BlackRock Enhanced Capital and Income Fund (CII) NPORT-P BlackRock Enhanced Capital & Income Fund, Inc. (Mar 2023 report)

Schedule of Investments (unaudited) March 31, 2023 BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobile Components — 1.5%
Aptiv PLC(a)		105,760	$	11,865,214
Automobiles — 1.6%
General Motors Co.(b)		352,451		12,927,903
Banks — 2.2%
First Citizens BancShares, Inc., Class A		4,380		4,262,178
JPMorgan Chase & Co.(b)		102,401		13,343,874
				17,606,052
Beverages — 1.7%
Monster Beverage Corp.(a)		255,380		13,793,074
Broadline Retail — 4.7%
Amazon.com, Inc.(a)(b)		366,910		37,898,134
Capital Markets — 2.9%
Charles Schwab Corp.		194,130		10,168,529
Intercontinental Exchange, Inc.(b)		130,837		13,644,991
				23,813,520
Chemicals — 3.6%
Axalta Coating Systems Ltd.(a)		338,365		10,249,076
Corteva, Inc.(b)		311,388		18,779,810
				29,028,886
Communications Equipment — 1.9%
Ciena Corp.(a)		294,022		15,442,035
Consumer Staples Distribution & Retail(b) — 3.0%
Dollar General Corp.		53,708		11,303,386
Dollar Tree, Inc.(a)		89,002		12,776,237
				24,079,623
Containers & Packaging — 1.3%
Sealed Air Corp.(b)		229,070		10,516,604
Entertainment — 0.9%
World Wrestling Entertainment, Inc., Class A(b)		82,584		7,536,616
Financial Services — 8.5%
Berkshire Hathaway, Inc., Class B(a)(b)		70,778		21,854,123
Fidelity National Information Services, Inc.		177,271		9,631,133
FleetCor Technologies, Inc.(a)		60,330		12,720,581
Visa, Inc., Class A(b)		66,690		15,035,927
Voya Financial, Inc.		129,620		9,262,645
				68,504,409
Food Products — 1.8%
Mondelez International, Inc., Class A(b)		205,280		14,312,122
Health Care Providers & Services — 7.9%
Elevance Health, Inc.		22,805		10,485,967
Humana, Inc.(b)		24,518		11,902,508
Laboratory Corp. of America Holdings(b)		65,685		15,069,453
Tenet Healthcare Corp.(a)		141,460		8,405,553
UnitedHealth Group, Inc.(b)		38,743		18,309,555
				64,173,036
Health Care Technology — 1.0%
Veeva Systems, Inc., Class A(a)(b)		42,276		7,769,906
Hotels, Restaurants & Leisure — 1.4%
Las Vegas Sands Corp.(a)(b)		198,468		11,401,987

Security	Shares		Value
Household Durables — 1.3%
Sony Group Corp., ADR		119,480	$	10,830,862
Insurance — 3.2%
Fidelity National Financial, Inc.		166,360		5,810,955
Progressive Corp.		70,510		10,087,160
Reinsurance Group of America, Inc.(b)		72,810		9,666,256
				25,564,371
Interactive Media & Services(a) — 7.4%
Alphabet, Inc., Class A		372,900		38,680,917
Meta Platforms, Inc., Class A(b)		99,289		21,043,311
				59,724,228
IT Services — 1.3%
Cognizant Technology Solutions Corp., Class A		167,940		10,232,584
Life Sciences Tools & Services — 1.3%
Avantor, Inc.(a)		509,220		10,764,911
Machinery(b) — 5.6%
Caterpillar, Inc.		66,260		15,162,938
Fortive Corp.		239,213		16,307,150
Otis Worldwide Corp.		163,517		13,800,835
				45,270,923
Media(b) — 3.7%
Comcast Corp., Class A		615,852		23,346,949
Fox Corp., Class A		202,218		6,885,523
				30,232,472
Oil, Gas & Consumable Fuels — 3.8%
BP PLC, ADR(c)		268,150		10,173,611
ConocoPhillips(b)		116,908		11,598,442
EQT Corp.(b)		282,647		9,019,266
				30,791,319
Personal Care Products — 1.3%
Unilever PLC, ADR(b)(c)		203,278		10,556,226
Pharmaceuticals — 4.6%
Novo Nordisk A/S, ADR(b)		103,953		16,543,081
Sanofi, ADR		381,610		20,767,216
				37,310,297
Professional Services — 1.3%
Dun & Bradstreet Holdings, Inc.		886,840		10,411,502
Real Estate Management & Development — 1.2%
CBRE Group, Inc., Class A(a)(b)		131,744		9,592,281
Semiconductors & Semiconductor Equipment(b) — 4.3%
Analog Devices, Inc.		88,330		17,420,442
Applied Materials, Inc.		141,460		17,375,532
				34,795,974
Software — 8.1%
Microsoft Corp.(b)(d)		225,951		65,141,673
Specialty Retail(b) — 1.9%
Bath & Body Works, Inc.		47,970		1,754,743
Ross Stores, Inc.		130,978		13,900,695
				15,655,438

1

Schedule of Investments (unaudited) (continued) March 31, 2023 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.(b)		227,438	$	37,504,526
Total Long-Term Investments — 100.8% (Cost: $579,295,185)				815,048,708
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(e)(f)		10,704,685		10,704,685
SL Liquidity Series, LLC, Money Market Series, 5.01%(e)(f)(g)		1,775,587		1,775,587
Total Short-Term Securities — 1.5% (Cost: $12,480,990)				12,480,272
Total Investments Before Options Written — 102.3% (Cost: $591,776,175)				827,528,980
Options Written — (2.0)% (Premiums Received: $(12,389,305))				(16,576,916	)
Total Investments, Net of Options Written — 100.3% (Cost: $579,386,870)				810,952,064
Liabilities in Excess of Other Assets — (0.3)%				(2,293,309	)
Net Assets — 100.0%			$	808,658,755

^(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)  All or a portion of this security is on loan.

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

^(e)  Affiliate of the Trust.

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

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	14,661,156	$	—		$	(3,956,471	)(a)	$	—		$	—		$	10,704,685		10,704,685	$	126,621		$	—
SL Liquidity Series, LLC, Money Market Series		—		1,776,604	(a)		—			(298	)		(719	)		1,775,587		1,775,587		2,520	(b)		—
									$	(298	)	$	(719	)	$	12,480,272			$	129,141		$	—

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

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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
Avantor, Inc.		1,042		04/03/23	USD	24.50	USD	2,203	$	—
Alphabet, Inc., Class A		203		04/06/23	USD	94.00	USD	2,106		(189,805	)
Amazon.com, Inc.		84		04/06/23	USD	97.00	USD	868		(54,810	)
Apple, Inc.		103		04/06/23	USD	152.50	USD	1,698		(128,235	)
Bath & Body Works, Inc.		142		04/06/23	USD	45.00	USD	519		(1,420	)
Caterpillar, Inc.		215		04/06/23	USD	245.00	USD	4,920		(3,118	)
Comcast Corp., Class A		85		04/06/23	USD	38.00	USD	322		(2,678	)
ConocoPhillips		26		04/06/23	USD	111.00	USD	258		(104	)

S C H E D U L E   O F   I N V E S T M E N T  S 2

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Elevance Health, Inc.		36		04/06/23	USD	500.00	USD	1,655	$	(1,080	)
EQT Corp.		422		04/06/23	USD	34.00	USD	1,347		(5,908	)
Fox Corp., Class A		315		04/06/23	USD	36.00	USD	1,073		(3,150	)
General Motors Co.		127		04/06/23	USD	40.00	USD	466		(254	)
Humana, Inc.		45		04/06/23	USD	510.00	USD	2,185		(5,063	)
Microsoft Corp.		297		04/06/23	USD	260.00	USD	8,563		(841,995	)
Ross Stores, Inc.		402		04/06/23	USD	115.00	USD	4,266		(6,030	)
UnitedHealth Group, Inc.		97		04/06/23	USD	500.00	USD	4,584		(2,425	)
Visa, Inc., Class A		58		04/06/23	USD	225.00	USD	1,308		(13,543	)
Axalta Coating Systems Ltd.		392		04/10/23	USD	29.45	USD	1,187		(43,482	)
Alphabet, Inc., Class A		384		04/14/23	USD	95.00	USD	3,983		(337,920	)
Amazon.com, Inc.		114		04/14/23	USD	101.00	USD	1,178		(45,600	)
Analog Devices, Inc.		141		04/14/23	USD	190.00	USD	2,781		(124,785	)
Apple, Inc.		283		04/14/23	USD	160.00	USD	4,667		(168,385	)
Applied Materials, Inc.		255		04/14/23	USD	125.00	USD	3,132		(64,770	)
Charles Schwab Corp.		191		04/14/23	USD	80.00	USD	1,000		(382	)
Comcast Corp., Class A		417		04/14/23	USD	38.00	USD	1,581		(23,352	)
Elevance Health, Inc.		15		04/14/23	USD	480.00	USD	690		(3,188	)
EQT Corp.		422		04/14/23	USD	35.00	USD	1,347		(10,128	)
Fortive Corp.		502		04/14/23	USD	69.20	USD	3,422		(48,920	)
Humana, Inc.		62		04/14/23	USD	510.00	USD	3,010		(15,655	)
JPMorgan Chase & Co.		83		04/14/23	USD	137.00	USD	1,082		(4,814	)
Las Vegas Sands Corp.		100		04/14/23	USD	60.00	USD	575		(3,900	)
Microsoft Corp.		183		04/14/23	USD	265.00	USD	5,276		(446,977	)
Otis Worldwide Corp.		26		04/14/23	USD	84.75	USD	219		(3,405	)
Sony Group Corp., ADR		358		04/14/23	USD	91.00	USD	3,245		(53,700	)
Visa, Inc., Class A		77		04/14/23	USD	224.47	USD	1,736		(32,245	)
Alphabet, Inc., Class A		133		04/21/23	USD	105.00	USD	1,380		(30,524	)
Alphabet, Inc., Class A		203		04/21/23	USD	95.00	USD	2,106		(192,342	)
Alphabet, Inc., Class A		189		04/21/23	USD	102.00	USD	1,960		(75,127	)
Amazon.com, Inc.		208		04/21/23	USD	100.00	USD	2,148		(110,240	)
Analog Devices, Inc.		61		04/21/23	USD	192.50	USD	1,203		(47,885	)
Apple, Inc.		381		04/21/23	USD	155.00	USD	6,283		(415,290	)
Aptiv PLC		154		04/21/23	USD	120.00	USD	1,728		(10,395	)
Avantor, Inc.		497		04/21/23	USD	22.50	USD	1,051		(11,183	)
Axalta Coating Systems Ltd.		482		04/21/23	USD	30.00	USD	1,460		(49,405	)
Bath & Body Works, Inc.		296		04/21/23	USD	40.00	USD	1,083		(8,880	)
Berkshire Hathaway, Inc., Class B		261		04/21/23	USD	307.50	USD	8,059		(159,862	)
BP PLC, ADR		629		04/21/23	USD	41.00	USD	2,386		(6,605	)
CBRE Group, Inc., Class A		428		04/21/23	USD	80.00	USD	3,116		(6,420	)
Ciena Corp.		530		04/21/23	USD	50.00	USD	2,784		(162,975	)
Cognizant Technology Solutions Corp., Class A		130		04/21/23	USD	65.00	USD	792		(2,925	)
Cognizant Technology Solutions Corp., Class A		134		04/21/23	USD	67.50	USD	816		(2,010	)
Comcast Corp., Class A		192		04/21/23	USD	39.00	USD	728		(7,066	)
ConocoPhillips		136		04/21/23	USD	105.00	USD	1,349		(12,784	)
Corteva, Inc.		537		04/21/23	USD	65.00	USD	3,239		(9,398	)
Dun & Bradstreet Holdings, Inc.		511		04/21/23	USD	13.11	USD	600		(798	)
Fidelity National Financial, Inc.		42		04/21/23	USD	40.00	USD	147		(315	)
Fidelity National Financial, Inc.		437		04/21/23	USD	44.01	USD	1,526		(689	)
Fidelity National Information Services, Inc.		235		04/21/23	USD	77.50	USD	1,277		(5,875	)
Fidelity National Information Services, Inc.		122		04/21/23	USD	72.50	USD	663		(2,440	)
First Citizens BancShares, Inc., Class A		14		04/21/23	USD	670.00	USD	1,362		(430,080	)
FleetCor Technologies, Inc.		187		04/21/23	USD	214.80	USD	3,943		(85,499	)
Fox Corp., Class A		315		04/21/23	USD	34.00	USD	1,073		(28,350	)
General Motors Co.		302		04/21/23	USD	42.00	USD	1,108		(2,265	)
General Motors Co.		470		04/21/23	USD	44.00	USD	1,724		(1,410	)
Intercontinental Exchange, Inc.		487		04/21/23	USD	110.00	USD	5,079		(13,393	)
Laboratory Corp. of America Holdings		7		04/21/23	USD	260.00	USD	161		(1,015	)
Las Vegas Sands Corp.		198		04/21/23	USD	56.00	USD	1,138		(53,856	)
Meta Platforms, Inc., Class A		448		04/21/23	USD	215.00	USD	9,495		(257,600	)
Microsoft Corp.		177		04/21/23	USD	265.00	USD	5,103		(441,615	)
Microsoft Corp.		166		04/21/23	USD	285.00	USD	4,786		(144,835	)

3

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Monster Beverage Corp.		240		04/21/23	USD	52.50	USD	1,296	$	(49,200	)
Monster Beverage Corp.		590		04/21/23	USD	55.00	USD	3,187		(30,975	)
Novo Nordisk A/S, ADR		311		04/21/23	USD	145.00	USD	4,949		(450,950	)
Otis Worldwide Corp.		471		04/21/23	USD	84.60	USD	3,975		(71,931	)
Progressive Corp.		280		04/21/23	USD	145.00	USD	4,006		(67,900	)
Reinsurance Group of America, Inc.		270		04/21/23	USD	150.00	USD	3,585		(129,600	)
Ross Stores, Inc.		224		04/21/23	USD	115.00	USD	2,377		(3,360	)
Sanofi, ADR		379		04/21/23	USD	49.00	USD	2,063		(198,975	)
Sealed Air Corp.		771		04/21/23	USD	52.25	USD	3,540		(2,187	)
Sony Group Corp., ADR		358		04/21/23	USD	91.00	USD	3,245		(66,230	)
Tenet Healthcare Corp.		185		04/21/23	USD	65.00	USD	1,099		(16,650	)
Unilever PLC, ADR		422		04/21/23	USD	51.50	USD	2,191		(47,591	)
UnitedHealth Group, Inc.		10		04/21/23	USD	495.00	USD	473		(3,450	)
Veeva Systems, Inc., Class A		169		04/21/23	USD	185.00	USD	3,106		(75,205	)
Visa, Inc., Class A		58		04/21/23	USD	230.00	USD	1,308		(13,282	)
Voya Financial, Inc.		148		04/21/23	USD	77.50	USD	1,058		(7,400	)
Voya Financial, Inc.		273		04/21/23	USD	70.00	USD	1,951		(94,185	)
World Wrestling Entertainment, Inc., Class A		293		04/21/23	USD	95.00	USD	2,674		(54,937	)
Alphabet, Inc., Class A		297		04/28/23	USD	113.00	USD	3,081		(21,681	)
Amazon.com, Inc.		101		04/28/23	USD	103.00	USD	1,043		(52,772	)
Analog Devices, Inc.		151		04/28/23	USD	195.00	USD	2,978		(109,475	)
Apple, Inc.		330		04/28/23	USD	165.00	USD	5,442		(145,200	)
Applied Materials, Inc.		380		04/28/23	USD	124.00	USD	4,668		(172,900	)
Berkshire Hathaway, Inc., Class B		199		04/28/23	USD	310.00	USD	6,145		(120,395	)
Charles Schwab Corp.		197		04/28/23	USD	61.00	USD	1,032		(10,737	)
Comcast Corp., Class A		792		04/28/23	USD	37.00	USD	3,002		(131,076	)
Dollar General Corp.		167		04/28/23	USD	230.00	USD	3,515		(3,758	)
Dollar Tree, Inc.		215		04/28/23	USD	143.00	USD	3,086		(96,212	)
Elevance Health, Inc.		62		04/28/23	USD	480.00	USD	2,851		(30,535	)
EQT Corp.		333		04/28/23	USD	33.00	USD	1,063		(45,787	)
General Motors Co.		47		04/28/23	USD	37.00	USD	172		(7,074	)
Humana, Inc.		52		04/28/23	USD	500.00	USD	2,524		(53,820	)
JPMorgan Chase & Co.		83		04/28/23	USD	137.00	USD	1,082		(10,126	)
JPMorgan Chase & Co.		187		04/28/23	USD	134.00	USD	2,437		(37,213	)
Las Vegas Sands Corp.		296		04/28/23	USD	58.00	USD	1,701		(59,052	)
Microsoft Corp.		278		04/28/23	USD	280.00	USD	8,015		(398,930	)
Mondelez International, Inc., Class A		393		04/28/23	USD	69.00	USD	2,740		(79,582	)
UnitedHealth Group, Inc.		144		04/28/23	USD	480.00	USD	6,805		(148,680	)
Visa, Inc., Class A		51		04/28/23	USD	225.00	USD	1,150		(34,552	)
Fidelity National Financial, Inc.		350		05/03/23	USD	38.75	USD	1,223		(11,857	)
Alphabet, Inc., Class A		380		05/05/23	USD	104.00	USD	3,942		(188,100	)
Amazon.com, Inc.		115		05/05/23	USD	103.00	USD	1,188		(66,412	)
Bath & Body Works, Inc.		40		05/05/23	USD	41.00	USD	146		(1,700	)
BP PLC, ADR		628		05/05/23	USD	39.00	USD	2,383		(58,404	)
Caterpillar, Inc.		215		05/05/23	USD	230.00	USD	4,920		(168,775	)
Charles Schwab Corp.		197		05/05/23	USD	62.00	USD	1,032		(11,131	)
Comcast Corp., Class A		85		05/05/23	USD	38.00	USD	322		(10,710	)
ConocoPhillips		546		05/05/23	USD	103.00	USD	5,417		(148,239	)
EQT Corp.		326		05/05/23	USD	35.00	USD	1,040		(29,666	)
Fox Corp., Class A		684		05/05/23	USD	35.00	USD	2,329		(104,310	)
Las Vegas Sands Corp.		199		05/05/23	USD	57.00	USD	1,143		(58,406	)
Microsoft Corp.		367		05/05/23	USD	285.00	USD	10,581		(461,502	)
Mondelez International, Inc., Class A		193		05/05/23	USD	70.00	USD	1,346		(31,363	)
Ross Stores, Inc.		187		05/05/23	USD	106.00	USD	1,985		(66,385	)
Visa, Inc., Class A		51		05/05/23	USD	225.01	USD	1,150		(37,601	)
Cognizant Technology Solutions Corp., Class A		132		05/10/23	USD	58.90	USD	804		(49,853	)
Apple, Inc.		381		05/12/23	USD	162.50	USD	6,283		(273,367	)
Applied Materials, Inc.		284		05/12/23	USD	123.00	USD	3,488		(188,860	)
Elevance Health, Inc.		36		05/12/23	USD	470.00	USD	1,655		(41,760	)
Fortive Corp.		491		05/12/23	USD	69.00	USD	3,347		(106,992	)
Amazon.com, Inc.		111		05/19/23	USD	110.00	USD	1,147		(37,740	)
Aptiv PLC		296		05/19/23	USD	120.00	USD	3,321		(79,180	)

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Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Avantor, Inc.		497		05/19/23	USD	22.50	USD	1,051	$	(34,790	)
Axalta Coating Systems Ltd.		479		05/19/23	USD	30.00	USD	1,451		(77,837	)
BP PLC, ADR		485		05/19/23	USD	41.00	USD	1,840		(21,825	)
CBRE Group, Inc., Class A		428		05/19/23	USD	76.50	USD	3,116		(94,011	)
Ciena Corp.		450		05/19/23	USD	50.00	USD	2,363		(180,000	)
Cognizant Technology Solutions Corp., Class A		132		05/19/23	USD	58.90	USD	804		(54,257	)
Comcast Corp., Class A		892		05/19/23	USD	38.25	USD	3,382		(113,021	)
Corteva, Inc.		701		05/19/23	USD	61.25	USD	4,228		(149,863	)
Dollar General Corp.		182		05/19/23	USD	220.00	USD	3,830		(50,505	)
Dollar Tree, Inc.		212		05/19/23	USD	150.00	USD	3,043		(60,738	)
Dun & Bradstreet Holdings, Inc.		511		05/19/23	USD	13.11	USD	600		(12,182	)
EQT Corp.		334		05/19/23	USD	34.00	USD	1,066		(50,935	)
Fidelity National Financial, Inc.		251		05/19/23	USD	35.50	USD	877		(27,549	)
First Citizens BancShares, Inc., Class A		14		05/19/23	USD	670.00	USD	1,362		(438,060	)
FleetCor Technologies, Inc.		205		05/19/23	USD	210.00	USD	4,322		(241,900	)
Fortive Corp.		561		05/19/23	USD	70.00	USD	3,824		(112,200	)
General Motors Co.		463		05/19/23	USD	42.00	USD	1,698		(20,604	)
Intercontinental Exchange, Inc.		363		05/19/23	USD	98.00	USD	3,786		(292,309	)
JPMorgan Chase & Co.		312		05/19/23	USD	135.00	USD	4,066		(86,736	)
Laboratory Corp. of America Holdings		168		05/19/23	USD	230.00	USD	3,854		(141,120	)
Meta Platforms, Inc., Class A		197		05/19/23	USD	185.00	USD	4,175		(655,025	)
Mondelez International, Inc., Class A		235		05/19/23	USD	70.00	USD	1,638		(45,825	)
Monster Beverage Corp.		830		05/19/23	USD	51.11	USD	4,483		(341,967	)
Otis Worldwide Corp.		565		05/19/23	USD	82.50	USD	4,769		(240,125	)
Progressive Corp.		178		05/19/23	USD	145.00	USD	2,546		(79,210	)
Reinsurance Group of America, Inc.		203		05/19/23	USD	135.00	USD	2,695		(108,605	)
Ross Stores, Inc.		38		05/19/23	USD	105.00	USD	403		(21,090	)
Sanofi, ADR		384		05/19/23	USD	48.00	USD	2,090		(280,320	)
Sealed Air Corp.		240		05/19/23	USD	51.51	USD	1,102		(7,625	)
Sealed Air Corp.		190		05/19/23	USD	48.52	USD	872		(18,540	)
Tenet Healthcare Corp.		98		05/19/23	USD	65.00	USD	582		(18,865	)
Unilever PLC, ADR		553		05/19/23	USD	50.00	USD	2,872		(138,250	)
Voya Financial, Inc.		421		05/19/23	USD	72.50	USD	3,008		(145,245	)
World Wrestling Entertainment, Inc., Class A		243		05/19/23	USD	95.00	USD	2,218		(139,725	)
Laboratory Corp. of America Holdings		251		06/16/23	USD	240.00	USD	5,758		(150,600	)
Sealed Air Corp.		290		06/16/23	USD	48.52	USD	1,331		(39,673	)
									$	(15,559,587	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Aptiv PLC	Barclays Bank PLC		23,700		04/04/23	USD	118.25	USD	2,659	$	(2,401	)
Novo Nordisk A/S, ADR	Citibank N.A.		36,400		04/27/23	USD	142.75	USD	5,793		(624,199	)
Ciena Corp.	Citibank N.A.		43,100		05/08/23	USD	52.00	USD	2,264		(107,270	)
Corteva, Inc.	Barclays Bank PLC		78,600		06/06/23	USD	60.51	USD	4,740		(235,216	)
Dun & Bradstreet Holdings, Inc.	Barclays Bank PLC		75,100		06/16/23	USD	12.34	USD	882		(48,243	)
										$	(1,017,329	)

5

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Enhanced Capital and Income Fund, Inc. (CII)

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.

Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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	$	815,048,708		$	—		$	—	$	815,048,708
Short-Term Securities
Money Market Funds		10,704,685			—			—		10,704,685
	$	825,753,393		$	—		$	—		825,753,393
Investments Valued at NAV(a)										1,775,587
									$	827,528,980
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(13,835,122	)	$	(2,741,794	)	$	—	$	(16,576,916	)

^(a)  Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

Currency Abbreviation
USD	United States Dollar

Portfolio Abbreviation
ADR	American Depositary Receipt

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