BlackRock Enhanced Government Fund (EGF) NPORT-P BlackRock Enhanced Government Fund, Inc. (Sep 2021 report)

Schedule of Investments (unaudited)  September 30, 2021 BlackRock Enhanced Government Fund, Inc. (EGF) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Birch Grove CLO Ltd., Series 19A, Class CR, (3 mo. LIBOR US + 2.20%), 2.32%, 06/15/31(a)(b)	$	300	$	299,805
Ocean Trails CLO VI, Series 2016-6A, Class CRR, (3 mo. LIBOR US + 2.25%), 2.38%, 07/15/28(a)(b)		250		250,069
OCP CLO Ltd., Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.85%), 1.98%, 10/26/27(a)(b)		250		249,680
OHA Credit Funding Ltd., Series 2019-4A, Class C, (3 mo. LIBOR US + 2.65%), 2.79%, 10/22/32(a)(b)		250		250,284
Palmer Square CLO Ltd., Series 2015-1A, Class BR4, (3 mo. LIBOR US + 1.85%), 1.98%, 05/21/34(a)(b)		250		250,410
Palmer Square Loan Funding Ltd.(a)(b)
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.38%, 04/20/27		250		250,089
Series 2019-4A, Class B, (3 mo. LIBOR US + 2.10%), 2.23%, 10/24/27		250		250,073
Securitized Asset Backed Receivables LLC Trust(a)
Series 2005-OP1, Class M2, (1 mo. LIBOR US + 0.68%), 0.76%, 01/25/35		152		148,320
Series 2005-OP2, Class M1, (1 mo. LIBOR US + 0.65%), 0.73%, 10/25/35		126		125,633
Trimaran Cavu Ltd., Series 2019-1A, Class C1, (3 mo. LIBOR US + 3.15%), 3.28%, 07/20/32(a)(b)		250		250,785
Total Asset-Backed Securities — 4.2% (Cost: $2,310,395)				2,325,148
Foreign Agency Obligations
Supranational — 0.8%
International Bank for Reconstruction & Development, Series C, 0.00%, 09/17/30(c)		500		416,280
Total Foreign Agency Obligations — 0.8% (Cost: $437,275)				416,280
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 1.2%
Banc of America Mortgage Trust, Series 2003-J, Class 2A1, 2.67%, 11/25/33		23		23,213
MFA , Series 2020-NQM1, Class A1, 1.48%, 03/25/65(b)		157		157,482
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)		250		249,604
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(b)		200		199,383
				629,682
Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37		87		17,283
Total Non-Agency Mortgage-Backed Securities — 1.2% (Cost: $644,598)				646,965

Security	Par (000)		Value
Preferred Securities
Capital Trust — 0.7%
Electric Utilities — 0.7%
PPL Capital Funding, Inc., Series A, 2.80%, 03/30/67(a)	$	400	$	385,948
Total Preferred Securities — 0.7% (Cost: $396,104)				385,948
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 1.5%
Uniform Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44		760		829,087
Interest Only Collateralized Mortgage Obligations — 0.7%
Ginnie Mae Mortgage-Backed Securities(a)
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 6.39%, 12/16/39		157		24,764
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 6.59%, 04/16/41		1,689		313,745
Uniform Mortgage-Backed Securities
Series 2012-47, Class NI, 4.50%, 04/25/42		378		65,902
Series 2012-96, Class DI, 4.00%, 02/25/27		115		1,359
				405,770
Mortgage-Backed Securities — 52.2%
Ginnie Mae, 5.00%, 11/15/35		2		2,178
Ginnie Mae Mortgage-Backed Securities, Series 2006-30, Class IO, 2.73%, 05/16/46(a)		52		4
Uniform Mortgage-Backed Securities
2.50%, 10/14/21 - 11/01/51(d)		9,227		9,534,951
5.50%, 10/01/23 - 09/01/36		1,145		1,322,898
4.00%, 10/01/24 - 02/01/41		3,079		3,387,964
3.50%, 08/01/33 - 01/01/46		3,692		3,986,776
5.00%, 11/01/33 - 02/01/40		1,360		1,551,311
6.00%, 02/01/36 - 03/01/38		140		162,457
4.50%, 04/01/39 - 02/01/46		4,276		4,745,745
3.00%, 03/01/43 - 11/01/51(d)		3,782		4,013,095
				28,707,379
Total U.S. Government Sponsored Agency Securities — 54.4%
(Cost: $28,334,190)				29,942,236
U.S. Treasury Obligations
U.S. Treasury Bonds
1.88%, 02/15/41 - 02/15/51		4,345		4,182,124
3.00%, 08/15/48		5,100		6,076,570
2.38%, 05/15/51		1,000		1,067,187
2.00%, 08/15/51		500		491,172
U.S. Treasury Notes
2.75%, 07/31/23		500		522,793
2.00%, 05/31/24(e)		6,630		6,902,452
2.88%, 07/31/25(e)		10,230		11,050,798
0.75%, 03/31/26 - 08/31/26		2,760		2,733,647
1.25%, 03/31/28		720		720,028

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Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock Enhanced Government Fund, Inc. (EGF) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes (continued)
1.13%, 02/15/31	$	2,090		$	2,024,361
1.63%, 05/15/31		600			607,031
Total U.S. Treasury Obligations — 66.1% (Cost: $34,211,551)					36,378,163
Total Long-Term Investments — 127.4% (Cost: $66,334,113)					70,094,740
	Shares
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g)		444,665			444,665
Total Short-Term Securities — 0.8% (Cost: $444,665)					444,665
Options Purchased — 0.0% (Cost: $37,407)					17,700
Total Investments Before TBA Sale Commitments and Options Written — 128.2% (Cost: $66,816,185)					70,557,105
	Par (000)
TBA Sale Commitments(d)
Mortgage-Backed Securities — (3.0)%
Uniform Mortgage-Backed Securities
2.50%, 10/14/51	$	(1,100	)		(1,134,160	)
3.00%, 10/14/51		(500	)		(523,184	)
Total TBA Sale Commitments — (3.0)% (Proceeds: $(1,655,836))					(1,657,344	)
Options Written — (0.3)% (Premiums Received: $(183,938))					(167,480	)
Total Investments, Net of TBA Sale Commitments and Options Written — 124.9% (Cost: $64,976,411)					68,732,281
Liabilities in Excess of Other Assets — (24.9)%					(13,688,011	)
Net Assets — 100.0%				$	55,044,270

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Zero-coupon bond.

^(d)  Represents or includes a TBA transaction.

^(e)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

^(f)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	3,363,620	$	—	$	(2,918,955	)(a)	$	—	$	—	$	444,665		444,665	$	256	$	—

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

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock Enhanced Government Fund, Inc. (EGF)

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BofA Securities, Inc.

0.08

%(b)

07/23/21

Open

$

1,906,125

$

1,906,409

U.S. Treasury Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.08

(b)

07/23/21

Open

4,830,000

4,830,844

U.S. Treasury Obligations

Open/Demand

$

6,736,125

$

6,737,253

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BTP		3		12/08/21	$	528	$	(8,134	)
10-Year U.S. Treasury Note		23		12/21/21		3,027		(32,109	)
10-Year U.S. Ultra Long Treasury Note		27		12/21/21		3,922		(13,490	)
U.S. Long Bond		7		12/21/21		1,115		(22,160	)
2-Year U.S. Treasury Note		96		12/31/21		21,125		(3,009	)
5-Year U.S. Treasury Note		28		12/31/21		3,437		2,104
90-Day Eurodollar		34		12/18/23		8,403		(12,372	)
								(89,170	)
Short Contracts
Euro Bund		2		12/08/21		393		6,346
Ultra U.S. Treasury Bond		28		12/21/21		5,350		113,493
90-Day Eurodollar		34		12/16/24		8,364		19,494
								139,333
							$	50,163

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Counterparty

Put

10-Year Interest Rate Swap, 04/23/32

1.90%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Deutsche Bank AG

04/21/22

1.90

%

USD

1,505

$

17,700

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Counterparty

Call

10-Year Interest Rate Swap, 12/28/31

1.55%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Citibank N.A.

10/28/21

1.55

%

USD

5,856

$

(43,794

)

2-Year Interest Rate Swap, 12/28/23

0.42%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Citibank N.A.

10/28/21

0.42

USD

23,411

(16,273

)

30-Year Interest Rate Swap, 12/28/51

1.81%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Citibank N.A.

10/28/21

1.81

USD

2,930

(46,105

)

5-Year Interest Rate Swap, 12/28/26

1.11%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Citibank N.A.

10/28/21

1.11

USD

14,830

(50,951

)

10-Year Interest Rate Swap, 06/21/32

1.25%

Semi-Annual

3-Month LIBOR, 0.13%

Quarterly

Deutsche Bank AG

04/21/22

1.25

USD

1,505

(10,357

)

$

(167,480

)

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Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock Enhanced Government Fund, Inc. (EGF)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund		Effective    Date	Termination Date	Notional Amount (000)			Value			Upfront  Premium  Paid  (Received)			Unrealized  Appreciation  (Depreciation)
Rate	Frequency		Rate	Frequency
0.12%		Annual	6-Month GBP LIBOR, 0.17%	Annual	N/A	04/09/23		GBP	2,420	$	14,641		$	(12	)	$	14,653
3-Month Canada Bank     Acceptance, 1.35%		Semi-Annual	0.64%	Semi-Annual	N/A	04/21/23		CAD	1,400		(1,759	)		5			(1,764	)
0.28%		Semi-Annual	3-Month LIBOR, 0.13%	Quarterly	N/A	04/23/23		USD	1,230		(1,312	)		(61	)		(1,251	)
1.61%		Semi-Annual	3-Month LIBOR, 0.13%	Quarterly	03/28/22(a)	03/28/32		USD	850		3,760			13			3,747
										$	15,330		$	(55	)	$	15,385

^(a) Forward Swap.

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional     Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9		3.00	%	Monthly	Goldman Sachs     International	09/17/58	N/R	USD	100	$	(7,678	)	$	(10,960	)	$	3,282
CMBX.NA.9		3.00		Monthly	Goldman Sachs     International	09/17/58	N/R	USD	67		(5,119	)		(6,967	)		1,848
CMBX.NA.9		3.00		Monthly	Morgan Stanley     & Co.     International PLC	09/17/58	N/R	USD	41		(3,148	)		(4,520	)		1,372
CMBX.NA.9		3.00		Monthly	Morgan Stanley     & Co.     International PLC	09/17/58	N/R	USD	33		(2,560	)		(3,457	)		897
										$	(18,505	)	$	(25,904	)	$	7,399

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

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 Fund 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’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
Asset-Backed Securities	$	—	$	2,325,148	$	—	$	2,325,148

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock Enhanced Government Fund, Inc. (EGF)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Foreign Agency Obligations	$	—		$	416,280		$	—	$	416,280
Non-Agency Mortgage-Backed Securities		—			646,965			—		646,965
Preferred Securities
Capital Trust		—			385,948			—		385,948
U.S. Government Sponsored Agency Securities		—			29,942,236			—		29,942,236
U.S. Treasury Obligations		—			36,378,163			—		36,378,163
Short-Term Securities
Money Market Funds		444,665			—			—		444,665
Options Purchased
Interest Rate Contracts		—			17,700			—		17,700
Liabilities
Investments
TBA Sale Commitments		—			(1,657,344	)		—		(1,657,344	)
	$	444,665		$	68,455,096		$	—	$	68,899,761
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	7,399		$	—	$	7,399
Interest Rate Contracts		141,437			18,400			—		159,837
Liabilities
Interest Rate Contracts		(91,274	)		(170,495	)		—		(261,769	)
	$	50,163		$	(144,696	)	$	—	$	(94,533	)

^(a)  Derivative financial instruments are swaps, futures contracts and options written. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $6,737,253 are categorized as Level 2 within the fair value hierarchy.

Currency Abbreviation
CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CLO	Collateralized Loan Obligation
CR	Custodian Receipt
IO	Interest Only
LIBOR	London Interbank Offered Rate
TBA	To-Be-Announced

5