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 Dividend Achievers™ 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 Dividend Achievers™ 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: 10/31/2011

Date of reporting period: 01/31/2011

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2011 (Unaudited)    BlackRock Strategic Dividend Achievers TM Trust (BDT)
   (Percentages shown are based on Net Assets)

 

     Shares      Value  

Common Stocks

     

Building Products – 1.8%

     

AO Smith Corp.(a)

     53,450       $ 2,288,194   

Masco Corp.(a)

     240,500         3,203,460   
           
        5,491,654   
           

Capital Markets – 2.4%

     

Eaton Vance Corp.(a)

     166,600         5,047,980   

Federated Investors, Inc., Class B

     87,146         2,359,914   
           
        7,407,894   
           

Chemicals – 1.7%

     

RPM International, Inc.(a)

     151,400         3,547,302   

Stepan Co.(a)

     24,150         1,751,358   
           
        5,298,660   
           

Commercial Banks – 8.9%

     

BancFirst Corp.(a)

     28,699         1,164,031   

BancorpSouth, Inc.(a)

     121,654         1,902,668   

Bank of Hawaii Corp.(a)

     99,800         4,677,626   

Bank of the Ozarks, Inc.(a)

     45,359         1,956,334   

Chemical Financial Corp.(a)

     56,145         1,165,570   

Community Bank System, Inc.(a)

     67,600         1,708,928   

Community Trust BanCorp, Inc.(a)

     40,515         1,171,289   

Cullen/Frost Bankers, Inc.(a)

     94,938         5,485,518   

Iberiabank Corp.

     19,585         1,110,861   

S&T BanCorp, Inc.(a)

     31,200         681,720   

Trustmark Corp.(a)

     60,200         1,444,198   

United Bankshares, Inc.(a)

     88,000         2,481,600   

Valley National BanCorp(a)

     129,000         1,745,370   

WesBanco, Inc.(a)

     60,200         1,134,770   
           
        27,830,483   
           

Commercial Services & Supplies – 4.9%

     

ABM Industries, Inc.(a)

     136,030         3,495,971   

Avery Dennison Corp.(a)

     76,941         3,238,447   

McGrath RentCorp(a)

     52,261         1,319,068   

Mine Safety Appliances Co.(a)

     72,700         2,266,786   

Pitney Bowes, Inc.(a)

     209,700         5,091,516   
           
        15,411,788   
           

Computers & Peripherals – 0.9%

     

Diebold, Inc.(a)

     87,530         2,683,670   
           

Containers & Packaging – 2.5%

     

Bemis Co., Inc.(a)

     95,500         3,108,525   

Myers Industries, Inc.(a)

     110,348         1,008,581   

Sonoco Products Co.(a)

     101,500         3,608,325   
           
        7,725,431   
           

Contruction Materials – 2.3%

     

Martin Marietta Materials, Inc.(a)

     43,400         3,623,900   

Vulcan Materials Co.(a)

     82,800         3,523,968   
           
        7,147,868   
           

Distributors – 0.6%

     

Genuine Parts Co.(a)

     34,000         1,759,500   
           

Diversified Consumer Services – 1.3%

     

H&R Block, Inc.(a)

     326,921         4,093,051   
           

Diversified Telecommunication Services – 1.1%

     

CenturyLink, Inc.(a)

     80,300         3,472,172   
           

Electric Utilities – 2.7%

     

MGE Energy, Inc.(a)

     40,371         1,643,100   

Northeast Utilities(a)

     166,400         5,477,888   

Otter Tail Corp.(a)

     56,461         1,279,971   
           
        8,400,959   
           

Electrical Equipment – 2.9%

     

Brady Corp., Class A(a)

     110,700         3,625,425   

Roper Industries, Inc.(a)

     70,300         5,461,607   
           
        9,087,032   
           

Energy Equipment & Services – 1.3%

     

Helmerich & Payne, Inc.(a)

     66,700         3,917,291   
           

Food & Staples Retailing – 1.3%

     

Casey’s General Stores, Inc.(a)

     38,400         1,631,616   

SUPERVALU, Inc.(a)

     333,500         2,431,215   
           
        4,062,831   
           

Food Products – 5.0%

     

Hormel Foods Corp.(a)

     142,350         7,032,090   

JM Smucker Co. (The)(a)

     39,105         2,430,767   

Lancaster Colony Corp.(a)

     47,600         2,645,132   

McCormick & Co., Inc.(a)

     75,000         3,315,000   
           
        15,422,989   
           

Gas Utilities – 10.6%

     

Atmos Energy Corp.(a)

     93,900         3,061,140   

Energen Corp.(a)

     63,000         3,521,700   

National Fuel Gas Co.(a)

     66,100         4,517,274   

New Jersey Resources Corp.(a)

     123,000         5,161,080   

Northwest Natural Gas Co.(a)

     80,600         3,591,536   

Piedmont Natural Gas Co., Inc.(a)

     101,600         2,850,896   

South Jersey Industries, Inc.(a)

     79,700         4,163,528   

UGI Corp.(a)

     105,400         3,304,290   

WGL Holdings, Inc.(a)

     80,585         2,905,895   
           
        33,077,339   
           

Health Care Equipment & Supplies – 2.4%

     

Beckman Coulter, Inc.(a)

     43,291         3,117,385   

Meridian Bioscience, Inc.(a)

     65,000         1,426,100   

Teleflex, Inc.(a)

     53,000         3,037,960   
           
        7,581,445   
           

Household Durables – 4.2%

     

Fortune Brands, Inc.(a)

     29,000         1,788,720   

Leggett & Platt, Inc.(a)

     149,433         3,366,725   

Stanley Black & Decker, Inc.(a)

     109,548         7,961,949   
           
        13,117,394   
           

Industrial Conglomerates – 0.6%

     

Raven Industries, Inc.(a)

     42,600         2,012,424   
           

Insurance – 6.3%

     

Arthur J. Gallagher & Co.(a)

     108,400         3,217,312   

Cincinnati Financial Corp.(a)

     186,642         5,980,010   

Erie Indemnity Co., Class A

     53,400         3,546,828   

Harleysville Group, Inc.(a)

     47,200         1,667,576   

Mercury General Corp.(a)

     57,700         2,449,365   

Old Republic International Corp.(a)

     234,800         2,871,604   
           
        19,732,695   
           

Leisure Equipment & Products – 1.6%

     

Polaris Industries, Inc.(a)

     65,200         5,015,184   
           

 

         JANUARY 31, 2011   1

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

 

     Shares      Value  

Common Stocks

     

Machinery – 5.9%

     

Badger Meter, Inc.(a)

     59,000       $ 2,418,410   

Dover Corp.(a)

     57,000         3,653,700   

Graco, Inc.(a)

     43,100         1,830,888   

NACCO Industries, Inc., Class A(a)

     26,200         2,626,550   

Pentair, Inc.(a)

     149,100         5,392,947   

Tennant Co.(a)

     62,202         2,509,229   
           
        18,431,724   
           

Media – 0.5%

     

Meredith Corp.(a)

     43,300         1,459,210   
           

Multiline Retail – 0.7%

     

Family Dollar Stores, Inc.(a)

     53,800         2,285,424   
           

Multi-Utilities – 5.8%

     

Black Hills Corp.(a)

     58,500         1,814,085   

Integrys Energy Group, Inc.(a)

     78,200         3,721,538   

MDU Resources Group, Inc.(a)

     190,900         4,052,807   

NSTAR(a)

     126,200         5,474,556   

Vectren Corp.(a)

     110,050         2,915,224   
           
        17,978,210   
           

Real Estate Investment Trusts (REITS) – 9.6%

     

Federal Realty Investment Trust(a)

     38,400         3,088,512   

Getty Realty Corp.(a)

     91,500         2,657,160   

Home Properties, Inc.(a)

     88,700         4,938,816   

Liberty Property Trust REIT

     51,500         1,790,655   

National Retail Properties, Inc.(a)

     90,700         2,253,895   

Realty Income Corp.(a)

     70,318         2,458,317   

Sovran Self Storage, Inc.(a)

     37,880         1,456,107   

Tanger Factory Outlet Centers(a)

     67,900         1,772,869   

UDR, Inc.(a)

     148,200         3,479,736   

Universal Health Realty Income Trust(a)

     43,125         1,567,594   

Washington REIT(a)

     64,200         1,969,656   

Weingarten Realty Investors(a)

     96,500         2,366,180   
           
        29,799,497   
           

Semiconductors & Semiconductor Equipment – 1.7%

     

Linear Technology Corp.(a)

     150,700         5,242,853   
           

Tobacco – 1.9%

     

Universal Corp.(a)

     72,900         2,762,181   

Vector Group Ltd.(a)

     194,145         3,108,261   
           
        5,870,442   
           

Trading Companies & Distributors – 0.8%

     

Fastenal Co.(a)

     40,500         2,351,430   
           

Water Utilities – 3.3%

     

American States Water Co.(a)

     32,225         1,095,650   

Aqua America, Inc.(a)

     241,200         5,576,544   

California Water Service Group(a)

     33,059         1,206,653   

Middlesex Water Co.(a)

     67,000         1,191,260   

SJW Corp.(a)

     45,000         1,099,800   
           
        10,169,907   
           

Total Long-Term Investments
(Cost – $288,249,972) – 97.5%

        303,338,451   
           

Short-Term Securities

     

BlackRock Liquidity Funds, TempFund, Institutional Class,

     

0.17%(b)(c)

     6,546,702         6,546,702   
           

Total Short-Term Securities
(Cost – $6,546,702) – 2.1%

        6,546,702   
           

Total Investments Before Outstanding Options Written
(Cost – $294,796,674*) – 99.6%

        309,885,153   
           
     Contracts         

Options Written

     

Exchange-Traded Call Options Written – (0.2)%

     

Beckman Coulter, Inc., Strike Price USD 72.50, Expires 2/21/11

     28         (7,630 ) 

Beckman Coulter, Inc., Strike Price USD 57.50, Expires 2/22/11

     58         (86,710 ) 

Bemis Co., Inc., Strike Price USD 35, Expires 4/18/11

     141         (3,877 ) 

Dover Corp., Strike Price USD 60, Expires 2/22/11

     115         (51,175 ) 

Energen Corp., Strike Price USD 55, Expires 3/21/11

     125         (24,375 ) 

Family Dollar Stores, Inc., Strike Price USD 44, Expires 3/21/11

     110         (7,150 ) 

Fastenal Co., Strike Price USD 60, Expires 3/21/11

     80         (8,000 ) 

Federal Realty Investment Trust, Strike Price USD 80, Expires 3/21/11

     77         (18,865 ) 

Fortune Brands, Inc., Strike Price USD 65, Expires 3/21/11

     35         (1,750 ) 

Helmerich & Payne, Inc., Strike Price USD 52.50, Expires 3/21/11

     135         (93,150 ) 

Integrys Energy Group, Inc., Strike Price USD 50, Expires 2/22/11

     155         (1,550 ) 

Jm Smucker Co, Strike Price USD 65, Expires 2/21/11

     80         (3,600 ) 

Lancaster Colony Corp., Strike Price USD 55, Expires 3/21/11

     95         (17,812 ) 

Leggett & Platt, Inc., Strike Price USD 20, Expires 3/21/11

     300         (81,000 ) 

Linear Technology Corp., Strike Price USD 35, Expires 3/21/11

     300         (29,250 ) 

Martin Marietta Materials, Inc., Strike Price USD 90, Expires 3/21/11

     87         (8,047 ) 

Masco Corp., Strike Price USD 15, Expires 4/18/11

     480         (21,600 ) 

National Fuel Gas Co., Strike Price USD 65, Expires 2/22/11

     130         (51,350 ) 

Pitney Bowes, Inc., Strike Price USD 25, Expires 2/22/11

     210         (4,200 ) 

Pitney Bowes, Inc., Strike Price USD 24, Expires 3/21/11

     210         (16,800 ) 

Polaris Industries, Inc., Strike Price USD 75, Expires 3/21/11

     130         (58,500 ) 

Realty Income Corp., Strike Price USD 35, Expires 3/21/11

     140         (10,150 ) 

Roper Industries, Inc., Strike Price USD 80, Expires 2/22/11

     140         (6,650 ) 

Sonoco Products Co, Strike Price USD 35, Expires 2/22/11

     200         (23,500 ) 

 

2        JANUARY 31, 2011    

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

 

     Contracts    Value

Options Written

         

Exchange-Traded Call Options Written (continued)

         

Sovran Self Storage, Inc., Strike Price USD 40, Expires 3/21/11

       76        $ (15,200 )

Stanley Black & Decker, Inc., Strike Price USD 67.50, Expires 3/21/11

       220          (128,700 )

SUPERVALU, Inc., Strike Price USD 10, Expires 2/22/11

       334          (1,670 )

Tanger Factory Outlet Centers, Strike Price USD 25, Expires 2/21/11

       131          (15,393 )

Vulcan Materials Co., Strike Price USD 42, Expires 2/21/11

       165          (30,525 )

Washington REIT, Strike Price USD 30, Expires 4/18/11

       128          (20,800 )
               

Total Exchange-Traded Call Options Written

            (848,979 )
               

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

         

ABM Industries, Inc., Strike Price USD 23.41, Expires 2/02/11, Broker JPMorgan Chase Securities

       27,000          (61,873 )

American States Water Co., Strike Price USD 34.54, Expires 2/09/11, Broker UBS Securities LLC

       6,500          (2,220 )

AO Smith Corp., Strike Price USD 44.49, Expires 2/25/11, Broker Citigroup Global Markets, Inc.

       10,700          (6,075 )

Aqua America, Inc., Strike Price USD 22, Expires 2/02/11, Broker JPMorgan Chase Securities

       16,000          (17,920 )

Aqua America, Inc., Strike Price USD 23.50, Expires 3/07/11, Broker UBS Securities LLC

       16,500          (4,344 )

Aqua America, Inc., Strike Price USD 23.45, Expires 3/14/11, Broker Citigroup Global Markets, Inc.

       8,000          (3,790 )

Aqua America, Inc., Strike Price USD 23.25, Expires 3/14/11, Broker UBS Securities LLC

       7,700          (3,234 )

Arthur J. Gallagher & Co., Strike Price USD 29.19, Expires 3/25/11, Broker Citigroup Global Markets, Inc.

       21,700          (19,175 )

Atmos Energy Corp., Strike Price USD 32.02, Expires 2/15/11, Broker JPMorgan Chase Securities

       9,500          (10,311 )

Atmos Energy Corp., Strike Price USD 32.02, Expires 3/07/11, Broker JPMorgan Chase Securities

       9,500          (13,805 )

Avery Dennison Corp., Strike Price USD 42.50, Expires 2/25/11, Broker JPMorgan Chase Securities

       15,000          (14,122 )

Badger Meter, Inc., Strike Price USD 42.23, Expires 3/11/11, Broker UBS Securities LLC

       11,800          (11,998 )

BancFirst Corp., Strike Price USD 41.57, Expires 2/02/11, Broker UBS Securities LLC

       5,700          (8 )

BancorpSouth, Inc., Strike Price USD 15, Expires 2/25/11, Broker Credit Suisse First Boston

       24,000          (21,116 )

Bank of Hawaii Corp., Strike Price USD 47.48, Expires 3/31/11, Broker Morgan Stanley & Co., Inc.

       20,000          (22,640 )

Bank of the Ozarks, Inc., Strike Price USD 41.36, Expires 2/14/11, Broker Morgan Stanley & Co., Inc.

       9,000          (17,965 )

Bemis Co., Inc., Strike Price USD 33.32, Expires 3/31/11, Broker UBS Securities LLC

       5,000          (3,850 )

Black Hills Corp., Strike Price USD 31.15, Expires 3/28/11, Broker Morgan Stanley & Co., Inc.

       12,000          (7,976 )

Brady Corp., Class A, Strike Price USD 32.50, Expires 3/14/11, Broker Jefferies & Co., Inc.

       220          (21,013 )

California Water Service Group, Strike Price USD 37.72, Expires 2/28/11, Broker Barclays Capital, Inc.

       3,300          (481 )

California Water Service Group, Strike Price USD 37.72, Expires 3/11/11, Broker Barclays Capital, Inc.

       3,300          (700 )

Casey’s General Stores, Inc., Strike Price USD 43.30, Expires 2/22/11, Broker Jefferies & Co., Inc.

       75          (2,598 )

CenturyLink, Inc., Strike Price USD 43.07, Expires 3/08/11, Broker Goldman Sachs & Co.

       16,000          (13,113 )

Chemical Financial Corp., Strike Price USD 30, Expires 3/31/11, Broker Citigroup Global Markets, Inc.

       11,200          (6,720 )

Cincinnati Financial Corp., Strike Price USD 32.25, Expires 3/21/11, Broker Jefferies & Co., Inc.

       370          (17,675 )

Community Bank System, Inc., Strike Price USD 27, Expires 2/25/11, Broker Jefferies & Co., Inc.

       135          (1,091 )

Community Trust BanCorp, Inc., Strike Price USD 30.10, Expires 3/14/11, Broker Citigroup Global Markets, Inc.

       8,100          (3,147 )

Cullen/Frost Bankers, Inc., Strike Price USD 61.71, Expires 3/10/11, Broker JPMorgan Chase Securities

       19,000          (3,342 )

Diebold, Inc., Strike Price USD 32.30, Expires 3/15/11, Broker Citigroup Global Markets, Inc.

       17,500          (6,987 )

Eaton Vance Corp., Strike Price USD 32.19, Expires 2/14/11, Broker Barclays Capital, Inc.

       33,500          (2,844 )

Genuine Parts Co., Strike Price USD 50.73, Expires 2/03/11, Broker UBS Securities LLC

       7,000          (7,140 )

Getty Realty Corp., Strike Price USD 31.38, Expires 2/03/11, Broker Morgan Stanley & Co., Inc.

       18,000          (9 )

Graco, Inc., Strike Price USD 40.67, Expires 3/15/11, Broker UBS Securities LLC

       8,700          (19,822 )

H&R Block, Inc., Strike Price USD 13.35, Expires 3/15/11, Broker UBS Securities LLC

       65,000          (26,833 )

Harleysville Group, Inc., Strike Price USD 37.17, Expires 3/07/11, Broker Citigroup Global Markets, Inc.

       9,500          (2,246 )

Home Properties, Inc., Strike Price USD 55.64, Expires 3/28/11, Broker Credit Suisse First Boston

       18,000          (23,044 )

Hormel Foods Corp., Strike Price USD 52.50, Expires 3/21/11, Broker Jefferies & Co., Inc.

       285          (4,370 )

McCormick & Co., Inc., Strike Price USD 47.10, Expires 3/24/11, Broker Citigroup Global Markets, Inc.

       15,000          (3,302 )

McGrath RentCorp, Strike Price USD 26.26, Expires 2/09/11, Broker Citigroup Global Markets, Inc.

       10,400          (938 )

MDU Resources Group, Inc., Strike Price USD 20.58, Expires 3/04/11, Broker Morgan Stanley & Co., Inc.

       38,000          (54,755 )

Mercury General Corp., Strike Price USD 42.89, Expires 3/04/11, Broker UBS Securities LLC

       11,500          (21,998 )

Meredith Corp., Strike Price USD 35.75, Expires 2/01/11, Broker Jefferies & Co., Inc.

       87          –  

Meridian Bioscience, Inc., Strike Price USD 24.07, Expires 2/01/11, Broker Morgan Stanley & Co., Inc.

       13,000          –  

MGE Energy, Inc., Strike Price USD 42.27, Expires 2/01/11, Broker Citigroup Global Markets, Inc.

       8,000          –  

 

         JANUARY 31, 2011   3

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

 

     Contracts    Value

Options Written

         

Over-the-Counter Call Options Written (continued)

         

Middlesex Water Co., Strike Price USD 19.01, Expires 3/14/11, Broker UBS Securities LLC

       13,400        $ (1,818 )

Mine Safety Appliances Co., Strike Price USD 29.93, Expires 2/04/11, Broker Morgan Stanley & Co., Inc.

       14,500          (18,300 )

Myers Industries, Inc., Strike Price USD 9.56, Expires 3/25/11, Broker Morgan Stanley & Co., Inc.

       22,000          (16,350 )

NACCO Industries, Inc., Class A, Strike Price USD 118.70, Expires 3/15/11, Broker UBS Securities LLC

       5,000          (7,073 )

National Retail Properties, Inc., Strike Price USD 26.50, Expires 3/21/11, Broker Jefferies & Co., Inc.

       180          (2,722 )

New Jersey Resources Corp., Strike Price USD 44.04, Expires 2/14/11, Broker Citigroup Global Markets, Inc.

       10,000          (1,780 )

New Jersey Resources Corp., Strike Price USD 43.58, Expires 3/07/11, Broker Barclays Capital, Inc.

       14,600          (9,332 )

Northeast Utilities, Strike Price USD 32.02, Expires 3/11/11, Broker Morgan Stanley & Co., Inc.

       33,100          (54,433 )

Northwest Natural Gas Co., Strike Price USD 47.20, Expires 2/14/11, Broker Jefferies & Co., Inc.

       161          (103 )

NSTAR, Strike Price USD 42.91, Expires 2/11/11, Broker JPMorgan Chase Securities

       14,000          (11,517 )

Old Republic International Corp., Strike Price USD 13.01, Expires 2/01/11, Broker Citigroup Global Markets, Inc.

       47,000          –  

Otter Tail Corp., Strike Price USD 23.08, Expires 3/15/11, Broker UBS Securities LLC

       11,300          (4,813 )

Peidmont Natural Gas, Strike Price USD 28.25, Expires 3/11/11, Broker Jefferies & Co., Inc.

       200          (15,193 )

Pentair, Inc., Strike Price USD 36.75, Expires 2/22/11, Broker Morgan Stanley & Co., Inc.

       14,900          (10,372 )

Pentair, Inc., Strike Price USD 36.75, Expires 3/04/11, Broker Morgan Stanley & Co., Inc.

       14,900          (13,074 )

Raven Industries, Inc., Strike Price USD 49.27, Expires 2/22/11, Broker Citigroup Global Markets, Inc.

       8,500          (5,653 )

RPM International, Inc., Strike Price USD 24.06, Expires 3/24/11, Broker Goldman Sachs & Co.

       30,000          (12,610 )

S&T BanCorp, Inc., Strike Price USD 22.95, Expires 3/25/11, Broker UBS Securities LLC

       6,000          (2,769 )

SJW Corp., Strike Price USD 26.20, Expires 3/15/11, Broker Goldman Sachs & Co.

       9,000          (2,236 )

South Jersey Industries, Inc., Strike Price USD 53.53, Expires 2/14/11, Broker Morgan Stanley & Co., Inc.

       16,000          (4,780 )

Stepan Co., Strike Price USD 77.62, Expires 2/11/11, Broker UBS Securities LLC

       4,800          (307 )

SUPERVALU, Inc., Strike Price USD 9.50, Expires 2/15/11, Broker Jefferies & Co., Inc.

       334          (12 )

Teleflex, Inc., Strike Price USD 55.95, Expires 2/25/11, Broker Citigroup Global Markets, Inc.

       10,600          (19,014 )

Tennant Co., Strike Price USD 36.64, Expires 3/07/11, Broker Barclays Capital, Inc.

       12,500          (51,598 )

Trustmark Corp., Strike Price USD 24.89, Expires 2/11/11, Broker Morgan Stanley & Co., Inc.

       12,000          (1,637 )

UDR, Inc., Strike Price USD 22.50, Expires 2/25/11, Broker Credit Suisse First Boston

       30,000          (36,646 )

UGI Corp., Strike Price USD 31.90, Expires 2/22/11, Broker Jefferies & Co., Inc.

       210          (7,361 )

United Bankshares, Inc., Strike Price USD 31, Expires 3/21/11, Broker Jefferies & Co., Inc.

       176          (3,762 )

Universal Corp., Strike Price USD 38.70, Expires 3/15/11, Broker Morgan Stanley & Co., Inc.

       3,650          (4,139 )

Universal Corp., Strike Price USD 38.70, Expires 3/25/11, Broker Morgan Stanley & Co., Inc.

       3,650          (4,709 )

Universal Health Realty Income Trust, Strike Price USD 36.73, Expires 3/14/11, Broker UBS Securities LLC

       8,700          (4,008 )

Valley National BanCorp, Strike Price USD 14.35, Expires 2/28/11, Broker Citigroup Global Markets, Inc.

       26,000          (439 )

Vector Group Ltd., Strike Price USD 16.48, Expires 3/10/11, Broker Goldman Sachs & Co.

       38,800          (10,613 )

Vectren Corp., Strike Price USD 26.65, Expires 3/08/11, Broker UBS Securities LLC

       9,000          (4,736 )

Vectren Corp., Strike Price USD 26.56, Expires 3/31/11, Broker Goldman Sachs & Co.

       13,300          (9,442 )

Weingarten Realty Investors, Strike Price USD 23.25, Expires 2/04/11, Broker JPMorgan Chase Securities

       19,300          (24,463 )

WesBanco, Inc., Strike Price USD 18.98, Expires 3/15/11, Broker UBS Securities LLC

       12,000          (8,944 )

WGL Holdings, Inc., Strike Price USD 36.40, Expires 2/04/11, Broker Goldman Sachs & Co.

       16,100          (2,420 )
               

Total Over-the-Counter Call Options Written

            (875,768 )
               

Total Options Written
(Premiums Received – $1,584,237) – (0.5)%

            (1,724,747 )
               

Total Investments Net of Outstanding Options Written – 99.1%

            308,160,406  

Other Assets in Excess of Liabilities – 0.9%

            2,832,458  
               

Net Assets – 100.0%

          $ 310,992,864  
               

 

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

     $ 297,568,621  
          

Gross unrealized appreciation

     $ 31,335,480  

Gross unrealized depreciation

       (19,018,948 )
          

Net unrealized appreciation

     $ 12,316,532  
          

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.

 

(b) Investments in companies considered to be an affiliate of the Trust 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,
2010 		   Net Activity    Shares Held at
January 31,
2011 		   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

       5,854,617          692,085          6,546,702        $ 3,104  

 

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

 

•  

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

 

4        JANUARY 31, 2011    

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

 

•  

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

 

  •  

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

 

  •  

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

 

  •  

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivatives 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, 2011 in determining the fair valuation of the Trust’s investments and derivatives:

 

Valuation Inputs

   Level 1    Level 2    Level 3    Total

Assets:

                   

Investments in Securities:

                   

Long Term Investments:

                   

Common Stocks 1

     $ 303,338,451          –          –        $ 303,338,451  

Short-Term Securities

       6,546,702          –          –          6,546,702  
                                           

Total

     $ 309,885,153          –          –        $ 309,885,153  
                                           

 

1

See above Schedule of Investments for values in each industry.

 

     Derivative Financial Instruments 2

Valuation Inputs

   Level 1   Level 2   Level 3    Total

Liabilities:

                 

Equity Contracts

     $ (848,980 )     $ (875,767 )       –        $ (1,724,747 )
                                         

 

2

Derivative financial instruments are options which are shown at value.

 

         JANUARY 31, 2011   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 Dividend Achievers™ Trust    
By:  

/s/ John M. Perlowski

   
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Strategic Dividend Achievers™ Trust
Date: March 25, 2011    

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

 

By:  

/s/ John M. Perlowski

   
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Strategic Dividend Achievers™ Trust
Date: March 25, 2011    
By:  

/s/ Neal J. Andrews

   
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock Strategic Dividend Achievers™ Trust

Date: March 25, 2011

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