BlackRock Enhanced Capital and Income Fund (CII) NPORT-P BlackRock Enhanced Capital & Income Fund, Inc. (Mar 2022 report)

Schedule of Investments (unaudited) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		104,301	$	11,234,261
Automobiles — 1.8%
General Motors Co.(a)		382,081		16,712,223
Banks — 2.8%
First Citizens BancShares, Inc., Class A		16,520		10,995,712
JPMorgan Chase & Co.		112,901		15,390,664
				26,386,376
Capital Markets — 3.0%
Intercontinental Exchange, Inc.		106,727		14,100,771
Morgan Stanley		161,281		14,095,960
				28,196,731
Chemicals — 3.8%
Axalta Coating Systems Ltd.(a)		305,175		7,501,201
Corteva, Inc.		488,148		28,058,747
				35,559,948
Communications Equipment — 1.1%
Ciena Corp.(a)		164,522		9,974,969
Construction & Engineering — 1.3%
Quanta Services, Inc.		92,748		12,206,564
Consumer Finance — 1.1%
Ally Financial, Inc.		42,766		1,859,466
Capital One Financial Corp.		67,080		8,806,933
				10,666,399
Containers & Packaging — 1.4%
Sealed Air Corp.		195,860		13,114,786
Diversified Financial Services — 2.9%
Berkshire Hathaway, Inc., Class B(a)		76,998		27,173,364
Entertainment — 1.5%
World Wrestling Entertainment, Inc., Class A		228,654		14,277,156
Food Products — 1.5%
Mondelez International, Inc., Class A		226,300		14,207,114
Health Care Providers & Services — 7.4%
Anthem, Inc.		31,725		15,583,954
Humana, Inc.		18,308		7,967,092
Laboratory Corp. of America Holdings(a)		63,295		16,688,360
UnitedHealth Group, Inc.		57,173		29,156,515
				69,395,921
Health Care Technology — 0.7%
Veeva Systems, Inc., Class A(a)		29,226		6,209,356
Hotels, Restaurants & Leisure — 0.7%
Las Vegas Sands Corp.(a)		172,808		6,717,047
Insurance — 1.7%
Progressive Corp.		140,020		15,960,880
Interactive Media & Services(a) — 8.3%
Alphabet, Inc., Class A(b)		20,859		58,016,181
Meta Platforms, Inc., Class A		85,709		19,058,253
				77,074,434
Internet & Direct Marketing Retail — 5.6%
Amazon.com, Inc.(a)(b)		16,124		52,563,434

Security	Shares		Value
IT Services — 5.8%
Fidelity National Information Services, Inc.		130,731	$	13,128,007
FleetCor Technologies, Inc.(a)		65,492		16,311,438
Visa, Inc., Class A(b)		111,790		24,791,668
				54,231,113
Life Sciences Tools & Services — 1.3%
Avantor, Inc.(a)		367,410		12,425,806
Machinery — 4.6%
Caterpillar, Inc.		82,530		18,389,335
Fortive Corp.		231,083		14,079,887
Otis Worldwide Corp.		129,997		10,003,269
				42,472,491
Media — 3.2%
Comcast Corp., Class A		452,002		21,162,734
Fox Corp., Class A		221,208		8,726,655
				29,889,389
Multiline Retail — 3.6%
Dollar General Corp.		71,218		15,855,264
Dollar Tree, Inc.(a)		110,942		17,767,361
				33,622,625
Oil, Gas & Consumable Fuels — 4.9%
ConocoPhillips(b)		206,388		20,638,800
EQT Corp.		736,797		25,353,185
				45,991,985
Personal Products — 1.1%
Unilever PLC, ADR		219,888		10,020,296
Pharmaceuticals — 3.0%
Novo Nordisk A/S, ADR		98,683		10,958,747
Sanofi, ADR		333,072		17,099,916
				28,058,663
Real Estate Management & Development — 1.3%
CBRE Group, Inc., Class A(a)		132,484		12,124,936
Road & Rail — 2.0%
Norfolk Southern Corp.		64,610		18,428,064
Semiconductors & Semiconductor Equipment — 5.8%
Analog Devices, Inc.		96,290		15,905,182
Applied Materials, Inc.		120,830		15,925,394
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		180,480		18,816,845
Teradyne, Inc.		28,400		3,357,732
				54,005,153
Software — 8.3%
CDK Global, Inc.		245,284		11,940,425
Microsoft Corp.(b)		211,971		65,352,779
				77,293,204
Specialty Retail — 2.6%
Bath & Body Works, Inc.		153,560		7,340,168
Ross Stores, Inc.		181,318		16,402,026
				23,742,194
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc.(b)		286,348		49,999,224
Total Long-Term Investments — 100.7% (Cost: $604,533,075)				939,936,106

1

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(c)(d)		9,660,631	$	9,660,631
Total Short-Term Securities — 1.0% (Cost: $9,660,631)				9,660,631
Total Investments Before Options Written — 101.7% (Cost: $614,193,706)				949,596,737
Options Written — (1.5)% (Premiums Received: $(11,916,186))				(14,418,094	)
Total Investments, Net of Options Written — 100.2% (Cost: $602,277,520)				935,178,643
Liabilities in Excess of Other Assets — (0.2)%				(1,464,327	)
Net Assets — 100.0%			$	933,714,316

^(a) Non-income producing security.

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

^(c) Affiliate of the Trust.

^(d) Annualized 7-day yield as of period end.

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	10,297,753	$	—	$	(637,122	)(a)	$	—	$	—	$	9,660,631		9,660,631	$	1,217	$	—

^(a)  Represents net amount purchased (sold).

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
Apple, Inc.		130		04/01/22	USD	180.00	USD	2,270	$	(715)
Fox Corp., Class A		220		04/01/22	USD	45.00	USD	868		(5,500	)
Humana, Inc.		87		04/01/22	USD	435.00	USD	3,786		(25,230	)
Ross Stores, Inc.		151		04/01/22	USD	103.00	USD	1,366		(9,060	)
UnitedHealth Group, Inc.		40		04/01/22	USD	485.00	USD	2,040		(106,100	)
Anthem, Inc.		57		04/08/22	USD	455.00	USD	2,800		(212,325	)
Apple, Inc.		364		04/08/22	USD	170.00	USD	6,356		(206,570	)
Bath & Body Works, Inc.		463		04/08/22	USD	58.00	USD	2,213		(6,945	)
Berkshire Hathaway, Inc., Class B		163		04/08/22	USD	330.00	USD	5,752		(385,087	)
Capital One Financial Corp.		426		04/08/22	USD	137.00	USD	5,593		(32,163	)
Comcast Corp., Class A		440		04/08/22	USD	49.00	USD	2,060		(2,860	)
ConocoPhillips		186		04/08/22	USD	96.01	USD	1,860		(90,051	)
Facebook, Inc., Class A		62		04/08/22	USD	225.00	USD	1,379		(21,235	)
Fox Corp., Class A		705		04/08/22	USD	40.00	USD	2,781		(28,200	)
General Motors Co.		332		04/08/22	USD	49.00	USD	1,452		(1,826	)
Humana, Inc.		26		04/08/22	USD	445.00	USD	1,131		(5,980	)
JPMorgan Chase & Co.		172		04/08/22	USD	145.00	USD	2,345		(2,236	)
Morgan Stanley		436		04/08/22	USD	93.00	USD	3,811		(8,066	)
Norfolk Southern Corp.		110		04/08/22	USD	265.00	USD	3,137		(235,950	)
Ross Stores, Inc.		77		04/08/22	USD	95.00	USD	697		(7,315	)

SCHEDULE    OF    INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		14		04/08/22	USD	118.00	USD	146	$	(70	)
UnitedHealth Group, Inc.		34		04/08/22	USD	495.00	USD	1,734		(63,495	)
Visa, Inc., Class A		149		04/08/22	USD	225.00	USD	3,304		(31,589	)
Amazon.com, Inc.		8		04/14/22	USD	3,130.00	USD	2,608		(128,340	)
Anthem, Inc.		75		04/14/22	USD	480.00	USD	3,684		(126,750	)
Apple, Inc.		205		04/14/22	USD	170.00	USD	3,580		(131,712	)
Applied Materials, Inc.		354		04/14/22	USD	145.00	USD	4,666		(16,638	)
Applied Materials, Inc.		36		04/14/22	USD	135.00	USD	474		(9,666	)
Avantor, Inc.		263		04/14/22	USD	37.80	USD	889		(629	)
Axalta Coating Systems Ltd.		645		04/14/22	USD	30.00	USD	1,585		(12,900	)
Bath & Body Works, Inc.		74		04/14/22	USD	55.00	USD	354		(851	)
Capital One Financial Corp.		244		04/14/22	USD	145.00	USD	3,203		(7,320	)
Caterpillar, Inc.		136		04/14/22	USD	220.00	USD	3,030		(80,920	)
CBRE Group, Inc., Class A		861		04/14/22	USD	95.00	USD	7,880		(62,422	)
Ciena Corp.		230		04/14/22	USD	70.00	USD	1,394		(690	)
Comcast Corp., Class A		489		04/14/22	USD	47.50	USD	2,289		(20,538	)
Corteva, Inc.		234		04/14/22	USD	52.45	USD	1,345		(120,247	)
Dollar General Corp.		61		04/14/22	USD	210.00	USD	1,358		(79,910	)
EQT Corp.		207		04/14/22	USD	25.44	USD	712		(188,032	)
Fidelity National Information Services, Inc.		118		04/14/22	USD	105.00	USD	1,185		(9,735	)
First Citizens BancShares, Inc., Class A		24		04/14/22	USD	810.00	USD	1,597		(2,880	)
FleetCor Technologies, Inc.		366		04/14/22	USD	250.00	USD	9,116		(181,170	)
Fortive Corp.		814		04/14/22	USD	68.00	USD	4,960		(2,678	)
Fox Corp., Class A		512		04/14/22	USD	42.00	USD	2,020		(7,680	)
General Motors Co.		294		04/14/22	USD	55.00	USD	1,286		(735	)
Humana, Inc.		3		04/14/22	USD	440.00	USD	131		(1,710	)
JPMorgan Chase & Co.		113		04/14/22	USD	135.00	USD	1,540		(40,680	)
Laboratory Corp. of America Holdings		213		04/14/22	USD	280.00	USD	5,616		(17,040	)
Las Vegas Sands Corp.		116		04/14/22	USD	46.00	USD	451		(870	)
Las Vegas Sands Corp.		406		04/14/22	USD	37.00	USD	1,578		(105,763	)
Microsoft Corp.		336		04/14/22	USD	330.00	USD	10,359		(21,000	)
Mondelez International, Inc., Class A		400		04/14/22	USD	65.00	USD	2,511		(4,000	)
Norfolk Southern Corp.		90		04/14/22	USD	280.00	USD	2,567		(79,650	)
Otis Worldwide Corp.	��	165		04/14/22	USD	84.00	USD	1,270		(1,054	)
Otis Worldwide Corp.		244		04/14/22	USD	80.00	USD	1,878		(19,520	)
Progressive Corp.		692		04/14/22	USD	110.00	USD	7,888		(352,920	)
Quanta Services, Inc.		357		04/14/22	USD	105.20	USD	4,698		(951,726	)
Sanofi, ADR		451		04/14/22	USD	55.00	USD	2,315		(4,510	)
Sealed Air Corp.		251		04/14/22	USD	65.00	USD	1,681		(69,025	)
Unilever PLC, ADR		519		04/14/22	USD	54.26	USD	2,365		(1	)
Veeva Systems, Inc., Class A		123		04/14/22	USD	190.00	USD	2,613		(283,515	)
World Wrestling Entertainment, Inc., Class A		431		04/14/22	USD	60.00	USD	2,691		(146,540	)
Alphabet Inc., Class A		33		04/22/22	USD	2,750.00	USD	9,178		(292,050	)
Amazon.com, Inc.		1		04/22/22	USD	3,060.00	USD	326		(23,083	)
Analog Devices, Inc.		303		04/22/22	USD	170.00	USD	5,005		(85,597	)
Apple, Inc.		378		04/22/22	USD	170.00	USD	6,600		(309,015	)
Apple, Inc.		130		04/22/22	USD	180.00	USD	2,270		(27,690	)
Applied Materials, Inc.		203		04/22/22	USD	145.00	USD	2,676		(21,011	)
Ciena Corp.		283		04/22/22	USD	58.00	USD	1,716		(101,172	)
Comcast Corp., Class A		142		04/22/22	USD	49.00	USD	665		(2,485	)
Dollar Tree, Inc.		129		04/22/22	USD	160.00	USD	2,066		(56,760	)
General Motors Co.		333		04/22/22	USD	49.00	USD	1,457		(7,493	)
Humana, Inc.		3		04/22/22	USD	440.00	USD	131		(2,280	)
JPMorgan Chase & Co.		73		04/22/22	USD	145.00	USD	995		(6,570	)
Microsoft Corp.		410		04/22/22	USD	300.00	USD	12,641		(555,550	)
Norfolk Southern Corp.		219		04/22/22	USD	285.00	USD	6,246		(156,585	)
Ross Stores, Inc.		76		04/22/22	USD	97.00	USD	687		(4,560	)
Visa, Inc., Class A		51		04/22/22	USD	220.00	USD	1,131		(35,828	)
Corteva, Inc.		310		04/26/22	USD	51.50	USD	1,782		(211,721	)
Analog Devices, Inc.		28		04/29/22	USD	160.00	USD	463		(25,620	)
Anthem, Inc.		75		04/29/22	USD	515.00	USD	3,684		(53,625	)
Berkshire Hathaway, Inc., Class B		170		04/29/22	USD	355.00	USD	5,999		(107,950	)

3

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Ciena Corp.		293		04/29/22	USD	62.00	USD	1,776	$	(38,237	)
Comcast Corp., Class A		184		04/29/22	USD	47.00	USD	861		(21,896	)
Comcast Corp., Class A		142		04/29/22	USD	48.00	USD	665		(10,721	)
ConocoPhillips		358		04/29/22	USD	96.00	USD	3,580		(229,120	)
Dollar General Corp.		144		04/29/22	USD	230.00	USD	3,206		(32,040	)
Dollar Tree, Inc.		129		04/29/22	USD	160.00	USD	2,066		(65,145	)
Facebook, Inc., Class A		92		04/29/22	USD	230.00	USD	2,046		(74,290	)
General Motors Co.		45		04/29/22	USD	47.00	USD	197		(3,915	)
JPMorgan Chase & Co.		121		04/29/22	USD	140.00	USD	1,649		(29,766	)
Morgan Stanley		147		04/29/22	USD	93.00	USD	1,285		(14,847	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		237		04/29/22	USD	110.00	USD	2,471		(42,542	)
Unilever PLC, ADR		161		04/29/22	USD	51.00	USD	734		(10,549	)
UnitedHealth Group, Inc.		163		04/29/22	USD	495.00	USD	8,313		(394,460	)
Amazon.com, Inc.		8		05/06/22	USD	3,380.00	USD	2,608		(71,540	)
Analog Devices, Inc.		6		05/06/22	USD	175.00	USD	99		(1,425	)
Apple, Inc.		334		05/06/22	USD	180.00	USD	5,832		(131,930	)
Applied Materials, Inc.		192		05/06/22	USD	145.00	USD	2,531		(37,536	)
Caterpillar, Inc.		127		05/06/22	USD	225.00	USD	2,830		(89,217	)
ConocoPhillips		373		05/06/22	USD	101.00	USD	3,730		(158,525	)
Dollar Tree, Inc.		129		05/06/22	USD	165.00	USD	2,066		(44,505	)
JPMorgan Chase & Co.		82		05/06/22	USD	145.00	USD	1,118		(9,799	)
Las Vegas Sands Corp.		195		05/06/22	USD	43.00	USD	758		(19,598	)
Microsoft Corp.		372		05/06/22	USD	320.00	USD	11,469		(226,920	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		73		05/06/22	USD	115.00	USD	761		(7,556	)
Visa, Inc., Class A		38		05/06/22	USD	235.00	USD	843		(11,703	)
Alphabet Inc., Class A		40		05/20/22	USD	2,820.00	USD	11,125		(411,400	)
Amazon.com, Inc.		12		05/20/22	USD	3,200.00	USD	3,912		(232,950	)
Apple, Inc.		319		05/20/22	USD	170.00	USD	5,570		(315,810	)
Avantor, Inc.		937		05/20/22	USD	37.50	USD	3,169		(37,480	)
Axalta Coating Systems Ltd.		423		05/20/22	USD	27.00	USD	1,040		(22,208	)
Berkshire Hathaway, Inc., Class B		167		05/20/22	USD	340.00	USD	5,894		(327,737	)
Ciena Corp.		263		05/20/22	USD	65.00	USD	1,595		(26,695	)
Comcast Corp., Class A		185		05/20/22	USD	47.50	USD	866		(24,143	)
ConocoPhillips		424		05/20/22	USD	100.00	USD	4,240		(226,840	)
Corteva, Inc.		823		05/20/22	USD	56.00	USD	4,731		(300,326	)
Dollar General Corp.		44		05/20/22	USD	230.00	USD	980		(17,380	)
EQT Corp.		560		05/20/22	USD	29.00	USD	1,927		(358,400	)
Fidelity National Information Services, Inc.		300		05/20/22	USD	110.00	USD	3,013		(57,000	)
First Citizens BancShares, Inc., Class A		29		05/20/22	USD	750.00	USD	1,930		(21,025	)
FleetCor Technologies, Inc.		59		05/20/22	USD	250.00	USD	1,469		(64,605	)
Fortive Corp.		688		05/20/22	USD	62.33	USD	4,192		(143,175	)
Intercontinental Exchange, Inc.		366		05/20/22	USD	140.00	USD	4,836		(49,410	)
JPMorgan Chase & Co.		172		05/20/22	USD	150.00	USD	2,345		(17,544	)
Laboratory Corp. of America Holdings		198		05/20/22	USD	280.00	USD	5,220		(64,845	)
Las Vegas Sands Corp.		406		05/20/22	USD	44.00	USD	1,578		(41,209	)
Microsoft Corp.		259		05/20/22	USD	315.00	USD	7,985		(247,992	)
Mondelez International, Inc., Class A		294		05/20/22	USD	62.50	USD	1,846		(61,740	)
Morgan Stanley		465		05/20/22	USD	100.00	USD	4,064		(19,995	)
Novo Nordisk A/S, ADR		641		05/20/22	USD	115.00	USD	7,118		(200,312	)
Otis Worldwide Corp.		435		05/20/22	USD	80.00	USD	3,347		(75,037	)
Progressive Corp.		218		05/20/22	USD	110.00	USD	2,485		(143,880	)
Quanta Services, Inc.		306		05/20/22	USD	125.00	USD	4,027		(333,540	)
Ross Stores, Inc.		22		05/20/22	USD	100.00	USD	199		(2,640	)
Sanofi, ADR		263		05/20/22	USD	51.00	USD	1,350		(31,865	)
Sealed Air Corp.		1,022		05/20/22	USD	72.00	USD	6,843		(129,576	)
Unilever PLC, ADR		89		05/20/22	USD	47.50	USD	406		(5,563	)
UnitedHealth Group, Inc.		134		05/20/22	USD	510.00	USD	6,834		(264,650	)
Visa, Inc., Class A		77		05/20/22	USD	210.00	USD	1,708		(130,707	)
World Wrestling Entertainment, Inc., Class A		528		05/20/22	USD	60.00	USD	3,297		(269,280	)
EQT Corp.		559		06/17/22	USD	35.00	USD	1,924		(184,470	)
Sanofi, ADR		451		06/17/22	USD	55.00	USD	2,315		(27,060	)
Veeva Systems, Inc., Class A		66		06/17/22	USD	200.00	USD	1,402		(152,130	)

SCHEDULE    OF    INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Visa, Inc., Class A		76		06/17/22	USD	235.00	USD	1,685	$	(47,310	)
World Wrestling Entertainment, Inc., Class A		528		06/17/22	USD	60.00	USD	3,297		(308,880	)
									$	(14,041,771	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Intercontinental Exchange, Inc.	BNP Paribas SA		32,700		04/08/22		USD	130.50		USD	4,320	$	(90,837	)
Ally Financial, Inc.	Citibank N.A.		15,200		04/12/22		USD	51.36		USD	661		(234	)
Corteva, Inc.	Citibank N.A.		34,100		04/29/22		USD	53.18		USD	1,960		(166,744	)
Ally Financial, Inc.	Barclays Bank PLC		27,500		05/02/22		USD	45.85		USD	1,196		(30,379	)
Fidelity National Information Services, Inc.	Royal Bank of Canada		11,700		05/12/22		USD	95.43		USD	1,175		(88,129	)
												$	(376,323	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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 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); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of 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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	939,936,106		$	—		$	—	$	939,936,106
Short-Term Securities
Money Market Funds		9,660,631			—			—		9,660,631
	$	949,596,737		$	—		$	—	$	949,596,737
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(11,860,141	)	$	(2,557,953	)	$	—	$	(14,418,094	)

^(a)  Derivative financial instruments are options written. Options written are shown at value.

5

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Currency Abbreviation
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt

SCHEDULE    OF    INVESTMENTS 6