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BDJ

Enhanced Equity Dividend Trust

NAV as of Jul 18, 2019 $9.67
52 WK: 8.30 - 10.14
1 Day NAV Change as of Jul 18, 2019 0.05 (0.52%)
Morningstar Rating

4

Overall Morningstar Rating for Enhanced Equity Dividend Trust as of Jun 30, 2019 rated against 29 Options-based Funds.

Market Price as of Jul 18, 2019 $8.97
1 Day Price Change as of Jul 18, 2019 0.01 (0.11%)
Distribution Rate as of Jul 18, 2019 6.69%
Premium Discount as of Jul 18, 2019 -7.24%

Overview

Investment Approach

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 enhance distributions paid to the Trust’s shareholders. 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 objective will be achieved.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

as of

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.36	10.12	7.79	10.88
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	2.99	10.94	8.12	9.79

Missing average annual returns data

as of

	YTD	1m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	13.57	-	6.36	33.53	45.50	180.87
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	17.89	-	2.99	36.52	47.74	154.49

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	8.39	1.10	13.90	15.06	-6.69
Market Price (%) Market price return represents changes to the fund’s closing market price on its primary exchange and accounts for distributions from the fund.	9.41	0.63	15.11	20.63	-10.39

Missing calendar year returns data

Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs
Historical Premium/Discount

NAV Market Price

Enhanced Equity Dividend Trust ($)

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The Growth of Hypothetical $10,000 chart reflects a hypothetical $10,000 investment in the fund. The chart uses NAV performance or market price performance and assumes reinvestment of dividends and capital gains. The chart assumes Fund expenses, including management fees and other expenses were deducted. The starting NAV for the NAV performance chart reflects a deduction of the sales charge from the initial public offering price.

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses market price performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Historical Prices

Premium/Discount Percent

Distributions

Interactive chart displaying fund performance. Javascript is required.

Recent
Calendar Year

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Return of Capital

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Custom Columns

Year
Total Distribution

Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Past distributions are not indicative of future distributions.

If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

Key Facts

Net Assets as of Jul 18, 2019 $1,812,611,143

Managed Assets -

Share Class launch date Aug 31, 2005

Exchange New York Stock Exchange Inc.

Asset Class Equity

Morningstar Category Options-based

Lipper Classification Opt Arbitrage/Opt Strat

CUSIP 09251A104

Management Fee 0.80%

Gross Expense Ratio 0.85%

Shares Outstanding as of Jul 18, 2019 187,542,405

Number of Holdings as of Jun 28, 2019 85

Premium/Discount The amount the Fund is trading above or below the reported NAV expressed as a percentage of NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a "Premium" and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a "Discount" and the percentage is expressed as a negative number. Closing price is determined using the last traded price on the Fund’s listed exchange and NAV is calculated daily (usually 4:00pm eastern time). -

Portfolio Characteristics

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Jun 28, 2019 $ 140,632.4 M

Distribution Rate The annual yield an investor would receive if the most recent fund distribution and current fund price stayed the same going forward. It is calculated by annualizing the most recent distribution and dividing by the fund's market price from the as-of-date. The distribution rate may include a return of capital. Please refer to the "Closed-End Fund Resources" section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be relied upon for tax reporting purposes. as of Jul 18, 2019 6.69%

Leverage The amount of borrowed funds used to purchase assets in order to enhance returns. as of Jun 28, 2019 $ 0.00

Type of Options Type of options written to enhance portfolio returns. Single Stock

% Overwritten Relative amount of the portfolio for which the holdings have been covered by written call options, used to enhance portfolio returns. as of Jun 28, 2019 52.82

Ratings

Morningstar Rating

Overall Enhanced Equity Dividend Trust received a Morningstar Rating of 3 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 29, 29 and 26 Options-based Funds, respectively. Performance results represent past performance and are no guarantee of future results.<br /><br />For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.<br /><br />Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for Enhanced Equity Dividend Trust, -, as of Jun 30, 2019 rated against 29 Options-based Funds.

Holdings

as of Jun 28, 2019

Name	Weight (%)
VERIZON COMMUNICATIONS INC	4.57
JPMORGAN CHASE & CO	3.83
WELLS FARGO & COMPANY	3.83
CITIGROUP INC	3.78
BANK OF AMERICA CORP	3.10

Name	Weight (%)
MICROSOFT CORPORATION	2.53
BP PLC	2.52
ANTHEM INC	2.49
MEDTRONIC PLC	2.42
PFIZER INC	2.35

as of Jun 28, 2019

% of Market Value Based on Managed Assets

Type	Fund

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as of Jun 28, 2019

% of Market Value Based on Managed Assets

Type	Fund

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as of Jun 28, 2019

% of Market Value Based on Managed Assets

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as of Jun 28, 2019

% of Market Value Based on Managed Assets

Type	Fund

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Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

BlackRock Fundamental Active Equity Investment Team

Kyle McClements

Portfolio Manager

Christopher Accettella

Portfolio Manager

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses which may be obtained by visiting the SEC Edgar database. Read the prospectus carefully before investing.

Common shares for most of the closed-end funds identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions. The information for these funds is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.

Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.

The fund is actively managed and its characteristics will vary. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to political risks, currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities. Obligations of US govt. agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US govt. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities. Investments in emerging markets may be considered speculative and are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. In addition, many emerging securities markets have lower trading volumes and less liquidity. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors.

The amounts and sources of distributions reported in any notices are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to change based on tax regulations. The Fund will send a Form 1099-DIV for the calendar year that will tell how to report these distributions for federal income tax purposes.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the end of the period.

Some investors may be subject to the alternative minimum tax (AMT).

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2019 BlackRock, Inc. All rights reserved. BLACKROCK and BUILD ON BLACKROCK are registered and unregistered trademarks of BlackRock, Inc or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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