UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21493

Name of Fund: BlackRock Strategic Equity Dividend Trust (BDT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

            Equity Dividend 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: 10/31/2012

Date of reporting period: 01/31/2012

Item 1 – Schedule of Investments

 

 

Schedule of Investments January 31, 2012 (Unaudited)

 

 

BlackRock Strategic Equity Dividend Trust (BDT)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

 

 
Building Products – 1.7%   

AO Smith Corp. (a)

    52,550      $ 2,232,324   

Fortune Brands Home and Security, Inc. (a)(b)

    26,700        495,819   

Masco Corp. (a)

    207,000        2,498,490   
   

 

 

 
      5,226,633   

 

 
Capital Markets – 1.9%   

Eaton Vance Corp. (a)

    161,000        4,136,090   

Federated Investors, Inc., Class B (a)

    104,346        1,782,230   
   

 

 

 
      5,918,320   

 

 
Chemicals – 1.8%   

RPM International, Inc.

    146,500        3,666,895   

Stepan Co.

    22,850        1,963,729   
   

 

 

 
      5,630,624   

 

 
Commercial Banks – 7.9%   

BancFirst Corp.

    27,900        1,120,464   

BancorpSouth, Inc.

    116,900        1,312,787   

Bank of Hawaii Corp. (a)

    99,600        4,553,712   

Bank of the Ozarks, Inc.

    83,300        2,331,567   

Chemical Financial Corp.

    52,445        1,186,830   

Community Bank System, Inc.

    66,600        1,822,176   

Community Trust Bancorp, Inc.

    39,300        1,210,833   

Cullen/Frost Bankers, Inc.

    92,000        5,121,640   

IberiaBank Corp. (a)

    23,200        1,212,896   

S&T Bancorp, Inc. (a)

    31,000        673,010   

Trustmark Corp.

    57,500        1,355,275   

Valley National Bancorp (a)

    129,015        1,537,859   

WesBanco, Inc.

    57,800        1,153,688   
   

 

 

 
      24,592,737   

 

 
Commercial Services & Supplies – 3.8%   

ABM Industries, Inc.

    129,800        2,816,660   

Avery Dennison Corp.

    61,441        1,668,123   

McGrath Rentcorp

    49,761        1,584,390   

Mine Safety Appliances Co. (a)

    56,500        1,928,910   

Pitney Bowes, Inc. (a)

    204,300        3,875,571   
   

 

 

 
      11,873,654   

 

 
Computers & Peripherals – 0.9%   

Diebold, Inc. (a)

    84,900        2,690,481   

 

 
Construction Materials – 2.2%   

Martin Marietta Materials, Inc. (a)

    42,000        3,465,420   

Vulcan Materials Co. (a)

    78,200        3,429,852   
   

 

 

 
      6,895,272   

 

 
Containers & Packaging – 2.4%   

Bemis Co., Inc. (a)

    93,500        2,924,680   

Myers Industries, Inc.

    108,348        1,442,112   

Sonoco Products Co.

    99,500        3,114,350   
   

 

 

 
      7,481,142   

 

 
Distributors – 1.8%   

Fastenal Co. (a)

    76,900        3,589,692   

Genuine Parts Co. (a)

    32,300        2,060,094   
   

 

 

 
      5,649,786   

 

 
Diversified Consumer Services – 1.6%   

H&R Block, Inc. (a)

    313,421        5,127,568   

 

 
Diversified Telecommunication Services – 0.9%   

CenturyLink, Inc. (a)

    77,700        2,877,231   

 

 
Electric Utilities – 2.8%   

MGE Energy, Inc.

    40,071        1,797,585   

Northeast Utilities (a)

    162,000        5,629,500   
Common Stocks   Shares     Value  

 

 
Electric Utilities (concluded)    

Otter Tail Corp.

    55,761      $ 1,231,760   
   

 

 

 
      8,658,845   

 

 
Electrical Equipment – 3.1%    

Brady Corp., Class A

    109,300        3,538,041   

Roper Industries, Inc. (a)

    67,400        6,294,486   
   

 

 

 
      9,832,527   

 

 
Energy Equipment & Services – 1.3%    

Helmerich & Payne, Inc. (a)

    63,200        3,900,072   

 

 
Food & Staples Retailing – 1.3%    

Casey’s General Stores, Inc.

    36,700        1,869,498   

SUPERVALU, Inc.

    323,100        2,232,621   
   

 

 

 
      4,102,119   

 

 
Food Products – 6.2%    

Beam, Inc. (a)(b)

    28,400        1,485,604   

Hormel Foods Corp.

    275,200        7,920,256   

The J.M. Smucker Co. (a)

    37,105        2,923,132   

Lancaster Colony Corp.

    45,800        3,182,642   

McCormick & Co., Inc.

    73,700        3,724,798   
   

 

 

 
      19,236,432   

 

 
Gas Utilities – 10.4%    

Atmos Energy Corp.

    92,000        2,981,720   

Energen Corp. (a)

    61,500        2,962,455   

National Fuel Gas Co. (a)

    64,700        3,253,116   

New Jersey Resources Corp.

    121,200        5,783,664   

Northwest Natural Gas Co.

    79,700        3,789,735   

Piedmont Natural Gas Co., Inc.

    98,300        3,236,036   

South Jersey Industries, Inc.

    78,000        4,280,640   

UGI Corp.

    103,900        2,795,949   

WGL Holdings, Inc.

    78,300        3,339,495   
   

 

 

 
      32,422,810   

 

 
Health Care Equipment & Supplies – 1.3%    

Meridian Bioscience, Inc. (a)

    62,000        1,081,280   

Teleflex, Inc.

    50,500        3,090,095   
   

 

 

 
      4,171,375   

 

 
Household Durables – 3.3%    

Leggett & Platt, Inc.

    141,133        3,028,714   

Stanley Black & Decker, Inc. (a)

    105,500        7,403,990   
   

 

 

 
      10,432,704   

 

 
Industrial Conglomerates – 0.8%    

Raven Industries, Inc.

    39,828        2,584,439   

 

 
Insurance – 6.8%    

Arthur J. Gallagher & Co.

    104,000        3,467,360   

Cincinnati Financial Corp.

    182,442        5,962,205   

Erie Indemnity Co., Class A

    64,100        4,914,547   

Harleysville Group, Inc.

    37,700        2,130,804   

Mercury General Corp.

    56,000        2,447,200   

Old Republic International Corp.

    226,400        2,236,832   
   

 

 

 
      21,158,948   

 

 
Leisure Equipment & Products – 2.5%    

Polaris Industries, Inc. (a)

    121,000        7,792,400   

 

 
Machinery – 5.3%    

Badger Meter, Inc.

    47,000        1,510,580   

Dover Corp.

    44,500        2,821,745   

Graco, Inc.

    39,600        1,820,808   

NACCO Industries, Inc., Class A

    25,400        2,595,880   

Pentair, Inc. (a)

    145,300        5,349,946   
 

 

                   
          JANUARY 31, 2012    1

 

 

Schedule of Investments (continued)

 

 

BlackRock Strategic Equity Dividend Trust (BDT)

(Percentages shown are based on Net Assets)

 

Common Stocks   Shares     Value  

 

 
Machinery (concluded)   

Tennant Co.

    61,302      $ 2,358,901   
   

 

 

 
      16,457,860   

 

 
Media – 0.4%    

Meredith Corp.

    41,900        1,319,431   

 

 
Multiline Retail – 0.9%    

Family Dollar Stores, Inc. (a)

    51,200        2,856,960   

 

 
Multi-Utilities – 6.1%    

Black Hills Corp.

    57,100        1,927,696   

Integrys Energy Group, Inc.

    76,800        3,986,688   

MDU Resources Group, Inc.

    185,600        3,968,128   

NSTAR (a)

    137,000        6,155,410   

Vectren Corp.

    106,400        3,041,976   
   

 

 

 
      19,079,898   

 

 
Real Estate Investment Trusts (REITs) – 9.2%   

Federal Realty Investment Trust

    36,600        3,457,236   

Getty Realty Corp. (a)

    90,800        1,521,808   

Home Properties, Inc. (a)

    86,300        5,141,754   

Liberty Property Trust

    60,800        2,024,032   

National Retail Properties, Inc.

    87,600        2,366,076   

Realty Income Corp.

    69,418        2,526,815   

Sovran Self Storage, Inc.

    37,680        1,752,874   

Tanger Factory Outlet Centers (a)

    66,000        1,947,000   

UDR, Inc.

    114,700        2,984,494   

Universal Health Realty Income Trust

    33,525        1,340,665   

Washington REIT

    50,700        1,510,860   

Weingarten Realty Investors

    94,600        2,295,942   
   

 

 

 
      28,869,556   

 

 
Semiconductors & Semiconductor Equipment – 1.6%   

Linear Technology Corp. (a)

    147,100        4,901,372   

 

 
Tobacco – 2.1%    

Universal Corp. (a)

    69,700        3,128,136   

Vector Group Ltd.

    199,710        3,476,951   
   

 

 

 
      6,605,087   

 

 
Water Utilities – 3.2%   

American States Water Co. (a)

    31,925        1,154,727   

Aqua America, Inc. (a)

    238,000        5,250,280   

California Water Service Group

    64,918        1,197,737   

Middlesex Water Co.

    66,100        1,248,629   

SJW Corp.

    43,900        1,039,991   
   

 

 

 
      9,891,364   

 

 

Total Long-Term Investments

(Cost – $284,174,860) – 95.5%

  

  

    298,237,647   

 

 

 

 
Short-Term Securities            

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.15% (c)(d)

    13,540,358        13,540,358   

 

 

Total Short-Term Securities

(Cost – $13,540,358) – 4.3%

  

  

    13,540,358   

 

 

Total Investments Before Outstanding Options Written

(Cost – $297,715,218*) – 99.8%

    

  

    311,778,005   

 

 

 

 
Options Written   Contracts     Value  

 

 
Exchange-Traded Call Options – (0.3)%    

American States Water Co., Strike Price USD 35, Expires 2/20/12

    64      $ (8,320 ) 

AO Smith Corp., Strike Price USD 40, Expires 2/20/12

    105        (29,400 ) 

Aqua America, Inc., Strike Price USD 21.75, Expires 2/20/12

    170        (9,222 ) 

Bank of Hawaii Corp., Strike Price USD 45, Expires 2/20/12

    200        (28,500 ) 

Beam, Inc.:

   

Strike Price USD 50, Expires 2/20/12

    45        (10,462 ) 

Strike Price USD 52.50, Expires 2/20/12

    12        (960 ) 

Bemis Co., Inc., Strike Price USD 30, Expires 2/20/12

    162        (21,870 ) 

CenturyLink, Inc.:

   

Strike Price USD 36, Expires 2/20/12

    78        (12,480 ) 

Strike Price USD 37, Expires 2/20/12

    75        (6,750 ) 

Diebold, Inc., Strike Price USD 30.75, Expires 3/13/12

    170        (27,834 ) 

Eaton Vance Corp.:

   

Strike Price USD 25, Expires 2/20/12

    153        (16,448 ) 

Strike Price USD 25, Expires 3/19/12

    169        (24,928 ) 

Energen Corp.:

   

Strike Price USD 50, Expires 2/20/12

    40        (4,600 ) 

Strike Price USD 55, Expires 3/19/12

    83        (9,960 ) 

Family Dollar Stores, Inc., Strike Price USD 57, Expires 2/29/12

    105        (6,391 ) 

Fastenal Co., Strike Price USD 46.50, Expires 3/26/12

    154        (31,169 ) 

Federated Investors, Inc., Class B, Strike Price USD 15, Expires 2/20/12

    198        (41,580 ) 

Fortune Brands Home and Security, Inc., Strike Price USD 17.50, Expires 3/19/12

    53        (8,348 ) 

Genuine Parts Co., Strike Price USD 64, Expires 2/29/12

    65        (6,037 ) 

Getty Realty Corp., Strike Price USD 15, Expires 2/20/12

    180        (33,750 ) 

H&R Block, Inc., Strike Price USD 17, Expires 3/19/12

    625        (25,000 ) 

Helmerich & Payne, Inc., Strike Price USD 62.50, Expires 2/20/12

    125        (21,250 ) 

Home Properties, Inc., Strike Price USD 55, Expires 2/20/12

    58        (29,580 ) 

IberiaBank Corp., Strike Price USD 55, Expires 3/19/12

    46        (7,245 ) 

The J.M. Smucker Co., Strike Price USD 81, Expires 2/29/12

    74        (5,767 ) 

Linear Technology Corp.:

   

Strike Price USD 33, Expires 2/20/12

    71        (6,035 ) 

Strike Price USD 34, Expires 3/19/12

    223        (15,610 ) 

Martin Marietta Materials, Inc., Strike Price USD 80, Expires 3/19/12

    85        (38,675 ) 

Masco Corp., Strike Price USD 11.50, Expires 2/20/12

    226        (18,737 ) 

Meridian Bioscience, Inc., Strike Price USD 20, Expires 3/19/12

    124        (2,480 ) 

Mine Safety Appliances Co., Strike Price USD 35, Expires 2/20/12

    113        (14,125 ) 

National Fuel Gas Co., Strike Price USD 51, Expires 2/29/12

    130        (15,885 ) 
 

 

                   
2           JANUARY 31, 2012   

 

 

Schedule of Investments (continued)

 

 

BlackRock Strategic Equity Dividend Trust (BDT)

(Percentages shown are based on Net Assets)

 

Options Written   Contracts     Value  

 

 
Exchange-Traded Call Options (concluded)    

Northeast Utilities, Strike Price USD 35, Expires 3/19/12

    325      $ (17,062 ) 

NSTAR, Strike Price USD 45, Expires 2/29/12

    135        (14,540 ) 

Pentair, Inc., Strike Price USD 38, Expires 2/29/12

    290        (16,711 ) 

Pitney Bowes, Inc., Strike Price USD 19, Expires 3/19/12

    410        (24,600 ) 

Polaris Industries, Inc., Strike Price USD 62.50, Expires 3/19/12

    240        (94,800 ) 

Roper Industries, Inc., Strike Price USD 95, Expires 3/19/12

    134        (34,170 ) 

S&T Bancorp, Inc., Strike Price USD 20, Expires 2/20/12

    62        (11,005 ) 

Stanley Black & Decker, Inc., Strike Price USD 72.50, Expires 3/19/12

    210        (30,975 ) 

Tanger Factory Outlet Centers, Strike Price USD 30, Expires 2/20/12

    132        (3,630 ) 

Universal Corp., Strike Price USD 45, Expires 2/20/12

    140        (15,750 ) 

Valley National Bancorp, Strike Price USD 13, Expires 3/19/12

    258        (1,935 ) 

Vulcan Materials Co., Strike Price USD 43, Expires 3/19/12

    156        (33,930 ) 

 

 

Total Exchange-Traded Call Options

      (838,506 ) 

 

 
Over-the-Counter Call Options – (0.3)%    

ABM Industries, Inc., Strike Price USD 21.75, Expires 3/09/12, Broker Goldman Sachs & Co.

    26,000        (27,799 ) 

Aqua America, Inc.:

   

Strike Price USD 21.33, Expires 3/02/12, Broker Morgan Stanley & Co., Inc.

    15,500        (14,149 ) 

Strike Price USD 21.41, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

    15,000        (13,500 ) 

Arthur J. Gallagher & Co., Strike Price USD 32.72, Expires 2/24/12, Broker Deutsche Bank Securities Corp.

    21,000        (19,971 ) 

Atmos Energy Corp., Strike Price USD 32.62, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    18,400        (13,892 ) 

BancFirst Corp., Strike Price USD 40.53, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

    5,500        (9,842 ) 

BancorpSouth, Inc., Strike Price USD 12.09, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

    23,500        (2,456 ) 

Bank of the Ozarks, Inc., Strike Price USD 31.31, Expires 3/02/12, Broker Citigroup Global Markets, Inc.

    16,500        (2,243 ) 

Black Hills Corp., Strike Price USD 33.27, Expires 2/29/12, Broker Credit Suisse First Boston

    11,500        (15,025 ) 

Brady Corp., Class A, Strike Price USD 31.75, Expires 2/17/12, Broker UBS Securities LLC

    21,800        (31,899 ) 

California Water Service Group:

   

Strike Price USD 17.92, Expires 3/06/12, Broker Credit Suisse First Boston

    6,500        (5,198 ) 

Strike Price USD 17.98, Expires 3/13/12, Broker Morgan Stanley & Co., Inc.

    6,500        (5,236 ) 

Casey’s General Stores, Inc., Strike Price USD 53.74, Expires 3/23/12, Broker UBS Securities LLC

    7,300        (10,016 ) 
Options Written   Contracts     Value  

 

 
Over-the-Counter Call Options (continued)    

Chemical Financial Corp., Strike Price USD 22.02, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

    10,500      $ (15,681 ) 

Cincinnati Financial Corp., Strike Price USD 30.91, Expires 2/17/12, Broker Morgan Stanley & Co., Inc.

    36,500        (68,761 ) 

Community Bank System, Inc., Strike Price USD 27.23, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

    12,500        (15,494 ) 

Community Trust Bancorp, Inc., Strike Price USD 30.78, Expires 2/17/12, Broker Deutsche Bank Securities Corp.

    8,000        (6,209 ) 

Cullen/Frost Bankers, Inc., Strike Price USD 56.76, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    18,400        (10,939 ) 

Erie Indemnity Co., Class A, Strike Price USD 78.29, Expires 2/08/12, Broker Deutsche Bank Securities Corp.

    12,800        (5,453 ) 

Federal Realty Investment Trust, Strike Price USD 91.62, Expires 2/29/12, Broker Goldman Sachs & Co.

    7,500        (29,349 ) 

Graco, Inc., Strike Price USD 44.34, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    8,000        (18,016 ) 

Home Properties, Inc., Strike Price USD 57.24, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    11,500        (36,960 ) 

Hormel Foods Corp., Strike Price USD 29, Expires 2/02/12, Broker Morgan Stanley & Co., Inc.

    55,000        (2,447 ) 

Lancaster Colony Corp., Strike Price USD 70.30, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    9,200        (21,060 ) 

Leggett & Platt, Inc., Strike Price USD 23.28, Expires 3/23/12, Broker UBS Securities LLC

    28,200        (7,139 ) 

Liberty Property Trust, Strike Price USD 33.45, Expires 4/10/12, Broker Goldman Sachs & Co.

    12,100        (12,684 ) 

McCormick & Co., Inc., Strike Price USD 51.62, Expires 3/23/12, Broker Morgan Stanley & Co., Inc.

    14,700        (13,169 ) 

McGrath Rentcorp, Strike Price USD 30.00, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

    10,000        (26,462 ) 

MDU Resources Group, Inc., Strike Price USD 21.38, Expires 3/01/12, Broker Deutsche Bank Securities Corp.

    37,000        (23,975 ) 

Mercury General Corp., Strike Price USD 44.25, Expires 3/26/12, Broker Goldman Sachs & Co.

    11,200        (16,981 ) 

Meredith Corp., Strike Price USD 32.50, Expires 3/09/12, Broker Goldman Sachs & Co.

    8,400        (8,669 ) 

MGE Energy, Inc., Strike Price USD 45.01, Expires 2/27/12, Broker Goldman Sachs & Co.

    8,000        (9,622 ) 

Middlesex Water Co., Strike Price USD 19.01, Expires 3/26/12, Broker Citigroup Global Markets, Inc.

    13,300        (8,820 ) 

Myers Industries, Inc., Strike Price USD 13.13, Expires 3/26/12, Broker Deutsche Bank Securities Corp.

    21,700        (10,158 ) 

NACCO Industries, Inc., Class A, Strike Price USD 92.37, Expires 3/09/12, Broker Citigroup Global Markets, Inc.

    5,000        (59,500 ) 

National Retail Properties, Inc., Strike Price USD 26.85, Expires 3/23/12, Broker UBS Securities LLC

    17,500        (11,486 ) 
 

 

                   
          JANUARY 31, 2012    3

 

 

Schedule of Investments (continued)

 

 

BlackRock Strategic Equity Dividend Trust (BDT)

(Percentages shown are based on Net Assets)

 

Options Written   Contracts     Value  

 

 
Over-the-Counter Call Options (continued)   

New Jersey Resources Corp.:

   

Strike Price USD 48.91, Expires 3/01/12, Broker UBS Securities LLC

    10,000      $ (2,537 ) 

Strike Price USD 49.40, Expires 3/01/12, Broker Deutsche Bank Securities Corp.

    14,300        (10,947 ) 

Northwest Natural Gas Co., Strike Price USD 47.67, Expires 2/22/12, Broker Goldman Sachs & Co.

    16,000        (12,279 ) 

NSTAR, Strike Price USD 44.34, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    14,000        (19,743 ) 

Old Republic International Corp., Strike Price USD 9.10, Expires 3/02/12, Broker Goldman Sachs & Co.

    45,000        (35,100 ) 

Otter Tail Corp., Strike Price USD 21.32, Expires 2/09/12, Broker Morgan Stanley & Co., Inc.

    11,000        (8,485 ) 

Raven Industries, Inc., Strike Price USD 65.15, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    8,000        (30,297 ) 

Realty Income Corp., Strike Price USD 35.97, Expires 2/29/12, Broker Goldman Sachs & Co.

    14,000        (11,839 ) 

RPM International, Inc., Strike Price USD 23.76, Expires 2/23/12, Broker Banc of America Securities

    29,500        (40,876 ) 

SJW Corp., Strike Price USD 23.95, Expires 2/17/12, Broker Morgan Stanley & Co., Inc.

    8,800        (5,101 ) 

Sonoco Products Co., Strike Price USD 31.94, Expires 2/29/12, Broker Banc of America Securities

    20,000        (8,083 ) 

South Jersey Industries, Inc., Strike Price USD 54.79, Expires 2/29/12, Broker Goldman Sachs & Co.

    15,500        (16,115 ) 

Sovran Self Storage, Inc., Strike Price USD 40.58, Expires 2/09/12, Broker Morgan Stanley & Co., Inc.

    6,500        (38,610 ) 

Stepan Co., Strike Price USD 87.66, Expires 2/29/12, Broker Citigroup Global Markets, Inc.

    4,500        (16,786 ) 

SUPERVALU, Inc., Strike Price USD 7, Expires 2/29/12, Broker Goldman Sachs & Co.

    64,500        (13,873 ) 

Teleflex, Inc., Strike Price USD 61.41, Expires 2/29/12, Broker Deutsche Bank Securities Corp.

    10,100        (18,881 ) 
Options Written   Contracts     Value  

 

 
Over-the-Counter Call Options (concluded)   

Tennant Co., Strike Price USD 38.37, Expires 2/29/12, Broker Goldman Sachs & Co.

    12,000      $ (25,340 ) 

Trustmark Corp., Strike Price USD 25.76, Expires 3/23/12, Broker Citigroup Global Markets, Inc.

    11,500        (8,150 ) 

UGI Corp., Strike Price USD 27.13, Expires 3/09/12, Broker Deutsche Bank Securities Corp.

    21,000        (16,716 ) 

Universal Health Realty Income Trust, Strike Price USD 39.20, Expires 2/27/12, Broker Deutsche Bank Securities Corp.

    6,700        (12,244 ) 

Vector Group Ltd., Strike Price USD 17.59, Expires 2/29/12, Broker Goldman Sachs & Co.

    40,000        (6,085 ) 

Vectren Corp., Strike Price USD 29.63, Expires 2/28/12, Broker Deutsche Bank Securities Corp.

    21,300        (4,372 ) 

Weingarten Realty Investors, Strike Price USD 20.68, Expires 2/09/12, Broker Goldman Sachs & Co.

    19,000        (68,210 ) 

WesBanco, Inc., Strike Price USD 21.01, Expires 2/16/12, Broker Morgan Stanley & Co., Inc.

    11,600        (4,226 ) 

WGL Holdings, Inc., Strike Price USD 43.81, Expires 2/29/12, Broker Morgan Stanley & Co., Inc.

    15,700        (2,988 ) 

 

 

Total Over-the-Counter Call Options

  

    (1,048,143 ) 

 

 

Total Options Written

(Premiums Received – $1,593,308) – (0.6)%

  

  

    (1,886,649 ) 

 

 

Total Investments Net of Outstanding Options Written – 99.2%

    

    309,891,356   

Other Assets Less Liabilities – 0.8%

  

    2,618,076   
   

 

 

 

Net Assets – 100.0%

    $312,509,432   
   

 

 

 

 

* As of January 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 310,955,330   
  

 

 

 

Gross unrealized appreciation

   $ 27,750,870   

Gross unrealized depreciation

     (26,928,195 ) 
  

 

 

 

Net unrealized appreciation

   $ 822,675   
  

 

 

 
(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) Represents the current yield as of report date.
 
(d) Investments in companies considered to be an affiliate of the Trust during the period, 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,
2011

          Net
Activity 		         

Shares

Held at
January 31,
2012

          Realized
Gain 		          Income       

BlackRock Liquidity Funds, TempFund, Institutional Class

   12,976,225         564,133         13,540,358         $272         $4,739     

 

                   
4           JANUARY 31, 2012   

 

 

Schedule of Investments (concluded)

 

 

BlackRock Strategic Equity Dividend Trust (BDT)

 

•  

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

 

•  

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

 

  •  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

  •  

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

 

  •  

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

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of January 31, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

Valuation Inputs   Level 1     Level 2   Level 3   Total  

Assets:

       

Investments:

       

Long-Term Investments 1

  $ 298,237,647      –   –   $ 298,237,647   

Short-Term Securities

    13,540,358      –   –     13,540,358   

 

 

Total

  $ 311,778,005      –   –   $ 311,778,005   
 

 

 

 

 

1

See above Schedule of Investments for values in each industry.

 

Valuation Inputs   Level 1     Level 2     Level 3   Total  

Derivative Financial Instruments 2

       

Liabilities:

       

Equity contracts

  $ (686,213 )    $ (1,200,436 )    –   $ (1,886,649 ) 

 

 

 

2

Derivative financial instruments are options which are shown at value.

 

 

Portfolio Abbreviations

                        
To simplify the listings of portfolio holdings in the Trust’s Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:    REIT    Real Estate Investment Trust    USD    US Dollar   

 

                   
          JANUARY 31, 2012    5

Item 2 – Controls and Procedures

 

2(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.
2(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

            Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Strategic Equity Dividend Trust

 

By:  

/s/ John M. Perlowski

  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Strategic Equity Dividend Trust
Date:   March 23, 2012

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 Strategic Equity Dividend Trust
Date:   March 23, 2012

 

By:  

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Strategic Equity Dividend Trust
Date:   March 23, 2012
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