NPORT-EX 1 NPORT_223780815608675.htm EX-CII

Schedule of Investments  (unaudited) 

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 100.7%

 

Airlines — 1.4%  

Delta Air Lines, Inc.

    201,826     $ 10,424,313  
   

 

 

 
Banks — 9.1%  

Bank of America Corp.(a)

    670,595       18,501,688  

JPMorgan Chase & Co.(b)

    201,668       20,414,852  

Regions Financial Corp.

    357,380       5,056,927  

SunTrust Banks, Inc.

    174,782       10,355,833  

U.S. Bancorp

    259,689       12,514,413  
   

 

 

 
    66,843,713  
Beverages — 1.3%  

Molson Coors Brewing Co., Class B

    166,581       9,936,557  
   

 

 

 
Biotechnology — 2.5%  

Biogen, Inc.(c)

    47,505       11,229,232  

Gilead Sciences, Inc.

    116,103       7,547,856  
   

 

 

 
    18,777,088  
Capital Markets — 1.4%  

E*Trade Financial Corp.

    219,185       10,176,760  
   

 

 

 
Chemicals — 1.9%  

DowDuPont, Inc.

    260,562       13,890,560  
   

 

 

 
Commercial Services & Supplies — 1.6%  

KAR Auction Services, Inc.

    226,776       11,635,877  
   

 

 

 
Communications Equipment — 3.2%  

Cisco Systems, Inc.

    432,640       23,358,234  
   

 

 

 
Consumer Finance — 1.8%  

Ally Financial, Inc.

    303,695       8,348,575  

SLM Corp.

    519,792       5,151,139  
   

 

 

 
    13,499,714  
Containers & Packaging — 1.4%  

Packaging Corp. of America

    101,800       10,116,884  
   

 

 

 
Diversified Telecommunication Services — 0.3%  

Verizon Communications, Inc.

    37,317       2,206,554  
   

 

 

 
Electrical Equipment — 2.6%  

Emerson Electric Co.

    148,632       10,176,833  

Hubbell, Inc.

    73,020       8,614,900  
   

 

 

 
    18,791,733  
Security   Shares     Value  
Electronic Equipment, Instruments & Components — 1.6%  

CDW Corp.

    125,226     $ 12,068,030  
   

 

 

 
Food & Staples Retailing — 2.4%  

Walmart, Inc.

    179,754       17,531,408  
   

 

 

 
Food Products — 0.8%  

J.M. Smucker Co.

    53,851       6,273,641  
   

 

 

 
Health Care Equipment & Supplies — 1.6%  

Baxter International, Inc.

    145,845       11,858,657  
   

 

 

 
Health Care Providers & Services — 7.3%  

Centene Corp.(c)

    118,898       6,313,484  

Humana, Inc.

    51,317       13,650,322  

Laboratory Corp. of America Holdings(c)

    106,418       16,279,826  

UnitedHealth Group, Inc.

    69,389       17,157,124  
   

 

 

 
    53,400,756  
Hotels, Restaurants & Leisure — 1.7%  

Carnival Corp.

    247,365       12,546,353  
   

 

 

 
Household Durables — 2.6%  

D.R. Horton, Inc.

    354,758       14,679,886  

Lennar Corp., Class A

    87,906       4,315,306  
   

 

 

 
    18,995,192  
Independent Power and Renewable Electricity Producers — 1.5%  

AES Corp.

    624,869       11,297,631  
   

 

 

 
Insurance — 1.1%  

Assured Guaranty Ltd.

    184,231       8,185,383  
   

 

 

 
Interactive Media & Services — 5.4%  

Alphabet, Inc., Class A(c)

    32,534       38,288,939  

Alphabet, Inc., Class C(c)

    1,038       1,217,896  
   

 

 

 
    39,506,835  
IT Services — 2.2%  

Cognizant Technology Solutions Corp., Class A

    220,724       15,991,454  
   

 

 

 
Machinery — 1.2%  

Fortive Corp.

    103,572       8,688,655  
   

 

 

 
Media — 4.4%  

Comcast Corp., Class A(a)

    545,198       21,797,016  

DISH Network Corp., Class A(c)

    339,218       10,749,818  
   

 

 

 
    32,546,834  
Metals & Mining — 1.2%  

Freeport-McMoRan, Inc.

    669,333       8,627,702  
   

 

 

 
Multiline Retail — 3.5%  

Dollar General Corp.

    119,075       14,205,648  
 

 

 

          1  


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Multiline Retail (continued)  

Dollar Tree, Inc.(c)

    107,261     $ 11,266,695  
   

 

 

 
    25,472,343  
Oil, Gas & Consumable Fuels — 6.3%  

BP PLC — ADR

    333,459       14,578,827  

Chevron Corp.

    109,309       13,464,683  

Marathon Oil Corp.

    529,624       8,850,017  

Suncor Energy, Inc.

    295,970       9,598,307  
   

 

 

 
    46,491,834  
Pharmaceuticals — 5.9%  

Novartis AG — ADR

    123,337       11,857,619  

Novo Nordisk A/S — ADR

    233,891       12,234,838  

Pfizer, Inc.

    461,637       19,605,724  
   

 

 

 
    43,698,181  
Road & Rail — 1.5%  

Norfolk Southern Corp.

    58,697       10,969,882  
   

 

 

 
Semiconductors & Semiconductor Equipment — 1.7%  

Taiwan Semiconductor Manufacturing Co. Ltd. — ADR

    313,376       12,835,881  
   

 

 

 
Software — 6.0%  

CDK Global, Inc.

    60,887       3,581,373  

Microsoft Corp.(a)

    347,084       40,935,087  
   

 

 

 
    44,516,460  
Specialty Retail — 4.1%  

Lowe’s Cos., Inc.(a)

    156,034       17,081,042  
Security   Shares     Value  
Specialty Retail (continued)  

O’Reilly Automotive, Inc.(c)

    34,272     $ 13,307,818  
   

 

 

 
    30,388,860  
Technology Hardware, Storage & Peripherals — 5.7%  

Apple, Inc.(b)

    215,652       40,963,097  

Dell Technologies, Inc., Class C(c)

    12,590       738,907  
   

 

 

 
    41,702,004  
Tobacco — 2.5%  

Altria Group, Inc.(a)

    316,053       18,150,923  
   

 

 

 

Total Long-Term Investments — 100.7%
(Cost — $580,342,316)

 

    741,402,886  
   

 

 

 
Short-Term Securities — 0.4%  

BlackRock Liquidity Funds, T-Fund,
Institutional Class,
    2.37%(d)(e)

    2,902,413       2,902,413  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost — $2,902,413)

 

    2,902,413  
   

 

 

 

Total Investments Before Options Written — 101.1%
(Cost — $583,244,729)

 

    744,305,299  
   

 

 

 

Options Written — (1.0)%
(Premiums Received — $7,147,671)

 

    (7,604,853
   

 

 

 

Total Investments, Net of Options Written — 100.1%
(Cost — $576,097,058)

 

    736,700,446  

Liabilities in Excess of Other Assets — (0.1)%

 

    (824,068
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 735,876,378  
   

 

 

 
 
(a) 

All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(b) 

All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(c) 

Non-income producing security.

(d) 

Annualized 7-day yield as of period end.

(e) 

During the period ended March 31, 2019, 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
12/31/18
     Net
Activity
     Shares
Held at
03/31/19
     Value at
03/31/19
     Income      Net Realized
Gain (Loss) 
(a)
     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

     14,789,354        (11,886,941      2,902,413      $ 2,902,413      $ 24,133      $      $  
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes net capital gain distributions, if applicable.

 

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry 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 industry sub-classifications for reporting ease.

 

 

2        


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Portfolio Abbreviations

ADR — American Depositary Receipts

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                                                   

Alphabet, Inc., Class A

     3          04/05/19        USD     1,120.00        USD     353        $ (17,700

BP PLC — ADR

     320          04/05/19        USD     43.01        USD     1,399          (27,683

Bank of America Corp.

     346          04/05/19        USD     29.98        USD     955          (82

Baxter International, Inc.

     121          04/05/19        USD     75.00        USD     984          (75,020

Biogen, Inc.

     52          04/05/19        USD     342.50        USD     1,229          (1,040

Cognizant Technology Solutions Corp., Class A

     101          04/05/19        USD     74.93        USD     732          (325

Comcast Corp., Class A

     399          04/05/19        USD     38.50        USD     1,595          (59,252

D.R. Horton, Inc.

     189          04/05/19        USD     39.50        USD     782          (38,934

DISH Network Corp., Class A

     471          04/05/19        USD     32.50        USD     1,493          (24,728

Delta Air Lines, Inc.

     126          04/05/19        USD     52.00        USD     651          (6,174

Delta Air Lines, Inc.

     279          04/05/19        USD     51.00        USD     1,441          (29,853

Dollar General Corp.

     65          04/05/19        USD     121.00        USD     775          (3,412

Dollar General Corp.

     115          04/05/19        USD     103.00        USD     1,208          (31,338

DowDuPont, Inc.

     52          04/05/19        USD     55.50        USD     277          (884

DowDuPont, Inc.

     148          04/05/19        USD     56.50        USD     789          (1,184

E*Trade Financial Corp.

     259          04/05/19        USD     49.00        USD     1,203          (3,108

Freeport-McMoRan, Inc.

     534          04/05/19        USD     13.50        USD     688          (4,005

Freeport-McMoRan, Inc.

     526          04/05/19        USD     12.50        USD     678          (26,826

Humana, Inc.

     54          04/05/19        USD     312.50        USD     1,436          (810

JPMorgan Chase & Co.

     81          04/05/19        USD     108.00        USD     820          (162

JPMorgan Chase & Co.

     70          04/05/19        USD     106.00        USD     709          (175

Lowe’s Cos., Inc.

     160          04/05/19        USD     108.00        USD     1,752          (30,960

Lowe’s Cos., Inc.

     74          04/05/19        USD     103.00        USD     810          (49,580

Marathon Oil Corp.

     528          04/05/19        USD     17.00        USD     882          (8,184

Molson Coors Brewing Co.

     241          04/05/19        USD     64.00        USD     1,438          (1,205

Norfolk Southern Corp.

     76          04/05/19        USD     180.00        USD     1,420          (55,480

Pfizer, Inc.

     47          04/05/19        USD     43.50        USD     200          (141

Pfizer, Inc.

     47          04/05/19        USD     44.00        USD     200          (188

Pfizer, Inc.

     25          04/05/19        USD     42.50        USD     106          (837

Pfizer, Inc.

     222          04/05/19        USD     42.04        USD     943          (14,308

Suncor Energy, Inc.

     297          04/05/19        USD     35.00        USD     963          (891

U.S. Bancorp

     138          04/05/19        USD     51.67        USD     665          (18

Walmart, Inc.

     228          04/05/19        USD     101.00        USD     2,224          (342

Regions Financial Corp.

     624          04/09/19        USD     15.60        USD     883          (446

JPMorgan Chase & Co.

     52          04/10/19        USD     105.25        USD     526          (1,040

Alphabet, Inc., Class A

     24          04/12/19        USD     1,160.00        USD     2,825          (65,520

Apple, Inc.

     136          04/12/19        USD     177.50        USD     2,583          (175,100

Bank of America Corp.

     346          04/12/19        USD     29.98        USD     955          (880

Carnival Corp.

     381          04/12/19        USD     56.50        USD     1,932          (1,905

Cisco Systems, Inc.

     116          04/12/19        USD     52.00        USD     626          (24,070

Cognizant Technology Solutions Corp., Class A

     101          04/12/19        USD     72.00        USD     732          (12,877

Comcast Corp., Class A

     19          04/12/19        USD     40.00        USD     76          (893

D.R. Horton, Inc.

     283          04/12/19        USD     41.00        USD     1,171          (32,687

 

 

          3  


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Exchange-Traded Options Written (continued)

 

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

DowDuPont, Inc.

     74          04/12/19        USD     57.00        USD     394        $ (1,036

E*Trade Financial Corp.

     176          04/12/19        USD     48.00        USD     817          (12,408

Freeport-McMoRan, Inc.

     525          04/12/19        USD     13.00        USD     677          (17,325

JPMorgan Chase & Co.

     69          04/12/19        USD     107.00        USD     698          (621

JPMorgan Chase & Co.

     52          04/12/19        USD     106.00        USD     526          (806

Lowe’s Cos., Inc.

     109          04/12/19        USD     105.00        USD     1,193          (52,048

Marathon Oil Corp.

     485          04/12/19        USD     17.50        USD     810          (6,062

Microsoft Corp.

     169          04/12/19        USD     113.00        USD     1,993          (89,148

Novartis AG — ADR

     71          04/12/19        USD     91.25        USD     683          (36,007

Pfizer, Inc.

     47          04/12/19        USD     44.50        USD     200          (235

Pfizer, Inc.

     25          04/12/19        USD     43.00        USD     106          (687

Pfizer, Inc.

     151          04/12/19        USD     43.18        USD     641          (3,585

U.S. Bancorp

     164          04/12/19        USD     52.00        USD     790          (492

U.S. Bancorp

     68          04/12/19        USD     51.00        USD     328          (204

Walmart, Inc.

     174          04/12/19        USD     98.50        USD     1,697          (11,484

AES Corp.

     780          04/18/19        USD     18.00        USD     1,410          (35,100

Ally Financial, Inc.

     1,240          04/18/19        USD     27.00        USD     3,409          (120,900

Altria Group, Inc.

     453          04/18/19        USD     57.50        USD     2,602          (43,035

Assured Guaranty Ltd.

     431          04/18/19        USD     44.00        USD     1,915          (44,609

Assured Guaranty Ltd.

     213          04/18/19        USD     45.00        USD     946          (10,650

BP PLC — ADR

     320          04/18/19        USD     43.00        USD     1,399          (36,320

Bank of America Corp.

     733          04/18/19        USD     30.00        USD     2,022          (4,031

Biogen, Inc.

     13          04/18/19        USD     340.00        USD     307          (195

CDW Corp.

     351          04/18/19        USD     100.00        USD     3,383          (14,040

CDW Corp.

     328          04/18/19        USD     92.75        USD     3,161          (152,929

Carnival Corp.

     246          04/18/19        USD     57.50        USD     1,248          (1,230

Chevron Corp.

     106          04/18/19        USD     120.00        USD     1,306          (45,050

Cisco Systems, Inc.

     171          04/18/19        USD     50.00        USD     923          (67,973

Cognizant Technology Solutions Corp., Class A

     94          04/18/19        USD     75.00        USD     681          (2,115

Comcast Corp., Class A

     292          04/18/19        USD     40.00        USD     1,167          (17,374

D.R. Horton, Inc.

     95          04/18/19        USD     41.00        USD     393          (13,062

DISH Network Corp., Class A

     471          04/18/19        USD     32.50        USD     1,493          (34,148

Dell Technologies, Inc.

     98          04/18/19        USD     62.50        USD     575          (3,185

Dell Technologies, Inc.

     27          04/18/19        USD     60.00        USD     158          (2,632

Delta Air Lines, Inc.

     279          04/18/19        USD     50.00        USD     1,441          (67,937

Delta Air Lines, Inc.

     200          04/18/19        USD     52.00        USD     1,033          (24,900

Dollar General Corp.

     115          04/18/19        USD     105.00        USD     1,208          (23,000

DowDuPont, Inc.

     129          04/18/19        USD     55.00        USD     688          (8,191

DowDuPont, Inc.

     73          04/18/19        USD     57.50        USD     389          (1,095

DowDuPont, Inc.

     178          04/18/19        USD     58.00        USD     949          (1,958

E*Trade Financial Corp.

     352          04/18/19        USD     50.00        USD     1,634          (19,888

Emerson Electric Co.

     372          04/18/19        USD     70.00        USD     2,547          (16,740

Fortive Corp.

     314          04/18/19        USD     85.00        USD     2,634          (28,417

Freeport-McMoRan, Inc.

     357          04/18/19        USD     13.00        USD     460          (14,101

Gilead Sciences, Inc.

     181          04/18/19        USD     67.50        USD     1,177          (7,511

Hubbell, Inc.

     355          04/18/19        USD     125.00        USD     4,188          (15,975

J.M. Smucker Co.

     126          04/18/19        USD     110.00        USD     1,468          (90,090

JPMorgan Chase & Co.

     84          04/18/19        USD     105.00        USD     850          (3,360

 

 

4        


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Exchange-Traded Options Written (continued)

 

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

KAR Auction Services, Inc.

     490          04/18/19        USD     50.00        USD     2,514        $ (113,925

Laboratory Corp. of America Holdings

     380          04/18/19        USD     150.00        USD     5,813          (188,100

Lennar Corp., Class A

     157          04/18/19        USD     50.00        USD     771          (14,365

Lowe’s Cos., Inc.

     66          04/18/19        USD     110.00        USD     723          (10,923

Marathon Oil Corp.

     539          04/18/19        USD     18.00        USD     901          (5,120

Microsoft Corp.

     162          04/18/19        USD     110.00        USD     1,911          (134,460

Molson Coors Brewing Co.

     230          04/18/19        USD     62.50        USD     1,372          (4,600

Norfolk Southern Corp.

     110          04/18/19        USD     185.00        USD     2,056          (51,150

Novartis ADR Representing AG

     28          04/18/19        USD     91.50        USD     269          (14,382

O’Reilly Automotive, Inc.

     114          04/18/19        USD     380.00        USD     4,427          (153,900

Packaging Corp. of America

     460          04/18/19        USD     100.00        USD     4,571          (77,050

Pfizer, Inc.

     69          04/18/19        USD     43.00        USD     293          (2,656

Pfizer, Inc.

     146          04/18/19        USD     42.00        USD     620          (13,651

Pfizer, Inc.

     63          04/18/19        USD     42.50        USD     268          (3,937

SLM Corp.

     1,753          04/18/19        USD     11.00        USD     1,737          (40,319

SunTrust Banks, Inc.

     615          04/18/19        USD     62.50        USD     3,644          (19,065

Suncor Energy, Inc.

     298          04/18/19        USD     35.00        USD     966          (1,341

Taiwan Semiconductor Manufacturing Co. Ltd.

     360          04/18/19        USD     40.00        USD     1,475          (56,700

Taiwan Semiconductor Manufacturing Co. Ltd.

     50          04/18/19        USD     39.00        USD     205          (11,875

U.S. Bancorp

     308          04/18/19        USD     52.50        USD     1,484          (616

UnitedHealth Group, Inc.

     189          04/18/19        USD     250.00        USD     4,673          (95,445

Walmart, Inc.

     167          04/18/19        USD     99.50        USD     1,629          (8,350

Alphabet, Inc., Class A

     1          04/26/19        USD     1,195.00        USD     117          (1,450

Alphabet, Inc., Class A

     12          04/26/19        USD     1,232.50        USD     1,412          (7,320

Altria Group, Inc.

     319          04/26/19        USD     57.50        USD     1,832          (44,022

Apple, Inc.

     120          04/26/19        USD     185.00        USD     2,279          (86,100

BP PLC

     223          04/26/19        USD     43.00        USD     975          (27,764

Bank of America Corp.

     355          04/26/19        USD     29.50        USD     979          (4,437

Bank of America Corp.

     230          04/26/19        USD     29.60        USD     635          (2,653

Baxter International, Inc.

     154          04/26/19        USD     78.50        USD     1,252          (58,135

Biogen, Inc.

     49          04/26/19        USD     337.50        USD     1,158          (2,205

Chevron Corp.

     125          04/26/19        USD     128.00        USD     1,540          (7,750

Cisco Systems, Inc.

     334          04/26/19        USD     52.50        USD     1,803          (59,118

Cognizant Technology Solutions Corp., Class A

     30          04/26/19        USD     73.00        USD     217          (3,375

Comcast Corp., Class A

     200          04/26/19        USD     39.00        USD     800          (30,800

D.R. Horton, Inc.

     278          04/26/19        USD     43.00        USD     1,150          (26,549

DISH Network Corp., Class A

     342          04/26/19        USD     34.00        USD     1,084          (18,810

Delta Air Lines, Inc.

     180          04/26/19        USD     53.00        USD     930          (18,270

Dollar General Corp.

     194          04/26/19        USD     117.00        USD     2,314          (73,720

Dollar General Corp.

     165          04/26/19        USD     102.00        USD     1,733          (71,775

Dollar General Corp.

     76          04/26/19        USD     105.00        USD     798          (18,240

DowDuPont, Inc.

     177          04/26/19        USD     57.50        USD     944          (4,248

E*Trade Financial Corp.

     176          04/26/19        USD     48.50        USD     817          (11,792

Emerson Electric Co.

     162          04/26/19        USD     69.00        USD     1,109          (17,010

Freeport-McMoRan, Inc.

     569          04/26/19        USD     13.50        USD     733          (21,338

Gilead Sciences, Inc.

     69          04/26/19        USD     66.50        USD     449          (6,555

JPMorgan Chase & Co.

     217          04/26/19        USD     107.00        USD     2,197          (5,208

Lowe’s Cos., Inc.

     218          04/26/19        USD     103.00        USD     2,386          (151,510

Marathon Oil Corp.

     963          04/26/19        USD     18.50        USD     1,609          (8,185

Microsoft Corp.

     162          04/26/19        USD     111.00        USD     1,911          (131,625

Molson Coors Brewing Co.

     256          04/26/19        USD     61.50        USD     1,527          (15,360

Norfolk Southern Corp.

     135          04/26/19        USD     182.50        USD     2,523          (103,950

 

 

          5  


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Exchange-Traded Options Written (continued)

 

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

Pfizer, Inc.

     138          04/26/19        USD     42.50        USD     586        $ (10,281

Pfizer, Inc.

     126          04/26/19        USD     43.00        USD     535          (6,174

Suncor Energy, Inc.

     277          04/26/19        USD     34.50        USD     898          (6,371

U.S. Bancorp

     277          04/26/19        USD     51.50        USD     1,335          (2,493

UnitedHealth Group, Inc.

     189          04/26/19        USD     250.00        USD     4,673          (104,895

Walmart, Inc.

     230          04/26/19        USD     101.00        USD     2,243          (7,475

Novartis ADR Representing AG

     297          04/29/19        USD     89.25        USD     2,855          (219,123

Taiwan Semiconductor Manufacturing Co. Ltd.

     108          04/29/19        USD     40.79        USD     442          (14,884

Novo Nordisk A/S

     419          04/30/19        USD     52.45        USD     2,192          (54,724

Alphabet, Inc., Class A

     4          05/03/19        USD     1,185.00        USD     471          (13,680

Apple, Inc.

     71          05/03/19        USD     195.00        USD     1,349          (31,063

Baxter International, Inc.

     135          05/03/19        USD     81.00        USD     1,098          (30,645

Carnival Corp.

     447          05/03/19        USD     51.50        USD     2,267          (40,230

Chevron Corp.

     446          05/03/19        USD     126.00        USD     5,494          (106,817

Cisco Systems, Inc.

     329          05/03/19        USD     53.50        USD     1,776          (40,961

Cisco Systems, Inc.

     170          05/03/19        USD     53.75        USD     918          (24,096

Cognizant Technology Solutions Corp., Class A

     30          05/03/19        USD     73.00        USD     217          (5,850

Comcast Corp., Class A

     355          05/03/19        USD     39.51        USD     1,419          (46,658

D.R. Horton, Inc.

     198          05/03/19        USD     42.50        USD     819          (28,116

DISH Network Corp., Class A

     342          05/03/19        USD     34.00        USD     1,084          (20,520

Delta Air Lines, Inc.

     187          05/03/19        USD     52.00        USD     966          (30,481

Dollar General Corp.

     47          05/03/19        USD     122.00        USD     561          (7,285

DowDuPont, Inc.

     202          05/03/19        USD     56.00        USD     1,077          (15,554

Fortive Corp.

     50          05/03/19        USD     85.50        USD     419          (9,650

Freeport-McMoRan, Inc.

     755          05/03/19        USD     13.50        USD     973          (32,465

Gilead Sciences, Inc.

     288          05/03/19        USD     66.50        USD     1,872          (41,328

JPMorgan Chase & Co.

     36          05/03/19        USD     104.00        USD     364          (3,636

JPMorgan Chase & Co.

     27          05/03/19        USD     103.00        USD     273          (3,645

Lowe’s Cos., Inc.

     192          05/03/19        USD     107.00        USD     2,102          (76,800

Marathon Oil Corp.

     455          05/03/19        USD     18.50        USD     760          (7,735

Microsoft Corp.

     61          05/03/19        USD     120.00        USD     719          (15,250

Microsoft Corp.

     185          05/03/19        USD     117.21        USD     2,182          (70,759

Molson Coors Brewing Co.

     304          05/03/19        USD     61.50        USD     1,813          (37,240

Norfolk Southern Corp.

     42          05/03/19        USD     190.00        USD     785          (15,540

Pfizer, Inc.

     379          05/03/19        USD     43.00        USD     1,610          (28,615

Suncor Energy, Inc.

     187          05/03/19        USD     33.50        USD     606          (9,350

U.S. Bancorp

     142          05/03/19        USD     50.00        USD     684          (5,964

Walmart, Inc.

     315          05/03/19        USD     98.50        USD     3,072          (41,423

Altria Group, Inc.

     479          05/10/19        USD     57.00        USD     2,751          (97,956

BP PLC

     152          05/10/19        USD     44.00        USD     665          (15,428

Cisco Systems, Inc.

     170          05/10/19        USD     53.75        USD     918          (26,593

Comcast Corp., Class A

     218          05/10/19        USD     41.00        USD     872          (15,151

Dollar General Corp.

     63          05/10/19        USD     122.00        USD     752          (11,812

DowDuPont, Inc.

     101          05/10/19        USD     55.50        USD     538          (10,251

Emerson Electric Co.

     387          05/10/19        USD     70.00        USD     2,650          (48,375

Freeport-McMoRan, Inc.

     385          05/10/19        USD     14.00        USD     496          (12,320

Humana, Inc.

     47          05/10/19        USD     275.00        USD     1,250          (26,320

Microsoft Corp.

     228          05/10/19        USD     118.25        USD     2,689          (82,460

AES Corp.

     922          05/17/19        USD     18.00        USD     1,667          (57,625

Alphabet, Inc., Class A

     13          05/17/19        USD     1,200.00        USD     1,530          (42,185

Altria Group, Inc.

     708          05/17/19        USD     57.50        USD     4,066          (129,210

Apple, Inc.

     69          05/17/19        USD     195.00        USD     1,311          (33,293

 

 

6        


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Exchange-Traded Options Written (continued)

 

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

BP PLC

     152          05/17/19        USD     44.00        USD     665        $ (15,428

Bank of America Corp.

     460          05/17/19        USD     30.00        USD     1,269          (8,970

CDK Global, Inc.

     188          05/17/19        USD     60.00        USD     1,106          (30,550

CDW Corp.

     97          05/17/19        USD     100.00        USD     935          (21,825

Carnival Corp.

     459          05/17/19        USD     58.50        USD     2,328          (21,975

Cisco Systems, Inc.

     225          05/17/19        USD     51.75        USD     1,215          (68,649

Cognizant Technology Solutions Corp., Class A

     30          05/17/19        USD     72.50        USD     217          (7,200

Comcast Corp., Class A

     425          05/17/19        USD     40.00        USD     1,699          (50,788

D.R. Horton, Inc.

     198          05/17/19        USD     44.00        USD     819          (20,295

DISH Network Corp., Class A

     477          05/17/19        USD     32.50        USD     1,512          (85,860

Dollar General Corp.

     47          05/17/19        USD     122.00        USD     561          (10,393

Dollar Tree, Inc.

     194          05/17/19        USD     105.00        USD     2,038          (63,050

DowDuPont, Inc.

     177          05/17/19        USD     57.50        USD     944          (11,062

E*Trade Financial Corp.

     197          05/17/19        USD     50.00        USD     915          (13,593

Freeport-McMoRan, Inc.

     498          05/17/19        USD     14.00        USD     642          (18,177

Gilead Sciences, Inc.

     181          05/17/19        USD     67.50        USD     1,177          (26,064

Humana, Inc.

     78          05/17/19        USD     295.00        USD     2,075          (12,480

J.M. Smucker Co.

     207          05/17/19        USD     120.00        USD     2,412          (36,743

JPMorgan Chase & Co.

     17          05/17/19        USD     105.00        USD     172          (1,802

Laboratory Corp. of America Holdings

     279          05/17/19        USD     160.00        USD     4,268          (67,658

Lennar Corp., Class A

     150          05/17/19        USD     52.50        USD     736          (12,675

Lowe’s Cos., Inc.

     153          05/17/19        USD     110.00        USD     1,675          (42,152

Marathon Oil Corp.

     313          05/17/19        USD     18.00        USD     523          (11,424

Microsoft Corp.

     61          05/17/19        USD     120.00        USD     719          (17,416

Microsoft Corp.

     185          05/17/19        USD     117.21        USD     2,182          (73,369

Novo Nordisk A/S

     419          05/17/19        USD     49.75        USD     2,192          (139,159

O’Reilly Automotive, Inc.

     101          05/17/19        USD     380.00        USD     3,922          (210,080

Pfizer, Inc.

     130          05/17/19        USD     43.00        USD     552          (10,270

Regions Financial Corp.

     584          05/17/19        USD     16.00        USD     826          (4,964

U.S. Bancorp

     229          05/17/19        USD     52.50        USD     1,104          (2,519

UnitedHealth Group, Inc.

     52          05/17/19        USD     260.00        USD     1,286          (18,330

AES Corp.

     902          06/03/19        USD     18.15        USD     1,631          (53,002

Novo Nordisk A/S

     612          06/03/19        USD     52.50        USD     3,201          (118,580
                          

 

 

 
                           $ (7,278,597
                          

 

 

 

OTC Options Written

 

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

Call

                                  

SLM Corp.

   Credit Suisse International        146,900          04/04/19          USD       11.05          USD          1,456        $ (123

Ally Financial, Inc.

   Citibank N.A.        64,200          04/09/19          USD       27.53          USD          1,765          (31,972

Centene Corp.

   Citibank N.A.        46,800          04/15/19          USD       63.91          USD          2,485          (192

Regions Financial Corp.

   JPMorgan Chase Bank N.A.        50,400          04/15/19          USD       15.81          USD          713          (678

Baxter International, Inc.

   JPMorgan Chase Bank N.A.        10,700          04/18/19          USD       76.28          USD          870          (57,510

SunTrust Banks, Inc.

   Citibank N.A.        47,800          04/23/19          USD       65.85          USD          2,832          (12,668

Regions Financial Corp.

   Barclays Bank PLC        50,300          05/02/19          USD       14.84          USD          712          (10,945

AES Corp.

   Citibank N.A.        91,500          05/06/19          USD       18.18          USD          1,654          (41,146

AES Corp.

   Citibank N.A.        35,600          05/09/19          USD       18.02          USD          644          (19,185

Centene Corp.

   Barclays Bank PLC        26,900          05/13/19          USD       61.04          USD          1,428          (12,390

Kar Auction Services, Inc.

   JPMorgan Chase Bank N.A.        30,300          05/15/19          USD       51.41          USD          1,555          (67,369

Packaging Corp. of America

   Goldman Sachs International        17,100          05/15/19          USD     $ 98.75          USD          1,699          (72,078
                                  

 

 

 
                                   $ (326,256
    

 

 

 

 

 

          7  


Schedule of Investments  (unaudited) (continued)

March 31, 2019

  

BlackRock Enhanced Capital and Income Fund (CII)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 price quotations in active markets/exchanges for identical assets or liabilities that 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 Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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 is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those 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.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

 

Long-Term Investments:

 

Common Stocks(a)

   $ 741,402,886        $        $        $ 741,402,886  

Short-Term Securities

     2,902,413                            2,902,413  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 744,305,299        $        $        $ 744,305,299  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(b)

 

Liabilities:

 

Equity contracts

   $ (5,999,835      $ (1,605,018      $        $ (7,604,853
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

See above Schedule of Investments for values in each industry.

 
  (b) 

Derivative financial instruments are options written which are shown at value.

 

During the period ended March 31, 2019, there were no transfers between levels.

 

 

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