BlackRock Enhanced Government Fund (EGF) NPORT-P/A BlackRock Enhanced Government Fund, Inc. (Sep 2022 report)

Schedule of Investments (unaudited)  September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
AMMC CLO 20 Ltd., Series 2017-20A, Class AR, (3 mo. LIBOR US + 0.87%), 3.61%, 04/17/29(a)(b)	$	144	$	142,137
Birch Grove CLO Ltd., Series 19A, Class CR, (3 mo. LIBOR US + 2.20%), 5.49%, 06/15/31(a)(b)		300		279,703
BlueMountain CLO XXV Ltd., Series 2019-25A, Class BR, (3 mo. LIBOR US + 1.70%), 4.21%, 07/15/36(a)(b)		250		233,668
Dryden 53 CLO Ltd., Series 2017-53A, Class B, (3 mo. LIBOR US + 1.40%), 3.91%, 01/15/31(a)(b)		250		236,604
Elmwood CLO X Ltd., Series 2021-3A, Class C, (3 mo. LIBOR US + 1.95%), 4.66%, 10/20/34(a)(b)		500		456,208
Neuberger Berman Loan Advisers CLO 35 Ltd., Series 2019-35A, Class C, (3 mo. LIBOR US + 2.60%), 5.34%, 01/19/33(a)(b)		250		233,208
OCP CLO Ltd., Series 2019-17A, Class BR, (3 mo. LIBOR US + 1.60%), 4.31%, 07/20/32(a)(b)		250		231,788
OHA Credit Funding 4 Ltd., Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.05%), 4.81%, 10/22/36(a)(b)		250		224,770
Palmer Square CLO Ltd., Series 2015-1A, Class BR4, (3 mo. LIBOR US + 1.85%), 4.83%, 05/21/34(a)(b)		250		224,132
Securitized Asset-Backed Receivables LLC Trust, Series 2005-OP1, Class M2, (1 mo. LIBOR US + 0.68%), 3.76%, 01/25/35(a)		135		125,094
Trimaran CAVU Ltd., Series 2019-1A, Class C1, (3 mo. LIBOR US + 3.15%), 5.86%, 07/20/32(a)(b)		250		236,022
Total Asset-Backed Securities — 6.2% (Cost: $2,802,039)				2,623,334
Corporate Bonds
Aerospace & Defense — 0.1%
Boeing Co., 3.63%, 02/01/31		50		41,502
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc., 3.50%, 06/01/30		100		89,267
Capital Markets — 0.3%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(a)(c)		150		110,188
Diversified Financial Services — 0.2%
Morgan Stanley, (1 day SOFR + 3.12%), 3.62%, 04/01/31(a)		75		64,817
Diversified Telecommunication Services — 0.4%
Verizon Communications, Inc.
1.75%, 01/20/31		75		56,247
2.55%, 03/21/31		130		103,796
				160,043
Health Care Providers & Services — 0.1%
Elevance Health, Inc., 2.55%, 03/15/31		75		60,469
Media — 0.2%
Comcast Corp., 3.40%, 04/01/30		120		105,542
Pharmaceuticals — 0.3%
AbbVie, Inc., 2.95%, 11/21/26		125		114,520

Security	Par (000)		Value
Software — 0.2%
Oracle Corp., 2.88%, 03/25/31	$	125	$	98,583
Total Corporate Bonds — 2.0% (Cost: $966,097)				844,931
Foreign Agency Obligations
Supranational — 0.8%
International Bank for Reconstruction & Development, Series C, 0.00%, 09/17/30(d)		500		357,736
Total Foreign Agency Obligations — 0.8% (Cost: $443,865)				357,736
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 5.9%
Angel Oak Mortgage Trust, Class A1, 2.88%, 12/25/66(b)		71		61,405
Bank of America Mortgage Trust, Series 2003-J, Class 2A1, 2.49%, 11/25/33(a)		19		17,048
BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)(b)		64		58,527
Chase Home Lending Mortgage Trust, Class A12, 6.50%, 04/25/49(a)(b)		41		39,106
COLT Mortgage Loan Trust(b)
Class A1, 5.16%, 04/25/67		242		234,991
Series 2022-1, Class A1, 4.55%, 04/25/67(a)		108		102,514
Series 2022-2, Class A1, 2.99%, 02/25/67		134		118,650
Credit Suisse Mortgage Capital Certificates Trust, Class A, 2.87%, 01/25/67(a)(b)		134		123,964
Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, 01/25/67(a)(b)		251		211,362
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52(a)(b)		94		74,530
GS Mortgage-Backed Securities Trust(a)(b)
2.50%, 11/25/51		88		70,065
Series 2021-PJ7, Class A2, 2.50%, 01/25/52		177		140,962
JP Morgan Mortgage Trust, Series 2022-INV3, Class A3B, 3.00%, 09/25/52(a)(b)		94		77,256
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(a)(b)		97		79,686
MFA Trust(a)(b)
Series 2020-NQM1, Class A1, 1.48%, 03/25/65		80		76,964
Series 2021-NQM1, Class M1, 2.31%, 04/25/65		250		225,785
OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52(a)(b)		95		78,503
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(a)(b)		95		78,292
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b)		200		185,308
TRK Trust, Series 2021-INV2, Class A1, 1.97%, 11/25/56(a)(b)		157		136,497
Verus Securitization Trust(b)
Class A1, 5.15%, 07/25/67		146		144,075
Series 2022-1, Class A1, 2.72%, 01/25/67		92		81,269
Series 2022-3, Class A1, 4.13%, 02/25/67		93		84,948
				2,501,707

1

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Interest Only Collateralized Mortgage Obligations — 0.0%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37	$	72	$	12,895
Total Non-Agency Mortgage-Backed Securities — 5.9% (Cost: $2,779,146)				2,514,602
Preferred Securities
Capital Trusts — 3.2%(a)
Banks(c) — 0.7%
U.S. Bancorp, 3.70%		180		135,873
Wells Fargo & Co., Series U, 5.88%		160		152,328
				288,201
Capital Markets — 0.3%
Bank of New York Mellon Corp., Series I, 3.75%(c)		175		135,187
Diversified Financial Services(c) — 1.6%
Bank of America Corp., Series FF, 5.88%		360		308,700
JPMorgan Chase & Co.
Series FF, 5.00%		175		157,806
Series KK, 3.65%		265		214,600
				681,106
Electric Utilities — 0.6%
PPL Capital Funding, Inc., Series A, 6.34%, 03/30/67		285		238,395
				1,342,889
Total Preferred Securities — 3.2% (Cost: $1,637,449)				1,342,889
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 9.3%
Fannie Mae REMICS
Series 2013-73, Class KE, 3.00%, 07/25/43		500		424,710
Series 2017-90, Class WB, 3.00%, 11/25/47		433		348,562
Series 2022-25, Class KL, 4.00%, 05/25/52		1,000		908,129
Series 2022-31, Class BZ, 4.00%, 10/25/51		669		572,255
Freddie Mac REMICS
3.50%, 09/25/44		400		340,826
3.00%, 10/25/49		504		389,870
Series 4398, Class ZX, 4.00%, 09/15/54		343		314,713
Series 4480, Class ZX, 4.00%, 11/15/44		700		668,938
				3,968,003
Commercial Mortgage-Backed Securities — 0.0%
Ginnie Mae, Series 2006-30, Class IO, 2.73%, 05/16/46(a)		50		3
Interest Only Collateralized Mortgage Obligations — 0.4%
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42		226		47,768

Security	Par (000)		Value
Interest Only Collateralized Mortgage Obligations (continued)
Ginnie Mae(a)
Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 3.53%, 12/16/39	$	130	$	9,885
Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 3.73%, 04/16/41		1,343		98,847
				156,500
Mortgage-Backed Securities — 52.0%
Freddie Mac Mortgage-Backed Securities, 3.50%, 08/01/33 - 01/01/46		1,758		1,640,922
Ginnie Mae Mortgage-Backed Securities, 5.00%, 11/15/35		2		1,596
Uniform Mortgage-Backed Securities
5.50%, 10/01/23 - 09/01/36		893		919,910
4.00%, 10/01/24 - 10/13/52(e)		8,336		7,882,848
2.50%, 10/01/28		1,046		998,648
5.00%, 11/01/33 - 02/01/40		1,882		1,903,319
3.50%, 09/01/34 - 04/01/52		2,169		2,012,817
6.00%, 02/01/36 - 03/01/38		85		88,770
4.50%, 04/01/39 - 11/14/52(e)		4,343		4,200,662
3.00%, 03/01/43 - 05/01/52		2,874		2,557,295
				22,206,787
Total U.S. Government Sponsored Agency Securities — 61.7% (Cost: $28,324,472)				26,331,293
U.S. Treasury Obligations
U.S. Treasury Bonds
1.88%, 02/15/41 - 02/15/51(f)		4,245		2,883,459
3.38%, 08/15/42		900		815,203
3.00%, 08/15/48		5,100		4,313,484
2.38%, 05/15/51		700		523,687
2.00%, 08/15/51		950		648,895
U.S. Treasury Notes
2.00%, 05/31/24		4,930		4,748,014
2.88%, 07/31/25		9,230		8,892,168
1.25%, 03/31/28 - 08/15/31		1,220		1,024,885
1.13%, 02/15/31		2,090		1,692,329
1.63%, 05/15/31		600		503,625
Total U.S. Treasury Obligations — 61.0% (Cost: $29,582,148)				26,045,749
Total Long-Term Investments — 140.8% (Cost: $66,535,216)				60,060,534

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Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF) (Percentages shown are based on Net Assets)

Security	Shares			Value
Short-Term Securities
Money Market Funds — 4.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(g)(h)		2,014,927		$	2,014,927
Total Short-Term Securities — 4.7% (Cost: $2,014,927)					2,014,927
Total Investments Before TBA Sale Commitments and Options Written — 145.5% (Cost: $68,550,143)					62,075,461
	Par (000)
TBA Sale Commitments
Mortgage-Backed Securities — (1.1)%
Uniform Mortgage-Backed Securities, 4.50%, 10/13/52(e)	$	(500	)		(476,289	)
Total TBA Sale Commitments — (1.1)% (Proceeds: $(478,235))					(476,289	)
Options Written — (0.6)% (Premiums Received: $(245,000))					(245,000	)
Total Investments, Net of TBA Sale Commitments and Options Written — 143.8% (Cost: $67,826,908)					61,354,172
Liabilities in Excess of Other Assets — (43.8)%					(18,680,321	)
Net Assets — 100.0%				$	42,673,851

^(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)  Perpetual security with no stated maturity date.

^(d)  Zero-coupon bond.

^(e)  Represents or includes a TBA transaction.

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

^(g)  Affiliate of the Fund.

^(h)  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, 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	$	4,355,867	$	—	$	(2,340,940	)(a)	$	—	$	—	$	2,014,927		2,014,927	$	8,247	$	—

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

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)
Credit Agricole Corporate and Investment Bank	3.07	%(b)	07/18/22	Open		$	4,788,735	$	4,806,995	U.S. Treasury Obligations	Open/Demand
Credit Agricole Corporate and Investment Bank	2.60		09/30/22	10/03/22			8,953,100		8,953,100	U.S. Treasury Obligations	Up to 30 Days
Credit Agricole Corporate and Investment Bank	2.65		09/30/22	10/03/22			832,500		832,500	U.S. Treasury Obligations	Up to 30 Days
Credit Agricole Corporate and Investment Bank	3.07		09/30/22	10/03/22			1,942,500		1,942,500	U.S. Treasury Obligations	Up to 30 Days
						$	16,516,835	$	16,535,095

^(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.

3

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF)     

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
10-Year U.S. Ultra Long Treasury Note		23		12/20/22	$	2,726	$	(176,083	)
Short Contracts
10-Year Japanese Government Treasury Bonds		1		12/13/22		1,025		3,176
10-Year U.S. Treasury Note		28		12/20/22		3,138		102,108
U.S. Long Bond		4		12/20/22		506		14,742
Ultra U.S. Treasury Bond		39		12/20/22		5,331		444,287
2-Year U.S. Treasury Note		15		12/30/22		3,080		23,376
								587,689
							$	411,606

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

10-Year Interest Rate Swap, 10/30/32

3.58%

Semi-Annual

1-Day SOFR, 3.07%

Quarterly

Bank of America N.A.

10/28/22

3.59

%

USD

4,052

$

(66,865

)

2-Year Interest Rate Swap, 10/30/24

4.24%

Semi-Annual

1-Day SOFR, 3.07%

Quarterly

Bank of America N.A.

10/28/22

4.24

USD

19,453

(62,522

)

30-Year Interest Rate Swap, 10/30/52

3.06%

Semi-Annual

1-Day SOFR, 3.07%

Quarterly

Bank of America N.A.

10/28/22

3.06

USD

1,621

(50,118

)

5-Year Interest Rate Swap, 10/30/27

3.81%

Semi-Annual

1-Day SOFR, 3.07%

Quarterly

Bank of America N.A.

10/28/22

3.81

USD

7,295

(65,495

)

$

(245,000

)

Centrally Cleared Interest Rate Swaps

													Upfront
													Premium			Unrealized
Paid by the Fund		Received by the Fund		Effective		Termination			Notional				Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date		Date		Amount (000)		Value			(Received)			(Depreciation)
1.61%	Semi-Annual	3-Month LIBOR, 3.75%	Quarterly		N/A		03/28/32	USD	850	$	152,035		$	—		$	152,035
1.66%	Semi-Annual	3-Month LIBOR, 3.75%	Quarterly		N/A		04/25/32	USD	1,200		208,361			—			208,361
3-Month LIBOR, 3.75%	Quarterly	1.92%	Semi-Annual		N/A		10/27/41	USD	250		(60,161	)		(596	)		(59,565	)
3-Month LIBOR, 3.75%	Quarterly	1.75%	Semi-Annual		N/A		11/09/41	USD	400		(105,566	)		(656	)		(104,910	)
2.87%	Annual	1-Day SOFR, 3.07%	Annual		N/A		05/11/42	USD	300		20,561			7			20,554
1.91%	Semi-Annual	3-Month LIBOR, 3.75%	Quarterly		N/A		10/28/51	USD	230		61,427			544			60,883
3-Month LIBOR, 3.75%	Quarterly	1.77%	Semi-Annual		N/A		11/01/51	USD	1,000		(293,390	)		(2,055	)		(291,335	)
										$	(16,733	)	$	(2,756	)	$	(13,977	)

S C H E D U L E  O F  I N V E S T M  E N T S 4

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF)     

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	NR		USD	100	$	(19,441	)	$	(10,740	)	$	(8,701	)
CMBX.NA.9		3.00		Monthly	Goldman Sachs International	09/17/58	NR		USD	67		(12,961	)		(6,837	)		(6,124	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	41		(7,970	)		(4,429	)		(3,541	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	33		(6,480	)		(3,392	)		(3,088	)
											$	(46,852	)	$	(25,398	)	$	(21,454	)

^(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 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 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	$	—	$	2,623,334		$	—	$	2,623,334
Corporate Bonds		—		844,931			—		844,931
Foreign Agency Obligations		—		357,736			—		357,736
Non-Agency Mortgage-Backed Securities		—		2,514,602			—		2,514,602
Preferred Securities
Capital Trusts		—		1,342,889			—		1,342,889
U.S. Government Sponsored Agency Securities		—		26,331,293			—		26,331,293
U.S. Treasury Obligations		—		26,045,749			—		26,045,749
Short-Term Securities
Money Market Funds		2,014,927		—			—		2,014,927
Liabilities
Investments
TBA Sale Commitments		—		(476,289	)		—		(476,289	)
	$	2,014,927	$	59,584,245		$	—	$	61,599,172
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	587,689	$	441,833		$	—	$	1,029,522

5

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Enhanced Government Fund, Inc. (EGF)     

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Liabilities
Credit Contracts	$	—		$	(21,454	)	$	—	$	(21,454	)
Interest Rate Contracts		(176,083	)		(700,810	)		—		(876,893	)
	$	411,606		$	(280,431	)	$	—	$	131,175

^(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 reporting purposes. As of period end, reverse repurchase agreements of $16,535,095 are categorized as Level 2 within the fair value hierarchy.

Currency Abbreviation

USD United States Dollar

Portfolio Abbreviation

CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

S C H E D U L E  O F  I N V E S T M E N T  S 6