NPORT-EX 2 NPORT_LCXB_93673083_0323.htm BlackRock Enhanced Capital and Income Fund

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 ) 

 

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)

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

 

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