Company: BDJ
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196068
Chunk: 10

Company: BlackRock Enhanced Equity Dividend Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 10
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 and materials also detracted. The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from relative performance.

8 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Enhanced Equity Dividend Trust (BDJ) The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. Describe recent portfolio activity. The Trust’s allocations to the information technology and real estate sectors increased due to a combination of portfolio trading activity and market movements. The Trust’s weighting in the healthcare sector decreased. The Trust did not add any new private companies during the period. Describe portfolio positioning at period end. The Trust’s largest absolute allocations were in the financials, healthcare, and industrials sectors. Relative to the benchmark, its most significant overweights were in financials, healthcare and materials. Communication services, consumer staples, and real estate were the largest underweights. As of June 30, 2025, the Trust had in place an option overwriting program whereby 51.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money). 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. Overview of the Trust’s Total Investments

| TEN LARGEST HOLDINGS             |                                |
| Security                         | Percent of TotalInvestments(a) |
| Citigroup, Inc.                  |                           3.6% |
| Wells Fargo & Co.                |                            3.4 |
| First Citizens BancShares, Inc.  |                            3.0 |
| SS&C Technologies Holdings, Inc. |                            2.8 |
| Amazon.com, Inc.                 |                            2.5 |
| CVS Health Corp.                 |                            2.5 |
| Microsoft Corp.                  |                            2.2 |
| Cardinal Health, Inc.            |                            2.1 |
| Baxter International, Inc.       |                            2.0 |
| Medtronic PLC                    |                            2.0 |

| SECTOR ALLOCATION