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.

 

 

8