, Inc.	3
Bunge Ltd.	3
Tyson Foods, Inc., Class A	2
Pennon Group PLC	2
Agrium, Inc.	2
Inversiones Aguas Metropolitanas SA	2


Industry Allocation	4/30/14			10/31/13
Water Utilities		26	%		26	%
Food Products		18			13
Chemicals		17			20
Machinery		9			12
Other³		30			29

Other includes a 5% holding or less in each of the following industries; Electrical Equipment, Multi-Utilities, Commercial Services & Supplies, Electric Utilities, Independent Power and Renewable Electricity Producers, Oil, Gas & Consumable Fuels, Real Estate Investment Trusts (REITs), Electronic Equipment, Instruments & Components, Food & Staples Retailing, Semiconductors & Semiconductor Equipment, Industrial Conglomerates, Construction & Engineering, Paper & Forest Products, Auto Components, Building Products, Biotechnology and Real Estate Management & Development.

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


		SEMI-ANNUAL REPORT		APRIL 30, 2014		9


Trust Summary as of April 30, 2014			BlackRock Energy and Resources Trust

Trust Overview

BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 6.23% based on market price and 6.83% based on NAV. For the same period, the closed-end Lipper Natural Resources Funds category posted an average return of 9.11% based on market price and 9.78% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The Trust’s positive performance was largely attributable to its exposure to integrated oil & gas stocks. Improved capital discipline and increased focus on free-cash-flow helped drive the performance of large-capitalization, integrated stocks and the Trust benefited from its holdings in Royal Dutch Shell PLC, Exxon Mobil Corp. and BP PLC. Additionally, the cold winter in the U.S. supported high demand for natural gas, and the Trust’s positions in gas producers Southwestern Energy Co., Cimarex Energy Co. and EOG Resources, Inc. generated strong returns for the period.

initial public offering of their Indian subsidiary, Cairn India, in 2006. India’s tax authority cited retrospective legislation introduced in 2012 regarding the taxation of indirect transfers of Indian assets as the reason for the investigation. The Trust retained this position given the company’s strong asset base. Another notable detractor was a position in Noble Energy, Inc., which declined from an October peak as the company’s Israel gas project progressed more slowly than expected.

Describe recent portfolio activity.

During the six-month period, the Trust added to holdings in large-capitalization, integrated oil & gas names based on an improved outlook for this segment. The Trust also initiated a position in shale gas producer Southwestern Energy Co.

Describe portfolio positioning at period end.

As of period end, the Trust held its largest allocations in the integrated oil & gas and oil & gas exploration & production sub-industries, and held smaller allocations to oil services, distribution and refining & marketing stocks.


10		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock Energy and Resources Trust

Trust Information


Symbol on NYSE		BGR
Initial Offering Date		December 29, 2004
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($25.05)¹		6.47%
Current Quarterly Distribution per Common Share^2,3		$0.405
Current Annualized Distribution per Common Share²		$1.620

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	25.05	$	26.82		(6.60	)%	$	26.84	$	22.41
Net Asset Value	$	28.29	$	30.12		(6.08	)%	$	30.28	$	25.29

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Royal Dutch Shell PLC — ADR	12	%
Chevron Corp.	10
Exxon Mobil Corp.	10
ConocoPhillips	5
BP PLC — ADR	5
Schlumberger Ltd.	5
Anadarko Petroleum Corp.	4
Noble Energy, Inc.	4
Halliburton Co.	3
Total SA	3


Industry Allocation	4/30/14			10/31/13
Oil, Gas & Consumable Fuels		90	%		83	%
Energy Equipment & Services		10			17


		SEMI-ANNUAL REPORT		APRIL 30, 2014		11


Trust Summary as of April 30, 2014			BlackRock Enhanced Capital and Income Fund, Inc.

Trust Overview

BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide investors with a combination of current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity and debt securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 10.40% based on market price and 5.88% based on NAV. For the same period, the benchmark S&P 500^® Value Index returned 8.91%. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The Trust underperformed the benchmark index due to stock selection in the industrials, information technology (“IT”) and consumer staples sectors. Industry allocation decisions also had a negative impact on relative returns. Notable individual detractors from performance included government science and technology solutions provider Leidos Holdings, Inc. (IT), a company that was spun out from Science Applications International Corp., which is also held by the Trust. Shares of Leidos Holdings, Inc. declined as the company significantly missed earnings estimates. A large position in Japan Airlines Co. Ltd. (industrials) hurt results as Japanese equities broadly suffered after their strong upward move in the first half of 2013. Lastly, shares of European retailer Metro AG (consumer staples) came under pressure given the company’s exposure to Russia as geopolitical tension escalated in Russia and Ukraine.

Contributing positively to performance was stock selection in materials, telecommunication services (“telecom”) and consumer discretionary. Stand-out performers included fertilizer company CF Industries Holdings, Inc. (materials), which posted double-digit gains as the company, under new leadership, announced steps to unlock shareholder value through continued execution by focusing on their cost-advantaged nitrogen business

and enhanced balance sheet management. Online travel provider Expedia, Inc. (consumer discretionary) generated robust performance as the company produced strong earnings while operating within an improving backdrop for online travel services.

Describe recent portfolio activity.

The Trust’s sector weightings are generally a result of individual stock selection. Within this context, the Trust increased exposure to financials, consumer discretionary and IT and decreased exposure to energy during the period. The Trust added several new positions within financials including leading title insurer Fidelity National Financial, Inc. and the newly restructured Ally Financial. Within the consumer discretionary sector, the Trust added positions in Sinclair Broadcasting Group and Nexstar Broadcasting Group, Inc., and took advantage of recent price weakness to increase the position in General Motors Co. Also during the period, the Trust took profits on Google, Inc. and reduced exposure to refining stocks, namely HollyFrontier Corp. and PBF Energy, Inc.

Describe portfolio positioning at period end.

Relative to the S&P 500^® Value Index, the Trust ended the period overweight in non-banking financials and consumer discretionary, driven by a significant weighting in broadcasters. Conversely, the Trust was significantly underweight in more defensive sectors including consumer staples and utilities.


12		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock Enhanced Capital and Income Fund, Inc.

Trust Information


Symbol on NYSE		CII
Initial Offering Date		April 30, 2004
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($14.30)¹		8.39%
Current Quarterly Distribution per Common Share^2,3		$0.30
Current Annualized Distribution per Common Share²		$1.20

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	14.30	$	13.52		5.77	%	$	14.40	$	13.17
Net Asset Value	$	15.53	$	15.31		1.44	%	$	15.92	$	14.93

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


American International Group, Inc.	5	%
General Motors Co.	5
Japan Airlines Co. Ltd.	4
Suncor Energy, Inc.	4
UnitedHealth Group, Inc.	4
Apple Inc.	4
CF Industries Holdings, Inc.	4
Fidelity National Financial, Inc., Class A	3
Pfizer, Inc.	3
Samsung Electronics Co. Ltd.	3


Sector Allocation	4/30/14			10/31/13
Information Technology		22	%		20	%
Financials		21			18
Consumer Discretionary		16			11
Health Care		14			14
Industrials		8			7
Energy		8			13
Materials		4			5
Telecommunication Services		4			6
Consumer Staples		3			6


		SEMI-ANNUAL REPORT		APRIL 30, 2014		13


Trust Summary as of April 30, 2014			BlackRock Enhanced Equity Dividend Trust

Trust Overview

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 8.64% based on market price and 6.81% based on NAV. For the same period, the Russell 1000^® Value Index returned 9.61%. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Relative to the benchmark index, the Trust’s overweight to consumer staples as well as stock selection within the sector detracted from performance for the period. An underweight and stock selection in health care also had a negative impact. Individual security selection within the energy sector weighed on returns, specifically due to an underweight position in Exxon Mobil Corp. and an overweight position in Kinder Morgan, Inc. Lastly, underweights and stock selection in both the information technology (“IT”) and utilities sectors detracted from relative performance.

Contributing positively to the Trust’s performance was stock selection within the consumer discretionary sector, particularly due to not owning certain weaker performing automobile and media stocks such as Ford Motor Co., General Motors Co. and Time Warner, Inc. The Trust’s large underweight to financials and overweights in both materials and industrials also helped relative performance during the period.

Describe recent portfolio activity.

During the six-month period, the Trust sought opportunities in sectors and industries that are likely to be among the earlier beneficiaries of a recovering global economy. The Trust added to U.S. financial companies, select IT names and industrials. The Trust eliminated positions within telecommunication services (“telecom”), utilities and consumer staples, where valuations had moved higher in recent months.

Describe portfolio positioning at period end.

As of period end, the investment advisor remains constructive on the ability of corporations to continue to generate cash, especially in the mega-cap space where many firms are well positioned to thrive in a slower-growth environment. The Trust’s largest sector allocations on an absolute basis are financials, industrials, energy and health care, while the smallest exposures are telecom, utilities, materials and IT. The Trust remains positioned in high quality stocks, with a special emphasis on affording relative protection and growth of income.


14		SEMI-ANNUAL REPORT		APRIL 30, 2014


		BlackRock Enhanced Equity Dividend Trust

Trust Information


Symbol on NYSE		BDJ
Initial Offering Date		August 31, 2005
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($8.10)¹		6.91%
Current Quarterly Distribution per Common Share^2,3		$0.14
Current Annualized Distribution per Common Share²		$0.56

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	8.10	$	7.72		4.92	%	$	8.10	$	7.55
Net Asset Value	$	9.16	$	8.88		3.15	%	$	9.17	$	8.65

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Wells Fargo & Co.	4	%
JPMorgan Chase & Co.	3
Chevron Corp.	3
General Electric Co.	3
Comcast Corp., Special Class A	3
Pfizer, Inc.	2
Merck & Co., Inc.	2
The Home Depot, Inc.	2
Exxon Mobil Corp.	2
Raytheon Co.	2


Sector Allocation	4/30/14			10/31/13
Financials		23	%		21	%
Industrials		14			13
Energy		14			14
Health Care		10			9
Consumer Staples		9			12
Consumer Discretionary		9			9
Information Technology		7			5
Materials		7			7
Utilities		5			6
Telecommunication Services		2			4


		SEMI-ANNUAL REPORT		APRIL 30, 2014		15


Trust Summary as of April 30, 2014			BlackRock Global Opportunities Equity Trust

Trust Overview

BlackRock Global Opportunities Equity Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities or options on equity securities or indices or sectors of equity securities. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 4.57% based on market price and 2.91% based on NAV. For the same period, the MSCI All Country World Index posted a return of 5.28%. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Stock selection in the energy sector was the primary cause of the Trust’s underperformance relative to the benchmark index. In particular, Eurasia Drilling Co. Ltd., a Russian provider of onshore drilling services, came under pressure on account of drilling contract disruptions coupled with the geopolitical turmoil in Ukraine, which ultimately led to the Trust exiting the position. In health care, the Trust’s exposure to biotechnology hurt returns as the industry experienced selling pressure during October 2013 and again in March 2014 due to investors taking profits on their recent strong performance.

Contributing positively to relative performance was stock selection within materials and industrials. In the materials sector, strong performance came from selection in the specialty chemicals segment, where the Trust continued to favor well-capitalized businesses with the ability to consistently grow and generate cash flow in excess of their cost of capital.

Within industrials, the Trust’s select transportation holdings American Airlines Group, Inc. and Hertz Global Holdings, Inc. benefited from increased pricing power as a result of industry consolidation.

Describe recent portfolio activity.

During the six-month period, the Trust pared back exposure to Japan, moving to a slight underweight versus the benchmark index, with most of the sales within consumer discretionary, financials and information technology (“IT”). The proceeds were rotated into stock-specific ideas within health care and also financial stocks that are more sensitive to a recovering U.S. economy.

Describe portfolio positioning at period end.

Relative to the MSCI All Country World Index, the Trust ended the period overweight in European equities and underweight in both emerging markets and Asia ex-Japan. From a sector perspective, the Trust was most notably overweight in industrials and health care, while the most significant underweights were in the IT and energy sectors.


16		SEMI-ANNUAL REPORT		APRIL 30, 2014


		BlackRock Global Opportunities Equity Trust

Trust Information


Symbol on NYSE		BOE
Initial Offering Date		May 31, 2005
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 14.78)¹		8.43%
Current Quarterly Distribution per Common Share^2,3		$0.31165
Current Annualized Distribution per Common Share²		$1.24660

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	14.78	$	14.74		0.27	%	$	15.22	$	14.15
Net Asset Value	$	16.46	$	16.68		(1.32	)%	$	17.27	$	16.08

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Apple Inc.	2	%
Societe Generale SA	2
Citigroup, Inc.	2
Green REIT PLC	2
Anheuser-Busch InBev NV	1
JPMorgan Chase & Co.	1
Adecco SA	1
Roper Industries, Inc.	1
Kennedy-Wilson Holdings, Inc.	1
BankUnited, Inc.	1


Geographic Allocation	4/30/14			10/31/13
United States		49	%		44	%
United Kingdom		8			10
Japan		5			8
Other³		38			38

³	Other includes a 5% holding or less in each of the following countries; Switzerland, Germany, France, Sweden, Ireland, China, Spain, Hong Kong, Italy, Canada, Belgium, Indonesia, Denmark, Greece, New Zealand, Austria, South Korea, Peru, South Africa, Mexico, Netherlands, Panama, Norway and Taiwan.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		17


Trust Summary as of April 30, 2014			BlackRock Health Sciences Trust

Trust Overview

BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option overwriting strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 14.88% based on market price and 8.17% based on NAV. For the same period, the Russell 3000^® Healthcare Index returned 10.50%. All returns reflect reinvestment of dividends and/or distributions. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The Trust benefited from positioning in the health care providers & services industry, where an underweight to the lagging health care services segment and stock selection within health care distributors were the key drivers of positive relative performance. Gains also came from the life sciences tools & services industry, largely driven by the Trust’s position in Illumina, Inc., which appreciated after the company released solid financial results.

Despite strong performance from several holdings in both the biotechnology and pharmaceutical industries, the Trust’s overweight in biotechnology and underweight in pharmaceuticals hindered performance relative to the benchmark index due to the market’s broad rotation in the first quarter of 2014 away from high-growth names that had delivered strong performance in 2013, including biotechnology, and into more value-

centric stocks, such as pharmaceuticals. Notable individual detractors within biotechnology included the Trust’s overweight positions in Aegerion Pharmaceuticals, Inc. and BioMarin Pharmaceutical, Inc. and an underweight position in Gilead Sciences, Inc. In pharmaceuticals, an underweight in Merck & Co., Inc. hampered relative performance.

Describe recent portfolio activity.

During the six-month period, investment decisions at the individual security level resulted in decreased exposure to biotechnology stocks and slightly increased exposure to both the health care equipment & supplies and pharmaceuticals industries.

Describe portfolio positioning at period end.

As of period end, health care stock valuations remained reasonable, even after the strong performance of the sector over the previous two years. The Trust continued to maintain a focus on innovative companies and, as such, continued to maintain large allocations to the biotechnol-ogy and pharmaceuticals industries, where the innovation cycle is in an upward trend and is expected to drive a secular growth story. The Trust’s weighting in biotechnology, however, was reduced toward period end due to near-term headwinds. In 2014, the Trust expanded the innovation theme to the health care equipment & supplies industry with investments in several companies with compelling new product launches on the horizon. While policy uncertainty has diminished with the expected implementation of Health Care Reform, changes are still taking place due to austerity measures unfolding globally. As such, the Trust remained underweight in companies that would be at risk if government reimbursements were reduced. However, the new legislation is expected to benefit health care companies generally by creating increased consumer demand, although this trend may take several years to develop.


18		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock Health Sciences Trust

Trust Information


Symbol on NYSE		BME
Initial Offering Date		March 31, 2005
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 35.66)¹		4.82%
Current Quarterly Distribution per Common Share^2,3		$0.429975
Current Annualized Distribution per Common Share²		$1.719900

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	35.66	$	33.56		6.26	%	$	39.95	$	32.25
Net Asset Value	$	34.94	$	34.92		0.06	%	$	37.75	$	33.64

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


Johnson & Johnson	4	%
Biogen Idec, Inc.	4
Merck & Co., Inc.	3
AbbVie, Inc.	3
Alexion Pharmaceuticals, Inc.	3
Bayer AG	3
Novartis AG	3
Pfizer, Inc.	3
Celgene Corp.	3
Covidien PLC	2


Industry Allocation	4/30/14			10/31/13
Pharmaceuticals		38	%		35	%
Biotechnology		26			32
Health Care Equipment & Supplies		17			16
Health Care Providers & Services		12			11
Life Sciences Tools & Services		5			4
Other³		2			2

³	Other includes a 1% holding or less in each of the following industries; Health Care Technology, Chemicals and Diversified Consumer Services.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		19


Trust Summary as of April 30, 2014			BlackRock International Growth and Income Trust

Trust Overview

BlackRock International Growth and Income Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. The Trust invests, under normal market conditions, at least 80% of its assets in equity securities issued by non-U.S. companies of any market capitalization located in countries throughout the world. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 3.41% based on market price and 1.99% based on NAV. For the same period, the MSCI All Country World Index Ex-U.S. returned 2.91%. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

Positioning within the consumer discretionary sector was the primary cause of the Trust’s underperformance relative to the benchmark index. In particular, Perform Group PLC, a digital sports media company, detracted from performance as the stock came under pressure due to investors’ concerns about greater-than-expected expenses in a small area of the company’s business. The Trust continued to hold Perform Group PLC despite this short-term weakness as the company remains fundamentally attractive and offers further upside potential. Also detracting from the Trust’s performance was stock selection in the utilities sector, where APR Energy PLC sold off due to investors’ concerns about the company’s contract concentration risk in Libya. However, the company’s good business momentum reinforces the view that APR Energy’s long-term fundamental story remains intact and as such, the Trust retained this position.

Stock selection in health care and materials were the largest relative contributors to performance. In healthcare, multiple holdings across the pharmaceuticals sub-industry delivered strong returns due to a combination

of pipeline potential, solid financial results and, most recently, increased M&A activity. In materials, stock selection in the specialty chemicals sub-industry, where we continue to favor well-capitalized businesses with the ability to consistently grow and generate cash flow in excess of their cost of capital, was also additive to performance.

Describe recent portfolio activity.

During the six-month period, the Trust decreased the allocation to developed Europe, with the largest reductions focused in the United Kingdom and France. The proceeds were used to add to Japanese equities positioned to benefit from the continuation of the Bank of Japan’s reflationary policies, most notably within the industrials and financials sectors.

Describe portfolio positioning at period end.

Relative to the MSCI All Country World Index Ex-U.S., the Trust was overweight Europe with the largest allocations centered on globally oriented businesses domiciled in Switzerland and Ireland. From a sector perspective, the Trust was most notably overweight the industrials and health care sectors, while its most significant underweights were in the consumer staples, energy and financials sectors.


20		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock International Growth and Income Trust

Trust Information


Symbol on NYSE		BGY
Initial Offering Date		May 30, 2007
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 8.08)¹		8.31%
Current Quarterly Distribution per Common Share^2,3		$0.16785
Current Annualized Distribution per Common Share²		$0.67140

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	8.08	$	8.14		(0.74	)%	$	8.40	$	7.72
Net Asset Value	$	8.86	$	9.05		(2.10	)%	$	9.41	$	8.69

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings	4/30/14
Novartis AG		3	%
Roche Holding AG		3
AstraZeneca PLC		2
Bayer AG		2
Vivendi SA		2
Daimler AG.		2
Anheuser-Busch InBev NV		2
Sumitomo Mitsui Financial Group, Inc		2
Green REIT PLC		2
SoftBank Corp		2


Geographic Allocation	4/30/14			10/31/13
United Kingdom		16	%		20	%
Japan		13			10
Switzerland		10			9
Germany		7			5
France		7			15
Ireland		6			4
Other³		41			37

Other includes a 4% holding or less in each of the following countries; China, Sweden, Hong Kong, Belgium, Italy, Russia, Norway, Mexico, Brazil, Singapore, Canada, Australia, Austria, Indonesia, South Korea, Thailand, New Zealand, Taiwan, Cyprus, United States, Malaysia, India, Finland, South Africa, Greece, Turkey, Pamana, Peru, Demark, Netherlands, Spain.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		21


Trust Summary as of April 30, 2014			BlackRock Real Asset Equity Trust

Trust Overview

BlackRock Real Asset Equity Trust’s (BCF) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in equity securities of energy, natural resources and basic materials companies and equity derivatives with exposure to companies in the energy, natural resources and basic materials industries. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 4.11% based on market price and 5.32% based on NAV. For the same period, the closed-end Lipper Natural Resources Funds category posted an average return of 9.11% based on market price and 9.78% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The Trust’s position in Caterpillar, Inc. was the largest contributor to positive performance. The company delivered better-than-expected earnings for the first quarter of 2014, through improved cost control and increasingly efficient execution. The company also benefited from a recovering U.S. economy and improving housing starts domestically. A position in Royal Dutch Shell PLC also had a notable impact on returns as investors reacted positively to structural changes within the company during the period.

The Trust’s holding in Cairn Energy PLC, a global oil & gas exploration & production company, was among the largest detractors from performance. Shares of Cairn Energy PLC fell as the company came under scrutiny from the Indian tax authority due to a matter relating to the initial public offering of their Indian subsidiary, Cairn India, in 2006. India’s tax authority cited retrospective legislation introduced in 2012 regarding the taxation of indirect transfers of Indian assets as the reason for the investigation. The Trust retained this position given the company’s strong asset base. Elsewhere, the Trust’s exposure to silver producers, namely Fresnillo PLC and Industrias Penoles SAB de CV (which owns 75% of Fresnillo), had a negative impact on returns as falling silver prices pressured margins and deteriorated growth prospects for these companies during the period.

Describe recent portfolio activity.

During the six-month period, the Trust took some profits on its position in Caterpillar, Inc. following the stock’s strong performance earlier in the period. Within the energy space, the Trust initiated a holding in Cimarex Energy Co., an oil & gas exploration & production company that operates in the Permian basin.

Describe portfolio positioning at period end.

As of period end, the energy sector was the Trust’s largest allocation, while the remaining exposure was divided broadly between metals & mining and basic materials.


22		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock Real Asset Equity Trust


Trust Information


Symbol on NYSE		BCF
Initial Offering Date		September 29, 2006
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 9.13)¹		7.66%
Current Quarterly Distribution per Common Share^2,3		$0.1748
Current Annualized Distribution per Common Share²		$0.6992

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	9.13	$	9.12		0.11	%	$	9.18	$	8.28
Net Asset Value	$	10.37	$	10.24		1.27	%	$	10.37	$	9.56

Market Price and Net Asset Value History For the Past Five Years

LOGO

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings	4/30/14
EI du Pont de Nemours & Co		4	%
Royal Dutch Shell PLC - ADR		4
Chevron Corp		4
Exxon Mobil Corp		4
BHP Billiton PLC		4
Caterpillar, Inc		4
Rio Tinto PLC		4
Praxair, Inc		4
Glencore Xstrata PLC		3
MeadWestvaco Corp		3


Industry Allocation	4/30/14			10/31/13
Oil, Gas & Consumable Fuels		33	%		30	%
Metals & Mining		33			36
Chemicals		16			15
Machinery		5			4
Paper & Forest Products		4			4
Energy Equipment & Services		4			6
Containers & Packaging		3			3
Real Estate Investment Trusts (REITs)		2			2


		SEMI-ANNUAL REPORT		APRIL 30, 2014		23


Trust Summary as of April 30, 2014			BlackRock Resources & Commodities Strategy Trust

Trust Overview

BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions,by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option overwriting strategy in an effort to seek total return performance and enhance distributions.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 7.05% based on market price and 7.09% based on NAV. For the same period, the closed-end Lipper Natural Resources Funds category posted an average return of 9.11% based on market price and 9.78% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The Trust’s position in Ultra Petroleum Corp. was the largest contributor to positive performance as the stock moved higher after reporting strong earnings for the first quarter of 2014. A number of the major integrated oil & gas companies also reported robust earnings for the year 2013 and first quarter of 2014. Many energy companies delivered strong first-quarter performance as they benefited from higher natural gas prices driven by the colder-than-usual winter in North America. Additionally, oil & gas exploration & production companies began to deliver on their production forecasts, adding further support to this segment. In this environment, the Trust benefited from holdings in Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and BHP Billiton Ltd.

Describe recent portfolio activity.

During the six-month period, the Trust initiated a position in lumber producer Canfor Corp. as a favorable supply of feedstock materials and a possible pick-up in construction demand improves the outlook for lumber producers. In the mining space, the Trust increased exposure to nickel by adding to a holding in MMC Norilsk Nickel OJSC. Also during the period, the Trust took some profits on investments in the integrated oil & gas segment, including the sale of Hess Corp. following the stock’s strong performance.

Describe portfolio positioning at period end.

As of period end, the energy sector continued to be the Trust’s largest allocation, while the remaining exposure was divided broadly between metals & mining and agriculture-related stocks. This positioning reflects the relative outlooks and valuations for each of these segments.


24		SEMI-ANNUAL REPORT		APRIL 30, 2014


			BlackRock Resources & Commodities Strategy Trust

Trust Information


Symbol on NYSE		BCX
Initial Offering Date		March 30, 2011
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 12.02)¹		7.69%
Current Quarterly Distribution per Common Share^2,3		$0.2312
Current Annualized Distribution per Common Share²		$0.9248

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	12.02	$	11.68		2.91	%	$	12.06	$	10.93
Net Asset Value	$	13.94	$	13.54		2.95	%	$	13.94	$	12.73

Market Price and Net Asset Value History Since Inception

LOGO

⁴

Commencement of operations.

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings	4/30/14
Exxon Mobil Corp.		9	%
Chevron Corp.		8
BHP Billiton Ltd. - ADR		6
Royal Dutch Shell PLC - ADR		5
ConocoPhillips		5
Monsanto Co.		4
Rio Tinto PLC - ADR		4
BP PLC - ADR		4
Statoil ASA		3
Freeport-McMoRan Copper & Gold, Inc.		3


Industry Allocation	4/30/14			10/31/13
Oil, Gas & Consumable Fuels		52	%		52	%
Metals & Mining		23			21
Chemicals		12			15
Food Products		10			6
Paper & Forest Products		1			—
Machinery		1			5
Real Estate Investment Trusts (REITS)		1			1

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


		SEMI-ANNUAL REPORT		APRIL 30, 2014		25


Trust Summary as of April 30, 2014			BlackRock Utility and Infrastructure Trust

Trust Overview

BlackRock Utility and Infrastructure Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies that are engaged in the Utilities and Infrastructure business segments anywhere in the world and by utilizing an option writing (selling) strategy in an effort to seek total return performance and enhance distributions. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities usedto generate, transmit or distribute electricity, water, natural resources or telecommunications and the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Portfolio Management Commentary

How did the Trust perform?

For the six-month period ended April 30, 2014, the Trust returned 9.65% based on market price and 11.10% based on NAV. For the same period, the closed-end Lipper Utility Funds category posted an average return of 10.57% based on market price and 10.69% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV.

What factors influenced performance?

The largest contributor to the Trust’s performance during the period was an allocation to electric utility stocks. Allocations to the multi-utilities and diversified telecommunication services (“telecom”) industries had a positive impact as well. Smaller allocations to the highways & rail tracks and airport services sub-industries within transportation infrastructure also added meaningfully to performance during the period.

Conversely, the Trust’s exposure to the renewable electricity sub-industry detracted from returns, as did an allocation to marine ports & services. A small allocation to oil & gas drilling stocks also detracted marginally.

Describe recent portfolio activity.

During the six-month period, the Trust added certain companies within the energy, telecom and utilities sectors deemed likely to perform well in the current stage of the global economic recovery. These names included Valero Energy Partners LP, Enable Midstream Partners, Frontier Communications and Veolia Environment. The Trust selectively reduced exposure to Brazil given concerns about local economic growth and political uncertainty leading up to the country’s October elections.

Describe Trust positioning at period end.

After an unusually harsh winter posed a short-term tailwind for the U.S. utilities, stock selection within this space continued to emphasize companies that demonstrate strong growth in earnings and dividends driven by their investment in core infrastructure projects such as improving electric transmission and distribution. The Trust also continued to identify investment opportunities in Europe given attractive valuations. In an environment of higher government tax rates, regulated corporations have turned their focus to cost-cutting, which helps to strengthen their financial position as local economies improve. In the energy sector, master limited partnerships (“MLPs”) continue to present a significant opportunity as more companies are adopting the MLP structure as a vehicle to create value for shareholders. With respect to construction/infrastructure companies, the Trust maintained a focus on quality given a trend in which the strongest companies are getting stronger while the weakest are disappearing.


26		SEMI-ANNUAL REPORT		APRIL 30, 2014


Trust Summary as of April 30, 2014			BlackRock Utility and Infrastructure Trust

Trust Information


Symbol on NYSE		BUI
Initial Offering Date		November 25, 2011
Current Distribution Rate on Closing Market Price as of April 30, 2014 ($ 19.35)¹		7.49%
Current Quarterly Distribution per Common Share^2,3		$0.3625
Current Annualized Distribution per Common Share²		$1.4500

²	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

³	On June 13, 2014, the Board of the Trust approved a change to the frequency of regular Trust distributions from quarterly to monthly. Please see Note 10 of the Notes to Financial Statements for additional information.

Market Price and Net Asset Value Per Share Summary


	4/30/14		10/31/13		Change			High		Low
Market Price	$	19.35	$	18.36		5.39	%	$	19.38	$	16.91
Net Asset Value	$	22.19	$	20.78		6.79	%	$	22.19	$	19.97

Market Price and Net Asset Value History Since Inception

LOGO

⁴

Commencement of operations.

Overview of the Trust’s Long-Term Investments


Ten Largest Holdings		4/30/14


NextEra Energy, Inc.	4	%
National Grid PLC	4
American Tower Corp.	4
Atlantia SpA	4
CMS Energy Corp.	3
Duke Energy Corp.	3
Dominion Resources, Inc.	3
Verizon Communications, Inc.	2
Abertis Infraestructuras SA	2
Enterprise Products Partners LP	2


Industry Allocation	4/30/14			10/31/13
Oil, Gas & Consumable Fuels		24	%		22	%
Multi-Utilities		21			20
Electric Utilities		18			17
Transportation Infrastructure		14			13
Other⁴		23			28

⁴

Other includes a 7% holding or less in each of the following industries; Diversified Telecommunication Services, Construction & Engineering, Real Estate Investment Trust (REITs), Water Utilities, Independent Power Producers & Energy Traders, Media, Gas Utilities, Machinery and Wireless Telecommunication Services.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		27


Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments, including options, as specified in Note 4 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to hedge market, equity and/or other risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Trusts’ ability to use a derivative financial instrument

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


28		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Dividend Income Trust (BQY)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 3.2%
Honeywell International, Inc. (a)		11,600	$	1,077,640
Lockheed Martin Corp. (a)		4,330		710,726
United Technologies Corp. (a)		9,400		1,112,302

				2,900,668
Banks — 8.3%
Australia & New Zealand Banking Group Ltd.		18,000		578,838
Bank of America Corp. (a)		17,100		258,894
Bank of Nova Scotia (a)		11,700		710,935
Hang Seng Bank Ltd.		17,500		285,706
HSBC Holdings PLC — ADR (a)		24,100		1,236,812
M&T Bank Corp. (a)		4,500		549,045
National Australia Bank Ltd.		32,000		1,053,673
U.S. Bancorp. (a)		22,600		921,628
United Overseas Bank Ltd.		18,310		318,688
Wells Fargo & Co. (a)		30,500		1,514,020

				7,428,239
Beverages — 1.9%
The Coca-Cola Co. (a)		22,200		905,538
PepsiCo, Inc. (a)		7,500		644,175
Treasury Wine Estates Ltd.		35,566		126,662

				1,676,375
Capital Markets — 1.7%
The Goldman Sachs Group, Inc. (a)		2,600		415,532
Morgan Stanley (a)		21,100		652,623
T Rowe Price Group, Inc. (a)		5,700		468,141

				1,536,296
Chemicals — 2.9%
BASF SE		9,600		1,113,654
PPG Industries, Inc. (a)		5,800		1,122,996
Solvay SA		2,300		372,726

				2,609,376
Communications Equipment — 0.8%
QUALCOMM, Inc. (a)		8,600		676,906
Construction & Engineering — 1.0%
Vinci SA		12,100		913,626
Consumer Finance — 0.7%
American Express Co. (a)		6,600		577,038
Distributors — 0.6%
Genuine Parts Co. (a)		6,100		531,432
Diversified Financial Services — 0.7%
CME Group, Inc.		8,700		612,393
Diversified Telecommunication Services — 3.3%
Frontier Communications Corp.		196,300		1,167,985
TeliaSonera AB		53,400		388,702
Verizon Communications, Inc. (a)		29,200		1,364,516

				2,921,203


Common Stocks	Shares		Value
Electric Utilities — 3.2%
Duke Energy Corp. (a)		5,200	$	387,348
NextEra Energy, Inc. (a)		15,400		1,537,690
SSE PLC		35,000		902,523

				2,827,561
Electrical Equipment — 2.0%
Emerson Electric Co. (a)		26,800		1,827,224
Food & Staples Retailing — 0.8%
Wal-Mart Stores, Inc. (a)		8,714		694,593
Food Products — 4.4%
General Mills, Inc. (a)		35,200		1,866,304
Kraft Foods Group, Inc. (a)		9,933		564,790
Mondelez International, Inc., Class A (a)		29,200		1,040,980
Nestle SA		5,700		440,520

				3,912,594
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories (a)		11,100		430,014
Hotels, Restaurants & Leisure — 1.5%
McDonald’s Corp. (a)		12,900		1,307,802
Household Products — 1.4%
The Procter & Gamble Co. (a)		15,600		1,287,780
Industrial Conglomerates — 4.7%
3M Co. (a)		11,200		1,557,808
General Electric Co. (a)		53,800		1,446,682
Hopewell Holdings Ltd.		85,684		295,499
Keppel Corp. Ltd.		53,800		452,675
Siemens AG — ADR (a)		3,700		487,771

				4,240,435
Insurance — 5.0%
Aflac, Inc. (a)		7,100		445,312
Allianz SE		3,600		626,507
The Chubb Corp.		8,500		782,680
Cincinnati Financial Corp. (a)		11,400		555,636
MetLife, Inc. (a)		6,600		345,510
Prudential Financial, Inc. (a)		18,100		1,460,308
Zurich Insurance Group AG		976		279,876

				4,495,829
IT Services — 1.2%
Automatic Data Processing, Inc. (a)		13,400		1,044,664
Leisure Products — 0.5%
Mattel, Inc.		11,800		462,737
Machinery — 1.2%
Scania AB, B Shares		35,800		1,090,696
Media — 2.3%
The Walt Disney Co. (a)		25,500		2,023,170

Portfolio Abbreviations


ADR	American Depositary Receipt	GBP	British Pound	PEN	Peruvian Neuvo Sol
AUD	Australian Dollar	GDR	Global Depositary Receipts	REIT	Real Estate Investment Trust
BRL	Brazil Real	HKD	Hong Kong Dollar	SEK	Swedish Krona
CAD	Canadian Dollar	ILS	Israeli Shekel	SGD	Singapore Dollar
CHF	Swiss Franc	JPY	Japanese Yen	TWD	Taiwan Dollar
CLP	Chilean Peso	KRW	Korean Won	USD	U.S. Dollar
DKK	Danish Krone	MXN	Mexican New Peso	ZAR	South African Rand
EUR	Euro	NOK	Norwegian Krone

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		29


Schedule of Investments (continued)			BlackRock Dividend Income Trust (BQY) (Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Metals & Mining — 1.2%
BHP Billiton Ltd. — ADR (a)		8,012	$	565,166
BHP Billiton PLC		14,150		459,368

				1,024,534
Multi-Utilities — 3.9%
Ameren Corp. (a)		22,300		921,213
Dominion Resources, Inc. (a)		23,500		1,704,690
Sempra Energy		4,800		473,328
Wisconsin Energy Corp.		8,300		402,384

				3,501,615
Oil, Gas & Consumable Fuels — 11.2%
Chevron Corp. (a)		16,300		2,045,976
Enbridge, Inc. (a)		24,400		1,177,424
Exxon Mobil Corp. (a)		27,000		2,765,070
Royal Dutch Shell PLC — ADR		6,850		539,369
Santos Ltd.		66,600		853,900
Suncor Energy, Inc. (a)		3,450		133,083
Total SA — ADR		28,000		1,994,720
TransCanada Corp. (a)		10,700		498,660

				10,008,202
Pharmaceuticals — 10.7%
AbbVie, Inc. (a)		10,287		535,747
AstraZeneca PLC		17,700		1,397,136
Bristol-Myers Squibb Co. (a)		34,300		1,718,087
GlaxoSmithKline PLC		32,425		895,916
Johnson & Johnson (a)		15,700		1,590,253
Merck & Co., Inc. (a)		17,500		1,024,800
Pfizer, Inc. (a)		50,200		1,570,256
Sanofi		3,400		366,927
Takeda Pharmaceutical Co. Ltd.		10,800		485,785

				9,584,907
Real Estate Investment Trusts (REITs) — 3.2%
Equity Residential		10,800		641,952
HCP, Inc.		12,000		502,320
Health Care REIT, Inc.		10,700		675,063
Keppel REIT Management Ltd.		15,824		15,295
Liberty Property Trust		7,200		270,000
Ventas, Inc. (a)		11,213		740,955

				2,845,585
Road & Rail — 0.3%
CSX Corp. (a)		10,600		299,132
Semiconductors & Semiconductor Equipment — 2.3%
Intel Corp. (a)		41,900		1,118,311
Microchip Technology, Inc. (a)		19,500		927,030

				2,045,341


Common Stocks	Shares		Value
Software — 2.8%
Microsoft Corp. (a)		41,500	$	1,676,600
Oracle Corp. Japan		8,900		410,162
SAP AG — ADR (a)		5,450		441,396

				2,528,158
Specialty Retail — 2.7%
Hennes & Mauritz AB, B Shares		21,500		880,058
The Home Depot, Inc. (a)		19,500		1,550,445

				2,430,503
Technology Hardware, Storage & Peripherals — 0.5%
Canon, Inc. — ADR (a)		3,700		115,736
Ricoh Co. Ltd.		32,000		368,738

				484,474
Thrifts & Mortgage Finance — 0.3%
Hudson City Bancorp, Inc.		25,800		256,968
Tobacco — 4.7%
Altria Group, Inc. (a)		40,700		1,632,477
British American Tobacco PLC		17,300		998,983
Philip Morris International, Inc.		10,400		888,472
Reynolds American, Inc. (a)		12,800		722,304

				4,242,236
Total Long-Term Investments (Cost — $78,114,427) — 97.6%				87,280,306

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (b)(c)		3,038,407		3,038,407
Total Short-Term Securities (Cost — $3,038,407) — 3.4%				3,038,407
Total Investments Before Options Written (Cost — $81,152,834) — 101.0%				90,318,713

Options Written
(Premiums Received — $529,380) — (1.0)%				(875,586	)
Total Investments Net of Options Written — 100.0%				89,443,127
Liabilities in Excess of Other Assets — 0.0%				(579	)

Net Assets — 100.0%			$	89,442,548

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	Represents the current yield as of report date.

(c)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2013		Net Activity			Shares Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		3,708,345		(669,938	)		3,038,407	$	856

See Notes to Financial Statements.


30		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Dividend Income Trust (BQY)

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Altria Group, Inc.		Call		USD	38.00		5/02/14		55	$	(11,440	)
Bank of America Corp.		Call		USD	18.00		5/02/14		34		(34	)
The Goldman Sachs Group, Inc.		Call		USD	167.50		5/02/14		10		(10	)
Microsoft Corp.		Call		USD	40.50		5/02/14		42		(840	)
U.S. Bancorp.		Call		USD	41.50		5/02/14		23		(115	)
The Walt Disney Co.		Call		USD	81.00		5/02/14		102		(459	)
Cincinnati Financial Corp.		Call		USD	48.50		5/05/14		23		(1,073	)
The Home Depot, Inc.		Call		USD	80.00		5/05/14		18		(495	)
Johnson & Johnson		Call		USD	98.00		5/05/14		31		(9,765	)
McDonald’s Corp.		Call		USD	98.00		5/05/14		26		(8,450	)
Pfizer, Inc.		Call		USD	31.00		5/05/14		44		(1,672	)
Pfizer, Inc.		Call		USD	33.00		5/05/14		43		(43	)
United Technologies Corp.		Call		USD	116.00		5/05/14		37		(8,510	)
Ventas, Inc.		Call		USD	61.45		5/05/14		22		(10,188	)
M&T Bank Corp.		Call		USD	119.35		5/07/14		18		(5,060	)
3M Co.		Call		USD	136.00		5/09/14		22		(7,425	)
Altria Group, Inc.		Call		USD	38.00		5/09/14		55		(11,605	)
Chevron Corp.		Call		USD	118.00		5/09/14		24		(18,720	)
The Coca-Cola Co.		Call		USD	38.50		5/09/14		44		(10,032	)
The Home Depot, Inc.		Call		USD	78.00		5/09/14		42		(7,980	)
McDonald’s Corp.		Call		USD	99.00		5/09/14		25		(6,325	)
Merck & Co., Inc.		Call		USD	57.00		5/09/14		18		(3,276	)
QUALCOMM, Inc.		Call		USD	80.00		5/09/14		17		(502	)
Mondelez International, Inc., Class A		Call		USD	34.75		5/13/14		58		(6,448	)
3M Co.		Call		USD	135.00		5/19/14		22		(9,900	)
Abbott Laboratories		Call		USD	39.00		5/19/14		22		(803	)
Abbott Laboratories		Call		USD	40.00		5/19/14		22		(198	)
AbbVie, Inc.		Call		USD	55.00		5/19/14		10		(150	)
Aflac, Inc.		Call		USD	65.00		5/19/14		28		(308	)
Altria Group, Inc.		Call		USD	38.00		5/19/14		55		(11,853	)
Automatic Data Processing, Inc.		Call		USD	75.00		5/19/14		53		(16,960	)
Bank of Nova Scotia		Call		CAD	65.00		5/19/14		46		(7,198	)
BHP Billiton Ltd. — ADR		Call		USD	67.50		5/19/14		16		(5,360	)
BHP Billiton Ltd. — ADR		Call		USD	72.50		5/19/14		16		(592	)
The Coca-Cola Co.		Call		USD	39.00		5/19/14		44		(8,052	)
CSX Corp.		Call		USD	30.00		5/19/14		21		(52	)
Duke Energy Corp.		Call		USD	72.50		5/19/14		20		(4,350	)
Emerson Electric Co.		Call		USD	70.00		5/19/14		107		(3,745	)
Exxon Mobil Corp.		Call		USD	100.00		5/19/14		108		(29,538	)
General Electric Co.		Call		USD	26.00		5/19/14		107		(9,897	)
General Mills, Inc.		Call		USD	51.75		5/19/14		140		(20,092	)
Genuine Parts Co.		Call		USD	90.00		5/19/14		24		(600	)
HSBC Holdings PLC — ADR		Call		USD	52.50		5/19/14		96		(2,304	)
Intel Corp.		Call		USD	27.00		5/19/14		83		(1,120	)
Kraft Foods Group, Inc.		Call		USD	57.50		5/19/14		39		(2,145	)
Merck & Co., Inc.		Call		USD	57.50		5/19/14		18		(3,150	)
MetLife, Inc.		Call		USD	55.00		5/19/14		13		(292	)
Microchip Technology, Inc.		Call		USD	48.00		5/19/14		78		(6,435	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		31


Schedule of Investments (continued)			BlackRock Dividend Income Trust (BQY)

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Microsoft Corp.		Call		USD	40.00		5/19/14		27	$	(2,133	)
Mondelez International, Inc., Class A		Call		USD	35.00		5/19/14		29		(2,929	)
Morgan Stanley		Call		USD	31.00		5/19/14		42		(2,121	)
Morgan Stanley		Call		USD	32.00		5/19/14		42		(651	)
PepsiCo, Inc.		Call		USD	85.00		5/19/14		30		(4,500	)
Pfizer, Inc.		Call		USD	31.00		5/19/14		34		(2,091	)
PPG Industries, Inc.		Call		USD	195.00		5/19/14		23		(4,600	)
The Procter & Gamble Co.		Call		USD	82.50		5/19/14		38		(3,325	)
Prudential Financial, Inc.		Call		USD	88.00		5/19/14		36		(505	)
Reynolds American, Inc.		Call		USD	55.00		5/19/14		51		(9,945	)
SAP AG — ADR		Call		USD	80.00		5/19/14		21		(3,675	)
Siemens AG — ADR		Call		USD	135.00		5/19/14		15		(1,762	)
Suncor Energy, Inc.		Call		CAD	40.00		5/19/14		13		(2,853	)
T Rowe Price Group, Inc.		Call		USD	80.00		5/19/14		22		(5,720	)
TransCanada Corp.		Call		CAD	52.00		5/19/14		42		(709	)
Verizon Communications, Inc.		Call		USD	48.00		5/19/14		33		(347	)
Wells Fargo & Co.		Call		USD	49.00		5/19/14		31		(2,465	)
Cincinnati Financial Corp.		Call		USD	48.50		5/22/14		23		(1,621	)
The Home Depot, Inc.		Call		USD	78.00		5/23/14		18		(4,653	)
Intel Corp.		Call		USD	27.00		5/23/14		1		(20	)
Microsoft Corp.		Call		USD	41.00		5/23/14		15		(622	)
Pfizer, Inc.		Call		USD	31.00		5/23/14		35		(2,503	)
U.S. Bancorp.		Call		USD	41.50		5/23/14		23		(598	)
Verizon Communications, Inc.		Call		USD	48.00		5/23/14		33		(594	)
Wells Fargo & Co.		Call		USD	49.00		5/23/14		30		(2,595	)
Wells Fargo & Co.		Call		USD	50.00		5/23/14		20		(700	)
Prudential Financial, Inc.		Call		USD	85.00		5/28/14		36		(2,576	)
American Express Co.		Call		USD	87.00		5/30/14		26		(5,018	)
General Electric Co.		Call		USD	26.00		5/30/14		108		(10,854	)
Merck & Co., Inc.		Call		USD	58.50		5/30/14		34		(5,151	)
Microsoft Corp.		Call		USD	41.00		5/30/14		82		(4,018	)
Pfizer, Inc.		Call		USD	31.50		5/30/14		44		(2,486	)
The Procter & Gamble Co.		Call		USD	82.00		5/30/14		24		(3,432	)
Verizon Communications, Inc.		Call		USD	48.50		5/30/14		20		(280	)
Canon, Inc. — ADR		Call		USD	31.70		6/04/14		14		(714	)
Chevron Corp.		Call		USD	125.00		6/06/14		20		(4,500	)
Intel Corp.		Call		USD	26.50		6/06/14		83		(4,233	)
Johnson & Johnson		Call		USD	101.00		6/06/14		31		(5,224	)
U.S. Bancorp.		Call		USD	40.50		6/06/14		44		(3,894	)
Wal-Mart Stores, Inc.		Call		USD	79.00		6/06/14		17		(2,780	)
Wells Fargo & Co.		Call		USD	50.00		6/06/14		41		(2,030	)
AbbVie, Inc.		Call		USD	50.00		6/23/14		31		(9,610	)
Ameren Corp.		Call		USD	40.00		6/23/14		89		(16,020	)
Bristol-Myers Squibb Co.		Call		USD	55.00		6/23/14		137		(6,233	)
Chevron Corp.		Call		USD	125.00		6/23/14		21		(5,260	)
Dominion Resources, Inc.		Call		USD	72.50		6/23/14		47		(6,345	)
Honeywell International, Inc.		Call		USD	95.00		6/23/14		23		(2,242	)
Lockheed Martin Corp.		Call		USD	165.00		6/23/14		17		(5,525	)
MetLife, Inc.		Call		USD	52.50		6/23/14		13		(1,970	)
NextEra Energy, Inc.		Call		USD	97.50		6/23/14		22		(8,250	)
QUALCOMM, Inc.		Call		USD	80.00		6/23/14		17		(1,955	)

See Notes to Financial Statements.


32		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Dividend Income Trust (BQY)

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Verizon Communications, Inc.		Call		USD	47.00		6/23/14		30	$	(2,535	)
Wal-Mart Stores, Inc.		Call		USD	80.00		6/23/14		17		(2,218	)
Total										$	(465,151	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Sempra Energy	Goldman Sachs International		Call		USD	97.72		5/02/14		1,900	$	(1,823	)
The Chubb Corp.	Credit Suisse International		Call		USD	87.37		5/05/14		1,700		(8,008	)
Honeywell International, Inc.	Deutsche Bank AG		Call		USD	94.27		5/05/14		2,300		(353	)
Mattel, Inc.	Credit Suisse International		Call		USD	38.29		5/05/14		4,700		(4,618	)
Mondelez International, Inc., Class A	Credit Suisse International		Call		USD	35.00		5/05/14		2,900		(2,212	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	64.50		5/05/14		5,600		(37,746	)
Ventas, Inc.	Citibank N.A.		Call		USD	61.50		5/05/14		2,200		(10,077	)
Wisconsin Energy Corp.	Credit Suisse International		Call		USD	44.10		5/05/14		1,650		(7,228	)
Health Care REIT, Inc.	Bank of America N.A.		Call		USD	61.07		5/06/14		4,200		(8,492	)
TeliaSonera AB	Credit Suisse International		Call		SEK	48.83		5/07/14		21,300		(80	)
BHP Billiton PLC	Morgan Stanley & Co. International PLC		Call		GBP	19.45		5/08/14		2,800		(678	)
GlaxoSmithKline PLC	Credit Suisse International		Call		GBP	16.72		5/08/14		13,000		(367	)
Keppel Corp. Ltd.	Deutsche Bank AG		Call		SGD	10.81		5/08/14		21,000		(315	)
Ricoh Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	1,167.27		5/08/14		12,800		(3,151	)
Takeda Pharmaceutical Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	4,989.44		5/08/14		4,300		(15	)
Frontier Communications Corp.	JPMorgan Chase Bank N.A.		Call		USD	5.71		5/12/14		39,200		(12,498	)
NextEra Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	94.50		5/12/14		3,900		(21,776	)
Zurich Insurance Group AG	Deutsche Bank AG		Call		CHF	259.67		5/13/14		390		(371	)
Hang Seng Bank Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	124.33		5/14/14		7,000		(2,456	)
Hopewell Holdings Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	26.61		5/14/14		34,000		(1,414	)
Oracle Corp. Japan	Citibank N.A.		Call		JPY	4,411.50		5/14/14		3,500		(10,464	)
Santos Ltd.	Morgan Stanley & Co. International PLC		Call		AUD	13.43		5/14/14		26,600		(11,108	)
Allianz SE	UBS AG		Call		EUR	120.73		5/15/14		1,400		(9,144	)
AstraZeneca PLC	Morgan Stanley & Co. International PLC		Call		GBP	38.07		5/15/14		7,000		(102,972	)
Hudson City Bancorp, Inc.	Morgan Stanley & Co. International PLC		Call		USD	9.82		5/15/14		10,300		(2,189	)
Solvay SA	Morgan Stanley & Co. International PLC		Call		EUR	114.53		5/15/14		900		(2,915	)
Philip Morris International, Inc.	Citibank N.A.		Call		USD	83.21		5/20/14		2,050		(5,287	)
Nestle SA	Morgan Stanley & Co. International PLC		Call		CHF	69.08		5/21/14		2,200		(932	)
The Chubb Corp.	Credit Suisse International		Call		USD	92.36		5/28/14		1,700		(1,922	)
Equity Residential	Morgan Stanley & Co. International PLC		Call		USD	58.00		5/28/14		4,300		(8,028	)
Frontier Communications Corp.	JPMorgan Chase Bank N.A.		Call		USD	5.71		5/28/14		39,200		(15,538	)
HCP, Inc.	Citibank N.A.		Call		USD	41.47		5/28/14		4,800		(3,543	)
Liberty Property Trust	Goldman Sachs International		Call		USD	38.28		5/28/14		2,800		(1,041	)
Philip Morris International, Inc.	Citibank N.A.		Call		USD	84.04		5/28/14		2,050		(4,186	)
Dominion Resources, Inc.	Credit Suisse International		Call		USD	73.10		6/02/14		4,700		(4,644	)
BHP Billiton PLC	Morgan Stanley & Co. International PLC		Call		GBP	19.39		6/03/14		2,800		(1,892	)
Vinci SA	Deutsche Bank AG		Call		EUR	54.54		6/03/14		4,800		(8,597	)
Sanofi	Morgan Stanley & Co. International PLC		Call		EUR	75.13		6/04/14		1,400		(5,166	)
Enbridge, Inc.	Citibank N.A.		Call		CAD	51.10		6/05/14		4,800		(8,550	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.24		6/05/14		1,400		(4,357	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	66.83		6/05/14		5,600		(24,886	)
SSE PLC	Deutsche Bank AG		Call		GBP	15.17		6/10/14		14,000		(11,400	)
British American Tobacco PLC	Bank of America N.A.		Call		GBP	34.51		6/11/14		7,000		(7,226	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		33


Schedule of Investments (continued)			BlackRock Dividend Income Trust (BQY)

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/12/14		600	$	(1,785	)
National Australia Bank Ltd.	UBS AG		Call		AUD	35.53		6/13/14		12,800		(3,543	)
Wisconsin Energy Corp.	Credit Suisse International		Call		USD	48.97		6/13/14		1,700		(818	)
CSX Corp.	Morgan Stanley & Co. International PLC		Call		USD	28.52		6/17/14		2,100		(1,164	)
United Overseas Bank Ltd.	UBS AG		Call		SGD	22.32		6/17/14		7,000		(1,855	)
Australia & New Zealand Banking Group Ltd.	UBS AG		Call		AUD	33.99		6/18/14		7,200		(4,916	)
BASF SE	Deutsche Bank AG		Call		EUR	83.64		6/18/14		3,800		(7,855	)
Hennes & Mauritz AB, B Shares	Deutsche Bank AG		Call		SEK	278.62		6/18/14		8,600		(2,644	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/18/14		700		(2,153	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		6/21/14		2,500		(1,779	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		7/09/14		2,500		(2,258	)
Total											$	(410,435	)

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

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	2,900,668		—		—	$	2,900,668
Banks		5,191,334	$	2,236,905		—		7,428,239
Beverages		1,549,713		126,662		—		1,676,375
Capital Markets		1,536,296		—		—		1,536,296
Chemicals		1,122,996		1,486,380		—		2,609,376
Communications Equipment		676,906		—		—		676,906
Construction & Engineering		—		913,626		—		913,626
Consumer Finance		577,038		—		—		577,038
Distributors		531,432		—		—		531,432
Diversified Financial Services		612,393		—		—		612,393
Diversified Telecommunication Services		2,532,501		388,702		—		2,921,203
Electric Utilities		1,925,038		902,523		—		2,827,561

See Notes to Financial Statements.


34		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (concluded)			BlackRock Dividend Income Trust (BQY)


	Level 1			Level 2			Level 3		Total
Assets: (concluded)
Investments: (concluded)
Long-Term Investments: (concluded)
Common Stocks: (concluded)
Electrical Equipment	$	1,827,224			—			—	$	1,827,224
Food & Staples Retailing		694,593			—			—		694,593
Food Products		3,472,074		$	440,520			—		3,912,594
Health Care Equipment & Supplies		430,014			—			—		430,014
Hotels, Restaurants & Leisure		1,307,802			—			—		1,307,802
Household Products		1,287,780			—			—		1,287,780
Industrial Conglomerates		3,492,261			748,174			—		4,240,435
Insurance		3,589,446			906,383			—		4,495,829
IT Services		1,044,664			—			—		1,044,664
Leisure Products		462,737			—			—		462,737
Machinery		—			1,090,696			—		1,090,696
Media		2,023,170			—			—		2,023,170
Metals & Mining		565,166			459,368			—		1,024,534
Multi-Utilities		3,501,615			—			—		3,501,615
Oil, Gas & Consumable Fuels		9,154,302			853,900			—		10,008,202
Pharmaceuticals		6,439,143			3,145,764			—		9,584,907
Real Estate Investment Trusts (REITs)		2,830,290			15,295			—		2,845,585
Road & Rail		299,132			—			—		299,132
Semiconductors & Semiconductor Equipment		2,045,341			—			—		2,045,341
Software		2,117,996			410,162			—		2,528,158
Specialty Retail		1,550,445			880,058			—		2,430,503
Technology Hardware, Storage & Peripherals		115,736			368,738			—		484,474
Thrifts & Mortgage Finance		256,968			—			—		256,968
Tobacco		3,243,253			998,983			—		4,242,236
Short-Term Securities		3,038,407			—			—		3,038,407
Total	$	73,945,874		$	16,372,839			—	$	90,318,713


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(416,874	)	$	(458,712	)		—	$	(875,586	)
¹ Derivative financial instruments are options written, which are shown at value.

The carrying amount for certain of the Trust’s assets approximates fair value for financial statement purposes. As of April 30, 2014, such assets are categorized within the disclosure hierarchy as follows:

	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	23,966			—			—	$	23,966
Foreign currency at value		26,460			—			—		26,460
Total	$	50,426			—			—	$	50,426

There were no transfers between levels during the six months ended April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		35


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock EcoSolutions Investment Trust (BQR)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Auto Components — 0.9%
Johnson Controls, Inc. (a)(b)		23,200	$	1,047,248
Biotechnology — 0.3%
Genus PLC		18,000		307,820
Building Products — 0.5%
Kingspan Group PLC (c)		31,800		598,456
Chemicals — 16.7%
Agrium, Inc.		28,500		2,737,995
Air Liquide SA		4,300		615,190
CF Industries Holdings, Inc. (a)		3,000		735,510
FMC Corp. (a)		2,800		215,600
Incitec Pivot Ltd.		261,700		702,471
Israel Chemicals Ltd.		50,000		443,763
Johnson Matthey PLC		17,304		957,252
Linde AG		2,900		602,285
Monsanto Co. (a)		36,700		4,062,690
The Mosaic Co. (a)		30,000		1,501,200
Novozymes A/S, B Shares		27,900		1,337,668
Nufarm Ltd.		57,460		222,283
Potash Corp. of Saskatchewan, Inc. (a)		34,000		1,229,440
Sinofert Holdings Ltd.		2,165,500		268,810
Syngenta AG		6,000		2,375,950
Umicore SA		5,400		264,701
Uralkali OJSC — GDR		20,000		443,608
Wacker Chemie AG		5,600		658,282

				19,374,698
Commercial Services & Supplies — 2.7%
Covanta Holding Corp. (a)		9,900		182,655
Tetra Tech, Inc. (c)		63,500		1,820,545
Tianjin Capital Environmental Protection Group Co. Ltd., Class H		2,007,000		1,065,479

				3,068,679
Construction & Engineering — 1.1%
Aegion Corp. (a)(c)		11,400		290,586
KBR, Inc.		14,600		370,402
Layne Christensen Co. (a)(c)		10,100		175,942
Quanta Services, Inc. (a)(c)		11,200		395,136

				1,232,066
Electric Utilities — 2.4%
Fortum OYJ		16,900		381,806
ITC Holdings Corp.		32,900		1,216,313
NextEra Energy, Inc. (a)(b)		11,300		1,128,305

				2,726,424
Electrical Equipment — 5.0%
ABB Ltd.		25,400		611,533
Eaton Corp. PLC (a)		8,700		631,968
Regal-Beloit Corp. (a)		11,300		844,449
Roper Industries, Inc. (a)		12,840		1,784,118
Schneider Electric SA		10,700		1,004,418
Vestas Wind Systems A/S (c)		21,833		969,628

				5,846,114
Electronic Equipment, Instruments & Components — 1.5%
Azbil Corp.		9,800		222,389
Itron, Inc. (a)(c)		6,800		258,400
Trimble Navigation Ltd. (a)(c)		33,000		1,268,190

				1,748,979
Food & Staples Retailing — 1.2%
The Andersons, Inc. (a)		15,000		934,350


Common Stocks	Shares		Value
Food & Staples Retailing (concluded)
Total Produce PLC (c)		330,000	$	476,595

				1,410,945
Food Products — 17.9%
Archer-Daniels-Midland Co. (a)		97,200		4,250,556
BrasilAgro — Co. Brasileira de Propriedades Agricolas		400,000		1,612,737
BRF SA — ADR		104,000		2,350,400
Bunge Ltd. (a)		36,600		2,915,190
Illovo Sugar Ltd.		200,000		551,305
Ingredion, Inc. (a)		6,000		422,700
IOI Corp. Bhd		533,333		816,086
Origin Enterprises PLC (c)		30,000		324,639
Sao Martinho SA		100,000		1,475,950
Select Harvests Ltd.		54,633		320,418
SLC Agricola SA		150,000		1,155,062
SunOpta, Inc. (a)(c)		43,600		508,812
Tyson Foods, Inc., Class A (a)		66,000		2,770,020
Wilmar International Ltd.		378,000		1,027,334
Wynnstay Group PLC		24,600		250,660

				20,751,869
Independent Power and Renewable Electricity Producers — 2.2%
China Longyuan Power Group Corp., Series H		488,000		502,639
EDP Renovaveis SA (c)		146,500		1,004,643
Enel Green Power SpA (a)		223,400		639,371
Greenko Group PLC (c)		59,000		160,380
Ormat Technologies, Inc. (a)		11,000		293,480

				2,600,513
Industrial Conglomerates — 1.1%
Danaher Corp. (a)		16,800		1,232,784
Machinery — 8.7%
Deere & Co. (a)		10,000		933,400
IDEX Corp. (a)		9,150		682,316
Kubota Corp.		80,000		1,031,082
Kurita Water Industries Ltd.		56,500		1,189,895
Pall Corp. (a)		9,300		782,595
Pentair Ltd. (a)		23,960		1,779,988
Watts Water Technologies, Inc., Class A (a)		27,300		1,452,360
Xylem, Inc.		59,500		2,236,605

				10,088,241
Multi-Utilities — 3.5%
Hera SpA		361,600		1,064,533
National Grid PLC		33,700		478,984
Suez Environnement Co.		9,925		195,021
Veolia Environnement SA		126,000		2,350,639

				4,089,177
Oil, Gas & Consumable Fuels — 2.1%
AltaGas Ltd. (a)		15,500		660,417
Oil Search Ltd.		47,900		396,851
Sasol Ltd.		10,100		566,048
TransCanada Corp. (a)		13,000		605,848
Veresen, Inc.		12,000		177,474

				2,406,638
Paper & Forest Products — 1.0%
Canfor Corp. (a)(c)		25,000		567,036
International Forest Products Ltd., Class A (c)		35,000		530,724
Precious Woods Holding AG		20,000		45,449

				1,143,209

See Notes to Financial Statements.


36		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) — 2.0%
Plum Creek Timber Co., Inc.		20,000	$	872,000
Rayonier, Inc.		12,000		541,200
Weyerhaeuser Co. (a)		31,000		925,350

				2,338,550
Real Estate Management & Development — 0.2%
Cresud SACIF y A — ADR		20,000		241,400
Semiconductors & Semiconductor Equipment — 1.1%
Aixtron SE (c)		7,600		121,005
SMA Solar Technology AG		2,600		108,871
Trina Solar Ltd. — ADR (a)(c)		54,100		604,838
Veeco Instruments, Inc. (a)(c)		11,200		414,064

				1,248,778
Water Utilities — 25.1%
American States Water Co.		75,800		2,301,288
American Water Works Co., Inc.		51,600		2,349,348
Aqua America, Inc.		116,525		2,923,612
Artesian Resources Corp., Class A		37,200		819,144
California Water Service Group		86,200		1,939,500
China Water Affairs Group Ltd.		4,556,000		1,535,998
Cia de Saneamento Basico do Estado de Sao Paulo		105,000		995,964
Cia de Saneamento de Minas Gerais — COPASA		43,100		673,441
Guangdong Investment Ltd.		563,000		612,098
Hyflux Ltd.		749,000		717,151
Inversiones Aguas Metropolitanas SA		1,500,000		2,482,893
Manila Water Co., Inc.		5,610,000		3,358,060


Common Stocks	Shares		Value
Water Utilities (concluded)
Pennon Group PLC		215,200	$	2,754,905
Severn Trent PLC		113,500		3,535,617
United Utilities Group PLC		158,381		2,130,375

				29,129,394
Total Long-Term Investments (Cost — $98,187,781) — 97.2%				112,631,982

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (d)(e)		4,186,554		4,186,554
Total Short-Term Securities (Cost — $4,186,554) — 3.6%				4,186,554
Total Investments Before Options Written (Cost — $102,374,335) — 100.8%				116,818,536

Options Written
(Premiums Received — $982,018) — (1.0)%				(1,174,848	)
Total Investments Net of Options Written — 99.8%				115,643,688
Other Assets Less Liabilities — 0.2%				246,567

Net Assets — 100.0%			$	115,890,255

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(c)	Non-income producing security.

(d)	Represents the current yield as of report date.

(e)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2013		Net Activity			Shares Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		7,688,865		(3,502,311	)		4,186,554	$	1,326
BlackRock Liquidity Series, LLC Money Market Series		—		—			—	$	1,261

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
The Andersons, Inc.		Call		USD	57.00		5/05/14		68	$	(35,991	)
Covanta Holding Corp.		Call		USD	18.45		5/05/14		44		(1,084	)
Deere & Co.		Call		USD	89.00		5/05/14		45		(19,682	)
Archer-Daniels-Midland Co.		Call		USD	43.50		5/09/14		4		(248	)
CF Industries Holdings, Inc.		Call		USD	260.00		5/09/14		14		(1,470	)
The Mosaic Co.		Call		USD	50.00		5/09/14		17		(1,556	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	35.50		5/09/14		39		(3,334	)
NextEra Energy, Inc.		Call		USD	94.75		5/12/14		26		(13,935	)
Aegion Corp.		Call		USD	25.00		5/19/14		51		(4,208	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		37


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

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
AltaGas Ltd.		Call		CAD	46.00		5/19/14		69	$	(5,981	)
Archer-Daniels-Midland Co.		Call		USD	44.00		5/19/14		32		(1,472	)
Bunge Ltd.		Call		USD	82.50		5/19/14		170		(18,700	)
Canfor Corp.		Call		CAD	28.00		5/19/14		112		(613	)
Danaher Corp.		Call		USD	75.00		5/19/14		76		(3,420	)
FMC Corp.		Call		USD	80.00		5/19/14		12		(630	)
IDEX Corp.		Call		USD	75.00		5/19/14		41		(16,400	)
Ingredion, Inc.		Call		USD	70.00		5/19/14		27		(3,578	)
Layne Christensen Co.		Call		USD	17.50		5/19/14		45		(6,188	)
The Mosaic Co.		Call		USD	47.50		5/19/14		118		(32,745	)
Pall Corp.		Call		USD	90.00		5/19/14		41		(1,025	)
Pentair Ltd.		Call		USD	80.00		5/19/14		110		(825	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	36.00		5/19/14		114		(7,752	)
Quanta Services, Inc.		Call		USD	36.00		5/19/14		26		(1,820	)
Quanta Services, Inc.		Call		USD	38.00		5/19/14		26		(520	)
Regal-Beloit Corp.		Call		USD	75.00		5/19/14		50		(8,875	)
Roper Industries, Inc.		Call		USD	135.00		5/19/14		29		(13,920	)
TransCanada Corp.		Call		CAD	52.00		5/19/14		34		(574	)
Trimble Navigation Ltd.		Call		USD	40.00		5/19/14		149		(12,665	)
Tyson Foods, Inc., Class A		Call		USD	43.00		5/19/14		148		(9,990	)
Tyson Foods, Inc., Class A		Call		USD	44.00		5/19/14		149		(5,215	)
Veeco Instruments, Inc.		Call		USD	41.00		5/19/14		50		(1,750	)
Watts Water Technologies, Inc., Class A		Call		USD	60.00		5/19/14		61		(1,525	)
Itron, Inc.		Call		USD	36.00		5/22/14		30		(7,436	)
Monsanto Co.		Call		USD	112.00		5/22/14		82		(11,054	)
Ormat Technologies, Inc.		Call		USD	28.15		5/22/14		45		(1,453	)
SunOpta, Inc.		Call		USD	12.00		5/22/14		125		(3,963	)
Wisconsin Energy Corp.		Call		USD	28.75		5/22/14		286		(23,197	)
Archer-Daniels-Midland Co.		Call		USD	44.00		5/23/14		32		(1,872	)
Eaton Corp. PLC		Call		USD	76.00		5/23/14		39		(780	)
Archer-Daniels-Midland Co.		Call		USD	45.00		5/30/14		368		(11,592	)
SunOpta, Inc.		Call		USD	11.55		5/30/14		72		(4,275	)
Monsanto Co.		Call		USD	115.00		6/10/14		83		(8,214	)
Enel Green Power SpA		Call		EUR	2.10		6/20/14		100		(10,377	)
Johnson Controls, Inc.		Call		USD	48.00		6/23/14		104		(3,900	)
NextEra Energy, Inc.		Call		USD	97.50		6/23/14		24		(9,000	)
Trina Solar Ltd. — ADR		Call		USD	14.00		6/23/14		121		(4,537	)
Watts Water Technologies, Inc., Class A		Call		USD	60.00		6/23/14		61		(1,830	)
Weyerhaeuser Co.		Call		USD	30.00		6/23/14		48		(2,640	)
Total										$	(343,811	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
TransCanada Corp.	Deutsche Bank AG		Call		CAD	51.08		5/02/14		2,400	$	(276	)
American Water Works Co., Inc.	Citibank N.A.		Call		USD	45.54		5/05/14		5,700		(3,274	)
BRF SA — ADR	UBS AG		Call		USD	19.33		5/05/14		49,500		(161,880	)
California Water Service Group	Goldman Sachs International		Call		USD	22.95		5/05/14		14,600		(671	)
ITC Holdings Corp.	Morgan Stanley & Co. International PLC		Call		USD	36.59		5/05/14		7,500		(4,160	)
ABB Ltd.	Goldman Sachs International		Call		CHF	23.38		5/06/14		11,500		(4	)
Illovo Sugar Ltd.	UBS AG		Call		ZAR	28.55		5/06/14		26,000		(1,670	)

See Notes to Financial Statements.


38		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Uralkali OJSC — GDR	Morgan Stanley & Co. International PLC		Call		USD	23.39		5/06/14		9,000	$	(466	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.94		5/07/14		5,800		(2,957	)
Total Produce PLC	Goldman Sachs International		Call		EUR	1.03		5/07/14		90,000		(2,853	)
Air Liquide SA	Morgan Stanley & Co. International PLC		Call		EUR	99.73		5/08/14		1,900		(9,188	)
Guangdong Investment Ltd.	Goldman Sachs International		Call		HKD	8.20		5/08/14		124,000		(4,530	)
Incitec Pivot Ltd.	UBS AG		Call		AUD	3.23		5/08/14		117,700		(729	)
Linde AG	Goldman Sachs International		Call		EUR	146.80		5/08/14		1,300		(6,467	)
Select Harvests Ltd.	Morgan Stanley & Co. International PLC		Call		AUD	6.78		5/08/14		24,300		(390	)
Tianjin Capital Environmental Protection Group Co. Ltd., Class H	Deutsche Bank AG		Call		HKD	3.94		5/08/14		300,000		(10,282	)
ITC Holdings Corp.	Citibank N.A.		Call		USD	37.48		5/09/14		7,200		(1,717	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/13/14		6,400		(7,148	)
Cia de Saneamento de Minas Gerais — COPASA	Goldman Sachs International		Call		BRL	35.33		5/13/14		3,300		(1,285	)
Illovo Sugar Ltd.	UBS AG		Call		ZAR	28.55		5/13/14		27,000		(2,209	)
Kingspan Group PLC	Goldman Sachs International		Call		EUR	14.04		5/13/14		3,000		(366	)
Syngenta AG	Goldman Sachs International		Call		CHF	340.78		5/13/14		2,700		(25,338	)
Xylem, Inc.	Morgan Stanley & Co. International PLC		Call		USD	39.00		5/13/14		26,700		(10,065	)
China Longyuan Power Group Corp., Series H	Deutsche Bank AG		Call		HKD	8.16		5/14/14		219,000		(6,251	)
Guangdong Investment Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	7.36		5/14/14		130,000		(17,954	)
Israel Chemicals Ltd.	Goldman Sachs International		Call		ILS	31.24		5/14/14		22,500		(2,528	)
Severn Trent PLC	Deutsche Bank AG		Call		GBP	18.13		5/14/14		25,500		(20,923	)
Tianjin Capital Environmental Protection Group Co. Ltd., Class H	Deutsche Bank AG		Call		HKD	3.94		5/14/14		300,000		(11,943	)
Veresen, Inc.	Deutsche Bank AG		Call		CAD	16.61		5/14/14		5,400		(519	)
Weyerhaeuser Co.	Citibank N.A.		Call		USD	29.77		5/14/14		4,400		(1,282	)
Wilmar International Ltd.	Deutsche Bank AG		Call		SGD	3.50		5/14/14		85,000		(395	)
American States Water Co.	Bank of America N.A.		Call		USD	31.10		5/15/14		17,050		(4,245	)
Aqua America, Inc.	Morgan Stanley & Co. International PLC		Call		USD	25.60		5/15/14		18,000		(2,776	)
California Water Service Group	Citibank N.A.		Call		USD	22.87		5/20/14		24,000		(5,100	)
Cia de Saneamento de Minas Gerais — COPASA	Goldman Sachs International		Call		BRL	35.33		5/20/14		3,300		(1,703	)
Inversiones Aguas Metropolitanas SA	Deutsche Bank AG		Call		CLP	919.59		5/20/14		225,000		(10,130	)
SLC Agricola SA	Credit Suisse International		Call		BRL	18.70		5/20/14		25,000		(576	)
Tianjin Capital Environmental Protection Group Co. Ltd., Class H	Deutsche Bank AG		Call		HKD	3.94		5/20/14		300,000		(13,473	)
Kingspan Group PLC	Goldman Sachs International		Call		EUR	13.80		5/21/14		2,600		(801	)
Novozymes A/S, B Shares	Morgan Stanley & Co. International PLC		Call		DKK	240.69		5/21/14		13,400		(44,788	)
SMA Solar Technology AG	Morgan Stanley & Co. International PLC		Call		EUR	45.79		5/21/14		1,100		(1	)
Wacker Chemie AG	Morgan Stanley & Co. International PLC		Call		EUR	88.25		5/21/14		2,500		(6,398	)
Aixtron SE	Morgan Stanley & Co. International PLC		Call		EUR	12.26		5/22/14		1,700		(265	)
Total Produce PLC	Goldman Sachs International		Call		EUR	1.06		5/22/14		58,500		(1,978	)
International Forest Products Ltd., Class A	Goldman Sachs International		Call		CAD	15.80		5/23/14		13,600		(13,915	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/27/14		6,400		(11,435	)
American States Water Co.	Bank of America N.A.		Call		USD	31.10		5/27/14		17,050		(7,260	)
Azbil Corp.	Morgan Stanley & Co. International PLC		Call		JPY	2,569.02		5/27/14		4,400		(207	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		39


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Cia de Saneamento de Minas Gerais — COPASA	Citibank N.A.		Call		BRL	35.86		5/28/14		9,700	$	(5,228	)
Cresud SACIF y A — ADR	Goldman Sachs International		Call		USD	11.52		5/28/14		9,000		(7,348	)
Sao Martinho SA	UBS AG		Call		BRL	32.44		5/28/14		24,000		(16,630	)
SLC Agricola SA	Deutsche Bank AG		Call		BRL	18.87		5/28/14		25,000		(876	)
Wilmar International Ltd.	Deutsche Bank AG		Call		SGD	3.50		5/28/14		85,000		(1,000	)
Johnson Matthey PLC	Morgan Stanley & Co. International PLC		Call		GBP	31.11		5/29/14		7,800		(24,295	)
Aqua America, Inc.	Goldman Sachs International		Call		USD	25.95		5/30/14		34,400		(6,923	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	46.66		6/02/14		5,700		(5,062	)
Illovo Sugar Ltd.	Deutsche Bank AG		Call		ZAR	29.73		6/03/14		37,000		(2,408	)
National Grid PLC	Morgan Stanley & Co. International PLC		Call		GBP	8.31		6/03/14		15,000		(5,377	)
Suez Environnement Co.	Morgan Stanley & Co. International PLC		Call		EUR	13.95		6/04/14		4,500		(1,358	)
China Water Affairs Group Ltd.	Bank of America N.A.		Call		HKD	2.94		6/05/14		500,000		(1,811	)
Schneider Electric SA	Bank of America N.A.		Call		EUR	68.36		6/05/14		4,800		(6,078	)
Sao Martinho SA	UBS AG		Call		BRL	26.89		6/06/14		24,200		(73,838	)
Veolia Environnement SA	Deutsche Bank AG		Call		EUR	13.99		6/06/14		56,700		(17,003	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.75		6/09/14		6,000		(4,453	)
Kubota Corp.	UBS AG		Call		JPY	1,365.00		6/10/14		36,000		(12,589	)
Cia de Saneamento de Minas Gerais — COPASA	Goldman Sachs International		Call		BRL	35.67		6/11/14		3,300		(2,276	)
Fortum OYJ	Credit Suisse International		Call		EUR	16.81		6/11/14		7,700		(2,756	)
Inversiones Aguas Metropolitanas SA	UBS AG		Call		CLP	943.33		6/11/14		225,000		(6,322	)
Kurita Water Industries Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	2,164.44		6/11/14		25,400		(13,477	)
Pennon Group PLC	Goldman Sachs International		Call		GBP	7.44		6/11/14		96,900		(38,879	)
SLC Agricola SA	Deutsche Bank AG		Call		BRL	17.34		6/11/14		17,000		(4,600	)
Vestas Wind Systems A/S	Goldman Sachs International		Call		DKK	244.77		6/11/14		9,800		(19,705	)
Oil Search Ltd.	UBS AG		Call		AUD	8.73		6/12/14		21,500		(7,207	)
Severn Trent PLC	Bank of America N.A.		Call		GBP	18.42		6/13/14		25,500		(22,801	)
Roper Industries, Inc.	Goldman Sachs International		Call		USD	135.00		6/16/14		2,900		(16,524	)
Aixtron SE	Morgan Stanley & Co. International PLC		Call		EUR	12.26		6/17/14		1,700		(575	)
Hyflux Ltd.	Bank of America N.A.		Call		SGD	1.23		6/17/14		169,000		(3,562	)
Umicore SA	Morgan Stanley & Co. International PLC		Call		EUR	37.78		6/25/14		2,400		(566	)
China Water Affairs Group Ltd.	Bank of America N.A.		Call		HKD	2.68		6/26/14		500,000		(7,689	)
United Utilities Group PLC	Bank of America N.A.		Call		GBP	7.85		7/01/14		71,300		(21,190	)
EDP Renovaveis SA	UBS AG		Call		EUR	4.84		7/02/14		33,400		(10,548	)
EDP Renovaveis SA	UBS AG		Call		EUR	4.69		7/16/14		32,500		(15,312	)
Total											$	(831,037	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

See Notes to Financial Statements.


40		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1				Level 2				Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Auto Components		$	1,047,248				—			—		$	1,047,248
Biotechnology			—			$	307,820			—			307,820
Building Products			598,456				—			—			598,456
Chemicals			10,482,435				8,892,263			—			19,374,698
Commercial Services & Supplies			2,003,200				1,065,479			—			3,068,679
Construction & Engineering			1,232,066				—			—			1,232,066
Electric Utilities			2,344,618				381,806			—			2,726,424
Electrical Equipment			3,260,535				2,585,579			—			5,846,114
Electronic Equipment, Instruments & Components			1,526,590				222,389			—			1,748,979
Food & Staples Retailing			1,410,945				—			—			1,410,945
Food Products			18,588,031				2,163,838			—			20,751,869
Independent Power and Renewable Electricity Producers			453,860				2,146,653			—			2,600,513
Industrial Conglomerates			1,232,784				—			—			1,232,784
Machinery			7,867,264				2,220,977			—			10,088,241
Multi-Utilities			1,064,533				3,024,644			—			4,089,177
Oil, Gas & Consumable Fuels			1,443,739				962,899			—			2,406,638
Paper & Forest Products			1,097,760				45,449			—			1,143,209
Real Estate Investment Trusts (REITs)			2,338,550				—			—			2,338,550
Real Estate Management & Development			241,400				—			—			241,400
Semiconductors & Semiconductor Equipment			1,018,902				229,876			—			1,248,778
Water Utilities			18,020,807				11,108,587			—			29,129,394
Short-Term Securities			4,186,554				—			—			4,186,554
Total		$	81,460,277			$	35,358,259			—		$	116,818,536


	Level 1				Level 2				Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts		$	(203,149	)		$	(971,699	)		—		$	(1,174,848	)
¹ Derivative financial instruments are options written, which are shown at value.

The carrying amount for certain of the Trust’s assets approximates fair value for financial statement purposes. As of April 30, 2014, such assets are categorized within the disclosure hierarchy as follows:

	Level 1				Level 2				Level 3		Total
Assets:
Foreign currency at value.		$	16,164				—			—		$	16,164
Cash pledged as collateral for OTC derivatives			100,000				—			—			100,000
Total		$	116,164				—			—		$	116,164

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		41


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

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013, securities with a value of $4,116,506 were systematically fair valued due to significant market movements, but were not valued using systematic fair values as of April 30, 2014. Therefore, these securities were transferred from Level 2 to Level 1 during the period October 31, 2013 to April 30, 2014.

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of April 30, 2014, securities with a value of $1,002,701 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to April 30, 2014.

See Notes to Financial Statements.


42		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Energy Equipment & Services — 9.4%
Cameron International Corp. (a)(b)		203,260	$	13,203,770
Halliburton Co. (b)		446,900		28,185,983
Schlumberger Ltd. (b)		372,224		37,799,347

				79,189,100
Oil, Gas & Consumable Fuels — 88.4%
Anadarko Petroleum Corp. (b)(c)		371,833		36,818,904
BG Group PLC		1,218,500		24,649,310
BP PLC — ADR (b)		802,700		40,632,674
Cairn Energy PLC (a)		1,856,000		5,780,994
Canadian Natural Resources Ltd. (b)		414,000		16,868,975
Canadian Oil Sands Ltd. (b)		316,013		6,850,480
Caracal Energy, Inc. (a)		1,061,900		9,735,458
Chevron Corp. (b)(c)		664,828		83,449,211
Cimarex Energy Co. (b)		139,900		16,664,888
ConocoPhillips (b)		600,000		44,586,000
CONSOL Energy, Inc. (b)		218,021		9,704,115
Devon Energy Corp. (b)		160,500		11,235,000
Enbridge, Inc. (b)		223,800		10,799,491
Encana Corp. (b)		739,000		17,118,936
EOG Resources, Inc. (b)		259,200		25,401,600
Exxon Mobil Corp. (b)(c)		792,100		81,118,961
Imperial Oil Ltd. (b)		196,000		9,570,658
Kosmos Energy Ltd. (a)		881,407		9,624,964
Murphy Oil Corp.		128,500		8,150,755
Noble Energy, Inc. (b)		407,492		29,249,776
Oil Search Ltd.		2,232,863		18,499,240
Phillips 66 (b)		186,300		15,503,886
Pioneer Natural Resources Co. (b)		109,500		21,163,065


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Range Resources Corp. (b)		138,400	$	12,518,280
Royal Dutch Shell PLC — ADR		1,216,800		95,810,832
Southwestern Energy Co. (a)(b)		261,300		12,511,044
Statoil ASA		763,526		23,276,405
Total SA		366,000		26,185,133
TransCanada Corp. (b)		445,000		20,738,652

				744,217,687
Total Long-Term Investments (Cost — $694,491,167) — 97.8%				823,406,787

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (d)(e)		31,463,547		31,463,547
Total Short-Term Securities (Cost — $31,463,547) — 3.7%				31,463,547
Total Investments Before Options Written (Cost — $725,954,714) — 101.5%				854,870,334

Options Written
(Premiums Received — $5,396,719) — (1.3)%				(11,333,766	)
Total Investments Net of Options Written — 100.2%				843,536,568
Liabilities in Excess of Other Assets — (0.2)%				(1,362,834	)

Net Assets — 100.0%			$	842,173,734

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(c)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(d)	Represents the current yield as of report date.

(e)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares Held at
October 31, 2013

Net

Activity

Shares Held at
April 30, 2014

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

60,810,523

(29,346,976

)

31,463,547

10,556

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
BP PLC — ADR		Call		USD	49.50		5/02/14		845	$	(100,978	)
EOG Resources, Inc.		Call		USD	100.00		5/02/14		408		(9,384	)
Exxon Mobil Corp.		Call		USD	94.00		5/02/14		1,235		(1,000,350	)
Schlumberger Ltd.		Call		USD	91.00		5/02/14		151		(153,642	)
Chevron Corp.		Call		USD	120.00		5/05/14		261		(149,423	)
ConocoPhillips		Call		USD	68.50		5/05/14		1,252		(757,460	)
Schlumberger Ltd.		Call		USD	93.00		5/05/14		502		(425,445	)
EOG Resources, Inc.		Call		USD	100.00		5/09/14		406		(75,719	)
EOG Resources, Inc.		Call		USD	102.00		5/09/14		104		(12,532	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		43


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

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
BP PLC — ADR		Call		USD	48.00		5/19/14		844	$	(217,752	)
Cameron International Corp.		Call		USD	65.00		5/19/14		712		(80,100	)
Canadian Natural Resources Ltd.		Call		CAD	46.00		5/19/14		735		(24,141	)
Canadian Oil Sands Ltd.		Call		CAD	23.00		5/19/14		930		(75,092	)
Cimarex Energy Co.		Call		USD	125.00		5/19/14		201		(30,652	)
ConocoPhillips		Call		USD	75.00		5/19/14		1,254		(83,391	)
CONSOL Energy, Inc.		Call		USD	43.00		5/19/14		381		(71,628	)
Devon Energy Corp.		Call		USD	72.50		5/19/14		561		(33,660	)
Encana Corp.		Call		CAD	26.00		5/19/14		1,293		(47,777	)
Halliburton Co.		Call		USD	62.50		5/19/14		551		(83,201	)
Imperial Oil Ltd.		Call		CAD	50.00		5/19/14		343		(111,877	)
Imperial Oil Ltd.		Call		CAD	52.00		5/19/14		343		(54,765	)
Noble Energy, Inc.		Call		USD	75.00		5/19/14		555		(16,650	)
Phillips 66		Call		USD	80.00		5/19/14		652		(237,980	)
Pioneer Natural Resources Co.		Call		USD	195.00		5/19/14		191		(96,455	)
Range Resources Corp.		Call		USD	92.50		5/19/14		242		(25,410	)
Range Resources Corp.		Call		USD	95.00		5/19/14		242		(10,890	)
Schlumberger Ltd.		Call		USD	92.50		5/19/14		649		(592,212	)
Southwestern Energy Co.		Call		USD	47.00		5/19/14		642		(112,992	)
TransCanada Corp.		Call		CAD	52.00		5/19/14		608		(10,262	)
BP PLC — ADR		Call		USD	48.50		5/23/14		1,120		(233,520	)
Chevron Corp.		Call		USD	123.00		5/23/14		525		(174,563	)
Chevron Corp.		Call		USD	123.00		5/30/14		525		(181,125	)
Exxon Mobil Corp.		Call		USD	101.00		5/30/14		769		(163,797	)
Anadarko Petroleum Corp.		Call		USD	100.00		6/04/14		590		(156,735	)
Chevron Corp.		Call		USD	125.00		6/06/14		507		(114,075	)
Exxon Mobil Corp.		Call		USD	101.00		6/06/14		769		(171,103	)
Halliburton Co.		Call		USD	64.50		6/06/14		553		(61,383	)
Anadarko Petroleum Corp.		Call		USD	100.00		6/23/14		712		(233,180	)
Chevron Corp.		Call		USD	125.00		6/23/14		508		(127,254	)
Cimarex Energy Co.		Call		USD	120.00		6/23/14		289		(157,505	)
Encana Corp.		Call		CAD	26.00		6/23/14		1,294		(79,691	)
Halliburton Co.		Call		USD	67.50		6/23/14		460		(25,760	)
Pioneer Natural Resources Co.		Call		USD	205.00		6/23/14		192		(84,480	)
CONSOL Energy, Inc.		Call		USD	44.00		7/21/14		381		(91,059	)
Total										$	(6,757,050	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	73.90		5/02/14		124,700	$	(603,479	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	74.28		5/02/14		64,400		(287,060	)
TransCanada Corp.	Deutsche Bank AG		Call		CAD	51.08		5/02/14		95,000		(10,922	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.15		5/05/14		95,600		(3,645	)
BG Group PLC	Credit Suisse International		Call		GBP	11.22		5/06/14		200,000		(260,046	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.09		5/07/14		45,200		(6,761	)
Noble Energy, Inc.	Citibank N.A.		Call		USD	70.00		5/07/14		87,200		(168,222	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/07/14		60,150		(146,718	)
Total SA	Goldman Sachs International		Call		EUR	48.11		5/07/14		64,000		(308,732	)
Caracal Energy, Inc.	Credit Suisse International		Call		GBP	3.74		5/08/14		60,000		(170,872	)
Oil Search Ltd.	Goldman Sachs International		Call		AUD	8.41		5/08/14		394,000		(189,978	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/13/14		60,150		(150,252	)

See Notes to Financial Statements.


44		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Total SA	Goldman Sachs International		Call		EUR	48.11		5/13/14		64,000	$	(313,774	)
Murphy Oil Corp.	Citibank N.A.		Call		USD	63.35		5/15/14		22,500		(26,086	)
Canadian Natural Resources Ltd.	Citibank N.A.		Call		CAD	44.53		5/28/14		35,700		(39,707	)
Statoil ASA	UBS AG		Call		NOK	169.92		5/28/14		155,500		(297,598	)
Kosmos Energy Ltd.	Citibank N.A.		Call		USD	10.93		5/29/14		59,000		(26,385	)
Murphy Oil Corp.	Citibank N.A.		Call		USD	63.35		5/29/14		22,500		(37,178	)
Statoil ASA	UBS AG		Call		NOK	169.92		6/03/14		155,500		(298,772	)
Southwestern Energy Co.	Goldman Sachs International		Call		USD	49.38		6/04/14		27,300		(24,287	)
Oil Search Ltd.	UBS AG		Call		AUD	8.73		6/12/14		388,400		(130,192	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/12/14		118,400		(352,294	)
BG Group PLC	Goldman Sachs International		Call		GBP	11.92		6/17/14		226,000		(189,037	)
Canadian Natural Resources Ltd.	Citibank N.A.		Call		CAD	44.53		6/17/14		35,700		(48,644	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.00		6/18/14		108,300		(59,047	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/18/14		118,300		(363,886	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		6/21/14		39,100		(27,825	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		7/09/14		39,100		(35,317	)
Total											$	(4,576,716	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unob- servable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for invest- ments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Energy Equipment & Services	$	79,189,100		—		—	$	79,189,100
Oil, Gas & Consumable Fuels		645,826,605	$	98,391,082		—		744,217,687
Short-Term Securities		31,463,547		—		—		31,463,547
Total	$	756,479,252	$	98,391,082		—	$	854,870,334

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		45


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


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(6,600,315	)	$	(4,733,451	)		—	$	(11,333,766	)
¹ Derivative financial instruments are options written, which are shown at value.

The carrying amount for certain of the Trust’s assets approximates fair value for financial statement purposes. As of April 30, 2014, such assets are categorized within the disclosure hierarchy as follows:

	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	6,930			—			—	$	6,930
Foreign currency at value		184,978			—			—		184,978
Total	$	191,908			—			—	$	191,908

There were no transfers between levels during the six months ended April 30, 2014.

See Notes to Financial Statements.


46		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Air Freight & Logistics — 0.0%
Royal Mail PLC (a)		11,200	$	100,347
Airlines — 5.4%
Japan Airlines Co. Ltd.		580,800		30,067,685
United Continental Holdings, Inc. (a)(b)		169,100		6,911,117

				36,978,802
Automobiles — 6.3%
Bayerische Motoren Werke AG		53,800		5,291,926
General Motors Co. (b)(c)		961,700		33,159,416
Renault SA		48,400		4,732,055

				43,183,397
Banks — 3.9%
Citigroup, Inc. (b)(c)		221,930		10,632,666
JPMorgan Chase & Co. (b)		282,400		15,808,752

				26,441,418
Beverages — 0.5%
PepsiCo, Inc. (b)		36,800		3,160,752
Biotechnology — 0.4%
Gilead Sciences, Inc. (a)(b)		33,300		2,613,717
Building Products — 2.3%
Owens Corning (b)		392,300		16,025,455
Capital Markets — 0.7%
Atlas Mara Co-Nvest Ltd. (a)		200,000		2,280,000
Legg Mason, Inc.		60,200		2,822,778

				5,102,778
Chemicals — 3.6%
CF Industries Holdings, Inc. (b)		100,300		24,590,551
Communications Equipment — 2.6%
QUALCOMM, Inc. (b)		228,100		17,953,751
Consumer Finance — 3.5%
Ally Financial, Inc. (a)(b)		492,300		11,889,045
Discover Financial Services (b)(c)		161,700		9,039,030
Springleaf Holdings, Inc. (a)(b)		134,300		3,086,214

				24,014,289
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B (a)(b)		74,200		9,560,670
Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc. (b)		163,110		7,622,130
Energy Equipment & Services — 0.5%
Noble Corp. PLC (b)		108,800		3,352,128
Food & Staples Retailing — 2.9%
Metro AG (a)		356,800		14,294,724
Wal-Mart Stores, Inc. (b)		71,200		5,675,352

				19,970,076
Health Care Providers & Services — 4.5%
Express Scripts Holding Co. (a)(b)		79,000		5,259,820
UnitedHealth Group, Inc. (b)		337,800		25,348,512

				30,608,332
Industrial Conglomerates — 0.3%
3M Co. (b)		13,100		1,822,078
Insurance — 9.6%
The Allstate Corp. (b)		121,700		6,930,815
American International Group, Inc. (b)(c)		682,200		36,245,286
Fidelity National Financial, Inc., Class A (b)		698,300		22,471,294

				65,647,395


Common Stocks	Shares		Value
Internet & Catalog Retail — 2.2%
Expedia, Inc. (b)		215,300	$	15,284,147
Internet Software & Services — 5.7%
eBay, Inc. (a)(b)		312,400		16,191,692
Google, Inc., Class A (a)(b)		15,001		8,023,735
Google, Inc., Class C (a)		15,001		7,900,427
Yahoo!, Inc. (a)(b)		187,200		6,729,840

				38,845,694
IT Services — 4.0%
Leidos Holdings, Inc.		383,500		14,281,540
Science Applications International Corp. (b)		223,692		8,723,988
Visa, Inc., Class A (b)		22,700		4,599,247

				27,604,775
Leisure Products — 0.3%
Brunswick Corp. (b)		52,700		2,118,013
Media — 6.6%
Comcast Corp., Special Class A (b)		353,400		18,034,002
News Corp. — Class A (a)		134,100		2,282,382
Nexstar Broadcasting Group, Inc., Class A (b)		112,500		4,483,125
Sinclair Broadcast Group, Inc., Class A (b)		628,800		16,807,824
The Walt Disney Co. (b)		45,600		3,617,904

				45,225,237
Metals & Mining — 0.8%
Freeport-McMoRan Copper & Gold, Inc. (b)		166,300		5,715,731
Oil, Gas & Consumable Fuels — 7.4%
HollyFrontier Corp. (b)		214,660		11,288,969
Linn Energy LLC (b)		105,700		3,014,564
Marathon Petroleum Corp. (b)		68,000		6,320,600
PBF Energy, Inc., Class A (b)		103,100		3,173,418
Suncor Energy, Inc.		691,500		26,691,900

				50,489,451
Pharmaceuticals — 8.9%
Eli Lilly & Co. (b)		125,300		7,405,230
Johnson & Johnson (b)		138,900		14,069,181
Merck & Co., Inc. (b)		237,600		13,913,856
Novartis AG — ADR (b)		43,300		3,764,502
Pfizer, Inc. (b)		697,800		21,827,184

				60,979,953
Real Estate Investment Trusts (REITs) — 1.5%
American Capital Agency Corp. (b)		226,000		5,132,460
American Realty Capital Properties, Inc.		152,840		2,000,676
Annaly Capital Management, Inc. (b)		302,400		3,492,720

				10,625,856
Semiconductors & Semiconductor Equipment — 3.0%
Samsung Electronics Co. Ltd.		20,200		20,312,706
Software — 2.3%
Activision Blizzard, Inc. (b)(c)		432,800		8,660,328
Oracle Corp. (b)		169,100		6,912,808

				15,573,136
Technology Hardware, Storage & Peripherals — 3.6%
Apple Inc. (b)		42,300		24,960,807
Wireless Telecommunication Services — 2.7%
Vodafone Group PLC — ADR (b)		490,308		18,612,092
Total Common Stocks — 98.5%				675,095,664

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		47


Schedule of Investments (continued)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)
			(Percentages shown are based on Net Assets)


Warrants (d)	Shares		Value
Capital Markets — 0.0%
Atlas Mara Co-Nvest Ltd., Expires 12/17/17 (a)		200,000	$	300,000
Total Long-Term Investments (Cost — $602,097,260) — 98.5%				675,395,664

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (e)(f)		3,204,081		3,204,081
Total Short-Term Securities (Cost — $3,204,081) — 0.5%				3,204,081


	Value
Total Investments Before Options Written (Cost — $605,301,341) — 99.0%	$	678,599,745

Options Written
(Premiums Received — $9,033,294) — (1.4)%		(9,841,545	)
Total Investments Net of Options Written — 97.6%		668,758,200
Other Assets Less Liabilities — 2.4%		16,642,052

Net Assets — 100.0%	$	685,400,252

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(c)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(d)	Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

(e)	Represents the current yield as of report date.

(f)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares Held at

October 31, 2013

Net

Activity

Shares Held at

April 30, 2014

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

20,482,532

(17,278,451

)

3,204,081

3,966

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
eBay, Inc.		Call		USD	58.00		5/02/14		656	$	(656	)
Expedia, Inc.		Call		USD	80.00		5/02/14		300		(33,000	)
General Motors Co.		Call		USD	33.00		5/02/14		520		(73,060	)
JPMorgan Chase & Co.		Call		USD	60.00		5/02/14		106		(212	)
Oracle Corp.		Call		USD	39.00		5/02/14		179		(32,310	)
The Walt Disney Co.		Call		USD	81.00		5/02/14		250		(1,125	)
American International Group, Inc.		Call		USD	50.50		5/05/14		500		(132,750	)
Apple Inc.		Call		USD	545.00		5/05/14		106		(484,155	)
Citigroup, Inc.		Call		USD	48.50		5/05/14		325		(2,600	)
HollyFrontier Corp.		Call		USD	49.00		5/05/14		590		(218,300	)
Johnson & Johnson		Call		USD	98.00		5/05/14		479		(150,885	)
Pfizer, Inc.		Call		USD	31.00		5/05/14		500		(19,000	)
Pfizer, Inc.		Call		USD	33.00		5/05/14		361		(361	)
QUALCOMM, Inc.		Call		USD	80.00		5/05/14		621		(3,416	)
Activision Blizzard, Inc.		Call		USD	21.00		5/09/14		470		(12,925	)
American International Group, Inc.		Call		USD	52.00		5/09/14		922		(161,811	)
Apple Inc.		Call		USD	535.00		5/09/14		53		(295,210	)
CF Industries Holdings, Inc.		Call		USD	260.00		5/09/14		552		(57,960	)

See Notes to Financial Statements.


48		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Citigroup, Inc.		Call		USD	50.00		5/09/14		450	$	(2,700	)
General Motors Co.		Call		USD	35.50		5/09/14		550		(9,900	)
Google, Inc., Class A		Call		USD	565.00		5/09/14		68		(2,210	)
HollyFrontier Corp.		Call		USD	49.50		5/09/14		590		(199,125	)
Merck & Co., Inc.		Call		USD	57.00		5/09/14		407		(74,074	)
Noble Corp. PLC		Call		USD	34.00		5/09/14		463		(5,093	)
Pfizer, Inc.		Call		USD	32.00		5/09/14		629		(9,120	)
QUALCOMM, Inc.		Call		USD	80.00		5/09/14		633		(18,674	)
UnitedHealth Group, Inc.		Call		USD	83.00		5/09/14		450		(1,800	)
Visa, Inc., Class A		Call		USD	210.00		5/09/14		55		(2,200	)
Yahoo!, Inc.		Call		USD	37.00		5/09/14		500		(24,500	)
3M Co.		Call		USD	135.00		5/19/14		72		(32,400	)
Activision Blizzard, Inc.		Call		USD	20.00		5/19/14		956		(65,964	)
The Allstate Corp.		Call		USD	56.00		5/19/14		497		(79,212	)
The Allstate Corp.		Call		USD	57.50		5/19/14		173		(12,110	)
American International Group, Inc.		Call		USD	50.00		5/19/14		1,330		(448,875	)
Apple Inc.		Call		USD	575.00		5/19/14		20		(36,100	)
Brunswick Corp.		Call		USD	46.00		5/19/14		145		(2,175	)
Citigroup, Inc.		Call		USD	48.00		5/19/14		120		(8,040	)
Comcast Corp., Special Class A		Call		USD	49.00		5/19/14		571		(127,048	)
eBay, Inc.		Call		USD	52.50		5/19/14		250		(17,375	)
Eli Lilly & Co.		Call		USD	60.00		5/19/14		690		(35,535	)
Fidelity National Financial, Inc., Class A		Call		USD	32.00		5/19/14		1,020		(79,050	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		5/19/14		343		(29,498	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	35.00		5/19/14		340		(12,750	)
Google, Inc., Class A		Call		USD	560.00		5/19/14		14		(2,415	)
Marathon Petroleum Corp.		Call		USD	87.50		5/19/14		123		(79,335	)
Merck & Co., Inc.		Call		USD	57.50		5/19/14		397		(69,475	)
Nexstar Broadcasting Group, Inc., Class A		Call		USD	45.00		5/19/14		225		(12,375	)
Novartis AG — ADR		Call		USD	85.00		5/19/14		238		(49,385	)
Owens Corning		Call		USD	45.00		5/19/14		990		(7,425	)
PepsiCo, Inc.		Call		USD	85.00		5/19/14		203		(30,450	)
Pfizer, Inc.		Call		USD	31.00		5/19/14		748		(46,002	)
Science Applications International Corp.		Call		USD	40.00		5/19/14		1,230		(55,350	)
Sinclair Broadcast Group, Inc., Class A		Call		USD	30.00		5/19/14		986		(34,510	)
United Continental Holdings, Inc.		Call		USD	46.00		5/19/14		230		(4,715	)
United Continental Holdings, Inc.		Call		USD	47.00		5/19/14		470		(6,345	)
United Continental Holdings, Inc.		Call		USD	55.00		5/19/14		170		(595	)
Vodafone Group PLC — ADR		Call		USD	38.00		5/19/14		675		(48,938	)
Yahoo!, Inc.		Call		USD	36.00		5/19/14		400		(45,800	)
Berkshire Hathaway, Inc., Class B		Call		USD	127.00		5/22/14		482		(143,060	)
American Capital Agency Corp.		Call		USD	22.50		5/23/14		628		(28,260	)
Annaly Capital Management, Inc.		Call		USD	11.50		5/23/14		1,663		(45,733	)
eBay, Inc.		Call		USD	54.50		5/23/14		161		(4,588	)
General Motors Co.		Call		USD	35.00		5/23/14		640		(38,080	)
Gilead Sciences, Inc.		Call		USD	74.00		5/23/14		46		(24,840	)
Pfizer, Inc.		Call		USD	31.00		5/23/14		747		(53,410	)
Visa, Inc., Class A		Call		USD	215.00		5/23/14		65		(3,380	)
Yahoo!, Inc.		Call		USD	38.00		5/23/14		140		(9,450	)
Activision Blizzard, Inc.		Call		USD	20.50		5/30/14		956		(51,624	)
American Capital Agency Corp.		Call		USD	23.00		5/30/14		615		(14,452	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		49


Schedule of Investments (continued)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Apple Inc.		Call		USD	535.00		5/30/14		53	$	(295,872	)
Citigroup, Inc.		Call		USD	48.50		5/30/14		325		(23,075	)
Express Scripts Holding Co.		Call		USD	72.00		5/30/14		217		(1,844	)
Gilead Sciences, Inc.		Call		USD	76.00		5/30/14		91		(38,220	)
JPMorgan Chase & Co.		Call		USD	56.50		5/30/14		482		(39,283	)
Marathon Petroleum Corp.		Call		USD	91.00		5/30/14		125		(50,625	)
Merck & Co., Inc.		Call		USD	58.50		5/30/14		502		(76,053	)
Noble Corp. PLC		Call		USD	32.00		5/30/14		250		(7,500	)
Oracle Corp.		Call		USD	40.00		5/30/14		600		(84,300	)
Pfizer, Inc.		Call		USD	31.50		5/30/14		361		(20,396	)
Verizon Communications, Inc.		Call		USD	48.50		5/30/14		800		(11,200	)
American International Group, Inc.		Call		USD	52.50		6/06/14		1,000		(185,000	)
eBay, Inc.		Call		USD	55.50		6/06/14		656		(18,696	)
Johnson & Johnson		Call		USD	101.00		6/06/14		285		(48,022	)
Marathon Petroleum Corp.		Call		USD	91.00		6/06/14		126		(54,810	)
UnitedHealth Group, Inc.		Call		USD	78.00		6/06/14		1,405		(76,573	)
Wal-Mart Stores, Inc.		Call		USD	79.00		6/06/14		241		(39,404	)
Ally Financial, Inc.		Call		USD	25.00		6/23/14		500		(18,750	)
Brunswick Corp.		Call		USD	46.00		6/23/14		145		(4,350	)
Discover Financial Services		Call		USD	57.50		6/23/14		445		(34,488	)
Fidelity National Financial, Inc., Class A		Call		USD	32.00		6/23/14		500		(57,500	)
Fidelity National Financial, Inc., Class A		Call		USD	33.00		6/23/14		634		(42,795	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		6/23/14		230		(31,855	)
Gilead Sciences, Inc.		Call		USD	75.00		6/23/14		46		(25,990	)
Linn Energy LLC		Call		USD	30.00		6/23/14		250		(8,750	)
Nexstar Broadcasting Group, Inc., Class A		Call		USD	45.00		6/23/14		125		(14,062	)
Oracle Corp.		Call		USD	42.00		6/23/14		150		(12,900	)
Owens Corning		Call		USD	46.00		6/23/14		580		(10,150	)
PBF Energy, Inc., Class A		Call		USD	30.00		6/23/14		568		(97,980	)
Pfizer, Inc.		Call		USD	32.00		6/23/14		491		(31,424	)
Sinclair Broadcast Group, Inc., Class A		Call		USD	30.00		6/23/14		902		(74,415	)
Springleaf Holdings, Inc.		Call		USD	25.00		6/23/14		244		(20,130	)
United Continental Holdings, Inc.		Call		USD	48.00		6/23/14		235		(13,865	)
Verizon Communications, Inc.		Call		USD	47.00		6/23/14		500		(42,250	)
Vodafone Group PLC — ADR		Call		USD	40.00		6/23/14		1,011		(63,188	)
Wal-Mart Stores, Inc.		Call		USD	80.00		6/23/14		242		(31,581	)
Discover Financial Services		Call		USD	57.50		7/21/14		445		(52,288	)
Total										$	(5,684,840	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
American Realty Capital Properties, Inc.	Citibank N.A.		Call		USD	14.09	5/05/14		84,000	$	(8	)
Fidelity National Financial, Inc., Class A	Morgan Stanley & Co. International PLC		Call		USD	32.79	5/06/14		168,600		(21,628	)
Sinclair Broadcast Group, Inc., Class A	Morgan Stanley & Co. International PLC		Call		USD	26.74	5/06/14		77,100		(67,412	)
Sinclair Broadcast Group, Inc., Class A	Morgan Stanley & Co. International PLC		Call		USD	27.28	5/06/14		79,800		(52,002	)
Metro AG	Morgan Stanley & Co. International PLC		Call		EUR	30.31	5/07/14		196,200		(29,859	)
Comcast Corp., Special Class A	Deutsche Bank AG		Call		USD	50.25	5/08/14		34,300		(33,642	)

See Notes to Financial Statements.


50		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Samsung Electronics Co. Ltd.	Bank of America N.A.		Call		KRW	1,075,900.00		5/08/14		4,500	$	(16,147	)
Suncor Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	34.13		5/09/14		177,800		(794,951	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	50.75		5/13/14		34,300		(26,867	)
Bayerische Motoren Werke AG	Morgan Stanley & Co. International PLC		Call		EUR	69.37		5/14/14		15,000		(43,929	)
Japan Airlines Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	4,798.73		5/14/14		160,100		(778,956	)
Samsung Electronics Co. Ltd.	UBS AG		Call		KRW	1,019,606.38		5/14/14		5,100		(152,935	)
Expedia, Inc.	Morgan Stanley & Co. International PLC		Call		USD	73.81		5/22/14		75,000		(317,042	)
Comcast Corp., Special Class A	Deutsche Bank AG		Call		USD	50.25		5/27/14		34,300		(45,922	)
Bayerische Motoren Werke AG	Morgan Stanley & Co. International PLC		Call		EUR	69.02		5/28/14		15,000		(55,986	)
Owens Corning	Citibank N.A.		Call		USD	44.63		5/28/14		58,000		(14,167	)
Springleaf Holdings, Inc.	Credit Suisse International		Call		USD	25.00		5/28/14		25,000		(14,712	)
Japan Airlines Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	5,160.00		5/29/14		79,700		(183,652	)
Renault SA	Goldman Sachs International		Call		EUR	76.12		6/03/14		26,600		(21,390	)
Vodafone Group PLC — ADR	Deutsche Bank AG		Call		USD	37.31		6/03/14		101,100		(139,373	)
Expedia, Inc.	Morgan Stanley & Co. International PLC		Call		USD	73.81		6/04/14		75,000		(254,618	)
Legg Mason, Inc.	UBS AG		Call		USD	46.42		6/04/14		33,100		(54,171	)
Suncor Energy, Inc.	Citibank N.A.		Call		USD	36.56		6/05/14		202,500		(423,393	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	51.59		6/09/14		34,300		(27,097	)
Samsung Electronics Co. Ltd.	Morgan Stanley & Co. International PLC		Call		KRW	1,110,410.00		6/10/14		2,600		(29,698	)
Japan Airlines Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	5,160.00		6/12/14		79,700		(208,852	)
Samsung Electronics Co. Ltd.	UBS AG		Call		KRW	1,091,461.39		6/17/14		2,600		(47,718	)
News Corp. — Class A	Morgan Stanley & Co. International PLC		Call		USD	17.37		6/26/14		73,700		(32,575	)
Annaly Capital Management, Inc.	Morgan Stanley & Co. International PLC		Put		USD	11.55		5/12/14		497,000		(112,908	)
Noble Corp. PLC	Morgan Stanley & Co. International PLC		Put		USD	32.50		5/12/14		59,700		(127,231	)
PBF Energy, Inc., Class A	Citibank N.A.		Put		USD	28.10		5/12/14		285,900		(27,864	)
Total											$	(4,156,705	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		51


Schedule of Investments (continued)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:



	Level 1			Level 2			Level 3		Total

Assets:
Investments:
Long-Term Investments:
Common Stocks:
Air Freight & Logistics		—		$	100,347			—	$	100,347
Airlines	$	6,911,117			30,067,685			—		36,978,802
Automobiles		38,451,342			4,732,055			—		43,183,397
Banks		26,441,418			—			—		26,441,418
Beverages		3,160,752			—			—		3,160,752
Biotechnology		2,613,717			—			—		2,613,717
Building Products		16,025,455			—			—		16,025,455
Capital Markets		2,822,778			2,280,000			—		5,102,778
Chemicals		24,590,551			—			—		24,590,551
Communications Equipment		17,953,751			—			—		17,953,751
Consumer Finance		24,014,289			—			—		24,014,289
Diversified Financial Services		9,560,670			—			—		9,560,670
Diversified Telecommunication Services		7,622,130			—			—		7,622,130
Energy Equipment & Services		3,352,128			—			—		3,352,128
Food & Staples Retailing		5,675,352			14,294,724			—		19,970,076
Health Care Providers & Services		30,608,332			—			—		30,608,332
Industrial Conglomerates		1,822,078			—			—		1,822,078
Insurance		65,647,395			—			—		65,647,395
Internet & Catalog Retail		15,284,147			—			—		15,284,147
Internet Software & Services		38,845,694			—			—		38,845,694
IT Services		27,604,775			—			—		27,604,775
Leisure Products		2,118,013			—			—		2,118,013
Media		45,225,237			—			—		45,225,237
Metals & Mining		5,715,731			—			—		5,715,731
Oil, Gas & Consumable Fuels		50,489,451			—			—		50,489,451
Pharmaceuticals		60,979,953			—			—		60,979,953
Real Estate Investment Trusts (REITs)		10,625,856			—			—		10,625,856
Semiconductors & Semiconductor Equipment		—			20,312,706			—		20,312,706
Software		15,573,136			—			—		15,573,136
Technology Hardware, Storage & Peripherals		24,960,807			—			—		24,960,807
Wireless Telecommunication Services		18,612,092			—			—		18,612,092
Warrants		—			300,000			—		300,000
Short-Term Securities		3,204,081			—			—		3,204,081

Total	$	606,512,228		$	72,087,517			—	$	678,599,745



	Level 1			Level 2			Level 3		Total

Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(5,462,567	)	$	(4,378,978	)		—	$	(9,841,545	)

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

The carrying amount for certain of the Trust’s assets approximates fair value for financial statement purposes. As of April 30, 2014, such assets are categorized within the disclosure hierarchy as follows:



	Level 1		Level 2		Level 3		Total

Assets:
Cash	$	2,113		—		—	$	2,113
Foreign currency at value		3,608		—		—		3,608
Cash pledged as collateral for OTC derivatives		200,000		—		—		200,000

Total	$	205,721		—		—	$	205,721

See Notes to Financial Statements.


52		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (concluded)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of April 30, 2014, securities with a value of $50,480,738 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		53


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Enhanced Equity Dividend Trust (BDJ)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 7.1%
Honeywell International, Inc. (a)		217,600	$	20,215,040
Lockheed Martin Corp. (a)		81,000		13,295,340
Northrop Grumman Corp. (a)		179,200		21,774,592
Raytheon Co.		343,100		32,759,188
United Technologies Corp. (a)		241,400		28,564,862

				116,609,022
Air Freight & Logistics — 1.1%
United Parcel Service, Inc., Class B		183,000		18,025,500
Auto Components — 0.5%
Johnson Controls, Inc.		172,300		7,777,622
Banks — 13.7%
Bank of America Corp. (a)		329,800		4,993,172
Citigroup, Inc. (a)		386,700		18,526,797
Fifth Third Bancorp.		867,700		17,883,297
JPMorgan Chase & Co. (a)(b)		958,499		53,656,774
M&T Bank Corp. (a)		33,800		4,123,938
SunTrust Banks, Inc. (a)		672,340		25,723,728
The Toronto-Dominion Bank (a)		355,800		17,110,422
U.S. Bancorp. (a)		637,100		25,980,938
Wells Fargo & Co. (a)(b)		1,157,300		57,448,372

				225,447,438
Beverages — 2.2%
The Coca-Cola Co. (a)		398,400		16,250,736
Diageo PLC – ADR (a)(b)		155,200		19,055,456

				35,306,192
Capital Markets — 0.7%
Morgan Stanley (a)		394,700		12,208,071
Chemicals — 3.4%
The Dow Chemical Co.		230,200		11,486,980
EI du Pont de Nemours & Co. (a)		408,500		27,500,220
Olin Corp.		192,100		5,398,010
Praxair, Inc. (a)		91,600		11,958,380

				56,343,590
Communications Equipment — 1.5%
Motorola Solutions, Inc. (a)		190,800		12,131,064
QUALCOMM, Inc. (a)		161,500		12,711,665

				24,842,729
Consumer Finance — 1.5%
American Express Co. (a)		276,300		24,156,909
Containers & Packaging — 0.7%
MeadWestvaco Corp.		292,300		11,420,161
Diversified Financial Services — 0.7%
CME Group, Inc.		162,700		11,452,453
Diversified Telecommunication Services — 2.0%
BCE, Inc.		115,700		5,153,278
Verizon Communications, Inc. (a)		598,500		27,967,905

				33,121,183
Electric Utilities — 2.3%
Duke Energy Corp. (a)		97,200		7,240,428
ITC Holdings Corp.		134,000		4,953,980
NextEra Energy, Inc. (a)		186,200		18,592,070
Northeast Utilities (a)		155,220		7,335,697

				38,122,175
Electrical Equipment — 0.4%
Rockwell Automation, Inc.		53,400		6,364,212
Energy Equipment & Services — 0.6%
Schlumberger Ltd. (a)		98,500		10,002,675


Common Stocks	Shares		Value
Food & Staples Retailing — 0.6%
Wal-Mart Stores, Inc. (a)		121,300	$	9,668,823
Food Products — 2.7%
General Mills, Inc. (a)		230,600		12,226,412
Kraft Foods Group, Inc. (a)		149,195		8,483,228
Mondelez International, Inc., Class A (a)		445,085		15,867,280
Unilever NV		191,200		8,187,184

				44,764,104
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories (a)		145,700		5,644,418
Health Care Providers & Services — 0.4%
Quest Diagnostics, Inc. (a)		124,800		6,980,064
Hotels, Restaurants & Leisure — 1.5%
McDonald’s Corp. (a)		249,700		25,314,586
Household Products — 2.0%
Kimberly-Clark Corp. (a)		112,850		12,667,412
The Procter & Gamble Co. (a)		250,400		20,670,520

				33,337,932
Industrial Conglomerates — 4.1%
3M Co. (a)		121,700		16,927,253
General Electric Co. (a)		1,877,200		50,477,908

				67,405,161
Insurance — 5.2%
ACE Ltd.		171,000		17,496,720
The Chubb Corp.		153,800		14,161,904
MetLife, Inc. (a)		139,550		7,305,444
Prudential Financial, Inc. (a)		343,200		27,689,376
The Travelers Cos., Inc. (a)		212,300		19,230,134

				85,883,578
IT Services — 2.0%
Automatic Data Processing, Inc. (a)		63,560		4,955,138
International Business Machines Corp. (a)		145,200		28,527,444

				33,482,582
Leisure Products — 0.3%
Mattel, Inc.		104,300		4,090,124
Media — 3.3%
Comcast Corp., Special Class A (a)		859,000		43,834,770
The Walt Disney Co. (a)		123,500		9,798,490

				53,633,260
Metals & Mining — 1.6%
BHP Billiton Ltd. — ADR (a)(b)		302,700		21,352,458
Southern Copper Corp.		157,077		4,734,301

				26,086,759
Multi-Utilities — 2.1%
Dominion Resources, Inc. (a)		254,300		18,446,922
Sempra Energy		88,700		8,746,707
Wisconsin Energy Corp.		151,800		7,359,264

				34,552,893
Oil, Gas & Consumable Fuels — 13.6%
Chevron Corp. (a)(b)		416,600		52,291,632
ConocoPhillips (a)		119,860		8,906,797
Enbridge, Inc. (a)		492,200		23,751,159
Exxon Mobil Corp. (a)		359,600		36,826,636
Kinder Morgan, Inc.		266,178		8,693,373
Marathon Oil Corp. (a)		381,300		13,783,995
Marathon Petroleum Corp. (a)		169,600		15,764,320
Occidental Petroleum Corp. (a)		170,200		16,296,650
Phillips 66 (a)		80,350		6,686,727

See Notes to Financial Statements.


54		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Royal Dutch Shell PLC — ADR		61,900	$	4,874,006
Spectra Energy Corp. (a)		204,000		8,100,840
Total SA — ADR (a)		380,400		27,099,696

				223,075,831
Paper & Forest Products — 0.7%
International Paper Co. (a)		247,150		11,529,547
Pharmaceuticals — 8.7%
AbbVie, Inc. (a)		143,127		7,454,054
Bristol-Myers Squibb Co. (a)		558,100		27,955,229
Johnson & Johnson (a)		295,500		29,931,195
Merck & Co., Inc. (a)		648,200		37,958,592
Pfizer, Inc. (a)		1,258,700		39,372,136

				142,671,206
Professional Services — 0.2%
Nielsen Holdings NV		74,100		3,478,995
Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp. (a)		72,500		6,055,200
Weyerhaeuser Co. (a)		236,300		7,053,555

				13,108,755
Road & Rail — 1.4%
CSX Corp. (a)		198,300		5,596,026
Union Pacific Corp. (a)		90,700		17,272,001

				22,868,027
Semiconductors & Semiconductor Equipment — 1.3%
Intel Corp. (a)		815,900		21,776,371
Software — 1.9%
Microsoft Corp. (a)		752,700		30,409,080
Specialty Retail — 2.3%
The Home Depot, Inc. (a)		476,900		37,918,319
Textiles, Apparel & Luxury Goods — 1.1%
VF Corp. (a)		301,600		18,424,744


Common Stocks	Shares		Value
Tobacco — 1.5%
Altria Group, Inc. (a)		203,800	$	8,174,418
Philip Morris International, Inc.		195,100		16,667,393

				24,841,811
Water Utilities — 0.7%
American Water Works Co., Inc.		258,600		11,774,058
Total Long-Term Investments (Cost — $1,349,384,408) — 98.8%				1,623,920,960

Short-Term Securities
BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.03% (c)(d)		38,251,313		38,251,313
Total Short-Term Securities (Cost — $38,251,313) — 2.3%				38,251,313

Options Purchased
(Cost — $7,273) — 0.0%				4,329
Total Investments Before Options Written (Cost — $1,387,642,994) — 101.1%				1,662,176,602

Options Written
(Premiums Received — $13,752,252) — (1.1)%				(18,043,340	)
Total Investments Net of Options Written — 100.0%				1,644,133,262
Liabilities in Excess of Other Assets — 0.0%				(106,755	)

Net Assets — 100.0%			$	1,644,026,507

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(c)	Represents the current yield as of report date.

(d)	Investments in companies considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares Held at

October 31, 2013

Net

Activity

Shares Held at

April 30, 2014

Income

BlackRock Liquidity Funds, TempFund, Institutional Class

48,920,346

(10,669,033

)

38,251,313

9,059

Exchange-traded options purchased as of April 30, 2014 were as follows:

Description

Put/

Call

Strike

Price

Expiration
Date

Contracts

Market
Value

JPMorgan Chase & Co.

Call

USD

59.50

5/09/14

1,443

4,329

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		55


Schedule of Investments (continued)			BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Altria Group, Inc.		Call		USD	38.00		5/02/14		373	$	(77,584	)
Bank of America Corp.		Call		USD	18.00		5/02/14		907		(907	)
EI du Pont de Nemours & Co.		Call		USD	67.00		5/02/14		571		(29,406	)
Exxon Mobil Corp.		Call		USD	94.00		5/02/14		184		(149,040	)
JPMorgan Chase & Co.		Call		USD	60.00		5/02/14		1,000		(2,000	)
Microsoft Corp.		Call		USD	40.50		5/02/14		1,300		(26,000	)
Occidental Petroleum Corp.		Call		USD	97.00		5/02/14		350		(5,775	)
Schlumberger Ltd.		Call		USD	91.00		5/02/14		135		(137,362	)
U.S. Bancorp.		Call		USD	41.50		5/02/14		1,176		(5,880	)
The Walt Disney Co.		Call		USD	81.00		5/02/14		679		(3,056	)
Chevron Corp.		Call		USD	120.00		5/05/14		488		(279,380	)
Citigroup, Inc.		Call		USD	48.50		5/05/14		512		(4,096	)
ConocoPhillips		Call		USD	68.50		5/05/14		330		(199,650	)
The Home Depot, Inc.		Call		USD	80.00		5/05/14		921		(25,328	)
International Business Machines Corp.		Call		USD	192.50		5/05/14		350		(140,000	)
Johnson & Johnson		Call		USD	98.00		5/05/14		809		(254,835	)
Marathon Oil Corp.		Call		USD	35.00		5/05/14		1,052		(140,442	)
McDonald’s Corp.		Call		USD	98.00		5/05/14		686		(222,950	)
Pfizer, Inc.		Call		USD	33.00		5/05/14		1,622		(1,622	)
Schlumberger Ltd.		Call		USD	93.00		5/05/14		136		(115,260	)
Union Pacific Corp.		Call		USD	190.00		5/05/14		250		(31,125	)
United Technologies Corp.		Call		USD	116.00		5/05/14		1,327		(305,210	)
M&T Bank Corp.		Call		USD	119.35		5/07/14		185		(52,001	)
3M Co.		Call		USD	136.00		5/09/14		334		(112,725	)
Altria Group, Inc.		Call		USD	38.00		5/09/14		373		(78,703	)
Citigroup, Inc.		Call		USD	50.00		5/09/14		500		(3,000	)
The Coca-Cola Co.		Call		USD	38.50		5/09/14		1,095		(249,660	)
EI du Pont de Nemours & Co.		Call		USD	67.00		5/09/14		571		(45,109	)
Exxon Mobil Corp.		Call		USD	98.00		5/09/14		825		(377,438	)
General Electric Co.		Call		USD	26.50		5/09/14		1,000		(47,000	)
The Home Depot, Inc.		Call		USD	78.00		5/09/14		780		(148,200	)
JPMorgan Chase & Co.		Call		USD	60.50		5/09/14		1,443		(4,329	)
McDonald’s Corp.		Call		USD	99.00		5/09/14		687		(173,811	)
Merck & Co., Inc.		Call		USD	57.00		5/09/14		1,130		(205,660	)
QUALCOMM, Inc.		Call		USD	80.00		5/09/14		444		(13,098	)
Schlumberger Ltd.		Call		USD	100.00		5/09/14		135		(28,418	)
U.S. Bancorp.		Call		USD	42.00		5/09/14		1,152		(4,032	)
Union Pacific Corp.		Call		USD	192.50		5/09/14		250		(24,375	)
Mondelez International, Inc., Class A		Call		USD	34.75		5/13/14		1,338		(148,751	)
The Toronto-Dominion Bank		Call		USD	46.25		5/13/14		956		(177,358	)
The Toronto-Dominion Bank		Call		USD	47.00		5/14/14		937		(106,333	)
3M Co.		Call		USD	135.00		5/19/14		335		(150,750	)
Abbott Laboratories		Call		USD	39.00		5/19/14		400		(14,600	)
AbbVie, Inc.		Call		USD	55.00		5/19/14		197		(2,955	)
Altria Group, Inc.		Call		USD	38.00		5/19/14		373		(80,382	)
American Tower Corp.		Call		USD	82.50		5/19/14		198		(36,630	)
Automatic Data Processing, Inc.		Call		USD	75.00		5/19/14		349		(111,680	)
BHP Billiton Ltd. — ADR		Call		USD	67.50		5/19/14		650		(217,750	)
BHP Billiton Ltd. — ADR		Call		USD	70.00		5/19/14		260		(36,010	)
BHP Billiton Ltd. — ADR		Call		USD	72.50		5/19/14		754		(27,898	)
Bristol-Myers Squibb Co.		Call		USD	52.50		5/19/14		860		(31,390	)
Citigroup, Inc.		Call		USD	48.00		5/19/14		600		(40,200	)

See Notes to Financial Statements.


56		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
The Coca-Cola Co.		Call		USD	39.00		5/19/14		1,096	$	(200,568	)
Comcast Corp., Special Class A		Call		USD	49.00		5/19/14		1,302		(289,695	)
ConocoPhillips		Call		USD	75.00		5/19/14		329		(21,877	)
CSX Corp.		Call		USD	30.00		5/19/14		545		(1,361	)
Diageo PLC — ADR		Call		USD	125.00		5/19/14		428		(33,170	)
Duke Energy Corp.		Call		USD	72.50		5/19/14		460		(100,050	)
EI du Pont de Nemours & Co.		Call		USD	70.00		5/19/14		570		(3,420	)
Enbridge, Inc.		Call		CAD	52.00		5/19/14		400		(42,151	)
Exxon Mobil Corp.		Call		USD	100.00		5/19/14		723		(197,740	)
General Electric Co.		Call		USD	26.00		5/19/14		3,912		(361,860	)
General Mills, Inc.		Call		USD	51.75		5/19/14		1,268		(181,976	)
Intel Corp.		Call		USD	27.00		5/19/14		1,769		(23,882	)
International Paper Co.		Call		USD	46.00		5/19/14		348		(36,366	)
Kimberly-Clark Corp.		Call		USD	112.50		5/19/14		620		(81,550	)
Kraft Foods Group, Inc.		Call		USD	57.50		5/19/14		820		(45,100	)
Marathon Petroleum Corp.		Call		USD	87.50		5/19/14		308		(198,660	)
Merck & Co., Inc.		Call		USD	57.50		5/19/14		1,101		(192,675	)
MetLife, Inc.		Call		USD	55.00		5/19/14		384		(8,640	)
Microsoft Corp.		Call		USD	40.00		5/19/14		851		(67,229	)
Mondelez International, Inc., Class A		Call		USD	35.00		5/19/14		555		(56,055	)
Morgan Stanley		Call		USD	31.00		5/19/14		551		(27,826	)
Morgan Stanley		Call		USD	32.00		5/19/14		549		(8,510	)
Motorola Solutions, Inc.		Call		USD	65.00		5/19/14		525		(35,438	)
Northeast Utilities		Call		USD	45.00		5/19/14		468		(106,470	)
Northrop Grumman Corp.		Call		USD	125.00		5/19/14		530		(33,125	)
Occidental Petroleum Corp.		Call		USD	95.00		5/19/14		236		(51,094	)
Occidental Petroleum Corp.		Call		USD	97.50		5/19/14		350		(36,050	)
Pfizer, Inc.		Call		USD	31.00		5/19/14		1,030		(63,345	)
Phillips 66		Call		USD	80.00		5/19/14		441		(160,965	)
Praxair, Inc.		Call		USD	132.00		5/19/14		503		(47,825	)
The Procter & Gamble Co.		Call		USD	82.50		5/19/14		1,006		(88,025	)
Prudential Financial, Inc.		Call		USD	88.00		5/19/14		944		(13,230	)
Quest Diagnostics, Inc.		Call		USD	55.00		5/19/14		345		(54,337	)
Schlumberger Ltd.		Call		USD	92.50		5/19/14		135		(123,187	)
Spectra Energy Corp.		Call		USD	37.00		5/19/14		280		(78,400	)
Spectra Energy Corp.		Call		USD	39.00		5/19/14		700		(59,500	)
SunTrust Banks, Inc.		Call		USD	38.00		5/19/14		1,230		(92,250	)
SunTrust Banks, Inc.		Call		USD	39.00		5/19/14		1,230		(37,515	)
The Travelers Cos., Inc.		Call		USD	87.50		5/19/14		1,168		(379,600	)
Verizon Communications, Inc.		Call		USD	48.00		5/19/14		1,423		(14,942	)
VF Corp.		Call		USD	62.50		5/19/14		825		(37,125	)
Wells Fargo & Co.		Call		USD	49.00		5/19/14		1,590		(126,405	)
Chevron Corp.		Call		USD	123.00		5/23/14		368		(122,360	)
EI du Pont de Nemours & Co.		Call		USD	68.50		5/23/14		150		(4,875	)
General Electric Co.		Call		USD	26.50		5/23/14		1,500		(90,000	)
The Home Depot, Inc.		Call		USD	78.00		5/23/14		921		(238,079	)
Intel Corp.		Call		USD	27.00		5/23/14		950		(19,000	)
Microsoft Corp.		Call		USD	41.00		5/23/14		492		(20,418	)
Pfizer, Inc.		Call		USD	31.00		5/23/14		1,029		(73,574	)
U.S. Bancorp.		Call		USD	41.50		5/23/14		1,176		(30,576	)
Verizon Communications, Inc.		Call		USD	48.00		5/23/14		1,423		(25,614	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		57


Schedule of Investments (continued)			BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Wells Fargo & Co.		Call		USD	49.00		5/23/14		1,591	$	(137,622	)
Wells Fargo & Co.		Call		USD	50.00		5/23/14		1,715		(60,025	)
Northrop Grumman Corp.		Call		USD	125.00		5/27/14		456		(39,511	)
American Express Co.		Call		USD	88.00		5/30/14		760		(107,540	)
Chevron Corp.		Call		USD	123.00		5/30/14		367		(126,615	)
Citigroup, Inc.		Call		USD	48.50		5/30/14		514		(36,494	)
EI du Pont de Nemours & Co.		Call		USD	68.00		5/30/14		385		(22,330	)
Exxon Mobil Corp.		Call		USD	101.00		5/30/14		123		(26,199	)
General Electric Co.		Call		USD	26.00		5/30/14		3,912		(393,156	)
JPMorgan Chase & Co.		Call		USD	56.50		5/30/14		1,422		(115,893	)
Marathon Oil Corp.		Call		USD	37.00		5/30/14		522		(22,707	)
Marathon Oil Corp.		Call		USD	37.50		5/30/14		522		(14,877	)
Marathon Petroleum Corp.		Call		USD	91.00		5/30/14		311		(125,955	)
Merck & Co., Inc.		Call		USD	58.50		5/30/14		1,334		(202,101	)
Microsoft Corp.		Call		USD	41.00		5/30/14		1,496		(73,304	)
Pfizer, Inc.		Call		USD	31.50		5/30/14		1,621		(91,587	)
The Procter & Gamble Co.		Call		USD	82.00		5/30/14		371		(53,053	)
American Tower Corp.		Call		USD	84.00		6/06/14		200		(29,500	)
Chevron Corp.		Call		USD	125.00		6/06/14		535		(120,375	)
Exxon Mobil Corp.		Call		USD	101.00		6/06/14		123		(27,368	)
Intel Corp.		Call		USD	26.50		6/06/14		1,769		(90,219	)
Johnson & Johnson		Call		USD	101.00		6/06/14		816		(137,496	)
Marathon Petroleum Corp.		Call		USD	91.00		6/06/14		311		(135,285	)
Wal-Mart Stores, Inc.		Call		USD	79.00		6/06/14		334		(54,609	)
Wells Fargo & Co.		Call		USD	50.00		6/06/14		1,469		(72,716	)
Total SA — ADR		Call		USD	68.75		6/13/14		645		(176,389	)
AbbVie, Inc.		Call		USD	50.00		6/23/14		590		(182,900	)
American Express Co.		Call		USD	90.00		6/23/14		760		(91,200	)
Bristol-Myers Squibb Co.		Call		USD	55.00		6/23/14		917		(41,723	)
Chevron Corp.		Call		USD	125.00		6/23/14		533		(133,516	)
Dominion Resources, Inc.		Call		USD	72.50		6/23/14		700		(94,500	)
Honeywell International, Inc.		Call		USD	95.00		6/23/14		600		(58,500	)
International Business Machines Corp.		Call		USD	195.00		6/23/14		448		(197,120	)
Lockheed Martin Corp.		Call		USD	165.00		6/23/14		445		(144,625	)
MetLife, Inc.		Call		USD	52.50		6/23/14		383		(58,024	)
Morgan Stanley		Call		USD	32.00		6/23/14		1,070		(56,175	)
NextEra Energy, Inc.		Call		USD	97.50		6/23/14		265		(99,375	)
Pfizer, Inc.		Call		USD	32.00		6/23/14		1,620		(103,680	)
QUALCOMM, Inc.		Call		USD	80.00		6/23/14		444		(51,060	)
Verizon Communications, Inc.		Call		USD	47.00		6/23/14		445		(37,602	)
Wal-Mart Stores, Inc.		Call		USD	80.00		6/23/14		333		(43,456	)
Weyerhaeuser Co.		Call		USD	30.00		6/23/14		325		(17,875	)
Total										$	(13,255,096	)

Over-the-counter options written as of April 30, 2014 were as follows:

Description

Counterparty

Put/
Call

Strike

Price

Expiration
Date

Contracts

Market
Value

Sempra Energy

Goldman Sachs International

Call

USD

97.72

5/02/14

13,100

(12,571

)

American Water Works Co., Inc.

Citibank N.A.

Call

USD

45.54

5/05/14

55,500

(31,881

)

The Chubb Corp.

Credit Suisse International

Call

USD

87.37

5/05/14

42,250

(199,014

)

The Dow Chemical Co.

UBS AG

Call

USD

50.73

5/05/14

126,600

(21,130

)

See Notes to Financial Statements.


58		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Enhanced Equity Dividend Trust (BDJ)

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Honeywell International, Inc.	Deutsche Bank AG		Call		USD	94.27		5/05/14		59,500	$	(9,143	)
ITC Holdings Corp.	Morgan Stanley & Co. International PLC		Call		USD	36.59		5/05/14		37,100		(20,579	)
Mattel, Inc.	Credit Suisse International		Call		USD	38.29		5/05/14		104,000		(102,190	)
MeadWestvaco Corp.	Citibank N.A.		Call		USD	36.42		5/05/14		43,200		(114,317	)
Mondelez International, Inc., Class A	Credit Suisse International		Call		USD	35.00		5/05/14		55,000		(41,947	)
Northeast Utilities	Deutsche Bank AG		Call		USD	43.95		5/05/14		38,500		(127,654	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	64.50		5/05/14		62,400		(420,600	)
Wisconsin Energy Corp.	Credit Suisse International		Call		USD	44.10		5/05/14		41,700		(182,675	)
SunTrust Banks, Inc.	Citibank N.A.		Call		USD	41.00		5/06/14		123,700		(85	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.94		5/07/14		15,400		(7,852	)
Comcast Corp., Special Class A	Deutsche Bank AG		Call		USD	50.25		5/08/14		86,100		(84,448	)
Sempra Energy	UBS AG		Call		USD	97.00		5/08/14		35,600		(71,239	)
ITC Holdings Corp.	Citibank N.A.		Call		USD	37.48		5/09/14		36,600		(8,729	)
United Parcel Service, Inc., Class B	UBS AG		Call		USD	98.43		5/09/14		100,700		(47,917	)
International Paper Co.	Credit Suisse International		Call		USD	45.73		5/12/14		101,100		(115,143	)
NextEra Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	94.50		5/12/14		75,900		(423,802	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	50.75		5/13/14		85,000		(66,579	)
MeadWestvaco Corp.	Citibank N.A.		Call		USD	36.42		5/14/14		43,200		(114,307	)
Total SA — ADR	Deutsche Bank AG		Call		USD	64.85		5/14/14		19,900		(128,418	)
Weyerhaeuser Co.	Citibank N.A.		Call		USD	29.77		5/14/14		64,900		(18,905	)
BCE, Inc.	Morgan Stanley & Co. International PLC		Call		USD	44.43		5/15/14		63,600		(30,116	)
Olin Corp.	Credit Suisse International		Call		USD	27.93		5/15/14		53,600		(29,639	)
Philip Morris International, Inc.	Citibank N.A.		Call		USD	83.21		5/20/14		53,750		(138,614	)
ACE Ltd.	Credit Suisse International		Call		USD	98.59		5/27/14		43,100		(176,410	)
Comcast Corp., Special Class A	Deutsche Bank AG		Call		USD	50.25		5/27/14		86,100		(115,273	)
The Chubb Corp.	Credit Suisse International		Call		USD	92.36		5/28/14		42,250		(47,757	)
Philip Morris International, Inc.	Citibank N.A.		Call		USD	84.04		5/28/14		53,750		(109,758	)
Rockwell Automation, Inc.	Morgan Stanley & Co. International PLC		Call		USD	128.27		5/28/14		30,000		(7,002	)
VF Corp.	UBS AG		Call		USD	63.00		5/28/14		82,500		(45,626	)
Quest Diagnostics, Inc.	Morgan Stanley & Co. International PLC		Call		USD	61.15		5/30/14		34,100		(5,397	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	46.66		6/02/14		55,500		(49,292	)
Dominion Resources, Inc.	Credit Suisse International		Call		USD	73.10		6/02/14		69,900		(69,072	)
Raytheon Co.	Morgan Stanley & Co. International PLC		Call		USD	98.00		6/03/14		94,300		(103,237	)
ACE Ltd.	Deutsche Bank AG		Call		USD	102.15		6/04/14		50,900		(96,573	)
MeadWestvaco Corp.	Goldman Sachs International		Call		USD	38.50		6/04/14		74,300		(74,255	)
Enbridge, Inc.	Citibank N.A.		Call		CAD	51.10		6/05/14		114,300		(203,604	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.24		6/05/14		17,000		(52,909	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	66.83		6/05/14		62,400		(277,306	)
Unilever NV	Citibank N.A.		Call		USD	42.73		6/06/14		47,500		(39,869	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.75		6/09/14		15,800		(11,726	)
Fifth Third Bancorp.	Citibank N.A.		Call		USD	20.76		6/09/14		238,600		(97,702	)
Olin Corp.	Citibank N.A.		Call		USD	28.10		6/09/14		52,000		(43,858	)
Bristol-Myers Squibb Co.	Morgan Stanley & Co. International PLC		Call		USD	52.05		6/11/14		129,200		(133,619	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/12/14		8,500		(25,291	)
Unilever NV	Morgan Stanley & Co. International PLC		Call		USD	42.79		6/12/14		57,600		(54,064	)
Wisconsin Energy Corp.	Credit Suisse International		Call		USD	48.97		6/13/14		41,700		(20,061	)
CSX Corp.	Morgan Stanley & Co. International PLC		Call		USD	28.52		6/17/14		54,500		(30,212	)
Raytheon Co.	Morgan Stanley & Co. International PLC		Call		USD	98.00		6/17/14		94,300		(135,928	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/18/14		8,500		(26,146	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		6/21/14		58,200		(41,418	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		59


Schedule of Investments (continued)			BlackRock Enhanced Equity Dividend Trust (BDJ)

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		7/09/14		58,200	$	(52,569	)
Mattel, Inc.	Credit Suisse International		Put		USD	38.50		5/27/14		121,300		(72,816	)
Total											$	(4,788,244	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:



	Level 1			Level 2			Level 3		Total

Assets:
Investments:
Long-Term Investments:
Common Stocks¹	$	1,623,920,960			—			—	$	1,623,920,960
Short-Term Securities		38,251,313			—			—		38,251,313
Options Purchased		4,329			—			—		4,329

Total	$	1,662,176,602			—			—	$	1,662,176,602

¹ See above Schedule of Investments for values in each industry


	Level 1			Level 2			Level 3		Total

Derivative Financial Instruments²
Liabilities:
Equity contracts	$	(12,230,172	)	$	(5,813,168	)		—	$	(18,043,340	)


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

See Notes to Financial Statements.


60		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (concluded)			BlackRock Enhanced Equity Dividend Trust (BDJ)



	Level 1		Level 2		Level 3		Total

Assets:
Cash	$	74,629		—		—	$	74,629
Foreign currency at value		1,778		—		—		1,778
Cash pledged as collateral for OTC derivatives		100,000		—		—		100,000

Total	$	176,407		—		—	$	176,407

There were no transfers between levels during the six months ended April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		61


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Global Opportunities Equity Trust (BOE)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Austria — 0.8%
Erste Group Bank AG		269,586	$	9,064,646
Belgium — 1.5%
Anheuser-Busch InBev NV		154,859		16,878,963
Canada — 1.6%
MEG Energy Corp. (a)(b)		351,700		12,661,906
Suncor Energy, Inc.		152,600		5,886,527

				18,548,433
China — 2.6%
Anhui Conch Cement Co. Ltd., Class H (c)		2,585,560		9,653,839
Baidu, Inc. — ADR (a)(b)		34,700		5,338,595
Beijing Enterprises Water Group Ltd.		10,224,000		6,497,864
China Cinda Asset Management Co. Ltd., Class H (a)(c)		7,085,000		3,573,094
Ping An Insurance Group Co. of China Ltd., Class H		609,500		4,523,787

				29,587,179
Denmark — 1.2%
ISS A/S (a)		107,959		3,758,498
Novo Nordisk A/S, Class B		223,500		10,143,775

				13,902,273
France — 4.0%
Rexel SA		268,200		6,771,976
Schneider Electric SA		69,900		6,561,573
Societe Generale SA		305,120		19,002,001
Vivendi SA		510,650		13,719,491

				46,055,041
Germany — 4.2%
Bayer AG		63,500		8,829,137
Daimler AG		146,200		13,611,073
Henkel AG & Co KGaA		87,200		9,727,165
OSRAM Licht AG (a)		189,900		9,969,615
Telefonica Deutschland Holding AG		693,500		5,769,525

				47,906,515
Greece — 0.9%
Alpha Bank AE (a)(c)		10,384,721		10,059,147
Hong Kong — 1.9%
AIA Group Ltd.		1,731,500		8,421,314
Melco Crown Entertainment Ltd. — ADR (b)		146,000		4,990,280
Samsonite International SA		2,582,600		8,205,959

				21,617,553
Indonesia — 1.3%
Global Mediacom Tbk PT		33,195,500		6,301,278
Matahari Department Store Tbk PT (a)		6,580,271		8,550,022

				14,851,300
Ireland — 2.7%
CRH PLC		421,000		12,273,285
Green REIT PLC (a)		10,891,189		18,131,835

				30,405,120
Italy — 1.7%
Assicurazioni Generali SpA (b)		259,000		6,055,748
Banca Generali SpA		293,690		9,244,552
Moncler SpA (a)		224,200		3,947,870

				19,248,170
Japan — 5.3%
Calbee, Inc.		241,800		5,922,308
Kenedix Office Investment Corp. — REIT		990		4,945,514
Nabtesco Corp.		368,600		7,957,465


Common Stocks	Shares		Value
Japan (concluded)
Shinsei Bank Ltd.		5,174,000	$	10,087,350
SMC Corp.		22,600		5,380,061
SoftBank Corp.		147,100		10,955,716
Sumitomo Mitsui Financial Group, Inc.		199,300		7,878,391
Tokyo Tatemono Co. Ltd.		946,300		7,546,552

				60,673,357
Mexico — 0.5%
Cemex SAB de CV — ADR (a)		457,392		5,781,435
Netherlands — 0.5%
ING Groep NV (a)		400,300		5,722,224
New Zealand — 0.8%
Xero Ltd. (Acquired 10/15/13, Cost $5,317,368) (a)(d)		350,000		9,074,516
Norway — 0.3%
Statoil ASA		125,700		3,832,016
Panama — 0.5%
Copa Holdings SA, Class A		39,900		5,397,672
Peru — 0.5%
Credicorp Ltd.		40,700		6,074,475
South Africa — 0.5%
Naspers Ltd., N Shares		64,000		6,047,954
South Korea — 0.6%
Hyundai Development Co.		44,570		1,274,599
NAVER Corp.		7,620		5,487,290

				6,761,889
Spain — 2.3%
NH Hoteles SA (a)		2,334,549		14,915,070
Sacyr SA (a)		1,818,142		11,975,008

				26,890,078
Sweden — 2.7%
Nordea Bank AB		792,658		11,453,080
Skanska AB, B Shares		282,000		6,474,523
Svenska Cellulosa AB SCA, Class B		453,727		12,755,648

				30,683,251
Switzerland — 4.3%
Adecco SA		186,700		15,673,847
Novartis AG		140,800		12,240,107
Roche Holding AG		39,170		11,490,374
UBS AG		462,749		9,677,877

				49,082,205
Taiwan — 0.3%
Hermes Microvision Inc. — GDR (a)		77,642		3,215,155
United Kingdom — 7.5%
AO World PLC (a)		1,033,800		4,119,281
APR Energy PLC		675,318		9,053,193
AstraZeneca PLC		144,000		11,366,534
Crest Nicholson Holdings PLC		2,205,219		12,956,983
Foxtons Group PLC		1,678,587		9,026,843
Metro Bank PLC, (Acquired 1/16/14, (Cost $5,768,771) (a)(d)		271,008		5,948,376
Nomad Holdings Ltd. (a)		556,597		5,705,119
Perform Group PLC (a)		1,345,898		4,897,025
Polypipe Group PLC (a)		3,105,291		13,893,802
Poundland Group PLC (a)		382,700		2,245,361
Vodafone Group PLC — ADR (b)		173,840		6,598,966

				85,811,483

See Notes to Financial Statements.


62		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Common Stocks	Shares		Value
United States — 47.0%
AbbVie, Inc. (b)(e)		234,823	$	12,229,582
Actavis PLC (a)(b)		28,000		5,721,240
Acuity Brands, Inc. (b)		44,133		5,497,648
Adobe Systems, Inc. (a)(b)		99,600		6,144,324
Alkermes PLC (a)(b)		173,500		8,026,110
Altria Group, Inc. (b)		296,200		11,880,582
American Airlines Group, Inc. (a)(b)		156,800		5,498,976
Apple Inc. (b)(e)		34,284		20,230,646
ARAMARK Holdings Corp.		291,700		8,223,023
Autodesk, Inc. (a)(b)		143,600		6,895,672
BankUnited, Inc.		452,683		14,934,012
Biogen Idec, Inc. (a)(b)		17,300		4,967,176
BioMarin Pharmaceutical, Inc. (a)		113,600		6,614,928
Bristol-Myers Squibb Co. (b)		159,700		7,999,373
Cabot Oil & Gas Corp. (b)(e)		251,809		9,891,058
CBS Corp., Class B (b)		146,100		8,438,736
Charles River Laboratories International, Inc. (a)		151,700		8,149,324
Citigroup, Inc. (b)(e)		380,961		18,251,842
Comcast Corp., Class A (b)		287,600		14,886,176
Concho Resources, Inc. (a)(b)		100,800		13,149,360
Continental Building Products, Inc. (a)		186,795		3,175,515
Covidien PLC (b)		201,800		14,378,250
Crown Holdings, Inc. (a)(b)		155,000		7,311,350
Eastman Chemical Co. (b)		116,700		10,172,739
Eaton Corp. PLC (b)		79,300		5,760,352
Facebook, Inc., Class A (a)(b)		94,600		5,655,188
Flowserve Corp.		116,900		8,539,545
General Motors Co. (e)		215,300		7,423,544
Genworth Financial, Inc., Class A (a)(b)		369,900		6,602,715
Google, Inc., Class A (a)(b)		24,139		12,911,468
Google, Inc., Class C (a)		24,439		12,871,044
The Hain Celestial Group, Inc. (a)(b)		118,141		10,162,489
Hertz Global Holdings, Inc. (a)(b)		350,900		9,990,123
JPMorgan Chase & Co. (b)		281,115		15,736,818
Kennedy-Wilson Holdings, Inc. (b)		698,600		15,257,424
Las Vegas Sands Corp. (b)		77,900		6,164,227
Lowe’s Cos., Inc.		147,200		6,757,952
Merck & Co., Inc. (b)		155,300		9,094,368
Mondelez International, Inc., Class A (b)		345,500		12,317,075
National Oilwell Varco, Inc. (b)		78,400		6,156,752
Oasis Petroleum, Inc. (a)(b)		139,722		6,498,470
Pfizer, Inc. (b)		372,300		11,645,544
Platform Specialty Products Corp. (a)		572,033		11,177,525
Public Service Enterprise Group, Inc.		227,900		9,337,063
Ralph Lauren Corp. (b)		53,400		8,083,158
Roper Industries, Inc. (b)		110,900		15,409,555
Schlumberger Ltd. (b)		91,560		9,297,918
St. Jude Medical, Inc. (b)		137,800		8,746,166
Strategic Growth Bancorp. (Acquired $3/13/14, Cost $5,461,690) (a)(d)		438,690		5,461,690
SunPower Corp. (a)(b)(e)		124,645		4,165,636
Textron, Inc. (b)		170,800		6,985,720
United Parcel Service, Inc., Class B (b)		119,800		11,800,300
United Rentals, Inc. (a)(b)		131,128		12,303,740
US Silica Holdings, Inc. (b)		128,700		5,813,379
Varian Medical Systems, Inc. (a)(b)		103,600		8,241,380
Whole Foods Market, Inc. (b)		149,200		7,415,240
WisdomTree Investments, Inc. (a)(b)		932,393		10,526,717

				536,977,927
Total Common Stocks — 98.0%				1,120,149,977


Investment Companies	Shares		Value
United Kingdom — 0.4%
Kennedy Wilson Europe Real Estate PLC (a)		302,475	$	5,209,099

Preferred Stocks
United States — 2.4%
Hortonworks, Inc., Series D (Acquired 3/21/14, Cost $10,246,000), 0.00% (a)(d)		840,725		10,246,000
LendingClub Corp. (Acquired 4/16/14, Cost $2,810,154), 0.00% (a)(d)		138,142		2,810,154
New Relic, Inc. (Acquired 4/15/14, Cost $7,078,530), 0.00% (a)(d)		244,644		7,078,530
Palantir Technologies, Inc. (Acquired 2/10/14, Cost $3,118,944), 0.00% (a)(d)		508,800		3,118,944
Uber Technologies, Inc. (Acquired 3/21/14, Cost $3,845,800), 0.00% (a)(d)(f)		3,845,800		3,845,800
Total Preferred Stocks — 2.4%				27,099,428

Warrants (g)
United Kingdom — 0.0%
Nomad Holdings Ltd., Expires 4/10/17 (a)		556,597		251,860
Total Long Term Investments (Cost — $1,038,563,044) — 100.8%				1,152,710,364

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (h)(i)		9,067,566		9,067,566

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.18% (h)(i)(j)	$	9,199		9,198,761
Total Short-Term Securities (Cost — $18,266,327) — 1.6%				18,266,327

Options Purchased
(Cost — $4,063) — 0.0%				9,200
Total Investments Before Options Written (Cost — $1,056,833,434) — 102.4%				1,170,985,891

Options Written
Options Written
(Premiums Received — $12,733,116) — (1.2)%				(13,786,827	)
Total Investments Net of Options Written — 101.2%				1,157,199,064
Liabilities in Excess of Other Assets — (1.2)%				(13,734,040	)

Net Assets — 100.0%			$	1,143,465,024

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		63


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

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(c)	Security, or a portion of security, is on loan.

(d)	Restricted securities as to resale. As of April 30, 2014 the Trust held 4.2% of its net assets, with current market value of $47,584,010 and original cost of $43,647,257, in these securities.

(e)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(f)	Convertible security.

(g)	Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

(h)	Represents the current yield as of report date.

(i)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at October 31, 2013		Net Activity			Shares/Beneficial Interest Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		36,387,584		(27,320,018	)		9,067,566	$	5,179
BlackRock Liquidity Series, LLC Money Market Series		—	$	9,198,761		$	9,198,761	$	63,183

(j)	Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Exchange-traded options purchased as of April 30, 2014 were as follows:

Description

Put/

Call

Strike

Price

Expiration
Date

Contracts

Market
Value

Kennedy-Wilson Holdings, Inc.

Call

USD

25.00

5/19/14

368

9,200

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Bristol-Myers Squibb Co.		Call		USD	56.00		5/02/14		444	$	(1,332	)
Genworth Financial, Inc., Class A		Call		USD	17.50		5/02/14		1,110		(47,175	)
JPMorgan Chase & Co.		Call		USD	60.00		5/02/14		236		(472	)
Apple Inc.		Call		USD	545.00		5/05/14		1		(4,567	)
Citigroup, Inc.		Call		USD	48.50		5/05/14		159		(1,272	)
Eaton Corp. PLC		Call		USD	73.00		5/05/14		130		(2,600	)
Schlumberger Ltd.		Call		USD	96.00		5/05/14		345		(189,750	)
United Rentals, Inc.		Call		USD	95.00		5/05/14		265		(20,861	)
American Airlines Group, Inc.		Call		USD	36.50		5/09/14		600		(21,000	)
Apple Inc.		Call		USD	535.00		5/09/14		116		(646,120	)
Biogen Idec, Inc.		Call		USD	315.00		5/09/14		48		(2,640	)
CBS Corp., Class B		Call		USD	59.00		5/09/14		300		(39,750	)
Citigroup, Inc.		Call		USD	50.00		5/09/14		500		(3,000	)
Genworth Financial, Inc., Class A		Call		USD	18.50		5/09/14		1,110		(10,545	)
Schlumberger Ltd.		Call		USD	100.00		5/09/14		200		(42,100	)
SunPower Corp.		Call		USD	34.50		5/09/14		230		(14,260	)
Whole Foods Market, Inc.		Call		USD	53.00		5/09/14		579		(30,687	)
Assicurazioni Generali SpA		Call		EUR	16.50		5/16/14		720		(49,620	)
AbbVie, Inc.		Call		USD	55.00		5/19/14		327		(4,905	)
Acuity Brands, Inc.		Call		USD	130.00		5/19/14		240		(21,000	)
Adobe Systems, Inc.		Call		USD	65.00		5/19/14		548		(31,510	)
Alkermes PLC		Call		USD	47.00		5/19/14		630		(64,575	)
Altria Group, Inc.		Call		USD	39.00		5/19/14		550		(69,025	)
Autodesk, Inc.		Call		USD	50.00		5/19/14		324		(40,986	)
Biogen Idec, Inc.		Call		USD	315.00		5/19/14		48		(6,480	)

See Notes to Financial Statements.


64		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Bristol-Myers Squibb Co.		Call		USD	57.50		5/19/14		444	$	(2,442	)
Cabot Oil & Gas Corp.		Call		USD	38.75		5/19/14		870		(104,779	)
CBS Corp., Class B		Call		USD	65.00		5/19/14		100		(3,000	)
Citigroup, Inc.		Call		USD	48.00		5/19/14		700		(46,900	)
Concho Resources, Inc.		Call		USD	135.00		5/19/14		289		(55,632	)
Covidien PLC		Call		USD	75.00		5/19/14		680		(6,800	)
Crown Holdings, Inc.		Call		USD	46.00		5/19/14		440		(64,900	)
Eastman Chemical Co.		Call		USD	90.00		5/19/14		642		(22,470	)
Google, Inc., Class A		Call		USD	560.00		5/19/14		134		(23,115	)
Hertz Global Holdings, Inc.		Call		USD	29.00		5/19/14		975		(68,250	)
Hertz Global Holdings, Inc.		Call		USD	30.00		5/19/14		975		(34,125	)
Las Vegas Sands Corp.		Call		USD	80.00		5/19/14		217		(34,612	)
Las Vegas Sands Corp.		Call		USD	82.50		5/19/14		106		(7,844	)
MEG Energy Corp.		Call		CAD	38.00		5/19/14		461		(68,348	)
Melco Crown Entertainment Ltd. — ADR		Call		USD	38.66		5/19/14		299		(8,222	)
Merck & Co., Inc.		Call		USD	57.50		5/19/14		432		(75,600	)
Mondelez International, Inc., Class A		Call		USD	35.00		5/19/14		961		(97,061	)
Oasis Petroleum, Inc.		Call		USD	45.00		5/19/14		250		(60,000	)
Oasis Petroleum, Inc.		Call		USD	48.00		5/19/14		528		(48,840	)
Pfizer, Inc.		Call		USD	31.00		5/19/14		517		(31,795	)
Ralph Lauren Corp.		Call		USD	160.00		5/19/14		149		(33,152	)
Roper Industries, Inc.		Call		USD	135.00		5/19/14		309		(148,320	)
St. Jude Medical, Inc.		Call		USD	65.00		5/19/14		383		(31,597	)
SunPower Corp.		Call		USD	31.00		5/19/14		233		(66,753	)
Textron, Inc.		Call		USD	40.25		5/19/14		215		(33,336	)
Textron, Inc.		Call		USD	42.00		5/19/14		110		(7,700	)
United Parcel Service, Inc., Class B		Call		USD	97.50		5/19/14		659		(100,827	)
United Rentals, Inc.		Call		USD	95.00		5/19/14		235		(44,062	)
US Silica Holdings, Inc.		Call		USD	37.00		5/19/14		716		(540,580	)
Varian Medical Systems, Inc.		Call		USD	85.00		5/19/14		576		(10,080	)
Vodafone Group PLC — ADR		Call		USD	38.00		5/19/14		239		(17,328	)
WisdomTree Investments, Inc.		Call		USD	15.00		5/19/14		810		(8,100	)
Altria Group, Inc.		Call		USD	38.50		5/23/14		550		(96,250	)
American Airlines Group, Inc.		Call		USD	37.50		5/23/14		500		(27,500	)
Citigroup, Inc.		Call		USD	49.00		5/23/14		579		(24,028	)
Comcast Corp., Class A		Call		USD	50.00		5/23/14		942		(194,052	)
Eaton Corp. PLC		Call		USD	76.00		5/23/14		307		(6,140	)
Pfizer, Inc.		Call		USD	31.00		5/23/14		518		(37,037	)
Altria Group, Inc.		Call		USD	38.50		5/30/14		550		(97,350	)
Apple Inc.		Call		USD	535.00		5/30/14		116		(647,570	)
Baidu, Inc. — ADR		Call		USD	170.00		5/30/14		94		(15,181	)
Citigroup, Inc.		Call		USD	48.50		5/30/14		157		(11,147	)
Comcast Corp., Class A		Call		USD	52.00		5/30/14		640		(50,560	)
Facebook, Inc., Class A		Call		USD	63.00		5/30/14		257		(38,550	)
JPMorgan Chase & Co.		Call		USD	56.50		5/30/14		436		(35,534	)
Merck & Co., Inc.		Call		USD	58.50		5/30/14		432		(65,448	)
National Oilwell Varco, Inc.		Call		USD	82.00		5/30/14		432		(19,872	)
Pfizer, Inc.		Call		USD	31.50		5/30/14		1,030		(58,195	)
St. Jude Medical, Inc.		Call		USD	65.00		6/02/14		383		(52,559	)
CBS Corp., Class B		Call		USD	61.00		6/06/14		400		(49,000	)
Facebook, Inc., Class A		Call		USD	61.50		6/06/14		263		(61,148	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		65


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

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
SunPower Corp.		Call		USD	35.50		6/06/14		222	$	(27,417	)
Assicurazioni Generali SpA		Call		EUR	17.00		6/20/14		720		(25,588	)
AbbVie, Inc.		Call		USD	50.00		6/23/14		964		(298,840	)
Baidu, Inc. — ADR		Call		USD	175.00		6/23/14		97		(20,952	)
The Hain Celestial Group, Inc.		Call		USD	90.00		6/23/14		320		(60,000	)
Las Vegas Sands Corp.		Call		USD	80.00		6/23/14		105		(32,025	)
Melco Crown Entertainment Ltd. — ADR		Call		USD	41.00		6/23/14		290		(14,500	)
Ralph Lauren Corp.		Call		USD	165.00		6/23/14		149		(27,938	)
Textron, Inc.		Call		USD	40.00		6/23/14		612		(130,356	)
United Rentals, Inc.		Call		USD	97.50		6/23/14		235		(65,800	)
Vodafone Group PLC — ADR		Call		USD	40.00		6/23/14		359		(22,438	)
WisdomTree Investments, Inc.		Call		USD	12.50		6/23/14		1,570		(62,800	)
Actavis PLC		Call		USD	210.00		8/18/14		154		(172,480	)
Total										$	(5,821,057	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Crest Nicholson Holdings PLC	Morgan Stanley & Co. International PLC		Call		GBP	4.21		5/02/14		223,000	$	(4	)
MEG Energy Corp.	Deutsche Bank AG		Call		CAD	32.50		5/02/14		79,200		(502,999	)
BioMarin Pharmaceutical, Inc.	Morgan Stanley & Co. International PLC		Call		USD	80.00		5/05/14		31,600		—
Covidien PLC	Bank of America N.A.		Call		USD	70.75		5/05/14		70,800		(59,462	)
Mondelez International, Inc., Class A	Credit Suisse International		Call		USD	35.00		5/05/14		94,000		(71,691	)
Telefonica Deutschland Holding AG	Deutsche Bank AG		Call		EUR	5.87		5/05/14		136,200		(25,327	)
Autodesk, Inc.	Morgan Stanley & Co. International PLC		Call		USD	52.30		5/06/14		46,500		(6,612	)
Bayer AG	Credit Suisse International		Call		EUR	97.23		5/06/14		35,000		(164,647	)
Rexel SA	Morgan Stanley & Co. International PLC		Call		EUR	18.99		5/06/14		21,000		(452	)
Roche Holding AG	Morgan Stanley & Co. International PLC		Call		CHF	267.51		5/06/14		22,000		(4,845	)
Societe Generale SA	Credit Suisse International		Call		EUR	48.48		5/06/14		34,000		(1,571	)
Societe Generale SA	Goldman Sachs International		Call		EUR	48.34		5/06/14		58,000		(2,807	)
ARAMARK Holdings Corp.	UBS AG		Call		USD	29.07		5/07/14		44,300		(5,372	)
BankUnited, Inc.	Credit Suisse International		Call		USD	34.78		5/07/14		47,000		(486	)
Daimler AG	Morgan Stanley & Co. International PLC		Call		EUR	67.78		5/07/14		21,600		(28,709	)
Novartis AG	Deutsche Bank AG		Call		CHF	73.00		5/07/14		35,100		(141,055	)
Svenska Cellulosa AB SCA, Class B	Goldman Sachs International		Call		SEK	187.58		5/07/14		70,500		(4,906	)
Cemex SAB de CV — ADR	Deutsche Bank AG		Call		USD	12.65		5/08/14		126,880		(25,428	)
Henkel AG & Co KGaA	Credit Suisse International		Call		EUR	79.58		5/08/14		48,500		(100,193	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	508,049.83		5/08/14		140		(14,545	)
Kennedy-Wilson Holdings, Inc.	Morgan Stanley & Co. International PLC		Call		USD	25.18		5/08/14		36,800		(11	)
MEG Energy Corp.	Morgan Stanley & Co. International PLC		Call		CAD	34.88		5/08/14		68,200		(285,435	)
NAVER Corp.	UBS AG		Call		KRW	820,910.00		5/08/14		2,600		(3,199	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.93		5/08/14		133,000		(3,632	)
SMC Corp.	UBS AG		Call		JPY	25,944.83		5/08/14		6,300		(3,019	)
SoftBank Corp.	Morgan Stanley & Co. International PLC		Call		JPY	8,017.98		5/08/14		81,800		(32,863	)
Concho Resources, Inc.	Deutsche Bank AG		Call		USD	124.28		5/09/14		26,500		(183,168	)
Melco Crown Entertainment Ltd. — ADR	Goldman Sachs International		Call		USD	42.06		5/09/14		21,400		(23	)
Charles River Laboratories International, Inc.	Citibank N.A.		Call		USD	63.50		5/12/14		42,200		(3	)

See Notes to Financial Statements.


66		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Daimler AG	Credit Suisse International		Call		EUR	70.98		5/13/14		42,200	$	(15,053	)
ING Groep NV	Goldman Sachs International		Call		EUR	10.95		5/13/14		142,700		(9,901	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	47.83		5/13/14		29,300		(13	)
AIA Group Ltd.	Deutsche Bank AG		Call		HKD	36.88		5/14/14		963,200		(113,272	)
Anhui Conch Cement Co. Ltd., Class H	Citibank N.A.		Call		HKD	32.62		5/14/14		540,000		(3,334	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/14/14		40		(2,405	)
Nabtesco Corp.	Goldman Sachs International		Call		JPY	2,442.35		5/14/14		72,600		(1,229	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/14/14		297,900		(37,879	)
Shinsei Bank Ltd.	Goldman Sachs International		Call		JPY	183.68		5/14/14		1,071,000		(175,682	)
Skanska AB, B Shares	Goldman Sachs International		Call		SEK	147.85		5/14/14		78,400		(40,891	)
AstraZeneca PLC	Morgan Stanley & Co. International PLC		Call		GBP	38.07		5/15/14		80,000		(1,176,825	)
CRH PLC	Morgan Stanley & Co. International PLC		Call		GBP	17.07		5/15/14		57,000		(46,055	)
The Hain Celestial Group, Inc.	Citibank N.A.		Call		USD	86.91		5/15/14		32,900		(72,324	)
Kennedy-Wilson Holdings, Inc.	Morgan Stanley & Co. International PLC		Call		USD	25.18		5/15/14		36,800		(223	)
Naspers Ltd., N Shares	Deutsche Bank AG		Call		ZAR	1,216.95		5/15/14		16,000		(893	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.90		5/15/14		50,000		(3,545	)
Svenska Cellulosa AB SCA, Class B	Goldman Sachs International		Call		SEK	187.58		5/15/14		70,500		(10,656	)
Telefonica Deutschland Holding AG	Deutsche Bank AG		Call		EUR	5.84		5/15/14		135,000		(35,720	)
Telefonica Deutschland Holding AG	Goldman Sachs International		Call		EUR	5.89		5/15/14		113,400		(23,738	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/20/14		297,900		(42,957	)
Anheuser-Busch InBev NV	Morgan Stanley & Co. International PLC		Call		EUR	77.64		5/21/14		32,400		(83,718	)
ING Groep NV	Credit Suisse International		Call		EUR	10.32		5/21/14		79,900		(32,256	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/21/14		40		(3,399	)
Rexel SA	Morgan Stanley & Co. International PLC		Call		EUR	18.70		5/21/14		21,000		(5,304	)
Schneider Electric SA	Deutsche Bank AG		Call		EUR	65.15		5/21/14		21,000		(73,158	)
ARAMARK Holdings Corp.	Deutsche Bank AG		Call		USD	28.25		5/22/14		59,000		(41,530	)
BankUnited, Inc.	Deutsche Bank AG		Call		USD	34.60		5/22/14		66,000		(10,186	)
BioMarin Pharmaceutical, Inc.	Morgan Stanley & Co. International PLC		Call		USD	80.00		5/22/14		31,600		(142	)
Copa Holdings SA, Class A	Bank of America N.A.		Call		USD	150.39		5/22/14		11,100		(7,852	)
Lowe’s Cos., Inc.	Morgan Stanley & Co. International PLC		Call		USD	47.17		5/22/14		40,500		(15,317	)
Nordea Bank AB	Goldman Sachs International		Call		SEK	94.50		5/22/14		115,000		(22,890	)
Vivendi SA	JPMorgan Chase Bank N.A.		Call		EUR	20.24		5/22/14		153,000		(20,568	)
Calbee, Inc.	Morgan Stanley & Co. International PLC		Call		JPY	2,505.28		5/27/14		66,000		(45,172	)
Cemex SAB de CV — ADR	Deutsche Bank AG		Call		USD	12.65		5/27/14		126,880		(47,251	)
Charles River Laboratories International, Inc.	Citibank N.A.		Call		USD	63.50		5/27/14		42,200		(444	)
China Cinda Asset Management Co. Ltd., Class H	Deutsche Bank AG		Call		HKD	4.33		5/27/14		710,000		(5,784	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/27/14		297,900		(48,076	)
Tokyo Tatemono Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	908.40		5/27/14		284,000		(26,577	)
Adecco SA	Morgan Stanley & Co. International PLC		Call		CHF	73.64		5/28/14		32,000		(93,377	)
Beijing Enterprises Water Group Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	5.43		5/28/14		2,800,000		(29,476	)
Crown Holdings, Inc.	Deutsche Bank AG		Call		USD	46.85		5/28/14		43,000		(45,276	)
Foxtons Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.75		5/28/14		25,000		(295	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/28/14		40		(4,331	)
NH Hoteles SA	UBS AG		Call		EUR	5.30		5/28/14		50,000		(1,458	)
Sacyr SA	Goldman Sachs International		Call		EUR	5.12		5/28/14		441,000		(55,966	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		67


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Schneider Electric SA	Morgan Stanley & Co. International PLC		Call		EUR	67.37		5/28/14		17,400	$	(25,176	)
Skanska AB, B Shares	Morgan Stanley & Co. International PLC		Call		SEK	152.70		5/28/14		78,500		(27,447	)
Statoil ASA	UBS AG		Call		NOK	169.92		5/28/14		34,550		(66,122	)
Crest Nicholson Holdings PLC	Credit Suisse International		Call		GBP	3.71		5/29/14		50,000		(2,845	)
Kennedy-Wilson Holdings, Inc.	Deutsche Bank AG		Call		USD	25.41		5/29/14		34,000		(1,176	)
Nabtesco Corp.	Citibank N.A.		Call		JPY	2,385.00		5/29/14		66,200		(10,267	)
Public Service Enterprise Group, Inc.	UBS AG		Call		USD	39.03		5/29/14		63,400		(140,820	)
Crest Nicholson Holdings PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.72		6/03/14		36,000		(2,336	)
CRH PLC	Morgan Stanley & Co. International PLC		Call		GBP	16.73		6/03/14		46,100		(66,083	)
Erste Group Bank AG	Goldman Sachs International		Call		EUR	25.09		6/03/14		55,000		(36,406	)
Naspers Ltd., N Shares	Morgan Stanley & Co. International PLC		Call		ZAR	1,180.22		6/03/14		35,400		(27,158	)
NH Hoteles SA	Morgan Stanley & Co. International PLC		Call		EUR	5.23		6/03/14		120,000		(4,697	)
Rexel SA	Goldman Sachs International		Call		EUR	18.91		6/03/14		64,800		(18,863	)
Sacyr SA	Credit Suisse International		Call		EUR	4.84		6/03/14		376,000		(104,722	)
Statoil ASA	UBS AG		Call		NOK	169.92		6/03/14		34,550		(66,383	)
Vodafone Group PLC — ADR	Deutsche Bank AG		Call		USD	37.31		6/03/14		35,900		(49,491	)
Adecco SA	Morgan Stanley & Co. International PLC		Call		CHF	71.19		6/04/14		35,500		(155,569	)
Beijing Enterprises Water Group Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	5.51		6/04/14		2,800,000		(33,201	)
Cabot Oil & Gas Corp.	UBS AG		Call		USD	35.91		6/04/14		51,500		(177,010	)
Calbee, Inc.	Morgan Stanley & Co. International PLC		Call		JPY	2,517.56		6/04/14		66,000		(47,726	)
Daimler AG	UBS AG		Call		EUR	67.85		6/04/14		16,700		(41,129	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		6/04/14		40		(5,107	)
Lowe’s Cos., Inc.	Morgan Stanley & Co. International PLC		Call		USD	47.17		6/04/14		40,500		(29,128	)
Novo Nordisk A/S, Class B	Deutsche Bank AG		Call		DKK	243.60		6/04/14		62,200		(79,882	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	25.31		6/04/14		269,400		(28,769	)
Anhui Conch Cement Co. Ltd., Class H	Morgan Stanley & Co. International PLC		Call		HKD	31.76		6/05/14		449,000		(20,522	)
Copa Holdings SA, Class A	Bank of America N.A.		Call		USD	150.39		6/05/14		11,100		(10,868	)
Nordea Bank AB	Goldman Sachs International		Call		SEK	94.50		6/05/14		115,000		(29,536	)
Nordea Bank AB	UBS AG		Call		SEK	92.47		6/05/14		88,800		(37,319	)
SMC Corp.	UBS AG		Call		JPY	26,297.43		6/05/14		6,300		(20,442	)
Vivendi SA	Goldman Sachs International		Call		EUR	20.15		6/05/14		81,400		(25,532	)
Novartis AG	Goldman Sachs International		Call		CHF	74.65		6/06/14		43,200		(124,433	)
BankUnited, Inc.	Goldman Sachs International		Call		USD	32.98		6/09/14		66,800		(59,038	)
Flowserve Corp.	UBS AG		Call		USD	73.28		6/09/14		32,100		(59,723	)
Erste Group Bank AG	Goldman Sachs International		Call		EUR	25.15		6/10/14		67,000		(49,116	)
Kennedy-Wilson Holdings, Inc.	Deutsche Bank AG		Call		USD	24.22		6/10/14		48,600		(9,597	)
NAVER Corp.	Morgan Stanley & Co. International PLC		Call		KRW	780,000.00		6/10/14		1,646		(45,217	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	5.07		6/10/14		133,000		(12,684	)
Nordea Bank AB	Bank of America N.A.		Call		SEK	95.60		6/10/14		117,000		(20,622	)
Svenska Cellulosa AB SCA, Class B	Deutsche Bank AG		Call		SEK	185.88		6/10/14		111,400		(55,762	)
ARAMARK Holdings Corp.	Deutsche Bank AG		Call		USD	28.00		6/11/14		57,200		(62,995	)
Kenedix Office Investment Corp. — REIT	Bank of America N.A.		Call		JPY	534,220.08		6/11/14		120		(14,541	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	42.78		6/11/14		25,000		(5,917	)
Rexel SA	Goldman Sachs International		Call		EUR	18.49		6/11/14		40,000		(21,517	)
Societe Generale SA	Goldman Sachs International		Call		EUR	45.26		6/11/14		76,000		(97,784	)

See Notes to Financial Statements.


68		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty		Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Sumitomo Mitsui Financial Group, Inc.		Morgan Stanley & Co. International PLC		Call		JPY	4,284.50		6/11/14		110,800	$	(60,884	)
Tokyo Tatemono Co. Ltd.		Morgan Stanley & Co. International PLC		Call		JPY	849.74		6/11/14		121,000		(38,772	)
Nabtesco Corp.		Citibank N.A.		Call		JPY	2,385.00		6/12/14		66,200		(17,153	)
Ping An Insurance Group Co. of China Ltd., Class H		UBS AG		Call		HKD	61.76		6/12/14		339,000		(20,871	)
Public Service Enterprise Group, Inc.		UBS AG		Call		USD	39.03		6/12/14		63,400		(122,996	)
Shinsei Bank Ltd.		Morgan Stanley & Co. International PLC		Call		JPY	207.00		6/12/14		1,092,000		(89,096	)
Novo Nordisk A/S, Class B		Goldman Sachs International		Call		DKK	246.64		6/13/14		60,800		(57,040	)
UBS AG		Bank of America N.A.		Call		CHF	18.63		6/13/14		254,500		(95,635	)
Roper Industries, Inc.		Goldman Sachs International		Call		USD	135.00		6/16/14		30,100		(171,511	)
Crest Nicholson Holdings PLC		Morgan Stanley & Co. International PLC		Call		GBP	3.56		6/17/14		50,000		(8,823	)
CRH PLC		Goldman Sachs International		Call		GBP	17.45		6/17/14		131,000		(121,978	)
Foxtons Group PLC		Bank of America N.A.		Call		GBP	3.25		6/17/14		25,000		(5,188	)
NH Hoteles SA		Goldman Sachs International		Call		EUR	4.76		6/17/14		100,000		(32,209	)
NH Hoteles SA		Morgan Stanley & Co. International PLC		Call		EUR	5.23		6/17/14		120,000		(9,205	)
Samsonite International SA		Deutsche Bank AG		Call		HKD	24.82		6/17/14		136,800		(21,512	)
Suncor Energy, Inc.		UBS AG		Call		CAD	41.78		6/17/14		42,000		(45,568	)
Anheuser-Busch InBev NV		Morgan Stanley & Co. International PLC		Call		EUR	79.13		6/18/14		53,800		(120,797	)
Anhui Conch Cement Co. Ltd., Class H		UBS AG		Call		HKD	33.07		6/18/14		449,000		(16,452	)
Kenedix Office Investment Corp. — REIT		Bank of America N.A.		Call		JPY	534,220.08		6/18/14		120		(16,428	)
Kennedy-Wilson Holdings, Inc.		Deutsche Bank AG		Call		USD	24.22		6/18/14		48,600		(12,258	)
Credicorp Ltd.		Morgan Stanley & Co. International PLC		Call		USD	145.42		6/19/14		22,400		(148,141	)
Vivendi SA		Morgan Stanley & Co. International PLC		Call		EUR	19.79		6/24/14		46,500		(23,618	)
Tokyo Tatemono Co. Ltd.		Morgan Stanley & Co. International PLC		Call		JPY	849.68		6/25/14		121,000		(47,271	)
BankUnited, Inc.		Deutsche Bank AG		Call		USD	33.53		6/26/14		70,000		(57,836	)
Shinsei Bank Ltd.		Morgan Stanley & Co. International PLC		Call		JPY	205.92		6/26/14		357,000		(36,622	)
Adecco SA		Deutsche Bank AG		Call		CHF	74.44		6/27/14		35,500		(107,245	)
Kennedy-Wilson Holdings, Inc.		Deutsche Bank AG		Call		USD	24.22		6/30/14		48,600		(16,160	)
Suncor Energy, Inc.		UBS AG		Call		CAD	41.78		6/30/14		42,000		(50,817	)
Kennedy-Wilson Holdings, Inc.		Morgan Stanley & Co. International PLC		Call		USD	22.97		7/08/14		32,100		(22,642	)
NH Hoteles SA		Goldman Sachs International		Call		EUR	4.55		7/08/14		80,000		(37,953	)
Samsonite International SA		Deutsche Bank AG		Call		HKD	24.00		7/08/14		136,800		(32,652	)
Shinsei Bank Ltd.		Morgan Stanley & Co. International PLC		Call		JPY	203.27		7/10/14		357,000		(45,750	)
Kennedy-Wilson Holdings, Inc.		Morgan Stanley & Co. International PLC		Call		USD	23.66		7/17/14		33,500		(19,147	)
Total												$	(7,965,770	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities or the Trust has the ability to access

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		69


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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:



	Level 1			Level 2			Level 3		Total

Assets:
Investments:
Long-Term Investments:
Common Stocks:
Austria		—		$	9,064,646			—	$	9,064,646
Belgium		—			16,878,963			—		16,878,963
Canada	$	18,548,433			—			—		18,548,433
China		5,338,595			24,248,584			—		29,587,179
Denmark		3,758,498			10,143,775			—		13,902,273
France		6,771,976			39,283,065			—		46,055,041
Germany		—			47,906,515			—		47,906,515
Greece		—			10,059,147			—		10,059,147
Hong Kong		4,990,280			16,627,273			—		21,617,553
Indonesia		—			14,851,300			—		14,851,300
Ireland		18,131,835			12,273,285			—		30,405,120
Italy		—			19,248,170			—		19,248,170
Japan		5,922,308			54,751,049			—		60,673,357
Mexico		5,781,435			—			—		5,781,435
Netherlands		—			5,722,224			—		5,722,224
New Zealand		—			9,074,516			—		9,074,516
Norway		—			3,832,016			—		3,832,016
Panama		5,397,672			—			—		5,397,672
Peru		6,074,475			—			—		6,074,475
South Africa		—			6,047,954			—		6,047,954
South Korea		1,274,599			5,487,290			—		6,761,889
Spain		—			26,890,078			—		26,890,078
Sweden		11,453,080			19,230,171			—		30,683,251
Switzerland		—			49,082,205			—		49,082,205
Taiwan		3,215,155			—			—		3,215,155
United Kingdom		59,469,730			20,393,377		$	5,948,376		85,811,483
United States		531,516,237			—			5,461,690		536,977,927
Investment Companies		5,209,099			—			—		5,209,099
Preferred Stocks		—			—			27,099,428		27,099,428
Warrants		251,860			—			—		251,860
Short-Term Securities		9,067,566			9,198,761			—		18,266,327
Options Purchased		9,200			—			—		9,200

Total	$	702,182,033		$	430,294,364		$	38,509,494	$	1,170,985,891



	Level 1			Level 2			Level 3		Total

Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(5,534,317	)	$	(8,252,510	)		—	$	(13,786,827	)


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

See Notes to Financial Statements.


70		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	24,330		—			—	$	24,330
Foreign currency at value		10,988,841		—			—		10,988,841
Liabilities:
Collateral on securities loaned at value		—	$	(9,198,761	)		—		(9,198,761	)
Total	$	11,013,171	$	(9,198,761	)		—	$	1,814,410

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of April 30, 2014, securities with a value of $71,210,163 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to April 30, 2014.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Common Stocks		Preferred Stocks		Rights		Total
Assets:
Opening Balance, as of October 31, 2013		—		—		—		—
Transfers into Level 3		—		—		—		—
Transfers out of Level 3		—		—		—		—
Accrued discounts/premiums		—		—		—		—
Net realized gain (loss)		—		—		—		—
Net change in unrealized appreciation/depreciation¹	$	179,605		—		—	$	179,605
Purchases		11,230,461	$	23,253,628	$	3,845,800		38,329,889
Sales		—		—		—		—
Closing Balance, as of April 30, 2014	$	11,410,066	$	23,253,628	$	3,845,800	$	38,509,494

Net change in unrealized appreciation/depreciation on investments still held at April 30, 2014	$	179,605		—		—	$	179,605

¹	Included in the related net change in unrealized appreciation/depreciation in the Statement of Operations.

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		71


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Health Sciences Trust (BME)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Biotechnology — 24.7%
ACADIA Pharmaceuticals, Inc. (a)(b)		32,095	$	646,072
Acceleron Pharma, Inc. (a)(b)		12,100		415,635
Acorda Therapeutics, Inc. (a)(b)		40,900		1,449,905
Actelion Ltd. (a)		19,300		1,900,156
Adamas Pharmaceuticals, Inc. (a)		6,500		119,925
Aegerion Pharmaceuticals, Inc. (a)(c)		9,000		398,340
Agios Pharmaceuticals, Inc. (a)(b)		8,500		357,510
Akebia Therapeutics, Inc. (a)		5,400		131,598
Alexion Pharmaceuticals, Inc. (a)(b)		50,460		7,982,772
Alkermes PLC (a)(b)		80,300		3,714,678
Amgen, Inc. (b)		47,100		5,263,425
Aquinox Pharmaceuticals, Inc. (a)		6,800		62,084
Array BioPharma, Inc. (a)		88,100		350,638
Biogen Idec, Inc. (a)(b)		34,400		9,876,928
BioMarin Pharmaceutical, Inc. (a)		41,200		2,399,076
Biota Pharmaceuticals, Inc. (a)		38,100		140,589
Bluebird Bio, Inc. (a)		9,300		184,140
Celgene Corp. (a)(b)		50,943		7,489,131
Conatus Pharmaceuticals, Inc. (a)		8,700		53,505
Concert Pharmaceuticals, Inc. (a)		12,400		110,856
Dyax Corp. (a)(b)		55,727		368,356
Epizyme, Inc. (a)		23,300		508,406
Exelixis, Inc. (a)		34,600		122,484
Genomic Health, Inc. (a)		10,700		280,768
Gilead Sciences, Inc. (a)(b)		48,121		3,777,017
Incyte Corp. Ltd. (a)(b)		16,500		801,240
Infinity Pharmaceuticals, Inc. (a)		52,700		514,879
InterMune, Inc. (a)(b)		33,700		1,081,096
Isis Pharmaceuticals, Inc. (a)(b)		32,300		859,503
Karyopharm Therapeutics, Inc. (a)		26,953		723,149
MacroGenics, Inc. (a)		5,300		105,682
Medivation, Inc. (a)		17,900		1,077,759
Neurocrine Biosciences, Inc. (a)(b)		60,062		842,069
Protalix BioTherapeutics, Inc. (a)(c)		122,100		494,505
PTC Therapeutics, Inc. (a)		4,800		93,792
Puma Biotechnology, Inc. (a)(b)		15,300		1,155,762
Regeneron Pharmaceuticals, Inc. (a)(b)		12,758		3,787,723
Seattle Genetics, Inc. (a)(b)		74,867		2,880,882
Tekmira Pharmaceuticals Corp. (a)		25,200		334,908
Ultragenyx Pharmaceutical, Inc. (Acquired 1/31/2014, cost $384,111) (a)(d)		44,249		1,630,178
uniQure BV (a)		7,000		71,890
Verastem, Inc. (a)		21,800		182,030
Vertex Pharmaceuticals, Inc. (a)		37,005		2,505,240

				67,246,281
Chemicals — 0.5%
Sigma-Aldrich Corp. (b)		14,500		1,395,045
Health Care Equipment & Supplies — 16.8%
Abbott Laboratories (b)		111,500		4,319,510
Alere, Inc. (a)(b)		35,400		1,182,360
AtriCure, Inc. (a)		25,462		392,115
Baxter International, Inc. (b)		18,900		1,375,731
Becton Dickinson and Co. (b)		27,300		3,085,719
Boston Scientific Corp. (a)(b)		331,000		4,173,910
CareFusion Corp. (a)(b)		54,900		2,144,394
Coloplast A/S, Class B		24,800		2,083,027
The Cooper Cos., Inc. (b)		9,200		1,213,572
Covidien PLC (b)		83,100		5,920,875
DENTSPLY International, Inc. (b)		12,800		571,264
Edwards Lifesciences Corp. (a)(b)		27,500		2,240,425
Medtronic, Inc. (b)		58,800		3,458,616
PW Medtech Group Ltd. (a)		928,400		434,542


Common Stocks	Shares		Value
Health Care Equipment & Supplies (concluded)
St. Jude Medical, Inc. (b)		65,500	$	4,157,285
Stryker Corp. (b)		67,600		5,255,900
Varian Medical Systems, Inc. (a)(b)		28,800		2,291,040
Zimmer Holdings, Inc. (b)		13,300		1,287,440

				45,587,725
Health Care Providers & Services — 12.1%
Aetna, Inc.		32,211		2,301,476
AmerisourceBergen Corp. (b)		10,000		651,800
Cardinal Health, Inc. (b)		58,830		4,089,273
Cigna Corp.		29,100		2,329,164
Envision Healthcare Holdings, Inc. (a)(b)		38,100		1,287,399
Express Scripts Holding Co. (a)(b)		20,776		1,383,266
HCA Holdings, Inc. (a)(b)		75,400		3,920,800
McKesson Corp. (b)		23,600		3,992,884
Premier, Inc., Class A (a)(b)		30,800		924,000
Team Health Holdings, Inc. (a)(b)		28,800		1,396,224
UnitedHealth Group, Inc. (b)		78,734		5,908,199
Universal Health Services, Inc., Class B (b)		39,600		3,238,884
WellPoint, Inc. (b)		16,300		1,641,084

				33,064,453
Health Care Technology — 0.7%
Cerner Corp. (a)		35,300		1,810,890
Life Sciences Tools & Services — 5.0%
Agilent Technologies, Inc. (b)		56,700		3,064,068
Charles River Laboratories International, Inc. (a)(b)		46,500		2,497,980
ICON PLC (a)(b)		23,200		899,464
Illumina, Inc. (a)(b)		28,400		3,858,140
Thermo Fisher Scientific, Inc. (b)		29,900		3,408,600

				13,728,252
Pharmaceuticals — 36.5%
AbbVie, Inc. (b)(e)		164,284		8,555,911
Achaogen, Inc. (a)		16,300		228,526
Actavis PLC (a)(b)		15,500		3,167,115
Allergan, Inc. (b)		26,700		4,427,928
AstraZeneca PLC		38,100		3,007,395
Bayer AG		55,500		7,716,805
Bristol-Myers Squibb Co. (b)		91,100		4,563,199
Chugai Pharmaceutical Co. Ltd.		55,200		1,393,186
Eli Lilly & Co. (b)		81,500		4,816,650
Forest Laboratories, Inc. (a)(b)		39,500		3,630,445
Intra-Cellular Therapies, Inc. (a)		66,181		1,105,223
Johnson & Johnson (b)		115,570		11,706,083
Mallinckrodt PLC (a)(b)		29,500		2,101,285
Merck & Co., Inc. (b)		152,800		8,947,968
Mylan, Inc. (a)(b)		58,700		2,980,786
Novartis AG		88,500		7,693,533
Perrigo Co. PLC (b)		26,500		3,838,790
Pfizer, Inc. (b)		242,200		7,576,016
Phibro Animal Health Corp., Class A (a)		21,000		370,860
Roche Holding AG		14,200		4,165,517
Shire PLC — ADR (b)		16,200		2,782,350
Valeant Pharmaceuticals International, Inc. (a)(b)		28,300		3,783,993
Zoetis, Inc. (b)		27,100		820,046

				99,379,610
Total Common Stocks — 96.3%				262,212,256

See Notes to Financial Statements.


72		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Corporate Bonds	Par (000)		Value
Biotechnology — 0.1%
Kite Pharma, Inc. (Acquired 4/23/2014, cost $222,000), 6.00%, 10/24/16 (a)(d)	$	222	$	222,000

Preferred Stocks	Shares
Biotechnology — 0.3%
ProNAi Therapeutics, Inc., Series D (Acquired 4/15/14, cost $270,735) (a)(d)		386,764		270,735
SAGE Therapeutics, Series C (Acquired 3/10/14, cost $631,483) (a)(d)		149,128		631,483

				902,218
Total Preferred Stocks — 0.3%				902,218
Total Long-Term Investments (Cost — $193,466,167) — 96.7%				263,336,474


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (f)(g)		8,880,290	$	8,880,290

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.18% (f)(g)(h)	$	287		287,000
Total Short-Term Securities (Cost — $9,167,290) — 3.4%				9,167,290
Total Investments Before Options Written (Cost — $202,633,457) — 100.1%				272,503,764

Options Written
(Premiums Received — $2,086,319) — (0.7)%				(2,030,854	)
Total Investments Net of Options Written — 99.4%				270,472,910
Other Assets Less Liabilities — 0.6%				1,710,550

Net Assets — 100.0%			$	272,183,460

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(c)	Security, or a portion of security, is on loan.

(d)	Restricted securities as to resale. As of April 30, 2014 the Trust held 1.0% of its net assets, with current market value of $2,754,396 and the original cost of $1,508,329, in these securities.

(e)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(f)	Represents the current yield as of report date.

(g)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at October 31, 2013		Net Activity		Shares/Beneficial Interest Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		1,144,662		7,735,628		8,880,290	$	1,515
BlackRock Liquidity Series, LLC Money Market Series		—	$	287,000	$	287,000	$	359

(h)	Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Alexion Pharmaceuticals, Inc.		Call		USD	170.00		5/02/14		160	$	(3,600	)
Johnson & Johnson		Call		USD	98.00		5/05/14		30		(9,450	)
Medtronic, Inc.		Call		USD	60.00		5/05/14		55		(220	)
Pfizer, Inc.		Call		USD	31.00		5/05/14		250		(9,500	)
Pfizer, Inc.		Call		USD	33.00		5/05/14		197		(197	)
Zoetis, Inc.		Call		USD	31.50		5/05/14		94		(940	)
Biogen Idec, Inc.		Call		USD	315.00		5/09/14		60		(3,300	)
Celgene Corp.		Call		USD	147.00		5/09/14		178		(46,458	)
Medtronic, Inc.		Call		USD	61.50		5/09/14		75		(525	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		73


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

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Merck & Co., Inc.		Call		USD	57.00		5/09/14		166	$	(30,212	)
UnitedHealth Group, Inc.		Call		USD	83.00		5/09/14		120		(480	)
Abbott Laboratories		Call		USD	39.00		5/19/14		195		(7,118	)
Abbott Laboratories		Call		USD	40.00		5/19/14		195		(1,755	)
AbbVie, Inc.		Call		USD	55.00		5/19/14		18		(270	)
ACADIA Pharmaceuticals, Inc.		Call		USD	30.00		5/19/14		100		(2,500	)
ACADIA Pharmaceuticals, Inc.		Call		USD	32.00		5/19/14		20		(300	)
Acceleron Pharma, Inc.		Call		USD	45.00		5/19/14		40		(4,600	)
Agilent Technologies, Inc.		Call		USD	62.50		5/19/14		196		(1,078	)
Agios Pharmaceuticals, Inc.		Call		USD	50.00		5/19/14		18		(1,215	)
Alere, Inc.		Call		USD	38.00		5/19/14		123		(3,075	)
Alkermes PLC		Call		USD	47.00		5/19/14		200		(20,500	)
Allergan, Inc.		Call		USD	140.00		5/19/14		94		(237,348	)
AmerisourceBergen Corp.		Call		USD	67.50		5/19/14		35		(875	)
Amgen, Inc.		Call		USD	125.00		5/19/14		65		(195	)
Baxter International, Inc.		Call		USD	72.50		5/19/14		66		(7,095	)
Becton Dickinson and Co.		Call		USD	115.00		5/19/14		21		(2,100	)
Becton Dickinson and Co.		Call		USD	120.00		5/19/14		30		(375	)
Biogen Idec, Inc.		Call		USD	315.00		5/19/14		56		(7,560	)
Boston Scientific Corp.		Call		USD	14.00		5/19/14		459		(1,377	)
Bristol-Myers Squibb Co.		Call		USD	52.50		5/19/14		319		(11,644	)
Cardinal Health, Inc.		Call		USD	70.00		5/19/14		205		(25,112	)
CareFusion Corp.		Call		USD	43.00		5/19/14		100		(2,500	)
Charles River Laboratories International, Inc.		Call		USD	60.00		5/19/14		85		(850	)
The Cooper Cos., Inc.		Call		USD	130.00		5/19/14		32		(11,520	)
Covidien PLC		Call		USD	72.50		5/19/14		138		(6,210	)
DENTSPLY International, Inc.		Call		USD	45.00		5/19/14		45		(3,712	)
Dyax Corp.		Call		USD	10.00		5/19/14		100		(1,000	)
Edwards Lifesciences Corp.		Call		USD	80.00		5/19/14		48		(13,200	)
Edwards Lifesciences Corp.		Call		USD	82.50		5/19/14		60		(8,400	)
Eli Lilly & Co.		Call		USD	60.00		5/19/14		285		(14,678	)
Forest Laboratories, Inc.		Call		USD	95.00		5/19/14		138		(9,315	)
Gilead Sciences, Inc.		Call		USD	82.50		5/19/14		84		(5,586	)
HCA Holdings, Inc.		Call		USD	52.50		5/19/14		129		(12,578	)
ICON PLC		Call		USD	50.00		5/19/14		80		(2,000	)
Illumina, Inc.		Call		USD	170.00		5/19/14		120		(2,400	)
Incyte Corp. Ltd.		Call		USD	60.00		5/19/14		57		(3,705	)
InterMune, Inc.		Call		USD	33.00		5/19/14		59		(12,360	)
Isis Pharmaceuticals, Inc.		Call		USD	50.00		5/19/14		75		(750	)
Johnson & Johnson		Call		USD	100.00		5/19/14		300		(58,350	)
McKesson Corp.		Call		USD	175.00		5/19/14		82		(11,070	)
Merck & Co., Inc.		Call		USD	57.50		5/19/14		64		(11,200	)
Mylan, Inc.		Call		USD	55.00		5/19/14		120		(6,780	)
Mylan, Inc.		Call		USD	57.50		5/19/14		110		(2,860	)
Neurocrine Biosciences, Inc.		Call		USD	19.00		5/19/14		210		(5,250	)
Pfizer, Inc.		Call		USD	31.00		5/19/14		212		(13,038	)
Premier, Inc., Class A		Call		USD	35.00		5/19/14		55		(825	)
Puma Biotechnology, Inc.		Call		USD	135.00		5/19/14		26		(11,960	)
Seattle Genetics, Inc.		Call		USD	55.00		5/19/14		130		(2,275	)
St. Jude Medical, Inc.		Call		USD	65.00		5/19/14		115		(9,488	)
Stryker Corp.		Call		USD	80.00		5/19/14		118		(4,130	)

See Notes to Financial Statements.


74		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Universal Health Services, Inc., Class B		Call		USD	80.00		5/19/14		135	$	(43,875	)
Varian Medical Systems, Inc.		Call		USD	85.00		5/19/14		100		(1,750	)
WellPoint, Inc.		Call		USD	97.50		5/19/14		55		(20,625	)
Zimmer Holdings, Inc.		Call		USD	95.00		5/19/14		32		(8,800	)
Pfizer, Inc.		Call		USD	31.00		5/23/14		212		(15,158	)
Regeneron Pharmaceuticals, Inc.		Call		USD	312.50		5/23/14		40		(22,800	)
Regeneron Pharmaceuticals, Inc.		Call		USD	325.00		5/23/14		4		(1,140	)
Express Scripts Holding Co.		Call		USD	72.00		5/30/14		36		(306	)
HCA Holdings, Inc.		Call		USD	53.50		5/30/14		135		(11,475	)
Mallinckrodt PLC		Call		USD	72.00		5/30/14		104		(41,080	)
Medtronic, Inc.		Call		USD	59.00		5/30/14		75		(8,550	)
Merck & Co., Inc.		Call		USD	58.50		5/30/14		304		(46,056	)
St. Jude Medical, Inc.		Call		USD	65.00		6/02/14		115		(15,781	)
Sigma-Aldrich Corp.		Call		USD	97.15		6/04/14		50		(5,391	)
Gilead Sciences, Inc.		Call		USD	77.00		6/06/14		85		(32,938	)
Johnson & Johnson		Call		USD	101.00		6/06/14		75		(12,638	)
UnitedHealth Group, Inc.		Call		USD	78.00		6/06/14		155		(8,448	)
AbbVie, Inc.		Call		USD	50.00		6/23/14		556		(172,360	)
Acorda Therapeutics, Inc.		Call		USD	38.00		6/23/14		150		(18,750	)
Becton Dickinson and Co.		Call		USD	115.00		6/23/14		45		(7,762	)
CareFusion Corp.		Call		USD	41.00		6/23/14		93		(5,580	)
Envision Healthcare Holdings, Inc.		Call		USD	35.00		6/23/14		130		(15,275	)
InterMune, Inc.		Call		USD	35.00		6/23/14		59		(16,078	)
Perrigo Co. PLC		Call		USD	165.00		6/23/14		95		(13,775	)
Premier, Inc., Class A		Call		USD	35.00		6/23/14		54		(1,350	)
Puma Biotechnology, Inc.		Call		USD	125.00		6/23/14		30		(7,425	)
Seattle Genetics, Inc.		Call		USD	45.00		6/23/14		132		(14,850	)
Shire PLC — ADR		Call		USD	165.00		6/23/14		45		(63,675	)
Stryker Corp.		Call		USD	85.00		6/23/14		119		(2,380	)
Team Health Holdings, Inc.		Call		USD	50.00		6/23/14		100		(13,500	)
Thermo Fisher Scientific, Inc.		Call		USD	120.00		6/23/14		104		(17,940	)
Valeant Pharmaceuticals International, Inc.		Call		USD	145.00		6/23/14		110		(33,550	)
Zimmer Holdings, Inc.		Call		USD	95.00		6/23/14		32		(12,160	)
Actavis PLC		Call		USD	210.00		8/18/14		54		(60,480	)
Total										$	(1,462,665	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
BioMarin Pharmaceutical, Inc.	Morgan Stanley & Co. International PLC		Call		USD	80.00		5/05/14		9,100	$	—
Covidien PLC	Bank of America N.A.		Call		USD	70.75		5/05/14		15,200		(12,766	)
Bayer AG	Credit Suisse International		Call		EUR	98.50		5/06/14		900		(3,151	)
Roche Holding AG	Morgan Stanley & Co. International PLC		Call		CHF	267.51		5/06/14		5,000		(1,100	)
Chugai Pharmaceutical Co. Ltd.	Citibank N.A.		Call		JPY	2,621.40		5/08/14		19,100		(4,317	)
PW Medtech Group Ltd.	Bank of America N.A.		Call		HKD	3.83		5/08/14		162,500		(565	)
Charles River Laboratories International, Inc.	Citibank N.A.		Call		USD	63.50		5/12/14		3,900		—
AstraZeneca PLC	Credit Suisse International		Call		GBP	42.04		5/15/14		6,300		(50,714	)
AstraZeneca PLC	Morgan Stanley & Co. International PLC		Call		GBP	38.07		5/15/14		7,000		(102,972	)
Novartis AG	Credit Suisse International		Call		CHF	74.44		5/21/14		15,550		(42,782	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		75


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
BioMarin Pharmaceutical, Inc.	Morgan Stanley & Co. International PLC		Call		USD	80.00		5/22/14		9,100	$	(41	)
Intra-Cellular Therapies, Inc.	UBS AG		Call		USD	16.91		5/23/14		23,100		(19,259	)
Karyopharm Therapeutics, Inc.	UBS AG		Call		USD	34.25		5/23/14		9,400		(3,415	)
Charles River Laboratories International, Inc.	Citibank N.A.		Call		USD	63.50		5/27/14		3,900		(41	)
Boston Scientific Corp.	Morgan Stanley & Co. International PLC		Call		USD	13.79		5/28/14		25,000		(2,753	)
Boston Scientific Corp.	Barclays Bank PLC		Call		USD	13.83		6/04/14		45,000		(2,980	)
Bayer AG	Credit Suisse International		Call		EUR	93.80		6/06/14		19,400		(203,659	)
Novartis AG	Goldman Sachs International		Call		CHF	74.65		6/06/14		15,500		(44,646	)
Actelion Ltd.	UBS AG		Call		CHF	89.37		6/11/14		3,300		(9,435	)
Coloplast A/S, Class B	Goldman Sachs International		Call		DKK	424.57		6/12/14		8,600		(52,130	)
Actelion Ltd.	UBS AG		Call		CHF	89.37		6/25/14		3,300		(11,463	)
Total											$	(568,189	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Biotechnology	$	63,715,947	$	3,530,334		—	$	67,246,281
Chemicals		1,395,045		—		—		1,395,045
Health Care Equipment & Supplies		43,070,156		2,517,569		—		45,587,725
Health Care Providers & Services		33,064,453		—		—		33,064,453
Health Care Technology		1,810,890		—		—		1,810,890
Life Sciences Tools & Services		13,728,252		—		—		13,728,252
Pharmaceuticals		75,403,174		23,976,436		—		99,379,610
Corporate Bonds		—		—	$	222,000		222,000
Preferred Stocks		—		—		902,218		902,218
Short-Term Securities		8,880,290		287,000		—		9,167,290
Total	$	241,068,207	$	30,311,339	$	1,124,218	$	272,503,764

See Notes to Financial Statements.


76		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(1,441,492	)	$	(589,362	)		—	$	(2,030,854	)
¹ Derivative financial instruments are options written, which are shown at value.

The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	22,182			—			—	$	22,182
Foreign currency at value		120,537			—			—		120,537
Cash collateral on exchange-traded options written		1,892,100			—			—		1,892,100
Liabilities:
Collateral on securities loaned at value		—		$	(287,000	)		—		(287,000	)
Total	$	2,034,819		$	(287,000	)		—	$	1,747,819

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013, securities with a value of $3,620,423 were systematically fair valued due to significant market movements, but were not valued using systematic fair values as of April 30, 2014. Therefore, these securities were transferred from Level 2 to Level 1 during the period October 31, 2013 to April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		77


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock International Growth and Income Trust (BGY)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Austria — 1.0%
Erste Group Bank AG		304,601	$	10,242,001
Belgium — 1.7%
Anheuser-Busch InBev NV		154,646		16,855,747
Brazil — 0.8%
Banco Bradesco SA — ADR		180,800		2,688,496
Petroleo Brasileiro SA — ADR (a)		376,000		5,218,880

				7,907,376
Canada — 3.3%
Gildan Activewear, Inc. (a)		108,700		5,556,736
MEG Energy Corp. (a)(b)		299,500		10,782,601
Suncor Energy, Inc.		129,600		4,999,305
Tourmaline Oil Corp. (a)(b)		218,472		11,311,789

				32,650,431
China — 4.1%
Anhui Conch Cement Co. Ltd., Class H (c)		2,802,940		10,465,482
Baidu, Inc. — ADR (a)(b)		45,720		7,034,022
Beijing Enterprises Water Group Ltd.		5,846,000		3,715,426
China Cinda Asset Management Co. Ltd., Class H (b)		10,010,000		5,048,224
Great Wall Motor Co. Ltd., Class H		994,000		4,500,145
Ping An Insurance Group Co. of China Ltd., Class H		1,281,000		9,507,746

				40,271,045
Denmark — 3.0%
Chr Hansen Holding A/S		217,809		9,819,874
ISS A/S (b)		143,007		4,978,664
Novo Nordisk A/S, Class B		319,500		14,500,833

				29,299,371
Finland — 1.5%
Nokia OYJ (b)		1,296,070		9,704,410
Sanitec Corp. (b)		438,669		5,056,589

				14,760,999
France — 7.4%
BNP Paribas SA		112,199		8,431,125
Publicis Groupe SA		123,200		10,539,658
Rexel SA		440,176		11,114,322
Schneider Electric SA		106,600		10,006,633
Societe Generale SA		216,300		13,470,546
Vivendi SA		699,870		18,803,212

				72,365,496
Germany — 7.5%
Aixtron SE (b)		402,776		6,412,871
Bayer AG		135,600		18,854,032
Daimler AG		181,600		16,906,778
DMG MORI SEIKI AG		129,154		4,069,826
OSRAM Licht AG (b)		227,496		11,943,378
ProSiebenSat.1 Media AG		219,800		9,620,163
Telefonica Deutschland Holding AG		587,200		4,885,169

				72,692,217
Greece — 0.8%
Alpha Bank AE (b)		7,649,311		7,409,495
Hong Kong — 2.0%
AIA Group Ltd.		2,101,552		10,221,097
ASM Pacific Technology Ltd.		172,400		1,916,803
Samsonite International SA		2,411,100		7,661,035

				19,798,935
India — 1.0%
Tata Motors Ltd. — ADR (a)		252,400		9,444,808


Common Stocks	Shares		Value
Indonesia — 1.2%
Global Mediacom Tbk PT		23,331,202	$	4,428,805
Matahari Department Store Tbk PT (b)		5,498,413		7,144,318

				11,573,123
Ireland — 5.8%
CRH PLC		487,600		14,214,854
Dalata Hotel Group PLC (b)		1,128,668		4,556,637
Green REIT PLC (b)		9,321,118		15,517,955
Kingspan Group PLC		311,013		5,846,596
Ryanair Holdings PLC — ADR (a)(b)		167,500		8,957,900
Shire PLC		132,700		7,589,335

				56,683,277
Italy — 3.0%
Banca Generali SpA		229,700		7,230,323
Intesa Sanpaolo SpA (a)		2,514,800		8,605,710
Moncler SpA (b)		276,500		4,868,806
UniCredit SpA (a)		912,951		8,156,776

				28,861,615
Japan — 12.6%
Calbee, Inc.		313,400		7,675,978
Kenedix Office Investment Corp. — REIT		2,144		10,710,284
LIXIL Group Corp.		277,400		7,334,203
Makita Corp.		177,900		9,431,388
Mitsui Osk Lines Ltd.		1,254,000		4,183,430
Nabtesco Corp.		617,300		13,326,488
Shinsei Bank Ltd.		5,111,000		9,964,523
SMC Corp.		53,300		12,688,374
SoftBank Corp.		201,700		15,022,216
Sumitomo Mitsui Financial Group, Inc.		393,600		15,559,131
Tokyo Tatemono Co. Ltd.		1,057,500		8,433,350
Yaskawa Electric Corp.		712,200		8,030,525

				122,359,890
Malaysia — 0.2%
Genting Malaysia Bhd		1,334,100		1,724,055
Mexico — 1.0%
Cemex SAB de CV — ADR (a)(b)		774,348		9,787,759
Netherlands — 2.7%
Aalberts Industries NV		215,052		7,163,757
ING Groep NV (b)		588,500		8,412,513
Randstad Holding NV		192,565		11,253,426

				26,829,696
New Zealand — 0.8%
Xero Ltd. (Acquired 10/15/13, cost $4,566,935) (b)(d)		300,605		7,793,842
Norway — 1.4%
Statoil ASA		460,300		14,032,435
Panama — 0.5%
Copa Holdings SA, Class A		34,300		4,640,104
Peru — 0.3%
Credicorp Ltd.		17,400		2,596,950
South Africa — 0.5%
Naspers Ltd., N Shares		49,700		4,696,614
South Korea — 0.9%
Hyundai Development Co.		129,200		3,694,822
NAVER Corp.		7,100		5,112,829

				8,807,651
Spain — 2.6%
NH Hoteles SA (b)		2,166,978		13,844,485

See Notes to Financial Statements.


78		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Common Stocks	Shares		Value
Spain (concluded)
Sacyr SA (b)(c)		1,766,550	$	11,635,202

				25,479,687
Sweden — 3.2%
Nordea Bank AB		481,636		6,959,137
Seamless Distribution AB (b)(c)		392,670		1,977,344
Skanska AB, B Shares		335,240		7,696,876
Svenska Cellulosa AB SCA, Class B		509,150		14,313,757

				30,947,114
Switzerland — 10.0%
Actelion Ltd. (b)		115,715		11,392,567
Adecco SA		146,200		12,273,789
Novartis AG		384,000		33,382,109
Roche Holding AG		105,023		30,808,108
UBS AG		480,753		10,054,411

				97,910,984
Taiwan — 1.1%
Epistar Corp.		3,636,000		7,956,861
Hermes Microvision Inc. — GDR (b)		67,534		2,796,583

				10,753,444
Turkey — 0.6%
Turkiye Halk Bankasi AS		836,059		5,582,833
United Kingdom — 15.2%
AO World PLC (b)		1,058,900		4,219,295
APR Energy PLC (c)		860,234		11,532,144
AstraZeneca PLC		250,100		19,741,459
Babcock International Group PLC		521,300		10,521,854
Crest Nicholson Holdings PLC		2,055,019		12,074,468
DS Smith PLC		1,918,749		10,225,065
Foxtons Group PLC		2,068,184		11,121,957
Halma PLC		782,300		7,432,413
Hargreaves Lansdown PLC		213,277		4,221,948
Imperial Tobacco Group PLC		239,300		10,341,157
Metro Bank PLC, (Acquired 1/15/14, cost $4,917,700) (b)(d)		231,026		5,070,808
Monitise PLC (b)		6,767,500		7,657,097
Nomad Holdings Ltd. (b)		475,571		4,874,603
Perform Group PLC (b)		1,499,974		5,457,628
Polypipe Group PLC (b)		2,626,409		11,751,171
Poundland Group PLC (b)		334,400		1,961,977
Rio Tinto PLC		176,600		9,601,292

				147,806,336


Common Stocks	Shares		Value
United States — 1.1%
Euronet Worldwide, Inc. (a)(b)(e)		115,207	$	5,298,370
Schlumberger Ltd. (a)		49,480		5,024,694

				10,323,064
Total Common Stocks — 98.8%				962,888,394

Investment Companies — 0.8%
United Kingdom — 0.8%
Kennedy Wilson Europe Real Estate PLC (b)		429,439		7,395,620

Rights
United Kingdom — 0.2%
Babcock International Group PLC, Expires 6/06/14 (b)		204,307		1,379,800

Warrants (f)
United Kingdom — 0.0%
Nomad Holdings Ltd., Expires 4/10/17 (b)		475,571		215,196
Total Long-Term Investments (Cost — $876,743,346) — 99.8%				971,879,010

Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.18% (g)(h)(i)	$	10,178		10,177,930
Total Short-Term Securities (Cost — $10,177,930) — 1.0%				10,177,930
Total Investments Before Options Written (Cost — $886,921,276) — 100.8%				982,056,940

Options Written
(Premiums Received — $12,221,364) — (1.3)%				(12,305,555	)
Total Investments Net of Options Written — 99.5%				969,751,385
Other Assets Less Liabilities — 0.5%				4,685,181

Net Assets — 100.0%			$	974,436,566

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	Non-income producing security.

(c)	Security, or a portion of security, is on loan.

(d)	Restricted securities as to resale. As of April 30, 2014 the Trust held 1.3% of its net assets, with a current market value of $12,864,650 and its original cost of $9,484,635, in the security,.

(e)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(f)	Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		79


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

(g)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at October 31, 2013		Net Activity			Shares/Beneficial Interest Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		22,346,730		(22,346,730	)		—	$	4,500
BlackRock Liquidity Series, LLC, Money Market Series		—	$	10,177,930		$	10,177,930	$	48,630

(h)	Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

(i)	Represents the current yield as of report date.

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Baidu, Inc. — ADR		Call		USD	170.00		5/02/14		85	$	(340	)
Schlumberger Ltd.		Call		USD	97.00		5/05/14		100		(45,000	)
Schlumberger Ltd.		Call		USD	100.00		5/09/14		70		(14,735	)
Intesa Sanpaolo SpA		Call		EUR	2.40		5/16/14		705		(94,507	)
UniCredit SpA		Call		EUR	6.60		5/16/14		155		(26,356	)
UniCredit SpA		Call		EUR	6.80		5/16/14		155		(12,950	)
UniCredit SpA		Call		EUR	7.00		5/16/14		79		(4,669	)
Cemex SAB de CV — ADR		Call		USD	12.50		5/19/14		1,650		(68,640	)
Euronet Worldwide, Inc.		Call		USD	45.00		5/19/14		465		(80,213	)
Gildan Activewear, Inc.		Call		CAD	56.00		5/19/14		305		(46,889	)
MEG Energy Corp.		Call		CAD	38.00		5/19/14		397		(58,859	)
Petroleo Brasileiro SA — ADR		Call		USD	15.00		5/19/14		1,035		(17,078	)
Ryanair Holdings PLC — ADR		Call		USD	60.00		5/19/14		280		(19,600	)
Schlumberger Ltd.		Call		USD	97.50		5/19/14		100		(43,500	)
Tata Motors Ltd. — ADR		Call		USD	35.00		5/19/14		250		(67,500	)
Tata Motors Ltd. — ADR		Call		USD	36.00		5/19/14		260		(52,650	)
Tata Motors Ltd. — ADR		Call		USD	37.00		5/19/14		385		(52,938	)
Tourmaline Oil Corp.		Call		CAD	52.00		5/19/14		616		(272,579	)
Baidu, Inc. — ADR		Call		USD	170.00		5/30/14		89		(14,375	)
Intesa Sanpaolo SpA		Call		EUR	2.50		6/20/14		705		(69,926	)
UniCredit SpA		Call		EUR	6.80		6/20/14		56		(10,292	)
UniCredit SpA		Call		EUR	7.00		6/20/14		56		(6,979	)
Baidu, Inc. — ADR		Call		USD	175.00		6/23/14		82		(17,712	)
Cemex SAB de CV — ADR		Call		USD	13.00		6/23/14		1,500		(57,750	)
Euronet Worldwide, Inc.		Call		USD	45.00		6/23/14		180		(46,350	)
Gildan Activewear, Inc.		Call		CAD	58.00		6/23/14		305		(32,001	)
Petroleo Brasileiro SA — ADR		Call		USD	15.00		6/23/14		1,035		(43,470	)
Tata Motors Ltd. — ADR		Call		USD	38.00		6/23/14		269		(46,403	)
Tata Motors Ltd. — ADR		Call		USD	38.00		7/21/14		250		(53,125	)
Tourmaline Oil Corp.		Call		CAD	54.00		7/21/14		610		(214,269	)
Total										$	(1,591,655	)

Over-the-counter options written as of April 30, 2014 were as follows:

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Market

Value

Crest Nicholson Holdings PLC

Morgan Stanley & Co. International PLC

Call

GBP

4.21

5/02/14

200,000

)

MEG Energy Corp.

Deutsche Bank AG

Call

CAD

32.50

5/02/14

68,800

(436,949

)

Ryanair Holdings PLC — ADR

Morgan Stanley & Co. International PLC

Call

USD

58.55

5/02/14

25,400

—

AstraZeneca PLC

Credit Suisse International

Call

GBP

40.19

5/05/14

46,800

(518,594

)

See Notes to Financial Statements.


80		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
AstraZeneca PLC	Goldman Sachs International		Call		GBP	40.28		5/05/14		12,600		$ (137,688	)
AstraZeneca PLC	Goldman Sachs International		Call		GBP	41.33		5/05/14		25,000		(228,648	)
DMG MORI SEIKI AG	Goldman Sachs International		Call		EUR	22.51		5/05/14		72,600		(45,652	)
DS Smith PLC	Société Générale		Call		GBP	3.20		5/05/14		180,000		(5,738	)
Telefonica Deutschland Holding AG	Deutsche Bank AG		Call		EUR	5.87		5/05/14		116,200		(21,608	)
UBS AG	Morgan Stanley & Co. International PLC		Call		CHF	18.83		5/05/14		132,200		(11,689	)
Aalberts Industries NV	Goldman Sachs International		Call		EUR	24.41		5/06/14		23,900		(2,827	)
Adecco SA	Morgan Stanley & Co. International PLC		Call		CHF	74.08		5/06/14		20,400		(25,236	)
Bayer AG	Credit Suisse International		Call		EUR	98.50		5/06/14		6,500		(22,758	)
Bayer AG	Goldman Sachs International		Call		EUR	96.56		5/06/14		6,200		(34,741	)
ProSiebenSat.1 Media AG	Morgan Stanley & Co. International PLC		Call		EUR	33.59		5/06/14		50,000		(2,281	)
Rexel SA	Morgan Stanley & Co. International PLC		Call		EUR	18.99		5/06/14		46,000		(989	)
Rio Tinto PLC	Credit Suisse International		Call		GBP	33.24		5/06/14		35,700		(5,809	)
Roche Holding AG	Morgan Stanley & Co. International PLC		Call		CHF	267.51		5/06/14		59,000		(12,997	)
Societe Generale SA	Goldman Sachs International		Call		EUR	48.34		5/06/14		43,800		(2,120	)
Chr Hansen Holding A/S	Morgan Stanley & Co. International PLC		Call		DKK	221.00		5/07/14		31,000		(124,251	)
Daimler AG	Morgan Stanley & Co. International PLC		Call		EUR	67.78		5/07/14		35,500		(47,183	)
Halma PLC	Deutsche Bank AG		Call		GBP	6.28		5/07/14		40,000		(1	)
Hargreaves Lansdown PLC	Morgan Stanley & Co. International PLC		Call		GBP	13.91		5/07/14		59,000		(1	)
Kingspan Group PLC	Credit Suisse International		Call		EUR	14.76		5/07/14		13,000		(30	)
Novartis AG	Deutsche Bank AG		Call		CHF	73.00		5/07/14		38,400		(154,316	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	48.27		5/07/14		13,000		(1	)
Randstad Holding NV	Goldman Sachs International		Call		EUR	44.48		5/07/14		29,300		(5,772	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/07/14		64,750		(157,939	)
Svenska Cellulosa AB SCA, Class B	Goldman Sachs International		Call		SEK	187.58		5/07/14		74,500		(5,184	)
Cemex SAB de CV — ADR	Deutsche Bank AG		Call		USD	12.65		5/08/14		52,000		(10,421	)
Epistar Corp.	Citibank N.A.		Call		TWD	72.81		5/08/14		853,000		(1,314	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	508,049.83		5/08/14		130		(13,506	)
Makita Corp.	Bank of America N.A.		Call		JPY	5,865.00		5/08/14		97,800		(9,213	)
MEG Energy Corp.	Morgan Stanley & Co. International PLC		Call		CAD	34.88		5/08/14		56,200		(235,212	)
Nabtesco Corp.	Citibank N.A.		Call		JPY	2,552.70		5/08/14		111,600		(8	)
NAVER Corp.	UBS AG		Call		KRW	820,910.00		5/08/14		2,500		(3,076	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.93		5/08/14		114,000		(3,114	)
Ping An Insurance Group Co. of China Ltd., Class H	Morgan Stanley & Co. International PLC		Call		HKD	63.73		5/08/14		92,000		(25	)
Randstad Holding NV	Morgan Stanley & Co. International PLC		Call		EUR	44.01		5/08/14		27,800		(9,603	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	21.36		5/08/14		477,000		(202,658	)
SMC Corp.	Bank of America N.A.		Call		JPY	26,101.80		5/08/14		3,800		(1,389	)
SMC Corp.	Bank of America N.A.		Call		JPY	28,747.30		5/08/14		5,300		(5	)
SMC Corp.	UBS AG		Call		JPY	25,944.83		5/08/14		10,600		(5,079	)
SoftBank Corp.	Citibank N.A.		Call		JPY	7,749.93		5/08/14		38,000		(44,219	)
SoftBank Corp.	Morgan Stanley & Co. International PLC		Call		JPY	8,017.98		5/08/14		136,600		(54,878	)
UBS AG	Goldman Sachs International		Call		CHF	18.92		5/08/14		132,200		(14,617	)
Ryanair Holdings PLC — ADR	Morgan Stanley & Co. International PLC		Call		USD	56.45		5/12/14		14,700		(2,523	)
Aalberts Industries NV	Morgan Stanley & Co. International PLC		Call		EUR	25.68		5/13/14		24,600		(573	)
Daimler AG	Credit Suisse International		Call		EUR	70.98		5/13/14		51,200		(18,263	)
DS Smith PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.21		5/13/14		270,000		(20,517	)
ING Groep NV	Goldman Sachs International		Call		EUR	10.95		5/13/14		123,600		(8,576	)
Monitise PLC	Goldman Sachs International		Call		GBP	0.82		5/13/14		1,060,000		(665	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	47.83		5/13/14		11,100		(5	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		81


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/13/14		64,750		$ (161,743	)
AIA Group Ltd.	Deutsche Bank AG		Call		HKD	36.88		5/14/14		1,177,800		(138,509	)
Aixtron SE	Deutsche Bank AG		Call		EUR	11.99		5/14/14		59,000		(9,348	)
Anhui Conch Cement Co. Ltd., Class H	Citibank N.A.		Call		HKD	32.62		5/14/14		796,000		(4,915	)
ASM Pacific Technology Ltd.	Goldman Sachs International		Call		HKD	81.20		5/14/14		94,800		(66,038	)
Babcock International Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	12.56		5/14/14		79,392		(7,938	)
Epistar Corp.	Morgan Stanley & Co. International PLC		Call		TWD	76.36		5/14/14		1,185,000		(1,541	)
Halma PLC	Morgan Stanley & Co. International PLC		Call		GBP	6.16		5/14/14		40,000		(246	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/14/14		80		(4,811	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	539,472.50		5/14/14		130		(4,142	)
Kingspan Group PLC	Credit Suisse International		Call		EUR	14.76		5/14/14		13,000		(265	)
Nabtesco Corp.	Goldman Sachs International		Call		JPY	2,442.35		5/14/14		126,600		(2,144	)
Novo Nordisk A/S, Class B	Morgan Stanley & Co. International PLC		Call		DKK	246.54		5/14/14		29,700		(19,399	)
Ping An Insurance Group Co. of China Ltd., Class H	Goldman Sachs International		Call		HKD	66.73		5/14/14		182,000		(32	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/14/14		200,100		(25,443	)
Shinsei Bank Ltd.	Goldman Sachs International		Call		JPY	183.68		5/14/14		540,000		(88,579	)
Skanska AB, B Shares	Goldman Sachs International		Call		SEK	147.85		5/14/14		121,000		(63,110	)
Sumitomo Mitsui Financial Group, Inc.	Bank of America N.A.		Call		JPY	4,544.24		5/14/14		58,300		(1,204	)
Tokyo Tatemono Co. Ltd.	Bank of America N.A.		Call		JPY	905.37		5/14/14		191,600		(6,846	)
AstraZeneca PLC	Morgan Stanley & Co. International PLC		Call		GBP	38.07		5/15/14		44,000		(647,254	)
Banco Bradesco SA — ADR	Bank of America N.A.		Call		USD	13.91		5/15/14		50,000		(50,011	)
Chr Hansen Holding A/S	Morgan Stanley & Co. International PLC		Call		DKK	216.88		5/15/14		35,900		(171,644	)
CRH PLC	Morgan Stanley & Co. International PLC		Call		GBP	17.07		5/15/14		77,000		(62,215	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.90		5/15/14		50,000		(3,545	)
Svenska Cellulosa AB SCA, Class B	Goldman Sachs International		Call		SEK	187.58		5/15/14		74,500		(11,261	)
Telefonica Deutschland Holding AG	Deutsche Bank AG		Call		EUR	5.84		5/15/14		116,000		(30,693	)
Telefonica Deutschland Holding AG	Goldman Sachs International		Call		EUR	5.89		5/15/14		96,700		(20,242	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	539,472.50		5/20/14		130		(6,407	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/20/14		200,100		(28,854	)
Aalberts Industries NV	Morgan Stanley & Co. International PLC		Call		EUR	25.04		5/21/14		21,700		(2,434	)
Anheuser-Busch InBev NV	Morgan Stanley & Co. International PLC		Call		EUR	77.64		5/21/14		39,300		(101,549	)
Erste Group Bank AG	Morgan Stanley & Co. International PLC		Call		EUR	25.50		5/21/14		83,500		(40,464	)
Halma PLC	Deutsche Bank AG		Call		GBP	5.87		5/21/14		40,000		(1,612	)
ING Groep NV	Credit Suisse International		Call		EUR	10.32		5/21/14		206,300		(83,283	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/21/14		80		(6,798	)
Kingspan Group PLC	Goldman Sachs International		Call		EUR	14.72		5/21/14		10,000		(397	)
Nokia OYJ	Goldman Sachs International		Call		EUR	5.67		5/21/14		260,000		(30,312	)
Novartis AG	Credit Suisse International		Call		CHF	74.44		5/21/14		88,350		(243,072	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	46.70		5/21/14		26,000		(23	)
Randstad Holding NV	Deutsche Bank AG		Call		EUR	41.76		5/21/14		56,000		(127,809	)
Rexel SA	Morgan Stanley & Co. International PLC		Call		EUR	18.70		5/21/14		46,000		(11,618	)
Rio Tinto PLC	Credit Suisse International		Call		GBP	34.14		5/21/14		27,500		(7,679	)
Schneider Electric SA	Deutsche Bank AG		Call		EUR	65.15		5/21/14		18,000		(62,707	)
Yaskawa Electric Corp.	Goldman Sachs International		Call		JPY	1,471.60		5/21/14		200,000		(228	)
Aixtron SE	Morgan Stanley & Co. International PLC		Call		EUR	12.26		5/22/14		24,300		(3,788	)

See Notes to Financial Statements.


82		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Copa Holdings SA, Class A	Bank of America N.A.		Call		USD	150.39		5/22/14		9,400	$	(6,649	)
Nordea Bank AB	Morgan Stanley & Co. International PLC		Call		SEK	90.98		5/22/14		97,000		(53,378	)
ProSiebenSat.1 Media AG	Morgan Stanley & Co. International PLC		Call		EUR	32.43		5/22/14		73,000		(57,524	)
Vivendi SA	JPMorgan Chase Bank N.A.		Call		EUR	20.24		5/22/14		147,000		(19,762	)
Calbee, Inc.	Morgan Stanley & Co. International PLC		Call		JPY	2,505.28		5/27/14		86,000		(58,860	)
Cemex SAB de CV — ADR	Deutsche Bank AG		Call		USD	12.65		5/27/14		52,000		(19,365	)
China Cinda Asset Management Co. Ltd., Class H	Deutsche Bank AG		Call		HKD	4.33		5/27/14		1,010,000		(8,227	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	539,472.50		5/27/14		130		(9,061	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.15		5/27/14		200,100		(32,292	)
Beijing Enterprises Water Group Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	5.43		5/28/14		1,625,000		(17,107	)
Foxtons Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.75		5/28/14		25,000		(295	)
Hyundai Development Co.	Morgan Stanley & Co. International PLC		Call		KRW	29,423.29		5/28/14		25,000		(32,333	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		5/28/14		80		(8,662	)
Kingspan Group PLC	Goldman Sachs International		Call		EUR	14.72		5/28/14		10,000		(687	)
NH Hoteles SA	UBS AG		Call		EUR	5.30		5/28/14		50,000		(1,458	)
Publicis Groupe SA	Credit Suisse International		Call		EUR	64.07		5/28/14		9,300		(9,890	)
Sacyr SA	Goldman Sachs International		Call		EUR	5.12		5/28/14		378,000		(47,971	)
Schneider Electric SA	Morgan Stanley & Co. International PLC		Call		EUR	67.37		5/28/14		15,600		(22,573	)
Shinsei Bank Ltd.	Bank of America N.A.		Call		JPY	205.64		5/28/14		683,600		(44,387	)
Skanska AB, B Shares	Morgan Stanley & Co. International PLC		Call		SEK	152.70		5/28/14		67,000		(23,426	)
Svenska Cellulosa AB SCA, Class B	Deutsche Bank AG		Call		SEK	193.29		5/28/14		93,000		(13,956	)
Crest Nicholson Holdings PLC	Credit Suisse International		Call		GBP	3.71		5/29/14		50,000		(2,845	)
Nabtesco Corp.	Citibank N.A.		Call		JPY	2,385.00		5/29/14		53,800		(8,344	)
Nokia OYJ	Credit Suisse International		Call		EUR	5.69		6/02/14		170,000		(28,101	)
Babcock International Group PLC	Goldman Sachs International		Call		GBP	12.09		6/03/14		135,000		(45,982	)
Crest Nicholson Holdings PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.72		6/03/14		36,000		(2,336	)
CRH PLC	Morgan Stanley & Co. International PLC		Call		GBP	16.73		6/03/14		35,200		(50,458	)
Great Wall Motor Co. Ltd., Class H	Goldman Sachs International		Call		HKD	42.58		6/03/14		273,000		(3,193	)
Halma PLC	Morgan Stanley & Co. International PLC		Call		GBP	6.13		6/03/14		70,000		(1,155	)
Imperial Tobacco Group PLC	Goldman Sachs International		Call		GBP	25.36		6/03/14		65,800		(84,166	)
Mitsui Osk Lines Ltd.	Goldman Sachs International		Call		JPY	390.06		6/03/14		690,000		(15,021	)
Naspers Ltd., N Shares	Deutsche Bank AG		Call		ZAR	1,066.56		6/03/14		11,600		(32,111	)
Naspers Ltd., N Shares	Morgan Stanley & Co. International PLC		Call		ZAR	1,180.22		6/03/14		16,200		(12,428	)
NH Hoteles SA	Morgan Stanley & Co. International PLC		Call		EUR	5.23		6/03/14		100,000		(3,914	)
Rexel SA	Goldman Sachs International		Call		EUR	18.91		6/03/14		123,200		(35,863	)
Sacyr SA	Credit Suisse International		Call		EUR	4.84		6/03/14		434,000		(120,876	)
Adecco SA	Morgan Stanley & Co. International PLC		Call		CHF	71.19		6/04/14		30,000		(131,467	)
Banco Bradesco SA — ADR	Bank of America N.A.		Call		USD	13.91		6/04/14		50,000		(57,144	)
Beijing Enterprises Water Group Ltd.	Morgan Stanley & Co. International PLC		Call		HKD	5.51		6/04/14		1,625,000		(19,269	)
Calbee, Inc.	Morgan Stanley & Co. International PLC		Call		JPY	2,517.56		6/04/14		86,000		(62,189	)
Daimler AG	UBS AG		Call		EUR	67.85		6/04/14		15,100		(37,188	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	526,802.87		6/04/14		80		(10,214	)
Kenedix Office Investment Corp. — REIT	Morgan Stanley & Co. International PLC		Call		JPY	539,472.50		6/04/14		130		(11,673	)
Novo Nordisk A/S, Class B	Deutsche Bank AG		Call		DKK	243.60		6/04/14		53,500		(68,708	)
Novo Nordisk A/S, Class B	Goldman Sachs International		Call		DKK	248.78		6/04/14		30,600		(26,910	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		83


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

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Samsonite International SA	Deutsche Bank AG		Call		HKD	25.31		6/04/14		115,200	$	(12,302	)
UBS AG	Goldman Sachs International		Call		CHF	18.34		6/04/14		185,200		(91,841	)
Yaskawa Electric Corp.	Goldman Sachs International		Call		JPY	1,471.60		6/04/14		200,000		(1,861	)
Aalberts Industries NV	Morgan Stanley & Co. International PLC		Call		EUR	25.53		6/05/14		24,300		(4,001	)
Anhui Conch Cement Co. Ltd., Class H	Morgan Stanley & Co. International PLC		Call		HKD	31.76		6/05/14		387,000		(17,688	)
Babcock International Group PLC	Goldman Sachs International		Call		GBP	12.26		6/05/14		39,696		(17,152	)
Babcock International Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	12.41		6/05/14		76,443		(26,555	)
Copa Holdings SA, Class A	Bank of America N.A.		Call		USD	150.39		6/05/14		9,400		(9,203	)
Hyundai Development Co.	Morgan Stanley & Co. International PLC		Call		KRW	29,708.95		6/05/14		25,000		(33,240	)
Nordea Bank AB	Morgan Stanley & Co. International PLC		Call		SEK	90.98		6/05/14		97,000		(57,754	)
Nordea Bank AB	UBS AG		Call		SEK	92.47		6/05/14		75,900		(31,898	)
Ryanair Holdings PLC — ADR	Deutsche Bank AG		Call		USD	60.50		6/05/14		28,300		(8,909	)
Schneider Electric SA	UBS AG		Call		EUR	66.46		6/05/14		26,000		(62,421	)
SMC Corp.	UBS AG		Call		JPY	26,297.43		6/05/14		10,100		(32,772	)
Vivendi SA	Goldman Sachs International		Call		EUR	20.15		6/05/14		112,600		(35,318	)
Bayer AG	Credit Suisse International		Call		EUR	93.80		6/06/14		53,200		(558,488	)
Bayer AG	Credit Suisse International		Call		EUR	99.52		6/06/14		10,000		(31,679	)
Novartis AG	Goldman Sachs International		Call		CHF	74.65		6/06/14		88,400		(254,627	)
Rio Tinto PLC	Deutsche Bank AG		Call		GBP	33.85		6/06/14		35,700		(22,574	)
Aixtron SE	Deutsche Bank AG		Call		EUR	12.05		6/10/14		59,000		(22,495	)
Chr Hansen Holding A/S	Goldman Sachs International		Call		DKK	236.23		6/10/14		36,000		(74,444	)
DS Smith PLC	UBS AG		Call		GBP	3.10		6/10/14		270,000		(67,898	)
Halma PLC	Goldman Sachs International		Call		GBP	5.97		6/10/14		70,000		(3,536	)
Kingspan Group PLC	Morgan Stanley & Co. International PLC		Call		EUR	13.97		6/10/14		10,000		(4,495	)
NAVER Corp.	Morgan Stanley & Co. International PLC		Call		KRW	780,000.00		6/10/14		1,405		(38,596	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	5.07		6/10/14		113,500		(10,824	)
Statoil ASA	Morgan Stanley & Co. International PLC		Call		NOK	169.48		6/10/14		128,400		(253,549	)
Svenska Cellulosa AB SCA, Class B	Deutsche Bank AG		Call		SEK	185.88		6/10/14		133,800		(66,974	)
Actelion Ltd.	UBS AG		Call		CHF	89.37		6/11/14		32,400		(92,638	)
Nokia OYJ	Credit Suisse International		Call		EUR	5.69		6/11/14		170,000		(24,453	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	42.78		6/11/14		25,000		(5,917	)
Rexel SA	Goldman Sachs International		Call		EUR	18.49		6/11/14		30,000		(16,137	)
Societe Generale SA	Goldman Sachs International		Call		EUR	45.26		6/11/14		13,100		(16,855	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley & Co. International PLC		Call		JPY	4,284.50		6/11/14		162,300		(89,184	)
Tokyo Tatemono Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	849.74		6/11/14		200,000		(64,085	)
Nabtesco Corp.	Citibank N.A.		Call		JPY	2,385.00		6/12/14		53,800		(13,940	)
Ping An Insurance Group Co. of China Ltd., Class H	UBS AG		Call		HKD	61.76		6/12/14		443,500		(27,304	)
Shinsei Bank Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	207.00		6/12/14		474,000		(38,674	)
Aalberts Industries NV	Deutsche Bank AG		Call		EUR	24.60		6/13/14		21,000		(12,132	)
BNP Paribas SA	Bank of America N.A.		Call		EUR	57.02		6/13/14		62,800		(40,584	)
Novo Nordisk A/S, Class B	Goldman Sachs International		Call		DKK	246.64		6/13/14		62,000		(58,166	)
Shire PLC	Deutsche Bank AG		Call		GBP	33.17		6/13/14		36,500		(149,793	)
Aixtron SE	Morgan Stanley & Co. International PLC		Call		EUR	12.26		6/17/14		24,300		(8,216	)
Crest Nicholson Holdings PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.56		6/17/14		50,000		(8,823	)
CRH PLC	Goldman Sachs International		Call		GBP	17.45		6/17/14		161,000		(149,912	)
Foxtons Group PLC	Bank of America N.A.		Call		GBP	3.25		6/17/14		25,000		(5,188	)
Great Wall Motor Co. Ltd., Class H	Goldman Sachs International		Call		HKD	42.58		6/17/14		273,000		(7,446	)
Halma PLC	Morgan Stanley & Co. International PLC		Call		GBP	6.00		6/17/14		35,000		(1,882	)

See Notes to Financial Statements.


84		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Kingspan Group PLC	Goldman Sachs International		Call		EUR	14.15		6/17/14		10,000	$	(4,231	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.76		6/17/14		100,000		(32,209	)
NH Hoteles SA	Morgan Stanley & Co. International PLC		Call		EUR	5.23		6/17/14		100,000		(7,671	)
Samsonite International SA	Deutsche Bank AG		Call		HKD	24.82		6/17/14		350,700		(55,148	)
Suncor Energy, Inc.	UBS AG		Call		CAD	41.78		6/17/14		35,500		(38,515	)
Anheuser-Busch InBev NV	Morgan Stanley & Co. International PLC		Call		EUR	79.13		6/18/14		47,400		(106,427	)
Anhui Conch Cement Co. Ltd., Class H	UBS AG		Call		HKD	33.07		6/18/14		387,000		(14,180	)
Hargreaves Lansdown PLC	Goldman Sachs International		Call		GBP	12.17		6/18/14		59,000		(26,688	)
Monitise PLC	Morgan Stanley & Co. International PLC		Call		GBP	0.66		6/18/14		1,060,000		(104,250	)
Credicorp Ltd.	Morgan Stanley & Co. International PLC		Call		USD	145.42		6/19/14		9,600		(63,489	)
Vivendi SA	Morgan Stanley & Co. International PLC		Call		EUR	19.79		6/24/14		128,500		(65,266	)
Actelion Ltd.	UBS AG		Call		CHF	89.37		6/25/14		32,400		(112,542	)
Aixtron SE	Goldman Sachs International		Call		EUR	11.60		6/25/14		59,100		(44,470	)
Imperial Tobacco Group PLC	Goldman Sachs International		Call		GBP	25.36		6/25/14		65,800		(102,069	)
Tokyo Tatemono Co. Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	849.68		6/25/14		200,000		(78,134	)
Aalberts Industries NV	Deutsche Bank AG		Call		EUR	24.60		6/26/14		21,000		(14,272	)
Chr Hansen Holding A/S	Bank of America N.A.		Call		DKK	245.02		6/26/14		19,000		(28,012	)
DS Smith PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.22		6/26/14		178,000		(32,686	)
Halma PLC	Morgan Stanley & Co. International PLC		Call		GBP	6.00		6/26/14		35,000		(2,405	)
NH Hoteles SA	Morgan Stanley & Co. International PLC		Call		EUR	5.01		6/26/14		180,000		(30,212	)
Nokia OYJ	UBS AG		Call		EUR	5.41		6/26/14		127,000		(43,038	)
OSRAM Licht AG	Goldman Sachs International		Call		EUR	42.28		6/26/14		25,000		(10,522	)
Publicis Groupe SA	Morgan Stanley & Co. International PLC		Call		EUR	61.48		6/26/14		58,000		(119,143	)
Shinsei Bank Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	205.92		6/26/14		556,000		(57,035	)
Adecco SA	Deutsche Bank AG		Call		CHF	74.44		6/27/14		30,000		(90,630	)
Shire PLC	Deutsche Bank AG		Call		GBP	33.17		6/27/14		36,500		(167,719	)
Suncor Energy, Inc.	UBS AG		Call		CAD	41.78		6/30/14		35,500		(42,952	)
Kingspan Group PLC	UBS AG		Call		EUR	13.16		7/01/14		12,000		(14,113	)
Halma PLC	Morgan Stanley & Co. International PLC		Call		GBP	5.83		7/02/14		40,000		(5,931	)
NH Hoteles SA	Goldman Sachs International		Call		EUR	4.55		7/08/14		80,000		(37,953	)
Halma PLC	Credit Suisse International		Call		GBP	5.72		7/09/14		35,000		(7,868	)
Shinsei Bank Ltd.	Morgan Stanley & Co. International PLC		Call		JPY	203.27		7/10/14		556,000		(71,252	)
Halma PLC	UBS AG		Call		GBP	5.89		7/28/14		38,000		(6,411	)
Total											$	(10,713,900	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		85


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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Austria		—		$	10,242,001			—	$	10,242,001
Belgium		—			16,855,747			—		16,855,747
Brazil	$	7,907,376			—			—		7,907,376
Canada		32,650,431			—			—		32,650,431
China		11,534,167			28,736,878			—		40,271,045
Denmark		4,978,664			24,320,707			—		29,299,371
Finland		—			14,760,999			—		14,760,999
France		11,114,322			61,251,174			—		72,365,496
Germany		—			72,692,217			—		72,692,217
Greece		—			7,409,495			—		7,409,495
Hong Kong		1,916,803			17,882,132			—		19,798,935
India		9,444,808			—			—		9,444,808
Indonesia		—			11,573,123			—		11,573,123
Ireland		34,879,088			21,804,189			—		56,683,277
Italy		8,156,776			20,704,839			—		28,861,615
Japan		24,441,569			97,918,321			—		122,359,890
Malaysia		1,724,055			—			—		1,724,055
Mexico		9,787,759			—			—		9,787,759
Netherlands		—			26,829,696			—		26,829,696
New Zealand		—			7,793,842			—		7,793,842
Norway		—			14,032,435			—		14,032,435
Panama		4,640,104			—			—		4,640,104
Peru		2,596,950			—			—		2,596,950
South Africa		—			4,696,614			—		4,696,614
South Korea		3,694,822			5,112,829			—		8,807,651
Spain		—			25,479,687			—		25,479,687
Sweden		6,959,137			23,987,977			—		30,947,114
Switzerland		—			97,910,984			—		97,910,984
Taiwan		2,796,583			7,956,861			—		10,753,444
Turkey		5,582,833			—			—		5,582,833
United Kingdom		51,871,286			90,864,242		$	5,070,808		147,806,336
United States		10,323,064			—			—		10,323,064
Investment Companies		7,395,620			—			—		7,395,620
Rights		1,379,800			—			—		1,379,800
Warrants		215,196			—			—		215,196
Short-Term Securities		—			10,177,930			—		10,177,930
Total	$	255,991,213		$	720,994,919		$	5,070,808	$	982,056,940


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(1,365,973	)	$	(10,939,582	)		—	$	(12,305,555	)
¹ Derivative financial instruments are options written, which are shown at value.

See Notes to Financial Statements.


86		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


	Level 1		Level 2			Level 3		Total
Assets:
Foreign currency at value	$	2,255,325		—			—	$	2,255,325
Cash pledged as collateral for OTC derivatives		7,744,504		—			—		7,744,504
Cash pledged as collateral for exchange-traded options written		4,050,000		—			—		4,050,000
Liabilities:
Bank overdraft		—	$	(3,767,000	)		—		(3,767,000	)
Collateral on securities loaned at value		—		(10,177,930	)		—		(10,177,930	)
Total	$	14,049,829	$	(13,944,930	)		—	$	104,899

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013, the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of April 30 2014, securities with a value of $119,208,229 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		87


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Real Asset Equity Trust (BCF)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Chemicals — 15.7%
Agrium, Inc.		67,900	$	6,523,153
Air Products & Chemicals, Inc. (a)		88,600		10,412,272
Celanese Corp., Series A (a)		89,300		5,485,699
The Dow Chemical Co.		154,325		7,700,818
EI du Pont de Nemours & Co. (a)		347,800		23,413,894
Monsanto Co. (a)		64,500		7,140,150
The Mosaic Co. (a)		19,000		950,760
Olin Corp.		162,200		4,557,820
Potash Corp. of Saskatchewan, Inc. (a)		179,400		6,487,104
Praxair, Inc. (a)		157,600		20,574,680

				93,246,350
Containers & Packaging — 2.8%
MeadWestvaco Corp.		419,800		16,401,586
Energy Equipment & Services — 3.6%
Cameron International Corp. (a)(b)		56,000		3,637,760
Halliburton Co. (a)		124,400		7,845,908
Schlumberger Ltd. (a)		99,983		10,153,274

				21,636,942
Machinery — 4.7%
Caterpillar, Inc. (a)		199,500		21,027,300
Deere & Co. (a)		71,400		6,664,476

				27,691,776
Metals & Mining — 31.8%
African Rainbow Minerals Ltd.		224,750		4,231,849
Agnico Eagle Mines Ltd.		48,400		1,430,704
Alcoa, Inc. (a)		250,650		3,376,256
Allegheny Technologies, Inc. (a)		35,000		1,442,000
Alumina Ltd. (b)		1,627,566		2,044,454
Anglo American Platinum Ltd. (b)		35,444		1,687,669
Anglo American PLC		77,945		2,083,702
AngloGold Ashanti Ltd. — ADR (a)(b)		166,165		3,007,588
Barrick Gold Corp. (a)		87,000		1,519,890
BHP Billiton PLC		648,600		21,056,284
Carpenter Technology Corp. (a)		36,366		2,283,785
Cia de Minas Buenaventura SAA — ADR		143,900		1,870,700
Detour Gold Corp. (a)(b)		129,200		1,286,047
Dominion Diamond Corp. (a)(b)		126,700		1,591,770
Eldorado Gold Corp.		409,900		2,498,182
First Quantum Minerals Ltd. (a)		484,600		9,651,766
Freeport-McMoRan Copper & Gold, Inc. (a)		108,400		3,725,708
Fresnillo PLC		475,000		6,849,448
Glencore Xstrata PLC		3,270,868		17,648,759
Goldcorp, Inc.		216,950		5,363,004
Goldcorp, Inc.		80,000		1,975,822
Iluka Resources Ltd.		812,686		6,751,615
Impala Platinum Holdings Ltd.		130,000		1,465,527
Industrias Penoles SAB de CV		292,531		6,810,649
Jiangxi Copper Co. Ltd., Class H		1,339,500		2,215,934
Kazakhmys PLC (b)		444,011		1,784,950
Kinross Gold Corp.		314,024		1,274,937
Lundin Mining Corp. (a)(b)		796,600		4,070,033
Minsur SA		3,846,986		2,439,051
MMC Norilsk Nickel OJSC — ADR		68,120		1,231,553
Nevsun Resources Ltd.		978,250		3,543,317
New Gold, Inc. (b)		284,900		1,440,031
Newcrest Mining Ltd. (b)		314,085		3,063,317
OZ Minerals Ltd.		381,759		1,313,837
Platinum Group Metals Ltd. (b)(c)		888,518		916,040
Randgold Resources Ltd. — ADR (a)		38,341		3,069,964
Rio Tinto PLC		381,629		20,748,195
Silver Wheaton Corp.		80,000		1,776,000


Common Stocks	Shares		Value
Metals & Mining (concluded)
Southern Copper Corp. (a)		68,806	$	2,073,813
Teck Resources Ltd., Class B (a)		330,203		7,525,634
United States Steel Corp. (a)		38,200		993,964
Vale SA — ADR (a)		493,983		6,530,455
Vedanta Resources PLC		390,288		6,249,741
Western Areas Ltd.		879,500		3,394,882
Zijin Mining Group Co Ltd., Class H		5,225,731		1,276,727

				188,585,553
Oil, Gas & Consumable Fuels — 32.3%
Anadarko Petroleum Corp. (a)		92,200		9,129,644
BG Group PLC		347,000		7,019,541
BP PLC		1,143,839		9,657,516
Cairn Energy PLC (b)		498,000		1,551,150
Canadian Natural Resources Ltd. (a)		107,000		4,359,856
Canadian Oil Sands Ltd. (a)		81,704		1,771,168
Caracal Energy, Inc. (b)		275,700		2,527,607
Chevron Corp. (a)(d)		177,800		22,317,456
Cimarex Energy Co. (a)		36,000		4,288,320
ConocoPhillips (a)		156,300		11,614,653
CONSOL Energy, Inc. (a)		63,579		2,829,901
Devon Energy Corp. (a)		42,000		2,940,000
Enbridge, Inc. (a)		59,800		2,885,655
Encana Corp. (a)		191,000		4,424,515
EOG Resources, Inc. (a)		70,000		6,860,000
Exxon Mobil Corp. (a)(d)		210,800		21,588,028
Imperial Oil Ltd. (a)		52,000		2,539,154
Kosmos Energy Ltd. (b)		216,570		2,364,944
Murphy Oil Corp.		33,500		2,124,905
Noble Energy, Inc. (a)		101,000		7,249,780
Oil Search Ltd.		585,197		4,848,349
Phillips 66 (a)		49,400		4,111,068
Pioneer Natural Resources Co. (a)		28,000		5,411,560
Range Resources Corp. (a)		36,000		3,256,200
Royal Dutch Shell PLC — ADR		287,400		22,629,876
Southwestern Energy Co. (a)(b)		67,500		3,231,900
Statoil ASA		198,451		6,049,860
Total SA		94,700		6,775,224
TransCanada Corp. (a)		115,400		5,378,069

				191,735,899
Paper & Forest Products — 3.8%
Fibria Celulose SA — ADR (b)		238,100		2,364,333
International Paper Co. (a)		341,900		15,949,635
Mondi PLC		237,512		3,948,360

				22,262,328
Real Estate Investment Trusts (REITs) — 2.2%
Weyerhaeuser Co. (a)		439,200		13,110,120
Total Long-Term Investments (Cost — $478,206,377) — 96.9%				574,670,554

See Notes to Financial Statements.


88		SEMI-ANNUAL REPORT		APRIL 30, 2014


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


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (e)(f)		24,861,572	$	24,861,572

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.18% (e)(f)(g)	$	71		70,955
Total Short-Term Securities (Cost — $ 24,932,527) — 4.2%				24,932,527
Total Investments Before Options Written (Cost — $ 503,138,904) — 101.1%				599,603,081


Options Written	Value
(Premiums Received — $4,432,487) — (1.0)%	$	(6,182,281	)
Total Investments Net of Options Written — 100.1%		593,420,800
Liabilities in Excess of Other Assets — (0.1)%		(482,297	)

Net Assets — 100.0%	$	592,938,503

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	Non-income producing security.

(c)	Security, or a portion of security, is on loan.

(d)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(e)	Represents the current yield as of report date.

(f)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at October 31, 2013		Net Activity		Shares/Beneficial Interest Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		21,163,179		3,698,393		24,861,572	$	4,174
BlackRock Liquidity Series, LLC, Money Market Series		—	$	70,955	$	70,955	$	161

(g)	Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
EI du Pont de Nemours & Co.		Call		USD	67.00		5/02/14		340	$	(17,510	)
EOG Resources, Inc.		Call		USD	100.00		5/02/14		76		(1,748	)
Exxon Mobil Corp.		Call		USD	94.00		5/02/14		252		(204,120	)
Schlumberger Ltd.		Call		USD	91.00		5/02/14		87		(88,522	)
Chevron Corp.		Call		USD	120.00		5/05/14		82		(46,945	)
ConocoPhillips		Call		USD	68.50		5/05/14		326		(197,230	)
Deere & Co.		Call		USD	89.00		5/05/14		249		(108,905	)
Schlumberger Ltd.		Call		USD	93.00		5/05/14		87		(73,732	)
Caterpillar, Inc.		Call		USD	105.00		5/09/14		100		(13,750	)
EI du Pont de Nemours & Co.		Call		USD	67.00		5/09/14		340		(26,860	)
EOG Resources, Inc.		Call		USD	100.00		5/09/14		111		(20,702	)
EOG Resources, Inc.		Call		USD	102.00		5/09/14		58		(6,989	)
The Mosaic Co.		Call		USD	50.00		5/09/14		17		(1,556	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	35.50		5/09/14		317		(27,104	)
Air Products & Chemicals, Inc.		Call		USD	120.00		5/19/14		155		(18,600	)
Alcoa, Inc.		Call		USD	12.00		5/19/14		439		(65,192	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		89


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

Exchange-traded options written as of April 30, 2014 were as follows: (continued)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Allegheny Technologies, Inc.		Call		USD	42.50		5/19/14		131	$	(5,240	)
Anadarko Petroleum Corp.		Call		USD	87.50		5/19/14		180		(207,450	)
AngloGold Ashanti Ltd. — ADR		Call		USD	19.00		5/19/14		290		(8,700	)
Cameron International Corp.		Call		USD	65.00		5/19/14		196		(22,050	)
Canadian Natural Resources Ltd.		Call		CAD	46.00		5/19/14		188		(6,175	)
Canadian Oil Sands Ltd.		Call		CAD	23.00		5/19/14		240		(19,379	)
Carpenter Technology Corp.		Call		USD	65.00		5/19/14		63		(2,835	)
Caterpillar, Inc.		Call		USD	105.00		5/19/14		417		(70,682	)
Cimarex Energy Co.		Call		USD	125.00		5/19/14		50		(7,625	)
ConocoPhillips		Call		USD	75.00		5/19/14		326		(21,679	)
CONSOL Energy, Inc.		Call		USD	43.00		5/19/14		111		(20,868	)
Detour Gold Corp.		Call		CAD	11.50		5/19/14		220		(5,520	)
Detour Gold Corp.		Call		CAD	12.00		5/19/14		230		(3,148	)
Devon Energy Corp.		Call		USD	72.50		5/19/14		147		(8,820	)
Dominion Diamond Corp.		Call		CAD	14.00		5/19/14		220		(3,613	)
EI du Pont de Nemours & Co.		Call		USD	70.00		5/19/14		305		(1,830	)
Enbridge, Inc.		Call		CAD	52.00		5/19/14		161		(16,966	)
Encana Corp.		Call		CAD	26.00		5/19/14		334		(12,342	)
Exxon Mobil Corp.		Call		USD	100.00		5/19/14		199		(54,426	)
First Quantum Minerals Ltd.		Call		CAD	20.00		5/19/14		848		(147,774	)
First Quantum Minerals Ltd.		Call		CAD	21.00		5/19/14		848		(82,785	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		5/19/14		142		(12,212	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	35.00		5/19/14		135		(5,062	)
Halliburton Co.		Call		USD	62.50		5/19/14		310		(46,810	)
Imperial Oil Ltd.		Call		CAD	50.00		5/19/14		91		(29,682	)
Imperial Oil Ltd.		Call		CAD	52.00		5/19/14		91		(14,529	)
Lundin Mining Corp.		Call		CAD	5.00		5/19/14		425		(23,265	)
Noble Energy, Inc.		Call		USD	75.00		5/19/14		122		(3,660	)
Phillips 66		Call		USD	80.00		5/19/14		172		(62,780	)
Pioneer Natural Resources Co.		Call		USD	195.00		5/19/14		49		(24,745	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	36.00		5/19/14		310		(21,080	)
Praxair, Inc.		Call		USD	132.00		5/19/14		551		(52,389	)
Randgold Resources Ltd. — ADR		Call		USD	82.50		5/19/14		70		(8,225	)
Range Resources Corp.		Call		USD	92.50		5/19/14		63		(6,615	)
Range Resources Corp.		Call		USD	95.00		5/19/14		63		(2,835	)
Schlumberger Ltd.		Call		USD	92.50		5/19/14		175		(159,688	)
Southern Copper Corp.		Call		USD	31.00		5/19/14		120		(3,300	)
Southwestern Energy Co.		Call		USD	47.00		5/19/14		217		(38,192	)
Teck Resources Ltd., Class B		Call		CAD	27.00		5/19/14		365		(1,499	)
TransCanada Corp.		Call		CAD	52.00		5/19/14		470		(7,933	)
United States Steel Corp.		Call		USD	28.00		5/19/14		133		(1,729	)
Vale SA — ADR		Call		USD	14.00		5/19/14		864		(9,936	)
Monsanto Co.		Call		USD	112.00		5/22/14		112		(15,096	)
Barrick Gold Corp.		Call		USD	19.50		5/23/14		304		(3,040	)
Caterpillar, Inc.		Call		USD	103.00		5/23/14		980		(320,947	)
Chevron Corp.		Call		USD	123.00		5/23/14		160		(53,200	)
EI du Pont de Nemours & Co.		Call		USD	68.50		5/23/14		250		(8,125	)
The Mosaic Co.		Call		USD	49.50		5/23/14		49		(7,056	)
Chevron Corp.		Call		USD	123.00		5/30/14		160		(55,200	)
Exxon Mobil Corp.		Call		USD	101.00		5/30/14		143		(30,459	)
Anadarko Petroleum Corp.		Call		USD	100.00		6/04/14		143		(37,988	)

See Notes to Financial Statements.


90		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Exchange-Traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Chevron Corp.		Call		USD	125.00		6/06/14		110	$	(24,750	)
Exxon Mobil Corp.		Call		USD	101.00		6/06/14		143		(31,818	)
Halliburton Co.		Call		USD	64.50		6/06/14		125		(13,875	)
Monsanto Co.		Call		USD	115.00		6/10/14		113		(11,184	)
Air Products & Chemicals, Inc.		Call		USD	125.00		6/23/14		155		(18,988	)
Alcoa, Inc.		Call		USD	13.00		6/23/14		439		(35,120	)
Allegheny Technologies, Inc.		Call		USD	40.00		6/23/14		131		(29,148	)
Canadian Oil Sands Ltd.		Call		CAD	25.00		6/23/14		250		(2,737	)
Carpenter Technology Corp.		Call		USD	65.00		6/23/14		63		(7,560	)
Celanese Corp., Series A		Call		USD	61.00		6/23/14		312		(57,720	)
Chevron Corp.		Call		USD	125.00		6/23/14		110		(27,555	)
Cimarex Energy Co.		Call		USD	120.00		6/23/14		76		(41,420	)
Encana Corp.		Call		CAD	26.00		6/23/14		334		(20,569	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		6/23/14		100		(13,850	)
International Paper Co.		Call		USD	46.00		6/23/14		601		(83,238	)
Pioneer Natural Resources Co.		Call		USD	205.00		6/23/14		49		(21,560	)
Randgold Resources Ltd. — ADR		Call		USD	82.50		6/23/14		70		(18,025	)
Teck Resources Ltd., Class B		Call		CAD	26.00		6/23/14		420		(17,819	)
Vale SA — ADR		Call		USD	14.00		6/23/14		864		(28,512	)
Weyerhaeuser Co.		Call		USD	30.00		6/23/14		385		(21,175	)
CONSOL Energy, Inc.		Call		USD	44.00		7/21/14		111		(26,529	)
Total										$	(3,269,801	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	74.28		5/02/14		6,300	$	(28,082	)
The Dow Chemical Co.	UBS AG		Call		USD	50.73		5/05/14		54,000		(9,013	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.15		5/05/14		20,700		(789	)
MeadWestvaco Corp.	Citibank N.A.		Call		USD	36.42		5/05/14		63,500		(168,035	)
African Rainbow Minerals Ltd.	Goldman Sachs International		Call		ZAR	204.27		5/06/14		36,000		(3,300	)
BG Group PLC	Credit Suisse International		Call		GBP	11.22		5/06/14		57,500		(74,763	)
BP PLC	Morgan Stanley & Co. International PLC		Call		GBP	4.79		5/06/14		160,000		(57,634	)
Fresnillo PLC	Deutsche Bank AG		Call		GBP	9.46		5/06/14		125,598		(1,269	)
Mining and Metallurgical Co. Norilsk Nickel OJSC	Goldman Sachs International		Call		USD	17.37		5/06/14		23,800		(17,011	)
Rio Tinto PLC	Credit Suisse International		Call		GBP	33.24		5/06/14		51,000		(8,299	)
Eldorado Gold Corp.	Morgan Stanley & Co. International PLC		Call		CAD	7.75		5/07/14		71,700		(24	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.09		5/07/14		21,500		(3,216	)
Noble Energy, Inc.	Citibank N.A.		Call		USD	70.00		5/07/14		23,200		(44,756	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/07/14		15,600		(38,052	)
Total SA	Goldman Sachs International		Call		EUR	48.11		5/07/14		16,500		(79,595	)
BHP Billiton PLC	Morgan Stanley & Co. International PLC		Call		GBP	19.45		5/08/14		113,500		(27,491	)
Caracal Energy, Inc.	Credit Suisse International		Call		GBP	3.74		5/08/14		10,000		(28,479	)
Oil Search Ltd.	Goldman Sachs International		Call		AUD	8.41		5/08/14		114,600		(55,258	)
Western Areas Ltd.	Deutsche Bank AG		Call		AUD	3.54		5/08/14		307,800		(177,062	)
International Paper Co.	Credit Suisse International		Call		USD	45.73		5/12/14		59,500		(67,765	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/13/14		11,800		(13,179	)
Impala Platinum Holdings Ltd.	Goldman Sachs International		Call		ZAR	121.10		5/13/14		130,000		(26,045	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/13/14		15,600		(38,968	)
Total SA	Goldman Sachs International		Call		EUR	48.11		5/13/14		16,500		(80,895	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		91


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

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Alumina Ltd.	Deutsche Bank AG		Call		AUD	1.17		5/14/14		569,600	$	(101,049	)
Jiangxi Copper Co. Ltd., Class H	Goldman Sachs International		Call		HKD	12.46		5/14/14		469,000		(32,524	)
MeadWestvaco Corp.	Citibank N.A.		Call		USD	36.42		5/14/14		63,500		(168,021	)
Weyerhaeuser Co.	Citibank N.A.		Call		USD	29.77		5/14/14		76,700		(22,343	)
Zijin Mining Group Co Ltd., Class H	Morgan Stanley & Co. International PLC		Call		HKD	1.67		5/14/14		1,830,000		(54,214	)
Murphy Oil Corp.	Citibank N.A.		Call		USD	63.35		5/15/14		6,000		(6,956	)
Olin Corp.	Credit Suisse International		Call		USD	27.93		5/15/14		27,100		(14,985	)
Minsur SA	Citibank N.A.		Call		PEN	1.60		5/20/14		320,000		(20,576	)
Deere & Co.	Citibank N.A.		Call		USD	92.00		5/21/14		28,600		(72,019	)
Eldorado Gold Corp.	Morgan Stanley & Co. International PLC		Call		CAD	7.75		5/21/14		71,700		(1,152	)
Vedanta Resources PLC	Morgan Stanley & Co. International PLC		Call		GBP	9.17		5/21/14		63,600		(51,271	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/27/14		11,800		(21,083	)
Canadian Natural Resources Ltd.	Citibank N.A.		Call		CAD	44.53		5/28/14		9,300		(10,344	)
Minsur SA	UBS AG		Call		PEN	1.65		5/28/14		400,000		(20,700	)
Statoil ASA	UBS AG		Call		NOK	169.92		5/28/14		40,350		(77,222	)
Murphy Oil Corp.	Citibank N.A.		Call		USD	63.35		5/29/14		6,000		(9,914	)
Kazakhmys PLC	Morgan Stanley & Co. International PLC		Call		GBP	2.80		5/30/14		108,000		(5,868	)
BHP Billiton PLC	Morgan Stanley & Co. International PLC		Call		GBP	19.39		6/03/14		113,500		(76,675	)
Glencore Xstrata PLC	Deutsche Bank AG		Call		GBP	3.20		6/03/14		615,000		(67,842	)
Mondi PLC	Morgan Stanley & Co. International PLC		Call		GBP	10.16		6/03/14		83,000		(26,965	)
Statoil ASA	UBS AG		Call		NOK	169.92		6/03/14		40,350		(77,527	)
MeadWestvaco Corp.	Goldman Sachs International		Call		USD	38.50		6/04/14		19,900		(19,888	)
Southwestern Energy Co.	Goldman Sachs International		Call		USD	49.38		6/04/14		2,000		(1,779	)
Glencore Xstrata PLC	Deutsche Bank AG		Call		GBP	3.21		6/05/14		615,000		(65,769	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.24		6/05/14		56,800		(176,779	)
Lundin Mining Corp.	UBS AG		Call		CAD	5.43		6/06/14		118,000		(35,895	)
Rio Tinto PLC	Deutsche Bank AG		Call		GBP	33.85		6/06/14		82,600		(52,231	)
Olin Corp.	Citibank N.A.		Call		USD	28.10		6/09/14		29,600		(24,966	)
Anglo American PLC	Credit Suisse International		Call		GBP	15.67		6/10/14		27,200		(34,484	)
Iluka Resources Ltd.	Morgan Stanley & Co. International PLC		Call		AUD	10.12		6/11/14		284,400		(13,032	)
Kazakhmys PLC	Credit Suisse International		Call		GBP	2.47		6/12/14		47,000		(11,521	)
Newcrest Mining Ltd.	UBS AG		Call		AUD	10.84		6/12/14		109,900		(51,457	)
Oil Search Ltd.	UBS AG		Call		AUD	8.73		6/12/14		90,200		(30,235	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/12/14		18,700		(55,641	)
BP PLC	Deutsche Bank AG		Call		GBP	5.10		6/13/14		240,000		(14,389	)
BG Group PLC	Goldman Sachs International		Call		GBP	11.92		6/17/14		64,000		(53,533	)
Canadian Natural Resources Ltd.	Citibank N.A.		Call		CAD	44.53		6/17/14		9,300		(12,672	)
Fresnillo PLC	Bank of America N.A.		Call		GBP	8.71		6/17/14		41,200		(29,117	)
OZ Minerals Ltd.	UBS AG		Call		AUD	3.94		6/17/14		133,600		(15,688	)
Anglo American Platinum Ltd.	Bank of America N.A.		Call		ZAR	511.33		6/18/14		12,400		(23,511	)
Kosmos Energy Ltd.	Morgan Stanley & Co. International PLC		Call		USD	11.00		6/18/14		33,500		(18,265	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/18/14		18,800		(57,828	)
Vedanta Resources PLC	Bank of America N.A.		Call		GBP	9.58		6/18/14		73,000		(46,870	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		6/21/14		2,400		(1,708	)
African Rainbow Minerals Ltd.	Deutsche Bank AG		Call		ZAR	198.34		6/26/14		42,000		(32,416	)
Lundin Mining Corp.	UBS AG		Call		CAD	5.43		6/27/14		118,000		(42,408	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		7/09/14		2,400		(2,168	)
Total											$	(2,912,480	)

See Notes to Financial Statements.


92		SEMI-ANNUAL REPORT		APRIL 30, 2014


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

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Chemicals	$	93,246,350			—			—	$	93,246,350
Containers & Packaging		16,401,586			—			—		16,401,586
Energy Equipment & Services		21,636,942			—			—		21,636,942
Machinery		27,691,776			—			—		27,691,776
Metals & Mining		85,272,060		$	103,313,493			—		188,585,553
Oil, Gas & Consumable Fuels		155,834,259			35,901,640			—		191,735,899
Paper & Forest Products		18,313,968			3,948,360			—		22,262,328
Real Estate Investment Trusts (REITs)		13,110,120			—			—		13,110,120
Short-Term Securities		24,861,572			70,955			—		24,932,527
Total	$	456,368,633		$	143,234,448			—	$	599,603,081


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(2,986,519	)	$	(3,195,762	)		—	$	(6,182,281	)
¹ Derivative financial instruments are options written, which are shown at value.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		93


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


	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	15,014		—			—	$	15,014
Foreign currency at value		94,421		—			—		94,421
Liabilities:
Collateral on securities loaned at value		—	$	(70,955	)		—		(70,955	)
Total	$	109,435	$	(70,955	)		—	$	38,480

There were no transfers between levels during the six months ended April 30, 2014.

See Notes to Financial Statements.


94		SEMI-ANNUAL REPORT		APRIL 30, 2014


Consolidated Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Resources & Commodities Strategy Trust (BCX)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Chemicals — 11.3%
Agrium, Inc.		73,800	$	7,089,966
CF Industries Holdings, Inc. (a)		16,000		3,922,720
Israel Chemicals Ltd.		35,000		310,634
Monsanto Co. (a)		240,300		26,601,210
The Mosaic Co. (a)		153,908		7,701,556
Potash Corp. of Saskatchewan, Inc. (a)		200,000		7,232,000
Syngenta AG		51,000		20,195,574

				73,053,660
Food Products — 9.2%
Archer-Daniels-Midland Co. (a)		287,700		12,581,121
BRF SA — ADR		290,000		6,554,000
Bunge Ltd. (a)		175,300		13,962,645
First Resources Ltd.		1,700,000		3,484,885
Ingredion, Inc. (a)		143,195		10,088,088
Select Harvests Ltd.		120,000		703,789
Tyson Foods, Inc., Class A (a)		300,000		12,591,000

				59,965,528
Machinery — 1.1%
Deere & Co. (a)		72,420		6,759,683
Metals & Mining — 22.2%
BHP Billiton Ltd. — ADR (a)		502,100		35,418,134
First Quantum Minerals Ltd. (a)		352,600		7,022,725
Freeport-McMoRan Copper & Gold, Inc. (a)		593,200		20,388,284
Fresnillo PLC		628,700		9,065,785
Glencore Xstrata PLC		1,531,500		8,263,579
Labrador Iron Ore Royalty Corp. (a)		200,353		5,489,349
Lundin Mining Corp. (a)(b)		1,357,700		6,936,837
MMC Norilsk Nickel OJSC — ADR		738,200		13,346,043
Nevsun Resources Ltd.		2,204,650		7,985,457
Rio Tinto PLC — ADR (a)		445,900		24,207,911
Vedanta Resources PLC		386,750		6,193,086

				144,317,190
Oil, Gas & Consumable Fuels — 50.1%
BP PLC — ADR (a)(c)		452,500		22,905,550
Cairn Energy PLC (b)		2,715,000		8,456,573
Canadian Oil Sands Ltd. (a)		744,000		16,128,315
Chevron Corp. (a)(c)		382,300		47,986,296


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
China Shenhua Energy Co. Ltd., Series H		5,209,000	$	14,146,193
ConocoPhillips (a)		418,500		31,098,735
Cosan Ltd., Class A		150,000		1,819,500
Enbridge, Inc. (a)		279,800		13,501,776
Eni SpA — ADR		236,400		12,207,696
Exxon Mobil Corp. (a)(c)		512,399		52,474,782
Imperial Oil Ltd. (a)		197,300		9,634,137
Inpex Corp.		897,900		13,094,443
Royal Dutch Shell PLC — ADR (a)(c)		397,900		31,330,646
Southwestern Energy Co. (a)(b)		133,500		6,391,980
Statoil ASA		671,100		20,458,760
Total SA — ADR		148,900		10,607,636
Ultra Petroleum Corp. (a)(b)		441,100		13,144,780

				325,387,798
Paper & Forest Products — 1.1%
Canfor Corp. (a)(b)		160,000		3,629,032
International Forest Products Ltd., Class A (b)		240,000		3,639,250

				7,268,282
Real Estate Investment Trusts (REITs) — 0.5%
Plum Creek Timber Co., Inc.		30,000		1,308,000
Rayonier, Inc.		46,600		2,101,660

				3,409,660
Total Long-Term Investments (Cost — $567,646,783) — 95.5%				620,161,801

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (d)(e)		36,702,308		36,702,308
Total Short-Term Securities (Cost — $36,702,308) — 5.6%				36,702,308
Total Investments Before Options Written (Cost — $604,349,091) — 101.1%				656,864,109

Options Written
(Premiums Received — $3,956,279) — (1.1)%				(7,214,666	)
Total Investments Net of Options Written — 100.0%				649,649,443
Liabilities in Excess of Other Assets — 0.0%				(242,448	)

Net Assets — 100.0%			$	649,406,995

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	Non-income producing security.

(c)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(d)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2013		Net Activity		Shares Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		29,416,955		7,285,353		36,702,308	$	4,729

(e)	Represents the current yield as of report date.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		95


Consolidated Schedule of Investments (continued)			BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
BP PLC — ADR		Call		USD	49.50		5/02/14		550	$	(65,725	)
Exxon Mobil Corp.		Call		USD	94.00		5/02/14		304		(246,240	)
Chevron Corp.		Call		USD	120.00		5/05/14		179		(102,478	)
ConocoPhillips		Call		USD	68.50		5/05/14		680		(411,400	)
Deere & Co.		Call		USD	89.00		5/05/14		253		(110,655	)
Ingredion, Inc.		Call		USD	69.00		5/05/14		27		(4,246	)
Archer-Daniels-Midland Co.		Call		USD	43.50		5/09/14		188		(11,656	)
CF Industries Holdings, Inc.		Call		USD	260.00		5/09/14		56		(5,880	)
The Mosaic Co.		Call		USD	50.00		5/09/14		135		(12,352	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	35.50		5/09/14		214		(18,297	)
Archer-Daniels-Midland Co.		Call		USD	44.00		5/19/14		409		(18,814	)
BHP Billiton Ltd. — ADR		Call		USD	67.50		5/19/14		340		(113,900	)
BHP Billiton Ltd. — ADR		Call		USD	70.00		5/19/14		315		(43,628	)
BHP Billiton Ltd. — ADR		Call		USD	72.50		5/19/14		644		(23,828	)
BP PLC — ADR		Call		USD	48.00		5/19/14		553		(142,674	)
Bunge Ltd.		Call		USD	82.50		5/19/14		622		(68,420	)
Canadian Oil Sands Ltd.		Call		CAD	23.00		5/19/14		860		(69,440	)
Canfor Corp.		Call		CAD	28.00		5/19/14		185		(1,013	)
ConocoPhillips		Call		USD	75.00		5/19/14		784		(52,136	)
Enbridge, Inc.		Call		CAD	52.00		5/19/14		617		(65,018	)
Exxon Mobil Corp.		Call		USD	100.00		5/19/14		1,111		(303,858	)
First Quantum Minerals Ltd.		Call		CAD	20.00		5/19/14		617		(107,520	)
First Quantum Minerals Ltd.		Call		CAD	21.00		5/19/14		617		(60,234	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		5/19/14		779		(66,994	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	35.00		5/19/14		775		(29,062	)
Imperial Oil Ltd.		Call		CAD	50.00		5/19/14		345		(112,529	)
Imperial Oil Ltd.		Call		CAD	52.00		5/19/14		345		(55,084	)
Ingredion, Inc.		Call		USD	70.00		5/19/14		225		(29,812	)
Labrador Iron Ore Royalty Corp.		Call		CAD	31.85		5/19/14		400		(3,285	)
Lundin Mining Corp.		Call		CAD	5.00		5/19/14		425		(23,265	)
The Mosaic Co.		Call		USD	47.50		5/19/14		403		(111,832	)
Potash Corp. of Saskatchewan, Inc.		Call		USD	36.00		5/19/14		486		(33,048	)
Rio Tinto PLC — ADR		Call		USD	60.00		5/19/14		540		(2,700	)
Southwestern Energy Co.		Call		USD	47.00		5/19/14		298		(52,448	)
Tyson Foods, Inc., Class A		Call		USD	43.00		5/19/14		525		(35,438	)
Tyson Foods, Inc., Class A		Call		USD	44.00		5/19/14		525		(18,375	)
Ultra Petroleum Corp.		Call		USD	30.00		5/19/14		945		(92,138	)
Ultra Petroleum Corp.		Call		USD	31.00		5/19/14		945		(56,700	)
Monsanto Co.		Call		USD	112.00		5/22/14		420		(56,616	)
Archer-Daniels-Midland Co.		Call		USD	44.00		5/23/14		409		(23,926	)
BP PLC — ADR		Call		USD	48.50		5/23/14		480		(100,080	)
Chevron Corp.		Call		USD	123.00		5/23/14		390		(129,675	)
Chevron Corp.		Call		USD	123.00		5/30/14		390		(134,550	)
Exxon Mobil Corp.		Call		USD	101.00		5/30/14		189		(40,257	)
Chevron Corp.		Call		USD	125.00		6/06/14		189		(42,525	)
Exxon Mobil Corp.		Call		USD	101.00		6/06/14		189		(42,052	)
Monsanto Co.		Call		USD	115.00		6/10/14		421		(41,666	)
Canadian Oil Sands Ltd.		Call		CAD	25.00		6/23/14		875		(9,580	)

See Notes to Financial Statements.


96		SEMI-ANNUAL REPORT		APRIL 30, 2014


Consolidated Schedule of Investments (continued)			BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Canfor Corp.		Call		CAD	27.00		6/23/14		250	$	(9,124	)
Chevron Corp.		Call		USD	125.00		6/23/14		190		(47,595	)
Freeport-McMoRan Copper & Gold, Inc.		Call		USD	34.00		6/23/14		520		(72,020	)
Labrador Iron Ore Royalty Corp.		Call		CAD	32.00		6/23/14		300		(8,211	)
Total										$	(3,539,999	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	73.90		5/02/14		16,300	$	(78,883	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	74.28		5/02/14		6,900		(30,756	)
Eni SpA — ADR	Goldman Sachs International		Call		USD	48.35		5/05/14		32,700		(107,593	)
Ingredion, Inc.	UBS AG		Call		USD	67.50		5/05/14		25,000		(74,971	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	64.50		5/05/14		6,300		(42,464	)
Fresnillo PLC	Deutsche Bank AG		Call		GBP	9.46		5/06/14		115,550		(1,167	)
Mining and Metallurgical Co. Norilsk Nickel OJSC	Goldman Sachs International		Call		USD	17.37		5/06/14		139,300		(99,565	)
Vedanta Resources PLC	Morgan Stanley & Co. International PLC		Call		GBP	8.41		5/06/14		44,000		(80,193	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/07/14		60,900		(148,548	)
First Resources Ltd.	Bank of America N.A.		Call		SGD	2.38		5/08/14		297,000		(47,409	)
Inpex Corp.	Morgan Stanley & Co. International PLC		Call		JPY	1,341.80		5/08/14		314,200		(455,939	)
Select Harvests Ltd.	Morgan Stanley & Co. International PLC		Call		AUD	6.78		5/08/14		42,000		(674	)
Ultra Petroleum Corp.	UBS AG		Call		USD	26.25		5/12/14		95,000		(339,635	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/13/14		12,900		(14,407	)
Statoil ASA	Deutsche Bank AG		Call		NOK	166.73		5/13/14		60,900		(152,126	)
Syngenta AG	Goldman Sachs International		Call		CHF	340.78		5/13/14		17,900		(167,985	)
Eni SpA — ADR	UBS AG		Call		USD	49.11		5/14/14		25,000		(65,646	)
Fresnillo PLC	Morgan Stanley & Co. International PLC		Call		GBP	9.08		5/14/14		53,253		(7,800	)
Israel Chemicals Ltd.	Goldman Sachs International		Call		ILS	31.24		5/14/14		35,000		(3,933	)
Total SA — ADR	Deutsche Bank AG		Call		USD	64.85		5/14/14		39,500		(254,901	)
Vedanta Resources PLC	Morgan Stanley & Co. International PLC		Call		GBP	9.17		5/21/14		69,700		(56,188	)
China Shenhua Energy Co. Ltd., Series H	Deutsche Bank AG		Call		HKD	22.81		5/22/14		539,000		(6,101	)
International Forest Products Ltd., Class A	Goldman Sachs International		Call		CAD	15.80		5/23/14		28,000		(28,648	)
Agrium, Inc.	Credit Suisse International		Call		USD	97.00		5/27/14		12,900		(23,049	)
BHP Billiton Ltd. — ADR	Deutsche Bank AG		Call		USD	71.09		5/27/14		50,000		(56,483	)
Eni SpA — ADR	UBS AG		Call		USD	49.11		5/27/14		25,000		(63,250	)
Mining and Metallurgical Co. Norilsk Nickel OJSC	Deutsche Bank AG		Call		USD	18.40		5/28/14		17,500		(4,351	)
MMC Norilsk Nickel OJSC — ADR	Morgan Stanley & Co. International PLC		Call		USD	17.65		5/28/14		101,000		(79,505	)
Rio Tinto PLC — ADR	UBS AG		Call		USD	56.50		5/28/14		55,000		(28,138	)
BRF SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	22.19		6/02/14		101,500		(89,789	)
Glencore Xstrata PLC	Deutsche Bank AG		Call		GBP	3.20		6/03/14		418,500		(46,165	)
Rio Tinto PLC — ADR	Deutsche Bank AG		Call		USD	55.86		6/04/14		50,000		(49,739	)
Southwestern Energy Co.	Goldman Sachs International		Call		USD	49.38		6/04/14		62,500		(55,602	)
China Shenhua Energy Co. Ltd., Series H	Deutsche Bank AG		Call		HKD	22.81		6/05/14		539,000		(12,842	)
Enbridge, Inc.	Citibank N.A.		Call		CAD	51.10		6/05/14		18,000		(32,064	)
Glencore Xstrata PLC	Deutsche Bank AG		Call		GBP	3.21		6/05/14		110,000		(11,764	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.24		6/05/14		58,000		(180,513	)
Total SA — ADR	Morgan Stanley & Co. International PLC		Call		USD	66.83		6/05/14		6,300		(27,997	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		97


Consolidated Schedule of Investments (continued)			BlackRock Resources & Commodities Strategy Trust (BCX)

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Lundin Mining Corp.	UBS AG		Call		CAD	5.43		6/06/14		216,000	$	(65,706	)
Statoil ASA	Morgan Stanley & Co. International PLC		Call		NOK	169.48		6/10/14		113,000		(223,139	)
First Resources Ltd.	Bank of America N.A.		Call		SGD	2.57		6/11/14		149,000		(11,708	)
China Shenhua Energy Co. Ltd., Series H	Goldman Sachs International		Call		HKD	23.39		6/12/14		745,000		(13,730	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/12/14		29,000		(86,288	)
Fresnillo PLC	Bank of America N.A.		Call		GBP	8.71		6/17/14		52,500		(37,103	)
Royal Dutch Shell PLC — ADR	Citibank N.A.		Call		USD	76.62		6/18/14		29,000		(89,203	)
Vedanta Resources PLC	Bank of America N.A.		Call		GBP	9.58		6/18/14		22,000		(14,125	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		6/21/14		9,100		(6,476	)
First Resources Ltd.	Bank of America N.A.		Call		SGD	2.56		6/26/14		149,000		(14,558	)
Lundin Mining Corp.	UBS AG		Call		CAD	5.43		6/27/14		216,000		(77,628	)
Enbridge, Inc.	Deutsche Bank AG		Call		CAD	53.00		7/09/14		9,100		(8,220	)
Total											$	(3,674,667	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Chemicals	$	52,547,452	$	20,506,208		—	$	73,053,660
Food Products		59,261,739		703,789		—		59,965,528
Machinery		6,759,683		—		—		6,759,683
Metals & Mining		107,448,697		36,868,493		—		144,317,190
Oil, Gas & Consumable Fuels		269,231,829		56,155,969		—		325,387,798
Paper & Forest Products		7,268,282		—		—		7,268,282
Real Estate Investment Trusts (REITs)		3,409,660		—		—		3,409,660
Short-Term Securities		36,702,308		—		—		36,702,308
Total	$	542,629,650	$	114,234,459		—	$	656,864,109

See Notes to Financial Statements.


98		SEMI-ANNUAL REPORT		APRIL 30, 2014


Consolidated Schedule of Investments (concluded)			BlackRock Resources & Commodities Strategy Trust (BCX)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(3,326,816	)	$	(3,887,850	)		—	$	(7,214,666	)
¹ Derivative financial instruments are options written, which are shown at value.

The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial statement purposes. As of April 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	25,495			—			—	$	25,495
Liabilities:
Foreign bank overdraft		—		$	(58,695	)		—		(58,695	)
Total	$	25,495			(58,695	)		—	$	(33,200	)

There were no transfers between levels during the six months ended April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		99


Schedule of Investments April 30, 2014 (Unaudited)			BlackRock Utility and Infrastructure Trust (BUI)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Construction & Engineering — 4.0%
Ferrovial SA		303,500	$	6,746,295
Vinci SA		110,200		8,320,791

				15,067,086
Diversified Telecommunication Services — 4.9%
BT Group PLC		426,800		2,664,348
Frontier Communications Corp.		389,800		2,319,310
Swisscom AG		2,010		1,222,843
Telenor ASA		139,100		3,268,436
Verizon Communications, Inc. (a)(b)		190,400		8,897,392

				18,372,329
Electric Utilities — 17.5%
American Electric Power Co., Inc. (a)		36,300		1,953,303
Cleco Corp. (a)		36,400		1,912,820
Duke Energy Corp. (a)		157,868		11,759,587
Edison International		127,600		7,217,056
ITC Holdings Corp.		144,600		5,345,862
NextEra Energy, Inc. (a)(b)		150,400		15,017,440
Northeast Utilities (a)		74,000		3,497,240
NRG Yield, Inc., Class A		154,500		6,618,780
OGE Energy Corp.		52,400		1,956,092
PPL Corp.		82,700		2,757,218
Spark Infrastructure Group		670,800		1,102,316
Terna Rete Elettrica Nazionale SpA		251,100		1,360,380
Westar Energy, Inc.		88,600		3,178,968
Xcel Energy, Inc.		59,900		1,909,013

				65,586,075
Gas Utilities — 1.1%
Snam SpA (a)		692,300		4,164,141
Independent Power and Renewable Electricity Producers — 2.7%
EDP Renovaveis SA (c)		313,900		2,152,610
Enel Green Power SpA (a)		822,500		2,353,995
NRG Energy, Inc. (a)		143,701		4,701,897
Pattern Energy Group, Inc.		38,800		1,039,840

				10,248,342
Machinery — 0.8%
Xylem, Inc.		79,500		2,988,405
Media — 2.3%
Comcast Corp., Special Class A (a)(b)		85,900		4,383,477
Time Warner Cable, Inc. (a)		28,700		4,059,902

				8,443,379
Multi-Utilities — 20.2%
CenterPoint Energy, Inc.		155,900		3,860,084
CMS Energy Corp. (a)(b)		397,600		12,051,256
Dominion Resources, Inc. (a)		152,400		11,055,096
DTE Energy Co. (a)		25,100		1,961,314
E.ON SE		39,300		752,785
MDU Resources Group, Inc.		138,500		4,905,670
National Grid PLC		1,020,500		14,504,558
NiSource, Inc. (a)		84,800		3,079,936
NorthWestern Corp.		67,000		3,241,460
Public Service Enterprise Group, Inc.		158,756		6,504,233
Sempra Energy		75,300		7,425,333
Veolia Environnement SA		55,000		1,026,073
Wisconsin Energy Corp.		113,000		5,478,240

				75,846,038
Oil, Gas & Consumable Fuels — 23.2%
Access Midstream Partners LP (a)		33,576		1,992,736
AltaGas Ltd. (a)		56,900		2,424,369
Atlas Pipeline Partners LP		24,600		796,548
Delek Logistics Partners LP (a)		37,200		1,252,896


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Enable Midstream Partners LP (c)		45,800	$	1,133,092
Enbridge, Inc.		162,200		7,832,638
Energy Transfer Partners LP (a)		29,496		1,627,884
Enterprise Products Partners LP		115,977		8,481,398
EQT Midstream Partners LP		50,700		3,905,421
Genesis Energy LP		143,669		7,962,136
Magellan Midstream Partners LP (a)		74,100		5,498,961
MarkWest Energy Partners LP		77,453		4,905,873
MPLX LP (a)		60,500		3,274,865
ONEOK Partners LP (a)		78,245		4,459,183
Pembina Pipeline Corp.		84,200		3,308,694
Phillips 66 Partners LP		43,300		2,321,746
Plains All American Pipeline LP (a)(b)		109,670		6,119,586
QEP Midstream Partners LP		44,300		1,054,340
Rose Rock Midstream LP		18,300		763,110
Sunoco Logistics Partners LP		49,300		4,484,328
Tesoro Logistics LP		88,600		5,661,540
TransCanada Corp. (a)		74,800		3,485,958
Valero Energy Partners LP (a)		45,400		1,870,934
Western Gas Partners LP		23,514		1,598,952
Williams Partners LP		16,790		866,028

				87,083,216
Real Estate Investment Trusts (REITs) — 3.4%
American Tower Corp. (a)(b)		153,400		12,811,968
Transportation Infrastructure — 13.4%
Abertis Infraestructuras SA		390,900		8,798,975
Aeroports de Paris		29,300		3,643,623
Atlantia SpA (a)		488,884		12,734,894
CCR SA		223,900		1,755,252
Flughafen Zuerich AG		6,300		3,974,555
Fraport AG Frankfurt Airport Services Worldwide		69,400		5,132,617
Groupe Eurotunnel SA		348,800		4,682,570
Sydney Airport		597,666		2,348,508
Transurban Group		1,090,300		7,363,675

				50,434,669
Water Utilities — 2.9%
American Water Works Co., Inc. (a)		184,600		8,404,838
Aqua America, Inc.		58,050		1,456,475
Severn Trent PLC		26,400		822,381

				10,683,694
Wireless Telecommunication Services — 0.6%
SBA Communications Corp., Class A (a)(c)		22,800		2,046,528
Total Long-Term Investments (Cost — $285,230,957) — 97.0%				363,775,870

See Notes to Financial Statements.


100		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)			BlackRock Utility and Infrastructure Trust (BUI)
			(Percentages shown are based on Net Assets)


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (d)(e)		12,817,865	$	12,817,865
Total Short-Term Securities (Cost — $12,817,865) — 3.4%				12,817,865
Total Investments Before Options Written (Cost — $298,048,822) — 100.4%				376,593,735


Options Written	Value
(Premiums Received — $2,198,766) — (0.9)%	$	(3,420,626	)
Total Investments Net of Options Written — 99.5%		373,173,109
Other Assets Less Liabilities — 0.5%		1,962,516

Net Assets — 100.0%	$	375,135,625

Notes to Schedule of Investments

(a)	All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

(b)	All or a portion of security has been pledged as collateral in connection with outstanding OTC derivatives.

(c)	Non-income producing security.

(d)	Investments in issuers considered to be an affiliate of the Trust during the six months ended April 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2013		Net Activity			Shares Held at April 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		15,720,002		(2,902,137	)		12,817,865	$	1,958

(e)	Represents the current yield as of report date.

Exchange-traded options written as of April 30, 2014 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
NRG Energy, Inc.		Call		USD	30.75		5/13/14		250	$	(52,174	)
Atlantia SpA		Call		EUR	19.00		5/16/14		170		(29,884	)
Snam SpA		Call		EUR	4.20		5/16/14		170		(31,980	)
Access Midstream Partners LP		Call		USD	60.00		5/19/14		60		(2,550	)
AltaGas Ltd.		Call		CAD	46.00		5/19/14		110		(9,534	)
American Tower Corp.		Call		USD	82.50		5/19/14		268		(49,580	)
Cleco Corp.		Call		USD	50.00		5/19/14		63		(18,428	)
Comcast Corp., Special Class A		Call		USD	49.00		5/19/14		76		(16,910	)
Duke Energy Corp.		Call		USD	72.50		5/19/14		525		(114,188	)
Energy Transfer Partners LP		Call		USD	55.00		5/19/14		103		(4,120	)
Magellan Midstream Partners LP		Call		USD	72.50		5/19/14		191		(35,335	)
NiSource, Inc.		Call		USD	36.00		5/19/14		296		(19,240	)
Northeast Utilities		Call		USD	45.00		5/19/14		196		(44,590	)
NRG Energy, Inc.		Call		USD	33.00		5/19/14		252		(13,860	)
ONEOK Partners LP		Call		USD	55.00		5/19/14		91		(21,158	)
SBA Communications Corp., Class A		Call		USD	95.00		5/19/14		80		(3,000	)
Time Warner Cable, Inc.		Call		USD	140.00		5/19/14		100		(26,000	)
TransCanada Corp.		Call		CAD	52.00		5/19/14		261		(4,405	)
Valero Energy Partners LP		Call		USD	40.00		5/19/14		88		(17,820	)
Verizon Communications, Inc.		Call		USD	48.00		5/19/14		188		(1,974	)
Verizon Communications, Inc.		Call		USD	48.00		5/23/14		188		(3,384	)
Verizon Communications, Inc.		Call		USD	48.50		5/30/14		130		(1,820	)
American Tower Corp.		Call		USD	84.00		6/06/14		268		(39,530	)
DTE Energy Co.		Call		USD	78.00		6/06/14		87		(12,782	)
Atlantia SpA		Call		EUR	19.50		6/20/14		170		(45,387	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		101


Schedule of Investments (continued)			BlackRock Utility and Infrastructure Trust (BUI)

Exchange-traded options written as of April 30, 2014 were as follows: (concluded)


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Enel Green Power SpA		Call		EUR	2.10		6/20/14		290	$	(30,092	)
Delek Logistics Partners LP		Call		USD	35.00		6/23/14		120		(8,400	)
Dominion Resources, Inc.		Call		USD	72.50		6/23/14		250		(33,750	)
Duke Energy Corp.		Call		USD	72.50		6/23/14		30		(7,050	)
MPLX LP		Call		USD	55.00		6/23/14		250		(36,250	)
NextEra Energy, Inc.		Call		USD	97.50		6/23/14		183		(68,625	)
Verizon Communications, Inc.		Call		USD	47.00		6/23/14		160		(13,520	)
Total										$	(817,320	)

Over-the-counter options written as of April 30, 2014 were as follows:


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Sempra Energy	Goldman Sachs International		Call		USD	97.72	5/02/14		6,600	$	(6,333	)
Western Gas Partners LP	UBS AG		Call		USD	67.04	5/02/14		8,200		(8,038	)
American Water Works Co., Inc.	Citibank N.A.		Call		USD	45.54	5/05/14		16,200		(9,306	)
Edison International	Citibank N.A.		Call		USD	54.54	5/05/14		44,600		(90,967	)
ITC Holdings Corp.	Morgan Stanley & Co. International PLC		Call		USD	36.59	5/05/14		25,400		(14,089	)
Northeast Utilities	Deutsche Bank AG		Call		USD	43.95	5/05/14		6,300		(20,889	)
ONEOK Partners LP	Morgan Stanley & Co. International PLC		Call		USD	53.97	5/05/14		13,800		(41,681	)
CenterPoint Energy, Inc.	Deutsche Bank AG		Call		USD	24.37	5/06/14		30,600		(16,256	)
CMS Energy Corp.	UBS AG		Call		USD	28.01	5/06/14		44,900		(103,270	)
Fraport AG Frankfurt Airport Services Worldwide	Morgan Stanley & Co. International PLC		Call		EUR	54.68	5/06/14		4,800		(812	)
MDU Resources Group, Inc.	Morgan Stanley & Co. International PLC		Call		USD	34.46	5/06/14		15,500		(15,497	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.94	5/07/14		16,000		(8,157	)
Enbridge, Inc.	Deutsche Bank AG		Call		USD	45.69	5/07/14		56,700		(147,549	)
Telenor ASA	Credit Suisse International		Call		NOK	131.53	5/07/14		48,600		(67,254	)
Westar Energy, Inc.	Citibank N.A.		Call		USD	35.56	5/07/14		15,500		(7,763	)
E.ON SE	Morgan Stanley & Co. International PLC		Call		EUR	14.35	5/08/14		13,700		(39	)
Sempra Energy	UBS AG		Call		USD	97.00	5/08/14		19,700		(39,421	)
Spark Infrastructure Group	Deutsche Bank AG		Call		AUD	1.74	5/08/14		234,800		(7,834	)
Sydney Airport	UBS AG		Call		AUD	4.18	5/08/14		209,100		(14,894	)
ITC Holdings Corp.	Citibank N.A.		Call		USD	37.48	5/09/14		25,200		(6,010	)
Frontier Communications Corp.	JPMorgan Chase Bank N.A.		Call		USD	5.71	5/12/14		68,300		(21,775	)
NextEra Energy, Inc.	Morgan Stanley & Co. International PLC		Call		USD	94.50	5/12/14		34,300		(191,522	)
NorthWestern Corp.	UBS AG		Call		USD	45.95	5/12/14		21,300		(53,353	)
Sunoco Logistics Partners LP	Goldman Sachs International		Call		USD	90.58	5/12/14		8,600		(8,032	)
Tesoro Logistics LP	Citibank N.A.		Call		USD	64.00	5/12/14		10,500		(7,983	)
Xcel Energy, Inc.	Bank of America N.A.		Call		USD	30.16	5/12/14		20,900		(35,750	)
Cleco Corp.	Citibank N.A.		Call		USD	50.30	5/13/14		6,400		(14,413	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	50.75	5/13/14		5,600		(4,386	)
Fraport AG Frankfurt Airport Services Worldwide	Goldman Sachs International		Call		EUR	54.64	5/13/14		4,800		(1,894	)
Fraport AG Frankfurt Airport Services Worldwide	Morgan Stanley & Co. International PLC		Call		EUR	54.89	5/13/14		4,400		(1,494	)
MarkWest Energy Partners LP	UBS AG		Call		USD	67.11	5/13/14		13,500		(1,196	)
Plains All American Pipeline LP	Morgan Stanley & Co. International PLC		Call		USD	53.00	5/13/14		6,200		(18,549	)
Westar Energy, Inc.	Citibank N.A.		Call		USD	35.56	5/13/14		15,500		(9,482	)
Xylem, Inc.	Morgan Stanley & Co. International PLC		Call		USD	39.00	5/13/14		27,800		(10,480	)
Phillips 66 Partners LP	UBS AG		Call		USD	43.46	5/14/14		5,000		(50,811	)
Severn Trent PLC	Deutsche Bank AG		Call		GBP	18.13	5/14/14		4,600		(3,774	)
Enterprise Products Partners LP	Deutsche Bank AG		Call		USD	71.00	5/15/14		35,500		(80,797	)

See Notes to Financial Statements.


102		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (continued)		BlackRock Utility and Infrastructure Trust (BUI)

Over-the-counter options written as of April 30, 2014 were as follows: (continued)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
Groupe Eurotunnel SA	Morgan Stanley & Co. International PLC		Call		EUR	9.18	5/15/14		88,700	$	(66,997	)
CCR SA	Deutsche Bank AG		Call		BRL	17.48	5/20/14		39,000		(9,147	)
Transurban Group	Goldman Sachs International		Call		AUD	7.32	5/20/14		381,600		(41,084	)
Fraport AG Frankfurt Airport Services Worldwide	Morgan Stanley & Co. International PLC		Call		EUR	54.03	5/21/14		2,200		(2,033	)
National Grid PLC	Deutsche Bank AG		Call		GBP	8.25	5/21/14		164,200		(67,042	)
Access Midstream Partners LP	UBS AG		Call		USD	57.94	5/22/14		5,900		(9,531	)
Aeroports de Paris	Morgan Stanley & Co. International PLC		Call		EUR	93.80	5/22/14		2,600		(848	)
American Electric Power Co., Inc.	UBS AG		Call		USD	52.27	5/22/14		12,700		(19,558	)
CMS Energy Corp.	Goldman Sachs International		Call		USD	29.14	5/22/14		49,600		(58,032	)
Ferrovial SA	Goldman Sachs International		Call		EUR	15.85	5/22/14		77,000		(54,193	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	49.25	5/27/14		11,200		(24,433	)
Genesis Energy LP	Morgan Stanley & Co. International PLC		Call		USD	54.76	5/27/14		25,000		(40,385	)
NRG Yield, Inc., Class A	Citibank N.A.		Call		USD	43.03	5/27/14		15,700		(16,913	)
CCR SA	Goldman Sachs International		Call		BRL	17.64	5/28/14		20,000		(4,965	)
CenterPoint Energy, Inc.	Citibank N.A.		Call		USD	24.50	5/28/14		23,900		(15,382	)
EDP Renovaveis SA	Goldman Sachs International		Call		EUR	4.73	5/28/14		13,250		(4,645	)
Frontier Communications Corp.	JPMorgan Chase Bank N.A.		Call		USD	5.71	5/28/14		68,300		(27,072	)
Enterprise Products Partners LP	Morgan Stanley & Co. International PLC		Call		USD	73.42	5/29/14		5,000		(4,343	)
MarkWest Energy Partners LP	UBS AG		Call		USD	67.11	5/29/14		13,500		(5,274	)
Public Service Enterprise Group, Inc.	Deutsche Bank AG		Call		USD	38.70	5/29/14		24,800		(61,727	)
Tesoro Logistics LP	Morgan Stanley & Co. International PLC		Call		USD	61.79	5/29/14		20,500		(53,217	)
Aqua America, Inc.	Goldman Sachs International		Call		USD	25.95	5/30/14		20,300		(4,085	)
MDU Resources Group, Inc.	Morgan Stanley & Co. International PLC		Call		USD	34.40	5/30/14		16,000		(20,509	)
Sunoco Logistics Partners LP	Goldman Sachs International		Call		USD	90.58	5/30/14		8,600		(13,393	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	46.66	6/02/14		16,200		(14,388	)
CMS Energy Corp.	Morgan Stanley & Co. International PLC		Call		USD	30.52	6/02/14		44,600		(23,498	)
Dominion Resources, Inc.	Credit Suisse International		Call		USD	73.10	6/02/14		28,400		(28,063	)
Pembina Pipeline Corp.	Goldman Sachs International		Call		CAD	41.93	6/02/14		29,400		(37,120	)
Aeroports de Paris	UBS AG		Call		EUR	92.92	6/03/14		2,600		(1,070	)
BT Group PLC	Morgan Stanley & Co. International PLC		Call		GBP	3.76	6/03/14		148,000		(19,579	)
Ferrovial SA	Deutsche Bank AG		Call		EUR	16.15	6/03/14		29,000		(13,570	)
Fraport AG Frankfurt Airport Services Worldwide	UBS AG		Call		EUR	54.05	6/03/14		2,200		(1,389	)
National Grid PLC	Morgan Stanley & Co. International PLC		Call		GBP	8.31	6/03/14		193,000		(69,178	)
Veolia Environnement SA	Deutsche Bank AG		Call		EUR	14.32	6/03/14		20,000		(116	)
Vinci SA	Deutsche Bank AG		Call		EUR	54.54	6/03/14		39,000		(69,854	)
EQT Midstream Partners LP	Citibank N.A.		Call		USD	71.00	6/05/14		8,900		(53,667	)
MDU Resources Group, Inc.	UBS AG		Call		USD	34.49	6/05/14		8,500		(10,817	)
OGE Energy Corp.	Credit Suisse International		Call		USD	37.39	6/05/14		9,100		(9,553	)
Pattern Energy Group, Inc.	Deutsche Bank AG		Call		USD	29.13	6/05/14		13,500		(4,863	)
Phillips 66 Partners LP	UBS AG		Call		USD	56.92	6/05/14		5,000		(3,281	)
Public Service Enterprise Group, Inc.	Citibank N.A.		Call		USD	39.95	6/05/14		6,000		(7,216	)
Swisscom AG	Goldman Sachs International		Call		CHF	537.83	6/05/14		700		(6,413	)
Valero Energy Partners LP	Morgan Stanley & Co. International PLC		Call		USD	44.56	6/05/14		3,500		(2,152	)
Wisconsin Energy Corp.	UBS AG		Call		USD	48.42	6/05/14		39,500		(22,380	)
American Water Works Co., Inc.	Morgan Stanley & Co. International PLC		Call		USD	45.75	6/09/14		16,200		(12,023	)
Comcast Corp., Special Class A	Citibank N.A.		Call		USD	51.59	6/09/14		5,600		(4,424	)
Magellan Midstream Partners LP	Citibank N.A.		Call		USD	73.17	6/09/14		6,800		(11,495	)

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		103


Schedule of Investments (continued)			BlackRock Utility and Infrastructure Trust (BUI)

Over-the-counter options written as of April 30, 2014 were as follows: (concluded)


Description	Counterparty	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
EDP Renovaveis SA	Goldman Sachs International		Call		EUR	4.73		6/10/14		13,250	$	(5,018	)
Genesis Energy LP	Morgan Stanley & Co. International PLC		Call		USD	54.76		6/10/14		25,000		(46,151	)
OGE Energy Corp.	Credit Suisse International		Call		USD	37.58		6/10/14		9,200		(8,599	)
Plains All American Pipeline LP	Morgan Stanley & Co. International PLC		Call		USD	57.00		6/10/14		26,000		(13,791	)
Fraport AG Frankfurt Airport Services Worldwide	Morgan Stanley & Co. International PLC		Call		EUR	53.34		6/11/14		5,700		(4,845	)
MDU Resources Group, Inc.	UBS AG		Call		USD	34.49		6/12/14		8,400		(10,094	)
NorthWestern Corp.	UBS AG		Call		USD	48.00		6/12/14		2,100		(2,036	)
Public Service Enterprise Group, Inc.	Deutsche Bank AG		Call		USD	38.70		6/12/14		24,800		(56,296	)
Severn Trent PLC	Bank of America N.A.		Call		GBP	18.42		6/13/14		4,600		(4,113	)
AltaGas Ltd.	Morgan Stanley & Co. International PLC		Call		CAD	46.02		6/16/14		8,900		(9,266	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		Call		EUR	4.72		6/17/14		13,250		(5,230	)
Groupe Eurotunnel SA	Morgan Stanley & Co. International PLC		Call		EUR	9.73		6/17/14		32,700		(11,231	)
Abertis Infraestructuras SA	Bank of America N.A.		Call		EUR	16.47		6/18/14		68,200		(33,177	)
Valero Energy Partners LP	Morgan Stanley & Co. International PLC		Call		USD	44.56		6/18/14		3,500		(2,973	)
Aeroports de Paris	Morgan Stanley & Co. International PLC		Call		EUR	89.29		6/25/14		5,000		(11,649	)
Phillips 66 Partners LP	UBS AG		Call		USD	57.50		6/25/14		5,100		(4,583	)
Plains All American Pipeline LP	Morgan Stanley & Co. International PLC		Call		USD	56.57		6/25/14		6,200		(5,238	)
EDP Renovaveis SA	Morgan Stanley & Co. International PLC		Call		EUR	4.72		6/26/14		13,250		(5,441	)
EQT Midstream Partners LP	UBS AG		Call		USD	76.25		6/26/14		8,800		(23,922	)
NRG Yield, Inc., Class A	Citibank N.A.		Call		USD	42.25		6/26/14		38,300		(77,104	)
Williams Partners LP	Morgan Stanley & Co. International PLC		Call		USD	51.81		6/30/14		5,800		(6,400	)
Abertis Infraestructuras SA	Bank of America N.A.		Call		EUR	16.47		7/01/14		68,200		(38,703	)
EDP Renovaveis SA	Goldman Sachs International		Call		EUR	4.75		7/09/14		28,800		(11,540	)
EDP Renovaveis SA	UBS AG		Call		EUR	4.69		7/16/14		28,100		(13,239	)
Total											$	(2,603,306	)

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instrument, please refer to Note 2 of the Notes to Financial Statements.

See Notes to Financial Statements.


104		SEMI-ANNUAL REPORT		APRIL 30, 2014


Schedule of Investments (concluded)			BlackRock Utility and Infrastructure Trust (BUI)

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2014:



	Level 1			Level 2			Level 3		Total

Assets:
Investments:
Long-Term Investments:
Common Stocks:
Construction & Engineering		—		$	15,067,086			—	$	15,067,086
Diversified Telecommunication Services	$	11,216,702			7,155,627			—		18,372,329
Electric Utilities		63,123,379			2,462,696			—		65,586,075
Gas Utilities		—			4,164,141			—		4,164,141
Independent Power and Renewable Electricity Producers		5,741,737			4,506,605			—		10,248,342
Machinery		2,988,405			—			—		2,988,405
Media		8,443,379			—			—		8,443,379
Multi-Utilities		59,562,622			16,283,416			—		75,846,038
Oil, Gas & Consumable Fuels		87,083,216			—			—		87,083,216
Real Estate Investment Trusts (REITs)		12,811,968			—			—		12,811,968
Transportation Infrastructure		1,755,252			48,679,417			—		50,434,669
Water Utilities		10,683,694			—			—		10,683,694
Wireless Telecommunication Services		2,046,528			—			—		2,046,528
Short-Term Securities		12,817,865			—			—		12,817,865

Total	$	278,274,747		$	98,318,988			—	$	376,593,735



	Level 1			Level 2			Level 3		Total

Derivative Financial Instruments¹
Liabilities:
Equity contracts	$	(615,020	)	$	(2,805,606	)		—	$	(3,420,626	)

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

The carrying amount for certain of the Trust’s assets approximates fair value for financial statement purposes. As of April 30, 2014, such assets are categorized within the disclosure hierarchy as follows:


	Level 1			Level 2			Level 3		Total

Assets:
Cash	$	23,663			—			—	$	23,663
Foreign currency at value		190,232			—			—		190,232

Total	$	213,895			—			—	$	213,895

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of April 30 2014, securities with a value of $7,807,764 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to April 30, 2014.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		105


Statements of Assets and Liabilities


April 30, 2014 (Unaudited)	BlackRock Dividend Income Trust (BQY)			BlackRock EcoSolutions Investment Trust (BQR)			BlackRock Energy and Resources Trust (BGR)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)			BlackRock Enhanced Equity Dividend Trust (BDJ)			BlackRock Global Opportunities Equity Trust (BOE)

Assets
Investments at value — unaffiliated^1,2	$	87,280,306		$	112,631,982		$	823,406,787		$	675,395,664		$	1,623,925,289		$	1,152,719,564
Investments at value — affiliated³		3,038,407			4,186,554			31,463,547			3,204,081			38,251,313			18,266,327
Cash		23,966			—			6,930			2,113			74,629			24,330
Cash pledged as collateral for OTC derivatives		—			100,000			—			200,000			100,000			—
Foreign currency at value⁴		26,460			16,164			184,978			3,608			1,778			10,988,841
Investments sold receivable		—			215,108			—			18,299,325			1,705,015			5,377,999
Options written receivable		29,366			85,586			380,400			105,220			635,368			499,240
Dividends receivable — affiliated		78			92			884			302			903			161
Dividends receivable		187,315			276,632			195,650			1,064,894			1,356,427			2,080,207
Securities lending income receivable — affiliated		—			482			—			—			—			30,912
Other assets		4,114			10,690			29,349			22,092			79,122			53,509

Total assets		90,590,012			117,523,290			855,668,525			698,297,299			1,666,129,844			1,190,041,090


Liabilities
Options written at value⁵		875,586			1,174,848			11,333,766			9,841,545			18,043,340			13,786,827
Collateral on securities loaned at value		—			—			—			—			—			9,198,761
Investments purchased payable		—			52,915			—			2,310,770			718,620			21,648,897
Options written payable		75,517			178,787			796,858			36,682			1,253,227			175,848
Investment advisory fees payable		53,973			108,633			808,221			472,876			1,079,867			937,820
Officer’s and Trustees’ fees payable		14,875			595			369,160			81,077			672,598			531,628
Other accrued expenses payable		127,513			117,257			186,786			154,097			335,685			296,285

Total liabilities		1,147,464			1,633,035			13,494,791			12,897,047			22,103,337			46,576,066

Net Assets	$	89,442,548		$	115,890,255		$	842,173,734		$	685,400,252		$	1,644,026,507		$	1,143,465,024


Net Assets Consist of
Paid-in capital	$	82,951,843		$	172,464,776		$	671,744,850		$	722,434,062		$	1,597,828,802		$	1,154,307,475
Distributions in excess of net investment income		(1,711,885	)		(3,990,196	)		(98,847,386	)		(5,897,076	)		(35,892,255	)		(38,496,228	)
Accumulated net realized gain (loss)		(618,754	)		(66,835,306	)		146,297,578			(103,620,770	)		(188,152,688	)		(85,465,250	)
Net unrealized appreciation/depreciation		8,821,344			14,250,981			122,978,692			72,484,036			270,242,648			113,119,027

Net Assets	$	89,442,548		$	115,890,255		$	842,173,734		$	685,400,252		$	1,644,026,507		$	1,143,465,024

Net asset value^6,7	$	14.83		$	9.22		$	28.29		$	15.53		$	9.16		$	16.46

¹ Investments at cost — unaffiliated	$	78,114,427		$	98,187,781		$	694,491,167		$	602,097,260		$	1,349,391,681		$	1,038,567,107
² Securities loaned at value		—			—			—			—			—		$	8,679,198
³ Investments at cost — affiliated	$	3,038,407		$	4,186,554		$	31,463,547		$	3,204,081		$	38,251,313		$	18,266,327
⁴ Foreign currency at cost	$	26,419		$	17,786		$	184,978		$	9,211		$	1,650		$	10,931,252
⁵ Premiums received	$	529,380		$	982,018		$	5,396,719		$	9,033,294		$	13,752,252		$	12,733,116
⁶ Shares outstanding, unlimited number of shares authorized, $0.001 par value		6,033,028			12,564,457			29,766,217			—			179,482,756			69,483,161
⁷ Shares outstanding, 200 million shares authorized, $0.10 par value		—			—			—			44,121,400			—			—

See Notes to Financial Statements.


106		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Assets and Liabilities (concluded)


April 30, 2014 (Unaudited)	BlackRock Health Sciences Trust (BME)			BlackRock International Growth and Income Trust (BGY)			BlackRock Real Asset Equity Trust (BCF)			BlackRock Resources & Commodities Strategy Trust (BCX)¹			BlackRock Utility and Infrastructure Trust (BUI)

Assets
Investments at value — unaffiliated^2,3	$	263,336,474		$	971,879,010		$	574,670,554		$	620,161,801		$	363,775,870
Investments at value — affiliated⁴		9,167,290			10,177,930			24,932,527			36,702,308			12,817,865
Cash		22,182			—			15,014			25,495			23,663
Cash pledged as collateral for OTC derivatives		—			7,744,504			—			—			—
Cash pledged as collateral for exchange-traded options written		1,892,100			4,050,000			—			—			—
Foreign currency at value⁵		120,537			2,255,325			94,421			—			190,232
Investments sold receivable		662,612			11,048,447			—			199,946			1,625,640
Options written receivable		—			712,334			290,764			164,737			178,681
Dividends receivable — affiliated		207			94			560			568			169
Dividends receivable		279,947			2,944,250			705,491			663,546			813,870
Securities lending income receivable — affiliated		221			21,987			161			—			—
Other assets		16,233			60,515			31,387			21,891			12,372

Total assets		275,497,803			1,010,894,396			600,740,879			657,940,292			379,438,362


Liabilities
Bank overdraft		—			3,767,000			—			—			—
Foreign bank overdraft⁵		—			—			—			58,695			—
Options written at value⁶		2,030,854			12,305,555			6,182,281			7,214,666			3,420,626
Collateral on securities loaned at value		287,000			10,177,930			70,955			—			—
Investments purchased payable		632,622			8,441,015			—			—			38,413
Options written payable		26,600			243,308			507,058			506,916			381,572
Investment advisory fees payable		221,062			761,038			550,335			521,875			302,957
Officer’s and Trustees’ fees payable		17,380			470,283			297,141			2,774			1,216
Other accrued expenses payable		98,825			291,701			194,606			228,371			157,953

Total liabilities		3,314,343			36,457,830			7,802,376			8,533,297			4,302,737

Net Assets	$	272,183,460		$	974,436,566		$	592,938,503		$	649,406,995		$	375,135,625


Net Assets Consist of
Paid-in capital	$	182,592,761		$	1,421,001,423		$	621,054,142		$	765,766,937		$	310,378,484
Distributions in excess of net investment income		(20,740,167	)		(30,769,824	)		(20,767,572	)		(22,274,085	)		(6,140,281	)
Accumulated net realized gain (loss)		40,405,349			(510,849,455	)		(102,062,676	)		(143,347,095	)		(6,427,432	)
Net unrealized appreciation/depreciation		69,925,517			95,054,422			94,714,609			49,261,238			77,324,854

Net Assets	$	272,183,460		$	974,436,566		$	592,938,503		$	649,406,995		$	375,135,625

Net asset value⁷	$	34.94		$	8.86		$	10.37		$	13.94		$	22.19

¹ Consolidated Statement of Assets and Liabilities.
² Investments at cost — unaffiliated	$	193,466,167		$	876,743,346		$	478,206,377		$	567,646,783		$	285,230,957
³ Securities loaned at value	$	260,586		$	9,690,661		$	64,168			—			—
⁴ Investments at cost — affiliated	$	9,167,290		$	10,177,930		$	24,932,527		$	36,702,308		$	12,817,865
⁵ Foreign currency/Foreign bank overdraft at cost	$	120,518		$	2,248,714		$	94,422		$	(58,566	)	$	190,218
⁶ Premiums received	$	2,086,319		$	12,221,364		$	4,432,487		$	3,956,279		$	2,198,766
⁷ Shares outstanding, unlimited number of shares authorized, $0.001 par value		7,788,926			109,989,277			57,173,280			46,575,310			16,906,964

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		107


Statements of Operations


Six Months Ended April 30, 2014 (Unaudited)	BlackRock Dividend Income Trust (BQY)			BlackRock EcoSolutions Investment Trust (BQR)			BlackRock Energy and Resources Trust (BGR)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)			BlackRock Enhanced Equity Dividend Trust (BDJ)			BlackRock Global Opportunities Equity Trust (BOE)

Investment Income
Dividends — unaffiliated	$	1,415,805		$	1,358,111		$	7,980,228		$	23,945,550		$	22,157,689		$	13,976,515
Foreign taxes withheld		(34,604	)		(74,049	)		(402,713	)		(220,621	)		(255,723	)		(582,311	)
Dividends — affiliated		856			1,326			10,556			3,966			9,059			5,179
Securities lending — affiliated — net		—			1,261			—			—			—			63,183
Other income — affiliated		1,802			3,778			7,901			843			7,663			7,530

Total income		1,383,859			1,290,427			7,595,972			23,729,738			21,918,688			13,470,096


Expenses
Investment advisory		322,082			677,889			4,885,618			2,873,903			6,495,798			5,745,700
Custodian		50,075			49,965			66,769			38,983			109,888			148,325
Professional		23,906			28,078			27,133			84,577			45,247			36,546
Transfer agent		14,540			16,821			57,546			45,475			103,241			78,354
Officer and Trustees		4,937			5,490			60,248			35,941			113,039			85,299
Printing		3,364			4,058			19,521			16,525			33,718			23,850
Insurance		2,075			3,289			19,517			9,972			27,362			19,522
Registration		1,321			4,609			4,506			7,467			30,422			11,759
Licensing		64,417			—			—			—			—			—
Miscellaneous		19,056			16,508			11,273			10,767			13,903			38,226

Total expenses		505,773			806,707			5,152,131			3,123,610			6,972,618			6,187,581
Less fees waived by Manager		(1,454	)		(30,442	)		(17,438	)		(6,892	)		(17,620	)		(9,395	)

Total expenses after fees waived		504,319			776,265			5,134,693			3,116,718			6,954,998			6,178,186

Net investment income		879,540			514,162			2,461,279			20,613,020			14,963,690			7,291,910


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		3,175,586			(5,322,643	)		69,784,243			8,691,326			(6,477,750	)		23,624,024
Options written		(662	)		432,783			4,100,785			8,747,295			6,164,737			18,367,345
Foreign currency transactions		3,821			(21,381	)		3,162			74,355			10,080			318,475

		3,178,745			(4,911,241	)		73,888,190			17,512,976			(302,933	)		42,309,844

Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		1,135,823			9,684,020			(23,890,662	)		(5,181,531	)		81,831,129			(24,951,630	)
Options written		38,926			(31,903	)		(8,393,919	)		3,488,224			3,566,337			3,196,023
Foreign currency translations		1,358			1,935			154			(31,616	)		80			(144,536	)

		1,176,107			9,654,052			(32,284,427	)		(1,724,923	)		85,397,546			(21,900,143	)

Total realized and unrealized gain		4,354,852			4,742,811			41,603,763			15,788,053			85,094,613			20,409,701

Net Increase in Net Assets Resulting from Operations	$	5,234,392		$	5,256,973		$	44,065,042		$	36,401,073		$	100,058,303		$	27,701,611

See Notes to Financial Statements.


108		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Operations (concluded)


Six Months Ended April 30, 2014 (Unaudited)	BlackRock Health Sciences Trust (BME)			BlackRock International Growth and Income Trust (BGY)			BlackRock Real Asset Equity Trust (BCF)			BlackRock Resources & Commodities Strategy Trust (BCX)¹			BlackRock Utility and Infrastructure Trust (BUI)

Investment Income
Dividends — unaffiliated	$	1,838,471		$	14,234,983		$	6,585,898		$	7,379,451		$	6,730,875
Foreign taxes withheld		(86,615	)		(868,004	)		(208,860	)		(427,440	)		(244,001	)
Dividends — affiliated		1,515			4,500			4,174			4,729			1,958
Securities lending — affiliated — net		359			48,630			161			—			—
Other income — affiliated		2,267			7,166			3,498			21,128			3,288

Total income		1,755,997			13,427,275			6,384,871			6,977,868			6,492,120


Expenses
Investment advisory		1,365,470			4,933,112			3,414,387			3,727,318			1,754,401
Custodian		62,860			166,603			81,618			60,929			72,141
Professional		27,271			37,590			28,832			36,520			32,645
Transfer agent		19,938			69,690			51,840			43,777			25,256
Officer and Trustees		13,247			75,310			44,401			29,891			16,590
Printing		6,937			21,220			11,962			7,750			8,874
Insurance		5,326			28,544			16,667			7,942			4,347
Registration		4,549			18,614			7,543			7,789			4,474
Miscellaneous		9,771			67,201			21,853			6,676			24,036

Total expenses		1,515,369			5,417,884			3,679,103			3,928,592			1,942,764
Less fees waived by Manager		(2,456	)		(254,046	)		(149,554	)		(629,967	)		(3,359	)

Total expenses after fees waived		1,512,913			5,163,838			3,529,549			3,298,625			1,939,405

Net investment income		243,084			8,263,437			2,855,322			3,679,243			4,552,715


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		25,722,248			42,377,055			1,654,903			(12,714,643	)		344,015
Options written		1,421,480			7,501,228			3,073,991			1,802,049			(1,430,345	)
Foreign currency transactions		50,101			574,414			512			(86,499	)		9,923

		27,193,829			50,452,697			4,729,406			(10,999,093	)		(1,076,407	)

Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(5,165,036	)		(47,073,467	)		21,488,285			50,653,830			31,945,791
Options written		(588,708	)		4,017,024			(1,780,573	)		(3,011,396	)		626,003
Foreign currency translations		(4,163	)		(35,289	)		364			3,341			19,784

		(5,757,907	)		(43,091,732	)		19,708,076			47,645,775			32,591,578

Total realized and unrealized gain		21,435,922			7,360,965			24,437,482			36,646,682			31,515,171

Net Increase in Net Assets Resulting from Operations	$	21,679,006		$	15,624,402		$	27,292,804		$	40,325,925		$	36,067,886

Consolidated Statement of Operations.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		109


Statements of Changes in Net Assets


	BlackRock Dividend Income Trust (BQY)						BlackRock EcoSolutions Investment Trust (BQR)
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	879,540		$	1,911,679		$	514,162		$	1,147,375
Net realized gain (loss)		3,178,745			4,615,388			(4,911,241	)		1,515,988
Net change in unrealized appreciation/depreciation		1,176,107			4,941,159			9,654,052			6,617,063

Net increase in net assets resulting from operations		5,234,392			11,468,226			5,256,973			9,280,426


Dividends and Distributions to Shareholders
Net investment income		(2,775,193	)¹		(1,708,290	)²		(4,504,358	)¹		(1,031,216	)²
Net realized gains		—			(3,962,756	)²		—			—
Return of capital		—			—			—			(7,977,500	)²

Decrease in net assets resulting from dividends and distributions to shareholders		(2,775,193	)		(5,671,046	)		(4,504,358	)		(9,008,716	)


Net Assets
Total increase in net assets		2,459,199			5,797,180			752,615			271,710
Beginning of period		86,983,349			81,186,169			115,137,640			114,865,930

End of period	$	89,442,548		$	86,983,349		$	115,890,255		$	115,137,640

Undistributed (distributions in excess of) net investment income, end of period	$	(1,711,885	)	$	183,768		$	(3,990,196	)		—

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


110		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Changes in Net Assets (continued)


	BlackRock Energy and Resources Trust (BGR)						BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	2,461,279		$	3,487,794		$	20,613,020		$	13,662,033
Net realized gain		73,888,190			137,486,490			17,512,976			41,586,734
Net change in unrealized appreciation/depreciation		(32,284,427	)		31,425,100			(1,724,923	)		50,511,787

Net increase in net assets resulting from operations		44,065,042			172,399,384			36,401,073			105,760,554


Dividends and Distributions to Shareholders
Net investment income		(98,526,178	)¹		—			(26,472,840	)¹		(13,908,365	)²
Net realized gains		—			(48,221,272	)²		—			—
Return of capital		—			—			—			(39,037,315	)²

Decrease in net assets resulting from dividends and distributions to shareholders		(98,526,178	)		(48,221,272	)		(26,472,840	)		(52,945,680	)


Net Assets
Total increase (decrease) in net assets		(54,461,136	)		124,178,112			9,928,233			52,814,874
Beginning of period		896,634,870			772,456,758			675,472,019			622,657,145

End of period	$	842,173,734		$	896,634,870		$	685,400,252		$	675,472,019

Distributions in excess of net investment income, end of period	$	(98,847,386	)	$	(2,782,487	)	$	(5,897,076	)	$	(37,256	)

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		111


Statements of Changes in Net Assets (continued)


	BlackRock Enhanced Equity Dividend Trust (BDJ)						BlackRock Global Opportunities Equity Trust (BOE)
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	14,963,690		$	32,816,080		$	7,291,910		$	8,382,978
Net realized gain (loss)		(302,933	)		117,623,639			42,309,844			109,951,890
Net change in unrealized appreciation/depreciation		85,397,546			54,197,961			(21,900,143	)		86,145,100

Net increase in net assets resulting from operations		100,058,303			204,637,680			27,701,611			204,479,968


Dividends and Distributions to Shareholders
Net investment income		(50,255,172	)¹		(32,582,758	)²		(43,308,854	)¹		(11,468,669	)²
Distributions in excess of net investment income³		—			(35,787,362	)²		—			(63,152,174	)²
Net realized gains		—			(32,140,223	)²		—			—
Return of capital		—			—			—			(11,996,866	)²

Decrease in net assets resulting from dividends and distributions to shareholders		(50,255,172	)		(100,510,343	)		(43,308,854	)		(86,617,709	)


Net Assets
Total increase (decrease) in net assets		49,803,131			104,127,337			(15,607,243	)		117,862,259
Beginning of period		1,594,223,376			1,490,096,039			1,159,072,267			1,041,210,008

End of period	$	1,644,026,507		$	1,594,223,376		$	1,143,465,024		$	1,159,072,267

Distributions in excess of net investment income, end of period	$	(35,892,255	)	$	(600,773	)	$	(38,496,228	)	$	(2,479,284	)

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

Taxable distribution.

See Notes to Financial Statements.


112		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Changes in Net Assets (continued)


	BlackRock Health Sciences Trust (BME)						BlackRock International Growth and Income Trust (BGY)
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	243,084		$	923,733		$	8,263,437		$	14,055,907
Net realized gain		27,193,829			24,717,008			50,452,697			72,629,297
Net change in unrealized appreciation/depreciation		(5,757,907	)		43,710,073			(43,091,732	)		72,416,478

Net increase in net assets resulting from operations		21,679,006			69,350,814			15,624,402			159,101,682


Dividends and Distributions to Shareholders
Net investment income		(21,450,045	)¹		(446,759	)²		(36,923,400	)¹		(18,226,947	)²
Net realized gains		—			(17,987,036	)²		—			—
Return of capital		—			—			—			(55,619,854	)²

Decrease in net assets resulting from dividends and distributions to shareholders		(21,450,045	)		(18,433,795	)		(36,923,400	)		(73,846,801	)


Capital Share Transactions
Reinvestment of dividends		1,793,000			867,486			—			—


Net Assets
Total increase (decrease) in net assets		2,021,961			51,784,505			(21,298,998	)		85,254,881
Beginning of period		270,161,499			218,376,994			995,735,564			910,480,683

End of period	$	272,183,460		$	270,161,499		$	974,436,566		$	995,735,564

Undistributed (distributions in excess of) net investment income, end of period	$	(20,740,167	)	$	466,794		$	(30,769,824	)	$	(2,109,861	)

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		113


Statements of Changes in Net Assets (continued)


	BlackRock Real Asset Equity Trust (BCF)						BlackRock Resources & Commodities Strategy Trust (BCX)¹
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	2,855,322		$	6,199,566		$	3,679,243		$	11,454,960
Net realized gain (loss)		4,729,406			(10,322,502	)		(10,999,093	)		(65,371,790	)
Net change in unrealized appreciation/depreciation		19,708,076			9,610,522			47,645,775			20,545,737

Net increase (decrease) in net assets resulting from operations		27,292,804			5,487,586			40,325,925			(33,371,093	)


Dividends and Distributions to Shareholders
Net investment income		(19,987,779	)²		(6,692,838	)³		(21,536,423	)²		(6,452,839	)³
Return of capital		—			(43,962,688	)³		—			(47,574,521	)³

Decrease in net assets resulting from dividends and distributions to shareholders		(19,987,779	)		(50,655,526	)		(21,536,423	)		(54,027,360	)


Net Assets
Total increase (decrease) in net assets		7,305,025			(45,167,940	)		18,789,502			(87,398,453	)
Beginning of period		585,633,478			630,801,418			630,617,493			718,015,946

End of period	$	592,938,503		$	585,633,478		$	649,406,995		$	630,617,493

Distributions in excess of net investment income, end of period	$	(20,767,572	)	$	(3,635,115	)	$	(22,274,085	)	$	(4,416,905	)

Consolidated Statements of Changes in Net Assets.

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


114		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Changes in Net Assets (concluded)


	BlackRock Utility and Infrastructure Trust (BUI)
Increase (Decrease) in Net Assets:	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013

Operations
Net investment income	$	4,552,715		$	9,640,424
Net realized gain (loss)		(1,076,407	)		6,418,044
Net change in unrealized appreciation/depreciation		32,591,578			17,842,699

Net increase in net assets resulting from operations		36,067,886			33,901,167


Dividends and Distributions to Shareholders
Net investment income		(12,257,549	)¹		(8,709,264	)²
Net realized gains		—			(7,173,603	)²
Return of capital		—			(8,632,231	)²

Decrease in net assets resulting from dividends and distributions to shareholders		(12,257,549	)		(24,515,098	)


Net Assets
Total increase in net assets		23,810,337			9,386,069
Beginning of period		351,325,288			341,939,219

End of period	$	375,135,625		$	351,325,288

Undistributed (distributions in excess of) net investment income, end of period	$	(6,140,281	)	$	1,564,553

A portion of the dividends from net investment income maybe deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		115


Statements of Cash Flows


Six Months Ended April 30, 2014 (Unaudited)	BlackRock Dividend Income Trust (BQY)			BlackRock EcoSolutions Investment Trust (BQR)			BlackRock Energy and Resources Trust (BGR)			BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Cash Provided by Operating Activities
Net increase in net assets resulting from operations	$	5,234,392		$	5,256,973		$	44,065,042		$	36,401,073
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Decrease in dividends receivable — affiliated		—			160			860			172
Decrease (increase) in dividends receivable		(33,716	)		(168,138	)		342,525			(910,759	)
Decrease in securities lending income receivable — affiliated		—			(482	)		—			—
Increase in other assets		(1,645	)		(4,652	)		(11,156	)		(16,315	)
Decrease in cash pledged as collateral for OTC derivatives		—			—			—			500,000
Increase in investment advisory fees payable		(220	)		(3,515	)		(99,100	)		(4,550	)
Increase (decrease) in Officer’s and Trustees’ fees payable		706			(1	)		38,531			17,501
Increase (decrease) in other accrued expenses payable		15,170			(2,964	)		(6,828	)		(117,398	)
Net realized (gain) loss on investments, options written and foreign currency transactions		(3,174,924	)		4,889,860			(73,885,028	)		(17,438,621	)
Net unrealized (gain) loss on investments, options written and foreign currency translations		(1,174,743	)		(9,660,384	)		32,284,582			1,694,131
Premiums received from options written		2,087,214			3,639,258			20,554,488			31,108,904
Premiums paid on closing options written		(1,532,693	)		(2,858,334	)		(16,613,014	)		(13,121,850	)
Proceeds from sales of long-term investments		34,930,712			49,101,199			654,477,272			437,125,453
Purchases of long-term investments		(34,215,616	)		(48,560,148	)		(591,888,025	)		(467,989,087	)
Net (purchases) sales of short-term securities		669,938			3,502,311			29,346,976			17,278,451

Cash provided by operating activities		2,804,575			5,131,143			98,607,125			24,527,105


Cash Used for Financing Activities
Decrease in bank overdraft/foreign bank overdraft		—			(618,888	)		—			(119,260	)
Cash dividends paid to shareholders		(2,775,193	)		(4,504,358	)		(98,526,178	)		(26,472,840	)

Cash used for financing activities		(2,775,193	)		(5,123,246	)		(98,526,178	)		(26,592,100	)


Cash Impact from Foreign Exchange Fluctuations
Cash impact from foreign exchange fluctuations		(25	)		8,267			(1	)		2,179


Cash and Foreign Currency
Net increase (decrease) in cash and foreign currency		29,357			16,164			80,946			(2,062,816	)
Cash and foreign currency at beginning of period		21,069			—			110,962			2,068,537

Cash and foreign currency at end of period	$	50,426		$	16,164		$	191,908		$	5,721

See Notes to Financial Statements.


116		SEMI-ANNUAL REPORT		APRIL 30, 2014


Statements of Cash Flows (continued)


Six Months Ended April 30, 2014 (Unaudited)	BlackRock Enhanced Equity Dividend Trust (BDJ)			BlackRock Global Opportunities Equity Trust (BOE)			BlackRock Health Sciences Trust (BME)			BlackRock International Growth and Income Trust (BGY)

Cash Provided by Operating Activities
Net increase in net assets resulting from operations	$	100,058,303		$	27,701,611		$	21,679,006		$	15,624,402
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Decrease (increase) in dividends receivable — affiliated		217			183			(114	)		287
Decrease (increase) in dividends receivable		244,848			194,518			57,876			(514,010	)
Increase in securities lending income receivable — affiliated		—			(30,912	)		(221	)		(21,987	)
Decrease (increase) in other assets		(48,259	)		344,817			(10,035	)		(18,275	)
Increase in cash pledged as collateral for OTC derivatives		—			—			—			(2,020,504	)
Increase in cash pledged as collateral for exchange-traded options written		—			—			(1,892,100	)		(4,050,000	)
Increase (decrease) in investment advisory fees payable		4,440			(34,841	)		(6,371	)		(31,760	)
Increase in collateral on securities loaned at value		—			9,198,761			287,000			10,177,930
Increase in Officer’s and Trustees’ fees payable		69,090			53,654			155			48,339
Increase (decrease) in other accrued expenses payable		17,517			(39,920	)		(16,933	)		(43,599	)
Net realized (gain) loss on investments, options written and foreign currency transactions		313,013			(41,991,369	)		(27,143,728	)		(49,878,283	)
Net unrealized (gain) loss on investments, options written and foreign currency translations		(85,397,386	)		21,652,656			5,753,753			43,030,820
Premiums received from options written		53,946,547			56,028,222			9,511,509			45,091,288
Premiums paid on closing options written		(32,733,155	)		(28,448,251	)		(7,378,000	)		(31,760,242	)
Proceeds from sales of long-term investments		923,695,444			1,210,168,669			185,371,492			965,092,331
Purchases of long-term investments		(920,517,103	)		(1,222,749,306	)		(158,393,386	)		(970,539,804	)
Net (purchases) sales of short-term securities		10,669,033			18,121,257			(8,022,628	)		12,168,800

Cash provided by operating activities		50,322,549			50,169,749			19,797,275			32,355,733


Cash Used for Financing Activities
Increase (decrease) in bank overdraft		—			(295	)		—			3,765,642
Cash dividends paid to shareholders		(50,255,172	)		(43,308,854	)		(19,657,045	)		(36,923,400	)

Cash used for financing activities		(50,255,172	)		(43,309,149	)		(19,657,045	)		(33,157,758	)


Cash Impact from Foreign Exchange Fluctuations
Cash impact from foreign exchange fluctuations		(80	)		109,213			(9	)		15,310


Cash and Foreign Currency
Net increase (decrease) in cash and foreign currency		67,297			6,969,813			140,221			(786,715	)
Cash and foreign currency at beginning of period		9,110			4,043,358			2,498			3,042,040

Cash and foreign currency at end of period	$	76,407		$	11,013,171		$	142,719		$	2,255,325

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		117


Statements of Cash Flows (concluded)


Six Months Ended April 30, 2014 (Unaudited)	BlackRock Real Asset Equity Trust (BCF)			BlackRock Resources & Commodities Strategy Trust (BCX)¹			BlackRock Utility and Infrastructure Trust (BUI)

Cash Provided by Operating Activities
Net increase in net assets resulting from operations	$	27,292,804		$	40,325,925		$	36,067,886
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Decrease in dividends receivable — affiliated		157			68			339
Decrease in dividends receivable		189,207			326,504			350,618
Increase in securities lending income receivable — affiliated		(161	)		—			—
Increase in other assets		(11,892	)		(17,934	)		(10,089	)
Increase (decrease) in investment advisory fees payable		(15,936	)		(7,831	)		10,907
Increase (decrease) in Officer’s and Trustees’ fees payable		29,237			(364	)		(571	)
Decrease in other accrued expenses payable		(12,357	)		(37,141	)		(25,451	)
Net realized (gain) loss on investments, options written and foreign currency transactions		(4,728,894	)		10,912,594			1,086,330
Net unrealized (gain) loss on investments, options written and foreign currency translations		(19,707,857	)		(47,642,643	)		(32,566,237	)
Premiums received from options written		16,382,677			14,441,371			7,390,483
Premiums paid on closing options written		(10,954,206	)		(9,990,499	)		(6,900,487	)
Proceeds from sales of long-term investments		266,860,818			284,116,395			109,998,954
Purchases of long-term investments		(251,689,813	)		(263,884,050	)		(106,332,709	)
Net (purchases) sales of short-term securities		(3,698,393	)		(7,285,353	)		2,902,137

Cash provided by operating activities		19,935,391			21,257,042			11,972,110


Cash Used for Financing Activities
Increase (decrease) in bank overdraft		—			58,695			(990,610	)
Cash dividends paid to shareholders		(19,987,779	)		(21,536,423	)		(12,257,549	)

Cash used for financing activities		(19,987,779	)		(21,477,728	)		(13,248,159	)


Cash Impact from Foreign Exchange Fluctuations
Cash impact from foreign exchange fluctuations		3			—			(5,557	)


Cash and Foreign Currency
Net decrease in cash and foreign currency		(52,385	)		(220,686	)		(1,281,606	)
Cash and foreign currency at beginning of period		161,820			246,181			1,495,501

Cash and foreign currency at end of period	$	109,435		$	25,495		$	213,895

Consolidated Statement of Cash Flows.

See Notes to Financial Statements.


118		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights			BlackRock Dividend Income Trust (BQY)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	14.42		$	13.46		$	13.61		$	14.26		$	13.38		$	12.38

Net investment income¹		0.15			0.32			0.33			0.35			0.33			0.36
Net realized and unrealized gain (loss)		0.72			1.58			(0.79	)		(0.00	)²		1.36			1.43

Net increase from investment operations		0.87			1.90			1.12			0.35			1.69			1.79

Dividends and distributions:
Net investment income		(0.46	)³		(0.28	)⁴		(0.67	)⁴		(0.22	)⁴		(0.11	)⁴		(0.35	)^4,5
Distributions in excess of net investment income⁶		—			—			—			—			—			(0.04	)^4,5
Net realized gain		—			(0.66	)⁴		(0.60	)⁴		(0.78	)⁴		(0.70	)⁴		(0.33	)⁴
Return of capital		—			—			—			—			—			(0.07	)⁴

Total dividends and distributions		(0.46	)		(0.94	)		(1.27	)		(1.00	)		(0.81	)		(0.79	)

Net asset value, end of period	$	14.83		$	14.42		$	13.46		$	13.61		$	14.26		$	13.38

Market price, end of period	$	13.34		$	12.84		$	12.34		$	12.43		$	13.44		$	11.54


Total Investment Return⁷
Based on net asset value		6.58	%⁸		15.50	%		9.48	%		2.79	%		14.08	%		17.64	%

Based on market price		7.67	%⁸		12.18	%		9.90	%		(0.40	)%		24.67	%		19.63	%


Ratios to Average Net Assets
Total expenses		1.18	%⁹		1.19	%		1.18	%		1.19	%		1.23	%		1.17	%

Total expenses after fees waived		1.17	%⁹		1.18	%		1.18	%		1.19	%		1.22	%		1.16	%

Net investment income		2.05	%⁹		2.29	%		2.50	%		2.45	%		2.40	%		3.39	%


Supplemental Data
Net assets, end of period (000)	$	89,443		$	86,893		$	81,186		$	82,096		$	86,047		$	80,716

Portfolio turnover		40	%		103	%		129	%		97	%		59	%		64	%

Based on average shares outstanding.

Amount is less than $(0.005) per share.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

⁴

Determined in accordance with federal income tax regulations.

⁵

The amount of dividends and distributions to shareholders from net investment income reported in October 31, 2009 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.39.

⁶

Taxable distribution.

⁷

Total investment returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁸

Aggregate total investment return.

⁹

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		119


Financial Highlights			BlackRock EcoSolutions Investments Trust (BQR)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	9.16		$	9.14		$	9.38		$	10.65		$	10.56		$	10.23

Net investment income¹		0.04			0.09			0.08			0.10			0.05			0.06
Net realized and unrealized gain (loss)		0.38			0.65			0.56			(0.30	)		1.24			1.78

Net increase (decrease) from investment operations		0.42			0.74			0.64			(0.20	)		1.29			1.84

Dividends and distributions:
Net investment income		(0.36	)²		(0.08	)³		(0.07	)³		(0.11	)³		(0.05	)³		(0.07	)³
Net realized gain		—			—			—			—			—			(0.09	)³
Return of capital		—			(0.64	)³		(0.81	)³		(0.96	)³		(1.15	)³		(1.35	)³

Total dividends and distributions		(0.36	)		(0.72	)		(0.88	)		(1.07	)		(1.20	)		(1.51	)

Net asset value, end of period	$	9.22		$	9.16		$	9.14		$	9.38		$	10.65		$	10.56

Market price, end of period	$	8.15		$	7.93		$	8.66		$	8.58		$	11.69		$	10.23


Total Investment Return⁴
Based on net asset value		5.24	%⁵		9.08	%		7.77	%		(2.13	)%		13.04	%		19.64	%

Based on market price		7.46	%⁵		(0.34	)%		11.63	%		(18.45	)%		28.08	%		28.88	%


Ratios to Average Net Assets
Total expenses		1.43	%⁶		1.44	%		1.44	%		1.40	%		1.45	%		1.51	%

Total expenses after fees waived		1.37	%⁶		1.41	%		1.43	%		1.40	%		1.45	%		1.50	%

Net investment income		0.91	%⁶		0.98	%		0.92	%		0.98	%		0.47	%		0.65	%


Supplemental Data
Net assets, end of period (000)	$	115,890		$	115,138		$	114,866		$	117,497		$	131,002		$	127,025

Portfolio turnover		43	%		94	%		107	%		86	%		124	%		62	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

⁵

Aggregate total investment return.

⁶

Annualized.

See Notes to Financial Statements.


120		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights			BlackRock Energy and Resources Trust (BGR)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	30.12		$	25.95		$	28.33		$	25.87		$	23.81		$	20.71

Net investment income¹		0.08			0.12			0.13			0.06			0.26			0.41
Net realized and unrealized gain (loss)		1.40			5.67			(0.74	)		4.02			3.42			4.32

Net increase (decrease) from investment operations		1.48			5.79			(0.61	)		4.08			3.68			4.73

Dividends and distributions:
Net investment income		(3.31	)²		—			(0.03	)³		(0.24	)³		(0.17	)³		(0.47	)³
Net realized gain		—			(1.62	)³		(1.44	)³		(1.38	)³		(1.45	)³		(0.19	)³
Return of capital		—			—			(0.30	)³		—			—			(0.97	)³

Total dividends and distributions		(3.31	)		(1.62	)		(1.77	)		(1.62	)		(1.62	)		(1.63	)

Net asset value, end of period	$	28.29		$	30.12		$	25.95		$	28.33		$	25.87		$	23.81

Market price, end of period	$	25.05		$	26.82		$	24.28		$	26.54		$	25.36		$	22.18


Total Investment Return⁴
Based on net asset value		6.83	%⁵		23.68	%		(1.76	)%		16.09	%		15.89	%		25.54	%

Based on market price		6.23	%⁵		17.70	%		(1.88	)%		10.95	%		21.95	%		34.63	%


Ratios to Average Net Assets
Total expenses		1.27	%⁶		1.26	%		1.28	%		1.26	%		1.27	%		1.30	%

Total expenses after fees waived		1.26	%⁶		1.25	%		1.22	%		1.15	%		1.11	%		1.10	%

Net investment income		0.60	%⁶		0.42	%		0.50	%		0.19	%		1.04	%		1.77	%


Supplemental Data
Net assets, end of period (000)	$	842,174		$	896,635		$	772,457		$	843,328		$	769,976		$	708,589

Portfolio turnover		69	%		132	%		86	%		111	%		80	%		62	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

⁵

Aggregate total investment return.

⁶

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		121


Financial Highlights			BlackRock Enhanced Capital and Income Fund, Inc. (CII)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	15.31		$	14.11		$	13.87		$	14.53		$	14.40		$	13.78

Net investment income¹		0.47			0.31			0.33			0.35			0.31			0.29
Net realized and unrealized gain		0.35			2.09			1.29			0.68			1.76			2.27

Net increase from investment operations		0.82			2.40			1.62			1.03			2.07			2.56

Dividends and distributions:
Net investment income		(0.60	)²		(0.32	)³		(0.33	)^3,4		(0.35	)^3,4		(0.31	)³		(0.29	)³
Distributions in excess of net investment income⁵		—			—			(0.20	)^3,4		(0.23	)^3,4		—			—
Net realized gain		—			—			(0.13	)³		(1.11	)³		(1.33	)³		(1.19	)³
Return of capital		—			(0.88	)³		(0.72	)³		—			(0.30	)³		(0.46	)³

Total dividends and distributions		(0.60	)		(1.20	)		(1.38	)		(1.69	)		(1.94	)		(1.94	)

Net asset value, end of period	$	15.53		$	15.31		$	14.11		$	13.87		$	14.53		$	14.40

Market price, end of period	$	14.30		$	13.52		$	12.99		$	12.39		$	15.03		$	13.76


Total Investment Return⁶
Based on net asset value		5.88	%⁷		18.97	%		12.94	%		7.56	%		15.22	%		22.01	%

Based on market price		10.40	%⁷		14.11	%		16.39	%		(7.11	)%		24.73	%		29.88	%


Ratios to Average Net Assets
Total expenses		0.92	%⁸		0.93	%		0.94	%		0.94	%		0.93	%		0.95	%

Total expenses after fees waived		0.92	%⁸		0.93	%		0.94	%		0.93	%		0.93	%		0.95	%

Net investment income		6.10	%⁸		2.15	%		2.34	%		2.40	%		2.14	%		(2.16	)%


Supplemental Data
Net assets, end of period (000)	$	685,400		$	675,472		$	622,657		$	612,145		$	635,849		$	618,462

Portfolio turnover		66	%		218	%		205	%		190	%		210	%		138	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

The amount of dividends and distributions to shareholders from net investment income reported in October 31, 2012 and October 31, 2011 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.53 and $0.58, respectively.

⁵

Taxable distribution.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


122		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights			BlackRock Enhanced Equity Dividend Trust (BDJ)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	8.88		$	8.30		$	8.03		$	8.32		$	8.13		$	9.59

Net investment income¹		0.08			0.18			0.18			0.16			0.17			0.25
Net realized and unrealized gain (loss)		0.48			0.96			0.77			0.38			1.00			(0.55	)

Net increase (decrease) from investment operations		0.56			1.14			0.95			0.54			1.17			(0.30	)

Dividends and distributions:
Net investment income		(0.28	)²		(0.18	)³		(0.18	)^3,4		(0.16	)^3,4		(0.17	)³		(0.25	)³
Distributions in excess of net investment income⁵		—			(0.20	)³		(0.22	)^3,4		(0.35	)^3,4		—			—
Net realized gain		—			(0.18	)³		—			—			—			—
Return of capital		—			—			(0.28	)³		(0.32	)³		(0.81	)³		(0.91	)³

Total dividends and distributions		(0.28	)		(0.56	)		(0.68	)		(0.83	)		(0.98	)		(1.16	)

Net asset value, end of period	$	9.16		$	8.88		$	8.30		$	8.03		$	8.32		$	8.13

Market price, end of period	$	8.10		$	7.72		$	7.41		$	7.29		$	8.99		$	7.89


Total Investment Return⁶
Based on net asset value		6.81	%⁷		15.11	%		13.22	%		6.88	%		15.23	%		(1.63	)%

Based on market price		8.64	%⁷		12.09	%		11.34	%		(10.20	)%		28.30	%		8.08	%


Ratios to Average Net Assets
Total expenses		0.87	%⁸		0.87	%		0.95	%		1.15	%		1.16	%		1.20	%

Total expenses after fees waived		0.87	%⁸		0.87	%		0.95	%		1.14	%		1.16	%		1.20	%

Net investment income		1.87	%⁸		2.13	%		2.16	%		1.92	%		2.06	%		3.11	%


Supplemental Data
Net assets, end of period (000)	$	1,644,027		$	1,594,223		$	1,490,096		$	575,712		$	592,328		$	572,066

Portfolio turnover		55	%		180	%		185	%		231	%		232	%		117	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

⁵

Taxable distribution.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		123


Financial Highlights			BlackRock Global Opportunities Equity Trust (BOE)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	16.68		$	14.99		$	16.03		$	18.68		$	18.64		$	18.03

Net investment income¹		0.10			0.12			0.20			0.17			0.19			0.19
Net realized and unrealized gain (loss)		0.30			2.82			0.72			(0.54	)		2.13			2.70

Net increase (decrease) from investment operations		0.40			2.94			0.92			(0.37	)		2.32			2.89

Dividends and distributions:
Net investment income		(0.62	)²		(0.17	)³		(0.22	)³		(0.17	)^3,4		(0.18	)^3,4		(0.20	)³
Distributions in excess of net investment income⁵		—			(0.91	)³		—			(0.68	)^3,4		(1.26	)^3,4		—
Net realized gain		—			—			—			(0.61	)³		(0.25	)³		—
Return of capital		—			(0.17	)³		(1.74	)³		(0.82	)³		(0.59	)³		(2.08	)³

Total dividends and distributions		(0.62	)		(1.25	)		(1.96	)		(2.28	)		(2.28	)		(2.28	)

Net asset value, end of period	$	16.46		$	16.68		$	14.99		$	16.03		$	18.68		$	18.64

Market price, end of period	$	14.78		$	14.74		$	13.24		$	14.95		$	19.06		$	18.40


Total Investment Return⁶
Based on net asset value		2.91	%⁷		21.93	%		7.36	%		(2.55	)%		13.76	%		20.50	%

Based on market price		4.57	%⁷		21.99	%		1.68	%		(10.93	)%		17.58	%		34.97	%


Ratios to Average Net Assets
Total expenses		1.08	%⁸		1.08	%		1.10	%		1.10	%		1.11	%		1.21	%

Total expenses after fees waived		1.08	%⁸		1.08	%		1.10	%		1.09	%		1.10	%		1.20	%

Net investment income		1.27	%⁸		0.77	%		1.34	%		0.96	%		1.03	%		1.05	%


Supplemental Data
Net assets, end of period (000)	$	1,143,465		$	1,159,072		$	1,041,210		$	1,113,920		$	1,290,105		$	1,278,170

Portfolio turnover		103	%		279	%		298	%		253	%		264	%		300	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

The amount of dividends and distributions to shareholders from net investment income reported in October 31, 2011 and October 31, 2010 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.85 and $1.44, respectively.

⁵

Taxable distribution.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


124		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights			BlackRock Health Sciences Trust (BME)


	Six Months Ended April 30 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	34.92		$	28.34			26.65		$	27.19		$	25.37		$	23.66

Net investment income (loss)¹		0.03			0.12			0.08			(0.01	)		0.02			0.10
Net realized and unrealized gain		2.76			8.85			4.11			1.71			3.34			3.32

Net increase from investment operations		2.79			8.97			4.19			1.70			3.36			3.42

Dividends and distributions:
Net investment income		(2.77	)²		(0.06	)³		(0.09	)³		—			(0.02	)³		(0.13	)³
Net realized gain		—			(2.33	)³		(2.41	)³		(2.24	)³		(1.52	)³		(1.01	)³
Return of capital		—			—			—			—			—			(0.57	)³

Total dividends and distributions		(2.77	)		(2.39	)		(2.50	)		(2.24	)		(1.54	)		(1.71	)

Net asset value, end of period	$	34.94		$	34.92		$	28.34		$	26.65		$	27.19		$	25.37

Market price, end of period	$	35.66		$	33.56		$	27.86		$	25.81		$	27.14		$	22.61


Total Investment Return⁴
Based on net asset value		8.17	%⁵		33.37	%		16.42	%		6.43	%		13.69	%		16.31	%

Based on market price		14.88	%⁵		30.38	%		18.17	%		3.26	%		27.33	%		13.44	%


Ratios to Average Net Assets
Total expenses		1.11	%⁶		1.12	%		1.13	%		1.14	%		1.15	%		1.15	%

Total expenses after fees waived		1.11	%⁶		1.12	%		1.13	%		1.13	%		1.15	%		1.15	%

Net investment income (loss)		0.18	%⁶		0.38	%		0.29	%		(0.02	)%		0.09	%		0.37	%


Supplemental Data
Net assets, end of period (000)	$	272,183		$	270,161		$	218,377		$	202,675		$	206,392		$	192,602

Portfolio turnover		58	%		155	%		209	%		226	%		239	%		167	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

⁵

Aggregate total investment return.

⁶

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		125


Financial Highlights			BlackRock International Growth and Income Trust (BGY)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	9.05		$	8.28		$	8.72		$	10.52		$	10.92		$	10.41

Net investment income¹		0.08			0.13			0.16			0.14			0.14			0.29
Net realized and unrealized gain (loss)		0.07			1.31			0.35			(0.58	)		1.05			2.04

Net increase (decrease) from investment operations		0.15			1.44			0.51			(0.44	)		1.19			2.33

Dividends and distributions:
Net investment income		(0.34	)²		(0.17	)³		(0.18	)³		(0.14	)^3,4		(0.12	)³		(0.30	)³
Distributions in excess of net investment income⁵		—			—			—			(0.53	)^3,4		—			—
Return of capital		—			(0.50	)³		(0.77	)³		(0.69	)³		(1.47	)³		(1.52	)³

Total dividends and distributions		(0.34	)		(0.67	)		(0.95	)		(1.36	)		(1.59	)		(1.82	)

Net asset value, end of period	$	8.86		$	9.05		$	8.28		$	8.72		$	10.52		$	10.92

Market price, end of period	$	8.08		$	8.14		$	7.41		$	7.88		$	10.56		$	10.92


Total Investment Return⁶
Based on net asset value		1.99	%⁷		19.25	%		7.65	%		(4.55	)%		12.06	%		26.28	%

Based on market price		3.41	%⁷		19.86	%		6.61	%		(14.07	)%		12.49	%		44.62	%


Ratios to Average Net Assets
Total expenses		1.10	%⁸		1.09	%		1.11	%		1.10	%		1.13	%		1.12	%

Total expenses after fees waived		1.05	%⁸		1.07	%		1.11	%		1.10	%		1.13	%		1.12	%

Net investment income		1.68	%⁸		1.49	%		1.97	%		1.37	%		1.40	%		2.68	%


Supplemental Data
Net assets, end of period (000)	$	974,437		$	995,736		$	910,481		$	959,153		$	1,156,583		$	1,178,647

Portfolio turnover		97	%		266	%		226	%		217	%		247	%		198	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

The amount of dividends and distributions to shareholders from net investment income reported in October 31, 2011 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.67.

⁵

Taxable distribution.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


126		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights			BlackRock Real Asset Equity Trust (BCF)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31,
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			2011			2010			2009
Per Share Operating Performance
Net asset value, beginning of period	$	10.24		$	11.03		$	12.45		$	13.42		$	11.73		$	9.44

Net investment income¹		0.05			0.11			0.12			0.11			0.17			0.08
Net realized and unrealized gain (loss)		0.43			(0.01	)		(0.50	)		0.01			2.61			3.30

Net increase (decrease) from investment operations		0.48			0.10			(0.38	)		0.12			2.78			3.38

Dividends and distributions:
Net investment income		(0.35	)²		(0.12	)³		(0.13	)³		(0.07	)^3,4		(0.26	)^3,4		(0.11	)³
Distributions in excess of net investment income⁵		—			—			—			(0.14	)^3,4		(0.48	)^3,4		—
Net realized gain		—			—			(0.55	)³		(0.50	)³		—			—
Return of capital		—			(0.77	)³		(0.36	)³		(0.38	)³		(0.35	)³		(0.98	)³

Total dividends and distributions		(0.35	)		(0.89	)		(1.04	)		(1.09	)		(1.09	)		(1.09	)

Net asset value, end of period	$	10.37		$	10.24		$	11.03		$	12.45		$	13.42		$	11.73

Market price, end of period	$	9.13		$	9.12		$	10.39		$	11.84		$	13.46		$	11.45


Total Investment Return⁶
Based on net asset value		5.32	%⁷		1.81	%		(2.79	)%		0.58	%		24.65	%		40.96	%

Based on market price		4.11	%⁷		(3.75	)%		(3.71	)%		(4.64	)%		28.08	%		67.81	%


Ratios to Average Net Assets
Total expenses		1.29	%⁸		1.29	%		1.29	%		1.29	%		1.28	%		1.32	%

Total expenses after fees waived and paid indirectly		1.24	%⁸		1.19	%		1.14	%		1.09	%		1.08	%		1.12	%

Net investment income		1.00	%⁸		1.04	%		1.08	%		0.77	%		1.37	%		0.68	%


Supplemental Data
Net assets, end of period (000)	$	592,939		$	585,633		$	630,801		$	711,917		$	765,463		$	664,928

Portfolio turnover		44	%		89	%		72	%		79	%		71	%		58	%

Based on average shares outstanding.

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

Determined in accordance with federal income tax regulations.

⁴

⁵

Taxable distribution.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		127


Consolidated Financial Highlights			BlackRock Resources & Commodities Strategy Trust (BCX)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31						Period March 30, 2011¹ through October 31, 2011
	Six Months Ended April 30, 2014 (Unaudited)			2013			2012			Period March 30, 2011¹ through October 31, 2011
Per Share Operating Performance
Net asset value, beginning of period	$	13.54		$	15.42		$	16.83		$	19.10	²

Net investment income³		0.08			0.25			0.18			0.03
Net realized and unrealized gain (loss)		0.78			(0.97	)		(0.19	)		(1.57	)

Net increase (decrease) from investment operations		0.86			(0.72	)		(0.01	)		(1.54	)

Dividends and distributions:
Net investment income		(0.46	)⁴		(0.14	)⁵		(0.26	)⁵		—
Net realized gain		—			—			(0.01	)⁵		(0.24	)⁵
Return of capital		—			(1.02	)⁵		(1.13	)⁵		(0.46	)⁵

Total dividends and distributions		(0.46	)		(1.16	)		(1.40	)		(0.70	)

Capital charges with respect to the issuance of shares		—			—			—			(0.03	)

Net asset value, end of period	$	13.94		$	13.54		$	15.42		$	16.83

Market price, end of period	$	12.02		$	11.68		$	14.12		$	14.95


Total Investment Return⁶
Based on net asset value		7.09	%⁷		(3.61	)%⁸		0.90	%		(7.80	)%⁷

Based on market price		7.05	%⁷		(9.19	)%		4.02	%		(21.79	)%⁷


Ratios to Average Net Assets
Total expenses		1.26	%⁹		1.27	%		1.25	%		1.35	%⁹

Total expenses after fees waived		1.06	%⁹		1.07	%		1.05	%		1.13	%⁹

Net investment income		1.18	%⁹		1.76	%		1.14	%		0.27	%⁹


Supplemental Data
Net assets, end of period (000)	$	649,407		$	630,617		$	718,016		$	783,792

Portfolio turnover		40	%		156	%		100	%		27	%

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from initial offering price of $20.00 per share.

Based on average shares outstanding.

⁴

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

⁵

Determined in accordance with federal income tax regulations.

⁶

⁷

Aggregate total investment return.

⁸

Includes a payment from an affiliate to compensate for foregone securities lending revenue which impacted the Trust’s total investment return. Not including this payment the Trust’s total return would have been (3.68)%.

⁹

Annualized.

See Notes to Financial Statements.


128		SEMI-ANNUAL REPORT		APRIL 30, 2014


Financial Highlights (concluded)			BlackRock Utility and Infrastructure Trust (BUI)


	Six Months Ended April 30, 2014 (Unaudited)			Year Ended October 31, 2013			Period November 25, 2011¹ through October 31, 2012
Per Share Operating Performance
Net asset value, beginning of period	$	20.78		$	20.22		$	19.10	²

Net investment income³		0.27			0.57			0.54
Net realized and unrealized gain		1.87			1.44			1.71

Net increase from investment operations		2.14			2.01			2.25

Dividends and distributions:
Net investment income		(0.73	)⁴		(0.52	)⁵		(0.49	)⁵
Net realized gain		—			(0.42	)⁵		(0.41	)⁵
Return of capital		—			(0.51	)⁵		(0.19	)⁵

Total dividends and distributions		(0.73	)		(1.45	)		(1.09	)

Capital charges with respect to the issuance of shares		—			—			(0.04	)

Net asset value, end of period	$	22.19		$	20.78		$	20.22

Market price, end of period	$	19.35		$	18.36		$	19.03


Total Investment Return⁶
Based on net asset value		11.10	%⁷		11.18	%		12.05	%⁷

Based on market price		9.65	%⁷		4.37	%		0.71	%⁷


Ratios to Average Net Assets
Total expenses		1.11	%⁸		1.11	%		1.12	%⁸

Total expenses after fees waived		1.11	%⁸		1.10	%		1.11	%⁸

Total expenses after fees waived and excluding excise tax		1.11	%⁸		1.10	%		1.10	%⁸

Net investment income		2.60	%⁸		2.83	%		2.94	%⁸


Supplemental Data
Net assets, end of period (000)	$	375,136		$	351,325		$	341,939

Portfolio turnover		28	%		133	%		90	%

Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from initial offering price of $20.00 per share.

Based on average shares outstanding.

⁴

A portion of the dividends from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

⁵

Determined in accordance with federal income tax regulations.

⁶

⁷

Aggregate total investment return.

⁸

Annualized.

See Notes to Financial Statements.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		129


Notes to Financial Statements

1. Organization:

BlackRock Dividend Income Trust (“BQY”), BlackRock EcoSolutions Investment Trust (“BQR”), BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Real Asset Equity Trust (“BCF”), BlackRock Resources & Commodities Strategy Trust (“BCX”), and BlackRock Utility and Infrastructure Trust (“BUI”) (each, a “Trust” and collectively, the “Trusts”) are organized as Delaware statutory trusts, except CII which is organized as a Maryland Corporation. BQY, CII, BDJ and BOE are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). BQR, BGR, BME, BGY, BCF, BCX and BUI are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Board of Directors and Board of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Trustees.” The Trusts determine and make available for publication the NAVs of their shares on a daily basis.

Basis of Consolidation: The accompanying consolidated financial statements include the accounts of BlackRock Cayman Resources & Commodities Strategy Fund, Ltd. (the “Subsidiary”), which is a wholly owned subsidiary of BCX and primarily invests in commodity-related instruments. The Subsidiary enables BCX to hold these commodity-related instruments and satisfy regulated investment company tax requirements. BCX may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to BCX, except that the Subsidiary may invest without limitation in commodity-related instruments.

The Trusts, together with certain other registered investment companies advised by the Manager or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End Complex.

2. Significant Accounting Policies:

The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trusts.

Valuation: U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation

Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Trusts for all financial instruments.

Equity investments traded on a recognized securities exchange or the NASDAQ Stock Market (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid. Investments in open-end registered investment companies are valued at the NAV each business day

The Trusts value their bond investments on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Investments in open-end registered investment companies are valued at NAV each business day.

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

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

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options are valued by an independent pricing service using a mathematical model which


130		SEMI-ANNUAL REPORT		APRIL 30, 2014


Notes to Financial Statements (continued)

incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

In the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the Global Valuation Committee, or its delegate, seeks to determine the price that each 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 the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trusts’ pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof on a quarterly basis.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of each Trust’s net assets. If events (e.g., a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and valued at their fair value, as determined in good faith by the Global Valuation Committee, or it’s delegate, using a pricing service and/or policies approved by the Board. Each business day, each Trust uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded

and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency: The Trusts’ books and records are maintained in U.S. dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the Trusts’ investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

The Trusts do not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. The Trusts report realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., options written), that would be “senior securities” for 1940 Act purposes, such Trust may segregate or designate on its books and records cash or liquid securities having a market value at least equal to the amount of a Trust’s future obligations under such investments or borrowings. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, each Trust may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when a Trust is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.


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Notes to Financial Statements (continued)

Dividends and Distributions: Dividends and distributions paid by the Trusts are recorded on the ex-dividend date. Subject to each Trust’s level distribution plan, each Trust intends to make quarterly cash dividends and/or distributions to shareholders, which may consist of net investment income, net options premium, net realized and unrealized gains on investments, and/or return of capital.

Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates.

The character of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Trusts have capital loss carry-forwards from pre-2012 tax years that offset realized net capital gains but do not offset current earnings and profits. Consequently, if distributions in any tax year are less than a Trust’s current earnings and profits but greater than net investment income and net realized capital gains (taxable income), distributions in excess of taxable income are not treated as non-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. Accordingly, the net investment income (loss) and realized gains (losses) reported in the Trust’s financial statements presented under U.S. GAAP for such investments held by the Subsidiary may differ significantly from income dividends and capital gain distributions. As such, any net gain will pass through to the Trust as ordinary income for federal income tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Trust’s ordinary income and/or capital gains for that year.

Income Taxes: It is the Trusts’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.

The Trusts file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ U.S. federal tax returns remains open for each of the four years ended October 31, 2013 with the exception of BCX and BUI. The statute of limitations on BCX’s U.S. federal tax returns remains open for the two years ended October 31, 2013 and the period ended October 31, 2011. The statute of limitations on BUI’s U.S. federal tax returns remains open for the year ended October 31, 2013 and the period ended October 31, 2012. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts’ facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.

Deferred Compensation: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, except CII, the independent Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Deferred compensation liabilities are included in officer’s and trustees fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

S&P Quality Rankings: BQY had been granted a license by Standard & Poor’s^® (“S&P”) to use the S&P Quality Rankings and the S&P International Quality Rankings. Effective September 17, 2013, BQY terminated its license to use either the S&P Quality Rankings or the S&P International Quality Rankings. “Standard & Poor’s,” “S&P,” “Standard & Poor’s Earnings and Dividend Rankings,” “S&P Earnings and Dividend Rankings,” “Standard & Poor’s Quality Rankings,” “Standard & Poor’s International Quality Rankings,” “S&P International Quality Rankings” and “S&P Quality Rankings” are trademarks of S&P and had been licensed for use by BQY. BQY was not sponsored, endorsed, managed, sold or promoted by S&P and S&P made no representation regarding the advisability of investing in BQY. BQY is required to pay a quarterly licensing fee, which is shown in the Statements of Operations as licensing, for a period of 1 year following the termination date.

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

The Trusts have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

Preferred Stock: The Trusts may invest in preferred stock. Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred


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Notes to Financial Statements (continued)

stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: Each Trust may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust on the next business day. During the term of the loan, the Trust earns dividend or interest income on the securities loaned but does not receive interest income on any securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of securities on loan and the value of the related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. As of April 30, 2014, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a

net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of the Trusts’ securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2014:


BOE
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Bank of America N.A.	$	329,487	$	(329,487	)		—
Citigroup Global Markets, Inc.		3,970,774		(3,970,774	)		—
Credit Suisse Securities (USA) LLC		159,814		(159,814	)		—
Goldman Sachs & Co.		377,276		(377,276	)		—
Morgan Stanley & Co. LLC		2,732,819		(2,732,819	)		—
UBS Securities LLC		1,109,028		(1,109,028	)		—

Total	$	8,679,198	$	(8,679,198	)		—


BME
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Morgan Stanley & Co. LLC	$	159,336	$	(159,336	)		—
National Financial Services LLC		101,250		(101,250	)		—

Total	$	260,586	$	(260,586	)		—


BGY
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Bank of America N.A.	$	2,742	$	(2,527	)	$	215
Deutsche Bank Securities, Inc.		20,556		(20,556	)		—
Goldman Sachs & Co.		2,775,272		(2,775,272	)		—
Morgan Stanley & Co. LLC		5,034,733		(5,034,733	)		—
UBS Securities LLC		1,857,358		(1,857,358	)		—

Total	$	9,690,661	$	(9,690,446	)	$	215


BCF
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Barclays Capital, Inc	$	64,168	$	(64,168	)		—

Collateral with a value of $9,198,761, $287,000, $10,177,930 and $70,955 has been received in connection with securities lending agreements for BOE, BME, BGY and BCF, respectively. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.


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Notes to Financial Statements (continued)

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities lent. The Trusts could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

4. Derivative Financial Instruments:

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

Options: The Trusts purchase and write call and put options to increase or decrease their exposure to underlying instruments (including equity risk and/or commodity price risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised), the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument

at the exercise or strike price at any time or at a specified time during the option period. When the Trusts purchase (write) an option, an amount equal to the premium paid (received) by the Trusts is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Trusts enter into a closing transaction), the Trusts realize a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Trusts write a call option, such option is “covered,” meaning that the Trusts hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

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

The following is a summary of the Trusts’ derivative financial instruments categorized by risk exposure:


Fair Values of Derivative Financial Instruments as of April 30, 2014
	Asset Derivatives
		BDJ		BOE
	Statements of Assets and Liabilities Location	Value
Equity contracts	Investments at value — unaffiliated¹	$	4,329	$	9,200


	Liability Derivatives
		BQY		BQR		BGR		CII		BDJ		BOE
	Statements of Assets and Liabilities Location	Value
Equity contracts	Options written — at value	$	875,586	$	1,174,848	$	11,333,766	$	9,841,545	$	18,043,340	$	13,786,827


	Liability Derivatives
		BME		BGY		BCF		BCX		BUI
	Statements of Assets and Liabilities Location	Value
Equity contracts	Options written — at value	$	2,030,854	$	12,305,555	$	6,182,281	$	7,214,666	$	3,420,626

Includes options purchased at value as reported in the Schedules of Investments.


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Notes to Financial Statements (continued)


The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended April 30, 2014
	Net Realized Gain (Loss) From
	BQY			BQR		BGR		CII		BDJ		BOE
Equity contracts:
Options²	$	(984	)	$	432,394	$	4,099,327	$	8,747,295	$	6,152,789	$	18,363,488


	Net Realized Gain (Loss) From
	BME		BGY		BCF		BCX		BUI
Equity contracts:
Options²	$	1,418,840	$	7,501,228	$	3,074,308	$	1,802,049	$	(1,430,557	)

Options purchased are included in the net realized gain (loss) from investments - unaffiliated and net change in unrealized appreciation/depreciation on investments.


The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended April 30, 2014
	Net Change in Unrealized Appreciation/Depreciation on
	BQY		BQR			BGR			CII			BDJ			BOE
Equity contracts:
Options²	$	38,982	$	(31,903	)	$	(8,393,919	)	$	3,488,224		$	3,563,393		$	3,201,160


			Net Change in Unrealized Appreciation/Depreciation on
			BME			BGY			BCF			BCX			BUI
Equity contracts:
Options²			$	(587,714	)	$	4,017,024		$	(1,780,573	)	$	(3,011,396	)	$	626,003

Options purchased are included in the net realized gain (loss) from investments-unaffiliated and net change in unrealized appreciation/depreciation on investments.

For the six months ended April 30, 2014, the average quarterly balances of outstanding derivative financial instruments were as follows:


	BQY		BQR		BGR		CII		BDJ		BOE
Options:
Average number of options contracts purchased		4,150		6,400		35,750		—		293,050		91,400
Average number of options contracts written		769,720		5,523,008		5,857,850		6,912,500		13,953,300		24,702,095
Average notional value of options contracts purchased	$	105,825	$	38,400	$	2,502,500		—	$	14,447,650	$	3,795,000
Average notional value of contracts written	$	32,348,868	$	43,910,886	$	272,997,344	$	349,687,647	$	800,298,837	$	522,582,103

			BME		BGY		BCF		BCX		BUI
Options:
Average number of options contracts purchased				3,150		—		46,350		—		3,500
Average number of options contracts written				1,412,875		35,508,065		11,237,799		7,908,502		4,518,700
Average notional value of options contracts purchased			$	283,500		—	$	3,382,125		—	$	175,000
Average notional value of options contracts written			$	90,155,068	$	446,456,633	$	197,828,688	$	207,362,955	$	111,754,207

Counterparty Credit Risk: A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Trust.

For OTC options purchased, each Trust bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Trust should the counterparty fail to


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Notes to Financial Statements (continued)

perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not, the counterparty to perform.

With exchange traded purchased options, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

In order to better define its contractual rights and to secure rights that will help the Trusts mitigate its counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. When the Trusts enters into an ISDA and an MRA and/or MSLA with the same counterparty, the agreements may contain a set-off provision allowing a trust to offset a net amount payable with amounts due to the Trust upon default of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA Master Agreement, such laws may prohibit the Trust from setting off

amounts owed to a defaulting counterparty under an ISDA Master Agreement against amounts owed to the Trust by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Trust’s net assets decline by a stated percentage or the Trust fails to meet the terms of its ISDA Master Agreements, which would cause the Trust to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of a Trust and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Trust, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (typically either $250,000 or $500,000) before a transfer is required, which is determined at the close of business of the Trusts and any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the Trusts and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Trust from its counterparties are not fully collateralized, contractually or otherwise, a Trust bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

At April 30, 2014, the Trusts’ derivative assets and liabilities (by type) are as follows:


	BQY					BQR					BGR					CII
	Assets		Liabilities			Assets		Liabilities			Assets		Liabilities			Assets		Liabilities
Derivative Financial Instruments:
Options		—	$	875,586			—	$	1,174,848			—	$	11,333,766			—	$	9,841,545

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(465,151	)		—		(343,811	)		—		(6,757,050	)		—		(5,684,840	)

Total derivative assets and liabilities subject to an MNA		—	$	410,435			—	$	831,037			—	$	4,576,716			—	$	4,156,705


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Notes to Financial Statements (continued)


	BDJ						BOE						BME					BGY
	Assets			Liabilities			Assets			Liabilities			Assets		Liabilities			Assets		Liabilities
Derivative Financial Instruments:
Options¹	$	4,329		$	18,043,340		$	9,200		$	13,786,827			—	$	2,030,854			—	$	12,305,555

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(4,329	)		(13,255,096	)		(9,200	)		(5,821,057	)		—		(1,462,665	)		—		(1,591,655	)

Total derivative assets and liabilities subject to an MNA		—		$	4,788,244			—		$	7,965,770			—	$	568,189			—	$	10,713,900


	BCF					BCX					BUI
	Assets		Liabilities			Assets		Liabilities			Assets		Liabilities
Derivative Financial Instruments:
Options		—	$	6,182,281			—	$	7,214,666			—	$	3,420,626

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(3,269,801	)		—		(3,539,999	)		—		(817,320	)

Total derivative assets and liabilities subject to an MNA		—	$	2,912,480			—	$	3,674,667			—	$	2,603,306

Includes options purchased at value which is included in Investments at value – unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

The following tables present the Trusts’ derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Trusts as of April 30, 2014:


BQY
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged			Cash Collateral Pledged			Net Amount of Derivative Liabilities¹		Net Options Written Receivable/ (Payable)²
Bank of America N.A.	$	15,718		—		—			—		$	15,718	$	7,226
Citibank N.A.		50,402		—		—			—			50,402		(2,421	)
Credit Suisse International		29,897		—		—			—			29,897		(25,859	)
Deutsche Bank AG		35,572		—		—			—			35,572		13,416
Goldman Sachs International		2,864		—		—			—			2,864		—
JPMorgan Chase Bank N.A.		28,036		—		—			—			28,036		—
Morgan Stanley & Co. International PLC		228,488		—		—			—			228,488		(23,463	)
UBS AG		19,458		—		—			—			19,458		(13,976	)

Total	$	410,435		—		—			—		$	410,435	$	(45,077	)


BQR
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged³			Cash Collateral Pledged			Net Amount of Derivative Liabilities¹		Net Options Written Receivable/ (Payable)²
Bank of America N.A.	$	74,636		—		—			—		$	74,636	$	38,201
Citibank N.A.		16,601		—		—			—			16,601		(8,533	)
Credit Suisse International		21,915		—	$	(21,915	)		—			—		(3,544	)
Deutsche Bank AG		100,079		—		—		$	(100,000	)		79		(10,792	)
Goldman Sachs International		154,094		—		—			—			154,094		(22,544	)
Morgan Stanley & Co. International PLC		154,778		—		—			—			154,778		(92,312	)
UBS AG		308,934		—		(308,934	)		—			—		6,323

Total	$	831,037		—	$	(330,849	)	$	(100,000	)	$	400,188	$	(93,201	)

Net amount represents the net amount payable due to the counterparty in the event of default.

Derivative contract can be offset with options written receivable/payable.

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		137


Notes to Financial Statements (continued)


BGR
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Options Written Receivable/ (Payable)³
Citibank N.A.	$	1,952,941		—	$	(1,952,941	)		—			—	$	(129,269	)
Credit Suisse International		430,918		—		—			—		$	430,918		—
Deutsche Bank AG		371,034		—		(371,034	)		—			—		(435,160	)
Goldman Sachs International		1,025,808		—		(1,025,808	)		—			—		148,662
Morgan Stanley & Co. International PLC		69,453		—		(69,453	)		—			—		—
UBS AG		726,562		—		(261,965	)		—			464,597		—

Total	$	4,576,716		—	$	(3,681,201	)		—		$	895,515	$	(415,767	)


CII
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged¹			Net Amount of Derivative Liabilities²		Net Options Written Receivable/ (Payable)³
Bank of America N.A.	$	16,147		—	$	(16,147	)		—			—		—
Citibank N.A.		519,396		—		(519,396	)		—			—	$	15,915
Credit Suisse International		14,712		—		—		$	(14,712	)		—		—
Deutsche Bank AG		218,937		—		—			(100,000	)	$	118,937		—
Goldman Sachs International		21,390		—		—			—			21,390		—
Morgan Stanley & Co. International PLC		3,111,299		—		(3,111,299	)		—			—		52,623
UBS AG		254,824		—		—			—			254,824		—

Total	$	4,156,705		—	$	(3,646,842	)	$	(114,712	)		395,151	$	68,538


BDJ
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Options Written Receivable/ (Payable)³
Citibank N.A.	$	1,092,554		—	$	(1,092,554	)		—			—	$	(181,825	)
Credit Suisse International		1,056,724		—		(1,056,724	)		—			—		(232,328	)
Deutsche Bank AG		655,496		—		(568,059	)		—		$	87,437		93,986
Goldman Sachs International		86,826		—		—			—			86,826		50,725
Morgan Stanley & Co. International PLC		1,710,732		—		(1,710,732	)		—			—		(325,771	)
UBS AG		185,912		—		—			—			185,912		—

Total	$	4,788,244		—	$	(4,428,069	)		—		$	360,175	$	(595,213	)


BOE
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Options Written Receivable/ (Payable)³
Bank of America N.A.	$	230,596		—	$	(230,596	)		—			—	$	122,893
Citibank N.A.		103,525		—		(103,525	)		—			—		—
Credit Suisse International		493,464		—		(493,464	)		—			—		—
Deutsche Bank AG		1,915,294		—		(1,915,294	)		—			—		—
Goldman Sachs International		1,257,396		—		(1,257,396	)		—			—		55,011
JPMorgan Chase Bank N.A.		20,568		—		—			—		$	20,568		—
Morgan Stanley & Co. International PLC		3,066,227		—		(3,066,227	)		—			—		38,656
UBS AG		878,700		—		(878,700	)		—			—		106,832

Total	$	7,965,770		—	$	(7,945,202	)		—		$	20,568	$	323,392

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

Net amount represents the net amount payable due to the counterparty in the event of default.

Derivative contract can be offset with options written receivable/payable.


138		SEMI-ANNUAL REPORT		APRIL 30, 2014


Notes to Financial Statements (continued)


BME
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Option Written Receivable/(Payable)³
Bank of America N.A.	$	13,331		—		—			—		$	13,331		—
Barclays Bank PLC		2,980		—		—			—			2,980		—
Citibank N.A.		4,358		—		—			—			4,358		—
Credit Suisse International		300,306		—		—			—			300,306		—
Goldman Sachs International		96,776		—		—			—			96,776		—
Morgan Stanley & Co. International PLC		106,866		—	$	(106,866	)		—			—	$	(26,600	)
UBS AG		43,572		—		—			—			43,572		—

Total	$	568,189		—	$	(106,866	)		—		$	461,323	$	(26,600	)


BGY
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged¹			Net Amount of Derivative Liabilities²		Net Option Written Receivable/(Payable)³
Bank of America N.A.	$	259,835		—		—		$	(259,835	)		—	$	117,456
Citibank N.A.		72,740		—		—			(72,740	)		—		—
Credit Suisse International		1,683,953		—		—			(1,420,000	)	$	263,953		—
Deutsche Bank AG		2,368,217		—		—			(1,967,000	)		401,217		—
Goldman Sachs International		2,037,492		—	$	(2,037,492	)		—			—		(49,051	)
JPMorgan Chase Bank N.A.		19,762		—		—			—			19,762		—
Morgan Stanley & Co. International PLC		3,632,680		—		—			(2,759,504	)		873,176		293,939
Société Générale		5,738		—		—			—			5,738		—
UBS AG		633,483		—		—			(278,000	)		355,483		48,243

Total	$	10,713,900		—	$	(2,037,492	)	$	(6,757,079	)	$	1,919,329	$	410,587


BCF
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Option Written Receivable/(Payable)³
Bank of America N.A.	$	99,498		—		—			—		$	99,498	$	101,330
Citibank N.A.		878,932		—	$	(878,932	)		—			—		(95,476	)
Credit Suisse International		274,558		—		(274,558	)		—			—		(128,682	)
Deutsche Bank AG		592,923		—		(592,923	)		—			—		(38,165	)
Goldman Sachs International		369,828		—		(369,828	)		—			—		55,685
Morgan Stanley & Co. International PLC		336,596		—		(336,596	)		—			—		—
UBS AG		360,145		—		(356,387	)		—			3,758		(44,704	)

Total	$	2,912,480		—	$	(2,809,224	)		—		$	103,256	$	(150,012	)


BCX
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged			Net Amount of Derivative Liabilities²		Net Options Written Receivable/(Payable)³
Bank of America N.A.	$	124,903		—	$	(73,053	)		—		$	51,850	$	52,036
Citibank N.A.		497,707		—		(497,707	)		—			—		(108,170	)
Credit Suisse International		37,456		—		(37,456	)		—			—		—
Deutsche Bank AG		758,883		—		(593,978	)		—			164,905		14,696
Goldman Sachs International		477,056		—		(477,056	)		—			—		—
Morgan Stanley & Co. International PLC		1,063,688		—		(1,063,688	)		—			—		(279,567	)
UBS AG		714,974		—		(714,974	)		—			—		—

Total	$	3,674,667		—	$	(3,457,912	)		—		$	216,755	$	(321,005	)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

Net amount represents the net amount payable due to the counterparty in the event of default.

Derivative contract can be offset with options written receivable/payable.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		139


Notes to Financial Statements (continued)


BUI
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged¹			Cash Collateral Pledged		Net Amount of Derivative Liabilities²		Net Option Written Receivable/(Payable)³
Bank of America N.A.	$	111,743		—		—			—	$	111,743	$	68,252
Citibank N.A.		360,944		—	$	(360,944	)		—		—		(34,018	)
Credit Suisse International		113,469		—		(113,469	)		—		—		(66,179	)
Deutsche Bank AG		559,714		—		(559,714	)		—		—		—
Goldman Sachs International		256,747		—		(256,747	)		—		—		(13,278	)
JPMorgan Chase Bank N.A.		48,847		—		—			—		48,847		—
Morgan Stanley & Co. International PLC		753,685		—		(753,685	)		—		—		(33,010	)
UBS AG		398,157		—		(261,423	)		—		136,734		(124,658	)

Total	$	2,603,306		—	$	(2,305,982	)		—	$	297,324	$	(202,891	)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

Net amount represents the net amount payable due to the counterparty in the event of default.

Derivative contract can be offset with options written receivable/payable.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Manager a monthly fee at the following annual rates:


Average weekly value of each Trust’s net assets:
BQY	0.75	%
BGR	1.20	%
BDJ	0.81	%
BOE	1.00	%
BME	1.00	%
BCF	1.20	%
Average daily value of each Trust’s net assets:
BQR	1.20	%
CII	0.85	%
BGY	1.00	%
BCX	1.20	%
BUI	1.00	%

The Manager has agreed to waive 0.05% of the investment advisory fees on BCF as a percentage of their average weekly net assets expiring on September 29, 2014.

The Manager has agreed to waive a portion of the investment advisory fees on BCX as a percentage of its average daily net assets as follows:

Effective June 6, 2013, the Manager has voluntarily agreed to waive a portion of the investment advisory fees on BQR and BGY as a percentage of their average daily net assets as follows:


BQR	0.05	%
BGY	0.05	%

The Manager provides investment management and other services to the Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, BCX pays the Manager based on the Trust’s net assets which includes the assets of the Subsidiary.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Trust’s investment in other affiliated investment companies, if any. These amounts are included in fees waived by Manager in the Statements of Operations. For the six months ended April 30, 2014, the amounts waived were as follows:


BQY	$	1,454
BQR	$	2,196
BGR	$	17,438
CII	$	6,892
BDJ	$	17,620
BOE	$	9,395
BME	$	2,456
BGY	$	7,384
BCF	$	7,284
BCX	$	8,742
BUI	$	3,359

The Manager, on behalf of each Trust, entered into a sub-advisory agreements with BlackRock Financial Management, Inc. (“BFM”) for BQY, BGR, CII, BDJ and BUI, BIM for BQR, CII, BCF and BUI, BlackRock Capital Management, Inc. for BGY, BCF and BCX and BlackRock International Ltd. for BQR, BGR, BCF and BCX, each an affiliate of the Manager. The Manager pays each sub-advisor for services


140		SEMI-ANNUAL REPORT		APRIL 30, 2014


Notes to Financial Statements (continued)

they provide, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Manager.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Trusts.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to the securities lending agreement effective February 1, 2014, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).

Pursuant to such agreement, each Trust retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Closed-End Complex in a calendar year exceeds the breakpoint dollar threshold applicable in the given year as set forth in the securities lending agreement, each Trust, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income. Prior to February 1, 2014, each Trust retained 65% of securities lending income and paid a fee to BIM equal to 35% of such income. The share of securities lending income earned by each Trust is shown as securities lending — affiliated — net in the Statements of Operations. For the six months ended April 30, 2014, each Trust paid BIM the following amounts for securities lending agent services:


BQR	$	282
BOE	$	14,858
BME	$	86
BGY	$	11,427
BCF	$	34

Certain Trusts recorded payments from an affiliate to compensate for foregone securities lending revenue which is included in other income -affiliated in the Statements of Operations as follows:


BQY	$	1,802
BQR	$	3,778
BGR	$	7,901
CII	$	843
BDJ	$	7,663
BOE	$	7,530
BME	$	2,267
BGY	$	7,166
BCF	$	3,498
BCX	$	21,128
BUI	$	3,288

Certain officers and/or trustees of the Trusts are officers and/or trustees of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in officer and directors in the Statement of Operations.

The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended April 30, 2014, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:


	Purchases		Sales
BQY	$	170,827		—
BGR		—	$	9,890,273
BDJ	$	2,962,425		—
BOE	$	396,740	$	106,334
BME	$	1,018,711	$	1,422,915
BGY	$	339,380	$	91,731

6. Purchases and Sales:

Purchases and sales of investment securities, excluding short-term securities, for the six months ended April 30, 2014, were as follows:


	Purchases		Sales
BQY	$	34,034,270	$	33,629,245
BQR	$	47,765,293	$	47,143,409
BGR	$	546,952,199	$	610,280,794
CII	$	457,573,416	$	445,161,677
BDJ	$	882,457,896	$	918,142,716
BOE	$	1,198,368,379	$	1,188,976,055
BME	$	158,181,205	$	184,107,485
BGY	$	953,069,922	$	954,414,779
BCF	$	247,564,224	$	259,223,564
BCX	$	246,816,948	$	277,906,685
BUI	$	97,972,663	$	108,813,486


		SEMI-ANNUAL REPORT		APRIL 30, 2014		141


Notes to Financial Statements (continued)

Transactions in options written for the six months ended April 30, 2014, were as follows:


	Calls						Puts
	Contracts			Premiums Received			Contracts			Premiums Received

BQY
Outstanding options at beginning of period		442,340		$	543,360			—			—
Options written		1,576,822			2,115,813			31		$	767
Options expired		(680,690	)		(601,669	)		(24	)		(543	)
Options closed		(637,424	)		(1,005,336	)		—			—
Options exercised		(305,572	)		(522,788	)		(7	)		(224	)

Outstanding options at end of period		395,476		$	529,380			—			—



BQR
Outstanding options at beginning of period		6,216,894		$	1,199,341			—			—
Options written		17,431,293			3,724,844			—			—
Options expired		(12,921,419	)		(1,667,675	)		—			—
Options closed		(5,321,209	)		(1,802,229	)		—			—
Options exercised		(878,942	)		(472,263	)		—			—

Outstanding options at end of period		4,526,617		$	982,018			—			—



BGR
Outstanding options at beginning of period		3,588,237		$	8,474,085			—			—
Options written		14,114,058			20,934,888			—			—
Options expired		(7,478,797	)		(8,863,716	)		—			—
Options closed		(6,358,421	)		(12,646,941	)		—			—
Options exercised		(873,090	)		(2,501,597	)		—			—

Outstanding options at end of period		2,991,987		$	5,396,719			—			—



CII
Outstanding options at beginning of period		2,714,615		$	6,091,953			—			—
Options written		9,024,458			30,167,182			842,975		$	1,046,942
Options expired		(4,168,188	)		(12,081,919	)		—			—
Options closed		(2,705,473	)		(9,823,908	)		—			—
Options exercised		(2,862,596	)		(6,330,596	)		(375	)		(36,360	)

Outstanding options at end of period		2,002,816		$	8,022,712			842,600		$	1,010,582



BDJ
Outstanding options at beginning of period		5,090,227		$	12,448,564			—			—
Options written		17,966,668			54,391,477			122,040		$	190,438
Options expired		(5,654,118	)		(15,456,441	)		(611	)		(14,207	)
Options closed		(8,577,653	)		(24,680,471	)		—			—
Options exercised		(5,302,596	)		(13,123,123	)		(129	)		(3,985	)

Outstanding options at end of period		3,522,528		$	13,580,006			121,300		$	172,246


	Calls						Puts
	Contracts			Premiums Received			Contracts			Premiums Received

BOE
Outstanding options at beginning of period		25,066,642		$	15,614,350			—			—
Options written		81,270,408			56,527,462			—			—
Options expired		(34,976,800	)		(22,659,801	)		—			—
Options closed		(33,978,657	)		(24,331,643	)		—			—
Options exercised		(15,266,450	)		(12,417,252	)		—			—

Outstanding options at end of period		22,115,143		$	12,733,116			—			—



BME
Outstanding options at beginning of period		599,254		$	3,147,245			36,800		$	105,616
Options written		1,573,659			9,329,700			379			181,809
Options expired		(817,186	)		(3,979,144	)		(144	)		(56,123	)
Options closed		(598,077	)		(4,665,127	)		(235	)		(125,686	)
Options exercised		(336,863	)		(1,746,355	)		(36,800	)		(105,616	)

Outstanding options at end of period		420,787		$	2,086,319			—			—



BGY
Outstanding options at beginning of period		57,843,462		$	13,626,299			—			—
Options written		144,831,327			45,803,622			—			—
Options expired		(61,362,838	)		(18,363,623	)		—			—
Options closed		(74,272,737	)		(21,141,155	)		—			—
Options exercised		(36,547,429	)		(7,703,779	)		—			—

Outstanding options at end of period		30,491,785		$	12,221,364			—			—



BCF
Outstanding options at beginning of period		9,327,960		$	4,859,346			—			—
Options written		31,282,373			16,673,441			—			—
Options expired		(20,892,807	)		(6,684,910	)		—			—
Options closed		(8,551,925	)		(7,850,345	)		—			—
Options exercised		(2,373,463	)		(2,565,045	)		—			—

Outstanding options at end of period		8,792,138		$	4,432,487			—			—



BCX
Outstanding options at beginning of period		5,065,799		$	4,250,223			—			—
Options written		18,113,151			14,606,108			—			—
Options expired		(8,646,155	)		(5,439,980	)		—			—
Options closed		(6,372,359	)		(6,859,484	)		—			—
Options exercised		(2,696,800	)		(2,600,588	)		—			—

Outstanding options at end of period		5,463,636		$	3,956,279			—			—


142		SEMI-ANNUAL REPORT		APRIL 30, 2014


Notes to Financial Statements (continued)


	Calls						Puts
	Contracts			Premiums Received			Contracts		Premiums Received
BUI
Outstanding options at beginning of period		3,799,037		$	2,144,575			—		—
Options written		12,630,689			7,569,164			—		—
Options expired		(3,653,546	)		(2,063,139	)		—		—
Options closed		(7,195,311	)		(3,788,575	)		—		—
Options exercised		(2,187,405	)		(1,663,259	)		—		—

Outstanding options at end of period		3,393,464		$	2,198,766			—		—

As of April 30, 2014, the value of portfolio securities subject to covered call options written was as follows:


	Value
BQY	$	33,911,740
BQR	$	44,352,732
BGR	$	291,019,978
CII	$	359,652,347
BDJ	$	841,027,783
BOE	$	504,659,061
BME	$	84,393,755
BGY	$	444,251,239
BCF	$	201,685,210
BCX	$	210,325,493
BUI	$	122,374,475

7. Income Tax Information:

As of October 31, 2013, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Expires October 31,	BQR		CII		BDJ		BOE		BGY		BCF		BCX
2016		—	$	2,664,939	$	29,846,203	$	72,179,602		—		—		—
2017	$	21,140,114		70,040,876		77,635,340		38,148,041	$	467,149,104		—		—
2018		9,080,494		2,615,197		8,526,748		—		55,605,462		—		—
2019		1,795,201		—		—		—		—		—		—
No expiration date¹		4,444,329		12,553,184		—		—		20,457,041	$	19,517,626	$	105,772,029

Total	$	36,460,138	$	87,874,196	$	116,008,291	$	110,327,643	$	543,211,607	$	19,517,626	$	105,772,029

Must be utilized prior to losses subject to expiration.

As of April 30, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


	BQY			BQR			BGR			CII			BDJ			BOE
Tax cost	$	85,186,866		$	125,669,380		$	741,074,000		$	638,478,698		$	1,458,680,913		$	1,071,466,406

Gross unrealized appreciation	$	9,732,651		$	21,357,120		$	133,116,723		$	84,872,772		$	278,997,465		$	141,073,962
Gross unrealized depreciation		(4,600,804	)		(30,207,964	)		(19,320,389	)		(44,751,725	)		(75,501,776	)		(41,554,477	)

Net unrealized appreciation (depreciation)	$	5,131,847		$	(8,850,844	)	$	113,796,334		$	40,121,047		$	203,495,689		$	99,519,485


	BME			BGY			BCF			BCX			BUI
Tax cost	$	205,185,237		$	896,174,304		$	583,922,398		$	630,950,346		$	298,803,130

Gross unrealized appreciation	$	73,030,663		$	117,907,309		$	129,315,573		$	64,894,310		$	78,783,733
Gross unrealized depreciation		(5,712,136	)		(32,024,673	)		(113,634,890	)		(38,980,547	)		(993,128	)

Net unrealized appreciation	$	67,318,527		$	85,882,636		$	15,680,683		$	25,913,763		$	77,790,605

8. Concentration, Market and Credit Risk:

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Trusts may be exposed to counterparty credit risk, or the risk that an entity with which the Trusts have unsettled or open transactions may fail

to or be unable to perform on its commitments. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		143


Notes to Financial Statements (concluded)

As of April 30, 2014, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:


Utilities		BQR, BUI
Energy		BGR, BCF, BCX
Health Care		BME
Financials		BQY, CII, BDJ
Information Technology		CII
Materials		BCF, BCX

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

BOE invests a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the U.S. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in United States securities. Please see the Schedule of Investments for concentrations in specific countries.

As of April 30, 2014, the Trusts’ investments listed below had the following industry classifications:


Industry	BOE			BGY
Banks		11	%		13	%
Pharmaceuticals		9			11
Oil, Gas & Consumable Fuels		5			5
Machinery		2			5
Other*		73			66

All other industries held were each less than 5%.

9. Capital Share Transactions:

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust, with the exception of CII. CII is authorized to issue 200 million shares of $0.10 par value shares, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without approval of Common Shareholders.

Shares issued and outstanding during the six months ended April 30, 2014 and the year ended October 31, 2013 increased by the following amounts as a result of dividend reinvestments:


	Six Months Ended April 30, 2014		Year Ended October 31, 2013
BME		51,878		31,115

Shares issued and outstanding remained constant for BQY, BQR, BGR, CII, BDJ, BOE, BGY, BCF, BCX and BUI for the six months ended April 30, 2014 and the year ended October 31, 2013.

10. Subsequent Events:

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

Certain Trusts paid a net investment income dividend on May 30, 2014 to shareholders of record on May 15, 2014 as follows:


	Common Dividend per Share
BQY	$	0.23000
BOE	$	0.31165
BUI	$	0.36250

Additionally, certain Trusts declared a net investment income dividend distribution in the following amounts per share on June 2, 2014 payable to shareholders of record on June 16, 2014 as follows:


	Common Dividend per Share
BQR	$	0.179250
BGR	$	0.405000
CII	$	0.300000
BDJ	$	0.140000
BME	$	0.429975
BGY	$	0.167850
BCF	$	0.174800
BCX	$	0.231200

On June 16, 2014, the Board approved a change to the frequency of regular Trust distributions from quarterly to monthly. As a result of the change, beginning in August 2014 (with respect to BQY, BOE and BUI) or September 2014 (with respect to BQR, BGR, CII, BDJ, BME, BGY, BCF and BCX) shareholders of each Trust will begin receiving distributions on a monthly basis. Distribution rates and relevant dates for the Trusts’ initial monthly distributions will be announced, subject to each Trust’s declaration of such distributions at the discretion of the Board, in August and September, as applicable.


144		SEMI-ANNUAL REPORT		APRIL 30, 2014


Officers and Trustees

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chairperson of the Board, Chairperson of the Audit Committee and Trustee

Paul L. Audet, Trustee

Michael J. Castellano, Trustee and Member of the Audit Committee

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Robert W. Crothers, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer

Janey Ahn, Secretary

Effective June 6, 2014, Brian Kindelan resigned as Chief Compliance Officer and Anti-Money Laundering Officer of the Trust and Charles Park became Chief Compliance Officer and Anti-Money Laundering Officer of the Trust. Mr. Park joined BlackRock in 2009 and is the current Chief Compliance Officer of BlackRock’s iShares exchange traded funds.

Effective June 2, 2014, Alastair Bishop and Joshua Freedman became co-portfolio managers of BQR. The other portfolio managers of BQR are Kyle McClements, Poppy Allonby, Robin Batchelor, Chris Accettella and Desmond Cheung.

Effective June 2, 2014, Alastair Bishop and Joshua Freedman became co-portfolio managers of BCF. The other portfolio managers of BCF are Kyle McClements, Chris Accettella, Poppy Allonby, Robin Batchelor and Olivia Ker.

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisors

BlackRock Financial

Management, Inc.¹

New York, NY 10022

BlackRock Capital

Management, Inc.²

Wilmington, DE 19809

BlackRock Investment

Management, LLC³

Princeton, NJ 08540

BlackRock International Ltd.⁴

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent

The Bank of New York Mellon

Brooklyn, NY 11217

Custodians

The Bank of New York Mellon⁵

New York, NY 10286

Brown Brothers, Harriman & Co.⁶

Boston, MA 02109

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

For BQY, BGR, CII, BDJ and BUI.

For BGY, BCF and BCX.

For BQR, CII, BCF, and BUI.

⁴

For BQR, BGR, BCF and BCX.

⁵

For all Trusts except CII.

⁶

For CII.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		145


Additional Information

General Information

During the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. Other than as disclosed on page 145, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

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

Electronic Delivery

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

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

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

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and 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 call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at
http:// www.sec.gov. and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling
(800) 882-0052; (2) at http:// www.blackrock.com; and (3) on the SEC’ at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts’ voted proxies relating to securities held in the Trusts’ portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http:// www.blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

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


146		SEMI-ANNUAL REPORT		APRIL 30, 2014


Additional Information (concluded)

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the dividends paid by the Trusts for any particular quarter may be more or less than the amount of net investment income earned by the Trusts during such quarter. The portion of dividend distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital.

Dividend distributions in excess of a Trust’s taxable income and net capital gains, but not in excess of a Trust’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a non-taxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


		SEMI-ANNUAL REPORT		APRIL 30, 2014		147

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

LOGO


CEF-BK11- 4/14-SAR


Item 2 –		Code of Ethics – Not Applicable to this semi-annual report

Item 3 –		Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –		Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –		Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –		Investments
		(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
		(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –		Portfolio Managers of Closed-End Management Investment Companies
		(a) Not Applicable to this semi-annual report
		(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –		Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –		Controls and Procedures

		(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

		(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –		Exhibits attached hereto

		(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

		(a)(2) – Certifications – Attached hereto

		(a)(3) – Not Applicable

		(b) – Certifications – Attached hereto


		(c) – Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BlackRock Utility and Infrastructure Trust

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Utility and Infrastructure Trust

Date: July 1, 2014

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



By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Utility and Infrastructure Trust

Date: July 1, 2014

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Utility and Infrastructure Trust

Date: July 1, 2014