Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 10

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 10
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/27  | 1-day SONIA,4.22%  | Annual      | 4.10%                 | Annual    | Morgan Stanley & Co.International PLC | 05/01/26       |         4.10 | GBP                  | 113,270 |     -104,192 |
|                                     |                    |             |                       |           |                                       |                |              |                      |         |     -354,481 |
|                                     |                    |             |                       |           |                                       |                |              |                      |         | $(1,585,228) |

Centrally Cleared Credit Default Swaps — Sell Protection

| Reference Obligation/Index | FinancingRate Receivedby the Trust | PaymentFrequency | TerminationDate | CreditRating(a) | NotionalAmount (000)(b) |        |      Value | UpfrontPremiumPaid(Received) | UnrealizedAppreciation(Depreciation) |
| CDX.NA.HY.41.V2            |                              5.00% | Quarterly        | 12/20/28        | B               | USD                     |  3,367 |   $253,933 |                      $73,581 |                             $180,352 |
| iTraxx.XO.42.V2            |                               5.00 | Quarterly        | 12/20/29        | B               | EUR                     | 23,396 |  2,502,386 |                    1,929,829 |                              572,557 |
| iTraxx.XO.43.V1            |                               5.00 | Quarterly        | 06/20/30        | B+              | EUR                     |    964 |    107,210 |                       94,159 |                               13,051 |
|                            |                                    |                  |                 |                 |                         |        | $2,863,529 |                   $2,097,569 |                             $765,960 |

| (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 Trust may pay should a negative credit event take place as defined under the terms of the agreement. |

Consolidated Schedule of Investments 33

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2025 BlackRock Capital Allocation Term Trust (BCAT)