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

Schedule of Investments (unaudited)  September 30, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.3%
CH Robinson Worldwide, Inc.(a)		101,761	$	9,800,602
Auto Components — 1.1%
Aptiv PLC(b)		103,770		8,115,852
Automobiles — 1.6%
General Motors Co.(a)		375,971		12,064,909
Banks — 3.2%
First Citizens BancShares, Inc., Class A		16,120		12,854,572
JPMorgan Chase & Co.(a)		111,091		11,609,009
				24,463,581
Beverages — 1.5%
Monster Beverage Corp.(b)		135,460		11,779,602
Capital Markets — 2.8%
Intercontinental Exchange, Inc.(a)		128,297		11,591,634
Morgan Stanley		124,431		9,831,293
				21,422,927
Chemicals — 4.1%
Axalta Coating Systems Ltd.(b)		365,575		7,699,009
Corteva, Inc.(a)		411,838		23,536,542
				31,235,551
Communications Equipment — 1.7%
Ciena Corp.(b)		312,682		12,641,733
Consumer Finance — 1.1%
Capital One Financial Corp.(a)		89,930		8,288,848
Containers & Packaging — 1.1%
Sealed Air Corp.(a)		192,720		8,577,967
Diversified Financial Services — 3.0%
Berkshire Hathaway, Inc., Class B(a)(b)		75,768		20,231,571
Voya Financial, Inc.		45,640		2,761,220
				22,992,791
Entertainment — 0.8%
World Wrestling Entertainment, Inc., Class A(a)		88,544		6,213,132
Food Products — 1.6%
Mondelez International, Inc., Class A(a)		221,850		12,164,035
Health Care Providers & Services — 8.5%
Elevance Health, Inc.		24,555		11,153,863
Humana, Inc.(a)		32,558		15,796,816
Laboratory Corp. of America Holdings(a)		70,445		14,427,841
UnitedHealth Group, Inc.(a)		47,073		23,773,748
				65,152,268
Health Care Technology — 0.6%
Veeva Systems, Inc., Class A(a)(b)		28,136		4,639,064
Hotels, Restaurants & Leisure — 0.8%
Las Vegas Sands Corp.(a)(b)		170,038		6,379,826
Insurance — 3.7%
Progressive Corp.		124,320		14,447,227
Reinsurance Group of America, Inc.(a)		111,170		13,986,298
				28,433,525
Interactive Media & Services(a)(b) — 6.2%
Alphabet, Inc., Class A		373,760		35,750,144
Meta Platforms, Inc., Class A		84,339		11,443,115
				47,193,259

Security	Shares		Value
Internet & Direct Marketing Retail — 5.0%
Amazon.com, Inc.(a)(b)		336,910	$	38,070,830
IT Services — 5.6%
Cognizant Technology Solutions Corp., Class A		33,290		1,912,178
Fidelity National Information Services, Inc.(a)		127,381		9,626,182
FleetCor Technologies, Inc.(a)(b)		64,452		11,354,509
Visa, Inc., Class A(a)		110,000		19,541,500
				42,434,369
Life Sciences Tools & Services — 1.1%
Avantor, Inc.(a)(b)		432,530		8,477,588
Machinery(a) — 5.2%
Caterpillar, Inc.		80,640		13,231,411
Fortive Corp.		259,063		15,103,373
Otis Worldwide Corp.		174,347		11,123,339
				39,458,123
Media(a) — 3.4%
Comcast Corp., Class A		663,432		19,458,461
Fox Corp., Class A		217,668		6,678,054
				26,136,515
Multiline Retail(a) — 3.6%
Dollar General Corp.		63,188		15,156,274
Dollar Tree, Inc.(b)		89,752		12,215,247
				27,371,521
Oil, Gas & Consumable Fuels — 4.8%
BP PLC, ADR		295,820		8,445,661
ConocoPhillips(a)		140,958		14,425,642
EQT Corp.(a)		339,947		13,852,840
				36,724,143
Personal Products — 1.2%
Unilever PLC, ADR(a)		215,578		9,450,940
Pharmaceuticals(a) — 3.3%
Novo Nordisk A/S, ADR		97,113		9,675,368
Sanofi, ADR		407,302		15,485,622
				25,160,990
Professional Services — 0.7%
Dun & Bradstreet Holdings, Inc.		450,410		5,580,580
Real Estate Management & Development — 1.2%
CBRE Group, Inc., Class A(a)(b)		139,814		9,438,843
Road & Rail — 1.7%
Norfolk Southern Corp.(a)		63,570		13,327,450
Semiconductors & Semiconductor Equipment(a) — 3.7%
Analog Devices, Inc.		94,330		13,143,942
Applied Materials, Inc.		116,800		9,569,424
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		78,500		5,381,960
				28,095,326
Software — 6.4%
Microsoft Corp.(a)		208,581		48,578,515
Specialty Retail(a) — 2.9%
Bath & Body Works, Inc.		184,660		6,019,916
Ross Stores, Inc.		192,718		16,240,346
				22,260,262

1

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 4.6%
Apple, Inc.(a)		255,158	$	35,262,836
Total Long-Term Investments — 99.1% (Cost: $633,203,195)				757,388,303
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(c)(d)		10,839,238		10,839,238
Total Short-Term Securities — 1.4% (Cost: $10,839,238)				10,839,238
Total Investments Before Options Written — 100.5% (Cost: $644,042,433)				768,227,541
Options Written — (0.5)% (Premiums Received: $(11,902,313))				(3,622,883	)
Total Investments, Net of Options Written — 100.0% (Cost: $632,140,120)				764,604,658
Other Assets Less Liabilities — 0.0%				26,615
Net Assets — 100.0%			$	764,631,273

^(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)  Non-income producing security.

^(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 September 30, 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 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	10,297,753	$	541,485	(a)	$	—	$	—	$	—	$	10,839,238		10,839,238	$	77,782	$	—

^(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
Alphabet, Inc., Class A		967		10/07/22	USD	115.00	USD	9,249	$	(1,451	)
Amazon.com, Inc.		234		10/07/22	USD	133.00	USD	2,644		(702	)
Analog Devices, Inc.		100		10/07/22	USD	160.00	USD	1,393		(500	)
Apple, Inc.		110		10/07/22	USD	173.35	USD	1,520		—
Apple, Inc.		109		10/07/22	USD	172.87	USD	1,506		—
Applied Materials, Inc.		180		10/07/22	USD	98.00	USD	1,475		(540	)
Bath & Body Works, Inc.		191		10/07/22	USD	40.00	USD	623		(1,910	)
Berkshire Hathaway, Inc., Class B		293		10/07/22	USD	285.00	USD	7,824		(5,128	)
Capital One Financial Corp.		169		10/07/22	USD	111.00	USD	1,558		(2,535	)
Caterpillar, Inc.		162		10/07/22	USD	190.00	USD	2,658		(1,053	)
Comcast Corp., Class A		659		10/07/22	USD	38.00	USD	1,933		(659	)
ConocoPhillips		364		10/07/22	USD	114.00	USD	3,766		(4,732	)
Dollar Tree, Inc.		107		10/07/22	USD	155.00	USD	1,456		(1,712	)
Dollar Tree, Inc.		105		10/07/22	USD	160.00	USD	1,429		(1,575	)
Elevance Health, Inc.		25		10/07/22	USD	495.00	USD	1,136		(1,875	)

SCHEDULE    OF    INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 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)
EQT Corp.		766		10/07/22	USD	50.00	USD	3,121	$	(11,490	)
General Motors Co.		322		10/07/22	USD	43.00	USD	1,033		(322	)
JPMorgan Chase & Co.		121		10/07/22	USD	120.00	USD	1,264		(182	)
Las Vegas Sands Corp.		406		10/07/22	USD	41.00	USD	1,523		(7,714	)
Microsoft Corp.		182		10/07/22	USD	265.00	USD	4,239		(819	)
Mondelez International, Inc., Class A		200		10/07/22	USD	64.00	USD	1,097		(4,000	)
Monster Beverage Corp.		216		10/07/22	USD	93.00	USD	1,878		(2,700	)
Morgan Stanley		139		10/07/22	USD	86.00	USD	1,098		(1,182	)
Ross Stores, Inc.		187		10/07/22	USD	88.00	USD	1,576		(14,025	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		10		10/07/22	USD	87.00	USD	69		(10	)
UnitedHealth Group, Inc.		112		10/07/22	USD	540.00	USD	5,656		(4,200	)
Visa, Inc., Class A		54		10/07/22	USD	215.00	USD	959		(540	)
Amazon.com, Inc.		19		10/14/22	USD	135.00	USD	215		(171	)
Apple, Inc.		396		10/14/22	USD	165.00	USD	5,473		(2,178	)
Applied Materials, Inc.		388		10/14/22	USD	100.00	USD	3,179		(1,940	)
BP PLC, ADR		820		10/14/22	USD	33.00	USD	2,341		(3,690	)
Caterpillar, Inc.		162		10/14/22	USD	190.00	USD	2,658		(5,103	)
Comcast Corp., Class A		625		10/14/22	USD	36.00	USD	1,833		(1,250	)
ConocoPhillips		559		10/14/22	USD	107.00	USD	1,893		(113,197	)
Dollar General Corp.		23		10/14/22	USD	255.00	USD	552		(2,070	)
Elevance Health, Inc.		72		10/14/22	USD	490.00	USD	3,271		(25,920	)
EQT Corp.		693		10/14/22	USD	48.00	USD	2,824		(19,057	)
Fox Corp., Class A		642		10/14/22	USD	35.00	USD	1,970		(12,840	)
General Motors Co.		294		10/14/22	USD	43.00	USD	943		(588	)
JPMorgan Chase & Co.		353		10/14/22	USD	118.00	USD	3,689		(5,119	)
Mondelez International, Inc., Class A		294		10/14/22	USD	62.00	USD	1,612		(22,050	)
Norfolk Southern Corp.		153		10/14/22	USD	255.00	USD	3,208		(11,475	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		235		10/14/22	USD	84.00	USD	1,611		(1,175	)
Visa, Inc., Class A		76		10/14/22	USD	213.00	USD	1,350		(96	)
Analog Devices, Inc.		151		10/21/22	USD	160.00	USD	2,104		(3,398	)
Apple, Inc.		103		10/21/22	USD	170.00	USD	1,423		(721	)
Apple, Inc.		317		10/21/22	USD	165.00	USD	4,381		(3,804	)
Apple, Inc.		109		10/21/22	USD	148.00	USD	1,506		(18,857	)
Avantor, Inc.		1,101		10/21/22	USD	27.50	USD	2,158		(11,010	)
Axalta Coating Systems Ltd.		608		10/21/22	USD	26.00	USD	1,280		(24,320	)
Capital One Financial Corp.		169		10/21/22	USD	115.00	USD	1,558		(2,535	)
CBRE Group, Inc., Class A		480		10/21/22	USD	80.00	USD	3,240		(36,000	)
CH Robinson Worldwide, Inc.		206		10/21/22	USD	120.00	USD	1,984		(4,120	)
Ciena Corp.		294		10/21/22	USD	55.00	USD	1,189		(1,470	)
Comcast Corp., Class A		484		10/21/22	USD	37.50	USD	1,420		(1,694	)
Corteva, Inc.		263		10/21/22	USD	65.00	USD	1,503		(4,603	)
Delphi Automotive PLC		188		10/21/22	USD	105.00	USD	1,470		(4,700	)
Dollar Tree, Inc.		113		10/21/22	USD	145.00	USD	1,538		(18,588	)
Dun & Bradstreet Holdings, Inc.		440		10/21/22	USD	15.45	USD	545		(30	)
Elevance Health, Inc.		25		10/21/22	USD	510.00	USD	1,136		(2,125	)
EQT Corp.		805		10/21/22	USD	55.00	USD	3,280		(6,038	)
EQT Corp.		148		10/21/22	USD	50.00	USD	603		(4,070	)
Fidelity National Information Services, Inc.		423		10/21/22	USD	105.00	USD	3,197		(10,575	)
First Citizens BancShares, Inc., Class A		37		10/21/22	USD	830.00	USD	2,950		(48,655	)
First Citizens BancShares, Inc., Class A		28		10/21/22	USD	847.00	USD	2,233		(24,397	)
FleetCor Technologies, Inc.		422		10/21/22	USD	240.00	USD	7,434		(202,560	)
Fortive Corp.		676		10/21/22	USD	68.75	USD	3,941		(2,451	)
Fox Corp., Class A		638		10/21/22	USD	37.00	USD	1,957		(3,190	)
Fox Corp., Class A		146		10/21/22	USD	38.00	USD	448		(1,460	)
General Motors Co.		348		10/21/22	USD	39.00	USD	1,117		(2,610	)
Humana, Inc.		104		10/21/22	USD	510.00	USD	5,046		(58,240	)
Intercontinental Exchange, Inc.		477		10/21/22	USD	112.62	USD	4,310		(42	)
Meta Platforms, Inc., Class A		231		10/21/22	USD	180.00	USD	3,134		(2,657	)
Monster Beverage Corp.		217		10/21/22	USD	91.00	USD	1,887		(24,955	)
Novo Nordisk A/S, ADR		318		10/21/22	USD	107.88	USD	3,168		(18,994	)
Otis Worldwide Corp.		164		10/21/22	USD	81.75	USD	1,046		(30	)
Progressive Corp.		600		10/21/22	USD	130.00	USD	6,973		(16,500	)

3

Schedule of Investments (unaudited) (continued) September 30, 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)
Reinsurance Group of America, Inc.		227		10/21/22	USD	135.00	USD	2,856	$	(51,075	)
Sanofi, ADR		752		10/21/22	USD	43.00	USD	2,859		(11,280	)
Sanofi, ADR		890		10/21/22	USD	42.00	USD	3,384		(15,575	)
Sealed Air Corp.		786		10/21/22	USD	60.00	USD	3,498		(31,440	)
Unilever PLC, ADR		218		10/21/22	USD	49.35	USD	956		(801	)
UnitedHealth Group, Inc.		165		10/21/22	USD	540.00	USD	8,333		(59,812	)
Veeva Systems, Inc., Class A		62		10/21/22	USD	185.00	USD	1,022		(5,270	)
Visa, Inc., Class A		44		10/21/22	USD	210.00	USD	782		(352	)
World Wrestling Entertainment, Inc., Class A		243		10/21/22	USD	75.00	USD	1,705		(17,617	)
Amazon.com, Inc.		420		10/28/22	USD	134.00	USD	4,746		(31,710	)
Analog Devices, Inc.		99		10/28/22	USD	155.00	USD	1,379		(9,900	)
Apple, Inc.		28		10/28/22	USD	160.00	USD	387		(1,834	)
Apple, Inc.		377		10/28/22	USD	157.50	USD	5,210		(35,249	)
Applied Materials, Inc.		191		10/28/22	USD	97.00	USD	1,565		(9,073	)
Bath & Body Works, Inc.		208		10/28/22	USD	44.00	USD	678		(3,120	)
Berkshire Hathaway, Inc., Class B		199		10/28/22	USD	285.00	USD	5,314		(62,088	)
BP PLC, ADR		485		10/28/22	USD	33.00	USD	1,385		(7,033	)
Comcast Corp., Class A		468		10/28/22	USD	35.00	USD	1,373		(5,616	)
Dollar General Corp.		172		10/28/22	USD	250.00	USD	4,126		(64,500	)
General Motors Co.		349		10/28/22	USD	40.00	USD	1,120		(4,363	)
Humana, Inc.		107		10/28/22	USD	505.00	USD	5,192		(104,860	)
JPMorgan Chase & Co.		166		10/28/22	USD	117.00	USD	1,735		(9,379	)
Microsoft Corp.		440		10/28/22	USD	255.00	USD	10,248		(130,460	)
Morgan Stanley		456		10/28/22	USD	90.00	USD	3,603		(18,696	)
Ross Stores, Inc.		69		10/28/22	USD	88.00	USD	581		(16,042	)
Visa, Inc., Class A		76		10/28/22	USD	205.00	USD	1,350		(3,268	)
Alphabet, Inc., Class A		415		11/04/22	USD	104.00	USD	3,969		(82,585	)
Analog Devices, Inc.		14		11/04/22	USD	150.00	USD	195		(3,612	)
Apple, Inc.		109		11/04/22	USD	162.50	USD	1,506		(7,358	)
BP PLC, ADR		139		11/04/22	USD	30.00	USD	397		(12,441	)
Capital One Financial Corp.		246		11/04/22	USD	101.00	USD	2,267		(54,120	)
Comcast Corp., Class A		417		11/04/22	USD	33.00	USD	1,223		(14,804	)
Dollar General Corp.		57		11/04/22	USD	250.00	USD	1,367		(26,505	)
Dollar Tree, Inc.		105		11/04/22	USD	150.00	USD	1,429		(17,272	)
Elevance Health, Inc.		12		11/04/22	USD	490.00	USD	545		(7,380	)
Fortive Corp.		1,004		11/04/22	USD	66.50	USD	5,853		(32,753	)
JPMorgan Chase & Co.		82		11/04/22	USD	113.00	USD	857		(12,587	)
Meta Platforms, Inc., Class A		231		11/04/22	USD	155.00	USD	3,134		(79,117	)
Microsoft Corp.		367		11/04/22	USD	250.00	USD	8,547		(172,490	)
Mondelez International, Inc., Class A		393		11/04/22	USD	58.00	USD	2,155		(30,654	)
Monster Beverage Corp.		108		11/04/22	USD	92.00	USD	939		(16,740	)
Morgan Stanley		213		11/04/22	USD	85.00	USD	1,683		(29,820	)
Otis Worldwide Corp.		430		11/04/22	USD	67.75	USD	2,743		(49,306	)
UnitedHealth Group, Inc.		31		11/04/22	USD	545.00	USD	1,566		(20,460	)
Visa, Inc., Class A		149		11/04/22	USD	190.00	USD	2,647		(47,978	)
Veeva Systems, Inc., Class A		122		11/10/22	USD	185.00	USD	2,012		(33,999	)
Alphabet, Inc., Class A		415		11/11/22	USD	105.00	USD	3,969		(85,905	)
General Motors Co.		191		11/11/22	USD	36.00	USD	613		(17,572	)
Microsoft Corp.		367		11/11/22	USD	250.00	USD	8,547		(200,932	)
World Wrestling Entertainment, Inc., Class A		182		11/11/22	USD	70.10	USD	1,277		(69,594	)
Avantor, Inc.		643		11/18/22	USD	30.00	USD	1,260		(9,645	)
Axalta Coating Systems Ltd.		143		11/18/22	USD	27.00	USD	301		(16,445	)
BP PLC, ADR		478		11/18/22	USD	31.00	USD	1,365		(36,567	)
CBRE Group, Inc., Class A		428		11/18/22	USD	85.00	USD	2,889		(6,420	)
Ciena Corp.		450		11/18/22	USD	44.60	USD	1,819		(43,300	)
Corteva, Inc.		1,401		11/18/22	USD	62.55	USD	8,007		(144,426	)
Delphi Automotive PLC		188		11/18/22	USD	110.00	USD	1,470		(6,580	)
Elevance Health, Inc.		25		11/18/22	USD	510.00	USD	1,136		(11,000	)
Fidelity National Information Services, Inc.		411		11/18/22	USD	95.00	USD	3,106		(10,275	)
Intercontinental Exchange, Inc.		363		11/18/22	USD	105.50	USD	3,280		(13,659	)
Laboratory Corp. of America Holdings		251		11/18/22	USD	250.00	USD	5,141		(32,630	)
Laboratory Corp. of America Holdings		171		11/18/22	USD	220.00	USD	3,502		(64,125	)

SCHEDULE    OF    INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 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)
Las Vegas Sands Corp.		397		11/18/22	USD	41.00	USD	1,490	$	(74,040	)
Meta Platforms, Inc., Class A		86		11/18/22	USD	165.00	USD	1,167		(22,274	)
Norfolk Southern Corp.		150		11/18/22	USD	240.00	USD	3,145		(21,375	)
Novo Nordisk A/S, ADR		313		11/18/22	USD	110.00	USD	3,118		(50,080	)
Otis Worldwide Corp.		539		11/18/22	USD	72.50	USD	3,439		(28,297	)
Progressive Corp.		208		11/18/22	USD	130.00	USD	2,417		(23,920	)
Ross Stores, Inc.		129		11/18/22	USD	95.00	USD	1,087		(23,542	)
Sealed Air Corp.		477		11/18/22	USD	54.50	USD	2,123		(12,455	)
Unilever PLC, ADR		651		11/18/22	USD	49.00	USD	2,854		(14,648	)
Visa, Inc., Class A		41		11/18/22	USD	205.00	USD	728		(4,756	)
Voya Financial, Inc.		148		11/18/22	USD	65.00	USD	895		(20,350	)
Voya Financial, Inc.		148		11/18/22	USD	62.50	USD	895		(34,040	)
World Wrestling Entertainment, Inc., Class A		150		11/18/22	USD	75.00	USD	1,053		(34,875	)
Laboratory Corp. of America Holdings		37		12/16/22	USD	220.00	USD	758		(23,680	)
									$	(3,484,675	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Axalta Coating Systems Ltd.	Goldman Sachs International		71,100		10/14/22		USD	27.16		USD	1,497	$	(27	)
Ciena Corp.	JPMorgan Chase Bank N.A.		53,000		11/08/22		USD	42.23		USD	2,143		(79,305	)
Delphi Automotive PLC	Goldman Sachs International		29,800		11/09/22		USD	89.81		USD	2,331		(58,876	)
												$	(138,208	)

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 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 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.

5

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fair Value Hierarchy as of Period End (continued)

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	$	757,388,303		$	—		$	—	$	757,388,303
Short-Term Securities
Money Market Funds		10,839,238			—			—		10,839,238
	$	768,227,541		$	—		$	—	$	768,227,541
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,038,342	)	$	(584,541	)	$	—	$	(3,622,883	)

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

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

SCHEDULE    OF    INVESTMENTS 6