BlackRock Enhanced Global Dividend Trust

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: 811-21729

Name of Fund: BlackRock Enhanced Global Dividend Trust (BOE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Enhanced Global Dividend Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2018

Date of reporting period: 03/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.7%

 

Australia — 5.2%  

Amcor Ltd.

     2,166,058     $ 23,719,067  

Ansell Ltd.

     476,285       9,323,967  

Ensogo Ltd.(a)(b)

     418,198       —  

Sonic Healthcare Ltd.

     666,385       11,791,147  
   

 

 

  
    44,834,181  
Belgium — 2.1%  

Anheuser-Busch InBev SA

     89,916       9,885,969  

bpost SA

     373,254       8,432,202  
   

 

 

  
    18,318,171  
Canada — 6.5%  

Rogers Communications, Inc., Class B

     599,782       26,787,330  

TELUS Corp.

     815,027       28,619,413  
   

 

 

  
    55,406,743  
China — 1.1%  

ANTA Sports Products Ltd.

     1,809,000       9,234,593  
   

 

 

  
Denmark — 1.1%  

Novo Nordisk A/S, Class B

     186,453       9,170,850  
   

 

 

  
Finland — 2.0%  

Kone OYJ, Class B

     349,654       17,450,471  
   

 

 

  
France — 3.3%  

Sanofi

     355,548       28,529,179  
   

 

 

  
Germany — 3.0%  

Deutsche Post AG, Registered Shares

     587,102       25,714,643  
   

 

 

  
Hong Kong — 0.5%  

Sands China Ltd.

     776,800       4,221,391  
   

 

 

  
India — 1.1%  

Hero MotoCorp Ltd.

     167,596       9,149,114  
   

 

 

  
Japan — 2.1%  

Japan Tobacco, Inc.

     642,700       18,360,006  
   

 

 

  
Netherlands — 1.4%  

Heineken NV

     111,338       11,974,839  
   

 

 

  
Sweden — 1.4%  

Svenska Handelsbanken AB, Class A

     937,035       11,728,707  
   

 

 

  
Switzerland — 9.4%  

Givaudan SA, Registered Shares

     5,999       13,685,774  

Nestle SA, Registered Shares

     273,146       21,589,867  

Novartis AG, Registered Shares

     319,491       25,840,712  

Roche Holding AG

     37,851       8,682,906  

SGS SA, Registered Shares

     4,338       10,671,167  
   

 

 

  
    80,470,426  
Taiwan — 2.6%  

Far EasTone Telecommunications Co. Ltd.

     2,705,000       7,161,541  
Security   Shares     Value  
Taiwan (continued)  

Taiwan Semiconductor Manufacturing Co. Ltd.

     1,796,000     $ 15,212,476  
   

 

 

  
    22,374,017  
United Kingdom — 17.4%  

AstraZeneca PLC

     275,099       18,910,650  

British American Tobacco PLC

     602,675       34,838,751  

Diageo PLC

     441,013       14,914,928  

GlaxoSmithKline PLC

     938,434       18,225,366  

Imperial Brands PLC

     850,741       28,967,299  

Lloyds Banking Group PLC

     8,612,305       7,833,973  

Unilever PLC

     459,886       25,506,456  
   

 

 

  
    149,197,423  
United States — 38.5%  

3M Co.(c)

     49,247       10,810,727  

AbbVie, Inc.(c)

     95,833       9,070,593  

Altria Group, Inc.(c)(d)

     533,912       33,273,396  

Cisco Systems, Inc.(c)(d)

     613,450       26,310,870  

Citizens Financial Group, Inc.(c)

     220,677       9,264,020  

Coca-Cola Co.(c)

     470,253       20,423,088  

Genuine Parts Co.(c)

     242,320       21,770,029  

International Paper Co.(c)

     286,966       15,332,593  

Johnson & Johnson(c)(d)

     250,145       32,056,082  

M&T Bank Corp.(c)

     80,032       14,754,700  

Microsoft Corp.(c)

     104,417       9,530,140  

PepsiCo, Inc.(c)

     170,853       18,648,605  

Pfizer, Inc.(c)(d)

     361,816       12,840,850  

Philip Morris International, Inc.(c)(d)

     242,898       24,144,061  

Procter & Gamble Co.(c)

     220,742       17,500,426  

FirstSun Capital Bancorp, (Acquired 03/10/14, cost $5,461,692)(a)(e)

     120,312       4,411,841  

U.S. Bancorp(c)

     249,836       12,616,718  

United Parcel Service, Inc., Class B(c)

     76,232       7,978,441  

United Technologies Corp.(c)

     138,181       17,385,933  

Wells Fargo & Co.(c)

     228,446       11,972,855  
   

 

 

  
    330,095,968  
   

 

 

  

Total Common Stocks — 98.7%
(Cost — $855,110,723)

 

     846,230,722  
   

 

 

  

Preferred Stocks — 0.8%

 

India — 0.1%  

Jasper Infotech Private Ltd., Series F, (Acquired 05/07/14, cost $1,888,464), 0.00%(a)(b)(e)

     266       478,665  
 

 

     1  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
India (continued)  

Jasper Infotech Private Ltd., Series G, (Acquired 10/29/14, cost $741,913), 0.00%(a)(b)(e)

     88      $ 192,973  
    

 

 

  
     671,638  
United States — 0.7%  

Palantir Technologies, Inc., Series I (Acquired 03/27/14, cost $3,118,944), 0.00%(a)(b)(e)

     508,800        2,803,488  

Uber Technologies, Inc., Series D (Acquired 06/01/2014, cost $1,611,693), 0.00%(a)(b)(e)

     103,893        3,557,296  
    

 

 

  
     6,360,784  
    

 

 

  

Total Preferred Stocks — 0.8%
(Cost — $7,367,781)

 

      7,032,422  
    

 

 

  

Total Long-Term Investments — 99.5%
(Cost — $862,478,504)

 

      853,263,144  
    

 

 

  
Security   Shares      Value  

Short-Term Securities — 0.1%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.58%(f)(g)

     682,171      $ 682,171  
    

 

 

  

Total Short-Term Securities — 0.1%
(Cost — $682,171)

 

      682,171  
    

 

 

  

Total Investments Before Options Written — 99.6%
(Cost — $863,160,675)

 

      853,945,315  
    

 

 

  

Options Written — (0.6)%
(Premiums Received — $6,671,717)

 

      (4,851,685 ) 
    

 

 

  

Total Investments, Net of Options Written — 99.0%
(Cost — $856,488,958)

 

      849,093,630  

Other Assets Less Liabilities — 1.0%

 

      8,333,225  
    

 

 

  

Net Assets — 100.0%

 

    $ 857,426,855  
    

 

 

  
 
(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(b)  Non-income producing security.
(c)  All or a portion of security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(d)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e)  Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $11,444,289 and an original cost of $12,831,706, which was 1.3% of its net assets.
(f)  Annualized 7-day yield as of period end.
(g)  During the period ended March 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   

Shares

Held at
12/31/17

      Net
Activity		      Shares
Held at
03/31/18		      Value at
03/31/18		      Income      Net
Realized
Gain (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      13,118,524        (12,436,353 )       682,171      $ 682,171      $ 34,417      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

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

 

 

2   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

Portfolio Abbreviations

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

DKK — Danish Krone

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

JPY — Japanese Yen

SEK — Swedish Krona

USD — U.S. Dollar

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

 

 

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  

Call

                           

Cisco Systems, Inc.

      594          04/05/18        USD     42.70        USD     2,548        $ (28,619 ) 

3M Co.

      49          04/06/18        USD     247.50        USD     1,076          (686 ) 

Cisco Systems, Inc.

      204          04/06/18        USD     46.50        USD     875          (1,224 ) 

Coca-Cola Co.

      469          04/06/18        USD     44.00        USD     2,037          (8,207 ) 

Genuine Parts Co.

      460          04/06/18        USD     94.50        USD     4,133          (197,800 ) 

Johnson & Johnson

      245          04/06/18        USD     133.00        USD     3,140          (2,940 ) 

Microsoft Corp.

      131          04/06/18        USD     95.00        USD     1,196          (3,799 ) 

Pfizer, Inc.

      28          04/06/18        USD     36.50        USD     99          (224 ) 

Pfizer, Inc.

      28          04/06/18        USD     37.00        USD     99          (112 ) 

Pfizer, Inc.

      43          04/06/18        USD     37.50        USD     153          (344 ) 

Procter & Gamble Co.

      157          04/06/18        USD     83.00        USD     1,245          (785 ) 

U.S. Bancorp

      224          04/06/18        USD     54.50        USD     1,131          (1,792 ) 

Wells Fargo & Co.

      45          04/06/18        USD     62.00        USD     236          (90 ) 

3M Co.

      49          04/13/18        USD     240.00        USD     1,076          (931 ) 

Microsoft Corp.

      45          04/13/18        USD     93.50        USD     411          (5,062 ) 

Microsoft Corp.

      90          04/13/18        USD     96.50        USD     821          (3,780 ) 

Pfizer, Inc.

      40          04/13/18        USD     36.50        USD     142          (700 ) 

Pfizer, Inc.

      81          04/13/18        USD     37.00        USD     287          (648 ) 

Pfizer, Inc.

      12          04/13/18        USD     37.50        USD     43          (60 ) 

3M Co.

      59          04/20/18        USD     240.00        USD     1,295          (1,858 ) 

AbbVie, Inc.

      217          04/20/18        USD     120.00        USD     2,054          (868 ) 

Altria Group, Inc.

      1,132          04/20/18        USD     67.50        USD     7,055          (9,622 ) 

Cisco Systems, Inc.

      314          04/20/18        USD     42.00        USD     1,347          (41,291 ) 

Coca-Cola Co.

      566          04/20/18        USD     44.00        USD     2,458          (24,904 ) 

Genuine Parts Co.

      250          04/20/18        USD     97.50        USD     2,246          (28,750 ) 

International Paper Co.

      469          04/20/18        USD     55.00        USD     2,506          (31,658 ) 

Johnson & Johnson

      232          04/20/18        USD     140.00        USD     2,973          (2,320 ) 

Johnson & Johnson

      112          04/20/18        USD     135.00        USD     1,435          (4,984 ) 

M&T Bank Corp.

      176          04/20/18        USD     195.00        USD     3,245          (17,600 ) 

Microsoft Corp.

      59          04/20/18        USD     92.50        USD     538          (11,387 ) 

Microsoft Corp.

      89          04/20/18        USD     95.00        USD     812          (9,033 ) 

PepsiCo, Inc.

      448          04/20/18        USD     110.00        USD     4,890          (65,408 ) 

Pfizer, Inc.

      113          04/20/18        USD     37.00        USD     401          (1,638 ) 

Pfizer, Inc.

      12          04/20/18        USD     38.00        USD     43          (60 ) 

Procter & Gamble Co.

      306          04/20/18        USD     80.00        USD     2,426          (37,485 ) 

TELUS Corp.

      1,420          04/20/18        CAD     48.00        CAD     6,424          (6,613 ) 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

Exchange-Traded Options Written (continued)

 

 

 

 

 

 

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  

Call

                           

U.S. Bancorp

      134          04/20/18        USD     55.00        USD     677        $ (1,072 ) 

United Technologies Corp.

      245          04/20/18        USD     135.00        USD     3,083          (5,880 ) 

Wells Fargo & Co.

      199          04/20/18        USD     59.00        USD     1,043          (1,699 ) 

Wells Fargo & Co.

      21          04/20/18        USD     60.00        USD     110          (94 ) 

Altria Group, Inc.

      878          04/27/18        USD     65.50        USD     5,472          (42,144 ) 

Cisco Systems, Inc.

      355          04/27/18        USD     44.50        USD     1,523          (14,555 ) 

Coca-Cola Co.

      457          04/27/18        USD     45.00        USD     1,985          (14,624 ) 

Genuine Parts Co.

      178          04/27/18        USD     93.00        USD     1,599          (18,245 ) 

International Paper Co.

      152          04/27/18        USD     55.50        USD     812          (13,832 ) 

Johnson & Johnson

      56          04/27/18        USD     135.00        USD     718          (3,556 ) 

Microsoft Corp.

      97          04/27/18        USD     97.00        USD     885          (11,883 ) 

Microsoft Corp.

      29          04/27/18        USD     94.00        USD     265          (5,127 ) 

Microsoft Corp.

      14          04/27/18        USD     95.00        USD     128          (2,728 ) 

Pfizer, Inc.

      36          04/27/18        USD     37.00        USD     128          (792 ) 

Pfizer, Inc.

      13          04/27/18        USD     38.00        USD     46          (110 ) 

Pfizer, Inc.

      470          04/27/18        USD     37.50        USD     1,668          (5,875 ) 

Philip Morris International, Inc.

      534          04/27/18        USD     107.00        USD     5,308          (16,821 ) 

Procter & Gamble Co.

      282          04/27/18        USD     81.50        USD     2,236          (20,445 ) 

U.S. Bancorp

      116          04/27/18        USD     54.50        USD     586          (2,030 ) 

United Parcel Service, Class B

      80          04/27/18        USD     114.00        USD     837          (3,760 ) 

United Technologies Corp.

      112          04/27/18        USD     130.00        USD     1,409          (19,544 ) 

Wells Fargo & Co.

      199          04/27/18        USD     59.00        USD     1,043          (1,791 ) 

Pfizer, Inc.

      264          04/30/18        USD     35.75        USD     937          (15,312 ) 

Cisco Systems, Inc.

      594          05/04/18        USD     44.00        USD     2,548          (36,234 ) 

Coca-Cola Co.

      226          05/04/18        USD     44.50        USD     982          (12,317 ) 

International Paper Co.

      153          05/04/18        USD     55.00        USD     817          (17,442 ) 

Johnson & Johnson

      230          05/04/18        USD     131.00        USD     2,947          (48,530 ) 

Microsoft Corp.

      57          05/04/18        USD     94.00        USD     520          (14,108 ) 

Pfizer, Inc.

      14          05/04/18        USD     36.50        USD     50          (707 ) 

Pfizer, Inc.

      147          05/04/18        USD     36.00        USD     522          (10,364 ) 

Pfizer, Inc.

      132          05/04/18        USD     35.50        USD     468          (12,672 ) 

Philip Morris International, Inc.

      316          05/04/18        USD     98.00        USD     3,141          (112,970 ) 

Procter & Gamble Co.

      301          05/04/18        USD     78.00        USD     2,386          (74,799 ) 

U.S. Bancorp

      252          05/04/18        USD     52.50        USD     1,273          (17,010 ) 

United Parcel Service, Class B

      301          05/04/18        USD     106.00        USD     3,150          (85,484 ) 

United Technologies Corp.

      126          05/04/18        USD     128.00        USD     1,585          (33,516 ) 

Wells Fargo & Co.

      171          05/04/18        USD     54.00        USD     896          (17,442 ) 

Wells Fargo & Co.

      167          05/04/18        USD     53.50        USD     875          (20,792 ) 

Citizens Financial Group, Inc.

      595          05/09/18        USD     45.90        USD     2,498          (31,190 ) 

Coca-Cola Co.

      226          05/11/18        USD     45.00        USD     982          (12,656 ) 

3M Co.

      89          05/18/18        USD     226.50        USD     1,954          (44,695 ) 

AbbVie, Inc.

      345          05/18/18        USD     120.00        USD     3,265          (6,900 ) 

Coca-Cola Co.

      181          05/18/18        USD     46.00        USD     786          (4,887 ) 

Genuine Parts Co.

      178          05/18/18        USD     90.00        USD     1,599          (56,070 ) 

International Paper Co.

      353          05/18/18        USD     55.00        USD     1,886          (53,833 ) 

M&T Bank Corp.

      176          05/18/18        USD     195.00        USD     3,245          (41,800 ) 

Pepsico, Inc.

      406          05/18/18        USD     110.00        USD     4,431          (109,417 ) 

Pfizer, Inc.

      29          05/18/18        USD     37.00        USD     103          (1,131 ) 

Procter & Gamble Co.

      57          05/18/18        USD     80.00        USD     452          (9,490 ) 

Rogers Communications, Inc., Class B

      700          05/18/18        CAD     58.00        CAD     4,028          (62,483 ) 

 

 

4   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

Exchange-Traded Options Written (continued)

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  

Call

                           

TELUS Corp.

      1,186          05/18/18        CAD     46.00        CAD     5,365        $ (51,091 ) 

U.S. Bancorp

      131          05/18/18        USD     52.50        USD     662          (11,790 ) 

Wells Fargo & Co.

      340          05/18/18        USD     55.00        USD     1,782          (29,240 ) 

Coca-Cola Co.

      226          06/15/18        USD     45.00        USD     982          (16,272 ) 
                          

 

 

  
                           $ (1,832,533 ) 
                          

 

 

  

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  

Call

                      

ANTA Sports Products Ltd.

    Goldman Sachs International      289,000        04/04/18        HKD       36.98        HKD       11,577      $ (114,889 ) 

Anheuser-Busch InBev SA

    Goldman Sachs International      31,700        04/04/18        EUR       85.97        EUR       2,832        (136,447 ) 

Givaudan SA, Registered Shares

    Bank of America N.A.      1,200        04/04/18        CHF       2,176.19        CHF       2,617        (32,931 ) 

GlaxoSmithKline PLC

    Credit Suisse International      51,300        04/04/18        GBP       13.37        GBP       710        (35,790 ) 

Nestle SA, Registered Shares

    Credit Suisse International      47,100        04/04/18        CHF       75.33        CHF       3,559        (37,648 ) 

Novo Nordisk A/S

    Bank of America N.A.      20,500        04/04/18        DKK       320.66        DKK       6,109        (44 ) 

Sands China Ltd.

    UBS AG      126,000        04/04/18        HKD       43.45        HKD       5,374        (6,070 ) 

Deutsche Post AG, Registered Shares

    Goldman Sachs International      61,800        04/05/18        EUR       36.57        EUR       2,200        (8,406 ) 

Imperial Brands PLC

    Goldman Sachs International      101,300        04/05/18        GBP       27.94        GBP       2,459        (18 ) 

Kone OYJ, Class B

    Credit Suisse International      50,300        04/05/18        EUR       44.72        EUR       2,040        (83 ) 

Llyods Banking Group PLC

    Credit Suisse International      1,476,500        04/05/18        GBP       0.68        GBP       960        (2,533 ) 

Sanofi

    Goldman Sachs International      36,800        04/05/18        EUR       67.22        EUR       2,400        (3,633 ) 

bpost SA

    UBS AG      12,000        04/05/18        EUR       27.84        EUR       220        —  

Citizens Financial Group, Inc.

    Barclays Bank PLC      37,500        04/09/18        USD       44.90        USD       1,574        (5,230 ) 

Rogers Communications, Inc., Class B

    Morgan Stanley & Co. International PLC      75,000        04/09/18        CAD       57.50        CAD       4,316        (36,061 ) 

Ansell Ltd.

    Goldman Sachs International      31,200        04/10/18        AUD       25.85        AUD       795        (4,184 ) 

Sonic Healthcare Ltd.

    UBS AG      20,500        04/10/18        AUD       24.45        AUD       472        (127 ) 

bpost SA

    Credit Suisse International      22,000        04/10/18        EUR       27.24        EUR       404        (5 ) 

ANTA Sports Products Ltd.

    JPMorgan Chase Bank N.A.      206,000        04/11/18        HKD       40.84        HKD       8,252        (17,141 ) 

AstraZeneca PLC

    Goldman Sachs International      60,100        04/11/18        GBP       48.99        GBP       2,945        (69,179 ) 

British American Tobacco PLC

    Bank of America N.A.      118,400        04/11/18        GBP       45.28        GBP       4,878        (2,919 ) 

Far EasTone Telecommunications Co. Ltd.

    Goldman Sachs International      298,000        04/11/18        USD       74.57        USD       23,003        (24,507 ) 

Japan Tobacco, Inc.

    Goldman Sachs International      99,000        04/11/18        JPY       3,122.58        JPY       300,927        (19,421 ) 

Kone OYJ, Class B

    Credit Suisse International      28,100        04/11/18        EUR       46.37        EUR       1,140        (370 ) 

Novartis AG, Registered Shares

    Bank of America N.A.      70,300        04/11/18        CHF       80.14        CHF       5,436        (11,495 ) 

Rogers Communications, Inc., Class B

    UBS AG      44,000        04/11/18        CAD       59.18        CAD       2,532        (7,439 ) 

Sonic Healthcare Ltd.

    UBS AG      20,500        04/11/18        AUD       24.68        AUD       472        (4 ) 

Deutsche Post AG, Registered Shares

    UBS AG      147,200        04/12/18        EUR       39.97        EUR       5,240        (1,079 ) 

TELUS Corp.

    UBS AG      66,600        04/12/18        CAD       45.88        CAD       3,013        (9,180 ) 

Sands China Ltd.

    Goldman Sachs International      108,000        04/13/18        HKD       43.66        HKD       4,606        (8,885 ) 

Diageo PLC

    Morgan Stanley & Co. International PLC      68,900        04/17/18        GBP       24.91        GBP       1,661        (11,976 ) 

Heineken NV

    Morgan Stanley & Co. International PLC      28,300        04/17/18        EUR       85.44        EUR       2,474        (93,637 ) 

Kone OYJ, Class B

    Credit Suisse International      35,500        04/17/18        EUR       43.85        EUR       1,440        (2,672 ) 

Nestle SA, Registered Shares

    Credit Suisse International      73,100        04/17/18        CHF       75.07        CHF       5,523        (42,780 ) 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

OTC Options Written (continued)

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise
Price		     

Notional

Amount (000)

      Value  

Call

                      

Novo Nordisk A/S

    Morgan Stanley & Co. International PLC      61,600        04/17/18        DKK       314.18        DKK       18,357      $ (11,979 ) 

Roche Holding AG

    Credit Suisse International      5,900        04/17/18        CHF       221.41        CHF       1,294        (14,683 ) 

SGS SA, Registered Shares

    UBS AG      800        04/17/18        CHF       2,410.09        CHF       1,881        (15,628 ) 

Sands China Ltd.

    JPMorgan Chase Bank N.A.      108,000        04/17/18        HKD       45.47        HKD       4,606        (4,225 ) 

Sonic Healthcare Ltd.

    Deutsche Bank AG      68,700        04/17/18        AUD       24.62        AUD       1,583        (708 ) 

Taiwan Semiconductor Manufacturing Co. Ltd.

    JPMorgan Chase Bank N.A.      930,000        04/17/18        USD       253.60        USD       229,682        (86,313 ) 

bpost SA

    UBS AG      6,100        04/17/18        EUR       28.16        EUR       112        (31 ) 

Amcor Ltd.

    Deutsche Bank AG      126,000        04/18/18        AUD       14.44        AUD       1,797        (12,621 ) 

Ansell Ltd.

    UBS AG      27,000        04/18/18        AUD       24.78        AUD       688        (18,315 ) 

British American Tobacco PLC

    UBS AG      121,700        04/18/18        GBP       45.09        GBP       5,014        (11,391 ) 

Far EasTone Telecommunications Co. Ltd.

    Citibank N.A.      371,000        04/18/18        USD       76.48        USD       28,637        (13,831 ) 

Imperial Brands PLC

    Morgan Stanley & Co. International PLC      143,700        04/18/18        GBP       26.54        GBP       3,488        (12,470 ) 

Sanofi

    UBS AG      56,100        04/18/18        EUR       65.85        EUR       3,658        (52,196 ) 

bpost SA

    Morgan Stanley & Co. International PLC      12,000        04/18/18        EUR       28.56        EUR       220        (80 ) 

Rogers Communications, Inc., Class B

    Morgan Stanley & Co. International PLC      75,000        04/23/18        CAD       57.50        CAD       4,316        (43,206 ) 

Ansell Ltd.

    JPMorgan Chase Bank N.A.      31,200        04/24/18        AUD       25.41        AUD       795        (12,543 ) 

bpost SA

    Credit Suisse International      22,000        04/24/18        EUR       27.44        EUR       404        (382 ) 

ANTA Sports Products Ltd.

    Goldman Sachs International      290,000        04/25/18        HKD       39.94        HKD       11,617        (46,851 ) 

Far EasTone Telecommunications Co. Ltd.

    Citibank N.A.      250,000        04/25/18        USD       74.22        USD       19,298        (23,685 ) 

Japan Tobacco, Inc.

    UBS AG      112,100        04/25/18        JPY       3,045.32        JPY       340,747        (87,098 ) 

Novartis AG, Registered Shares

    Bank of America N.A.      70,300        04/25/18        CHF       80.53        CHF       5,436        (24,264 ) 

Amcor Ltd.

    UBS AG      364,000        04/26/18        AUD       14.00        AUD       5,191        (113,894 ) 

AstraZeneca PLC

    UBS AG      60,900        04/26/18        GBP       48.18        GBP       2,984        (141,113 ) 

Diageo PLC

    Morgan Stanley & Co. International PLC      99,200        04/26/18        GBP       23.98        GBP       2,392        (80,969 ) 

Cisco Systems, Inc.

    Credit Suisse International      36,000        04/30/18        USD       45.03        USD       1,544        (12,818 ) 

Amcor Ltd.

    Deutsche Bank AG      240,000        05/02/18        AUD       14.15        AUD       3,422        (61,151 ) 

Amcor Ltd.

    UBS AG      223,000        05/02/18        AUD       14.59        AUD       3,180        (22,576 ) 

Anheuser-Busch InBev SA

    UBS AG      13,200        05/02/18        EUR       87.81        EUR       1,179        (35,058 ) 

Givaudan SA, Registered Shares

    Goldman Sachs International      1,500        05/02/18        CHF       2,257.67        CHF       3,271        (29,902 ) 

Roche Holding AG

    Citibank N.A.      10,800        05/02/18        CHF       233.64        CHF       2,368        (5,295 ) 

Sonic Healthcare Ltd.

    UBS AG      114,800        05/02/18        AUD       24.53        AUD       2,645        (4,445 ) 

Unilever PLC

    Morgan Stanley & Co. International PLC      142,400        05/02/18        GBP       38.83        GBP       5,629        (263,550 ) 

Ansell Ltd.

    Deutsche Bank AG      27,000        05/03/18        AUD       26.64        AUD       688        (3,242 ) 

bpost SA

    HSBC Bank PLC      12,000        05/03/18        EUR       28.12        EUR       220        (29 ) 

Pfizer, Inc.

    Citibank N.A.      34,700        05/04/18        USD       37.49        USD       1,232        (7,417 ) 

TELUS Corp.

    Citibank N.A.      40,700        05/07/18        CAD       46.82        CAD       1,841        (7,359 ) 

Ansell Ltd.

    Deutsche Bank AG      24,200        05/08/18        AUD       26.35        AUD       617        (4,999 ) 

Kone OYJ, Class B

    Goldman Sachs International      40,000        05/08/18        EUR       42.02        EUR       1,622        (30,497 ) 

bpost SA

    UBS AG      15,000        05/08/18        EUR       27.90        EUR       275        (60 ) 

Deutsche Post AG, Registered Shares

    UBS AG      50,000        05/09/18        EUR       37.30        EUR       1,780        (11,253 ) 

Diageo PLC

    Barclays Bank PLC      26,000        05/09/18        GBP       24.28        GBP       627        (19,542 ) 

Japan Tobacco, Inc.

    Citibank N.A.      71,700        05/09/18        JPY       2,975.37        JPY       217,944        (89,993 ) 

Sanofi

    Goldman Sachs International      63,500        05/09/18        EUR       67.32        EUR       4,141        (63,139 ) 

 

 

6   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

OTC Options Written (continued)

 

Description    Counterparty   

Number of

Contracts

      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  

Sonic Healthcare Ltd.

    UBS AG      68,800        05/09/18        AUD       23.91        AUD       1,585      $ (10,329 ) 

Unilever PLC

    Barclays Bank PLC      60,000        05/09/18        GBP       38.10        GBP       2,372        (144,990 ) 

Cisco Systems, Inc.

    Citibank N.A.      125,900        05/11/18        USD       44.50        USD       5,400        (108,091 ) 

Imperial Brands PLC

    UBS AG      129,300        05/11/18        GBP       25.68        GBP       3,138        (72,244 ) 

GlaxoSmithKline PLC

    Barclays Bank PLC      417,900        05/15/18        GBP       14.11        GBP       5,784        (170,447 ) 

Llyods Banking Group PLC

    UBS AG      1,415,000        05/15/18        GBP       0.66        GBP       920        (13,182 ) 

bpost SA

    UBS AG      15,000        05/16/18        EUR       27.90        EUR       275        (100 ) 

Far EasTone Telecommunications Co. Ltd.

         217,000        05/17/18        TWD       77.28        TWD       16,750        (7,548 ) 

Heineken NV

    UBS AG      27,300        05/17/18        EUR       87.96        EUR       2,386        (43,569 ) 

SGS SA, Registered Shares

    UBS AG      1,300        05/17/18        CHF       2,410.90        CHF       3,057        (47,543 ) 

Ansell Ltd.

    UBS AG      33,500        05/23/18        AUD       26.08        AUD       854        (11,737 ) 

Svenska Handelsbanken AB

    Credit Suisse International      206,000        05/23/18        SEK       103.30        SEK       21,529        (85,993 ) 

Far EasTone Telecommunications Co. Ltd.

    Citibank N.A.      217,000        05/24/18        TWD       77.28        TWD       16,750        (8,073 ) 

Llyods Banking Group PLC

    Goldman Sachs International      1,415,000        05/24/18        GBP       0.66        GBP       920        (15,445 ) 

Ansell Ltd.

    Citibank N.A.      64,000        05/30/18        AUD       25.46        AUD       1,631        (32,277 ) 
                     

 

 

  
                      $ (3,019,152 ) 
                     

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •   Level 1 — Unadjusted quoted prices 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)

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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 and is not necessarily an indication of the risks associated with investing in these securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its annual report.

 

 

     7  

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

As of March 31, 2018, the following tables summarize the Trust’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Common Stocks:

 

Australia

   $ —        $ 44,834,181        $ —        $ 44,834,181  

Belgium

     8,432,202          9,885,969          —          18,318,171  

Canada

     55,406,743          —          —          55,406,743  

China

          9,234,593          —          9,234,593  

Denmark

     —          9,170,850          —          9,170,850  

Finland

     —          17,450,471          —          17,450,471  

France

     —          28,529,179          —          28,529,179  

Germany

     —          25,714,643          —          25,714,643  

Hong Kong

     —          4,221,391          —          4,221,391  

India

     —          9,149,114          —          9,149,114  

Japan

     —          18,360,006          —          18,360,006  

Netherlands

     —          11,974,839          —          11,974,839  

Sweden

     —          11,728,707          —          11,728,707  

Switzerland

     —          80,470,426          —          80,470,426  

Taiwan

     —          22,374,017          —          22,374,017  

United Kingdom

     —          149,197,423          —          149,197,423  

United States

     325,684,127          —          4,411,841          330,095,968  

Preferred Stocks

     —          —          7,032,422          7,032,422  

Short-Term Securities

      682,171          —          —          682,171  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 390,205,243        $ 452,295,809        $ 11,444,263        $ 853,945,315  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

 

Liabilities:

 

Equity contracts

   $ (1,711,018 )       $ (3,140,667 )       $ —        $ (4,851,685 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  Derivative financial instruments are options written, which are shown at value.  

Transfers between Level 1 and Level 2 were as follow:

 

     

Transfers into

Level 1

       

Transfers out of

Level 1 (a)

       

Transfers into

Level 2 (a)

       

Transfers out of

Level 2

  

Assets:

 

Long-Term Investments:

 

Common Stocks

    $ 11,359,710        $ (19,072,931 )       $ 19,072,931        $ (11,359,710 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets.  

 

 

8   

Schedule of Investments  (unaudited) (continued)

March 31, 2018

   

BlackRock Enhanced Global Dividend Trust (BOE)

 

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

      Total  

Assets:

         

Opening Balance, as of December 31, 2017

    $ 4,411,841      $ 11,646,491      $ 16,058,332  

Transfers into Level 3

      —        —        —  

Transfers out of Level 3

      —        —        —  

Accrued discounts/premiums

      —        —        —  

Net realized gain (loss)

      —        2,510,577        2,510,577  

Net change in unrealized appreciation (depreciation)(a)

      —        (2,379,962 )       (2,379,962 ) 

Purchases

      —        —        —  

Sales

      —        (4,744,684 )       (4,744,684 ) 
  

 

 

     

 

 

     

 

 

  

Closing Balance, as of March 31, 2018

    $ 4,411,841      $ 7,032,422      $ 11,444,263  
  

 

 

     

 

 

     

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2018(a)

      —      $ (2,379,962 )     $ (2,379,962 ) 
  

 

 

     

 

 

     

 

 

  

 

  (a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at March 31, 2018 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end.  

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end.

 

      Value      Valuation Approach      Unobservable Inputs     

Range of

unobservable

Inputs Utilized

     

Weighted

Average of

Unobservable

Inputs

  

Assets:

               

Common Stocks

    $ 4,411,841        Market        Tangible Book Value Multiple(a)        1.90x        —  

Preferred Stocks

    $ 7,032,422        Market        Revenue Multiple(a)        6.38x - 14.00x        9.52x  
           Time to Exit(b)        2.8 years        —  
           Volatility(b)        38 %       —  
  

 

 

              

Total

    $ 11,444,263              
  

 

 

              

 

  (a)  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.  
  (b)  Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.  

 

 

     9  

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 Enhanced Global Dividend Trust
By:   /s/ John M. Perlowski                        
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Enhanced Global Dividend Trust
Date: May 21, 2018

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 Enhanced Global Dividend Trust
Date: May 21, 2018
By:   /s/ Neal J. Andrews                            
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Enhanced Global Dividend Trust
Date: May 21, 2018