# EDGAR Filing Document

**Accession Number:** 0001864843
**File Stem:** 0001193125-26-093555
**Filing Date:** 2026-3
**Character Count:** 966234
**Document Hash:** 7914897bd0168664a7eefdabf9235a97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093555.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093555

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock ESG Capital Allocation Term Trust
- **CENTRAL INDEX KEY:** 0001864843

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23701
- **FILM NUMBER:** 26725574

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock ESG Capital Allocation Trust
- **DATE OF NAME CHANGE:** 20210527

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-23701

Name of Fund: BlackRock ESG Capital Allocation Term Trust (ECAT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock ESG Capital Allocation Term Trust, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2025

Date of reporting period: 12/31/2025

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

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![](g34699img8f88d0d31.jpg)

December 31, 2025

2025 Annual Report<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Capital Allocation Term Trust (BCAT)** |
| **BlackRock ESG Capital Allocation Term Trust (ECAT)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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Supplemental Information (unaudited)

**Section 19(a) Notices**

BlackRock Capital Allocation Term Trust' s (BCAT) and BlackRock ESG Capital Allocation Term Trust's (ECAT) (collectively, the "Trusts" or individually, a "Trust") amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust's investment experience during its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

**December 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | Total Cumulative Distributions <br>for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  | % Breakdown of the Total Cumulative <br>Distributions for the Fiscal Period  |
| *Trust Name* | *Net* <br>*Income*<br>| *Net Realized* <br>*Capital Gains* <br>*Short-Term*<br>| *Net Realized* <br>*Capital Gains* <br>*Long-Term*<br>| *Return of* <br>*Capital* <sup>(a)</sup> <br>| *Total Per* <br>*Common* <br>*Share*<br>| *Net* <br>*Income*<br>| *Net Realized* <br>*Capital Gains* <br>*Short-Term*<br>| *Net Realized* <br>*Capital Gains* <br>*Long-Term*<br>| *Return of* <br>*Capital*<br>| *Total Per* <br>*Common* <br>*Share*<br>|
| BCAT | &nbsp;&nbsp; $0.338464  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $2.982576  | &nbsp;&nbsp; $3.321040  | &nbsp;&nbsp; 10<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; 90<br> % <br>| &nbsp;&nbsp; 100<br> % <br>|
| ECAT | 0.219986 | &nbsp;&nbsp; — | 0.024356 | 3.292798 | 3.537140 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust's investment performance and should not be confused with "yield" or "income." When distributions exceed total return performance, the difference will reduce a Trust's net asset value per share. 

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at **blackrock.com**.

**Section 19(b) Disclosure**

Each Trust, acting pursuant to a U.S. Securities and Exchange Commission ("SEC") exemptive order and with the approval of each Trust's Board of Trustees (the "Board"), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

---

| | |
|:---|:---|
| *Trust Name* | *Amount Per* <br>*Common Share*<br>|
| BCAT | $0.262030  |
| ECAT | 0.278540 |

---

The fixed amounts distributed per share are subject to change at the discretion of each Trust's Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the "1940 Act").

Shareholders should not draw any conclusions about a Trust's investment performance from the amount of these distributions or from the terms of the Plan. Each Trust's total return performance is presented in its financial highlights table.

The Board may amend, suspend or terminate a Trust's Plan at any time without prior notice to the Trust's shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust's stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code.

2025 BlackRock Annual Report to Shareholders

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**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Supplemental Information](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_c19ab-footer-fundbookname-1147_1)  | 2 |
| **[Annual](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_rskderiv-footer-fundbookname-1205_1)[Report:](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_rskderiv-footer-fundbookname-1205_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_rskderiv-footer-fundbookname-1205_1)  | 4 |
| [Option Over-Writing Strategy](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_rskderiv1-footer-fundbookname-1205_1)  | 5 |
| [Derivative Financial Instruments](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_rskderiv1-footer-fundbookname-1205_1)  | 5 |
| [Trust Summary](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fsm-footer-fundbookname-1147_1)  | 6 |
| [Financial Statements:](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_soi-footer-fundbookname-1147_1)  |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Schedules of Investments](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_soi-footer-fundbookname-1147_1)  | 12 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fs-footer-fundbookname-1205_1)  | 74 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fs-footer-fundbookname-1205_3)  | 76 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fs-footer-fundbookname-1205_4)  | 77 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fs-footer-fundbookname-1205_5)  | 78 |
| [Financial Highlights](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fihi-footer-fundbookname-1205_1)  | 80 |
| [Notes to Consolidated Financial Statements](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_ntf-footer-fundbookname-1205_1)  | 82 |
| [Report of Independent Registered Public Accounting Firm](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_audit-footer-fundbookname-1147_1)  | 97 |
| [Important Tax Information](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_tax-1-footer-fundbookname-1147_1)  | 98 |
| [Investment Objectives, Policies and Risks](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_fiopr-footer-fundbookname-1147_1)  | 99 |
| [Automatic Dividend Reinvestment Plan](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_divre-footer-fundbookname-1147_1)  | 112 |
| [Trustee and Officer Information](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_off-footer-fundbookname-1147_1)  | 113 |
| [Additional Information](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_addinfo-footer-fundbookname-1147_1)  | 116 |
| [Glossary of Terms Used in this Report](#xx_6c34fc71-84fb-4285-8e0e-3eb714d15130_terms-footer-fundbookname_1)  | 119 |

---

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The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value ("NAV") of, their common shares ("Common Shares"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust's shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Trust's capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust's financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust's financing cost of leverage is significantly lower than the income earned on a Trust's longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares ("Common Shareholders") are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trust's return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts' portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trust's obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts' NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust's intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust's NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust's shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust's ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Trust's investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts' investment adviser will be higher than if the Trusts did not use leverage.

Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Consolidated Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the "1940 Act"), each Trust is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.

2025 BlackRock Annual Report to Shareholders

------

Option Over-Writing Strategy

**Overview**

In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust's risk-adjusted return. Each Trust's objectives cannot be achieved in all market conditions.

Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price ("strike price") within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

**Option Over-Writing Strategy Illustration**

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock's value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would "break-even" from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust's downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust's Consolidated Schedule of Investments and the Notes to Consolidated Financial Statements for details of written options.

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts' investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

Option Over-Writing Strategy / Derivative Financial Instruments

------

Trust Summary as of December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Investment Objective**

**BlackRock Capital Allocation Term Trust's (BCAT) (the "Trust")** investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust invests in a portfolio of equity and debt securities. Generally, the Trust's portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns.

No assurance can be given that the Trust's investment objective will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BCAT |
| Initial Offering Date | September 28, 2020 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($14.16)<sup>(a)</sup> | 22.21% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.262030 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.144360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The monthly distribution per Common Share, declared on January 2, 2026, was decreased to $0.260730 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $14.16  | &nbsp;&nbsp;&nbsp;&nbsp; $15.15  | &nbsp;&nbsp;&nbsp;&nbsp; (6.53)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.88  | &nbsp;&nbsp;&nbsp;&nbsp; $13.20  |
| Net Asset Value | 15.23 | &nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.70 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g34699img501ac9802.jpg)

BCAT commenced operations on September 28, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A Customized Reference Benchmark comprised of MSCI World Index (Net) (50%) and Bloomberg U.S. Aggregate Bond Index (50%).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>

A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market.

2025 BlackRock Annual Report to Shareholders

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Trust Summary as of December 31, 2025(continued)

**BlackRock Capital Allocation Term Trust (BCAT)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)</sup> | 15.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.18<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 16.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| **Custom Reference Benchmark** | 14.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.02 |
| **MSCI World Index (Net)** | 21.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;14.35 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> BCAT commenced operations on September 28, 2020.

<sup>(b)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust's investment strategies, portfolio components or past or future performance.

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

**The following discussion relates to the Trust's absolute performance based on NAV:**

**What factors influenced performance?**

Due to the nature of the Trust's mandate, performance is reviewed on an absolute return basis. The Trust has an unconstrained approach (i.e., flexibility to invest across all equity and fixed- income asset classes, spanning public and private markets). As such, the Trust is not managed specifically to a benchmark. The index returns listed above are for reference purposes only. Performance information below is expressed on a contribution to return basis.

In equities, positioning in the information technology, financials, communication services, and industrials sectors contributed to absolute returns. In fixed income, positioning in corporate bonds and securitized assets were the largest contributors. An allocation to commodities contributed, as well. On the other hand, positioning in index-related equity futures detracted.

The Trust used derivatives, which may include options, futures, swaps, and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Trust also used an options overlay strategy in which calls were written on a portion of the portfolio's holdings. In the aggregate, the Trust's use of derivatives contributed to performance.

Private investments comprised approximately 12.7% of the Trust's total assets at the close of the period. The Trust's holdings in this area made a small contribution, driven by private equity and credit.

The Trust's practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust's investment strategy.

**Describe recent portfolio activity.**

The Trust's allocation to equities increased by 5.4 percentage points over the course of the year, with the largest additions in information technology, financials, and communication services. Its weightings in the materials and consumer discretionary sectors decreased. The Trust's allocation to bonds fell by 1.1 percentage points, with the largest reductions in securitized assets—notably collateralized loan obligations—as well as in high yield bonds and emerging market sovereign debt. The Trust's weighting in agency mortgage-backed securities increased.

**Describe portfolio positioning at period end.**

The Trust had a 57% allocation to equities at the close of the period. It had holdings across all sectors, with the largest absolute weightings in information technology, financials, and consumer discretionary. The Trust used options as an additional source of income. As of December 31, 2025, the Trust had sold options on approximately 9.7% of its equity positions.

The Trust finished the period with a weighting of 42% in fixed income, comprised predominately of high yield bonds, securitized assets, and agency-mortgage backed securities.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock Capital Allocation Term Trust (BCAT)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)(b)</sup> <br>|
| Uniform Mortgage-Backed Securities, 3.50%, 01/14/56 | 4.8<br> %<br>|
| Uniform Mortgage-Backed Securities, 3.50%, 02/15/56 | 4.7 |
| Microsoft Corp. | 2.8 |
| Alphabet, Inc. | 2.2 |
| Uniform Mortgage-Backed Securities, 4.50%, 01/15/55 | 2.2 |
| SPDR Gold Shares | 2.2 |
| Amazon.com, Inc. | 2.1 |
| NVIDIA Corp. | 2.1 |
| Uniform Mortgage-Backed Securities, 5.50%, 01/15/55 | 1.9 |
| Apple, Inc. | 1.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of Total* <br>*Investments*<sup>(a)(b)</sup> <br>|
| United States | 77.7<br> %<br>|
| United Kingdom | 3.5 |
| France | 2.9 |
| Italy | 1.9 |
| Canada | 1.7 |
| Netherlands | 1.4 |
| China | 1.3 |
| Taiwan | 1.3 |
| Ireland | 1.3 |
| Cayman Islands | 1.1 |
| Germany | 1.0 |
| Other<sup>#</sup> | 4.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Excludes underlying investments in equity swaps. |
| <sup>(b)</sup> <br>| Excludes short-term securities, short investments and options, if any. |
| <sup>#</sup> <br>| Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic <br> regions.<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Investment Objective**

**BlackRock ESG Capital Allocation Term Trust's (ECAT) (the "Trust")** investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest in a portfolio of equity and debt securities. Generally, the Trust's portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. In addition, the Trust may invest without limit in "junk bonds," corporate loans and distressed securities. The Trust will invest at least 80% of its total assets in securities that, in the investment adviser's assessment, meet certain environmental, social and governance ("ESG") criteria. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns.

No assurance can be given that the Trust's investment objective will be achieved.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | ECAT |
| Initial Offering Date | September 27, 2021 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($15.38)<sup>(a)</sup> | 21.73% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.278540 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.342480 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. 

<sup>(b)</sup> The monthly distribution per Common Share, declared on January 2, 2026, was decreased to $0.277010 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain. 

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $15.38  | &nbsp;&nbsp;&nbsp;&nbsp; $16.40  | &nbsp;&nbsp;&nbsp;&nbsp; (6.22)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.14  | &nbsp;&nbsp;&nbsp;&nbsp; $13.91  |
| Net Asset Value | 16.17 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp; (7.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;&nbsp;15.10 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g34699img471e166f3.jpg)

ECAT commenced operations on September 27, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A Customized Reference Benchmark comprised of MSCI World Index (Net) (65%) and Bloomberg U.S. Aggregate Bond Index (35%).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(d)</sup>

A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market.

Trust Summary

------

Trust Summary as of December 31, 2025(continued)

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)</sup> | 14.33<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.54<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 16.44 | &nbsp;&nbsp;&nbsp;&nbsp;7.27 |
| **Custom Reference Benchmark** | 16.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.78 |
| **MSCI World Index (Net)** | 21.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30 | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> ECAT commenced operations on September 27, 2021.

<sup>(b)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust's investment strategies, portfolio components or past or future performance.

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

**The following discussion relates to the Trust's absolute performance based on NAV:**

**What factors influenced performance?**

Due to the nature of the Trust's mandate, performance is reviewed on an absolute return basis. The Trust has an unconstrained approach (i.e., the flexibility to invest across all equity and fixed-income asset classes, spanning public and private markets) with ESG considerations. As such, the Trust is not managed specifically to a benchmark. The index returns listed above are for reference purposes only. Performance information below is expressed on a contribution to return basis.

In equities, positioning in the information technology, financials, and communication services sectors were the primary contributors to the Trust's absolute return. In fixed income, positioning in corporate bonds and securitized assets were the largest contributors. An allocation to commodities contributed, as well. No major segment of the Trust was a significant detractor, reflecting the positive environment for the broader financial markets.

The Trust used derivatives, which may include options, futures, swaps, and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. In the aggregate, the use of derivatives made a modest contribution to performance.

Private investments comprised approximately 4.8% of the Trust's total assets at the close of the period. The Trust's holdings in this area detracted modestly.

The Trust's practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust's investment strategy.

**Describe recent portfolio activity.**

The Trust's allocation to equities increased by 8.7 percentage points, with the largest additions in information technology, financials, and communication services. Its weighting in consumer discretionary decreased. The allocation to fixed income rose by 1.7 percentage points, with the largest increase in high yield bonds and agency mortgage-backed securities. The Trust's weighting in investment-grade corporates decreased modestly.

**Describe portfolio positioning at period end.**

The Trust had a 79% weighting in equities at the close of the period. It had holdings across all sectors, with the largest absolute weightings in information technology, financials, communication services, and healthcare. The Trust used options as an additional source of income. As of December 31, 2025, the team had sold options on approximately 7.9% of its equity positions.

The Trust finished the period with a weighting of 32% in fixed income, comprised predominately of high yield bonds, investment-grade corporates, securitized assets, and agency mortgage-backed securities.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Annual Report to Shareholders

------

Trust Summary as of December 31, 2025(continued)

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| NVIDIA Corp. | 3.8<br> %<br>|
| Microsoft Corp. | 3.7 |
| Uniform Mortgage-Backed Securities, 5.50%, 01/15/55 | 3.0 |
| Alphabet, Inc. | 2.9 |
| Apple, Inc. | 2.5 |
| SPDR Gold Shares | 2.4 |
| Uniform Mortgage-Backed Securities, 4.50%, 01/15/55 | 2.3 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.2 |
| Eli Lilly & Co. | 2.0 |
| Mastercard, Inc. | 1.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
| *Country/Geographic Region* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| United States | 78.0<br> %<br>|
| France | 5.2 |
| United Kingdom | 2.8 |
| Netherlands | 2.3 |
| Italy | 2.2 |
| Taiwan | 2.2 |
| Germany | 1.3 |
| Canada | 1.0 |
| Other<sup>#</sup> | 5.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>(a)</sup> <br>| Excludes short-term securities, short investments and options, if any. |
| <sup>#</sup> <br>| Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic <br> regions.<br>|

---

Trust Summary

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Cayman Islands**<sup>(a)(b)</sup> **— 1.2%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.2%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXV, Series 2021-35A, Class E, (3-mo. <br> CME Term SOFR + 6.01%), 9.90%, 04/20/34<br>| USD | 375 | &nbsp;&nbsp; $375630  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVII, Series 2021-37A, Class E, (3-<br> mo. CME Term SOFR + 6.56%), 10.42%, <br> 10/22/34<br>|  | 250 | &nbsp;&nbsp; 250709 |
| ARES Loan Funding I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class E, (3-mo. CME Term <br> SOFR + 6.96%), 10.87%, 10/15/34<br>|  | 1250 | &nbsp;&nbsp; 1250502 |
| &nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class SUB, 0.00%, 10/15/34 |  | 2150 | &nbsp;&nbsp; 724163 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3-<br> mo. CME Term SOFR + 3.31%), 7.22%, 07/15/32<br>|  | 2700 | &nbsp;&nbsp; 2701783 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2020-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.95%), 5.85%, 10/15/37<br>|  | 750 | &nbsp;&nbsp; 752271 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VC Ltd., Series 2021-2A, Class E, (3-mo. <br> CME Term SOFR + 7.01%), 10.92%, 10/15/34<br>|  | 500 | &nbsp;&nbsp; 494013 |
| &nbsp;&nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class C, (3-mo. <br> CME Term SOFR + 3.56%), 7.45%, 07/20/34<br>|  | 1250 | &nbsp;&nbsp; 1248065 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO Ltd., Series 2020-9A, Class DR, <br> (3-mo. CME Term SOFR + 4.01%), 7.92%, <br> 07/14/34<br>|  | 500 | &nbsp;&nbsp; 500085 |
| OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class ER, (3-mo. CME Term <br> SOFR + 6.61%), 10.54%, 04/10/33<br>|  | 400 | &nbsp;&nbsp; 393671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME Term <br> SOFR + 3.10%), 6.98%, 07/20/37<br>|  | 500 | &nbsp;&nbsp; 498605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AR, Class D1R, (3-mo. CME Term <br> SOFR + 3.60%), 7.48%, 04/18/37<br>|  | 3500 | &nbsp;&nbsp; 3530917 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.22%, 07/15/34<br>|  | 250 | &nbsp;&nbsp; 246448 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd., Series 2021-2A, <br> Class D1R, (3-mo. CME Term SOFR + 2.60%), <br> 6.50%, 01/15/38<br>|  | 1500 | &nbsp;&nbsp; 1497039 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO XXVI Ltd., Series 2020-1A, <br> Class DR, (3-mo. CME Term SOFR + 3.61%), <br> 7.50%, 07/20/34<br>|  | 250 | &nbsp;&nbsp; 249722 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, <br> 0.00%, 12/29/29<sup>(c)</sup><br>|  | 1000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class D1RR, <br> (3-mo. CME Term SOFR + 3.15%), 7.01%, <br> 07/25/37<br>|  | 500 | &nbsp;&nbsp; 498989 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO I Ltd., Series 2019-1A, Class SUB, <br> 0.00%, 01/24/37<br>|  | 1000 | &nbsp;&nbsp; 680200 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.90%), 6.77%, <br> 10/24/37<br>|  | 2750 | &nbsp;&nbsp; 2743432 |
| Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term <br> SOFR + 2.85%), 6.75%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 502487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term <br> SOFR + 5.65%), 9.55%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 500787 |
|  |  |  | &nbsp;&nbsp; 19639518 |
| **Ireland**<sup>(a)</sup> **— 1.3%** | **Ireland**<sup>(a)</sup> **— 1.3%** | **Ireland**<sup>(a)</sup> **— 1.3%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.81%, 02/15/37<sup>(d)</sup><br>| EUR | 250 | &nbsp;&nbsp; 296852 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.26%, 11/15/37<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 353789 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.47%, 04/25/39<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 413631 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. <br> EURIBOR + 3.30%), 0.00%, 07/25/39<sup>(d)</sup><br>| EUR | 160 | &nbsp;&nbsp; $188843  |
| &nbsp;&nbsp;&nbsp; ARES European CLO XII DAC, Series 12A, <br> Class DR, (3-mo. EURIBOR + 3.00%), 5.00%, <br> 04/20/32<sup>(b)</sup><br>|  | 875 | &nbsp;&nbsp; 1030889 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, <br> (3-mo. EURIBOR + 3.50%), 5.53%, 01/15/38<sup>(d)</sup><br>|  | 430 | &nbsp;&nbsp; 511483 |
| &nbsp;&nbsp;&nbsp; Arini European CLO V DAC, Series 5X, Class D, <br> (3-mo. EURIBOR + 2.80%), 4.83%, 01/15/39<sup>(d)</sup><br>|  | 230 | &nbsp;&nbsp; 271363 |
| &nbsp;&nbsp;&nbsp; Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.15%), 5.28%, 10/15/38<sup>(d)</sup><br>|  | 100 | &nbsp;&nbsp; 117824 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 4.81%, 04/15/38<sup>(d)</sup><br>|  | 160 | &nbsp;&nbsp; 187027 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.08%, 01/15/38<sup>(d)</sup><br>|  | 170 | &nbsp;&nbsp; 199877 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-<br> mo. EURIBOR + 2.90%), 4.93%, 01/15/35<sup>(d)</sup><br>|  | 150 | &nbsp;&nbsp; 176278 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-<br> mo. EURIBOR + 3.25%), 5.32%, 10/25/37<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 412725 |
| &nbsp;&nbsp;&nbsp; CIFC European Funding CLO II DAC, Series 2X, <br> Class DR, (3-mo. EURIBOR + 3.00%), 5.03%, <br> 10/15/39<sup>(d)</sup><br>|  | 210 | &nbsp;&nbsp; 247845 |
| &nbsp;&nbsp;&nbsp; CIFC European Funding CLO III DAC, Series 3A, <br> Class D, (3-mo. EURIBOR + 3.60%), 5.61%, <br> 01/15/34<sup>(b)</sup><br>|  | 700 | &nbsp;&nbsp; 822661 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 10/15/37<sup>(d)</sup><br>|  | 230 | &nbsp;&nbsp; 268779 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.49%, 01/23/38<sup>(d)</sup><br>|  | 290 | &nbsp;&nbsp; 340408 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.25%, 11/20/38<sup>(d)</sup><br>|  | 220 | &nbsp;&nbsp; 259220 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund XIX DAC, Series 19A, <br> Class D, (3-mo. EURIBOR + 3.80%), 5.80%, <br> 12/23/33<sup>(b)</sup><br>|  | 2300 | &nbsp;&nbsp; 2704352 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.86%, 08/15/33<sup>(d)</sup><br>|  | 700 | &nbsp;&nbsp; 821167 |
| &nbsp;&nbsp;&nbsp; Elm Park CLO DAC, Series 1X, Class DR3, (3-mo. <br> EURIBOR + 3.20%), 5.32%, 01/15/38<sup>(d)</sup><br>|  | 100 | &nbsp;&nbsp; 118184 |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.76%, <br> 02/15/38<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 350750 |
| &nbsp;&nbsp;&nbsp; Hambridge Euro CLO 1 DAC, Series 1X, Class D, <br> (3-mo. EURIBOR + 3.30%), 5.34%, 10/20/38<sup>(d)</sup><br>|  | 210 | &nbsp;&nbsp; 248569 |
| &nbsp;&nbsp;&nbsp; Henley CLO IV DAC, Series 4A, Class D, (3-mo. <br> EURIBOR + 3.00%), 5.07%, 04/25/34<sup>(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1177695 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.67%, 04/25/39<sup>(d)</sup><br>|  | 330 | &nbsp;&nbsp; 387086 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.11%, 01/15/38<sup>(d)</sup><br>|  | 220 | &nbsp;&nbsp; 259169 |
| &nbsp;&nbsp;&nbsp; Invesco Euro CLO V DAC, Series 5A, Class D, (3-mo. <br> EURIBOR + 3.80%), 5.81%, 01/15/34<sup>(b)</sup><br>|  | 3150 | &nbsp;&nbsp; 3601776 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO XXIX DAC, Series 2024-29X, Class D, <br> (3-mo. EURIBOR + 3.20%), 5.21%, 01/15/39<sup>(d)</sup><br>|  | 370 | &nbsp;&nbsp; 436942 |
| Palmer Square European Loan Funding DAC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.21%, 05/15/34<br>|  | 250 | &nbsp;&nbsp; 293796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.11%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 258587 |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.31%, 08/15/38<sup>(d)</sup><br>|  | 232 | &nbsp;&nbsp; 274422 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| Prodigy Finance DAC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1-mo. Term SOFR + <br> 3.86%), 7.59%, 07/25/51<br>| USD | 53 | &nbsp;&nbsp; $52604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1-mo. Term SOFR + <br> 6.01%), 9.74%, 07/25/51<br>|  | 53 | &nbsp;&nbsp; 52897 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.21%, 10/15/38<sup>(d)</sup><br>| EUR | 238 | &nbsp;&nbsp; 279836 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.07%, <br> 10/25/37<sup>(d)</sup><br>|  | 290 | &nbsp;&nbsp; 338593 |
| &nbsp;&nbsp;&nbsp; Signal Harmonic CLO I DAC, Series 1X, Class DR, <br> (3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38<sup>(d)</sup><br>|  | 190 | &nbsp;&nbsp; 224538 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.25%, 04/20/37<sup>(d)</sup><br>|  | 470 | &nbsp;&nbsp; 556665 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. <br> EURIBOR + 3.30%), 5.33%, 08/25/38<sup>(d)</sup><br>|  | 170 | &nbsp;&nbsp; 200852 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.02%, <br> 04/16/39<sup>(d)</sup><br>|  | 350 | &nbsp;&nbsp; 410470 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.25%, 10/20/38<sup>(d)</sup><br>|  | 340 | &nbsp;&nbsp; 401022 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 5.48%, 01/15/38<sup>(d)</sup><br>|  | 320 | &nbsp;&nbsp; 378039 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO II DAC, Series 2X, Class D, (3-<br> mo. EURIBOR + 3.10%), 5.20%, 01/15/39<sup>(d)</sup><br>|  | 250 | &nbsp;&nbsp; 295457 |
|  |  |  | &nbsp;&nbsp; 20222962 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 275 | &nbsp;&nbsp; 388780 |
| **United States — 2.2%** | **United States — 2.2%** | **United States — 2.2%** |  |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%, 06/25/61<sup>(a)</sup> | USD | 3140 | &nbsp;&nbsp; 3138211 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 6.75%, 06/25/61<sup>(a)</sup> |  | 735 | &nbsp;&nbsp; 827776 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.01%, 06/25/61 |  | 1258 | &nbsp;&nbsp; 1281784 |
| Citigroup Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1-mo. Term SOFR <br> + 0.31%), 4.05%, 05/25/37<br>|  | 3859 | &nbsp;&nbsp; 2634957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1-mo. Term SOFR <br> + 0.28%), 4.02%, 07/25/45<br>|  | 2788 | &nbsp;&nbsp; 1972779 |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, Series 2021-A, <br> Class D, 4.12%, 07/25/51<sup>(b)</sup><br>|  | 133 | &nbsp;&nbsp; 126679 |
| &nbsp;&nbsp;&nbsp; Credit Suisse ABS Repackaging Trust, <br> Series 2013-A, Class R1, 0.01%, 04/25/43<sup>(b)(c)</sup><br>|  | 5 | &nbsp;&nbsp; 1375760 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, <br> Class F, 3.80%, 12/17/26<sup>(b)</sup><br>|  | 2399 | &nbsp;&nbsp; 2351086 |
| &nbsp;&nbsp;&nbsp; Lending Funding Trust, Series 2020-2A, Class D, <br> 6.77%, 04/21/31<sup>(b)</sup><br>|  | 2830 | &nbsp;&nbsp; 2825163 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-1A, Class D, <br> 5.05%, 11/20/31<sup>(b)</sup><br>|  | 2320 | &nbsp;&nbsp; 2204374 |
| Mariner Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class E, 5.40%, 03/20/36 |  | 1420 | &nbsp;&nbsp; 1381605 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36 |  | 540 | &nbsp;&nbsp; 508292 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62 |  | 1670 | &nbsp;&nbsp; 1534907 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62 |  | 340 | &nbsp;&nbsp; 308809 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62 |  | 110 | &nbsp;&nbsp; 97739 |
| &nbsp;&nbsp;&nbsp; Progress Residential, Series 2021-SFR3, Class H, <br> 4.75%, 05/17/26<sup>(b)</sup><br>|  | 1140 | &nbsp;&nbsp; 1135808 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(b)(c)</sup><br>|  | 4780 | &nbsp;&nbsp; 4672450 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<sup>(b)</sup><br>| USD | 800 | &nbsp;&nbsp; $798173  |
| &nbsp;&nbsp;&nbsp; Residential Mortgage Loan Trust, Series 2020-1, <br> Class B1, 3.95%, 01/26/60<sup>(a)(b)</sup><br>|  | 400 | &nbsp;&nbsp; 383550 |
| &nbsp;&nbsp;&nbsp; Silver Point Euro CLO 1 DAC, Series 1X, Class D, <br> (3-mo. EURIBOR + 3.00%), 5.10%, 01/15/39<sup>(a)(d)</sup><br>| EUR | 110 | &nbsp;&nbsp; 129543 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D1, 3.86%, 01/15/53 | USD | 1186 | &nbsp;&nbsp; 1078593 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D2, 3.86%, 01/15/53 |  | 647 | &nbsp;&nbsp; 589019 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 3.93%, 01/15/53 |  | 260 | &nbsp;&nbsp; 236588 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan <br> Trust, Series 2005-WF2, Class M8, (1-mo. Term <br> SOFR + 1.91%), 5.65%, 05/25/35<sup>(a)</sup><br>|  | 182 | &nbsp;&nbsp; 181134 |
| Tricon Residential Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 |  | 1375 | &nbsp;&nbsp; 1360732 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 877998 |
|  |  |  | &nbsp;&nbsp; 34013509 |
| **Total Asset-Backed Securities — 4.7%** <br>**(Cost: $79,438,777)** | **Total Asset-Backed Securities — 4.7%** <br>**(Cost: $79,438,777)** | **Total Asset-Backed Securities — 4.7%** <br>**(Cost: $79,438,777)** | &nbsp;&nbsp; 74264769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 1.1%** | **Canada — 1.1%** |  |
| Algoma Steel Group, Inc. | 178901 | &nbsp;&nbsp; 733494 |
| Cameco Corp. | 143561 | &nbsp;&nbsp; 13134396 |
| Suncor Energy, Inc. | 87340 | &nbsp;&nbsp; 3876546 |
|  |  | &nbsp;&nbsp; 17744436 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(c)(e)</sup> | 599 | &nbsp;&nbsp; 13777 |
| **China — 0.8%** | **China — 0.8%** |  |
| Alibaba Group Holding Ltd., ADR | 3707 | &nbsp;&nbsp; 543372 |
| BYD Co. Ltd., Class H | 306000 | &nbsp;&nbsp; 3739551 |
| Tencent Holdings Ltd. | 113367 | &nbsp;&nbsp; 8700184 |
|  |  | &nbsp;&nbsp; 12983107 |
| **Denmark — 0.4%** | **Denmark — 0.4%** |  |
| DSV A/S | 23902 | &nbsp;&nbsp; 6019869 |
| **France — 2.1%** | **France — 2.1%** |  |
| Arkema SA | 20886 | &nbsp;&nbsp; 1272869 |
| Cie de Saint-Gobain SA | 61086 | &nbsp;&nbsp; 6211950 |
| EssilorLuxottica SA | 23578 | &nbsp;&nbsp; 7455312 |
| Hermes International SCA | 2345 | &nbsp;&nbsp; 5822281 |
| LVMH Moet Hennessy Louis Vuitton SE | 3489 | &nbsp;&nbsp; 2629784 |
| Sanofi SA | 47778 | &nbsp;&nbsp; 4622768 |
| Societe Generale SA | 68534 | &nbsp;&nbsp; 5517259 |
|  |  | &nbsp;&nbsp; 33532223 |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| adidas AG, Class N | 1761 | &nbsp;&nbsp; 348477 |
| Northern Data AG<sup>(e)</sup> | 2917 | &nbsp;&nbsp; 52691 |
| SAP SE | 8949 | &nbsp;&nbsp; 2174325 |
|  |  | &nbsp;&nbsp; 2575493 |
| **India — 0.0%** | **India — 0.0%** |  |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | 34877 | &nbsp;&nbsp; 790558 |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Class J-B, (Acquired <br> 12/11/20, Cost: $5,113,105)<sup>(c)(e)(f)</sup><br>| 2279 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 790558 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(c)(e)</sup> | 66096 | &nbsp;&nbsp; $3966 |
| **Italy — 1.6%** | **Italy — 1.6%** |  |
| Intesa Sanpaolo SpA | 1898890 | &nbsp;&nbsp; 13121524 |
| Leonardo SpA | 11182 | &nbsp;&nbsp; 639616 |
| UniCredit SpA | 146282 | &nbsp;&nbsp; 12116054 |
|  |  | &nbsp;&nbsp; 25877194 |
| **Macau — 0.0%** | **Macau — 0.0%** |  |
| Wynn Macau Ltd. | 534519 | &nbsp;&nbsp; 408613 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** |  |
| Adyen NV<sup>(b)(e)</sup> | 119 | &nbsp;&nbsp; 191896 |
| ASML Holding NV | 13376 | &nbsp;&nbsp; 14412910 |
| ING Groep NV | 277491 | &nbsp;&nbsp; 7799780 |
|  |  | &nbsp;&nbsp; 22404586 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| SK Hynix, Inc. | 2090 | &nbsp;&nbsp; 946515 |
| **Spain — 0.1%** | **Spain — 0.1%** |  |
| CaixaBank SA | 58935 | &nbsp;&nbsp; 720546 |
| Industria de Diseno Textil SA | 6370 | &nbsp;&nbsp; 420195 |
|  |  | &nbsp;&nbsp; 1140741 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $322,253), Preference Shares<sup>(c)(e)(f)</sup><br>| 2732 | &nbsp;&nbsp; — |
| **Taiwan — 1.5%** | **Taiwan — 1.5%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 18000 | &nbsp;&nbsp; 884831 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 74845 | &nbsp;&nbsp; 22744647 |
|  |  | &nbsp;&nbsp; 23629478 |
| **United Kingdom — 2.6%** | **United Kingdom — 2.6%** |  |
| BAE Systems PLC | 419226 | &nbsp;&nbsp; 9648511 |
| British American Tobacco PLC | 26156 | &nbsp;&nbsp; 1482801 |
| Compass Group PLC | 166629 | &nbsp;&nbsp; 5279651 |
| Genius Sports Ltd.<sup>(e)</sup> | 140437 | &nbsp;&nbsp; 1547616 |
| National Grid PLC | 457417 | &nbsp;&nbsp; 7016081 |
| RELX PLC | 106751 | &nbsp;&nbsp; 4300658 |
| Shell PLC | 325312 | &nbsp;&nbsp; 12050875 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $2,398,802)<sup>(c)(e)(f)</sup><br>| 1235 | &nbsp;&nbsp; 385962 |
| Verisure PLC<sup>(e)</sup> | 33731 | &nbsp;&nbsp; 554969 |
|  |  | &nbsp;&nbsp; 42267124 |
| **United States — 46.6%** | **United States — 46.6%** |  |
| Abbott Laboratories | 26544 | &nbsp;&nbsp; 3325698 |
| AbbVie, Inc. | 17975 | &nbsp;&nbsp; 4107108 |
| Advanced Micro Devices, Inc.<sup>(e)</sup> | 1608 | &nbsp;&nbsp; 344369 |
| Air Products and Chemicals, Inc. | 10356 | &nbsp;&nbsp; 2558139 |
| Alliance Laundry Holdings, Inc.<sup>(e)</sup> | 62090 | &nbsp;&nbsp; 1263531 |
| Alphabet, Inc., Class C | 125973 | &nbsp;&nbsp; 39530327 |
| Amazon.com, Inc.<sup>(e)(g)</sup> | 162812 | &nbsp;&nbsp; 37580266 |
| AMC Networks, Inc., Class A<sup>(e)</sup> | 9801 | &nbsp;&nbsp; 93306 |
| American Express Co. | 4438 | &nbsp;&nbsp; 1641838 |
| Apollo Global Management, Inc. | 33086 | &nbsp;&nbsp; 4789529 |
| Apple, Inc. | 113496 | &nbsp;&nbsp; 30855023 |
| AppLovin Corp., Class A<sup>(e)</sup> | 1879 | &nbsp;&nbsp; 1266108 |
| Arista Networks, Inc.<sup>(e)</sup> | 5203 | &nbsp;&nbsp; 681749 |
| Autodesk, Inc.<sup>(e)</sup> | 12534 | &nbsp;&nbsp; 3710189 |
| AutoZone, Inc.<sup>(e)</sup> | 90 | &nbsp;&nbsp; 305235 |
| Bank of America Corp. | 316818 | &nbsp;&nbsp; 17424990 |
| Best Buy Co., Inc. | 4351 | &nbsp;&nbsp; 291212 |
| Boeing Co.<sup>(e)</sup> | 46536 | &nbsp;&nbsp; 10103896 |
| Booking Holdings, Inc. | 112 | &nbsp;&nbsp; 599797 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Boston Scientific Corp.<sup>(e)</sup> | 113081 | &nbsp;&nbsp; $10782273  |
| BP PLC | 73129 | &nbsp;&nbsp; 426486 |
| Broadcom, Inc. | 60306 | &nbsp;&nbsp; 20871907 |
| Burlington Stores, Inc.<sup>(e)</sup> | 1266 | &nbsp;&nbsp; 365684 |
| Caesars Entertainment, Inc.<sup>(e)</sup> | 19728 | &nbsp;&nbsp; 461438 |
| Capital One Financial Corp. | 45221 | &nbsp;&nbsp; 10959762 |
| Caresyntax, Inc.<sup>(c)(e)</sup> | 15359 | &nbsp;&nbsp; — |
| Carrier Global Corp. | 4557 | &nbsp;&nbsp; 240792 |
| Century Communities, Inc. | 15990 | &nbsp;&nbsp; 949006 |
| Chevron Corp. | 45738 | &nbsp;&nbsp; 6970929 |
| Circle Internet Group, Inc., Class A<sup>(e)</sup> | 3810 | &nbsp;&nbsp; 302133 |
| Cisco Systems, Inc. | 119960 | &nbsp;&nbsp; 9240519 |
| Citigroup, Inc. | 109764 | &nbsp;&nbsp; 12808361 |
| Coinbase Global, Inc., Class A<sup>(e)</sup> | 1655 | &nbsp;&nbsp; 374262 |
| Comerica, Inc. | 1300 | &nbsp;&nbsp; 113009 |
| Constellation Energy Corp. | 861 | &nbsp;&nbsp; 304165 |
| Costco Wholesale Corp. | 16312 | &nbsp;&nbsp; 14066490 |
| CRH PLC | 59456 | &nbsp;&nbsp; 7420109 |
| Crown PropTech Acquisitions<sup>(c)(e)</sup> | 84264 | &nbsp;&nbsp; 56610 |
| Crown PropTech Acquisitions, Class A<sup>(e)</sup> | 29568 | &nbsp;&nbsp; 336484 |
| D.R. Horton, Inc. | 24691 | &nbsp;&nbsp; 3556245 |
| Datadog, Inc., Class A<sup>(e)</sup> | 4486 | &nbsp;&nbsp; 610051 |
| &nbsp;&nbsp;&nbsp; Davidson Kempner Merchant Co-Investment Fund <br> LP, (Acquired 03/31/22, Cost: $0)<sup>(e)(f)(h)</sup><br>| — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 4033939 |
| Delta Air Lines, Inc. | 58930 | &nbsp;&nbsp; 4089742 |
| Dick' s Sporting Goods, Inc. | 1649 | &nbsp;&nbsp; 326453 |
| Duke Energy Corp. | 2157 | &nbsp;&nbsp; 252822 |
| EchoStar Corp., Class A<sup>(e)</sup> | 49961 | &nbsp;&nbsp; 5430761 |
| Edwards Lifesciences Corp.<sup>(e)</sup> | 7637 | &nbsp;&nbsp; 651054 |
| Eli Lilly & Co. | 18471 | &nbsp;&nbsp; 19850414 |
| &nbsp;&nbsp;&nbsp; Epic Games, Inc., (Acquired 03/29/21, Cost: <br> $2,499,240)<sup>(c)(e)(f)</sup><br>| 2824 | &nbsp;&nbsp; 1777341 |
| EQT Corp. | 71847 | &nbsp;&nbsp; 3850999 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., (Acquired 06/24/21, Cost: <br> $1,482,935)<sup>(c)(e)(f)</sup><br>| 2532 | &nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: <br> $8,566,971)<sup>(c)(e)(f)</sup><br>| 126282 | &nbsp;&nbsp; 10102560 |
| Fifth Third Bancorp | 9384 | &nbsp;&nbsp; 439265 |
| Figma, Inc., Class A<sup>(e)</sup> | 4615 | &nbsp;&nbsp; 172463 |
| First Citizens BancShares, Inc., Class A | 351 | &nbsp;&nbsp; 753309 |
| First Horizon Corp. | 36567 | &nbsp;&nbsp; 873951 |
| Flagstar Financial, Inc. | 254364 | &nbsp;&nbsp; 3202443 |
| Flyr AS<sup>(c)(e)</sup> | 421209 | &nbsp;&nbsp; 4 |
| Formentera Partners Fund II LP<sup>(c)(e)(h)</sup> | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 2904944 |
| Freeport-McMoRan, Inc. | 122381 | &nbsp;&nbsp; 6215731 |
| Freewire Equity<sup>(c)(e)</sup> | 45 | &nbsp;&nbsp; — |
| GE Vernova, Inc. | 564 | &nbsp;&nbsp; 368613 |
| General Electric Co. | 12191 | &nbsp;&nbsp; 3755194 |
| Goldman Sachs Group, Inc. | 1298 | &nbsp;&nbsp; 1140942 |
| Hilton Worldwide Holdings, Inc. | 10312 | &nbsp;&nbsp; 2962122 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired 02/16/24, <br> Cost: $2,660,000)<sup>(c)(e)(f)</sup><br>| 2660000 | &nbsp;&nbsp; 1968400 |
| Home Depot, Inc. | 26257 | &nbsp;&nbsp; 9035034 |
| Intel Corp.<sup>(e)</sup> | 29212 | &nbsp;&nbsp; 1077923 |
| Intuit, Inc. | 9509 | &nbsp;&nbsp; 6298952 |
| Intuitive Surgical, Inc.<sup>(e)</sup> | 13042 | &nbsp;&nbsp; 7386467 |
| Johnson & Johnson | 19849 | &nbsp;&nbsp; 4107751 |
| JPMorgan Chase & Co. | 57554 | &nbsp;&nbsp; 18545050 |
| KLA Corp. | 300 | &nbsp;&nbsp; 364524 |
| Lam Research Corp. | 19697 | &nbsp;&nbsp; 3371732 |
| Latch, Inc.<sup>(e)</sup> | 142273 | &nbsp;&nbsp; 21369 |
| Lionsgate Studios Corp.<sup>(e)</sup> | 95306 | &nbsp;&nbsp; 870144 |
| Live Nation Entertainment, Inc.<sup>(e)</sup> | 28082 | &nbsp;&nbsp; 4001685 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Lumen Technologies, Inc.<sup>(e)</sup> | 80398 | &nbsp;&nbsp; $624692  |
| M/I Homes, Inc.<sup>(e)</sup> | 4074 | &nbsp;&nbsp; 521268 |
| Marsh & McLennan Cos., Inc. | 48072 | &nbsp;&nbsp; 8918317 |
| Mastercard, Inc., Class A | 28760 | &nbsp;&nbsp; 16418509 |
| McDonald's Corp. | 7321 | &nbsp;&nbsp; 2237517 |
| McKesson Corp. | 10941 | &nbsp;&nbsp; 8974793 |
| Medtronic PLC | 66340 | &nbsp;&nbsp; 6372620 |
| Merck & Co., Inc. | 27051 | &nbsp;&nbsp; 2847388 |
| Meritage Homes Corp. | 12647 | &nbsp;&nbsp; 832173 |
| Meta Platforms, Inc., Class A | 22495 | &nbsp;&nbsp; 14848725 |
| Micron Technology, Inc. | 63825 | &nbsp;&nbsp; 18216293 |
| Microsoft Corp.<sup>(g)</sup> | 102208 | &nbsp;&nbsp; 49429833 |
| MongoDB, Inc., Class A<sup>(e)</sup> | 6738 | &nbsp;&nbsp; 2827871 |
| Morgan Stanley | 6894 | &nbsp;&nbsp; 1223892 |
| &nbsp;&nbsp;&nbsp; Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: <br> $560,518)<sup>(c)(e)(f)</sup><br>| 816 | &nbsp;&nbsp; — |
| Netflix, Inc.<sup>(e)</sup> | 39694 | &nbsp;&nbsp; 3721709 |
| NextEra Energy, Inc. | 116286 | &nbsp;&nbsp; 9335440 |
| NRG Energy, Inc. | 3634 | &nbsp;&nbsp; 578678 |
| NVIDIA Corp.<sup>(g)</sup> | 200600 | &nbsp;&nbsp; 37411900 |
| Oracle Corp. | 11688 | &nbsp;&nbsp; 2278108 |
| Palantir Technologies, Inc., Class A<sup>(e)</sup> | 18885 | &nbsp;&nbsp; 3356809 |
| Palladyne AI Corp.<sup>(e)</sup> | 7517 | &nbsp;&nbsp; 32022 |
| Paramount Skydance Corp., Class B | 3734 | &nbsp;&nbsp; 50036 |
| Philip Morris International, Inc. | 35860 | &nbsp;&nbsp; 5751944 |
| Playstudios, Inc., Class A<sup>(e)</sup> | 226924 | &nbsp;&nbsp; 147841 |
| Progressive Corp. | 36413 | &nbsp;&nbsp; 8291968 |
| Relativity Space, Inc.<sup>(c)(e)</sup> | 496 | &nbsp;&nbsp; 511 |
| Rotor Acquisition Corp.<sup>(e)</sup> | 3978 | &nbsp;&nbsp; 16947 |
| Salesforce, Inc. | 24605 | &nbsp;&nbsp; 6518111 |
| Sarcos Technology & Robotics Corp.<sup>(e)</sup> | 160743 | &nbsp;&nbsp; 684766 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., Pipe, (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(e)(f)</sup><br>| 115000 | &nbsp;&nbsp; 1039064 |
| ServiceNow, Inc.<sup>(e)</sup> | 23890 | &nbsp;&nbsp; 3659709 |
| ServiceTitan, Inc., Class A<sup>(e)</sup> | 10244 | &nbsp;&nbsp; 1090986 |
| Six Flags Entertainment Corp.<sup>(e)</sup> | 43361 | &nbsp;&nbsp; 665158 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $189,563)<sup>(c)(e)(f)</sup><br>| 12621 | &nbsp;&nbsp; 77241 |
| Solaris Energy Infrastructure, Inc., Class A | 36723 | &nbsp;&nbsp; 1688156 |
| Sonder Holdings, Inc., Class A<sup>(e)</sup> | 37498 | &nbsp;&nbsp; 375 |
| Source Global PBC<sup>(c)(e)</sup> | 4622 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $1,663,335)<sup>(c)(e)(f)</sup><br>| 20535 | &nbsp;&nbsp; 6489060 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $1,785,240)<sup>(c)(e)(f)</sup><br>| 22040 | &nbsp;&nbsp; 6964640 |
| Starbucks Corp. | 4180 | &nbsp;&nbsp; 351998 |
| Starz Entertainment Corp.<sup>(e)</sup> | 3086 | &nbsp;&nbsp; 36106 |
| Stryker Corp. | 23088 | &nbsp;&nbsp; 8114739 |
| Target Corp. | 3901 | &nbsp;&nbsp; 381323 |
| Tesla, Inc.<sup>(e)</sup> | 24169 | &nbsp;&nbsp; 10869283 |
| Thermo Fisher Scientific, Inc. | 5060 | &nbsp;&nbsp; 2932017 |
| TJX Cos., Inc. | 74209 | &nbsp;&nbsp; 11399244 |
| Toll Brothers, Inc. | 3224 | &nbsp;&nbsp; 435949 |
| Trane Technologies PLC | 21568 | &nbsp;&nbsp; 8394266 |
| TransDigm Group, Inc. | 3662 | &nbsp;&nbsp; 4869911 |
| Tri Pointe Homes, Inc.<sup>(e)</sup> | 27655 | &nbsp;&nbsp; 870303 |
| Uber Technologies, Inc.<sup>(e)</sup> | 20030 | &nbsp;&nbsp; 1636651 |
| Ulta Beauty, Inc.<sup>(e)</sup> | 678 | &nbsp;&nbsp; 410197 |
| Union Pacific Corp. | 17896 | &nbsp;&nbsp; 4139703 |
| United Airlines Holdings, Inc.<sup>(e)</sup> | 36280 | &nbsp;&nbsp; 4056830 |
| UnitedHealth Group, Inc. | 6793 | &nbsp;&nbsp; 2242437 |
| Valero Energy Corp. | 10661 | &nbsp;&nbsp; 1735504 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Vertex Pharmaceuticals, Inc.<sup>(e)</sup> | 4657 | &nbsp;&nbsp; $2111298  |
| Vertiv Holdings Co., Class A | 24501 | &nbsp;&nbsp; 3969407 |
| Vistra Corp. | 26277 | &nbsp;&nbsp; 4239268 |
| Walmart, Inc. | 159039 | &nbsp;&nbsp; 17718535 |
| Walt Disney Co. | 72935 | &nbsp;&nbsp; 8297815 |
| Wealthfront Corp.<sup>(e)</sup> | 55831 | &nbsp;&nbsp; 758743 |
| Wells Fargo & Co. | 130274 | &nbsp;&nbsp; 12141537 |
| Williams Cos., Inc. | 80729 | &nbsp;&nbsp; 4852620 |
| Wolfspeed, Inc.<sup>(e)</sup> | 1112 | &nbsp;&nbsp; 19360 |
| Wynn Resorts Ltd. | 2581 | &nbsp;&nbsp; 310572 |
|  |  | &nbsp;&nbsp; 743335115 |
| **Total Common Stocks — 58.5%** <br>**(Cost: $619,387,997)** | **Total Common Stocks — 58.5%** <br>**(Cost: $619,387,997)** | &nbsp;&nbsp; 933672795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** | **Argentina**<sup>(b)</sup> **— 0.0%** |
| Telecom Argentina SA, 9.25%, 05/28/33 | USD | 29 | &nbsp;&nbsp; 30680 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33 |  | 51 | &nbsp;&nbsp; 52148 |
|  |  |  | &nbsp;&nbsp; 82828 |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| AGL Energy Ltd., 5.77%, 09/30/35<sup>(d)</sup> | AUD | 200 | &nbsp;&nbsp; 129110 |
| Mineral Resources Ltd., 9.25%, 10/01/28<sup>(b)</sup> | USD | 255 | &nbsp;&nbsp; 267623 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 | AUD | 1980 | &nbsp;&nbsp; 1319767 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/26 |  | 2822 | &nbsp;&nbsp; 1906803 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/27 |  | 4703 | &nbsp;&nbsp; 3232704 |
| &nbsp;&nbsp;&nbsp; Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(a)(d)</sup><br>|  | 190 | &nbsp;&nbsp; 128158 |
| &nbsp;&nbsp;&nbsp; Port of Newcastle Investments Financing Pty. Ltd., <br> 6.10%, 07/18/33<sup>(d)</sup><br>|  | 180 | &nbsp;&nbsp; 119725 |
| Santos Finance Ltd., 5.75%, 11/13/35<sup>(b)</sup> | USD | 300 | &nbsp;&nbsp; 298333 |
| Scentre Group Trust 1, 5.35%, 09/18/35<sup>(d)</sup> | AUD | 430 | &nbsp;&nbsp; 273867 |
| Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31<sup>(d)</sup> |  | 250 | &nbsp;&nbsp; 164700 |
|  |  |  | &nbsp;&nbsp; 7840790 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 198730 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| LD Celulose International GmbH, 7.95%, 01/26/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 209750 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(d)</sup><br>|  | 181 | &nbsp;&nbsp; 158806 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 193 | &nbsp;&nbsp; 194890 |
| Samarco Mineracao SA<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31<sup>(d)</sup> |  | 126 | &nbsp;&nbsp; 128131 |
| &nbsp;&nbsp;&nbsp; (9.00% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 34 | &nbsp;&nbsp; 34109 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 58 | &nbsp;&nbsp; 59189 |
|  |  |  | &nbsp;&nbsp; 784875 |
| **Canada**<sup>(b)</sup> **— 0.8%** | **Canada**<sup>(b)</sup> **— 0.8%** | **Canada**<sup>(b)</sup> **— 0.8%** | **Canada**<sup>(b)</sup> **— 0.8%** |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust, Series 2020-1, <br> Class C, 10.50%, 07/15/26<br>|  | 1769 | &nbsp;&nbsp; 1818004 |
| HR Ottawa LP, 11.00%, 03/31/31 |  | 9477 | &nbsp;&nbsp; 10422787 |
|  |  |  | &nbsp;&nbsp; 12240791 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** | **Chile**<sup>(b)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br> 06/10/55<sup>(a)</sup><br>| USD | 285 | &nbsp;&nbsp; $298435  |
| &nbsp;&nbsp;&nbsp; WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(j)(k)</sup><br>|  | 195 | &nbsp;&nbsp; 178744 |
| WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31<sup>(j)</sup> |  | 14 | &nbsp;&nbsp; 13252 |
|  |  |  | &nbsp;&nbsp; 490431 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(k)</sup> |  | 223 | &nbsp;&nbsp; 346319 |
| Fantasia Holdings Group Co. Ltd.<sup>(d)(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 12/17/21 |  | 320 | &nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 |  | 520 | &nbsp;&nbsp; 5200 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 1200 | &nbsp;&nbsp; 12000 |
| Fortune Star BVI Ltd., 6.80%, 09/09/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 197000 |
| Prosus NV, 4.03%, 08/03/50<sup>(d)</sup> |  | 303 | &nbsp;&nbsp; 210585 |
|  |  |  | &nbsp;&nbsp; 774304 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| &nbsp;&nbsp;&nbsp; ABRA Global Finance, (6.00% Cash + 8.00% PIK), <br> 14.00%, 10/22/29<sup>(b)(j)</sup><br>|  | 168 | &nbsp;&nbsp; 167883 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 119 | &nbsp;&nbsp; 126616 |
| SURA Asset Management SA, 6.35%, 05/13/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 213266 |
|  |  |  | &nbsp;&nbsp; 507765 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| &nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured Finance, 10.88%, <br> 01/15/31<sup>(b)</sup><br>|  | 211 | &nbsp;&nbsp; 221155 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 5.25%, 01/10/31<sup>(d)</sup> | EUR | 325 | &nbsp;&nbsp; 395308 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, (3-mo. EURIBOR + 4.25%), 6.30%, <br> 02/24/31<sup>(a)</sup><br>|  | 143 | &nbsp;&nbsp; 161165 |
| **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 111640 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 111475 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 152 | &nbsp;&nbsp; 181342 |
|  |  |  | &nbsp;&nbsp; 404457 |
| **France — 0.9%** | **France — 0.9%** | **France — 0.9%** | **France — 0.9%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> |  | 292 | &nbsp;&nbsp; 356986 |
| Atos SE<sup>(d)(m)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.41%, 12/18/26 |  | 305 | &nbsp;&nbsp; 353622 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 192626 |
| &nbsp;&nbsp;&nbsp; 9.73%, 12/18/26 |  | 330 | &nbsp;&nbsp; 443364 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.75%, 07/18/30<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 116824 |
| Clariane SE, 0.88%, 03/06/27<sup>(d)(k)</sup> |  | 247 | &nbsp;&nbsp; 166397 |
| ELO SACA, 2.88%, 01/29/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 234616 |
| &nbsp;&nbsp;&nbsp; Figeac Aero SA, (Acquired 07/16/25, Cost: <br> $4,095,695), 7.79%, 07/23/30<sup>(c)(f)</sup><br>|  | 3520 | &nbsp;&nbsp; 4100715 |
| Forvia SE, 5.50%, 06/15/31<sup>(d)</sup> |  | 349 | &nbsp;&nbsp; 424340 |
| FR Bondco SAS, 6.88%, 10/31/32<sup>(d)</sup> |  | 113 | &nbsp;&nbsp; 133262 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> |  | 317 | &nbsp;&nbsp; 386445 |
| Iliad Holding SAS, 6.88%, 04/15/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 125359 |
| iliad SA, 4.25%, 01/09/32<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 355645 |
| IPD 3 BV<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/31 |  | 282 | &nbsp;&nbsp; 335206 |
| &nbsp;&nbsp;&nbsp; Series NOV, 5.50%, 06/15/31 |  | 100 | &nbsp;&nbsp; 118257 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(d)</sup><br>|  | 305 | &nbsp;&nbsp; 362574 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Loxam SAS, 6.38%, 05/31/29<sup>(d)</sup> | EUR | 583 | &nbsp;&nbsp; $709163  |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(d)</sup> |  | 305 | &nbsp;&nbsp; 41220 |
| New Immo Holding SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28 |  | 100 | &nbsp;&nbsp; 121563 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 200 | &nbsp;&nbsp; 238033 |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/14/30 |  | 100 | &nbsp;&nbsp; 118199 |
| Paprec Holding SA, 4.13%, 07/15/30<sup>(d)</sup> |  | 281 | &nbsp;&nbsp; 331806 |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>|  | 200 | &nbsp;&nbsp; 239537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 600 | &nbsp;&nbsp; 743155 |
| &nbsp;&nbsp;&nbsp; Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $2,058,040), 7.02%, <br> 09/30/29<sup>(c)(f)</sup><br>|  | 2085 | &nbsp;&nbsp; 2449995 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE, Series SUFP, 1.25%, <br> 09/23/33<sup>(d)(k)</sup><br>|  | 400 | &nbsp;&nbsp; 475759 |
|  |  |  | &nbsp;&nbsp; 13674668 |
| **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** |
| Alstria Office AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/29 |  | 200 | &nbsp;&nbsp; 232243 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/20/31 |  | 100 | &nbsp;&nbsp; 120292 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.15%, 04/15/31<sup>(a)(d)</sup><br>|  | 307 | &nbsp;&nbsp; 363576 |
| Aroundtown Finance SARL<sup>(a)(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 3.16%), 7.88% | USD | 150 | &nbsp;&nbsp; 150758 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 3.43%), 5.25%<sup>(d)</sup> | EUR | 811 | &nbsp;&nbsp; 929004 |
| BRANICKS Group AG, 2.25%, 09/22/26<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 82074 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, <br> 5.00%, 12/31/27<sup>(d)(m)</sup><br>|  | 352 | &nbsp;&nbsp; 389195 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(a)(d)</sup><br>|  | 400 | &nbsp;&nbsp; 487842 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(d)</sup> |  | 118 | &nbsp;&nbsp; 141245 |
| &nbsp;&nbsp;&nbsp; Envalior Deutschland GmbH, (6-mo. EURIBOR at <br> 0.00% Floor + 9.50% and 11.62% Cash or 11.62% <br> PIK), 11.62%, 04/01/31<sup>(a)(c)(j)</sup><br>|  | 4051 | &nbsp;&nbsp; 4243137 |
| Gruenenthal GmbH, Series NOV, 4.63%, 11/15/31<sup>(d)</sup> |  | 211 | &nbsp;&nbsp; 250567 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), <br> 7.00%, 11/15/31<sup>(d)(j)</sup><br>|  | 249 | &nbsp;&nbsp; 315927 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 489 | &nbsp;&nbsp; 597542 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, (3-mo. EURIBOR + <br> 3.25%), 5.28%, 10/15/32<sup>(a)(d)</sup><br>|  | 384 | &nbsp;&nbsp; 455351 |
| PCF GmbH<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 |  | 104 | &nbsp;&nbsp; 56957 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 6.78%, 04/15/29<sup>(a)</sup> |  | 129 | &nbsp;&nbsp; 70969 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(d)</sup><br>|  | 236 | &nbsp;&nbsp; 279614 |
| Salzgitter AG, 3.38%, 10/22/32<sup>(d)(k)</sup> |  | 200 | &nbsp;&nbsp; 256076 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 119966 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 123906 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(d)(k)</sup> |  | 100 | &nbsp;&nbsp; 119584 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(j)</sup><br>|  | 319 | &nbsp;&nbsp; 246381 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(d)</sup> |  | 104 | &nbsp;&nbsp; 125409 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(d)(k)</sup> |  | 200 | &nbsp;&nbsp; 227166 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(d)(n)</sup><br>| EUR | 164 | &nbsp;&nbsp; $196618  |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 247612 |
|  |  |  | &nbsp;&nbsp; 10829011 |
| **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** | **Greece**<sup>(a)(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>|  | 325 | &nbsp;&nbsp; 380259 |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 200 | &nbsp;&nbsp; 251123 |
|  |  |  | &nbsp;&nbsp; 631382 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., 4.25%, <br> 03/25/27<sup>(d)</sup><br>| USD | 154 | &nbsp;&nbsp; 150343 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 200438 |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/30<sup>(c)(j)</sup><br>|  | 2405 | &nbsp;&nbsp; 2488884 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(d)</sup> |  | 190 | &nbsp;&nbsp; 187454 |
| Muthoot Finance Ltd., 6.38%, 03/02/30<sup>(d)</sup> |  | 415 | &nbsp;&nbsp; 421873 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 198712 |
| Vedanta Resources Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(b)</sup> |  | 389 | &nbsp;&nbsp; 410030 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 210813 |
|  |  |  | &nbsp;&nbsp; 4268547 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| Freeport Indonesia PT, 6.20%, 04/14/52<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 203796 |
| **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** | **Ireland**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.69%, <br> 05/15/28<sup>(a)</sup><br>| EUR | 102 | &nbsp;&nbsp; 120963 |
| eircom Finance DAC, 5.00%, 04/30/31 |  | 223 | &nbsp;&nbsp; 266529 |
| Flutter Treasury DAC, 4.00%, 06/04/31 |  | 211 | &nbsp;&nbsp; 247334 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<br>| GBP | 100 | &nbsp;&nbsp; 135216 |
|  |  |  | &nbsp;&nbsp; 770042 |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |
| Energean PLC, 5.63%, 05/12/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 117519 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
| Agrifarma SpA, 4.50%, 10/31/28<sup>(b)</sup> |  | 1882 | &nbsp;&nbsp; 2231546 |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(d)</sup><br>|  | 309 | &nbsp;&nbsp; 366149 |
| Bubbles Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 236 | &nbsp;&nbsp; 284536 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.27%, 09/30/31<sup>(a)</sup> |  | 231 | &nbsp;&nbsp; 273762 |
| Continuum Energy Pte. Ltd., 12.00%, 09/11/27<sup>(b)(c)</sup> | USD | 870 | &nbsp;&nbsp; 866299 |
| Dolcetto Holdco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/14/32 | EUR | 156 | &nbsp;&nbsp; 186078 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.63%), 5.73%, 07/14/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 119106 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), <br> 5.31%, 01/15/32<sup>(a)(d)</sup><br>|  | 180 | &nbsp;&nbsp; 213156 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(d)</sup><br>|  | 448 | &nbsp;&nbsp; 557308 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(a)(d)(n)</sup> |  | 200 | &nbsp;&nbsp; 238272 |
| Fedrigoni SpA, 6.13%, 06/15/31<sup>(d)</sup> |  | 298 | &nbsp;&nbsp; 341295 |
| &nbsp;&nbsp;&nbsp; Fiber Midco SpA, (10.75% PIK), 10.75%, <br> 06/15/29<sup>(d)(j)</sup><br>|  | 229 | &nbsp;&nbsp; 206685 |
| Fibercop SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30 |  | 100 | &nbsp;&nbsp; 119416 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32 |  | 100 | &nbsp;&nbsp; 119440 |
| &nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(d)</sup><br>|  | 257 | &nbsp;&nbsp; 302022 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Gruppo San Donato SPA, 6.50%, 10/31/31<sup>(d)</sup> | EUR | 126 | &nbsp;&nbsp; $150713  |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117136 |
| Lottomatica Group SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/30 |  | 100 | &nbsp;&nbsp; 121481 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/31/31 |  | 148 | &nbsp;&nbsp; 179120 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.31%, 06/01/31<sup>(a)</sup> |  | 142 | &nbsp;&nbsp; 167898 |
| Pachelbel Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 171940 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.32%, 05/17/31<sup>(a)</sup> |  | 126 | &nbsp;&nbsp; 149729 |
| Rossini SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 147 | &nbsp;&nbsp; 181513 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29<sup>(a)</sup> |  | 89 | &nbsp;&nbsp; 106050 |
| TeamSystem SpA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.28%, 07/01/32 |  | 112 | &nbsp;&nbsp; 132332 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31 |  | 218 | &nbsp;&nbsp; 257948 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 74 | &nbsp;&nbsp; 81971 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 246271 |
|  |  |  | &nbsp;&nbsp; 8489172 |
| **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** | **Japan**<sup>(d)</sup> **— 0.1%** |
| Nissan Motor Co. Ltd., 5.25%, 07/17/29 |  | 214 | &nbsp;&nbsp; 258208 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 |  | 176 | &nbsp;&nbsp; 211723 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 113396 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29 |  | 100 | &nbsp;&nbsp; 119305 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/10/31 |  | 256 | &nbsp;&nbsp; 307421 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 549 | &nbsp;&nbsp; 654115 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/10/33 |  | 228 | &nbsp;&nbsp; 274798 |
|  |  |  | &nbsp;&nbsp; 1938966 |
| **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 | GBP | 285 | &nbsp;&nbsp; 349702 |
| Deepocean Ltd., 6.00%, 04/08/31 | EUR | 100 | &nbsp;&nbsp; 120573 |
|  |  |  | &nbsp;&nbsp; 470275 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26<sup>(d)</sup> | USD | 297 | &nbsp;&nbsp; 296536 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), <br> 8.25%, 12/31/28<sup>(j)</sup><br>| EUR | 789 | &nbsp;&nbsp; 1015498 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(d)</sup><br>|  | 185 | &nbsp;&nbsp; 224238 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(d)</sup><br>|  | 384 | &nbsp;&nbsp; 459061 |
| Altice Financing SA, 3.00%, 01/15/28<sup>(d)</sup> |  | 606 | &nbsp;&nbsp; 489384 |
| &nbsp;&nbsp;&nbsp; Breakwater Energy Holdings SARL, 9.25%, <br> 11/15/30<sup>(b)</sup><br>| USD | 250 | &nbsp;&nbsp; 261789 |
| Currenta Group Holdings SARL, 5.50%, 05/15/30<sup>(d)</sup> | EUR | 159 | &nbsp;&nbsp; 188571 |
| &nbsp;&nbsp;&nbsp; Encore Issuances SA, (1-mo. EURIBOR + 3.00%), <br> 4.93%, 08/14/26<sup>(a)</sup><br>|  | 131 | &nbsp;&nbsp; 155171 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(d)</sup> |  | 181 | &nbsp;&nbsp; 203106 |
| Herens Midco SARL, 5.25%, 05/15/29<sup>(b)</sup> |  | 490 | &nbsp;&nbsp; 319837 |
| INEOS Finance PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29 |  | 384 | &nbsp;&nbsp; 395959 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31 |  | 186 | &nbsp;&nbsp; 188089 |
| ION Platform Finance SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 |  | 274 | &nbsp;&nbsp; 326811 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/30 |  | 119 | &nbsp;&nbsp; 135331 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/32 |  | 100 | &nbsp;&nbsp; 112412 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(d)(e)(l)</sup> |  | 411 | &nbsp;&nbsp; 227013 |
| Luna 15 SARL, (10.50% PIK), 10.50%, 07/01/32<sup>(d)(j)</sup> |  | 191 | &nbsp;&nbsp; 233403 |
| Luna 25 SARL, 5.50%, 07/01/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119669 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(d)</sup> | EUR | 306 | &nbsp;&nbsp; $367409  |
| Summer BC Holdco B SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 200 | &nbsp;&nbsp; 216600 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.31%, 02/15/30<sup>(a)</sup> |  | 127 | &nbsp;&nbsp; 139908 |
| Vivion Investments SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/08/30 |  | 302 | &nbsp;&nbsp; 341823 |
| &nbsp;&nbsp;&nbsp; (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<sup>(j)</sup> |  | 72 | &nbsp;&nbsp; 85096 |
| &nbsp;&nbsp;&nbsp; (6.50% PIK), 6.50%, 02/28/29<sup>(j)</sup> |  | 250 | &nbsp;&nbsp; 292949 |
|  |  |  | &nbsp;&nbsp; 6499127 |
| **Macau**<sup>(d)</sup> **— 0.1%** | **Macau**<sup>(d)</sup> **— 0.1%** | **Macau**<sup>(d)</sup> **— 0.1%** | **Macau**<sup>(d)</sup> **— 0.1%** |
| MGM China Holdings Ltd., 5.88%, 05/15/26 | USD | 250 | &nbsp;&nbsp; 250620 |
| Studio City Finance Ltd., 5.00%, 01/15/29 |  | 200 | &nbsp;&nbsp; 192544 |
| Wynn Macau Ltd., 5.63%, 08/26/28 |  | 200 | &nbsp;&nbsp; 199604 |
|  |  |  | &nbsp;&nbsp; 642768 |
| **Mauritius — 0.1%** | **Mauritius — 0.1%** | **Mauritius — 0.1%** | **Mauritius — 0.1%** |
| Resurgent Trade & Investment Ltd., 9.52%, 12/01/27 |  | 1799 | &nbsp;&nbsp; 1799000 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de C.V., 2.63%, <br> 02/24/26<sup>(d)(k)</sup><br>| EUR | 500 | &nbsp;&nbsp; 587290 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/31/26<sup>(b)</sup> | USD | 2767 | &nbsp;&nbsp; 2773917 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 207 | &nbsp;&nbsp; 221450 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 188 | &nbsp;&nbsp; 181965 |
|  |  |  | &nbsp;&nbsp; 3764622 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA, 7.50%, 05/02/54<sup>(b)</sup> |  | 317 | &nbsp;&nbsp; 350279 |
| **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** | **Netherlands**<sup>(d)</sup> **— 0.1%** |
| Boels Topholding BV, 5.75%, 05/15/30 | EUR | 328 | &nbsp;&nbsp; 398569 |
| Q-Park Holding I BV, 5.13%, 02/15/30 |  | 456 | &nbsp;&nbsp; 553291 |
| VZ Secured Financing BV, 5.25%, 01/15/33 |  | 241 | &nbsp;&nbsp; 277672 |
|  |  |  | &nbsp;&nbsp; 1229532 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL, 4.38%, <br> 05/31/30<sup>(d)</sup><br>| USD | 237 | &nbsp;&nbsp; 221509 |
| **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<br>|  | 155 | &nbsp;&nbsp; 164277 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32 |  | 99 | &nbsp;&nbsp; 101587 |
|  |  |  | &nbsp;&nbsp; 265864 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 205704 |
| **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** |
| United Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/31/31 | EUR | 102 | &nbsp;&nbsp; 122353 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/32 |  | 115 | &nbsp;&nbsp; 135661 |
|  |  |  | &nbsp;&nbsp; 258014 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(d)</sup> |  | 150 | &nbsp;&nbsp; 171118 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | USD | 200 | &nbsp;&nbsp; 196300 |
| Stillwater Mining Co., 4.50%, 11/16/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 188500 |
|  |  |  | &nbsp;&nbsp; 555918 |
| **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR <br> + 2.50%), 4.55%, 05/01/30<sup>(a)</sup><br>| EUR | 193 | &nbsp;&nbsp; 228828 |
| Cirsa Finance International SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/29 |  | 432 | &nbsp;&nbsp; 527739 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/15/31 |  | 100 | &nbsp;&nbsp; 120641 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Cirsa Finance International SARL (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.00%), 5.10%, 10/15/32<sup>(a)</sup> | EUR | 100 | &nbsp;&nbsp; $118563  |
| Grifols SA, 7.13%, 05/01/30 |  | 229 | &nbsp;&nbsp; 282347 |
| &nbsp;&nbsp;&nbsp; Iberdrola Finanzas SA, Series IBE, 1.50%, <br> 03/27/30<sup>(k)</sup><br>|  | 100 | &nbsp;&nbsp; 131440 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 |  | 187 | &nbsp;&nbsp; 222432 |
|  |  |  | &nbsp;&nbsp; 1631990 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Intrum Investments And Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/11/27<sup>(d)</sup> |  | 136 | &nbsp;&nbsp; 162478 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/29 |  | 83 | &nbsp;&nbsp; 82330 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/30<sup>(b)(d)</sup> |  | 65 | &nbsp;&nbsp; 64587 |
| &nbsp;&nbsp;&nbsp; Series 1, 7.75%, 09/11/28<sup>(b)(d)</sup> |  | 117 | &nbsp;&nbsp; 119797 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 166921 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> | USD | 500 | &nbsp;&nbsp; 509703 |
| Verisure Holding AB, 7.13%, 02/01/28<sup>(b)</sup> | EUR | 237 | &nbsp;&nbsp; 285909 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(d)</sup> |  | 553 | &nbsp;&nbsp; 651380 |
|  |  |  | &nbsp;&nbsp; 2043105 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| CHF | 255 | &nbsp;&nbsp; 320339 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Bangkok Bank PCL, 5.30%, 09/21/28<sup>(b)</sup> | USD | 241 | &nbsp;&nbsp; 247693 |
| Muangthai Capital PCL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/28 |  | 200 | &nbsp;&nbsp; 202500 |
| &nbsp;&nbsp;&nbsp; 7.55%, 07/21/30 |  | 250 | &nbsp;&nbsp; 258515 |
|  |  |  | &nbsp;&nbsp; 708708 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 212104 |
| **Ukraine**<sup>(j)</sup> **— 0.0%** | **Ukraine**<sup>(j)</sup> **— 0.0%** | **Ukraine**<sup>(j)</sup> **— 0.0%** | **Ukraine**<sup>(j)</sup> **— 0.0%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; (7.13% PIK), 7.13%, 07/19/26<sup>(d)</sup> | EUR | 232 | &nbsp;&nbsp; 226983 |
| &nbsp;&nbsp;&nbsp; (7.63% PIK), 7.63%, 11/08/28<sup>(b)</sup> | USD | 270 | &nbsp;&nbsp; 206228 |
|  |  |  | &nbsp;&nbsp; 433211 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., (15.00% Cash <br> or 15.00% PIK), 15.00%, 06/19/26<sup>(c)(j)</sup><br>| GBP | 1301 | &nbsp;&nbsp; 1363704 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 573 | &nbsp;&nbsp; 707125 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(d)</sup> |  | 1025 | &nbsp;&nbsp; 1241527 |
| BCP V Modular Services Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28<sup>(b)</sup> | GBP | 855 | &nbsp;&nbsp; 1081825 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/10/31<sup>(d)</sup> | EUR | 382 | &nbsp;&nbsp; 418554 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 181287 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(d)</sup> |  | 588 | &nbsp;&nbsp; 669667 |
| Biffa Group Holdings Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/31 |  | 114 | &nbsp;&nbsp; 133586 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/15/31 | GBP | 200 | &nbsp;&nbsp; 271913 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), <br> 6.75%, 11/01/27<sup>(d)(j)</sup><br>|  | 119 | &nbsp;&nbsp; 158902 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(d)</sup><br>| EUR | 196 | &nbsp;&nbsp; 235296 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 141035 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(b)</sup><br>| USD | 650 | &nbsp;&nbsp; 689481 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(d)</sup><br>| EUR | 162 | &nbsp;&nbsp; 194918 |
| Deuce Finco PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/20/31 | GBP | 100 | &nbsp;&nbsp; 136138 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.55%, 11/20/32<sup>(a)</sup> | EUR | 126 | &nbsp;&nbsp; 150184 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | GBP | 495 | &nbsp;&nbsp; $708947  |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(d)</sup> | EUR | 151 | &nbsp;&nbsp; 178788 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(d)</sup> | GBP | 639 | &nbsp;&nbsp; 866094 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(d)</sup> | EUR | 174 | &nbsp;&nbsp; 150820 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 206609 |
| Mobico Group PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 | EUR | 302 | &nbsp;&nbsp; 280936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), <br> 4.25%<sup>(a)(n)</sup><br>| GBP | 162 | &nbsp;&nbsp; 128502 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(d)</sup> | EUR | 201 | &nbsp;&nbsp; 214388 |
| Ocado Group PLC, 11.00%, 06/15/30<sup>(d)</sup> | GBP | 146 | &nbsp;&nbsp; 198500 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | EUR | 271 | &nbsp;&nbsp; 332909 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | GBP | 177 | &nbsp;&nbsp; 251112 |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 138 | &nbsp;&nbsp; 183702 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.69%, 07/31/29<sup>(a)</sup> | EUR | 123 | &nbsp;&nbsp; 140889 |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(d)</sup><br>| GBP | 770 | &nbsp;&nbsp; 745857 |
| Vmed O2 U.K. Financing I PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/29 |  | 100 | &nbsp;&nbsp; 127589 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32 | EUR | 1293 | &nbsp;&nbsp; 1527789 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(a)</sup><br>| USD | 59 | &nbsp;&nbsp; 55088 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 655 | &nbsp;&nbsp; 808659 |
|  |  |  | &nbsp;&nbsp; 14882320 |
| **United States — 6.7%** | **United States — 6.7%** | **United States — 6.7%** | **United States — 6.7%** |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> | USD | 130 | &nbsp;&nbsp; 138502 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(b)</sup> |  | 856 | &nbsp;&nbsp; 897612 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 1617 | &nbsp;&nbsp; 1436993 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(k)</sup> |  | 655 | &nbsp;&nbsp; 667772 |
| &nbsp;&nbsp;&nbsp; American Airlines Trust, Series 2025-1, Class B, <br> 5.65%, 05/11/36<br>|  | 579 | &nbsp;&nbsp; 581923 |
| Ardagh Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/01/30<sup>(b)</sup> |  | 2487 | &nbsp;&nbsp; 2697719 |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/01/30 |  | 304 | &nbsp;&nbsp; 329977 |
| &nbsp;&nbsp;&nbsp; (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<sup>(d)(j)</sup> | EUR | 514 | &nbsp;&nbsp; 553795 |
| &nbsp;&nbsp;&nbsp; (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<sup>(b)(j)</sup> | USD | 4805 | &nbsp;&nbsp; 4390569 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 5.00%, 01/30/31<sup>(d)</sup><br>| EUR | 103 | &nbsp;&nbsp; 122381 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28 | USD | 109 | &nbsp;&nbsp; 109862 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 179 | &nbsp;&nbsp; 215275 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> | USD | 40 | &nbsp;&nbsp; 41750 |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Netherlands BV & Bausch & Lomb, <br> Inc., (3-mo. EURIBOR + 3.88%), 5.87%, <br> 01/15/31<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 119372 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and BCPE Flavor <br> Issuer, Inc., 9.50%, 07/01/32<sup>(b)</sup><br>| USD | 154 | &nbsp;&nbsp; 147170 |
| Beach Acquisition Bidco LLC, 5.25%, 07/15/32<sup>(d)</sup> | EUR | 128 | &nbsp;&nbsp; 153141 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(b)</sup> | USD | 3027 | &nbsp;&nbsp; 3198011 |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., (20.00% PIK), (Acquired <br> 01/26/24, Cost: $2,634,541), 20.00%, <br> 01/30/28<sup>(c)(f)(j)</sup><br>|  | 2634 | &nbsp;&nbsp; 2674059 |
| California Resources Corp., 7.00%, 01/15/34<sup>(b)</sup> |  | 707 | &nbsp;&nbsp; 696429 |
| Centene Corp., 4.25%, 12/15/27 |  | 2000 | &nbsp;&nbsp; 1988225 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(b)</sup> |  | 119 | &nbsp;&nbsp; 121199 |
| Civitas Resources, Inc., 5.00%, 10/15/26<sup>(b)</sup> |  | 812 | &nbsp;&nbsp; 809614 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co., 4.75%, <br> 06/15/31<sup>(d)</sup><br>| EUR | 216 | &nbsp;&nbsp; 257458 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 | USD | 280 | &nbsp;&nbsp; 283665 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cloud Software Group, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 | USD | 500 | &nbsp;&nbsp; $520755  |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 159 | &nbsp;&nbsp; 166161 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(b)</sup><br>|  | 506 | &nbsp;&nbsp; 514440 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> |  | 85 | &nbsp;&nbsp; 85853 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(b)(k)(o)</sup> |  | 281 | &nbsp;&nbsp; 295247 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 2040 | &nbsp;&nbsp; 1749135 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 |  | 448 | &nbsp;&nbsp; 356458 |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/29 |  | 985 | &nbsp;&nbsp; 731803 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(d)</sup> | EUR | 196 | &nbsp;&nbsp; 233350 |
| DISH Network Corp., 3.38%, 08/15/26<sup>(k)</sup> | USD | 174 | &nbsp;&nbsp; 167475 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<sup>(j)</sup> |  | 35 | &nbsp;&nbsp; 35856 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 35 | &nbsp;&nbsp; 38703 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (5-year CMT + <br> 1.97%), 6.25%, 03/12/40<sup>(a)</sup><br>|  | 1566 | &nbsp;&nbsp; 1597113 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(b)</sup> |  | 144 | &nbsp;&nbsp; 150448 |
| &nbsp;&nbsp;&nbsp; Flyr Secured Notes, (1-mo. CME Term SOFR at <br> 0.50% Floor + 5.00%, 9.44% Cash and 3.75% <br> PIK), 10.00%, 01/20/27<sup>(a)(c)(j)</sup><br>|  | 1194 | &nbsp;&nbsp; 318601 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/06/26 |  | 410 | &nbsp;&nbsp; 410924 |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/26 |  | 1001 | &nbsp;&nbsp; 1009716 |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 |  | 399 | &nbsp;&nbsp; 398457 |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/05/26 |  | 806 | &nbsp;&nbsp; 810379 |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 |  | 807 | &nbsp;&nbsp; 802804 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(b)</sup> |  | 1950 | &nbsp;&nbsp; 1948146 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 221829 |
| Frontier Communications Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 660 | &nbsp;&nbsp; 664998 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 75 | &nbsp;&nbsp; 76272 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 1250 | &nbsp;&nbsp; 1305326 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31 |  | 700 | &nbsp;&nbsp; 736528 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 845 | &nbsp;&nbsp; 875302 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup> |  | 172 | &nbsp;&nbsp; 149425 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 1003 | &nbsp;&nbsp; 526481 |
| Granite Ridge Resources, Inc., 8.88%, 11/05/29<sup>(b)(c)</sup> |  | 6229 | &nbsp;&nbsp; 6003510 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 2810 | &nbsp;&nbsp; 2802503 |
| ION Platform Finance U.S., Inc., 5.75%, 05/15/28<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 377191 |
| Iron Mountain, Inc., 4.75%, 01/15/34<sup>(d)</sup> | EUR | 284 | &nbsp;&nbsp; 324553 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 05/15/32<br>| USD | 317 | &nbsp;&nbsp; 284027 |
| &nbsp;&nbsp;&nbsp; King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), <br> 5.31%, 12/01/32<sup>(a)(d)</sup><br>| EUR | 179 | &nbsp;&nbsp; 212345 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 218196 |
| Lessen Holdings, Inc., 12.15%, 01/05/28<sup>(b)(c)</sup> | USD | 2041 | &nbsp;&nbsp; 1588115 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 867 | &nbsp;&nbsp; 828741 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(d)</sup><br>| EUR | 209 | &nbsp;&nbsp; 255231 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> | USD | 430 | &nbsp;&nbsp; 466712 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<sup>(b)</sup> |  | 354 | &nbsp;&nbsp; 344674 |
| &nbsp;&nbsp;&nbsp; Olympus Water U.S. Holding Corp., 6.13%, <br> 02/15/33<sup>(d)</sup><br>| EUR | 224 | &nbsp;&nbsp; 261173 |
| OT Midco, Inc., 10.00%, 02/15/30<sup>(b)</sup> | USD | 1352 | &nbsp;&nbsp; 537941 |
| &nbsp;&nbsp;&nbsp; Pioneer Midco LLC, (10.50% Cash or 11.63% PIK), <br> 10.50%, 11/18/30<sup>(a)(b)(c)(j)</sup><br>|  | 5367 | &nbsp;&nbsp; 5380721 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 1822 | &nbsp;&nbsp; 1823186 |
| &nbsp;&nbsp;&nbsp; PRA Group Europe Holding II SARL, 6.25%, <br> 09/30/32<sup>(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 114582 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Resort Communities LoanCo LP, (13.00% PIK), <br> 13.00%, 11/30/28<sup>(b)(c)(j)</sup><br>| USD | 9583 | &nbsp;&nbsp; $9756404  |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 1430 | &nbsp;&nbsp; 1515920 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<sup>(b)</sup> |  | 565 | &nbsp;&nbsp; 572536 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 596 | &nbsp;&nbsp; 506795 |
| &nbsp;&nbsp;&nbsp; 10.75%, 03/15/30 |  | 810 | &nbsp;&nbsp; 666088 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 17 | &nbsp;&nbsp; 14094 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 |  | 639 | &nbsp;&nbsp; 677619 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 326 | &nbsp;&nbsp; 346591 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32 |  | 550 | &nbsp;&nbsp; 624405 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 55 | &nbsp;&nbsp; 56698 |
| Service Properties Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/30/27<sup>(o)</sup> |  | 1185 | &nbsp;&nbsp; 1070833 |
| &nbsp;&nbsp;&nbsp; 8.63%, 11/15/31 |  | 75 | &nbsp;&nbsp; 78777 |
| Shift4 Payments, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33 | EUR | 139 | &nbsp;&nbsp; 167286 |
| &nbsp;&nbsp;&nbsp; Series DEC, 5.50%, 05/15/33 |  | 261 | &nbsp;&nbsp; 314113 |
| Solaris Energy Infrastructure, Inc.<sup>(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/30 | USD | 1454 | &nbsp;&nbsp; 2898840 |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/01/31 |  | 3782 | &nbsp;&nbsp; 4089287 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(c)(e)(j)(l)</sup><br>|  | 10938 | &nbsp;&nbsp; 1 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, 4.10%, 04/01/28 |  | 45 | &nbsp;&nbsp; 42971 |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, 3.65%, 08/15/31<sup>(e)(l)</sup> |  | 1397 | &nbsp;&nbsp; 1283785 |
| &nbsp;&nbsp;&nbsp; Series 2017-1AA, Class AA, 3.38%, 02/15/30 |  | 533 | &nbsp;&nbsp; 500931 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 2575 | &nbsp;&nbsp; 2459125 |
| Starz Capital Holdings LLC, 5.50%, 04/15/29<sup>(b)</sup> |  | 112 | &nbsp;&nbsp; 90510 |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(k)</sup> |  | 200 | &nbsp;&nbsp; 78000 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(b)</sup> |  | 240 | &nbsp;&nbsp; 254101 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., (5-year CMT + <br> 3.15%), 4.00%, 05/06/31<sup>(a)</sup><br>|  | 794 | &nbsp;&nbsp; 784530 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 343 | &nbsp;&nbsp; 350543 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 05/01/28<br>|  | 211 | &nbsp;&nbsp; 202138 |
| Venture Global LNG, Inc., 8.13%, 06/01/28<sup>(b)</sup> |  | 45 | &nbsp;&nbsp; 45581 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(b)</sup> |  | 1157 | &nbsp;&nbsp; 1146293 |
| Warnermedia Holdings, Inc., 3.76%, 03/15/27 |  | 2631 | &nbsp;&nbsp; 2613299 |
| Westbay, 11.00%, 02/06/30<sup>(c)</sup> |  | 9314 | &nbsp;&nbsp; 9419248 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(b)</sup> |  | 65 | &nbsp;&nbsp; 66632 |
| Wolfspeed, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(k)</sup> |  | 12 | &nbsp;&nbsp; 17775 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(b)(k)</sup> |  | 5 | &nbsp;&nbsp; 7406 |
| &nbsp;&nbsp;&nbsp; (7.00% Cash or 12.00% PIK), 7.00%, 06/15/31<sup>(j)</sup> |  | 13 | &nbsp;&nbsp; 10752 |
| Xerox Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/30 |  | 1625 | &nbsp;&nbsp; 1554716 |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/31 |  | 573 | &nbsp;&nbsp; 466637 |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., (5.75% Cash and 0.50% <br> PIK), 9.25%, 03/09/30<sup>(b)(j)</sup><br>|  | 123 | &nbsp;&nbsp; 116452 |
|  |  |  | &nbsp;&nbsp; 106221571 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat, 6.95%, <br> 10/17/31<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 213125 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | USD | 145 | &nbsp;&nbsp; $143533 |
| **Total Corporate Bonds — 13.1%** <br>**(Cost: $216,473,925)** | **Total Corporate Bonds — 13.1%** <br>**(Cost: $216,473,925)** | **Total Corporate Bonds — 13.1%** <br>**(Cost: $216,473,925)** | &nbsp;&nbsp; 208394856 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **United States**<sup>(c)</sup> **— 0.6%** | **United States**<sup>(c)</sup> **— 0.6%** | **United States**<sup>(c)</sup> **— 0.6%** | **United States**<sup>(c)</sup> **— 0.6%** |
| AMF MF Portfolio, Term Loan, 7.67%, 11/01/28 |  | 2179 | &nbsp;&nbsp; 2253112 |
| CML ST Regis Aspen, Term Loan, 7.27%, 02/09/27 |  | 6480 | &nbsp;&nbsp; 6526329 |
| **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $8,624,014)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $8,624,014)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $8,624,014)** | &nbsp;&nbsp; 8779441 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **France — 0.2%** | **France — 0.2%** | **France — 0.2%** | **France — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.52%, <br> 02/27/30<br>| EUR | 588 | &nbsp;&nbsp; 697862 |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 5.00%), 7.10%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1158313 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.27%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1058230 |
|  |  |  | &nbsp;&nbsp; 2914405 |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| &nbsp;&nbsp;&nbsp; AVIV Group GmbH, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.10%, <br> 04/23/32<br>|  | 1147 | &nbsp;&nbsp; 1355407 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding AG, 2025 EUR Repriced <br> Term Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.54%, 12/09/32<br>|  | 1439 | &nbsp;&nbsp; 1701793 |
| &nbsp;&nbsp;&nbsp; Node AcquiCo GmbH, EUR Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.41%, <br> 12/08/32<br>|  | 1000 | &nbsp;&nbsp; 1180958 |
|  |  |  | &nbsp;&nbsp; 4238158 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 4.50%), 6.57%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 673267 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR <br> Term Loan, (1-mo. EURIBOR + 3.75%), 5.69%, <br> 05/17/27<sup>(c)</sup><br>|  | 857 | &nbsp;&nbsp; 1007804 |
|  |  |  | &nbsp;&nbsp; 1681071 |
| **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** | **Jersey**<sup>(c)</sup> **— 0.5%** |
| Vita Global FinCo Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 8.00%), 10.17%, 06/08/29<br>|  | 5361 | &nbsp;&nbsp; 4891136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan B, (6-mo. SONIA at 0.00% <br> Floor + 8.00%), 11.97%, 06/08/29<br>| GBP | 3153 | &nbsp;&nbsp; 3267603 |
|  |  |  | &nbsp;&nbsp; 8158739 |
| **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** | **Luxembourg — 0.6%** |
| &nbsp;&nbsp;&nbsp; Al Mansart (Luxembourg) Bidco SCS, 1st Lien Term <br> Loan A, (6-mo. CME Term SOFR at 0.00% Floor + <br> 5.25%), 9.12%, 09/01/28<sup>(c)</sup><br>| USD | 549 | &nbsp;&nbsp; 546246 |
| &nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, EUR Term Loan, <br> 08/01/28<sup>(p)</sup><br>| EUR | 3515 | &nbsp;&nbsp; 4002772 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.40%, 06/23/31<br>| EUR | 1000 | &nbsp;&nbsp; $963135  |
| &nbsp;&nbsp;&nbsp; Speed Midco 3 SARL, 2025 EUR Term Loan, (6-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.85%, <br> 10/07/32<br>|  | 1000 | &nbsp;&nbsp; 1182298 |
| &nbsp;&nbsp;&nbsp; Tackle SARL, 2025 EUR Repriced Term Loan B2, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), 5.32%, <br> 05/22/28<br>|  | 1226 | &nbsp;&nbsp; 1442432 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 8.00%), 9.90%, <br> 01/22/33<sup>(c)(j)</sup><br>|  | 1070 | &nbsp;&nbsp; 1182485 |
|  |  |  | &nbsp;&nbsp; 9319368 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.94%, <br> 10/14/27<br>|  | 982 | &nbsp;&nbsp; 1141579 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1140919 |
|  |  |  | &nbsp;&nbsp; 2282498 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 6.00%), 9.97%, 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1085100 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sector Alarm Holding A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.57%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; 482067 |
| **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** | **Spain — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1510133 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.36%, 10/30/31<br>|  | 742 | &nbsp;&nbsp; 877218 |
|  |  |  | &nbsp;&nbsp; 2387351 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.86%, <br> 03/29/30<br>|  | 1009 | &nbsp;&nbsp; 1198092 |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.25%), 4.30%, <br> 11/03/32<br>|  | 1000 | &nbsp;&nbsp; 1181605 |
|  |  |  | &nbsp;&nbsp; 2379697 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd., GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.48%, 08/30/32<br>| GBP | 1159 | &nbsp;&nbsp; 1574562 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-<br> mo. SONIA at 0.00% Floor + 4.75%), 8.72%, <br> 04/29/29<br>|  | 1000 | &nbsp;&nbsp; 1356375 |
|  |  |  | &nbsp;&nbsp; 2930937 |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| &nbsp;&nbsp;&nbsp; Alorica, Inc., 2022 Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.88%), 10.59%, <br> 12/21/27<sup>(c)</sup><br>| USD | 3026 | &nbsp;&nbsp; 3007685 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.28%, <br> 02/01/30<br>| USD | 2548 | &nbsp;&nbsp; $2411224  |
| &nbsp;&nbsp;&nbsp; ConnectWise LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 7.43%, <br> 09/29/28<br>|  | 1196 | &nbsp;&nbsp; 1173135 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 9.62%), 13.60%, 07/31/28<sup>(c)</sup><br>|  | 5016 | &nbsp;&nbsp; 4953226 |
| Coreweave Compute Acquisition Co. IV LLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 9.86%, <br> 05/16/29<br>|  | 379 | &nbsp;&nbsp; 376285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 5th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.25%), 8.01%, 09/30/30<br>|  | 206 | &nbsp;&nbsp; 197017 |
| &nbsp;&nbsp;&nbsp; CPV Fairview LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br> 08/14/31<br>|  | 1316 | &nbsp;&nbsp; 1320229 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 8.25%, 04/15/27<br>|  | 572 | &nbsp;&nbsp; 498646 |
| &nbsp;&nbsp;&nbsp; CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 7.67%, 12/30/27<br>|  | 892 | &nbsp;&nbsp; 892527 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), 9.34%, <br> 02/17/31<br>|  | 1977 | &nbsp;&nbsp; 1971744 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br> 08/30/30<br>|  | 2940 | &nbsp;&nbsp; 2929091 |
| EIS Group, Inc.<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 10.72%, 07/10/28<br>|  | 373 | &nbsp;&nbsp; 357987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% <br> Floor + 7.00%), 10.72%, 07/10/28<br>|  | 3734 | &nbsp;&nbsp; 3579869 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.25%), 6.25%, <br> 05/12/28<sup>(c)(j)</sup><br>|  | 12825 | &nbsp;&nbsp; 12136223 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.90%), 8.79%, <br> 04/28/28<br>|  | 205 | &nbsp;&nbsp; 181320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR + 4.90%), 8.79%, 04/28/28<br>|  | 460 | &nbsp;&nbsp; 177451 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), 9.60%, <br> 10/25/28<sup>(c)</sup><br>|  | 1772 | &nbsp;&nbsp; 1452818 |
| &nbsp;&nbsp;&nbsp; Indy U.S. Bidco LLC, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.65%, <br> 10/31/30<br>| EUR | 884 | &nbsp;&nbsp; 1044374 |
| &nbsp;&nbsp;&nbsp; Kestrel Acquisition LLC, 2025 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 11/06/31<br>| USD | 1108 | &nbsp;&nbsp; 1108222 |
| &nbsp;&nbsp;&nbsp; Maverick Gaming LLC, 2024 Second Out Term Loan, <br> 0.00%, 04/01/28<sup>(e)(l)</sup><br>|  | 907 | &nbsp;&nbsp; 498880 |
| &nbsp;&nbsp;&nbsp; Medical Solutions Holdings, Inc., 2021 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 7.10%), 10.94%, 11/01/29<br>|  | 1052 | &nbsp;&nbsp; 213556 |
| Montage Hotels & Resorts LLC<sup>(c)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Revolver, (3-mo. SOFR + 6.00%), 9.66%, <br> 02/16/29<br>|  | 259 | &nbsp;&nbsp; 249644 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Montage Hotels & Resorts LLC<sup>(c)(j)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Term Loan, (3-mo. SOFR + 6.00%), 9.85%, <br> 02/16/29<br>| USD | 1284 | &nbsp;&nbsp; $1239274  |
| &nbsp;&nbsp;&nbsp; Ohio Power Partners LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br> 11/12/32<sup>(c)</sup><br>|  | 1038 | &nbsp;&nbsp; 1035802 |
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, 2025 Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.42%, 10/01/32<sup>(c)</sup><br>|  | 1828 | &nbsp;&nbsp; 1832872 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (4-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br> 03/19/32<br>|  | 172 | &nbsp;&nbsp; 170414 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.82%, <br> 06/02/28<br>| EUR | 990 | &nbsp;&nbsp; 1101784 |
| Redstone Holdco 2 LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 8.01%), 11.85%, <br> 04/27/29<br>| USD | 620 | &nbsp;&nbsp; 113026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 5.01%), 8.85%, 04/27/28<br>|  | 2034 | &nbsp;&nbsp; 822801 |
| RunItOneTime LLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Amendment Final New Money DIP Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + <br> 12.50%), 16.22%, 04/16/26<br>|  | 318 | &nbsp;&nbsp; 317499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Amendment Roll Up Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 1.00% and <br> 11.50% PIK), 16.22%, 04/16/26<sup>(j)</sup><br>|  | 535 | &nbsp;&nbsp; 522590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roll-Up DIP Term Loan, (1-mo. CME Term SOFR <br> at 2.00% Floor + 1.00% and 11.50% PIK), <br> 16.22%, 04/16/26<sup>(j)</sup><br>|  | 26 | &nbsp;&nbsp; 25521 |
| &nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/02/31<br>|  | 2487 | &nbsp;&nbsp; 2494551 |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.51%), 9.35%, <br> 08/18/28<br>|  | 1863 | &nbsp;&nbsp; 1760920 |
| &nbsp;&nbsp;&nbsp; West Deptford Energy Holdings LLC, 2025 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 4.00%), 7.72%, 12/30/31<br>|  | 1011 | &nbsp;&nbsp; 1002287 |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.75%), 10.45%, 10/26/29<br>|  | 94 | &nbsp;&nbsp; 91886 |
| &nbsp;&nbsp;&nbsp; Xerox Corp., 2023 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 4.00%), 7.71%, 11/19/29<br>|  | 631 | &nbsp;&nbsp; 537752 |
|  |  |  | &nbsp;&nbsp; 53800132 |
| **Total Floating Rate Loan Interests — 5.7%** <br>**(Cost: $96,857,715)** | **Total Floating Rate Loan Interests — 5.7%** <br>**(Cost: $96,857,715)** | **Total Floating Rate Loan Interests — 5.7%** <br>**(Cost: $96,857,715)** | &nbsp;&nbsp; 91659523 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Argentine Republic Government International Bonds, <br> 1.75%, 07/09/27<sup>(m)</sup><br>|  | 122 | &nbsp;&nbsp; 103603 |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bonds, 5.45%, <br> 09/16/32<sup>(d)</sup><br>|  | 257 | &nbsp;&nbsp; 249444 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(b)</sup><br>| USD | 196 | &nbsp;&nbsp; $206596 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/14/32 | EUR | 111 | &nbsp;&nbsp; 132404 |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 | USD | 278 | &nbsp;&nbsp; 248254 |
|  |  |  | &nbsp;&nbsp; 380658 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 |  | 224 | &nbsp;&nbsp; 240800 |
| &nbsp;&nbsp;&nbsp; 7.75%, 11/07/36 |  | 243 | &nbsp;&nbsp; 253267 |
|  |  |  | &nbsp;&nbsp; 494067 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Costa Rica Government International Bonds, 7.30%, <br> 11/13/54<sup>(b)</sup><br>|  | 210 | &nbsp;&nbsp; 235305 |
| **Dominican Republic**<sup>(b)</sup> **— 0.1%** | **Dominican Republic**<sup>(b)</sup> **— 0.1%** | **Dominican Republic**<sup>(b)</sup> **— 0.1%** |  |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30 |  | 420 | &nbsp;&nbsp; 410799 |
| &nbsp;&nbsp;&nbsp; 7.05%, 02/03/31 |  | 272 | &nbsp;&nbsp; 292112 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/37 |  | 233 | &nbsp;&nbsp; 250592 |
|  |  |  | &nbsp;&nbsp; 953503 |
| **Ecuador — 0.0%** | **Ecuador — 0.0%** | **Ecuador — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Ecuador Government International Bonds, 6.90%, <br> 07/31/30<sup>(b)(m)</sup><br>|  | 108 | &nbsp;&nbsp; 106588 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/16/30<sup>(d)</sup> | EUR | 214 | &nbsp;&nbsp; 250864 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(d)</sup> | USD | 219 | &nbsp;&nbsp; 232635 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 196025 |
|  |  |  | &nbsp;&nbsp; 679524 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Gabon Government International Bonds, Series 4Y, <br> 9.50%, 02/18/29<sup>(d)</sup><br>|  | 248 | &nbsp;&nbsp; 214676 |
| **Guatemala**<sup>(b)</sup> **— 0.0%** | **Guatemala**<sup>(b)</sup> **— 0.0%** | **Guatemala**<sup>(b)</sup> **— 0.0%** |  |
| Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 10/04/32 |  | 210 | &nbsp;&nbsp; 230265 |
| &nbsp;&nbsp;&nbsp; 6.60%, 06/13/36 |  | 230 | &nbsp;&nbsp; 246967 |
|  |  |  | &nbsp;&nbsp; 477232 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Hungary Government International Bonds, 5.50%, <br> 03/26/36<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 199836 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(d)</sup> | EUR | 254 | &nbsp;&nbsp; 319539 |
|  |  |  | &nbsp;&nbsp; 519375 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Indonesia Government International Bonds, 3.88%, <br> 01/15/33<br>|  | 110 | &nbsp;&nbsp; 130348 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(d)</sup> |  | 251 | &nbsp;&nbsp; 297187 |
| &nbsp;&nbsp;&nbsp; 8.08%, 04/01/36<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 216013 |
|  |  |  | &nbsp;&nbsp; 513200 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bonds, <br> 9.75%, 02/16/31<sup>(b)</sup><br>|  | 249 | &nbsp;&nbsp; 272033 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Latvia Government International Bonds, 5.13%, <br> 07/30/34<sup>(b)</sup><br>| USD | 201 | &nbsp;&nbsp; $205691 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Eagle Funding Luxco SARL, 5.50%, 08/17/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 305100 |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/22/35 |  | 321 | &nbsp;&nbsp; 317068 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/29/38 |  | 200 | &nbsp;&nbsp; 208900 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/19/38 | EUR | 100 | &nbsp;&nbsp; 116969 |
|  |  |  | &nbsp;&nbsp; 948037 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Montenegro Government International Bonds, 2.88%, <br> 12/16/27<sup>(d)</sup><br>|  | 186 | &nbsp;&nbsp; 214292 |
| **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** |  |
| Morocco Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/08/28 | USD | 200 | &nbsp;&nbsp; 205937 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/02/35 | EUR | 200 | &nbsp;&nbsp; 239654 |
|  |  |  | &nbsp;&nbsp; 445591 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 236989 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(d)</sup> |  | 244 | &nbsp;&nbsp; 230148 |
|  |  |  | &nbsp;&nbsp; 467137 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(d)</sup><br>|  | 227 | &nbsp;&nbsp; 250338 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Panama Government International Bonds, 7.50%, <br> 03/01/31<br>|  | 352 | &nbsp;&nbsp; 390192 |
| **Paraguay — 0.0%** | **Paraguay — 0.0%** | **Paraguay — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Paraguay Government International Bonds, 2.74%, <br> 01/29/33<br>|  | 395 | &nbsp;&nbsp; 353130 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA, 5.50%, <br> 05/06/30<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 205500 |
| Peru Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 152 | &nbsp;&nbsp; 140676 |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 |  | 142 | &nbsp;&nbsp; 117328 |
|  |  |  | &nbsp;&nbsp; 463504 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 10Y, 4.88%, 10/04/33 |  | 48 | &nbsp;&nbsp; 48669 |
| &nbsp;&nbsp;&nbsp; Series 30Y, 5.50%, 04/04/53 |  | 149 | &nbsp;&nbsp; 142184 |
|  |  |  | &nbsp;&nbsp; 190853 |
| **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; North Macedonia Government International Bonds, <br> 6.96%, 03/13/27<sup>(d)</sup><br>| EUR | 187 | &nbsp;&nbsp; 227729 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romanian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(b)</sup> | USD | 46 | &nbsp;&nbsp; 46733 |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(d)</sup> | EUR | 224 | &nbsp;&nbsp; 230916 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(b)</sup> |  | 215 | &nbsp;&nbsp; 265460 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/11/39<sup>(b)</sup> |  | 82 | &nbsp;&nbsp; 100249 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/07/45<sup>(b)</sup> |  | 108 | &nbsp;&nbsp; 126084 |
|  |  |  | &nbsp;&nbsp; 769442 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Saudi Government International Bonds, 5.00%, <br> 01/18/53<sup>(b)</sup><br>| USD | 658 | &nbsp;&nbsp; $586551 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/26/33<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 214500 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/34<sup>(b)</sup> |  | 236 | &nbsp;&nbsp; 243670 |
|  |  |  | &nbsp;&nbsp; 458170 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International <br> Bonds, Series 30Y, 5.75%, 09/30/49<br>|  | 475 | &nbsp;&nbsp; 400781 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Turkiye Government International Bonds, Series 7Y, <br> 7.13%, 02/12/32<br>|  | 226 | &nbsp;&nbsp; 239334 |
| **Ukraine**<sup>(b)(m)</sup> **— 0.0%** | **Ukraine**<sup>(b)(m)</sup> **— 0.0%** | **Ukraine**<sup>(b)(m)</sup> **— 0.0%** |  |
| Ukraine Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/29 |  | 75 | &nbsp;&nbsp; 56274 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 |  | 7 | &nbsp;&nbsp; 4043 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/34 |  | 26 | &nbsp;&nbsp; 12101 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/34 |  | 50 | &nbsp;&nbsp; 30489 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/35 |  | 22 | &nbsp;&nbsp; 12229 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/36 |  | 18 | &nbsp;&nbsp; 10145 |
|  |  |  | &nbsp;&nbsp; 125281 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |  | 216 | &nbsp;&nbsp; 201960 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(b)</sup><br>| EUR | 221 | &nbsp;&nbsp; 265363 |
| **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,924,914)** | **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,924,914)** | **Total Foreign Agency Obligations — 0.8%** <br>**(Cost: $11,924,914)** | &nbsp;&nbsp; 12739528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 3.3%** | **United States — 3.3%** |  |
| iShares China Large-Cap ETF<sup>(q)</sup> | 77200 | &nbsp;&nbsp; 2955988 |
| iShares MSCI Brazil ETF<sup>(q)</sup> | 13963 | &nbsp;&nbsp; 443605 |
| KraneShares CSI China Internet ETF | 50850 | &nbsp;&nbsp; 1731443 |
| SPDR Gold Shares<sup>(e)(g)(h)</sup> | 97010 | &nbsp;&nbsp; 38446033 |
| State Street SPDR S&P Biotech ETF | 45000 | &nbsp;&nbsp; 5486850 |
| State Street SPDR S&P Homebuilders ETF | 8193 | &nbsp;&nbsp; 843551 |
| State Street SPDR S&P Regional Banking ETF | 28461 | &nbsp;&nbsp; 1844557 |
| VanEck Semiconductor ETF | 3593 | &nbsp;&nbsp; 1293947 |
| **Total Investment Companies — 3.3%** <br>**(Cost: $39,554,818)** | **Total Investment Companies — 3.3%** <br>**(Cost: $39,554,818)** | &nbsp;&nbsp; 53045974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> RB, 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 315 | &nbsp;&nbsp; 330443 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(e)(l)</sup><br>| USD | 4361 | &nbsp;&nbsp; $2551147 |
| **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 520 | &nbsp;&nbsp; 522026 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,841,174)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,841,174)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,841,174)** | &nbsp;&nbsp; 3403616 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| Ajax Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.01%, 09/27/60 |  | 9 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 3.90%, 12/25/60<sup>(a)</sup> |  | 946 | &nbsp;&nbsp; 513230 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(a)</sup> |  | 6 | &nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class XS, 0.00%, 12/25/60<sup>(a)</sup> |  | 11535 | &nbsp;&nbsp; 377092 |
| &nbsp;&nbsp;&nbsp; BFLD Trust, Series 2021-EYP, Class E, (1-mo. Term <br> SOFR + 3.81%), 7.57%, 10/15/35<sup>(a)(b)</sup><br>|  | 790 | &nbsp;&nbsp; 9851 |
| &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-VIEW, Class E, (1-mo. Term <br> SOFR + 3.71%), 7.46%, 06/15/36<sup>(a)(b)</sup><br>|  | 614 | &nbsp;&nbsp; 613754 |
| CSMC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1-mo. Term SOFR + <br> 5.48%), 9.23%, 10/15/37<br>|  | 730 | &nbsp;&nbsp; 661643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1-mo. Term SOFR at <br> 0.15% Floor + 3.44%), 7.19%, 02/15/27<sup>(c)</sup><br>|  | 3400 | &nbsp;&nbsp; 3380763 |
| &nbsp;&nbsp;&nbsp; Deephaven Residential Mortgage Trust, <br> Series 2021-1, Class B2, 3.96%, 05/25/65<sup>(a)(b)</sup><br>|  | 1550 | &nbsp;&nbsp; 1410457 |
| &nbsp;&nbsp;&nbsp; Freddie Mac Seasoned Credit Risk Transfer Trust, <br> Series 2020-3, Class BXS, 5.75%, 05/25/60<sup>(a)(b)</sup><br>|  | 7532 | &nbsp;&nbsp; 4329352 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class C, 3.66%, <br> 04/25/28<sup>(a)(b)</sup><br>|  | 437 | &nbsp;&nbsp; 410450 |
| &nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust, Series 2020-NQM1, <br> Class B1, 4.00%, 10/25/55<sup>(a)(b)</sup><br>|  | 3602 | &nbsp;&nbsp; 3312113 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3X, 0.50%, 06/25/51 |  | 42202 | &nbsp;&nbsp; 1231861 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX1, 0.12%, 06/25/51 |  | 171256 | &nbsp;&nbsp; 1079721 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX4, 0.40%, 06/25/51 |  | 10936 | &nbsp;&nbsp; 254956 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 3.02%, 06/25/51 |  | 759 | &nbsp;&nbsp; 633855 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 3.02%, 06/25/51 |  | 910 | &nbsp;&nbsp; 709271 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B6, 2.83%, 06/25/51 |  | 1534 | &nbsp;&nbsp; 721905 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51 |  | 1133 | &nbsp;&nbsp; 909942 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51 |  | 850 | &nbsp;&nbsp; 670725 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51 |  | 2209 | &nbsp;&nbsp; 959976 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2007-2A, Class M2, (1-mo. <br> Term SOFR + 0.71%), 4.45%, 06/25/37<sup>(a)(b)</sup><br>|  | 2617 | &nbsp;&nbsp; 2278903 |
| MCM Trust<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/25/31 |  | 4117 | &nbsp;&nbsp; 3317966 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/25/31 |  | 5315 | &nbsp;&nbsp; 5096265 |
| New Residential Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class B3, 3.97%, 02/25/59 |  | 9329 | &nbsp;&nbsp; 7407651 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B1, 3.53%, 07/25/55 |  | 1370 | &nbsp;&nbsp; 1205249 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B2, 4.33%, 07/25/55 |  | 1022 | &nbsp;&nbsp; 918011 |
| Seasoned Loans Structured Transaction Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60 |  | 1659 | &nbsp;&nbsp; 1649220 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60 |  | 1905 | &nbsp;&nbsp; 1889028 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2020-<br> INV, Class B2, 4.26%, 11/25/55<sup>(b)</sup><br>| USD | 1225 | &nbsp;&nbsp; $1054724  |
| TVC DSCR<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, 0.00%, 03/25/28 |  | 1323 | &nbsp;&nbsp; 1116461 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 2.38%, 03/25/28 |  | 2333 | &nbsp;&nbsp; 2204944 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust, Series 2021-R2, Class B1, <br> 3.25%, 02/25/64<sup>(a)(b)</sup><br>|  | 2735 | &nbsp;&nbsp; 2240356 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, <br> Series 2007-OA6, Class 1A, (12-mo. MTA + <br> 0.81%), 4.84%, 07/25/47<sup>(a)</sup><br>|  | 931 | &nbsp;&nbsp; 797236 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2019-<br> C50, Class XA, 1.40%, 05/15/52<sup>(a)</sup><br>|  | 21745 | &nbsp;&nbsp; 754067 |
| **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $56,913,756)** | **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $56,913,756)** | **Total Non-Agency Mortgage-Backed Securities — 3.4%** <br>**(Cost: $56,913,756)** | &nbsp;&nbsp; 54123921 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.3%** | **Capital Trusts — 0.3%** | **Capital Trusts — 0.3%** | **Capital Trusts — 0.3%** |
| **France**<sup>(a)(d)(n)</sup> **— 0.1%** | **France**<sup>(a)(d)(n)</sup> **— 0.1%** | **France**<sup>(a)(d)(n)</sup> **— 0.1%** |  |
| Air France-KLM, 5.75% | EUR | 200 | &nbsp;&nbsp; 238090 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% |  | 100 | &nbsp;&nbsp; 116289 |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 241368 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 244681 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 276299 |
| Unibail-Rodamco-Westfield SE, 4.75% | EUR | 200 | &nbsp;&nbsp; 239283 |
| Veolia Environnement SA, 4.32% |  | 100 | &nbsp;&nbsp; 116943 |
|  |  |  | &nbsp;&nbsp; 1472953 |
| **Germany**<sup>(a)(d)</sup> **— 0.0%** | **Germany**<sup>(a)(d)</sup> **— 0.0%** | **Germany**<sup>(a)(d)</sup> **— 0.0%** |  |
| Bayer AG, 5.38%, 03/25/82 |  | 300 | &nbsp;&nbsp; 361795 |
| Volkswagen International Finance NV<sup>(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% |  | 100 | &nbsp;&nbsp; 121283 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 121609 |
|  |  |  | &nbsp;&nbsp; 604687 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT, <br> 4.30%<sup>(a)(d)(n)</sup><br>| USD | 200 | &nbsp;&nbsp; 195562 |
| **Italy — 0.0%**  | **Italy — 0.0%**  | **Italy — 0.0%**  |  |
| Prysmian SpA, 5.25%<sup>(a)(d)(n)</sup> | EUR | 275 | &nbsp;&nbsp; 336377 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |  |
| Vivion Investments SARL, 8.13%<sup>(a)(d)(n)</sup> |  | 200 | &nbsp;&nbsp; 217546 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Lendlease Asia Treasury Pte. Ltd., 3.90%<sup>(d)(n)</sup> | SGD | 250 | &nbsp;&nbsp; 194881 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |  |
| GC Treasury Center Co. Ltd., 6.50%<sup>(a)(d)(n)</sup> | USD | 250 | &nbsp;&nbsp; 252266 |
| **United Kingdom**<sup>(a)</sup> **— 0.1%** | **United Kingdom**<sup>(a)</sup> **— 0.1%** | **United Kingdom**<sup>(a)</sup> **— 0.1%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(b)</sup> |  | 369 | &nbsp;&nbsp; 356484 |
| Centrica PLC, 6.50%, 05/21/55<sup>(d)</sup> | GBP | 494 | &nbsp;&nbsp; 685871 |
|  |  |  | &nbsp;&nbsp; 1042355 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States**<sup>(a)(b)(n)</sup> **— 0.1%** | **United States**<sup>(a)(b)(n)</sup> **— 0.1%** | **United States**<sup>(a)(b)(n)</sup> **— 0.1%** |  |
| Sunoco LP, 7.88% | USD | 723 | &nbsp;&nbsp; $742720  |
| Venture Global LNG, Inc., 9.00% |  | 953 | &nbsp;&nbsp; 752613 |
|  |  |  | &nbsp;&nbsp; 1495333 |
|  |  |  | &nbsp;&nbsp; 5811960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 4.6%**<sup>(c)(e)</sup> | **Preferred Stocks — 4.6%**<sup>(c)(e)</sup> | **Preferred Stocks — 4.6%**<sup>(c)(e)</sup> |
| **China — 0.7%** | **China — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $4,390,747)<sup>(f)</sup><br>| 40071 | &nbsp;&nbsp; 10365166 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D | 37890 | &nbsp;&nbsp; 2056290 |
| **Germany — 0.0%** | **Germany — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volocopter GmbH, Series D, (Acquired 03/03/21, <br> Cost: $4,145,649)<sup>(f)</sup><br>| 780 | &nbsp;&nbsp; — |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., Series D, <br> (Acquired 12/19/23, Cost: $3,926,032)<sup>(f)</sup><br>| 114500 | &nbsp;&nbsp; 1145205 |
| **United States — 3.7%** | **United States — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., Series B, (Acquired <br> 07/30/21, Cost: $1,800,187)<sup>(f)</sup><br>| 3333 | &nbsp;&nbsp; 518448 |
| Bright Machines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472899 | &nbsp;&nbsp; 94580 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985059 | &nbsp;&nbsp; 78805 |
| Cap Hill Brands, Series B-2 | 1185824 | &nbsp;&nbsp; 12 |
| Clarify Health, Series D-1 | 345315 | &nbsp;&nbsp; 994507 |
| CoreWeave, Inc., Series C, 03/25/49 | 1579000 | &nbsp;&nbsp; 1563210 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., Series G, (Acquired 02/01/21, Cost: <br> $2,392,693)<sup>(f)</sup><br>| 40470 | &nbsp;&nbsp; 7689300 |
| Davidson Homes, Inc., 12.00% | 7345 | &nbsp;&nbsp; 8257396 |
| Dream Finders Homes, Inc., Series A | 10172 | &nbsp;&nbsp; 10082995 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., Series D, (Acquired 08/14/24, <br> Cost: $71,814)<sup>(f)</sup><br>| 117667 | &nbsp;&nbsp; 87074 |
| HawkEye 360, Inc., Series D-1 | 406081 | &nbsp;&nbsp; 8389633 |
| Insight M, Inc., Series D | 1942003 | &nbsp;&nbsp; 628044 |
| Jumpcloud, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-1, (Acquired 10/30/20, Cost: $2,052,443) | 1125428 | &nbsp;&nbsp; 2498450 |
| &nbsp;&nbsp;&nbsp; Series F, (Acquired 09/03/21, Cost: $443,302) | 74023 | &nbsp;&nbsp; 164331 |
| Lessen Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 489075 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Series CX | 25831 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Noodle Partners, Inc., Series C, (Acquired 08/26/21, <br> Cost: $1,751,669)<sup>(f)</sup><br>| 196272 | &nbsp;&nbsp; 129540 |
| &nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, (Acquired 05/21/21, <br> Cost: $945,402)<sup>(f)</sup><br>| 36048 | &nbsp;&nbsp; 1552948 |
| RapidSOS, Series C-1 | 1707127 | &nbsp;&nbsp; 1894911 |
| &nbsp;&nbsp;&nbsp; SambaNova Systems, Inc., Series D, (Acquired <br> 04/09/21, Cost: $1,250,247)<sup>(f)</sup><br>| 13158 | &nbsp;&nbsp; 663558 |
| &nbsp;&nbsp;&nbsp; SCI PH Parent, Inc., Series A, (Acquired 02/10/23, <br> Cost: $1,183,000), 12/31/79<sup>(f)</sup><br>| 1183 | &nbsp;&nbsp; 1576348 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: <br> $678,934)<sup>(f)</sup><br>| 45203 | &nbsp;&nbsp; 345351 |
| Ursa Major Technologies, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/13/21, Cost: $1,732,297) | 290420 | &nbsp;&nbsp; 1277848 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 10/14/22, Cost: $235,803) | 35579 | &nbsp;&nbsp; 160817 |
| Verger Capital Fund LLC | 341505 | &nbsp;&nbsp; 51226 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Veritas Newco |  |  |
| &nbsp;&nbsp;&nbsp; Series G | 8968 | &nbsp;&nbsp; $210748  |
| &nbsp;&nbsp;&nbsp; Series G-1 | 6197 | &nbsp;&nbsp; 142531 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,906,958), 10/07/32<sup>(f)</sup><br>| 1681498 | &nbsp;&nbsp; 10257138 |
|  |  | &nbsp;&nbsp; 59309754 |
|  |  | &nbsp;&nbsp; 72876415 |
| **Total Preferred Securities — 4.9%** <br>**(Cost: $83,466,303)** | **Total Preferred Securities — 4.9%** <br>**(Cost: $83,466,303)** | &nbsp;&nbsp; 78688375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through <br> Certificates, Series KL06, Class XFX, 1.36%, <br> 12/25/29<sup>(a)</sup><br>| USD | 17910 | &nbsp;&nbsp; 804282 |
| **Mortgage-Backed Securities**<sup>(r)</sup> **— 16.6%** | **Mortgage-Backed Securities**<sup>(r)</sup> **— 16.6%** | **Mortgage-Backed Securities**<sup>(r)</sup> **— 16.6%** |  |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/55 |  | 39577 | &nbsp;&nbsp; 38632779 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/55 |  | 33954 | &nbsp;&nbsp; 34428765 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/55 |  | 22177 | &nbsp;&nbsp; 22769735 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/14/56 - 02/15/56 |  | 183738 | &nbsp;&nbsp; 169565712 |
|  |  |  | &nbsp;&nbsp; 265396991 |
| **Total U.S. Government Sponsored Agency Securities — 16.7%** <br>**(Cost: $264,886,206)** | **Total U.S. Government Sponsored Agency Securities — 16.7%** <br>**(Cost: $264,886,206)** | **Total U.S. Government Sponsored Agency Securities — 16.7%** <br>**(Cost: $264,886,206)** | &nbsp;&nbsp; 266201273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Lavoro Ltd., (Issued 12/27/22, Exercisable 12/27/23, <br> 1 Share for 1 Warrant, Expires 12/27/27, Strike <br> Price USD 11.50)<sup>(e)</sup><br>| 25681 | &nbsp;&nbsp; 280 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Deep Instinct Ltd., Series D, (Acquired 09/20/22, <br> Cost: $0), (Exercisable 09/20/22, 1 Share for <br> 1 Warrant, Expires 09/20/32, Strike Price USD <br> 0.01)<sup>(c)(e)(f)</sup><br>| 21889 | &nbsp;&nbsp; 219 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., (Acquired <br> 12/19/23, Cost: $0), (Issued 12/19/23, Expires <br> 11/17/30, Strike Price GBP 0.01)<sup>(c)(e)(f)</sup><br>| 137950 | &nbsp;&nbsp; 46487 |
| **United States**<sup>(e)</sup> **— 0.4%** | **United States**<sup>(e)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, (Issued 02/05/21, <br> 1 Share for 1 Warrant, Expires 02/01/26, Strike <br> Price USD 11.50)<sup>(c)</sup><br>| 74120 | &nbsp;&nbsp; 16151 |
| &nbsp;&nbsp;&nbsp; Crown PropTech Acquisitions, (Issued/Exercisable <br> 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, <br> Strike Price USD 11.50)<br>| 44352 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., Class A, (Issued 05/16/24, <br> Expires 05/16/34, Strike Price USD 8.47)<sup>(c)</sup><br>| 50977 | &nbsp;&nbsp; 115208 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for <br> 1 Warrant, Expires 09/15/25, Strike Price USD <br> 11.50)<br>| 40220 | &nbsp;&nbsp; $3017 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc., (Acquired 03/11/24, Cost: <br> $0), (Issued/Exercisable 03/11/24, 1,000 Shares <br> for 1 Warrant, Expires 03/11/31, Strike Price USD <br> 2.50)<sup>(c)(f)</sup><br>| 550 | &nbsp;&nbsp; 1305601 |
| Flyr AS, Series D-X, (Expires 12/31/49)<sup>(c)</sup> | 5990 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., Series D-1, (Issued 07/07/23, <br> 1 Share for 1 Warrant, Expires 07/07/33, Strike <br> Price USD 11.17)<sup>(c)</sup><br>| 19736 | &nbsp;&nbsp; 229727 |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., Series D-1, (Issued 07/07/23, <br> 1 Share for 1 Warrant, Expires 07/07/33, Strike <br> Price USD 0.01)<sup>(c)</sup><br>| 173677 | &nbsp;&nbsp; 2916037 |
| &nbsp;&nbsp;&nbsp; Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, <br> 0.04 Shares for 1 Warrant, Expires 08/02/26, <br> Strike Price USD 287.50)<br>| 11689 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(c)</sup><br>| 2012253 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for <br> 1 Warrant, Expires 06/04/26, Strike Price USD <br> 11.50)<sup>(c)</sup><br>| 10196 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Offerpad Solutions, Inc., (Issued/Exercisable <br> 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, <br> Strike Price USD 11.50)<br>| 60706 | &nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp., (Issued/Exercisable 12/21/20, <br> 1 Share for 1 Warrant, Expires 09/24/26, Strike <br> Price USD 11.50)<br>| 68671 | &nbsp;&nbsp; 4210 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., Series C-1, (Issued 12/13/23, <br> Expires 12/13/33, Strike Price USD 0.01)<sup>(c)</sup><br>| 946544 | &nbsp;&nbsp; 1041198 |
| &nbsp;&nbsp;&nbsp; Sarcos Technology & Robotics Corp., (Issued <br> 01/15/21, 1 Share for 1 Warrant, Expires 06/15/27, <br> Strike Price USD 69.00)<br>| 25291 | &nbsp;&nbsp; 1550 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(c)</sup><br>| 261005 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(c)</sup><br>| 26165 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $0), (Exercisable 10/14/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01)<sup>(c)(f)</sup><br>| 207248 | &nbsp;&nbsp; 996863 |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Acquired 12/03/23, Cost: <br> $48,765), (Issued 12/04/23, Expires 12/03/28, <br> Strike Price USD 11.50)<sup>(f)</sup><br>| 48765 | &nbsp;&nbsp; 439 |
|  |  | &nbsp;&nbsp; 6631032 |
| **Total Warrants — 0.4%** <br>**(Cost: $614,237)** | **Total Warrants — 0.4%** <br>**(Cost: $614,237)** | &nbsp;&nbsp; 6678018 |
| **Total Long-Term Investments — 112.3%** <br>**(Cost: $1,480,983,836)** | **Total Long-Term Investments — 112.3%** <br>**(Cost: $1,480,983,836)** | &nbsp;&nbsp; 1791652089 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.2%** | **Money Market Funds — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(q)(s)</sup><br>| 19221797 | &nbsp;&nbsp; $19221797 |
| **Total Short-Term Securities — 1.2%** <br>**(Cost: $19,221,797)** | **Total Short-Term Securities — 1.2%** <br>**(Cost: $19,221,797)** | &nbsp;&nbsp; 19221797 |
| **Options Purchased — 0.3%** <br>**(Cost: $6,875,383)** | **Options Purchased — 0.3%** <br>**(Cost: $6,875,383)** | &nbsp;&nbsp; 4945470 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 113.8%** <br>**(Cost: $1,507,081,016)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 113.8%** <br>**(Cost: $1,507,081,016)** | &nbsp;&nbsp; 1815819356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| **United States — (5.3)%** | **United States — (5.3)%** | **United States — (5.3)%** |  |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Securities, 3.50%, <br> 01/14/56<sup>(r)</sup><br>| USD | (90969)<br>| &nbsp;&nbsp; (84093023)<br>|
| **Total TBA Sale Commitments — (5.3)%** <br>**(Proceeds: $(83288305))** | **Total TBA Sale Commitments — (5.3)%** <br>**(Proceeds: $(83288305))** | **Total TBA Sale Commitments — (5.3)%** <br>**(Proceeds: $(83288305))** | &nbsp;&nbsp; (84093023)<br>|
| **Options Written — (0.2)%** <br>**(Premiums Received: $(4509889))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(4509889))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(4509889))** | &nbsp;&nbsp; (4115489)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 108.3%** <br>**(Cost: $1,419,282,822)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 108.3%** <br>**(Cost: $1,419,282,822)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 108.3%** <br>**(Cost: $1,419,282,822)** | &nbsp;&nbsp; 1727610844 |
| **Liabilities in Excess of Other Assets — (8.3)%** | **Liabilities in Excess of Other Assets — (8.3)%** | **Liabilities in Excess of Other Assets — (8.3)%** | &nbsp;&nbsp; (132318472)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1595292372 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $82,845,044, representing 5.2% of its net assets as of period end, and an original cost of $69,155,155. 

<sup>(g)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(h)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. 

<sup>(i)</sup> Investment does not issue shares.

<sup>(j)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(k)</sup> Convertible security.

<sup>(l)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(m)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> Perpetual security with no stated maturity date.

<sup>(o)</sup> Zero-coupon bond.

<sup>(p)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. 

<sup>(q)</sup> Affiliate of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(r)</sup> Represents or includes a TBA transaction. <br> <sup>(s)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; $14674337 | $4547460 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $19221797 | 19221797 | $1279087 | $— |
| iShares Biotechnology ETF<sup>(b)</sup> | &nbsp;&nbsp; 1824498 |  | &nbsp;&nbsp; (1832355)<br>| (142209)<br>| 150066 |  |  | 1672 |  |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 7082183 | &nbsp;&nbsp; (4237767)<br>| 95665 | 15907 | 2955988 | 77200 | 32116 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; 2217537 |  | &nbsp;&nbsp; (2247079)<br>| 17277 | 12265 |  |  | 10154 |  |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(b)</sup><br>| &nbsp;&nbsp; 6335641 |  | &nbsp;&nbsp; (6773899)<br>| 610582 | (172324)<br>|  |  | 229612 |  |
| iShares MSCI Brazil ETF | &nbsp;&nbsp; 314307 |  | &nbsp;&nbsp; — |  | 129298 | 443605 | 13963 | 23013 |  |
| iShares Russell 2000 ETF<sup>(b)</sup> | &nbsp;&nbsp; — | 11592097 | &nbsp;&nbsp; (11576769)<br>| (15328)<br>|  |  |  |  |  |
|  |  |  |  | $565987 | $135212 | $22621390 |  | $1575654 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2105 | &nbsp;&nbsp;&nbsp;&nbsp; $3462 |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 43957 | &nbsp;&nbsp;&nbsp;&nbsp; (199540)<br>|
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8995 | &nbsp;&nbsp;&nbsp;&nbsp; (74801)<br>|
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5647 | &nbsp;&nbsp;&nbsp;&nbsp; (7455)<br>|
| &nbsp;&nbsp;&nbsp; Short Term Euro BTP | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10721 | &nbsp;&nbsp;&nbsp;&nbsp; (14067)<br>|
| &nbsp;&nbsp;&nbsp; KOSPI 200 Index | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5170 | &nbsp;&nbsp;&nbsp;&nbsp; 212533 |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15445 | &nbsp;&nbsp;&nbsp;&nbsp; (81198)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp;&nbsp; (3749)<br>|
| &nbsp;&nbsp;&nbsp; 3-Year Australian Treasury Bonds | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16957 | &nbsp;&nbsp;&nbsp;&nbsp; (8072)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6501 | &nbsp;&nbsp;&nbsp;&nbsp; 21594 |
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; (23902)<br>|
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4247 | &nbsp;&nbsp;&nbsp;&nbsp; (95427)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3315 | &nbsp;&nbsp;&nbsp;&nbsp; 77404 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20229 | &nbsp;&nbsp;&nbsp;&nbsp; (132950)<br>|
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23482 | &nbsp;&nbsp;&nbsp;&nbsp; (418090)<br>|
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3079 | &nbsp;&nbsp;&nbsp;&nbsp; 23052 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 38626 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 77169 | &nbsp;&nbsp;&nbsp;&nbsp; (87734)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (806484)<br>|
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2459 | &nbsp;&nbsp;&nbsp;&nbsp; 39489 |
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp;&nbsp; 8864 |
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp; 4270 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; $12680 | &nbsp;&nbsp;&nbsp;&nbsp; $106038 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 37779 | &nbsp;&nbsp;&nbsp;&nbsp; 89669 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 1547 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 177929 | &nbsp;&nbsp;&nbsp;&nbsp; 403379 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp; (64474)<br>|
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 40731 | &nbsp;&nbsp;&nbsp;&nbsp; (168379)<br>|
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 134404 | &nbsp;&nbsp;&nbsp;&nbsp; (185634)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 233222 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(573262)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 94018 | USD | 110087 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $461 |
| EUR | 212193 | USD | 246295 | HSBC Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3204 |
| AUD | 236819 | USD | 157182 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| BRL | 24396455 | USD | 4368483 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9166 |
| CAD | 11008077 | USD | 7991846 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54439 |
| CHF | 12872 | USD | 16206 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168 |
| CNH | 27643764 | USD | 3933958 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45745 |
| DKK | 9530624 | USD | 1495106 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10752 |
| DKK | 6838535 | USD | 1073174 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7329 |
| EUR | 567751 | USD | 663912 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559 |
| EUR | 150626 | USD | 177177 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
| EUR | 16989301 | USD | 19892959 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140191 |
| GBP | 4533864 | USD | 6044009 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66296 |
| INR | 74786626 | USD | 826124 | Nomura International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 |
| MXN | 43019391 | USD | 2334686 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37383 |
| MXN | 28859590 | USD | 1570157 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21147 |
| TRY | 34066106 | USD | 742331 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9474 |
| TRY | 34820842 | USD | 758778 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9684 |
| USD | 301415 | EUR | 255499 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| USD | 236536 | EUR | 200530 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| USD | 239320 | EUR | 202522 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| USD | 317836 | EUR | 268891 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 |
| USD | 490390 | EUR | 415253 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| USD | 11951679 | HKD | 92760627 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5565 |
| USD | 314815 | HKD | 2444075 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| USD | 5793289 | JPY | 899281950 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16565 |
| USD | 160078 | JPY | 24563511 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290 |
| USD | 244896 | JPY | 37752236 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2386 |
| USD | 273327 | JPY | 42251610 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 |
| USD | 16159521 | TWD | 501467100 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219973 |
| ZAR | 40035744 | USD | 2334686 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70670 |
| ZAR | 33715234 | USD | 1969313 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56306 |
| USD | 984809 | IDR | 16463256805 | BNP Paribas SA | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801788 |
| USD | 116502 | EUR | 99679 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (702)<br>|
| USD | 125174 | EUR | 107106 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (763)<br>|
| USD | 129293 | EUR | 110624 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (780)<br>|
| USD | 200268 | EUR | 171331 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1185)<br>|
| USD | 203003 | EUR | 173701 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1237)<br>|
| USD | 232046 | EUR | 198552 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1414)<br>|
| USD | 232538 | EUR | 198973 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1417)<br>|
| USD | 233685 | EUR | 199940 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1407)<br>|
| USD | 258281 | EUR | 221000 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1573)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 296625 | EUR | 253794 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1789)<br>|
| USD | 447118 | EUR | 382556 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2697)<br>|
| USD | 488276 | EUR | 417796 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>|
| USD | 578173 | EUR | 494718 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3522)<br>|
| USD | 2119047 | EUR | 1813177 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12909)<br>|
| BRL | 17301576 | USD | 3112914 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8356)<br>|
| EUR | 181934 | USD | 214777 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247)<br>|
| EUR | 1353692 | USD | 1601890 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5667)<br>|
| EUR | 458304 | USD | 542722 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2306)<br>|
| JPY | 60626499 | USD | 390442 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (996)<br>|
| JPY | 30173265 | USD | 196337 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2513)<br>|
| JPY | 2638928099 | USD | 16996700 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45000)<br>|
| USD | 5777798 | AUD | 8690757 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22460)<br>|
| USD | 1119056 | AUD | 1683284 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4377)<br>|
| USD | 3125000 | CAD | 4284138 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6464)<br>|
| USD | 7662706 | CAD | 10553963 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51647)<br>|
| USD | 2238992 | CHF | 1778510 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23410)<br>|
| USD | 3714707 | CNY | 26069071 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25710)<br>|
| USD | 10934795 | DKK | 69679984 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74783)<br>|
| USD | 82611532 | EUR | 70313970 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300079)<br>|
| USD | 159417173 | EUR | 135686315 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (579068)<br>|
| USD | 387991 | EUR | 332299 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3843)<br>|
| USD | 1782595 | EUR | 1522966 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13230)<br>|
| USD | 247705 | GBP | 186381 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3481)<br>|
| USD | 723038 | GBP | 538251 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2365)<br>|
| USD | 8790974 | GBP | 6593745 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95439)<br>|
| USD | 38406271 | GBP | 28808684 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419294)<br>|
| USD | 196537 | GBP | 145868 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>|
| USD | 2590272 | MXN | 47607671 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34793)<br>|
| USD | 185519 | NOK | 1881150 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1058)<br>|
| USD | 451497 | SEK | 4178345 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4072)<br>|
| USD | 789265 | SEK | 7304357 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7135)<br>|
| USD | 199100 | SGD | 256172 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1135)<br>|
| USD | 2204444 | ZAR | 37736964 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62801)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1836149)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1034361)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 609.00 | USD | 25555 | &nbsp;&nbsp;&nbsp;&nbsp; $246494  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 690.00 | USD | 35392 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 693.00 | USD | 70647 | &nbsp;&nbsp;&nbsp;&nbsp; 80507 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 340.00 | USD | 7406 | &nbsp;&nbsp;&nbsp;&nbsp; 10148 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 285.00 | USD | 7123 | &nbsp;&nbsp;&nbsp;&nbsp; 11659 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 924 | &nbsp;&nbsp;&nbsp;&nbsp; 4046 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 51870 |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 235.00 | USD | 304 | &nbsp;&nbsp;&nbsp;&nbsp; 420 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 729 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 3949 | &nbsp;&nbsp;&nbsp;&nbsp; 143672 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | EUR | 260.00 | EUR | 5292 | &nbsp;&nbsp;&nbsp;&nbsp; 180705 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 870.00 | USD | 440 | &nbsp;&nbsp;&nbsp;&nbsp; 14075 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 53853 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 122.00 | USD | 328 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 4383 | &nbsp;&nbsp;&nbsp;&nbsp; 50290 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 390.00 | USD | 25760 | &nbsp;&nbsp;&nbsp;&nbsp; 761102 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 405.00 | USD | 15020 | &nbsp;&nbsp;&nbsp;&nbsp; 163562 |
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 2748 | &nbsp;&nbsp;&nbsp;&nbsp; 8022 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 920 | &nbsp;&nbsp;&nbsp;&nbsp; $342 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 115.00 | USD | 1671 | &nbsp;&nbsp;&nbsp;&nbsp; 8550 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 319 | &nbsp;&nbsp;&nbsp;&nbsp; 12740 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 340.00 | USD | 5962 | &nbsp;&nbsp;&nbsp;&nbsp; 129675 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 240.00 | USD | 5470 | &nbsp;&nbsp;&nbsp;&nbsp; 196117 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 255.00 | USD | 993 | &nbsp;&nbsp;&nbsp;&nbsp; 16340 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 290.00 | USD | 3860 | &nbsp;&nbsp;&nbsp;&nbsp; 40328 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 120.00 | USD | 2777 | &nbsp;&nbsp;&nbsp;&nbsp; 83300 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 50.00 | USD | 1081 | &nbsp;&nbsp;&nbsp;&nbsp; 13860 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 865.00 | USD | 615 | &nbsp;&nbsp;&nbsp;&nbsp; 32218 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 325.00 | USD | 3061 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 670.00 | USD | 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 155375 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 510.00 | USD | 3772 | &nbsp;&nbsp;&nbsp;&nbsp; 69810 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 410.00 | USD | 856 | &nbsp;&nbsp;&nbsp;&nbsp; 23980 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 390.00 | USD | 29803 | &nbsp;&nbsp;&nbsp;&nbsp; 1313105 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 450.00 | USD | 2878 | &nbsp;&nbsp;&nbsp;&nbsp; 211360 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 480.00 | USD | 1349 | &nbsp;&nbsp;&nbsp;&nbsp; 63375 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 175.00 | USD | 1547 | &nbsp;&nbsp;&nbsp;&nbsp; 28690 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 200.00 | USD | 2608 | &nbsp;&nbsp;&nbsp;&nbsp; 53533 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 430.00 | USD | 2942 | &nbsp;&nbsp;&nbsp;&nbsp; 63537 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 110.00 | USD | 677 | &nbsp;&nbsp;&nbsp;&nbsp; 61335 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 75.00 | USD | 291 | &nbsp;&nbsp;&nbsp;&nbsp; 12558 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 200.00 | USD | 3096 | &nbsp;&nbsp;&nbsp;&nbsp; 165170 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 420.00 | USD | 7570 | &nbsp;&nbsp;&nbsp;&nbsp; 169319 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 120.00 | USD | 335 | &nbsp;&nbsp;&nbsp;&nbsp; 19125 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4821589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Up-and-in | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 01/21/26 | JPY | 158.00 | JPY | 160.25 | USD | 2976 | &nbsp;&nbsp; $794 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | BNP Paribas SA | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; USD | 1.13 | EUR | &nbsp;&nbsp; 3018 | $32 |
| &nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; BRL | 5.25 | USD | &nbsp;&nbsp; 4128 | 9664 |
|  |  |  |  |  |  |  | $9696 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/07/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.57% | Annual | Deutsche Bank AG | 02/05/26 | 3.57<br> % <br>| USD | 5375 | $6377 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 02/07/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.77% | Annual | Deutsche Bank AG | 02/05/26 | 3.77 | USD | 3579 | 2070 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/08/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.45% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.45 | USD | 3919 | 1890 |
| &nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 02/08/31 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.15% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.15 | USD | 6241 | 3307 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 05/02/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55 | USD | 13607 | 30655 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.00% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.00 | USD | 66224 | 69092 |
|  |  |  |  |  |  |  |  |  |  | $113391 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 621.00 | USD | 25555 | &nbsp;&nbsp;&nbsp;&nbsp; $(8795 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 698.00 | USD | 35392 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 701.00 | USD | 70647 | &nbsp;&nbsp;&nbsp;&nbsp; (6700)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 330.00 | USD | 847 | &nbsp;&nbsp;&nbsp;&nbsp; (3713)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 145.00 | USD | 261 | &nbsp;&nbsp;&nbsp;&nbsp; (5445)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1305 | &nbsp;&nbsp;&nbsp;&nbsp; (26400)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 2090 | &nbsp;&nbsp;&nbsp;&nbsp; (3610)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; (4225)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 265 | &nbsp;&nbsp;&nbsp;&nbsp; (5670)<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 424 | &nbsp;&nbsp;&nbsp;&nbsp; (1045)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 828 | &nbsp;&nbsp;&nbsp;&nbsp; (55557)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 135.00 | USD | 300 | &nbsp;&nbsp;&nbsp;&nbsp; (2160)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 3949 | &nbsp;&nbsp;&nbsp;&nbsp; (9104)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 900.00 | USD | 967 | &nbsp;&nbsp;&nbsp;&nbsp; (160650)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 493 | &nbsp;&nbsp;&nbsp;&nbsp; (19351)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 300.00 | USD | 402 | &nbsp;&nbsp;&nbsp;&nbsp; (1575)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 575.00 | USD | 227 | &nbsp;&nbsp;&nbsp;&nbsp; (5781)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 81.00 | USD | 3927 | &nbsp;&nbsp;&nbsp;&nbsp; (3748)<br>|
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 6400 | &nbsp;&nbsp;&nbsp;&nbsp; (848)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 410 | &nbsp;&nbsp;&nbsp;&nbsp; (4100)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 940.00 | USD | 410 | &nbsp;&nbsp;&nbsp;&nbsp; (2400)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 105.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 155.00 | USD | 485 | &nbsp;&nbsp;&nbsp;&nbsp; (222190)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 205.00 | USD | 3544 | &nbsp;&nbsp;&nbsp;&nbsp; (9880)<br>|
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc, Class A | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 18 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 395.00 | USD | 7609 | &nbsp;&nbsp;&nbsp;&nbsp; (167220)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 430.00 | USD | 17517 | &nbsp;&nbsp;&nbsp;&nbsp; (21234)<br>|
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 77.00 | USD | 2748 | &nbsp;&nbsp;&nbsp;&nbsp; (383)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 450 | &nbsp;&nbsp;&nbsp;&nbsp; (5400)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 500.00 | USD | 225 | &nbsp;&nbsp;&nbsp;&nbsp; (1320)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 389 | &nbsp;&nbsp;&nbsp;&nbsp; (2150)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 170.00 | USD | 147 | &nbsp;&nbsp;&nbsp;&nbsp; (1089)<br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 920 | &nbsp;&nbsp;&nbsp;&nbsp; (285)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 370.00 | USD | 8096 | &nbsp;&nbsp;&nbsp;&nbsp; (49665)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 345.00 | USD | 941 | &nbsp;&nbsp;&nbsp;&nbsp; (16875)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 130.00 | USD | 2777 | &nbsp;&nbsp;&nbsp;&nbsp; (22610)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 80.00 | USD | 1201 | &nbsp;&nbsp;&nbsp;&nbsp; (15743)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | EUR | 270.00 | EUR | 1448 | &nbsp;&nbsp;&nbsp;&nbsp; (41690)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 82.00 | USD | 2620 | &nbsp;&nbsp;&nbsp;&nbsp; (603)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 355.00 | USD | 3061 | &nbsp;&nbsp;&nbsp;&nbsp; (12540)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 750.00 | USD | 3300 | &nbsp;&nbsp;&nbsp;&nbsp; $(40375 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 420.00 | USD | 59645 | &nbsp;&nbsp;&nbsp;&nbsp; (846927)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 550.00 | USD | 2878 | &nbsp;&nbsp;&nbsp;&nbsp; (46720)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 560.00 | USD | 1349 | &nbsp;&nbsp;&nbsp;&nbsp; (19050)<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 250.00 | USD | 2608 | &nbsp;&nbsp;&nbsp;&nbsp; (15053)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1890072)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 185.00 | USD | 304 | &nbsp;&nbsp;&nbsp;&nbsp; (224)<br>|
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 391 | &nbsp;&nbsp;&nbsp;&nbsp; (1640)<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 729 | &nbsp;&nbsp;&nbsp;&nbsp; (3795)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 431 | &nbsp;&nbsp;&nbsp;&nbsp; (2175)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 57.50 | USD | 2283 | &nbsp;&nbsp;&nbsp;&nbsp; (7402)<br>|
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 61.00 | USD | 1523 | &nbsp;&nbsp;&nbsp;&nbsp; (9235)<br>|
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 150.00 | USD | 920 | &nbsp;&nbsp;&nbsp;&nbsp; (8949)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 100.00 | USD | 319 | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 290.00 | USD | 5962 | &nbsp;&nbsp;&nbsp;&nbsp; (121125)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 205.00 | USD | 5470 | &nbsp;&nbsp;&nbsp;&nbsp; (67545)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 215.00 | USD | 993 | &nbsp;&nbsp;&nbsp;&nbsp; (21715)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 245.00 | USD | 3860 | &nbsp;&nbsp;&nbsp;&nbsp; (26767)<br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 43.00 | USD | 1081 | &nbsp;&nbsp;&nbsp;&nbsp; (12705)<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 770.00 | USD | 615 | &nbsp;&nbsp;&nbsp;&nbsp; (3973)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 78.00 | USD | 2620 | &nbsp;&nbsp;&nbsp;&nbsp; (4481)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 440.00 | USD | 3772 | &nbsp;&nbsp;&nbsp;&nbsp; (36270)<br>|
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 330.00 | USD | 856 | &nbsp;&nbsp;&nbsp;&nbsp; (3850)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 370.00 | USD | 10066 | &nbsp;&nbsp;&nbsp;&nbsp; (79178)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 350.00 | USD | 2878 | &nbsp;&nbsp;&nbsp;&nbsp; (23040)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 360.00 | USD | 1349 | &nbsp;&nbsp;&nbsp;&nbsp; (13575)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 145.00 | USD | 2312 | &nbsp;&nbsp;&nbsp;&nbsp; (28897)<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 140.00 | USD | 2608 | &nbsp;&nbsp;&nbsp;&nbsp; (80500)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 310.00 | USD | 2942 | &nbsp;&nbsp;&nbsp;&nbsp; (123037)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 95.00 | USD | 677 | &nbsp;&nbsp;&nbsp;&nbsp; (5249)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 60.00 | USD | 291 | &nbsp;&nbsp;&nbsp;&nbsp; (6657)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 145.00 | USD | 4420 | &nbsp;&nbsp;&nbsp;&nbsp; (57354)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 375.00 | USD | 7570 | &nbsp;&nbsp;&nbsp;&nbsp; (114287)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 85.00 | USD | 335 | &nbsp;&nbsp;&nbsp;&nbsp; (3975)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 280.00 | USD | 1661 | &nbsp;&nbsp;&nbsp;&nbsp; (111960)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 150.00 | USD | 1417 | &nbsp;&nbsp;&nbsp;&nbsp; (82460)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1062090)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2952162)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; USD | 1.13 | EUR | &nbsp;&nbsp; 3018 | $(32)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; IDR | &nbsp;&nbsp; 16250.00 | USD | &nbsp;&nbsp; 4120 | (3663)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; MXN | 17.95 | USD | &nbsp;&nbsp; 4128 | (30798)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; ZAR | 16.70 | USD | &nbsp;&nbsp; 4120 | (66701)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; BRL | 5.25 | USD | &nbsp;&nbsp; 4128 | (9665)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; ZAR | 16.35 | USD | &nbsp;&nbsp; 4107 | (31019)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; MXN | 17.65 | USD | &nbsp;&nbsp; 4098 | (13341)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; BRL | 5.25 | USD | &nbsp;&nbsp; 4098 | (12833)<br>|
| &nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp; IDR | &nbsp;&nbsp; 16325.00 | USD | &nbsp;&nbsp; 4097 | (7576)<br>|
|  |  |  |  |  |  |  | $(175628)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/19/36 | 3.60% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; Nomura International <br> PLC<br>| 02/17/26 | 3.60<br> % <br>| USD | 6929 | $(15544 )<br>|
| 10-Year Interest Rate Swap, 02/20/36 | 3.40% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 02/18/26 | 3.40 | USD | 10416 | (6552)<br>|
| 30-Year Interest Rate Swap, 03/04/56 | 4.20% | Annual | 1-day SONIA, <br> 3.73%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 03/04/26 | 4.20 | GBP | 2108 | (18189)<br>|
| 10-Year Interest Rate Swap, 03/13/36 | 3.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 03/11/26 | 3.50 | USD | 10458 | (22058)<br>|
| 30-Year Interest Rate Swap, 05/02/56 | 3.25% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Bank of America N.A. | 04/30/26 | 3.25 | USD | 13607 | (9130)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 2.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 2.50 | USD | 66223 | (21724)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | 3.20% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 12/16/26 | 3.20 | USD | 5212 | (31023)<br>|
|  |  |  |  |  |  |  |  |  |  | (124220)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/04/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96 | USD | 9405 | (17829)<br>|
| 30-Year Interest Rate Swap, 02/04/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/02/26 | 4.30 | USD | 4159 | (18389)<br>|
| 10-Year Interest Rate Swap, 02/19/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; Nomura International <br> PLC<br>| 02/17/26 | 4.00 | USD | 6929 | (16304)<br>|
| 2-Year Interest Rate Swap, 02/22/28 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.58% | Annual | Bank of America N.A. | 02/20/26 | 3.58 | USD | 23697 | (4723)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.11%<br>| Semi-Annual | 2.94% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 2.94 | EUR | 13198 | (199793)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 4.00 | USD | 12435 | (86608)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.50 | USD | 66223 | (42665)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60 | USD | 5212 | (38514)<br>|
| 2-Year Interest Rate Swap, 09/22/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/20/27 | 4.30 | USD | 72339 | (195858)<br>|
| 2-Year Interest Rate Swap, 12/10/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; Nomura International <br> PLC<br>| 12/08/27 | 4.00 | USD | 27884 | (130469)<br>|
| 2-Year Interest Rate Swap, 12/18/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50 | USD | 42042 | (112327)<br>|
|  |  |  |  |  |  |  |  |  |  | (863479)<br>|
|  |  |  |  |  |  |  |  |  |  | $(987699)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | 4216 | &nbsp;&nbsp;&nbsp;&nbsp; $(340425 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(264392 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(76033 )<br>|
| CDX.NA.HY.45.V1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 1402 | &nbsp;&nbsp;&nbsp;&nbsp; (108905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16327)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(449330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(356970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(92360)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.41.V2 | 5.00<br> % <br>| Quarterly | 12/20/28 | B- | USD | 3367 | &nbsp;&nbsp;&nbsp; $254698 | &nbsp;&nbsp;&nbsp; $63705 | &nbsp;&nbsp;&nbsp; $190993 |
| Ardagh Packaging Finance PLC | 5.00 | Quarterly | 12/20/29 | NR | EUR | 316 | &nbsp;&nbsp;&nbsp; (218747)<br>| &nbsp;&nbsp;&nbsp; (4478)<br>| &nbsp;&nbsp;&nbsp; (214269)<br>|
| iTraxx.XO.42.V4 | 5.00 | Quarterly | 12/20/29 | B- | EUR | 22763 | &nbsp;&nbsp;&nbsp; 2751995 | &nbsp;&nbsp;&nbsp; 1641838 | &nbsp;&nbsp;&nbsp; 1110157 |
| Ardagh Packaging Finance PLC | 5.00 | Quarterly | 06/20/30 | NR | EUR | 13 | &nbsp;&nbsp;&nbsp; (8894)<br>| &nbsp;&nbsp;&nbsp; (182)<br>| &nbsp;&nbsp;&nbsp; (8712)<br>|
| iTraxx.XO.43.V3 | 5.00 | Quarterly | 06/20/30 | B- | EUR | 938 | &nbsp;&nbsp;&nbsp; 126461 | &nbsp;&nbsp;&nbsp; 82959 | &nbsp;&nbsp;&nbsp; 43502 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2905513 | &nbsp;&nbsp;&nbsp; $1783842 | &nbsp;&nbsp;&nbsp; $1121671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| &nbsp;&nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 2.69% | At Termination | 08/15/32 | EUR | 1425 | &nbsp;&nbsp; $65507 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $65477 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.68% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 119320 | $(5421)<br>| $76 | $(5497)<br>|
| 3.79% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 239158 | (46308)<br>| 152 | (46460)<br>|
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | N/A | 03/09/26 | JPY | 2893937 | 47521 | 9 | 47512 |
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 43825 | 115192 | 27 | 115165 |
| 1-day SOFR, 3.87% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 16044 | 50634 | 10 | 50624 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 25216 | (16624)<br>| 17 | (16641)<br>|
| 1-day SOFR, 3.87% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 30249 | 60058 | 21 | 60037 |
| 1-day SOFR, 3.87% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 25254 | 109239 | 20 | 109219 |
| 1-day SOFR, 3.87% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 11267 | 53240 | 14 | 53226 |
| 4.69% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 10/02/26 | USD | 115533 | (1176397)<br>| (6459)<br>| (1169938)<br>|
| 1-day SOFR, 3.87% | At Termination | 4.17% | At Termination | N/A | 10/23/26 | USD | 19696 | 111472 | 29 | 111443 |
| 1-day SOFR, 3.87% | At Termination | 4.21% | At Termination | N/A | 10/27/26 | USD | 39419 | 244422 | 59 | 244363 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 39747 | 164418 | 75 | 164343 |
| 1-day SOFR, 3.87% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 36165 | 144014 | 87 | 143927 |
| 1-day SOFR, 3.87% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 9910 | (59556)<br>| 26 | (59582)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/27 | INR | 203365 | 29141 | 16 | 29125 |
| 1-day SOFR, 3.87% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 30153 | 274962 | 96 | 274866 |
| 1-day SOFR, 3.87% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 30153 | 304567 | 102 | 304465 |
| 1-day SOFR, 3.87% | Annual | 3.30% | Annual | N/A | 10/23/27 | USD | 7036 | (12472)<br>| 29 | (12501)<br>|
| 1-day SOFR, 3.87% | Annual | 4.20% | Annual | N/A | 10/23/27 | USD | 10250 | 161466 | 42 | 161424 |
| 1-day SOFR, 3.87% | Annual | 3.92% | Annual | N/A | 11/03/27 | USD | 4880 | 51981 | 20 | 51961 |
| 1-day SOFR, 3.87% | Annual | 3.95% | Annual | N/A | 11/03/27 | USD | 4880 | 54823 | 20 | 54803 |
| 1-day SOFR, 3.87% | Annual | 3.99% | Annual | N/A | 11/03/27 | USD | 9761 | 116280 | 41 | 116239 |
| 1-day SOFR, 3.87% | Annual | 4.07% | Annual | N/A | 11/03/27 | USD | 19787 | 268451 | 83 | 268368 |
| 1-day SOFR, 3.87% | Annual | 3.86% | Annual | N/A | 11/10/27 | USD | 20267 | 196004 | 86 | 195918 |
| 1-day SOFR, 3.87% | At Termination | 3.23% | At Termination | 12/11/26 <br><sup>(a)</sup><br>| 12/11/27 | USD | 32850 | 13482 | 59 | 13423 |
| 1-day SOFR, 3.87% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 27289 | 94448 | 118 | 94330 |
| 3.45% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 01/26/28 | USD | 24493 | (69032)<br>| 106 | (69138)<br>|
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 24493 | 328264 | 106 | 328158 |
| 3.27% | Annual | 1-day SOFR, 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | 11189 | 107 | 11082 |
| 1-day SOFR, 3.87% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | 275036 | 107 | 274929 |
| 1-day SONIA, 3.73% | At Termination | 3.18% | At Termination | 02/10/27 <br><sup>(a)</sup><br>| 02/10/28 | GBP | 42829 | (148035)<br>| 262 | (148297)<br>|
| 1-day SONIA, 3.73% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6480 | 310723 | (10)<br>| 310733 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 3.87% | Annual | 3.50% | Annual | N/A | 08/20/28 | USD | 22532 | $43041 | $88 | $42953 |
| 1-day SOFR, 3.87% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 81301 | 2401472 | 11124 | 2390348 |
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 13191 | 388992 | 74 | 388918 |
| 1-day SONIA, 3.73% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 6091 | 133758 | 173 | 133585 |
| 1-day SONIA, 3.73% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 6085 | 134122 | 176 | 133946 |
| 1-day SOFR, 3.87% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21232 | (13368)<br>| 97 | (13465)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 15660 | 656291 | 108 | 656183 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.26% | Semi-Annual | N/A | 03/20/29 | INR | 62930 | 12175 | 8 | 12167 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.30% | Semi-Annual | N/A | 03/20/29 | INR | 76915 | 15904 | 10 | 15894 |
| 1-day SOFR, 3.87% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 35313 | 334003 | 214 | 333789 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 21208 | 375797 | 133 | 375664 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 16044 | 315267 | 101 | 315166 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 25216 | 452039 | 160 | 451879 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 12604 | 227854 | 80 | 227774 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 17653 | 643532 | 125 | 643407 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 25231 | 463412 | 162 | 463250 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 12874 | 435979 | 97 | 435882 |
| 1-day SOFR, 3.87% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 12616 | 111154 | 91 | 111063 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | 227953 | 29 | 227924 |
| 1-day SONIA, 3.73% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6749 | 113261 | 194 | 113067 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 13498 | 262136 | 105 | 262031 |
| 1-day SOFR, 3.87% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 14200 | (237063)<br>| 113 | (237176)<br>|
| 1-day SOFR, 3.87% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12058 | 184741 | 96 | 184645 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 2989 | (9085)<br>| 30 | (9115)<br>|
| 0.02% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | N/A | 08/26/31 | EUR | 9317 | 1575484 | 118 | 1575366 |
| 1-day ESTR, 2,502.55% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 7414 | (138594)<br>| 104 | (138698)<br>|
| 1-day SOFR, 3.87% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 13769 | (391585)<br>| 127 | (391712)<br>|
| 1-day SOFR, 3.87% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 121626 | 5382305 | 8528 | 5373777 |
| 4.40% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/01/33 | USD | 11317 | (571235)<br>| 154 | (571389)<br>|
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 9940 | 186590 | 132 | 186458 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 2863 | 53767 | 38 | 53729 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/34 | INR | 25865 | 5217 | 5 | 5212 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.35% | Semi-Annual | N/A | 03/20/34 | INR | 25865 | 5406 | 5 | 5401 |
| 1-day SOFR, 3.87% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 8496 | (53481)<br>| 126 | (53607)<br>|
| 1-day SOFR, 3.87% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 13998 | (81177)<br>| 212 | (81389)<br>|
| 1-day SOFR, 3.87% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 10993 | (109695)<br>| 167 | (109862)<br>|
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 10876 | (49274)<br>| 169 | (49443)<br>|
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 07/09/35 | USD | 5392 | (21752)<br>| 84 | (21836)<br>|
| 3.46% | Annual | 1-day SOFR, 3.87% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4853 | 178082 | 80 | 178002 |
| 4.25% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 09/29/43 | USD | 1467 | (20258)<br>| 926 | (21184)<br>|
| 3.65% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/03/53 | USD | 5251 | 472863 | 163 | 472700 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 5251 | (165291)<br>| 163 | (165454)<br>|
| 3.65% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/02/54 | USD | 31110 | 2818983 | 9694 | 2809289 |
| 1-day SONIA, 3.73% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 2400 | (191073)<br>| 11251 | (202324)<br>|
| 1-day SONIA, 3.73% | Annual | 4.45% | Annual | N/A | 12/04/55 | GBP | 2108 | (2229)<br>| 64 | (2293)<br>|
|  |  |  |  |  |  |  |  | $18613602 | $41451 | $18572151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| UBS Group AG | 1.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 3700 | $(79309 )<br>| $67475  | $(146784 )<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 2160 | (46299)<br>| 38020 | (84319)<br>|
| Boeing, Co. | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 800 | (12469)<br>| (2420)<br>| (10049)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**OTC Credit Default Swaps — Buy Protection (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing*<br> *Rate Paid*<br> *by the Trust*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Boeing, Co. | 1.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 800 | $(13282 )<br>| $6898  | $(20180 )<br>|
| TIM S.p.A. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | EUR | 190 | (1257)<br>| 7584 | (8841)<br>|
|  |  |  |  |  |  |  | $(152616)<br>| $117557 | $(270173)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Altice France SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | CCC+ | EUR | 332 | $12333  | $8074  | $4259  |
| ZF Europe Finance B.V. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/28 | BB- | EUR | 145 | 12520 | 10425 | 2095 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 290 | 17422 | 18461 | (1039)<br>|
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 290 | 17423 | 18900 | (1477)<br>|
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 662 | 103628 | 82778 | 20850 |
| Eutelsat S.A. | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | NR | EUR | 143 | 30839 | 18431 | 12408 |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | NR | EUR | 191 | 41091 | 25700 | 15391 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 103 | 14061 | 9961 | 4100 |
| Vistra Operations Company LLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | NR | USD | 80 | 14221 | 14601 | (380)<br>|
|  |  |  |  |  |  |  |  | $263538 | $207331 | $56207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; China Fixing Repo <br> Rates 7-day, <br> 2.20%<br>| Quarterly | 2.60% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/15/26 | CNY | 157107 | $181730 | $— | $181730 |
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.06% | At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14158 | (288920)<br>|  | (288920)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.03% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 12635 | (261016)<br>|  | (261016)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 96 | (1926)<br>|  | (1926)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.16% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 17910 | (359630)<br>|  | (359630)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 17183 | (344743)<br>|  | (344743)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.35% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 29050 | (530062)<br>|  | (530062)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.99% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14191 | (296871)<br>|  | (296871)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14578 | (299797)<br>|  | (299797)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.03% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14173 | (292627)<br>|  | (292627)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6259 | (16318)<br>|  | (16318)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 11207 | (25405)<br>|  | (25405)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7285 | $(16513)<br>| $— | $(16513)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 29259 | (45483)<br>|  | (45483)<br>|
|  |  |  |  |  |  |  |  |  | $(2597581)<br>| $— | $(2597581)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.45%, 3.87%<br>| At Termination | Citibank N.A. | N/A | 03/20/26 | USD | 2685 | $(8441 )<br>| $—  | $(8441 )<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.30%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 03/20/26 | USD | 7337 | (2110)<br>|  | (2110)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.30%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 5742 | (1651)<br>|  | (1651)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | BNP Paribas SA | N/A | 03/20/26 | USD | 4291 | 12837 |  | 12837 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 2321 | 6944 |  | 6944 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 1832 | 5480 |  | 5480 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.25%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 03/20/26 | USD | 2408 | 7739 |  | 7739 |
|  |  |  |  |  |  |  |  |  | $20798 | $— | $20798 |

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| AMC Networks, Inc., Class A | Barclays Bank PLC | $262071 | 08/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(2993 )<br>|
| AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518323 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9989 |
| Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70848 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2323 |
| Flagstar Bank NA | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910770 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20506)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (11187)<br>|
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| Alliance Laundry Holdings, Inc. | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1341765) | 08/23/26 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78233 |
| Community Financial System, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84110) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2775 |
| CVB Financial Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73361) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3780 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2384408) | 02/09/26 | (0.30)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9483 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| &nbsp;&nbsp;&nbsp; State Street SPDR Bloomberg High <br> Yield Bond ETF<br>| Citibank N.A. | $(4819528) | 02/24/28 | (0.45)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(14920 )<br>|
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1608338) | 02/09/26 | (0.47)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 80694 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 69507 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (71997)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(2490)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Trust receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Trust pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

**Balances Reported in the Consolidated Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $1836452  | &nbsp;&nbsp;&nbsp;&nbsp; $(368099 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23579281  | &nbsp;&nbsp;&nbsp;&nbsp; $(3912342 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| OTC Swaps | &nbsp;&nbsp; 327308 | &nbsp;&nbsp;&nbsp;&nbsp; (2420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 381759 | &nbsp;&nbsp;&nbsp;&nbsp; (3174998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; (4509889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1321398 | &nbsp;&nbsp;&nbsp;&nbsp; (926998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4115489)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $293399  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $698811  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $992210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 801788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 801788 |
| &nbsp;&nbsp;&nbsp; Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4821589 | &nbsp;&nbsp; 10490 | &nbsp;&nbsp; 113391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4945470 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1344652 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22169152 | &nbsp;&nbsp; 65477 | &nbsp;&nbsp; 23579281 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 386411 | &nbsp;&nbsp; 140926 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181730 | &nbsp;&nbsp; — | &nbsp;&nbsp; 709067 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1731063 | &nbsp;&nbsp; $5255914 | &nbsp;&nbsp; $812278 | &nbsp;&nbsp; $23163084 | &nbsp;&nbsp; $65477 | &nbsp;&nbsp; $31027816 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $595112  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $970360  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1565472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1836149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1836149 |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2952162 | &nbsp;&nbsp; 175628 | &nbsp;&nbsp; 987699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4115489 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $315341  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3597001  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3912342  |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 275489 | &nbsp;&nbsp; 122618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2779311 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3177418 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $590830 | &nbsp;&nbsp; $3669892 | &nbsp;&nbsp; $2011777 | &nbsp;&nbsp; $8334371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14606870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended December 31, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $2277029  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(6733753 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(4456724 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24850579)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24850579)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (9562)<br>| &nbsp;&nbsp; (5446855)<br>| &nbsp;&nbsp; (580404)<br>| &nbsp;&nbsp; (2007248)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8044069)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 11667359 | &nbsp;&nbsp; 547449 | &nbsp;&nbsp; 4187694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16402797 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 890901 | &nbsp;&nbsp; (832727)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (649409)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (591235)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $881634 | &nbsp;&nbsp; $7664806 | &nbsp;&nbsp; $(24883534)<br>| &nbsp;&nbsp; $(5202716)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21539810)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(5761689 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(903227 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(6664916 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6453975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6453975)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1440881 | &nbsp;&nbsp; (6773)<br>| &nbsp;&nbsp; 324767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1758875 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 511555 | &nbsp;&nbsp; (34417)<br>| &nbsp;&nbsp; 318929 | &nbsp;&nbsp; — | &nbsp;&nbsp; 796067 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 912693 | &nbsp;&nbsp; (156252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14487635 | &nbsp;&nbsp; 9116 | &nbsp;&nbsp; 15253192 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $912693 | &nbsp;&nbsp; $(3965505)<br>| &nbsp;&nbsp; $(6495165)<br>| &nbsp;&nbsp; $14228104 | &nbsp;&nbsp; $9116 | &nbsp;&nbsp; $4689243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — long | &nbsp;&nbsp; $344201463 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 555895936 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 403943221 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 84800905 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 5311930 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 3688306 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | &nbsp;&nbsp; 119288073 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | &nbsp;&nbsp; 485801465 |
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 11066358 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 33390331 |
| Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | &nbsp;&nbsp; 338481779 |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 1528249896 |
| Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 1641778 |
| Total return swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value | &nbsp;&nbsp; 25238139 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)**

---

| | |
|:---|:---|
| Equity swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — long | &nbsp;&nbsp; $1739911 |
| &nbsp;&nbsp;&nbsp; Average notional value — short | &nbsp;&nbsp; 10413987 |

---

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; $2657134  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 801788 | &nbsp;&nbsp;&nbsp;&nbsp; 1836149 |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; 4945470 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4115489 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704038 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 709067 | &nbsp;&nbsp;&nbsp;&nbsp; 3177418 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 9113459 | &nbsp;&nbsp;&nbsp;&nbsp; 9833094 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (7478723)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3656200)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1634736 | &nbsp;&nbsp;&nbsp;&nbsp; $6176894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statements of Assets and Liabilities and reported in the Consolidated Schedule of Investments. 

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statements of Assets and Liabilities.

The following table presents the Trust's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $30655  | &nbsp;&nbsp; $(30655 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 88358 | &nbsp;&nbsp; (88358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 213328 | &nbsp;&nbsp; (213328)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 76369 | &nbsp;&nbsp; (76369)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 78636 | &nbsp;&nbsp; (78636)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 119624 | &nbsp;&nbsp; (119624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 57699 | &nbsp;&nbsp; (15612)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42087 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 253313 | &nbsp;&nbsp; (253313)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 411139 | &nbsp;&nbsp; (411139)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 540 | &nbsp;&nbsp; (540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 68682 | &nbsp;&nbsp; (68682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 23062 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23062 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 740 | &nbsp;&nbsp; (740)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 212591 | &nbsp;&nbsp; (83747)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128844 |
|  | &nbsp;&nbsp; $1634736 | &nbsp;&nbsp; $(1440743)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $193993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $931970  | &nbsp;&nbsp; $(30655 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(901315 )<br>| &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 584170 | &nbsp;&nbsp; (88358)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (220000)<br>| &nbsp;&nbsp; 275812 |
| BNP Paribas SA | &nbsp;&nbsp; 610201 | &nbsp;&nbsp; (213328)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (396873)<br>| &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 440839 | &nbsp;&nbsp; (76369)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (260000)<br>| &nbsp;&nbsp; 104470 |
| Deutsche Bank AG | &nbsp;&nbsp; 212840 | &nbsp;&nbsp; (78636)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134204 |
| Goldman Sachs International | &nbsp;&nbsp; 380068 | &nbsp;&nbsp; (119624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 260444 |
| HSBC Bank PLC | &nbsp;&nbsp; 15612 | &nbsp;&nbsp; (15612)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; $851506  | &nbsp;&nbsp; $(253313 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(430000 )<br>| &nbsp;&nbsp; $168193  |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 513550 | &nbsp;&nbsp; (411139)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 102411 |
| Nomura International PLC | &nbsp;&nbsp; 162317 | &nbsp;&nbsp; (540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161777 |
| Societe Generale | &nbsp;&nbsp; 1298441 | &nbsp;&nbsp; (68682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229759 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 2563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2563 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 17073 | &nbsp;&nbsp; (740)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16333 |
| UBS AG | &nbsp;&nbsp; 83747 | &nbsp;&nbsp; (83747)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $6104897 | &nbsp;&nbsp; $(1440743)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2208188)<br>| &nbsp;&nbsp; $2455966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $68216559  | &nbsp;&nbsp;&nbsp;&nbsp; $6048210  | &nbsp;&nbsp;&nbsp;&nbsp; $74264769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 17744436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17744436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13777 | &nbsp;&nbsp;&nbsp;&nbsp; 13777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 543372 | &nbsp;&nbsp;&nbsp;&nbsp; 12439735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12983107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6019869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6019869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33532223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33532223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2575493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2575493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 790558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25877194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25877194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22404586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22404586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 946515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 946515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1140741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1140741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 22744647 | &nbsp;&nbsp;&nbsp;&nbsp; 884831 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23629478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 2102585 | &nbsp;&nbsp;&nbsp;&nbsp; 39778577 | &nbsp;&nbsp;&nbsp;&nbsp; 385962 | &nbsp;&nbsp;&nbsp;&nbsp; 42267124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 706285226 | &nbsp;&nbsp;&nbsp;&nbsp; 2673332 | &nbsp;&nbsp;&nbsp;&nbsp; 30342618 | &nbsp;&nbsp;&nbsp;&nbsp; 739301176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151282189 | &nbsp;&nbsp;&nbsp;&nbsp; 57112667 | &nbsp;&nbsp;&nbsp;&nbsp; 208394856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8779441 | &nbsp;&nbsp;&nbsp;&nbsp; 8779441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49479937 | &nbsp;&nbsp;&nbsp;&nbsp; 42179586 | &nbsp;&nbsp;&nbsp;&nbsp; 91659523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12739528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12739528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 53045974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53045974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3403616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3403616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39007522 | &nbsp;&nbsp;&nbsp;&nbsp; 15116399 | &nbsp;&nbsp;&nbsp;&nbsp; 54123921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5811960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5811960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72876415 | &nbsp;&nbsp;&nbsp;&nbsp; 72876415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 266201273 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 266201273 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46487 | &nbsp;&nbsp;&nbsp;&nbsp; 46487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 8234 | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp;&nbsp; 6620809 | &nbsp;&nbsp;&nbsp;&nbsp; 6631032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 19221797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19221797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 4821589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4821589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113391 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5356 | &nbsp;&nbsp;&nbsp;&nbsp; 5356 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84093023)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84093023)<br>|
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10429)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10429)<br>|
|  | &nbsp;&nbsp; $826518140 | &nbsp;&nbsp;&nbsp;&nbsp; $661647698 | &nbsp;&nbsp;&nbsp;&nbsp; $239521483 | &nbsp;&nbsp;&nbsp;&nbsp; 1727687321 |
| Investments Valued at NAV<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4033939 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1731721260 |
| Derivative Financial Instruments<sup>(c)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1403755  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1403755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 289937 | &nbsp;&nbsp;&nbsp;&nbsp; 144388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 434325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 698811 | &nbsp;&nbsp;&nbsp;&nbsp; 22350882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23049693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65477 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (588410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (588410)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (3466076)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (203816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3669892)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2011777)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2011777)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (970360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7364011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8334371)<br>|
|  | &nbsp;&nbsp; $(3447688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $14598276 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11150588 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Non-Agency* <br>*Mortgage-Backed* <br>*Securities* <br>| *Preferred* <br>*Stocks* <br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $6740774  | $23231324  | $64054942 | $11953466  | $66548642  | $12039211  | $77045014  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2020 |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | (3044564)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; 16247 |  | 212921 | 10312 | 158565 | 220307 |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | (18)<br>| (1666608)<br>| 12544 | (97176)<br>| 32439 | (6130527)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (710831)<br>| (53256)<br>| (11759415)<br>| 50063 | 97146 | 216326 | 12229611 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | 7568273 | 27691791 | 23149 | 19834394 | 3450141 | 6625800 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (21420964)<br>| (3270093)<br>| (41317421)<br>| (842025)<br>| (16893483)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $6048210 | $30746323 | $57112667 | $8779441 | $42179586 | $15116399 | $72876415 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held <br> at December 31, 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $(710831)<br>| $(53256)<br>| $(11306129)<br>| $99142 | $10384 | $248765 | $5363335 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded Floating* <br>*Rate Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets/Liabilities** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $(6120 )<br>| $3925251  | $265532504  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | 959200 | 961220 |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (3044564)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 618352 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (7849346)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1047 | 1783064 | 1853755 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 65193548 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (83743986)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(5073)<br>| $6667515 | $239521483 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(1074)<br>| $1812464 | $(4537200)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(b)</sup> As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(c)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

<sup>(d)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $17,794,920.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $30732541 | Market | Revenue Multiple | 1.05x - 7.50x | 3.61x |
|  |  |  | Volatility | 45% - 80% | 65% |
|  |  |  | Time to Exit | 0.4 - 5.0 years | 1.9 years |
|  |  |  | EBITDA | 10.25x - 42.67x | 38.53x |
|  |  |  | Gross Profit Multiple | 7.25x |  |
|  |  |  | Discount for lack of marketability | 6% |  |
|  |  |  | Risk Free Rate | 4% |  |
|  |  | Income | Discount Rate | 10% |  |
| Asset Backed Securities | &nbsp;&nbsp; 4672450 | Income | Discount Rate | 7% |  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 3380763 | Income | Discount Rate | 8% |  |
| Corporate Bonds | &nbsp;&nbsp; 57112665 | Income | Discount Rate | 7% - 47% | 13% |
|  |  | Market | Revenue Multiple | 0.80x |  |
|  |  |  | Volatility | 60% - 60% | 60% |
|  |  |  | Time to Exit | 0.6 - 1.0 years | 0.7 years |
|  |  |  | Direct Profit Multiple | 2.00x |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 37858095 | Income | Discount Rate | 6% - 21% | 13% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 8779441 | Income | Discount Rate | 8% - 11% | 10% |
| Preferred Stocks<sup>(b)</sup> | &nbsp;&nbsp; 72523117 | Market | Revenue Multiple | 1.00x - 13.50x | 7.82x |
|  |  |  | Volatility | 36% - 94% | 74% |
|  |  |  | Time to Exit | 0.4 - 4.0 years | 2.9 years |
|  |  |  | EBITDA Multiple | 8.50x |  |
|  |  |  | EBITDAR Multiple | 8.25x |  |
|  |  |  | Market Adjustment Multiple | 0.20x - 0.85x | 0.83x |
|  |  | Income | Discount Rate | 10% - 15% | 12% |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock Capital Allocation Term Trust (BCAT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
| Warrants | &nbsp;&nbsp; $6667491 | Market | Revenue Multiple | 3.15x -13.50x | 11.76x |
|  |  |  | Volatility | 45% - 80% | 72% |
|  |  |  | Time to Exit | 0.4 - 5.2 years | 3.5 years |
|  |  |  | Discount for lack of marketability | 6% |  |
|  | &nbsp;&nbsp; $221726563 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The Trust valued certain of its Level 3 Preferred Stock using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $7,689,300 as of December 31, 2025. 

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Cayman Islands**<sup>(a)(b)</sup> **— 0.3%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.3%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.3%** |  |
| CarVal CLO VC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term SOFR + <br> 3.51%), 7.42%, 10/15/34<br>| USD | 250 | &nbsp;&nbsp; $250014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term SOFR + <br> 7.01%), 10.92%, 10/15/34<br>|  | 250 | &nbsp;&nbsp; 247006 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd., Series 19-1A, Class 1RR, (3-mo. <br> CME Term SOFR + 1.52%), 5.40%, 04/20/37<br>|  | 250 | &nbsp;&nbsp; 250864 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VII Ltd., Series 2020-4A, Class SUB, <br> 0.00%, 10/17/37<br>|  | 1000 | &nbsp;&nbsp; 318170 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME Term <br> SOFR + 1.50%), 5.38%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 250410 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.22%, 07/15/34<br>|  | 1500 | &nbsp;&nbsp; 1478687 |
| &nbsp;&nbsp;&nbsp; Regatta XXIV Funding Ltd., Series 2021-5A, <br> Class D1R, (3-mo. CME Term SOFR + 2.80%), <br> 6.68%, 01/20/38<br>|  | 250 | &nbsp;&nbsp; 250607 |
| &nbsp;&nbsp;&nbsp; RR Ltd., Series 2024-28RA, Class A1R, (3-mo. CME <br> Term SOFR + 1.55%), 5.45%, 04/15/37<br>|  | 500 | &nbsp;&nbsp; 501778 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%, <br> 12/29/29<sup>(c)</sup><br>|  | 1250 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-mo. <br> CME Term SOFR + 3.51%), 7.37%, 10/25/34<br>|  | 550 | &nbsp;&nbsp; 550648 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.91%), 5.79%, 10/17/32<br>|  | 250 | &nbsp;&nbsp; 250123 |
|  |  |  | &nbsp;&nbsp; 4348307 |
| **Ireland**<sup>(a)(d)</sup> **— 0.7%** | **Ireland**<sup>(a)(d)</sup> **— 0.7%** | **Ireland**<sup>(a)(d)</sup> **— 0.7%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.81%, 02/15/37<br>| EUR | 270 | &nbsp;&nbsp; 320600 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.26%, 11/15/37<br>|  | 300 | &nbsp;&nbsp; 353789 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.47%, 04/25/39<br>|  | 350 | &nbsp;&nbsp; 413631 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. <br> EURIBOR + 3.30%), 0.00%, 07/25/39<br>|  | 160 | &nbsp;&nbsp; 188843 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, (3-<br> mo. EURIBOR + 3.50%), 5.53%, 01/15/38<br>|  | 430 | &nbsp;&nbsp; 511482 |
| &nbsp;&nbsp;&nbsp; Arini European CLO V DAC, Series 5X, Class D, (3-<br> mo. EURIBOR + 2.80%), 4.83%, 01/15/39<br>|  | 230 | &nbsp;&nbsp; 271363 |
| &nbsp;&nbsp;&nbsp; Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.15%), 5.28%, 10/15/38<br>|  | 110 | &nbsp;&nbsp; 129607 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 4.81%, 04/15/38<br>|  | 160 | &nbsp;&nbsp; 187027 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.08%, 01/15/38<br>|  | 170 | &nbsp;&nbsp; 199877 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-mo. <br> EURIBOR + 2.90%), 4.93%, 01/15/35<br>|  | 150 | &nbsp;&nbsp; 176278 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.32%, 10/25/37<br>|  | 350 | &nbsp;&nbsp; 412725 |
| &nbsp;&nbsp;&nbsp; CIFC European Funding CLO II DAC, Series 2X, <br> Class DR, (3-mo. EURIBOR + 3.00%), 5.03%, <br> 10/15/39<br>|  | 210 | &nbsp;&nbsp; 247845 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.13%, 10/15/37<br>|  | 230 | &nbsp;&nbsp; 268779 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.49%, 01/23/38<br>|  | 290 | &nbsp;&nbsp; 340408 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.25%, 11/20/38<br>|  | 220 | &nbsp;&nbsp; 259220 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.86%, 08/15/33<br>| EUR | 700 | &nbsp;&nbsp; $821167  |
| &nbsp;&nbsp;&nbsp; Elm Park CLO DAC, Series 1X, Class DR3, (3-mo. <br> EURIBOR + 3.20%), 5.32%, 01/15/38<br>|  | 100 | &nbsp;&nbsp; 118184 |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.76%, <br> 02/15/38<br>|  | 300 | &nbsp;&nbsp; 350750 |
| &nbsp;&nbsp;&nbsp; Hambridge Euro CLO 1 DAC, Series 1X, Class D, (3-<br> mo. EURIBOR + 3.30%), 5.34%, 10/20/38<br>|  | 210 | &nbsp;&nbsp; 248569 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.67%, 04/25/39<br>|  | 330 | &nbsp;&nbsp; 387086 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.11%, 01/15/38<br>|  | 220 | &nbsp;&nbsp; 259169 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO XXIX DAC, Series 2024-29X, Class D, <br> (3-mo. EURIBOR + 3.20%), 5.21%, 01/15/39<br>|  | 370 | &nbsp;&nbsp; 436942 |
| Palmer Square European Loan Funding DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.21%, 05/15/34<br>|  | 270 | &nbsp;&nbsp; 317300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.11%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 258587 |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.31%, 08/15/38<br>|  | 253 | &nbsp;&nbsp; 299262 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.21%, 10/15/38<br>|  | 238 | &nbsp;&nbsp; 279836 |
| Rockford Tower Europe CLO DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1X, Class D, (3-mo. EURIBOR + <br> 3.00%), 5.07%, 10/25/37<br>|  | 290 | &nbsp;&nbsp; 338593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3X, Class D, (3-mo. EURIBOR + <br> 3.10%), 5.18%, 01/15/40<br>|  | 160 | &nbsp;&nbsp; 187090 |
| &nbsp;&nbsp;&nbsp; Signal Harmonic CLO I DAC, Series 1X, Class DR, <br> (3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38<br>|  | 190 | &nbsp;&nbsp; 224538 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.25%, 04/20/37<br>|  | 470 | &nbsp;&nbsp; 556665 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. <br> EURIBOR + 3.30%), 5.33%, 08/25/38<br>|  | 180 | &nbsp;&nbsp; 212667 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.02%, <br> 04/16/39<br>|  | 350 | &nbsp;&nbsp; 410470 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.25%, 10/20/38<br>|  | 380 | &nbsp;&nbsp; 448201 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 5.48%, 01/15/38<br>|  | 320 | &nbsp;&nbsp; 378039 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO II DAC, Series 2X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.20%, 01/15/39<br>|  | 250 | &nbsp;&nbsp; 295457 |
|  |  |  | &nbsp;&nbsp; 11110046 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 281 | &nbsp;&nbsp; 396379 |
| **United States — 2.2%** | **United States — 2.2%** | **United States — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br> 5.00%, 05/19/39<sup>(b)</sup><br>| USD | 3000 | &nbsp;&nbsp; 2975698 |
| Home Partners of America Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class F, 3.80%, 12/17/26 |  | 2399 | &nbsp;&nbsp; 2351086 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class F, 4.24%, 01/17/41 |  | 3594 | &nbsp;&nbsp; 3337534 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, Series 2021-BA, <br> Class E, 4.68%, 11/20/36<sup>(b)</sup><br>|  | 470 | &nbsp;&nbsp; 442402 |
| Mill City Solar Loan Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class C, 5.92%, 03/20/43 |  | 952 | &nbsp;&nbsp; 745056 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 7.14%, 03/20/43 |  | 1483 | &nbsp;&nbsp; 1043349 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2018-2GS, Class C, <br> 5.97%, 02/22/44<sup>(b)</sup><br>| USD | 252 | &nbsp;&nbsp; $224419  |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2022-<br> SFR1, Class F, 4.44%, 02/17/39<sup>(b)</sup><br>|  | 3000 | &nbsp;&nbsp; 2936366 |
| Progress Residential Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, 12/17/40 |  | 2497 | &nbsp;&nbsp; 2459131 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class G, 4.69%, 01/17/39 |  | 3000 | &nbsp;&nbsp; 2914331 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, 11/17/40 |  | 2400 | &nbsp;&nbsp; 2323306 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1952008 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1973400 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E1, 5.20%, 04/17/39 |  | 2700 | &nbsp;&nbsp; 2689353 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<sup>(b)</sup><br>|  | 800 | &nbsp;&nbsp; 798173 |
| &nbsp;&nbsp;&nbsp; RMF Buyout Issuance Trust, Series 2021-HB1, <br> Class M4, 4.70%, 11/25/31<sup>(a)(b)</sup><br>|  | 3500 | &nbsp;&nbsp; 3331481 |
| &nbsp;&nbsp;&nbsp; Silver Point Euro CLO 1 DAC, Series 1X, Class D, <br> (3-mo. EURIBOR + 3.00%), 5.10%, 01/15/39<sup>(a)(d)</sup><br>| EUR | 110 | &nbsp;&nbsp; 129543 |
| Tricon Residential Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 | USD | 1375 | &nbsp;&nbsp; 1360733 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 877998 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E2, 5.74%, 04/17/39 |  | 1200 | &nbsp;&nbsp; 1194993 |
|  |  |  | &nbsp;&nbsp; 36060360 |
| **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $54,258,105)** | **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $54,258,105)** | **Total Asset-Backed Securities — 3.2%** <br>**(Cost: $54,258,105)** | &nbsp;&nbsp; 51915092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.9%** | **Canada — 0.9%** |  |
| Cameco Corp. | 142517 | &nbsp;&nbsp; 13038880 |
| Enbridge, Inc. | 22000 | &nbsp;&nbsp; 1052756 |
|  |  | &nbsp;&nbsp; 14091636 |
| **China — 0.7%** | **China — 0.7%** |  |
| Alibaba Group Holding Ltd., ADR | 1170 | &nbsp;&nbsp; 171499 |
| BYD Co. Ltd., Class H | 567000 | &nbsp;&nbsp; 6929169 |
| Tencent Holdings Ltd. | 47010 | &nbsp;&nbsp; 3607713 |
|  |  | &nbsp;&nbsp; 10708381 |
| **Denmark — 0.6%** | **Denmark — 0.6%** |  |
| DSV A/S | 37087 | &nbsp;&nbsp; 9340595 |
| **France — 4.8%** | **France — 4.8%** |  |
| Arkema SA | 23768 | &nbsp;&nbsp; 1448509 |
| Cie de Saint-Gobain SA | 165453 | &nbsp;&nbsp; 16825226 |
| EssilorLuxottica SA | 40217 | &nbsp;&nbsp; 12716527 |
| Hermes International SCA | 4637 | &nbsp;&nbsp; 11512972 |
| LVMH Moet Hennessy Louis Vuitton SE | 3736 | &nbsp;&nbsp; 2815956 |
| Sanofi SA | 53836 | &nbsp;&nbsp; 5208911 |
| Schneider Electric SE | 62857 | &nbsp;&nbsp; 17196118 |
| Societe Generale SA | 78262 | &nbsp;&nbsp; 6300402 |
| TotalEnergies SE | 44000 | &nbsp;&nbsp; 2878480 |
|  |  | &nbsp;&nbsp; 76903101 |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| adidas AG, Class N | 1775 | &nbsp;&nbsp; 351248 |
| SAP SE | 15100 | &nbsp;&nbsp; 3668825 |
|  |  | &nbsp;&nbsp; 4020073 |
| **India — 0.0%** | **India — 0.0%** |  |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | 35072 | &nbsp;&nbsp; 794978 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(c)(e)</sup> | 52360 | &nbsp;&nbsp; $3142 |
| **Italy — 2.0%**  | **Italy — 2.0%**  |  |
| Intesa Sanpaolo SpA | 2549440 | &nbsp;&nbsp; 17616890 |
| UniCredit SpA | 179331 | &nbsp;&nbsp; 14853394 |
|  |  | &nbsp;&nbsp; 32470284 |
| **Netherlands — 2.1%** | **Netherlands — 2.1%** |  |
| Adyen NV<sup>(b)(e)</sup> | 120 | &nbsp;&nbsp; 193509 |
| ASML Holding NV | 22581 | &nbsp;&nbsp; 24331483 |
| ING Groep NV | 310365 | &nbsp;&nbsp; 8723810 |
|  |  | &nbsp;&nbsp; 33248802 |
| **Norway — 0.0%** | **Norway — 0.0%** |  |
| Equinor ASA, ADR | 24000 | &nbsp;&nbsp; 567120 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| SK Hynix, Inc. | 2111 | &nbsp;&nbsp; 956025 |
| **Spain — 0.1%** | **Spain — 0.1%** |  |
| CaixaBank SA | 60037 | &nbsp;&nbsp; 734020 |
| Industria de Diseno Textil SA | 6419 | &nbsp;&nbsp; 423427 |
|  |  | &nbsp;&nbsp; 1157447 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $293,944), Preference Shares<sup>(c)(e)(f)</sup><br>| 2492 | &nbsp;&nbsp; — |
| **Taiwan — 2.4%** | **Taiwan — 2.4%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 18000 | &nbsp;&nbsp; 884830 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 124157 | &nbsp;&nbsp; 37730071 |
|  |  | &nbsp;&nbsp; 38614901 |
| **United Kingdom — 1.8%** | **United Kingdom — 1.8%** |  |
| AstraZeneca PLC | 4000 | &nbsp;&nbsp; 740237 |
| Compass Group PLC | 211366 | &nbsp;&nbsp; 6697145 |
| National Grid PLC | 882078 | &nbsp;&nbsp; 13529734 |
| RELX PLC | 196026 | &nbsp;&nbsp; 7897264 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $1,099,370)<sup>(c)(e)(f)</sup><br>| 566 | &nbsp;&nbsp; 176886 |
| Verisure PLC<sup>(e)</sup> | 33916 | &nbsp;&nbsp; 558013 |
|  |  | &nbsp;&nbsp; 29599279 |
| **United States — 53.3%** | **United States — 53.3%** |  |
| Abbott Laboratories | 35038 | &nbsp;&nbsp; 4389911 |
| AbbVie, Inc. | 24098 | &nbsp;&nbsp; 5506152 |
| Advanced Micro Devices, Inc.<sup>(e)</sup> | 1608 | &nbsp;&nbsp; 344369 |
| Air Products and Chemicals, Inc. | 12141 | &nbsp;&nbsp; 2999070 |
| Alphabet, Inc., Class C | 155603 | &nbsp;&nbsp; 48828221 |
| Amazon.com, Inc.<sup>(e)</sup> | 90688 | &nbsp;&nbsp; 20932604 |
| American Express Co. | 6500 | &nbsp;&nbsp; 2404675 |
| Apollo Global Management, Inc. | 35387 | &nbsp;&nbsp; 5122622 |
| Apple, Inc. | 154500 | &nbsp;&nbsp; 42002370 |
| AppLovin Corp., Class A<sup>(e)</sup> | 1891 | &nbsp;&nbsp; 1274194 |
| Arista Networks, Inc.<sup>(e)</sup> | 9514 | &nbsp;&nbsp; 1246619 |
| Autodesk, Inc.<sup>(e)</sup> | 19657 | &nbsp;&nbsp; 5818669 |
| AutoZone, Inc.<sup>(e)</sup> | 91 | &nbsp;&nbsp; 308627 |
| Bank of America Corp. | 311577 | &nbsp;&nbsp; 17136735 |
| Best Buy Co., Inc. | 4390 | &nbsp;&nbsp; 293823 |
| Booking Holdings, Inc. | 112 | &nbsp;&nbsp; 599797 |
| Boston Scientific Corp.<sup>(e)</sup> | 220309 | &nbsp;&nbsp; 21006463 |
| Broadcom, Inc. | 67481 | &nbsp;&nbsp; 23355174 |
| Burlington Stores, Inc.<sup>(e)</sup> | 1279 | &nbsp;&nbsp; 369439 |
| Cadence Design Systems, Inc.<sup>(e)</sup> | 28626 | &nbsp;&nbsp; 8947915 |
| Capital One Financial Corp. | 60826 | &nbsp;&nbsp; 14741789 |
| Carrier Global Corp. | 4672 | &nbsp;&nbsp; 246868 |
| Cheniere Energy, Inc. | 1540 | &nbsp;&nbsp; 299361 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Circle Internet Group, Inc., Class A<sup>(e)</sup> | 3874 | &nbsp;&nbsp; $307208  |
| Cisco Systems, Inc. | 164140 | &nbsp;&nbsp; 12643704 |
| Citigroup, Inc. | 145203 | &nbsp;&nbsp; 16943738 |
| Coinbase Global, Inc., Class A<sup>(e)</sup> | 1670 | &nbsp;&nbsp; 377654 |
| Constellation Energy Corp. | 873 | &nbsp;&nbsp; 308405 |
| Coreweave, Inc., Class A<sup>(e)</sup> | 10353 | &nbsp;&nbsp; 741378 |
| Costco Wholesale Corp. | 20161 | &nbsp;&nbsp; 17385637 |
| CRH PLC | 127078 | &nbsp;&nbsp; 15859334 |
| D.R. Horton, Inc. | 28744 | &nbsp;&nbsp; 4139998 |
| Datadog, Inc., Class A<sup>(e)</sup> | 4527 | &nbsp;&nbsp; 615627 |
| Delta Air Lines, Inc. | 112684 | &nbsp;&nbsp; 7820270 |
| DF Residential III LP<sup>(c)(e)</sup> | 2270079 | &nbsp;&nbsp; 2451685 |
| Dick' s Sporting Goods, Inc. | 1662 | &nbsp;&nbsp; 329026 |
| Eaton Corp. PLC | 16339 | &nbsp;&nbsp; 5204135 |
| Edwards Lifesciences Corp.<sup>(e)</sup> | 15420 | &nbsp;&nbsp; 1314555 |
| Eli Lilly & Co. | 31848 | &nbsp;&nbsp; 34226409 |
| Fifth Third Bancorp | 9451 | &nbsp;&nbsp; 442401 |
| Figma, Inc., Class A<sup>(e)</sup> | 4658 | &nbsp;&nbsp; 174069 |
| Flyr AS<sup>(c)(e)</sup> | 392187 | &nbsp;&nbsp; 4 |
| Freeport-McMoRan, Inc. | 25415 | &nbsp;&nbsp; 1290828 |
| Freewire Equity<sup>(c)(e)</sup> | 63 | &nbsp;&nbsp; — |
| GE Vernova, Inc. | 572 | &nbsp;&nbsp; 373842 |
| General Electric Co. | 12254 | &nbsp;&nbsp; 3774600 |
| Goldman Sachs Group, Inc. | 1313 | &nbsp;&nbsp; 1154127 |
| Hilton Worldwide Holdings, Inc. | 18228 | &nbsp;&nbsp; 5235993 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired , Cost: <br> $2,660,000)<sup>(c)(e)(f)</sup><br>| 2660000 | &nbsp;&nbsp; 1968400 |
| Home Depot, Inc. | 34858 | &nbsp;&nbsp; 11994638 |
| Intel Corp.<sup>(e)</sup> | 29508 | &nbsp;&nbsp; 1088845 |
| Intuit, Inc. | 18539 | &nbsp;&nbsp; 12280604 |
| Intuitive Surgical, Inc.<sup>(e)</sup> | 39440 | &nbsp;&nbsp; 22337238 |
| Johnson & Johnson | 25753 | &nbsp;&nbsp; 5329583 |
| JPMorgan Chase & Co. | 58520 | &nbsp;&nbsp; 18856314 |
| KLA Corp. | 300 | &nbsp;&nbsp; 364524 |
| Lam Research Corp. | 20035 | &nbsp;&nbsp; 3429591 |
| Linde PLC | 16945 | &nbsp;&nbsp; 7225179 |
| Lionsgate Studios Corp.<sup>(e)</sup> | 66792 | &nbsp;&nbsp; 609811 |
| Live Nation Entertainment, Inc.<sup>(e)</sup> | 30660 | &nbsp;&nbsp; 4369050 |
| Lumen Technologies, Inc.<sup>(e)</sup> | 17002 | &nbsp;&nbsp; 132106 |
| Marsh & McLennan Cos., Inc. | 81570 | &nbsp;&nbsp; 15132866 |
| Mastercard, Inc., Class A | 47980 | &nbsp;&nbsp; 27390822 |
| McDonald's Corp. | 7356 | &nbsp;&nbsp; 2248214 |
| McKesson Corp. | 20596 | &nbsp;&nbsp; 16894693 |
| Medtronic PLC | 86165 | &nbsp;&nbsp; 8277010 |
| Merck & Co., Inc. | 38134 | &nbsp;&nbsp; 4013985 |
| Meta Platforms, Inc., Class A | 24594 | &nbsp;&nbsp; 16234253 |
| Micron Technology, Inc. | 54149 | &nbsp;&nbsp; 15454666 |
| Microsoft Corp.<sup>(g)</sup> | 127925 | &nbsp;&nbsp; 61867089 |
| MongoDB, Inc., Class A<sup>(e)</sup> | 6796 | &nbsp;&nbsp; 2852213 |
| Morgan Stanley | 6989 | &nbsp;&nbsp; 1240757 |
| Netflix, Inc.<sup>(e)</sup> | 71121 | &nbsp;&nbsp; 6668305 |
| NextEra Energy, Inc. | 215933 | &nbsp;&nbsp; 17335101 |
| NRG Energy, Inc. | 3651 | &nbsp;&nbsp; 581385 |
| NVIDIA Corp. | 347136 | &nbsp;&nbsp; 64740864 |
| Oracle Corp. | 23125 | &nbsp;&nbsp; 4507294 |
| Progressive Corp. | 48425 | &nbsp;&nbsp; 11027341 |
| Salesforce, Inc. | 53018 | &nbsp;&nbsp; 14044998 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., Pipe, (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(e)(f)</sup><br>| 115000 | &nbsp;&nbsp; 1039064 |
| ServiceNow, Inc.<sup>(e)</sup> | 35760 | &nbsp;&nbsp; 5478074 |
| ServiceTitan, Inc., Class A<sup>(e)</sup> | 11422 | &nbsp;&nbsp; 1216443 |
| Sonder Holdings, Inc., Class A<sup>(e)</sup> | 15727 | &nbsp;&nbsp; 157 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Source Global PBC<sup>(c)(e)</sup> | 4243 | &nbsp;&nbsp; $339 |
| Starbucks Corp. | 4213 | &nbsp;&nbsp; 354777 |
| Starz Entertainment Corp.<sup>(e)</sup> | 1506 | &nbsp;&nbsp; 17620 |
| Stryker Corp. | 29914 | &nbsp;&nbsp; 10513874 |
| Target Corp. | 3937 | &nbsp;&nbsp; 384842 |
| Tesla, Inc.<sup>(e)</sup> | 25755 | &nbsp;&nbsp; 11582539 |
| Thermo Fisher Scientific, Inc. | 7078 | &nbsp;&nbsp; 4101347 |
| TJX Cos., Inc. | 32465 | &nbsp;&nbsp; 4986949 |
| Toll Brothers, Inc. | 3273 | &nbsp;&nbsp; 442575 |
| Trane Technologies PLC | 41076 | &nbsp;&nbsp; 15986779 |
| TransDigm Group, Inc. | 1594 | &nbsp;&nbsp; 2119781 |
| Uber Technologies, Inc.<sup>(e)</sup> | 31890 | &nbsp;&nbsp; 2605732 |
| Ulta Beauty, Inc.<sup>(e)</sup> | 683 | &nbsp;&nbsp; 413222 |
| Union Pacific Corp. | 38783 | &nbsp;&nbsp; 8971284 |
| United Airlines Holdings, Inc.<sup>(e)</sup> | 63724 | &nbsp;&nbsp; 7125618 |
| UnitedHealth Group, Inc. | 10008 | &nbsp;&nbsp; 3303741 |
| Vertex Pharmaceuticals, Inc.<sup>(e)</sup> | 10586 | &nbsp;&nbsp; 4799269 |
| Vertiv Holdings Co., Class A | 2169 | &nbsp;&nbsp; 351400 |
| Walmart, Inc. | 162002 | &nbsp;&nbsp; 18048643 |
| Walt Disney Co. | 96696 | &nbsp;&nbsp; 11001104 |
| Wells Fargo & Co. | 5799 | &nbsp;&nbsp; 540467 |
| Wolfspeed, Inc.<sup>(e)</sup> | 31 | &nbsp;&nbsp; 540 |
|  |  | &nbsp;&nbsp; 857174013 |
| **Total Common Stocks — 69.0%** <br>**(Cost: $725,163,501)** | **Total Common Stocks — 69.0%** <br>**(Cost: $725,163,501)** | &nbsp;&nbsp; 1109649777 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| Fortescue Treasury Pty. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 | USD | 40 | &nbsp;&nbsp; 39900 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 |  | 41 | &nbsp;&nbsp; 42783 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 |  | 146 | &nbsp;&nbsp; 149110 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 |  | 115 | &nbsp;&nbsp; 119593 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 | AUD | 3541 | &nbsp;&nbsp; 2360251 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/26 |  | 2524 | &nbsp;&nbsp; 1705446 |
| &nbsp;&nbsp;&nbsp; Class A, 12.50%, 07/31/27 |  | 4206 | &nbsp;&nbsp; 2891080 |
|  |  |  | &nbsp;&nbsp; 7308163 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 8.20%, <br> 01/15/39<br>| USD | 2189 | &nbsp;&nbsp; 2823188 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>|  | 600 | &nbsp;&nbsp; 596189 |
|  |  |  | &nbsp;&nbsp; 3419377 |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| Air Canada, 3.88%, 08/15/26<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 181133 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/30 |  | 107 | &nbsp;&nbsp; 115604 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32 |  | 100 | &nbsp;&nbsp; 105664 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 93145 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International Inc.)/New <br> Red Finance, Inc., 6.13%, 06/15/29<sup>(b)</sup><br>|  | 129 | &nbsp;&nbsp; 132429 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc., 5.63%, 09/15/29<sup>(b)</sup><br>| USD | 119 | &nbsp;&nbsp; $121164  |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 17 | &nbsp;&nbsp; 16672 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 100 | &nbsp;&nbsp; 101632 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 |  | 120 | &nbsp;&nbsp; 122234 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 8.50%, 03/15/30<sup>(b)</sup><br>|  | 133 | &nbsp;&nbsp; 139398 |
| Mattamy Group Corp., 6.00%, 12/15/33<sup>(b)</sup> |  | 139 | &nbsp;&nbsp; 137765 |
| Methanex Corp., 5.13%, 10/15/27 |  | 100 | &nbsp;&nbsp; 100566 |
| NOVA Chemicals Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 |  | 60 | &nbsp;&nbsp; 60367 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/30 |  | 192 | &nbsp;&nbsp; 205011 |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/01/31 |  | 61 | &nbsp;&nbsp; 64972 |
| Open Text Corp., 3.88%, 12/01/29<sup>(b)</sup> |  | 207 | &nbsp;&nbsp; 196449 |
| Rogers Communications, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.62%), 7.13%, 04/15/55 |  | 70 | &nbsp;&nbsp; 73709 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.65%), 7.00%, 04/15/55 |  | 130 | &nbsp;&nbsp; 136006 |
|  |  |  | &nbsp;&nbsp; 2103920 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 5.25%, 01/10/31<sup>(d)</sup> | EUR | 325 | &nbsp;&nbsp; 395308 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| &nbsp;&nbsp;&nbsp; SGL Group ApS, (3-mo. EURIBOR + 4.25%), 6.30%, <br> 02/24/31<sup>(a)</sup><br>|  | 148 | &nbsp;&nbsp; 166800 |
| **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** | **Finland**<sup>(d)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 111640 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 111476 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 162 | &nbsp;&nbsp; 193272 |
|  |  |  | &nbsp;&nbsp; 416388 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(d)</sup> |  | 299 | &nbsp;&nbsp; 365543 |
| Atos SE<sup>(d)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.41%, 12/18/26 |  | 305 | &nbsp;&nbsp; 353622 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 192626 |
| &nbsp;&nbsp;&nbsp; 9.73%, 12/18/26 |  | 339 | &nbsp;&nbsp; 456209 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.75%, 07/18/30<sup>(a)(d)</sup><br>|  | 137 | &nbsp;&nbsp; 160049 |
| Clariane SE, 0.88%, 03/06/27<sup>(d)(i)</sup> |  | 252 | &nbsp;&nbsp; 169564 |
| ELO SACA, 2.88%, 01/29/26<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117308 |
| Forvia SE, 5.50%, 06/15/31<sup>(d)</sup> |  | 360 | &nbsp;&nbsp; 437714 |
| FR Bondco SAS, 6.88%, 10/31/32<sup>(d)</sup> |  | 113 | &nbsp;&nbsp; 133262 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(d)</sup> |  | 328 | &nbsp;&nbsp; 399855 |
| Iliad Holding SAS<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 | USD | 200 | &nbsp;&nbsp; 202487 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/32 |  | 200 | &nbsp;&nbsp; 206131 |
| iliad SA, 4.25%, 01/09/32<sup>(d)</sup> | EUR | 300 | &nbsp;&nbsp; 355645 |
| IPD 3 BV<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/31 |  | 282 | &nbsp;&nbsp; 335206 |
| &nbsp;&nbsp;&nbsp; Series NOV, 5.50%, 06/15/31 |  | 102 | &nbsp;&nbsp; 120622 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(d)</sup><br>|  | 312 | &nbsp;&nbsp; 370895 |
| Loxam SAS, 6.38%, 05/31/29<sup>(d)</sup> |  | 596 | &nbsp;&nbsp; 724485 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(d)</sup> |  | 315 | &nbsp;&nbsp; 42572 |
| New Immo Holding SA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/17/28 |  | 100 | &nbsp;&nbsp; 121563 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 300 | &nbsp;&nbsp; 357049 |
| Paprec Holding SA, 4.13%, 07/15/30<sup>(d)</sup> |  | 286 | &nbsp;&nbsp; 337710 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| RCI Banque SA<sup>(a)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 200 | &nbsp;&nbsp; $239537  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 600 | &nbsp;&nbsp; 743155 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE, Series SUFP, 1.25%, <br> 09/23/33<sup>(d)(i)</sup><br>|  | 400 | &nbsp;&nbsp; 475759 |
|  |  |  | &nbsp;&nbsp; 7418568 |
| **Germany — 0.8%** | **Germany — 0.8%** | **Germany — 0.8%** | **Germany — 0.8%** |
| Alstria Office AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/15/29 |  | 200 | &nbsp;&nbsp; 232243 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/20/31 |  | 100 | &nbsp;&nbsp; 120292 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.15%, 04/15/31<sup>(a)(d)</sup><br>|  | 315 | &nbsp;&nbsp; 373050 |
| Aroundtown Finance SARL<sup>(a)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 3.16%), 7.88% | USD | 150 | &nbsp;&nbsp; 150758 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 3.43%), 5.25%<sup>(d)</sup> | EUR | 821 | &nbsp;&nbsp; 940459 |
| BRANICKS Group AG, 2.25%, 09/22/26<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 82074 |
| &nbsp;&nbsp;&nbsp; Commerzbank AG, (5-year EURIBOR ICE Swap + <br> 5.13%), 7.88%<sup>(a)(d)(j)</sup><br>|  | 200 | &nbsp;&nbsp; 265089 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br> 12/31/27<sup>(d)(h)</sup><br>|  | 441 | &nbsp;&nbsp; 486493 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br> 4.75%), 4.63%<sup>(a)(d)(j)</sup><br>|  | 800 | &nbsp;&nbsp; 931118 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(a)(d)</sup><br>|  | 400 | &nbsp;&nbsp; 487842 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(d)</sup> |  | 121 | &nbsp;&nbsp; 144836 |
| &nbsp;&nbsp;&nbsp; Envalior Deutschland GmbH, (6-mo. EURIBOR at <br> 0.00% Floor + 9.50% and 11.62% Cash or 11.62% <br> PIK), 11.62%, 04/01/31<sup>(a)(c)(k)</sup><br>|  | 3632 | &nbsp;&nbsp; 3804192 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 161836 |
| Gruenenthal GmbH, Series NOV, 4.63%, 11/15/31<sup>(d)</sup> |  | 214 | &nbsp;&nbsp; 254130 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), <br> 7.00%, 11/15/31<sup>(d)(k)</sup><br>|  | 250 | &nbsp;&nbsp; 317196 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(d)</sup> |  | 499 | &nbsp;&nbsp; 609761 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, (3-mo. EURIBOR + <br> 3.25%), 5.28%, 10/15/32<sup>(a)(d)</sup><br>|  | 414 | &nbsp;&nbsp; 490925 |
| PCF GmbH<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 |  | 101 | &nbsp;&nbsp; 55314 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 6.78%, 04/15/29<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 72078 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(d)</sup><br>|  | 242 | &nbsp;&nbsp; 286723 |
| Salzgitter AG, 3.38%, 10/22/32<sup>(d)(i)</sup> |  | 200 | &nbsp;&nbsp; 256076 |
| Schaeffler AG<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 119966 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 123906 |
| TAG Immobilien AG, 0.63%, 03/11/31<sup>(d)(i)</sup> |  | 100 | &nbsp;&nbsp; 119584 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(d)(k)</sup><br>|  | 324 | &nbsp;&nbsp; 250482 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 200047 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(d)</sup> | EUR | 108 | &nbsp;&nbsp; 130232 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(d)(i)</sup> |  | 200 | &nbsp;&nbsp; 227166 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 123806 |
| ZF North America Capital, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/30 | USD | 150 | &nbsp;&nbsp; 148226 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/32 |  | 150 | &nbsp;&nbsp; 146690 |
|  |  |  | &nbsp;&nbsp; 12112590 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** | **Greece**<sup>(a)(d)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>| EUR | 325 | &nbsp;&nbsp; $380259  |
| &nbsp;&nbsp;&nbsp; National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 246 | &nbsp;&nbsp; 308881 |
|  |  |  | &nbsp;&nbsp; 689140 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| &nbsp;&nbsp;&nbsp; AIB Group PLC, (5-year EURIBOR ICE Swap + <br> 3.71%), 6.00%<sup>(a)(d)(j)</sup><br>|  | 300 | &nbsp;&nbsp; 361016 |
| &nbsp;&nbsp;&nbsp; Cedacri SpA, (3-mo. EURIBOR + 4.63%), 6.69%, <br> 05/15/28<sup>(a)(d)</sup><br>|  | 102 | &nbsp;&nbsp; 120963 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/15/28 | USD | 55 | &nbsp;&nbsp; 58243 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 |  | 229 | &nbsp;&nbsp; 237516 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(d)</sup><br>| GBP | 464 | &nbsp;&nbsp; 627403 |
|  |  |  | &nbsp;&nbsp; 1405141 |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 4.13%, 06/01/31<br>| EUR | 261 | &nbsp;&nbsp; 310562 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, <br> 3.15%, 10/01/26<br>| USD | 318 | &nbsp;&nbsp; 313826 |
|  |  |  | &nbsp;&nbsp; 624388 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| &nbsp;&nbsp;&nbsp; A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(a)(d)(j)</sup><br>| EUR | 200 | &nbsp;&nbsp; 242563 |
| Bubbles Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 241 | &nbsp;&nbsp; 290564 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.27%, 09/30/31<sup>(a)</sup> |  | 235 | &nbsp;&nbsp; 278503 |
| Dolcetto Holdco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/14/32 |  | 166 | &nbsp;&nbsp; 198006 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.63%), 5.73%, 07/14/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 119106 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br> 01/15/32<sup>(a)(d)</sup><br>|  | 183 | &nbsp;&nbsp; 216708 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(d)</sup><br>|  | 456 | &nbsp;&nbsp; 567260 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(a)(d)(j)</sup> |  | 225 | &nbsp;&nbsp; 268056 |
| Fedrigoni SpA, 6.13%, 06/15/31<sup>(d)</sup> |  | 410 | &nbsp;&nbsp; 469566 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(d)(k)</sup> |  | 230 | &nbsp;&nbsp; 207740 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(d)</sup> |  | 263 | &nbsp;&nbsp; 309073 |
| Gruppo San Donato SPA, 6.50%, 10/31/31<sup>(d)</sup> |  | 126 | &nbsp;&nbsp; 150713 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 5.78%, 04/15/29<sup>(a)(d)</sup><br>|  | 411 | &nbsp;&nbsp; 488564 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (5-year EUR Swap + 5.85%), <br> 5.50%<sup>(a)(d)(j)</sup><br>|  | 250 | &nbsp;&nbsp; 300778 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117136 |
| Pachelbel Bidco SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 171940 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.32%, 05/17/31<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 148541 |
| Rossini SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 149 | &nbsp;&nbsp; 183983 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29<sup>(a)</sup> |  | 90 | &nbsp;&nbsp; 107572 |
| TeamSystem SpA<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/31 |  | 100 | &nbsp;&nbsp; 118602 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.28%, 07/01/32<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 147692 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31<sup>(a)</sup> |  | 222 | &nbsp;&nbsp; 262681 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 78 | &nbsp;&nbsp; 86402 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123135 |
|  |  |  | &nbsp;&nbsp; 5574884 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Kioxia Holdings Corp., 6.25%, 07/24/30 | USD | 200 | &nbsp;&nbsp; 205767 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (1-year CMT + 1.25%), <br> 3.26%, 05/22/30<sup>(a)</sup><br>| USD | 2040 | &nbsp;&nbsp; $1974611  |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/17/29<sup>(d)</sup> | EUR | 231 | &nbsp;&nbsp; 278720 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188500 |
| &nbsp;&nbsp;&nbsp; 8.13%, 07/17/35<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 212524 |
| SoftBank Group Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 | EUR | 182 | &nbsp;&nbsp; 218941 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 113396 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/10/29 |  | 100 | &nbsp;&nbsp; 119305 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/10/31 |  | 270 | &nbsp;&nbsp; 324233 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 557 | &nbsp;&nbsp; 663646 |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/10/33 |  | 230 | &nbsp;&nbsp; 277209 |
|  |  |  | &nbsp;&nbsp; 4576852 |
| **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** | **Jersey**<sup>(d)</sup> **— 0.0%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 | GBP | 296 | &nbsp;&nbsp; 363199 |
| Deepocean Ltd., 6.00%, 04/08/31 | EUR | 100 | &nbsp;&nbsp; 120574 |
|  |  |  | &nbsp;&nbsp; 483773 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(k)</sup><br>|  | 766 | &nbsp;&nbsp; 986162 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/21/30<sup>(d)</sup> |  | 186 | &nbsp;&nbsp; 225450 |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/21/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 208742 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(d)</sup><br>| EUR | 403 | &nbsp;&nbsp; 481775 |
| Altice Financing SA, 3.00%, 01/15/28<sup>(d)</sup> |  | 621 | &nbsp;&nbsp; 501498 |
| Breakwater Energy Holdings SARL, 9.25%, 11/15/30<sup>(b)</sup> | USD | 250 | &nbsp;&nbsp; 261789 |
| &nbsp;&nbsp;&nbsp; Encore Issuances SA, (1-mo. EURIBOR + 3.00%), <br> 4.93%, 08/14/26<sup>(a)</sup><br>| EUR | 133 | &nbsp;&nbsp; 157059 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(d)</sup> |  | 483 | &nbsp;&nbsp; 543115 |
| INEOS Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29<sup>(d)</sup> |  | 393 | &nbsp;&nbsp; 405239 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 173736 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31<sup>(d)</sup> | EUR | 201 | &nbsp;&nbsp; 203258 |
| ION Platform Finance SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 |  | 292 | &nbsp;&nbsp; 348280 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/30 |  | 128 | &nbsp;&nbsp; 145566 |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/30/32 |  | 100 | &nbsp;&nbsp; 112412 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(d)(e)(l)</sup> |  | 416 | &nbsp;&nbsp; 229775 |
| Luna 15 SARL, (10.50% PIK), 10.50%, 07/01/32<sup>(d)(k)</sup> |  | 100 | &nbsp;&nbsp; 122200 |
| Luna 25 SARL, 5.50%, 07/01/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 119669 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(d)</sup> |  | 326 | &nbsp;&nbsp; 391422 |
| Summer BC Holdco B SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 201 | &nbsp;&nbsp; 217683 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.31%, 02/15/30<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 144315 |
| Vivion Investments SARL<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/08/30 |  | 308 | &nbsp;&nbsp; 348614 |
| &nbsp;&nbsp;&nbsp; (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<sup>(k)</sup> |  | 75 | &nbsp;&nbsp; 87725 |
| &nbsp;&nbsp;&nbsp; (6.50% PIK), 6.50%, 02/28/29<sup>(k)</sup> |  | 254 | &nbsp;&nbsp; 297636 |
|  |  |  | &nbsp;&nbsp; 6713120 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de C.V., 2.63%, <br> 02/24/26<sup>(d)(i)</sup><br>|  | 500 | &nbsp;&nbsp; 587290 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> |  | 335 | &nbsp;&nbsp; 407075 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(d)</sup> |  | 463 | &nbsp;&nbsp; 561784 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> | USD | 780 | &nbsp;&nbsp; 742950 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123747 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Trivium Packaging Finance BV (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/31<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; $217007  |
| VZ Secured Financing BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 180991 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/33<sup>(d)</sup> | EUR | 258 | &nbsp;&nbsp; 297259 |
|  |  |  | &nbsp;&nbsp; 2530813 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| &nbsp;&nbsp;&nbsp; EDP SA, (5-year EURIBOR ICE Swap + 2.40%), <br> 4.63%, 09/16/54<sup>(a)(d)</sup><br>|  | 200 | &nbsp;&nbsp; 241182 |
| **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** | **Slovenia**<sup>(d)</sup> **— 0.0%** |
| United Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/31/31 |  | 104 | &nbsp;&nbsp; 124752 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/32 |  | 117 | &nbsp;&nbsp; 138020 |
|  |  |  | &nbsp;&nbsp; 262772 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(d)</sup> |  | 152 | &nbsp;&nbsp; 173400 |
| **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** | **Spain**<sup>(d)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.55%, 05/01/30<sup>(a)</sup><br>|  | 194 | &nbsp;&nbsp; 230014 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EUR Swap + 4.27%), 6.88% |  | 400 | &nbsp;&nbsp; 508905 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.54%), 8.38% |  | 200 | &nbsp;&nbsp; 257983 |
| &nbsp;&nbsp;&nbsp; Bankinter SA, (5-year EURIBOR ICE Swap + 4.71%), <br> 7.38%<sup>(a)(j)</sup><br>|  | 200 | &nbsp;&nbsp; 252004 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br> 6.25%<sup>(a)(j)</sup><br>|  | 200 | &nbsp;&nbsp; 247077 |
| Grifols SA, 7.13%, 05/01/30 |  | 230 | &nbsp;&nbsp; 283580 |
| Iberdrola Finanzas SA, Series IBE, 1.50%, 03/27/30<sup>(i)</sup> |  | 100 | &nbsp;&nbsp; 131440 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 |  | 190 | &nbsp;&nbsp; 226001 |
|  |  |  | &nbsp;&nbsp; 2137004 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Intrum Investments And Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/11/27<sup>(d)</sup> |  | 141 | &nbsp;&nbsp; 168109 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/29 |  | 86 | &nbsp;&nbsp; 85183 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/11/30<sup>(b)(d)</sup> |  | 70 | &nbsp;&nbsp; 69493 |
| &nbsp;&nbsp;&nbsp; Series 1, 7.75%, 09/11/28<sup>(b)(d)</sup> |  | 118 | &nbsp;&nbsp; 121178 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(d)</sup> |  | 138 | &nbsp;&nbsp; 166921 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> | USD | 527 | &nbsp;&nbsp; 537227 |
|  |  |  | &nbsp;&nbsp; 1148111 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| &nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(d)</sup><br>| CHF | 270 | &nbsp;&nbsp; 339183 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(d)</sup> | EUR | 586 | &nbsp;&nbsp; 723168 |
| Ardonagh Finco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/31<sup>(d)</sup> |  | 1052 | &nbsp;&nbsp; 1274231 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/31<sup>(b)</sup> | USD | 229 | &nbsp;&nbsp; 240073 |
| BCP V Modular Services Finance II PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/30/28 | GBP | 606 | &nbsp;&nbsp; 766767 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/10/31 | EUR | 555 | &nbsp;&nbsp; 608109 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<sup>(d)</sup> |  | 656 | &nbsp;&nbsp; 747111 |
| Biffa Group Holdings Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/31 |  | 115 | &nbsp;&nbsp; 134757 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/15/31 | GBP | 200 | &nbsp;&nbsp; 271914 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), <br> 6.75%, 11/01/27<sup>(d)(k)</sup><br>|  | 123 | &nbsp;&nbsp; 164243 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(d)</sup> | EUR | 202 | &nbsp;&nbsp; 242499 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/32<sup>(b)</sup> | USD | 150 | &nbsp;&nbsp; $150247  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 141035 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 212148 |
| Deuce Finco PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/20/31 | GBP | 100 | &nbsp;&nbsp; 136138 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.55%, 11/20/32<sup>(a)</sup> | EUR | 128 | &nbsp;&nbsp; 152568 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(d)</sup> | GBP | 503 | &nbsp;&nbsp; 720405 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(d)</sup> | EUR | 162 | &nbsp;&nbsp; 191812 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(d)</sup> |  | 224 | &nbsp;&nbsp; 246191 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(d)</sup> | GBP | 756 | &nbsp;&nbsp; 1024675 |
| &nbsp;&nbsp;&nbsp; Howden U.K. Refinance PLC/Howden U.K. Refinance <br> 2 PLC/Howden U.S. Refinance LLC, 8.13%, <br> 02/15/32<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 206466 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(d)</sup> | EUR | 178 | &nbsp;&nbsp; 154287 |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC, 5.88%, <br> 01/15/28<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 199798 |
| Mobico Group PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 | EUR | 306 | &nbsp;&nbsp; 284657 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), 4.25%<sup>(a)(j)</sup> | GBP | 165 | &nbsp;&nbsp; 130882 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(d)</sup> | EUR | 204 | &nbsp;&nbsp; 217588 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, (5-year UK Government <br> Bond + 5.63%), 5.75%<sup>(a)(d)(j)</sup><br>| GBP | 200 | &nbsp;&nbsp; 269288 |
| Ocado Group PLC, 11.00%, 06/15/30<sup>(d)</sup> |  | 146 | &nbsp;&nbsp; 198500 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(d)</sup> | EUR | 290 | &nbsp;&nbsp; 356250 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(d)</sup> | GBP | 181 | &nbsp;&nbsp; 256787 |
| Stonegate Pub Co. Financing PLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 155 | &nbsp;&nbsp; 206332 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.69%, 07/31/29<sup>(a)</sup> | EUR | 125 | &nbsp;&nbsp; 143180 |
| Virgin Media Secured Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/30<sup>(d)</sup> | GBP | 292 | &nbsp;&nbsp; 360701 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 185147 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/31<sup>(b)</sup> |  | 202 | &nbsp;&nbsp; 184226 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/31<sup>(d)</sup> | GBP | 165 | &nbsp;&nbsp; 197071 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 184643 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(d)</sup> | EUR | 683 | &nbsp;&nbsp; 807022 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(a)</sup><br>| USD | 160 | &nbsp;&nbsp; 149392 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 760 | &nbsp;&nbsp; 938207 |
|  |  |  | &nbsp;&nbsp; 13778515 |
| **United States — 8.4%** | **United States — 8.4%** | **United States — 8.4%** | **United States — 8.4%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> | USD | 99 | &nbsp;&nbsp; 99990 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/06/30 |  | 107 | &nbsp;&nbsp; 111456 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/32 |  | 114 | &nbsp;&nbsp; 117432 |
| Adient Global Holdings Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/28 |  | 38 | &nbsp;&nbsp; 39052 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/15/33 |  | 128 | &nbsp;&nbsp; 132103 |
| ADT Security Corp., 5.88%, 10/15/33<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 149827 |
| Advance Auto Parts, Inc., 7.38%, 08/01/33<sup>(b)</sup> |  | 271 | &nbsp;&nbsp; 272076 |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 |  | 193 | &nbsp;&nbsp; 185356 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 135 | &nbsp;&nbsp; 133886 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28 |  | 39 | &nbsp;&nbsp; 39709 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 100 | &nbsp;&nbsp; 99912 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> (continued)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32 | USD | 238 | &nbsp;&nbsp; $246775  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance <br> Corp., 6.00%, 06/01/29<sup>(b)</sup><br>|  | 417 | &nbsp;&nbsp; 412685 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, <br> 01/17/40<sup>(a)</sup><br>|  | 119 | &nbsp;&nbsp; 119770 |
| Alpha Generation LLC, 6.25%, 01/15/34<sup>(b)</sup> |  | 166 | &nbsp;&nbsp; 167490 |
| AMC Networks, Inc., 10.50%, 07/15/32<sup>(b)</sup> |  | 201 | &nbsp;&nbsp; 222054 |
| American Airlines, Inc., 7.25%, 02/15/28<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 187081 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(b)</sup><br>|  | 96 | &nbsp;&nbsp; 97761 |
| American Axle & Manufacturing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 |  | 100 | &nbsp;&nbsp; 96328 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101858 |
| American Tower Corp., 2.95%, 01/15/51 |  | 2500 | &nbsp;&nbsp; 1590368 |
| Amgen, Inc., 2.77%, 09/01/53 |  | 2025 | &nbsp;&nbsp; 1201487 |
| AmWINS Group, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 98345 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 196180 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 115983 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 110 | &nbsp;&nbsp; 107955 |
| Ardagh Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 12/01/30 |  | 419 | &nbsp;&nbsp; 454293 |
| &nbsp;&nbsp;&nbsp; (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<sup>(d)(k)</sup> | EUR | 718 | &nbsp;&nbsp; 773590 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 188277 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/30/31<sup>(d)</sup> | EUR | 106 | &nbsp;&nbsp; 125946 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(b)</sup> | USD | 126 | &nbsp;&nbsp; 135972 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/01/30 |  | 18 | &nbsp;&nbsp; 19101 |
| &nbsp;&nbsp;&nbsp; 11.50%, 10/01/31 |  | 170 | &nbsp;&nbsp; 187094 |
| Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 100 | &nbsp;&nbsp; 98579 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(b)</sup> |  | 58 | &nbsp;&nbsp; 56364 |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., <br> 6.88%, 08/01/33<sup>(b)</sup><br>|  | 145 | &nbsp;&nbsp; 145115 |
| AT&T, Inc., 6.05%, 08/15/56 |  | 718 | &nbsp;&nbsp; 722219 |
| ATI, Inc., 7.25%, 08/15/30 |  | 220 | &nbsp;&nbsp; 232425 |
| Avantor Funding, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 |  | 100 | &nbsp;&nbsp; 99457 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 |  | 88 | &nbsp;&nbsp; 84150 |
| Avient Corp., 7.13%, 08/01/30<sup>(b)</sup> |  | 103 | &nbsp;&nbsp; 106050 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31 |  | 89 | &nbsp;&nbsp; 91466 |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/32 |  | 179 | &nbsp;&nbsp; 184835 |
| Axon Enterprise, Inc., 6.13%, 03/15/30<sup>(b)</sup> |  | 92 | &nbsp;&nbsp; 94976 |
| Azorra Finance Ltd., 7.75%, 04/15/30<sup>(b)</sup> |  | 115 | &nbsp;&nbsp; 121469 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/29 |  | 88 | &nbsp;&nbsp; 90454 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/32 | EUR | 181 | &nbsp;&nbsp; 217680 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., (1-day SOFR + 1.37%), 1.92%, <br> 10/24/31<sup>(a)</sup><br>| USD | 119 | &nbsp;&nbsp; 106416 |
| Bath & Body Works, Inc., 6.63%, 10/01/30<sup>(b)</sup> |  | 97 | &nbsp;&nbsp; 99173 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 208750 |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Netherlands BV & Bausch & Lomb, <br> Inc., (3-mo. EURIBOR + 3.88%), 5.87%, <br> 01/15/31<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 119372 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and BCPE Flavor <br> Issuer, Inc., 9.50%, 07/01/32<sup>(b)</sup><br>| USD | 158 | &nbsp;&nbsp; 150993 |
| Beach Acquisition Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/32<sup>(d)</sup> | EUR | 137 | &nbsp;&nbsp; 163909 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Beach Acquisition Bidco LLC (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.00% Cash or 10.75% PIK), 10.00%, <br> 07/15/33<sup>(b)(k)</sup><br>| USD | 200 | &nbsp;&nbsp; $220757  |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(b)</sup> |  | 3057 | &nbsp;&nbsp; 3229706 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30<sup>(b)</sup> |  | 121 | &nbsp;&nbsp; 123459 |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/32 |  | 107 | &nbsp;&nbsp; 111265 |
| Brink' s Co., 6.50%, 06/15/29<sup>(b)</sup> |  | 84 | &nbsp;&nbsp; 86973 |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 |  | 52 | &nbsp;&nbsp; 51847 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34 |  | 100 | &nbsp;&nbsp; 103393 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/35 |  | 75 | &nbsp;&nbsp; 78414 |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 100 | &nbsp;&nbsp; 100066 |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | 151 | &nbsp;&nbsp; 151169 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 |  | 100 | &nbsp;&nbsp; 98872 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 |  | 100 | &nbsp;&nbsp; 94151 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 |  | 232 | &nbsp;&nbsp; 213173 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31 |  | 211 | &nbsp;&nbsp; 215323 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 245 | &nbsp;&nbsp; 223916 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 |  | 209 | &nbsp;&nbsp; 182950 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 |  | 278 | &nbsp;&nbsp; 236376 |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101120 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 |  | 104 | &nbsp;&nbsp; 103064 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 |  | 62 | &nbsp;&nbsp; 59863 |
| Chemours Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 |  | 71 | &nbsp;&nbsp; 64200 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/15/33 |  | 233 | &nbsp;&nbsp; 225570 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(b)</sup><br>|  | 126 | &nbsp;&nbsp; 131433 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32 |  | 190 | &nbsp;&nbsp; 207374 |
| &nbsp;&nbsp;&nbsp; 9.75%, 01/15/34 |  | 333 | &nbsp;&nbsp; 349759 |
| Cinemark USA, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 |  | 44 | &nbsp;&nbsp; 43995 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32 |  | 94 | &nbsp;&nbsp; 97544 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101848 |
| Citigroup, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 09/09/30 |  | 2000 | &nbsp;&nbsp; 1982438 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/11/30 |  | 893 | &nbsp;&nbsp; 893000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<br>|  | 1000 | &nbsp;&nbsp; 993640 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(d)</sup> | EUR | 231 | &nbsp;&nbsp; 275337 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(b)</sup> | USD | 214 | &nbsp;&nbsp; 221916 |
| Clarivate Science Holdings Corp., 3.88%, 07/01/28<sup>(b)</sup> |  | 81 | &nbsp;&nbsp; 78635 |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30 |  | 96 | &nbsp;&nbsp; 101107 |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/15/33 |  | 157 | &nbsp;&nbsp; 165838 |
| Clearway Energy Operating LLC, 3.75%, 02/15/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 93389 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32 |  | 152 | &nbsp;&nbsp; 155800 |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/33 |  | 202 | &nbsp;&nbsp; 210087 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 |  | 231 | &nbsp;&nbsp; 234023 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 109 | &nbsp;&nbsp; 113525 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 375 | &nbsp;&nbsp; 391890 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(b)</sup><br>|  | 287 | &nbsp;&nbsp; 291787 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance, <br> Inc., 6.50%, 07/01/32<sup>(b)</sup><br>|  | 175 | &nbsp;&nbsp; 163661 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> | USD | 85 | &nbsp;&nbsp; $85853  |
| CoreWeave, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 06/01/30 |  | 110 | &nbsp;&nbsp; 102275 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/01/31 |  | 170 | &nbsp;&nbsp; 155808 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(b)</sup> |  | 198 | &nbsp;&nbsp; 198391 |
| CSC Holdings LLC, 5.38%, 02/01/28<sup>(b)</sup> |  | 1294 | &nbsp;&nbsp; 938830 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 6.75%, <br> 05/15/28<sup>(b)</sup><br>|  | 91 | &nbsp;&nbsp; 91483 |
| Dana, Inc., 5.38%, 11/15/27 |  | 100 | &nbsp;&nbsp; 99835 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(d)</sup> | EUR | 210 | &nbsp;&nbsp; 250018 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)</sup> | USD | 129 | &nbsp;&nbsp; 131107 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 213 | &nbsp;&nbsp; 207119 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/33 |  | 69 | &nbsp;&nbsp; 71546 |
| Dell International LLC/EMC Corp., 5.30%, 10/01/29 |  | 300 | &nbsp;&nbsp; 309567 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101344 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 10.00%, 02/15/31<sup>(b)</sup><br>|  | 427 | &nbsp;&nbsp; 436416 |
| Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 |  | 244 | &nbsp;&nbsp; 195229 |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 |  | 200 | &nbsp;&nbsp; 165651 |
| Duke Energy Florida LLC, 2.40%, 12/15/31 |  | 1500 | &nbsp;&nbsp; 1355116 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<sup>(k)</sup> |  | 35 | &nbsp;&nbsp; 35856 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/30/29 |  | 135 | &nbsp;&nbsp; 149283 |
| Edgewell Personal Care Co., 4.13%, 04/01/29<sup>(b)</sup> |  | 165 | &nbsp;&nbsp; 157648 |
| Eli Lilly & Co., 5.00%, 02/09/54 |  | 2640 | &nbsp;&nbsp; 2466117 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, <br> 12/15/30<sup>(b)</sup><br>|  | 219 | &nbsp;&nbsp; 228091 |
| Encompass Health Corp., 4.50%, 02/01/28 |  | 117 | &nbsp;&nbsp; 116797 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> |  | 156 | &nbsp;&nbsp; 164883 |
| Energizer Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/31/29 |  | 100 | &nbsp;&nbsp; 95551 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/33 |  | 100 | &nbsp;&nbsp; 95920 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)</sup> |  | 140 | &nbsp;&nbsp; 140305 |
| EquipmentShare.com, Inc., 8.63%, 05/15/32<sup>(b)</sup> |  | 164 | &nbsp;&nbsp; 173229 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(b)</sup> |  | 122 | &nbsp;&nbsp; 120323 |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(b)</sup><br>|  | 300 | &nbsp;&nbsp; 285232 |
| &nbsp;&nbsp;&nbsp; Flyr Secured Notes, (1-mo. CME Term SOFR at 0.50% <br> Floor + 5.00%, 9.44% Cash and 3.75% PIK), <br> 10.00%, 01/20/27<sup>(a)(c)(k)</sup><br>|  | 1111 | &nbsp;&nbsp; 296560 |
| FMC Corp., 3.45%, 10/01/29 |  | 100 | &nbsp;&nbsp; 88696 |
| Ford Motor Credit Co. LLC, 4.54%, 08/01/26 |  | 1915 | &nbsp;&nbsp; 1912393 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 110914 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31 |  | 100 | &nbsp;&nbsp; 107406 |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32 |  | 194 | &nbsp;&nbsp; 204217 |
| Frontier Communications Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 |  | 81 | &nbsp;&nbsp; 81262 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 779 | &nbsp;&nbsp; 784899 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 75 | &nbsp;&nbsp; 76272 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 1250 | &nbsp;&nbsp; 1305326 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31 |  | 350 | &nbsp;&nbsp; 368264 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 500 | &nbsp;&nbsp; 517930 |
| FTAI Aviation Investors LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/01/30 |  | 200 | &nbsp;&nbsp; 212681 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/32 |  | 100 | &nbsp;&nbsp; 105125 |
| Gap, Inc., 3.88%, 10/01/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 92430 |
| Gen Digital, Inc., 6.75%, 09/30/27<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 119758 |
| General Motors Financial Co., Inc., 5.55%, 07/15/29 |  | 2575 | &nbsp;&nbsp; 2669399 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GFL Environmental, Inc., 4.38%, 08/15/29<sup>(b)</sup> | USD | 100 | &nbsp;&nbsp; $98333  |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 |  | 1729 | &nbsp;&nbsp; 1728237 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/54 |  | 1198 | &nbsp;&nbsp; 1182045 |
| Global Medical Response, Inc., 7.38%, 10/01/32<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 71717 |
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., <br> 5.25%, 12/01/27<sup>(b)</sup><br>|  | 160 | &nbsp;&nbsp; 160436 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Series BKNT, 6.60%, <br> 09/12/30<sup>(a)(c)</sup><br>|  | 2000 | &nbsp;&nbsp; 1992800 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30 |  | 100 | &nbsp;&nbsp; 102404 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 |  | 42 | &nbsp;&nbsp; 39842 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 100 | &nbsp;&nbsp; 94720 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 660 | &nbsp;&nbsp; 379898 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 6.38%, <br> 07/15/32<sup>(b)</sup><br>|  | 103 | &nbsp;&nbsp; 104923 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(b)</sup> |  | 292 | &nbsp;&nbsp; 303028 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 128624 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 2890 | &nbsp;&nbsp; 2882290 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 1515 | &nbsp;&nbsp; 1578778 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/15/54 |  | 1301 | &nbsp;&nbsp; 1285254 |
| Healthpeak OP LLC, 5.25%, 12/15/32 |  | 3000 | &nbsp;&nbsp; 3075036 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 238901 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., 5.88%, <br> 04/01/29<sup>(b)</sup><br>|  | 284 | &nbsp;&nbsp; 290758 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 |  | 27 | &nbsp;&nbsp; 26226 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 |  | 153 | &nbsp;&nbsp; 142829 |
| &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, Inc., <br> 4.88%, 06/01/29<sup>(b)</sup><br>|  | 430 | &nbsp;&nbsp; 403823 |
| Hologic, Inc., 4.63%, 02/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99996 |
| Howard Hughes Corp., 5.38%, 08/01/28<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 127473 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(b)</sup> |  | 275 | &nbsp;&nbsp; 288729 |
| Huntsman International LLC, 4.50%, 05/01/29 |  | 54 | &nbsp;&nbsp; 51778 |
| iHeartCommunications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/01/29 |  | 124 | &nbsp;&nbsp; 119426 |
| &nbsp;&nbsp;&nbsp; 7.75%, 08/15/30 |  | 131 | &nbsp;&nbsp; 114625 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(b)</sup> |  | 101 | &nbsp;&nbsp; 99689 |
| ION Platform Finance U.S., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/15/28 |  | 400 | &nbsp;&nbsp; 377191 |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/30/29 |  | 100 | &nbsp;&nbsp; 101270 |
| &nbsp;&nbsp;&nbsp; 9.00%, 08/01/29 |  | 100 | &nbsp;&nbsp; 98454 |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/30/32 |  | 200 | &nbsp;&nbsp; 189771 |
| IQVIA, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 |  | 200 | &nbsp;&nbsp; 199886 |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/32 |  | 100 | &nbsp;&nbsp; 104492 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 116 | &nbsp;&nbsp; 110741 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29<sup>(b)</sup> |  | 114 | &nbsp;&nbsp; 117102 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30<sup>(b)</sup> |  | 171 | &nbsp;&nbsp; 168932 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/33<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100837 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/34<sup>(d)</sup> | EUR | 296 | &nbsp;&nbsp; 338267 |
| Jane Street Group/JSG Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/30/31 | USD | 88 | &nbsp;&nbsp; 92467 |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/01/32 |  | 77 | &nbsp;&nbsp; 78352 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 197262 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 192554 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/30<sup>(b)</sup> | USD | 103 | &nbsp;&nbsp; $108326  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 224 | &nbsp;&nbsp; 225671 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., (1-day SOFR + 1.62%), <br> 5.34%, 01/23/35<sup>(a)</sup><br>|  | 547 | &nbsp;&nbsp; 566921 |
| K Hovnanian Enterprises, Inc., 8.00%, 04/01/31<sup>(b)</sup> |  | 110 | &nbsp;&nbsp; 112262 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(b)</sup> |  | 43 | &nbsp;&nbsp; 41543 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>|  | 166 | &nbsp;&nbsp; 174250 |
| &nbsp;&nbsp;&nbsp; King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), <br> 5.31%, 12/01/32<sup>(a)(d)</sup><br>| EUR | 182 | &nbsp;&nbsp; 215904 |
| Kohl's Corp., 5.13%, 05/01/31 | USD | 185 | &nbsp;&nbsp; 162731 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 218196 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 | USD | 100 | &nbsp;&nbsp; 99333 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/15/31 |  | 120 | &nbsp;&nbsp; 127230 |
| Lamar Media Corp., 4.88%, 01/15/29 |  | 100 | &nbsp;&nbsp; 99826 |
| Lamb Weston Holdings, Inc., 4.88%, 05/15/28<sup>(b)</sup> |  | 108 | &nbsp;&nbsp; 107725 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(b)</sup> |  | 124 | &nbsp;&nbsp; 131154 |
| Lessen Holdings, Inc., 12.15%, 01/05/28<sup>(b)(c)</sup> |  | 1909 | &nbsp;&nbsp; 1485845 |
| Level 3 Financing, Inc., 6.88%, 06/30/33<sup>(b)</sup> |  | 324 | &nbsp;&nbsp; 331542 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 197 | &nbsp;&nbsp; 188307 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30 |  | 156 | &nbsp;&nbsp; 167964 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 140 | &nbsp;&nbsp; 151965 |
| Lithia Motors, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 |  | 65 | &nbsp;&nbsp; 62850 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/30 |  | 123 | &nbsp;&nbsp; 123488 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 |  | 83 | &nbsp;&nbsp; 83169 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 |  | 28 | &nbsp;&nbsp; 27527 |
| Madison IAQ LLC, 4.13%, 06/30/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 98261 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 113873 |
| Marriott Ownership Resorts, Inc., 6.50%, 10/01/33<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 132384 |
| Match Group Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 |  | 100 | &nbsp;&nbsp; 99105 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 90 | &nbsp;&nbsp; 85186 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/30 |  | 537 | &nbsp;&nbsp; 532763 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/30 |  | 682 | &nbsp;&nbsp; 654720 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 313 | &nbsp;&nbsp; 272960 |
| McGraw-Hill Education, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/28 |  | 103 | &nbsp;&nbsp; 103532 |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/31 |  | 68 | &nbsp;&nbsp; 71744 |
| Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup> |  | 220 | &nbsp;&nbsp; 214788 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 109 | &nbsp;&nbsp; 112680 |
| Microsoft Corp., 2.53%, 06/01/50 |  | 3342 | &nbsp;&nbsp; 2040455 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc./MIWD Borrower <br> LLC, 6.75%, 04/01/32<sup>(b)</sup><br>|  | 109 | &nbsp;&nbsp; 111746 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 |  | 72 | &nbsp;&nbsp; 70808 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 |  | 100 | &nbsp;&nbsp; 90818 |
| Morgan Stanley<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 1.79%, 02/13/32 |  | 119 | &nbsp;&nbsp; 104512 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 2.70%, 01/22/31 |  | 2500 | &nbsp;&nbsp; 2344992 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(d)</sup><br>| EUR | 204 | &nbsp;&nbsp; 249125 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 | USD | 169 | &nbsp;&nbsp; 179901 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32 |  | 232 | &nbsp;&nbsp; 237550 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 475 | &nbsp;&nbsp; 515554 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NCR Voyix Corp., 5.13%, 04/15/29<sup>(b)</sup> | USD | 115 | &nbsp;&nbsp; $114191  |
| Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/30 |  | 156 | &nbsp;&nbsp; 152344 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/32 |  | 114 | &nbsp;&nbsp; 110598 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100269 |
| Nissan Motor Acceptance Co. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/09/28 |  | 100 | &nbsp;&nbsp; 95016 |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/28 |  | 100 | &nbsp;&nbsp; 103423 |
| Nordstrom, Inc., 4.25%, 08/01/31 |  | 86 | &nbsp;&nbsp; 79751 |
| Northern States Power Co., 2.90%, 03/01/50 |  | 1225 | &nbsp;&nbsp; 803011 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 |  | 143 | &nbsp;&nbsp; 137946 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30 |  | 88 | &nbsp;&nbsp; 91375 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 |  | 112 | &nbsp;&nbsp; 112302 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 |  | 178 | &nbsp;&nbsp; 177129 |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33 |  | 62 | &nbsp;&nbsp; 63228 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34 |  | 113 | &nbsp;&nbsp; 116053 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 194617 |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(d)</sup> | EUR | 246 | &nbsp;&nbsp; 286824 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/33<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 200988 |
| Osaic Holdings, Inc., 6.75%, 08/01/32<sup>(b)</sup> |  | 70 | &nbsp;&nbsp; 73123 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 |  | 52 | &nbsp;&nbsp; 50642 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 |  | 100 | &nbsp;&nbsp; 97615 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 102078 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 185 | &nbsp;&nbsp; 191706 |
| &nbsp;&nbsp;&nbsp; Paramount Global, (3-mo. SOFR US + 4.16%), 6.25%, <br> 02/28/57<sup>(a)</sup><br>|  | 200 | &nbsp;&nbsp; 179382 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 |  | 100 | &nbsp;&nbsp; 97648 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 100 | &nbsp;&nbsp; 102639 |
| Park River Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 12/31/30 |  | 100 | &nbsp;&nbsp; 98375 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/31 |  | 100 | &nbsp;&nbsp; 103100 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/29 |  | 96 | &nbsp;&nbsp; 102149 |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 111 | &nbsp;&nbsp; 116686 |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/33 |  | 100 | &nbsp;&nbsp; 104395 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 100 | &nbsp;&nbsp; 97407 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp., 10.00%, <br> 09/15/33<sup>(b)</sup><br>|  | 250 | &nbsp;&nbsp; 257419 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 1071 | &nbsp;&nbsp; 1071697 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/15/32 |  | 100 | &nbsp;&nbsp; 102748 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/33 |  | 228 | &nbsp;&nbsp; 230280 |
| &nbsp;&nbsp;&nbsp; PRA Group Europe Holding II SARL, 6.25%, <br> 09/30/32<sup>(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 114582 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 3.38%, 08/31/27<sup>(b)</sup><br>| USD | 66 | &nbsp;&nbsp; 64710 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, Inc., <br> 4.38%, 04/30/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 97288 |
| Prologis LP, 2.25%, 01/15/32 |  | 119 | &nbsp;&nbsp; 105299 |
| Public Service Electric and Gas Co., 4.65%, 03/15/33 |  | 2650 | &nbsp;&nbsp; 2665082 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(b)</sup> |  | 307 | &nbsp;&nbsp; 319550 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 79 | &nbsp;&nbsp; 82509 |
| Republic Services, Inc., 1.45%, 02/15/31 |  | 4000 | &nbsp;&nbsp; 3486244 |
| &nbsp;&nbsp;&nbsp; Resort Communities LoanCo LP, (13.00% PIK), <br> 13.00%, 11/30/28<sup>(b)(c)(k)</sup><br>|  | 4426 | &nbsp;&nbsp; 4506232 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., 4.75%, <br> 10/15/27<br>| USD | 138 | &nbsp;&nbsp; $137428  |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 1115 | &nbsp;&nbsp; 1181993 |
| RLJ Lodging Trust LP, 3.75%, 07/01/26<sup>(b)</sup> |  | 180 | &nbsp;&nbsp; 178998 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/01/29 |  | 218 | &nbsp;&nbsp; 224843 |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 |  | 164 | &nbsp;&nbsp; 169523 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32 |  | 60 | &nbsp;&nbsp; 63120 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(b)</sup> |  | 83 | &nbsp;&nbsp; 85586 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(b)</sup> |  | 94 | &nbsp;&nbsp; 92255 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<sup>(b)</sup> |  | 515 | &nbsp;&nbsp; 521869 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 429 | &nbsp;&nbsp; 364791 |
| &nbsp;&nbsp;&nbsp; 10.75%, 03/15/30 |  | 598 | &nbsp;&nbsp; 491754 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 5 | &nbsp;&nbsp; 4145 |
| SBA Communications Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 |  | 100 | &nbsp;&nbsp; 95655 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 |  | 118 | &nbsp;&nbsp; 117111 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(b)</sup> |  | 95 | &nbsp;&nbsp; 95023 |
| Seagate Data Storage Technology Pte Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 |  | 566 | &nbsp;&nbsp; 600207 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 85 | &nbsp;&nbsp; 90369 |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 55 | &nbsp;&nbsp; 56698 |
| Sealed Air Corp., 5.00%, 04/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100658 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 137 | &nbsp;&nbsp; 142664 |
| Sensata Technologies, Inc., 4.38%, 02/15/30<sup>(b)</sup> |  | 55 | &nbsp;&nbsp; 53719 |
| Service Corp. International, 5.13%, 06/01/29 |  | 152 | &nbsp;&nbsp; 153003 |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/15/29 |  | 24 | &nbsp;&nbsp; 24129 |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 |  | 197 | &nbsp;&nbsp; 170755 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 147 | &nbsp;&nbsp; 124557 |
| &nbsp;&nbsp;&nbsp; 8.88%, 06/15/32 |  | 100 | &nbsp;&nbsp; 98645 |
| Shift4 Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/32<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 69177 |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/33<sup>(d)</sup> | EUR | 139 | &nbsp;&nbsp; 167286 |
| &nbsp;&nbsp;&nbsp; Series DEC, 5.50%, 05/15/33<sup>(d)</sup> |  | 268 | &nbsp;&nbsp; 322537 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | USD | 69 | &nbsp;&nbsp; 69168 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 141 | &nbsp;&nbsp; 137837 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 |  | 181 | &nbsp;&nbsp; 172143 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(b)</sup> |  | 189 | &nbsp;&nbsp; 181349 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland <br> Co./ Magnum Management Corp., 5.25%, 07/15/29<br>|  | 100 | &nbsp;&nbsp; 93254 |
| SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 |  | 41 | &nbsp;&nbsp; 40301 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/31/30 |  | 135 | &nbsp;&nbsp; 139733 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/28 |  | 100 | &nbsp;&nbsp; 100462 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/15/31 |  | 95 | &nbsp;&nbsp; 101615 |
| Snap, Inc., 6.88%, 03/15/34<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 102962 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(c)(e)(k)(l)</sup><br>|  | 6533 | &nbsp;&nbsp; 1 |
| Sonic Automotive, Inc., 4.88%, 11/15/31<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 73402 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 155 | &nbsp;&nbsp; 151148 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 229 | &nbsp;&nbsp; 235761 |
| Standard Industries, Inc., 4.75%, 01/15/28<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 115688 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 207 | &nbsp;&nbsp; 220912 |
| Starwood Property Trust, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 |  | 99 | &nbsp;&nbsp; 98515 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 |  | 100 | &nbsp;&nbsp; 99379 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 1171 | &nbsp;&nbsp; 1118305 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Steel Dynamics, Inc., 3.45%, 04/15/30 | USD | 3060 | &nbsp;&nbsp; $2956251  |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(i)</sup> |  | 275 | &nbsp;&nbsp; 107250 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(b)</sup> |  | 53 | &nbsp;&nbsp; 54973 |
| Synchrony Financial, 7.25%, 02/02/33 |  | 92 | &nbsp;&nbsp; 98827 |
| TEGNA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 |  | 72 | &nbsp;&nbsp; 71260 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 |  | 62 | &nbsp;&nbsp; 61454 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 104 | &nbsp;&nbsp; 102401 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 |  | 200 | &nbsp;&nbsp; 200447 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 |  | 73 | &nbsp;&nbsp; 73136 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 134 | &nbsp;&nbsp; 137121 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/31 |  | 128 | &nbsp;&nbsp; 133185 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 237758 |
| Terex Corp., 5.00%, 05/15/29<sup>(b)</sup> |  | 152 | &nbsp;&nbsp; 151483 |
| TKC Holdings, Inc., 6.88%, 05/15/28<sup>(b)</sup> |  | 146 | &nbsp;&nbsp; 147423 |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 |  | 2750 | &nbsp;&nbsp; 2741361 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 |  | 2180 | &nbsp;&nbsp; 2124675 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/55 |  | 1310 | &nbsp;&nbsp; 1193368 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 101762 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 100 | &nbsp;&nbsp; 99337 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29<sup>(b)</sup> |  | 54 | &nbsp;&nbsp; 55689 |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(b)</sup> |  | 77 | &nbsp;&nbsp; 80925 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/32<sup>(b)</sup> |  | 325 | &nbsp;&nbsp; 338136 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 25587 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(b)</sup> |  | 222 | &nbsp;&nbsp; 227800 |
| Travel & Leisure Co., 6.63%, 07/31/26<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 149036 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(b)</sup> |  | 128 | &nbsp;&nbsp; 89607 |
| U.S. Foods, Inc., 6.88%, 09/15/28<sup>(b)</sup> |  | 197 | &nbsp;&nbsp; 203792 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 186953 |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 |  | 100 | &nbsp;&nbsp; 96938 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 100 | &nbsp;&nbsp; 93819 |
| United Wholesale Mortgage LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 |  | 146 | &nbsp;&nbsp; 146389 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 |  | 187 | &nbsp;&nbsp; 185660 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 4.75%, 04/15/28<sup>(b)</sup><br>|  | 133 | &nbsp;&nbsp; 132182 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/31/31 |  | 117 | &nbsp;&nbsp; 122222 |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/01/32 |  | 263 | &nbsp;&nbsp; 282676 |
| UWM Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/30 |  | 104 | &nbsp;&nbsp; 105308 |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/31 |  | 80 | &nbsp;&nbsp; 79872 |
| Vail Resorts, Inc., 5.63%, 07/15/30<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 70122 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 |  | 1500 | &nbsp;&nbsp; 1494637 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/33 |  | 461 | &nbsp;&nbsp; 460639 |
| VF Corp., 2.95%, 04/23/30 |  | 101 | &nbsp;&nbsp; 91430 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(b)</sup> |  | 137 | &nbsp;&nbsp; 136803 |
| VOC Escrow Ltd., 5.00%, 02/15/28<sup>(b)</sup> |  | 224 | &nbsp;&nbsp; 223992 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99075 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 157 | &nbsp;&nbsp; 166596 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 110 | &nbsp;&nbsp; 116416 |
| Warnermedia Holdings, Inc., 4.28%, 03/15/32 |  | 100 | &nbsp;&nbsp; 87782 |
| Wayfair LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 10/31/29 |  | 97 | &nbsp;&nbsp; 101236 |
| &nbsp;&nbsp;&nbsp; 7.75%, 09/15/30 |  | 79 | &nbsp;&nbsp; 84171 |
| WESCO Distribution, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 |  | 100 | &nbsp;&nbsp; 101451 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/29 |  | 115 | &nbsp;&nbsp; 118757 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Westbay, 11.00%, 02/06/30<sup>(c)</sup> | USD | 9276 | &nbsp;&nbsp; $9380819  |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 110 | &nbsp;&nbsp; 109866 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 100 | &nbsp;&nbsp; 96971 |
| Williams Scotsman, Inc., 6.63%, 06/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 103287 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(b)</sup> |  | 179 | &nbsp;&nbsp; 183494 |
| Wolfspeed, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(i)</sup> |  | 4 | &nbsp;&nbsp; 5925 |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/15/31<sup>(b)(i)</sup> |  | 3 | &nbsp;&nbsp; 4444 |
| &nbsp;&nbsp;&nbsp; (7.00% Cash or 12.00% PIK), 7.00%, 06/15/31<sup>(k)</sup> |  | 5 | &nbsp;&nbsp; 3840 |
| WR Grace Holdings LLC, 6.63%, 08/15/32<sup>(b)</sup> |  | 172 | &nbsp;&nbsp; 174196 |
| Xerox Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 10/15/30 |  | 1549 | &nbsp;&nbsp; 1482004 |
| &nbsp;&nbsp;&nbsp; 13.50%, 04/15/31 |  | 776 | &nbsp;&nbsp; 631955 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/33 |  | 105 | &nbsp;&nbsp; 110462 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/34 |  | 174 | &nbsp;&nbsp; 176835 |
| XPO, Inc., 7.13%, 02/01/32<sup>(b)</sup> |  | 88 | &nbsp;&nbsp; 92557 |
| Xylem, Inc., 2.25%, 01/30/31 |  | 3000 | &nbsp;&nbsp; 2722002 |
| Yum! Brands, Inc., 4.75%, 01/15/30<sup>(b)</sup> |  | 93 | &nbsp;&nbsp; 93074 |
|  |  |  | &nbsp;&nbsp; 135035418 |
| **Total Corporate Bonds — 13.0%** <br>**(Cost: $213,323,273)** | **Total Corporate Bonds — 13.0%** <br>**(Cost: $213,323,273)** | **Total Corporate Bonds — 13.0%** <br>**(Cost: $213,323,273)** | &nbsp;&nbsp; 209642100 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| AMF MF Portfolio, Term Loan, 7.67%, 11/01/28<sup>(c)</sup> |  | 2985 | &nbsp;&nbsp; 3086195 |
| **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $2,961,871)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $2,961,871)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $2,961,871)** | &nbsp;&nbsp; 3086195 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **France — 0.2%** | **France — 0.2%** | **France — 0.2%** | **France — 0.2%** |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.52%, <br> 02/27/30<br>| EUR | 588 | &nbsp;&nbsp; 697861 |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.10%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1158312 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term Loan <br> B4, (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.27%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1058230 |
|  |  |  | &nbsp;&nbsp; 2914403 |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| &nbsp;&nbsp;&nbsp; AVIV Group GmbH, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.10%, <br> 04/23/32<br>|  | 1147 | &nbsp;&nbsp; 1355406 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding AG, 2025 EUR Repriced <br> Term Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.54%, 12/09/32<br>| EUR | 1439 | &nbsp;&nbsp; $1701792  |
| &nbsp;&nbsp;&nbsp; Node AcquiCo GmbH, EUR Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.41%, <br> 12/08/32<br>|  | 1000 | &nbsp;&nbsp; 1180958 |
|  |  |  | &nbsp;&nbsp; 4238156 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 4.50%), <br> 6.57%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 673267 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR Term <br> Loan, (1-mo. EURIBOR + 3.75%), 5.69%, <br> 05/17/27<sup>(c)</sup><br>|  | 845 | &nbsp;&nbsp; 993269 |
|  |  |  | &nbsp;&nbsp; 1666536 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan B, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), 5.40%, <br> 06/23/31<br>|  | 1000 | &nbsp;&nbsp; 963135 |
| &nbsp;&nbsp;&nbsp; Speed Midco 3 SARL, 2025 EUR Term Loan, (6-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.85%, <br> 10/07/32<br>|  | 1000 | &nbsp;&nbsp; 1182298 |
| &nbsp;&nbsp;&nbsp; Tackle SARL, 2025 EUR Repriced Term Loan B2, (3-<br> mo. EURIBOR at 0.00% Floor + 3.25%), 5.32%, <br> 05/22/28<br>|  | 1226 | &nbsp;&nbsp; 1442432 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 8.00%), 9.90%, <br> 01/22/33<sup>(c)(k)</sup><br>|  | 1071 | &nbsp;&nbsp; 1182485 |
|  |  |  | &nbsp;&nbsp; 4770350 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.94%, <br> 10/14/27<br>|  | 982 | &nbsp;&nbsp; 1141579 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1140919 |
|  |  |  | &nbsp;&nbsp; 2282498 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp; FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 6.00%), 9.97%, 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1085100 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sector Alarm Holding A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.57%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; 482067 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.03%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1510134 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.25%), 5.36%, <br> 10/30/31<br>|  | 741 | &nbsp;&nbsp; 877218 |
|  |  |  | &nbsp;&nbsp; 2387352 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.86%, <br> 03/29/30<br>| EUR | 1009 | &nbsp;&nbsp; $1198092  |
| &nbsp;&nbsp;&nbsp; Verisure Holding AB, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.25%), 4.30%, <br> 11/03/32<br>|  | 1000 | &nbsp;&nbsp; 1181605 |
|  |  |  | &nbsp;&nbsp; 2379697 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boots Group Bidco Ltd., GBP Term Loan B, (1-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.48%, 08/30/32<br>| GBP | 1159 | &nbsp;&nbsp; 1574562 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-mo. <br> SONIA at 0.00% Floor + 4.75%), 8.72%, 04/29/29<br>|  | 1000 | &nbsp;&nbsp; 1356375 |
|  |  |  | &nbsp;&nbsp; 2930937 |
| **United States — 1.5%** | **United States — 1.5%** | **United States — 1.5%** | **United States — 1.5%** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.28%, <br> 02/01/30<br>| USD | 3107 | &nbsp;&nbsp; 2919704 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co. II LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 9.62%), 13.72%, 07/31/28<sup>(c)</sup><br>|  | 4900 | &nbsp;&nbsp; 4838577 |
| Coreweave Compute Acquisition Co. IV LLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 9.86%, 05/16/29<br>|  | 383 | &nbsp;&nbsp; 380232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 5th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.25%), 8.01%, 09/30/30<br>|  | 208 | &nbsp;&nbsp; 199084 |
| EIS Group, Inc.<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 7.00%), 10.72%, 07/10/28<br>|  | 341 | &nbsp;&nbsp; 326597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 10.72%, 07/10/28<br>|  | 3406 | &nbsp;&nbsp; 3265970 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo.CME <br> Term SOFR at 1.00% Floor + 6.25%), 10.25%, <br> 05/12/28<sup>(c)(k)</sup><br>|  | 6052 | &nbsp;&nbsp; 5727228 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.90%), 8.79%, 04/28/28<br>|  | 149 | &nbsp;&nbsp; 132078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR + 4.90%), 8.79%, 04/28/28<br>|  | 114 | &nbsp;&nbsp; 44119 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), 9.60%, <br> 10/25/28<sup>(c)</sup><br>|  | 1037 | &nbsp;&nbsp; 850229 |
| &nbsp;&nbsp;&nbsp; Indy U.S. Bidco LLC, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.65%, <br> 10/31/30<br>| EUR | 884 | &nbsp;&nbsp; 1044374 |
| Montage Hotels & Resorts LLC<sup>(c)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Revolver, (3-mo. SOFR + 6.00%), 9.66%, <br> 02/16/29<br>| USD | 259 | &nbsp;&nbsp; 249498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Term Loan, (3-mo. SOFR + 6.00%), 9.85%, <br> 02/16/29<br>|  | 1284 | &nbsp;&nbsp; 1238550 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (4-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br> 03/19/32<br>|  | 182 | &nbsp;&nbsp; 180239 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.82%, <br> 06/02/28<br>| EUR | 990 | &nbsp;&nbsp; 1101783 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; Redstone Holdco 2 LP, 2021 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.01%), 8.85%, <br> 04/27/28<br>| USD | 1297 | &nbsp;&nbsp; $524785  |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.51%), 9.35%, <br> 08/18/28<br>|  | 1854 | &nbsp;&nbsp; 1751959 |
| &nbsp;&nbsp;&nbsp; Xerox Corp., 2023 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 4.00%), 7.71%, 11/19/29<br>|  | 123 | &nbsp;&nbsp; 104682 |
|  |  |  | &nbsp;&nbsp; 24879688 |
| **Total Floating Rate Loan Interests — 3.1%** <br>**(Cost: $50,230,628)** | **Total Floating Rate Loan Interests — 3.1%** <br>**(Cost: $50,230,628)** | **Total Floating Rate Loan Interests — 3.1%** <br>**(Cost: $50,230,628)** | &nbsp;&nbsp; 50016784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 3.2%** | **United States — 3.2%** |  |
| iShares China Large-Cap ETF<sup>(m)</sup> | 91382 | &nbsp;&nbsp; 3499017 |
| KraneShares CSI China Internet ETF | 52473 | &nbsp;&nbsp; 1786705 |
| SPDR Gold Shares<sup>(e)(g)(n)</sup> | 100162 | &nbsp;&nbsp; 39695202 |
| State Street SPDR S&P Biotech ETF<sup>(o)</sup> | 40000 | &nbsp;&nbsp; 4877200 |
| State Street SPDR S&P Homebuilders ETF<sup>(o)</sup> | 4200 | &nbsp;&nbsp; 432432 |
| State Street SPDR S&P Regional Banking ETF | 23375 | &nbsp;&nbsp; 1514934 |
| **Total Investment Companies — 3.2%** <br>**(Cost: $41,578,768)** | **Total Investment Companies — 3.2%** <br>**(Cost: $41,578,768)** | &nbsp;&nbsp; 51805490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 325 | &nbsp;&nbsp; 340934 |
| **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** | **Puerto Rico — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(e)(l)</sup><br>|  | 4013 | &nbsp;&nbsp; 2347855 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,157,527)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,157,527)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,157,527)** | &nbsp;&nbsp; 2688789 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **United States**<sup>(a)(b)</sup> **— 1.6%** | **United States**<sup>(a)(b)</sup> **— 1.6%** | **United States**<sup>(a)(b)</sup> **— 1.6%** | **United States**<sup>(a)(b)</sup> **— 1.6%** |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1, <br> Class B1, 4.38%, 09/25/51<br>|  | 2047 | &nbsp;&nbsp; 1810295 |
| CHNGE Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class M1, 3.99%, 01/25/67 |  | 2000 | &nbsp;&nbsp; 1724663 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.61%, 03/25/67 |  | 5000 | &nbsp;&nbsp; 4471856 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class C, 3.66%, <br> 04/25/28<br>|  | 1923 | &nbsp;&nbsp; 1806170 |
| &nbsp;&nbsp;&nbsp; Grace Trust, Series 2020-GRCE, Class D, 2.68%, <br> 12/10/40<br>|  | 2000 | &nbsp;&nbsp; 1758844 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2019-55HY, <br> Class F, 2.94%, 12/10/41<br>|  | 2000 | &nbsp;&nbsp; 1721260 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1-mo. Term SOFR + <br> 2.81%), 6.57%, 04/15/38<br>| USD | 2114 | &nbsp;&nbsp; $2113989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH, Class E, (1-mo. Term SOFR + <br> 2.20%), 5.96%, 06/15/38<br>|  | 2000 | &nbsp;&nbsp; 1715926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1-mo. Term SOFR + <br> 3.79%), 7.54%, 04/15/37<br>|  | 1664 | &nbsp;&nbsp; 1595394 |
| &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.45%, 01/05/39 |  | 860 | &nbsp;&nbsp; 707819 |
| &nbsp;&nbsp;&nbsp; MFA Trust, Series 2022-CHM1, Class M1, 4.57%, <br> 09/25/56<br>|  | 4000 | &nbsp;&nbsp; 3588581 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, <br> Class F, (1-mo. Term SOFR + 2.72%), 6.47%, <br> 04/15/38<br>|  | 811 | &nbsp;&nbsp; 811409 |
| &nbsp;&nbsp;&nbsp; SUMIT Mortgage Trust, Series 2022-BVUE, Class D, <br> 2.89%, 02/12/41<br>|  | 650 | &nbsp;&nbsp; 525821 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust, <br> Series 2021-4, Class M4, 4.48%, 12/26/51<br>|  | 2104 | &nbsp;&nbsp; 1733855 |
| **Total Non-Agency Mortgage-Backed Securities — 1.6%** <br>**(Cost: $28,684,402)** | **Total Non-Agency Mortgage-Backed Securities — 1.6%** <br>**(Cost: $28,684,402)** | **Total Non-Agency Mortgage-Backed Securities — 1.6%** <br>**(Cost: $28,684,402)** | &nbsp;&nbsp; 26085882 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.5%**<sup>(a)</sup> | **Capital Trusts — 0.5%**<sup>(a)</sup> | **Capital Trusts — 0.5%**<sup>(a)</sup> | **Capital Trusts — 0.5%**<sup>(a)</sup> |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada, 6.88%, <br> 09/15/55<br>|  | 173 | &nbsp;&nbsp; 178489 |
| TELUS Corp., 7.00%, 10/15/55 |  | 58 | &nbsp;&nbsp; 60377 |
|  |  |  | &nbsp;&nbsp; 238866 |
| **France**<sup>(d)(j)</sup> **— 0.1%** | **France**<sup>(d)(j)</sup> **— 0.1%** | **France**<sup>(d)(j)</sup> **— 0.1%** |  |
| Air France-KLM, 5.75% | EUR | 200 | &nbsp;&nbsp; 238090 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38% |  | 100 | &nbsp;&nbsp; 116289 |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 241368 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 244681 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 276299 |
| RCI Banque SA, 6.13% | EUR | 200 | &nbsp;&nbsp; 236277 |
| Unibail-Rodamco-Westfield SE, 4.75% |  | 200 | &nbsp;&nbsp; 239283 |
| Veolia Environnement SA, 4.32% |  | 100 | &nbsp;&nbsp; 116943 |
|  |  |  | &nbsp;&nbsp; 1709230 |
| **Germany**<sup>(d)</sup> **— 0.1%** | **Germany**<sup>(d)</sup> **— 0.1%** | **Germany**<sup>(d)</sup> **— 0.1%** |  |
| Bayer AG, 5.38%, 03/25/82 |  | 300 | &nbsp;&nbsp; 361795 |
| Deutsche Bank AG<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75% |  | 200 | &nbsp;&nbsp; 240035 |
| &nbsp;&nbsp;&nbsp; 7.13% |  | 200 | &nbsp;&nbsp; 248664 |
| Volkswagen International Finance NV<sup>(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% |  | 100 | &nbsp;&nbsp; 121283 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 121609 |
|  |  |  | &nbsp;&nbsp; 1093386 |
| **Italy**<sup>(d)(j)</sup> **— 0.0%** | **Italy**<sup>(d)(j)</sup> **— 0.0%** | **Italy**<sup>(d)(j)</sup> **— 0.0%** |  |
| BPER Banca SpA, 6.50% |  | 200 | &nbsp;&nbsp; 243121 |
| Prysmian SpA, 5.25% |  | 275 | &nbsp;&nbsp; 336377 |
|  |  |  | &nbsp;&nbsp; 579498 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |  |
| Rakuten Group, Inc., 8.13%<sup>(b)(j)</sup> | USD | 400 | &nbsp;&nbsp; 411988 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |  |
| Vivion Investments SARL, 8.13%<sup>(d)(j)</sup> | EUR | 200 | &nbsp;&nbsp; $217546 |
| **Netherlands**<sup>(j)</sup> **— 0.1%** | **Netherlands**<sup>(j)</sup> **— 0.1%** | **Netherlands**<sup>(j)</sup> **— 0.1%** |  |
| ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% | USD | 200 | &nbsp;&nbsp; 194185 |
| &nbsp;&nbsp;&nbsp; 7.25%<sup>(d)</sup> |  | 300 | &nbsp;&nbsp; 319049 |
| NN Group NV, 5.75%<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 239297 |
|  |  |  | &nbsp;&nbsp; 752531 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA, 5.88%<sup>(d)(j)</sup> |  | 200 | &nbsp;&nbsp; 243252 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(b)</sup> | USD | 380 | &nbsp;&nbsp; 367111 |
| Centrica PLC, 6.50%, 05/21/55<sup>(d)</sup> | GBP | 505 | &nbsp;&nbsp; 701144 |
| Nationwide Building Society, 7.50%<sup>(d)(j)</sup> |  | 440 | &nbsp;&nbsp; 617324 |
| NatWest Group PLC, 7.50%<sup>(j)</sup> |  | 200 | &nbsp;&nbsp; 279679 |
| Vodafone Group PLC, 7.00%, 04/04/79 | USD | 68 | &nbsp;&nbsp; 72033 |
|  |  |  | &nbsp;&nbsp; 2037291 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |  |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 |  | 79 | &nbsp;&nbsp; 82505 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55 |  | 93 | &nbsp;&nbsp; 97561 |
| Dentsply Sirona, Inc., 8.38%, 09/12/55 |  | 138 | &nbsp;&nbsp; 129186 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/15/53 |  | 72 | &nbsp;&nbsp; 74918 |
| &nbsp;&nbsp;&nbsp; 7.88%, 06/15/54 |  | 40 | &nbsp;&nbsp; 41990 |
| FMC Corp., 8.45%, 11/01/55 |  | 286 | &nbsp;&nbsp; 226371 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(b)</sup> |  | 103 | &nbsp;&nbsp; 106345 |
| Paramount Global, 6.38%, 03/30/62 |  | 56 | &nbsp;&nbsp; 51990 |
| PG&E Corp., 7.38%, 03/15/55 |  | 300 | &nbsp;&nbsp; 312447 |
|  |  |  | &nbsp;&nbsp; 1123313 |
|  |  |  | &nbsp;&nbsp; 8406901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.7%**<sup>(c)</sup> | **Preferred Stocks — 1.7%**<sup>(c)</sup> | **Preferred Stocks — 1.7%**<sup>(c)</sup> |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D<sup>(e)</sup> | 35053 | &nbsp;&nbsp; 1902326 |
| **United States — 1.6%** | **United States — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $693,843)<sup>(e)(f)</sup><br>| 4922 | &nbsp;&nbsp; 1198015 |
| Bright Machines, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472895 | &nbsp;&nbsp; 94579 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985055 | &nbsp;&nbsp; 78804 |
| Cap Hill Brands, Series B-2<sup>(e)</sup> | 1088268 | &nbsp;&nbsp; 11 |
| Clarify Health, Series D-1<sup>(e)</sup> | 318926 | &nbsp;&nbsp; 918507 |
| CoreWeave, Inc., Series C, 03/25/49 | 1594000 | &nbsp;&nbsp; 1578060 |
| Davidson Homes, Inc., 12.00%<sup>(e)</sup> | 7258 | &nbsp;&nbsp; 8159589 |
| Insight M, Inc., Series D<sup>(e)</sup> | 2854422 | &nbsp;&nbsp; 923120 |
| Lessen Holdings, Inc.<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 456729 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Series CX | 24168 | &nbsp;&nbsp; — |
| RapidSOS, Series C-1<sup>(e)</sup> | 1707127 | &nbsp;&nbsp; 1894911 |
| Verger Capital Fund LLC<sup>(e)</sup> | 317866 | &nbsp;&nbsp; 47680 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Veritas Newco<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G | 973 | &nbsp;&nbsp; $22866 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 672 | &nbsp;&nbsp; 15456 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,623,422), 10/07/32<sup>(e)(f)</sup><br>| 1584337 | &nbsp;&nbsp; 9664456 |
|  |  | &nbsp;&nbsp; 24596059 |
|  |  | &nbsp;&nbsp; 26498385 |
| **Total Preferred Securities — 2.2%** <br>**(Cost: $43,216,309)** | **Total Preferred Securities — 2.2%** <br>**(Cost: $43,216,309)** | &nbsp;&nbsp; 34905286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.7%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.7%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 0.7%** |  |
| Fannie Mae REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-35, Class FC, (30-day Avg SOFR + <br> 1.10%), 4.97%, 08/25/53<br>| USD | 755 | &nbsp;&nbsp; 756675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-68, Class FB, (30-day Avg SOFR + <br> 1.05%), 4.92%, 01/25/54<br>|  | 795 | &nbsp;&nbsp; 797278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-63, Class FH, (30-day Avg SOFR + <br> 1.10%), 4.97%, 09/25/54<br>|  | 576 | &nbsp;&nbsp; 577604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-88, Class FC, (30-day Avg SOFR + <br> 1.40%), 5.27%, 12/25/54<br>|  | 480 | &nbsp;&nbsp; 483119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96, Class FA, (30-day Avg SOFR + <br> 1.40%), 5.27%, 12/25/54<br>|  | 835 | &nbsp;&nbsp; 840955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FX, (30-day Avg SOFR + <br> 1.35%), 5.22%, 02/25/55<br>|  | 572 | &nbsp;&nbsp; 576337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-13, Class FB, (30-day Avg SOFR + <br> 1.30%), 5.17%, 03/25/55<br>|  | 570 | &nbsp;&nbsp; 573950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-63, Class DF, (30-day Avg SOFR + <br> 1.40%), 5.27%, 08/25/55<br>|  | 376 | &nbsp;&nbsp; 378979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class FG, (30-day Avg SOFR + <br> 1.35%), 5.22%, 03/25/55<br>|  | 311 | &nbsp;&nbsp; 313401 |
| Freddie Mac REMICS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5468, Class WF, (30-day Avg SOFR + <br> 1.10%), 4.97%, 11/25/54<br>|  | 586 | &nbsp;&nbsp; 587602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5478, Class FD, (30-day Avg SOFR + <br> 1.40%), 5.27%, 02/25/54<br>|  | 418 | &nbsp;&nbsp; 421371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5482, Class FB, (30-day Avg SOFR + <br> 1.50%), 5.37%, 12/25/54<br>|  | 658 | &nbsp;&nbsp; 664725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5500, Class DF, (30-day Avg SOFR + <br> 1.35%), 5.22%, 10/25/54<br>|  | 514 | &nbsp;&nbsp; 517630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5502, Class EF, (30-day Avg SOFR + <br> 1.40%), 5.27%, 02/25/55<br>|  | 409 | &nbsp;&nbsp; 412700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5503, Class FB, (30-day Avg SOFR + <br> 1.35%), 5.22%, 02/25/55<br>|  | 499 | &nbsp;&nbsp; 502497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FE, (30-day Avg SOFR + <br> 1.60%), 5.47%, 02/25/55<br>|  | 559 | &nbsp;&nbsp; 564986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5543, Class FH, (30-day Avg SOFR + <br> 1.50%), 5.37%, 06/25/55<br>|  | 555 | &nbsp;&nbsp; 560787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5563, Class FA, (30-day Avg SOFR + <br> 1.35%), 5.22%, 08/25/55<br>|  | 936 | &nbsp;&nbsp; 943202 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |  |
| Freddie Mac REMICS (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5574, Class FB, (30-day Avg SOFR + <br> 1.35%), 5.22%, 09/25/55<br>| USD | 453 | &nbsp;&nbsp; $456528  |
| &nbsp;&nbsp;&nbsp; Ginnie Mae, Series 2025-9, Class FE, (30-day Avg <br> SOFR + 1.25%), 5.17%, 01/20/55<br>|  | 484 | &nbsp;&nbsp; 486268 |
|  |  |  | &nbsp;&nbsp; 11416594 |
| **Mortgage-Backed Securities**<sup>(p)</sup> **— 9.2%** | **Mortgage-Backed Securities**<sup>(p)</sup> **— 9.2%** | **Mortgage-Backed Securities**<sup>(p)</sup> **— 9.2%** |  |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/55 |  | 40005 | &nbsp;&nbsp; 39050568 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/55 |  | 50035 | &nbsp;&nbsp; 50734619 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/55 |  | 17318 | &nbsp;&nbsp; 17780866 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/14/56 - 02/15/56 |  | 42742 | &nbsp;&nbsp; 39451709 |
|  |  |  | &nbsp;&nbsp; 147017762 |
| **Total U.S. Government Sponsored Agency Securities — 9.9%** <br>**(Cost: $157,893,195)** | **Total U.S. Government Sponsored Agency Securities — 9.9%** <br>**(Cost: $157,893,195)** | **Total U.S. Government Sponsored Agency Securities — 9.9%** <br>**(Cost: $157,893,195)** | &nbsp;&nbsp; 158434356 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Deep Instinct Ltd., Series D, (Acquired 09/20/22, Cost: <br> $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, <br> Expires 09/20/32, Strike Price USD 0.01)<sup>(c)(e)(f)</sup><br>| 36915 | &nbsp;&nbsp; 369 |
| **United States**<sup>(e)</sup> **— 0.1%** | **United States**<sup>(e)</sup> **— 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., Class A, (Issued 05/16/24, <br> Expires 05/16/34, Strike Price USD 8.47)<sup>(c)</sup><br>| 50374 | &nbsp;&nbsp; 113845 |
| Flyr AS, Series D-X, (Expires 12/31/49)<sup>(c)</sup> | 5576 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(c)</sup><br>| 2957679 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., Series C-1, (Issued 12/13/23, Expires <br> 12/13/33, Strike Price USD 0.01)<sup>(c)</sup><br>| 946544 | &nbsp;&nbsp; 1041198 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(c)</sup><br>| 155888 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(c)</sup><br>| 15626 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $0), (Exercisable 10/14/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01)<sup>(c)(f)</sup><br>| 195273 | &nbsp;&nbsp; 939263 |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Acquired 12/03/23, Cost: $41,409), <br> (Issued 12/04/23, Expires 12/03/28, Strike Price <br> USD 11.50)<sup>(f)</sup><br>| 41409 | &nbsp;&nbsp; 373 |
|  |  | &nbsp;&nbsp; 2094711 |
| **Total Warrants — 0.1%** <br>**(Cost: $41,411)** | **Total Warrants — 0.1%** <br>**(Cost: $41,411)** | &nbsp;&nbsp; 2095080 |
| **Total Long-Term Investments — 105.7%** <br>**(Cost: $1,319,508,990)** | **Total Long-Term Investments — 105.7%** <br>**(Cost: $1,319,508,990)** | &nbsp;&nbsp; 1700324831 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(m)(q)(r)</sup><br>| 2147960 | &nbsp;&nbsp; $2149034  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(m)(q)</sup><br>| 22637962 | &nbsp;&nbsp; 22637962 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $24,786,829)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $24,786,829)** | &nbsp;&nbsp; 24786996 |
| **Options Purchased — 0.3%** <br>**(Cost: $6,253,329)** | **Options Purchased — 0.3%** <br>**(Cost: $6,253,329)** | &nbsp;&nbsp; 4714876 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 107.5%** <br>**(Cost: $1,350,549,148)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 107.5%** <br>**(Cost: $1,350,549,148)** | &nbsp;&nbsp; 1729826703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** | **TBA Sale Commitments** |
| **United States — (1.3)%** | **United States — (1.3)%** | **United States — (1.3)%** |  |
| &nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Securities, 3.50%, <br> 01/14/56<sup>(p)</sup><br>| USD | (23271)<br>| &nbsp;&nbsp; (21512040)<br>|
| **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(21335158))** | **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(21335158))** | **Total TBA Sale Commitments — (1.3)%** <br>**(Proceeds: $(21335158))** | &nbsp;&nbsp; (21512040)<br>|
| **Options Written — (0.2)%** <br>**(Premiums Received: $(3662553))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(3662553))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(3662553))** | &nbsp;&nbsp; (3364434)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 106.0%** <br>**(Cost: $1,325,551,437)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 106.0%** <br>**(Cost: $1,325,551,437)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 106.0%** <br>**(Cost: $1,325,551,437)** | &nbsp;&nbsp; 1704950229 |
| **Liabilities in Excess of Other Assets — (6.0)%** | **Liabilities in Excess of Other Assets — (6.0)%** | **Liabilities in Excess of Other Assets — (6.0)%** | &nbsp;&nbsp; (96226046)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1608724183 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $14,986,826, representing 0.9% of its net assets as of period end, and an original cost of $10,580,963. 

<sup>(g)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(h)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(i)</sup> Convertible security.

<sup>(j)</sup> Perpetual security with no stated maturity date.

<sup>(k)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(l)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(m)</sup> Affiliate of the Trust.

<sup>(n)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. 

<sup>(o)</sup> All or a portion of this security is on loan.

<sup>(p)</sup> Represents or includes a TBA transaction.

<sup>(q)</sup> Annualized 7-day yield as of period end.

<sup>(r)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $3960134 | $— | $(1811068 )<sup>(a)</sup><br>| &nbsp;&nbsp; $192 | $(224)<br>| $2149034 | 2147960 | $36931 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 207553773 |  | (184915811 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 22637962 | 22637962 | 3962870 | &nbsp;&nbsp; — |
| iShares Biotechnology ETF<sup>(c)</sup> | &nbsp;&nbsp; 925472 |  | (929456)<br>| &nbsp;&nbsp; (72135)<br>| 76119 |  |  | 848 | &nbsp;&nbsp; — |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 7104384 | (3704920)<br>| &nbsp;&nbsp; 68875 | 30678 | 3499017 | 91382 | 38015 | &nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 2276445 |  | (2306772)<br>| &nbsp;&nbsp; 17736 | 12591 |  |  | 10424 | &nbsp;&nbsp; — |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24*<br>| *Purchases*<br> *at Cost*<br>| *Proceeds*<br> *from Sales*<br>| *Net*<br> *Realized*<br> *Gain (Loss)*<br>| *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| *Value at*<br> *12/31/25*<br>| *Shares*<br> *Held at*<br> *12/31/25*<br>| *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds*<br>|
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(c)</sup><br>| &nbsp;&nbsp; $5895071 | $— | $(5979856)<br>| &nbsp;&nbsp; $263592 | $(178807)<br>| $— |  | $54720 | &nbsp;&nbsp; $— |
| iShares Russell 2000 ETF<sup>(c)</sup> | &nbsp;&nbsp; — | 11736098 | (11720580)<br>| &nbsp;&nbsp; (15518)<br>|  |  |  |  | &nbsp;&nbsp; — |
| iShares Russell Mid-Cap Growth ETF<sup>(c)</sup> | &nbsp;&nbsp; 248176 |  | (235559)<br>| &nbsp;&nbsp; 48860 | (61477)<br>|  |  | 194 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $311602 | $(121120)<br>| $28286013 |  | $4104002 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

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

<sup>(c)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2263 | &nbsp;&nbsp;&nbsp;&nbsp; $3722 |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 24709 | &nbsp;&nbsp;&nbsp;&nbsp; (97614)<br>|
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3390 | &nbsp;&nbsp;&nbsp;&nbsp; (10040)<br>|
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20539 | &nbsp;&nbsp;&nbsp;&nbsp; (91849)<br>|
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4141 | &nbsp;&nbsp;&nbsp;&nbsp; (5467)<br>|
| &nbsp;&nbsp;&nbsp; Short Term Euro BTP | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6054 | &nbsp;&nbsp;&nbsp;&nbsp; 9714 |
| &nbsp;&nbsp;&nbsp; KOSPI 200 Index | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5381 | &nbsp;&nbsp;&nbsp;&nbsp; 220756 |
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9010 | &nbsp;&nbsp;&nbsp;&nbsp; (47366)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1973 | &nbsp;&nbsp;&nbsp;&nbsp; (1984)<br>|
| &nbsp;&nbsp;&nbsp; 3-Year Australian Treasury Bonds | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8618 | &nbsp;&nbsp;&nbsp;&nbsp; (4091)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 10399 |
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7619 | &nbsp;&nbsp;&nbsp;&nbsp; (171208)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 | &nbsp;&nbsp;&nbsp;&nbsp; 54684 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 | &nbsp;&nbsp;&nbsp;&nbsp; 121582 |
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 48368 | &nbsp;&nbsp;&nbsp;&nbsp; 231546 |
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 22745 | &nbsp;&nbsp;&nbsp;&nbsp; 5815 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4393 | &nbsp;&nbsp;&nbsp;&nbsp; (33108)<br>|
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4803 | &nbsp;&nbsp;&nbsp;&nbsp; 31049 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 82263 | &nbsp;&nbsp;&nbsp;&nbsp; 20781 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 76185 | &nbsp;&nbsp;&nbsp;&nbsp; (73894)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 173427 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 12199 |
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 | &nbsp;&nbsp;&nbsp;&nbsp; 41779 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 15067 | &nbsp;&nbsp;&nbsp;&nbsp; 61475 |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 44281 | &nbsp;&nbsp;&nbsp;&nbsp; 64844 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 | &nbsp;&nbsp;&nbsp;&nbsp; (1283)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 179014 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $352441 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 21044971 | USD | 3768358 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7906 |
| CHF | 1352973 | USD | 1703370 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17716 |
| DKK | 23225283 | USD | 3643458 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26184 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| DKK | 5671938 | USD | 890064 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6114 |
| EUR | 158161 | USD | 186041 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 |
| EUR | 350458 | USD | 412823 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 |
| GBP | 2264139 | USD | 3018033 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33355 |
| GBP | 2538945 | USD | 3407541 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14205 |
| INR | 76522374 | USD | 845168 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| MXN | 43879526 | USD | 2381366 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38131 |
| MXN | 29895650 | USD | 1626567 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21866 |
| MXN | 36396424 | USD | 1980210 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26672 |
| SEK | 23275774 | USD | 2515113 | The Bank of New York Mellon | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22664 |
| USD | 263811 | EUR | 223245 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 |
| USD | 326590 | EUR | 276875 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| USD | 1149431 | EUR | 973319 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| USD | 327439 | HKD | 2542053 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| USD | 2966416 | HKD | 23022072 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534 |
| USD | 5870419 | HKD | 45559787 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| USD | 1802632 | JPY | 279831637 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5076 |
| USD | 280325 | JPY | 43213910 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2731 |
| USD | 28743048 | TWD | 891962900 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391268 |
| ZAR | 40836224 | USD | 2381366 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72083 |
| ZAR | 33712048 | USD | 1968989 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56438 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751008 |
| BRL | 17647512 | USD | 3175155 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8523)<br>|
| CAD | 2292717 | USD | 1678590 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2743)<br>|
| EUR | 13338712 | USD | 15746612 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18101)<br>|
| EUR | 1614155 | USD | 1910124 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6773)<br>|
| EUR | 482624 | USD | 571521 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2428)<br>|
| EUR | 2588081 | USD | 3054225 | The Bank of New York Mellon | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2456)<br>|
| JPY | 32635261 | USD | 210176 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537)<br>|
| JPY | 1256578857 | USD | 8093786 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21892)<br>|
| USD | 5331001 | AUD | 8018907 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20860)<br>|
| USD | 1559843 | CAD | 2148365 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10491)<br>|
| USD | 1108688 | CHF | 880736 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11676)<br>|
| USD | 16758173 | DKK | 106785046 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114079)<br>|
| USD | 2950368 | EUR | 2520705 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21954)<br>|
| USD | 5934269 | EUR | 5067853 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41554)<br>|
| USD | 859291 | EUR | 734817 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7177)<br>|
| USD | 209594 | EUR | 179515 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2083)<br>|
| USD | 113378913 | EUR | 96501315 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (411838)<br>|
| USD | 135680395 | EUR | 115482996 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492846)<br>|
| USD | 186670 | GBP | 139610 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1483)<br>|
| USD | 44841468 | GBP | 33635542 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (489270)<br>|
| USD | 1947670 | GBP | 1460910 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21203)<br>|
| USD | 2101314 | KRW | 3065145008 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26848)<br>|
| USD | 1261975 | SEK | 11680252 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11533)<br>|
| IDR | 14481001656 | USD | 866234 | BNP Paribas SA | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (857)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1749205)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(998197)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 609.00 | USD | 13883 | &nbsp;&nbsp;&nbsp;&nbsp; $133913  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 690.00 | USD | 19230 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 693.00 | USD | 38324 | &nbsp;&nbsp;&nbsp;&nbsp; 43673 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 340.00 | USD | 7563 | &nbsp;&nbsp;&nbsp;&nbsp; 10363 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 285.00 | USD | 7313 | &nbsp;&nbsp;&nbsp;&nbsp; 11971 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 952 | &nbsp;&nbsp;&nbsp;&nbsp; $4165 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 55.00 | USD | 2123 | &nbsp;&nbsp;&nbsp;&nbsp; 52689 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 745 | &nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 4032 | &nbsp;&nbsp;&nbsp;&nbsp; 146702 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | EUR | 260.00 | EUR | 5186 | &nbsp;&nbsp;&nbsp;&nbsp; 177109 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 870.00 | USD | 440 | &nbsp;&nbsp;&nbsp;&nbsp; 14075 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 4357 | &nbsp;&nbsp;&nbsp;&nbsp; 36662 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 122.00 | USD | 328 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 195.00 | USD | 4476 | &nbsp;&nbsp;&nbsp;&nbsp; 51360 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 390.00 | USD | 26117 | &nbsp;&nbsp;&nbsp;&nbsp; 771639 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 405.00 | USD | 15298 | &nbsp;&nbsp;&nbsp;&nbsp; 166583 |
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 70.00 | USD | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 8173 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 115.00 | USD | 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 8721 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 330 | &nbsp;&nbsp;&nbsp;&nbsp; 13195 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 340.00 | USD | 6088 | &nbsp;&nbsp;&nbsp;&nbsp; 132405 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 240.00 | USD | 5586 | &nbsp;&nbsp;&nbsp;&nbsp; 200255 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 255.00 | USD | 993 | &nbsp;&nbsp;&nbsp;&nbsp; 16340 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 290.00 | USD | 3942 | &nbsp;&nbsp;&nbsp;&nbsp; 41180 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 120.00 | USD | 2812 | &nbsp;&nbsp;&nbsp;&nbsp; 84350 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 50.00 | USD | 1091 | &nbsp;&nbsp;&nbsp;&nbsp; 13980 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 865.00 | USD | 615 | &nbsp;&nbsp;&nbsp;&nbsp; 32217 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 325.00 | USD | 3093 | &nbsp;&nbsp;&nbsp;&nbsp; 96000 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 670.00 | USD | 3366 | &nbsp;&nbsp;&nbsp;&nbsp; 158482 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 510.00 | USD | 3869 | &nbsp;&nbsp;&nbsp;&nbsp; 71600 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 410.00 | USD | 895 | &nbsp;&nbsp;&nbsp;&nbsp; 25070 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 390.00 | USD | 30357 | &nbsp;&nbsp;&nbsp;&nbsp; 1337551 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 450.00 | USD | 2923 | &nbsp;&nbsp;&nbsp;&nbsp; 214662 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 480.00 | USD | 1394 | &nbsp;&nbsp;&nbsp;&nbsp; 65487 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 200.00 | USD | 697 | &nbsp;&nbsp;&nbsp;&nbsp; 14298 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 430.00 | USD | 3011 | &nbsp;&nbsp;&nbsp;&nbsp; 65032 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 110.00 | USD | 688 | &nbsp;&nbsp;&nbsp;&nbsp; 62392 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 75.00 | USD | 298 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 200.00 | USD | 3171 | &nbsp;&nbsp;&nbsp;&nbsp; 169150 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 420.00 | USD | 7649 | &nbsp;&nbsp;&nbsp;&nbsp; 171092 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 120.00 | USD | 347 | &nbsp;&nbsp;&nbsp;&nbsp; 19763 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4657008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/07/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.57% | Annual | Deutsche Bank AG | 02/05/26 | 3.57<br> % <br>| USD | 2732 | $3242  |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 02/07/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.77% | Annual | Deutsche Bank AG | 02/05/26 | 3.77 | USD | 1819 | 1052 |
| &nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/08/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.45% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.45 | USD | 1994 | 962 |
| &nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 02/08/31 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.15% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.15 | USD | 3175 | 1682 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 05/02/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55 | USD | 6966 | 15694 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.00% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.00 | USD | 33774 | 35236 |
|  |  |  |  |  |  |  |  |  |  | $57868 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 621.00 | USD | 13883 | &nbsp;&nbsp;&nbsp;&nbsp; $(4778 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 01/02/26 | USD | 698.00 | USD | 19230 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp; 01/09/26 | USD | 701.00 | USD | 38324 | &nbsp;&nbsp;&nbsp;&nbsp; (3634)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 330.00 | USD | 879 | &nbsp;&nbsp;&nbsp;&nbsp; (3850)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 145.00 | USD | 261 | &nbsp;&nbsp;&nbsp;&nbsp; (5445)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1332 | &nbsp;&nbsp;&nbsp;&nbsp; (26950)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 60.00 | USD | 2123 | &nbsp;&nbsp;&nbsp;&nbsp; (3667)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 380.00 | USD | 900 | &nbsp;&nbsp;&nbsp;&nbsp; (4225)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 95.00 | USD | 274 | &nbsp;&nbsp;&nbsp;&nbsp; (5865)<br>|
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 439 | &nbsp;&nbsp;&nbsp;&nbsp; (1083)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 852 | &nbsp;&nbsp;&nbsp;&nbsp; (57122)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 135.00 | USD | 312 | &nbsp;&nbsp;&nbsp;&nbsp; (2250)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 80.00 | USD | 4032 | &nbsp;&nbsp;&nbsp;&nbsp; (9296)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 900.00 | USD | 967 | &nbsp;&nbsp;&nbsp;&nbsp; (160650)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 503 | &nbsp;&nbsp;&nbsp;&nbsp; (19750)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 300.00 | USD | 431 | &nbsp;&nbsp;&nbsp;&nbsp; (1688)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 575.00 | USD | 227 | &nbsp;&nbsp;&nbsp;&nbsp; (5780)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 81.00 | USD | 3975 | &nbsp;&nbsp;&nbsp;&nbsp; (3794)<br>|
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 4357 | &nbsp;&nbsp;&nbsp;&nbsp; (577)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 410 | &nbsp;&nbsp;&nbsp;&nbsp; (4100)<br>|
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 940.00 | USD | 410 | &nbsp;&nbsp;&nbsp;&nbsp; (2400)<br>|
| &nbsp;&nbsp;&nbsp; Medtronic PLC | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 105.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; (168)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 155.00 | USD | 485 | &nbsp;&nbsp;&nbsp;&nbsp; (222190)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 205.00 | USD | 3618 | &nbsp;&nbsp;&nbsp;&nbsp; (10088)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 395.00 | USD | 7768 | &nbsp;&nbsp;&nbsp;&nbsp; (170703)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 430.00 | USD | 17834 | &nbsp;&nbsp;&nbsp;&nbsp; (21619)<br>|
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 77.00 | USD | 2800 | &nbsp;&nbsp;&nbsp;&nbsp; (391)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 450 | &nbsp;&nbsp;&nbsp;&nbsp; (5400)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 500.00 | USD | 225 | &nbsp;&nbsp;&nbsp;&nbsp; (1320)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 480.00 | USD | 389 | &nbsp;&nbsp;&nbsp;&nbsp; (2150)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 370.00 | USD | 8253 | &nbsp;&nbsp;&nbsp;&nbsp; (50627)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 345.00 | USD | 973 | &nbsp;&nbsp;&nbsp;&nbsp; (17437)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 130.00 | USD | 2812 | &nbsp;&nbsp;&nbsp;&nbsp; (22895)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 80.00 | USD | 1215 | &nbsp;&nbsp;&nbsp;&nbsp; (15925)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | EUR | 270.00 | EUR | 737 | &nbsp;&nbsp;&nbsp;&nbsp; (21224)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 82.00 | USD | 2653 | &nbsp;&nbsp;&nbsp;&nbsp; (611)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 355.00 | USD | 3093 | &nbsp;&nbsp;&nbsp;&nbsp; (12672)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 750.00 | USD | 3366 | &nbsp;&nbsp;&nbsp;&nbsp; (41182)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 1532 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 420.00 | USD | 60715 | &nbsp;&nbsp;&nbsp;&nbsp; (862121)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 550.00 | USD | 2923 | &nbsp;&nbsp;&nbsp;&nbsp; (47450)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 560.00 | USD | 1394 | &nbsp;&nbsp;&nbsp;&nbsp; (19685)<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 250.00 | USD | 697 | &nbsp;&nbsp;&nbsp;&nbsp; (4021)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1876784)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 90.00 | USD | 391 | &nbsp;&nbsp;&nbsp;&nbsp; (1640)<br>|
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 745 | &nbsp;&nbsp;&nbsp;&nbsp; (3878)<br>|
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 840.00 | USD | 431 | &nbsp;&nbsp;&nbsp;&nbsp; (2175)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 57.50 | USD | 2332 | &nbsp;&nbsp;&nbsp;&nbsp; (7560)<br>|
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Regional Banking ETF | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 61.00 | USD | 1555 | &nbsp;&nbsp;&nbsp;&nbsp; (9432)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 01/16/26 | USD | 100.00 | USD | 330 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 290.00 | USD | 6088 | &nbsp;&nbsp;&nbsp;&nbsp; (123675)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 205.00 | USD | 5586 | &nbsp;&nbsp;&nbsp;&nbsp; (68970)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 215.00 | USD | 993 | &nbsp;&nbsp;&nbsp;&nbsp; (21715)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 245.00 | USD | 3942 | &nbsp;&nbsp;&nbsp;&nbsp; (27332)<br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 43.00 | USD | 1091 | &nbsp;&nbsp;&nbsp;&nbsp; (12815)<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 770.00 | USD | 615 | &nbsp;&nbsp;&nbsp;&nbsp; (3973)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 78.00 | USD | 2653 | &nbsp;&nbsp;&nbsp;&nbsp; (4536)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 440.00 | USD | 3869 | &nbsp;&nbsp;&nbsp;&nbsp; (37200)<br>|
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 330.00 | USD | 895 | &nbsp;&nbsp;&nbsp;&nbsp; (4025)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 370.00 | USD | 10264 | &nbsp;&nbsp;&nbsp;&nbsp; (80737)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 350.00 | USD | 2923 | &nbsp;&nbsp;&nbsp;&nbsp; (23400)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 360.00 | USD | 1394 | &nbsp;&nbsp;&nbsp;&nbsp; $(14027 )<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/26 | USD | 140.00 | USD | 697 | &nbsp;&nbsp;&nbsp;&nbsp; (21500)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 310.00 | USD | 3011 | &nbsp;&nbsp;&nbsp;&nbsp; (125932)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 95.00 | USD | 688 | &nbsp;&nbsp;&nbsp;&nbsp; (5340)<br>|
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 60.00 | USD | 298 | &nbsp;&nbsp;&nbsp;&nbsp; (6815)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 145.00 | USD | 4513 | &nbsp;&nbsp;&nbsp;&nbsp; (58564)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 375.00 | USD | 7649 | &nbsp;&nbsp;&nbsp;&nbsp; (115484)<br>|
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | USD | 85.00 | USD | 347 | &nbsp;&nbsp;&nbsp;&nbsp; (4108)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 280.00 | USD | 1661 | &nbsp;&nbsp;&nbsp;&nbsp; (111960)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/26 | USD | 150.00 | USD | 1436 | &nbsp;&nbsp;&nbsp;&nbsp; (83545)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (980411)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2857195)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/19/36 | 3.60% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/17/26 | 3.60<br> % <br>| USD | 3526 | $(7910 )<br>|
| 10-Year Interest Rate Swap, 02/20/36 | 3.40% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 02/18/26 | 3.40 | USD | 5300 | (3334)<br>|
| 10-Year Interest Rate Swap, 02/27/36 | 3.25% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/25/26 | 3.25 | USD | 5594 | (1892)<br>|
| 5-Year Interest Rate Swap, 02/27/31 | 2.90% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/25/26 | 2.90 | USD | 10415 | (3069)<br>|
| 30-Year Interest Rate Swap, 03/04/56 | 4.20% | Annual | 1-day SONIA, <br> 3.73%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 03/04/26 | 4.20 | GBP | 1075 | (9276)<br>|
| 10-Year Interest Rate Swap, 03/13/36 | 3.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 03/11/26 | 3.50 | USD | 5328 | (11238)<br>|
| 30-Year Interest Rate Swap, 05/02/56 | 3.25% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Bank of America N.A. | 04/30/26 | 3.25 | USD | 6966 | (4674)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | 2.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 2.50 | USD | 33774 | (11079)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | 3.20% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 12/16/26 | 3.20 | USD | 2652 | (15785)<br>|
|  |  |  |  |  |  |  |  |  |  | (68257)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 02/04/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96 | USD | 4792 | (9084)<br>|
| 30-Year Interest Rate Swap, 02/04/56 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 02/02/26 | 4.30 | USD | 2119 | (9369)<br>|
| 10-Year Interest Rate Swap, 02/19/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 02/17/26 | 4.00 | USD | 3526 | (8297)<br>|
| 2-Year Interest Rate Swap, 02/22/28 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.58% | Annual | Bank of America N.A. | 02/20/26 | 3.58 | USD | 12059 | (2404)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.11%<br>| Semi-Annual | 2.94% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 2.94 | EUR | 6708 | (101547)<br>|
| 10-Year Interest Rate Swap, 04/25/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 4.00 | USD | 6320 | (44018)<br>|
| 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 06/08/26 | 3.50 | USD | 33774 | (21759)<br>|
| 10-Year Interest Rate Swap, 12/18/36 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60 | USD | 2652 | (19597)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |  |  |  |
| 2-Year Interest Rate Swap, 09/22/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/20/27 | 4.30<br> % <br>| USD | 36643 | $(99211 )<br>|
| 2-Year Interest Rate Swap, 12/10/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | Deutsche Bank AG | 12/08/27 | 4.00 | USD | 14220 | (66539)<br>|
| 2-Year Interest Rate Swap, 12/18/29 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50 | USD | 21393 | (57157)<br>|
|  |  |  |  |  |  |  |  |  |  | (438982)<br>|
|  |  |  |  |  |  |  |  |  |  | $(507239)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | USD | 4266 | &nbsp;&nbsp;&nbsp;&nbsp; $(344462 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(267527 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(76935 )<br>|
| CDX.NA.HY.45.V1 | 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/30 | USD | 1433 | &nbsp;&nbsp;&nbsp;&nbsp; (111313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16688)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(455775)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(362152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(93623)<br>|

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.41.V2 | 5.00<br> % <br>| Quarterly | 12/20/28 | B- | USD | 3316 | &nbsp;&nbsp;&nbsp; $250835 | &nbsp;&nbsp;&nbsp; $62739 | &nbsp;&nbsp;&nbsp; $188096 |
| Ardagh Packaging Finance PLC | 5.00 | Quarterly | 12/20/29 | NR | EUR | 98 | &nbsp;&nbsp;&nbsp; (67681)<br>| &nbsp;&nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp;&nbsp; (66295)<br>|
| iTraxx.XO.42.V4 | 5.00 | Quarterly | 12/20/29 | B- | EUR | 7043 | &nbsp;&nbsp;&nbsp; 851465 | &nbsp;&nbsp;&nbsp; 535559 | &nbsp;&nbsp;&nbsp; 315906 |
| Ardagh Packaging Finance PLC | 5.00 | Quarterly | 06/20/30 | NR | EUR | 13 | &nbsp;&nbsp;&nbsp; (8929)<br>| &nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp; (8746)<br>|
| iTraxx.XO.43.V3 | 5.00 | Quarterly | 06/20/30 | B- | EUR | 942 | &nbsp;&nbsp;&nbsp; 126943 | &nbsp;&nbsp;&nbsp; 83275 | &nbsp;&nbsp;&nbsp; 43668 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1152633 | &nbsp;&nbsp;&nbsp; $680004 | &nbsp;&nbsp;&nbsp; $472629 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 3.68% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 60720 | $(2759)<br>| $38 | $(2797)<br>|
| 3.79% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 121704 | (23566)<br>| 77 | (23643)<br>|
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | N/A | 03/09/26 | JPY | 2930801 | 48126 | 9 | 48117 |
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 21824 | 57364 | 13 | 57351 |
| 1-day SOFR, 3.87% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 7990 | 25215 | 5 | 25210 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 12579 | (8292)<br>| 9 | (8301)<br>|
| 1-day SOFR, 3.87% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 15182 | 30144 | 11 | 30133 |
| 1-day SOFR, 3.87% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 12488 | 54018 | 10 | 54008 |
| 1-day SOFR, 3.87% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 5619 | 26550 | 7 | 26543 |
| 1-day SOFR, 3.87% | At Termination | 4.17% | At Termination | N/A | 10/23/26 | USD | 9509 | 53819 | 14 | 53805 |
| 1-day SOFR, 3.87% | At Termination | 4.21% | At Termination | N/A | 10/27/26 | USD | 18989 | 117745 | 28 | 117717 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 19216 | 79490 | 36 | 79454 |
| 1-day SOFR, 3.87% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 18545 | 73849 | 45 | 73804 |
| 1-day SOFR, 3.87% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 4700 | (28243)<br>| 17 | (28260)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/27 | INR | 103211 | 14789 | 8 | 14781 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 3.87% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 15272 | $139266 | $48 | $139218 |
| 1-day SOFR, 3.87% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 15272 | 154260 | 51 | 154209 |
| 1-day SOFR, 3.87% | Annual | 3.30% | Annual | N/A | 10/23/27 | USD | 3403 | (6031)<br>| 14 | (6045)<br>|
| 1-day SOFR, 3.87% | Annual | 4.20% | Annual | N/A | 10/23/27 | USD | 4949 | 77960 | 20 | 77940 |
| 1-day SOFR, 3.87% | Annual | 3.92% | Annual | N/A | 11/03/27 | USD | 2364 | 25178 | 10 | 25168 |
| 1-day SOFR, 3.87% | Annual | 3.95% | Annual | N/A | 11/03/27 | USD | 2364 | 26555 | 10 | 26545 |
| 1-day SOFR, 3.87% | Annual | 3.99% | Annual | N/A | 11/03/27 | USD | 4728 | 56323 | 20 | 56303 |
| 1-day SOFR, 3.87% | Annual | 4.07% | Annual | N/A | 11/03/27 | USD | 9541 | 129442 | 40 | 129402 |
| 1-day SOFR, 3.87% | Annual | 3.86% | Annual | N/A | 11/10/27 | USD | 9919 | 95927 | 42 | 95885 |
| 1-day SOFR, 3.87% | At Termination | 3.23% | At Termination | 12/11/26 <br><sup>(a)</sup><br>| 12/11/27 | USD | 16742 | 6872 | 30 | 6842 |
| 1-day SOFR, 3.87% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 13665 | 47295 | 59 | 47236 |
| 3.45% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 01/26/28 | USD | 11825 | (33329)<br>| 51 | (33380)<br>|
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 11825 | 158486 | 51 | 158435 |
| 3.27% | Annual | 1-day SOFR, 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | 5396 | 52 | 5344 |
| 1-day SOFR, 3.87% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | 132618 | 52 | 132566 |
| 1-day SONIA, 3.73% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6370 | 305448 | (10)<br>| 305458 |
| 1-day SOFR, 3.87% | Annual | 3.50% | Annual | N/A | 08/20/28 | USD | 11416 | 21807 | 45 | 21762 |
| 1-day SOFR, 3.87% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 135611 | 4005669 | 18555 | 3987114 |
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 6490 | 191386 | 36 | 191350 |
| 1-day SONIA, 3.73% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 3004 | 65974 | 84 | 65890 |
| 1-day SONIA, 3.73% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 3004 | 66213 | 86 | 66127 |
| 1-day SOFR, 3.87% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21109 | (13291)<br>| 96 | (13387)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 7713 | 323240 | 53 | 323187 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.26% | Semi-Annual | N/A | 03/20/29 | INR | 31938 | 6179 | 4 | 6175 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.30% | Semi-Annual | N/A | 03/20/29 | INR | 39035 | 8071 | 5 | 8066 |
| 1-day SOFR, 3.87% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 17015 | 160938 | 103 | 160835 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 10561 | 187141 | 66 | 187075 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 7990 | 156998 | 50 | 156948 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 12580 | 225505 | 80 | 225425 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 6326 | 114361 | 40 | 114321 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 8865 | 323182 | 63 | 323119 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 12652 | 232375 | 81 | 232294 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 6519 | 220767 | 50 | 220717 |
| 1-day SOFR, 3.87% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 6443 | 56773 | 47 | 56726 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | 227953 | 29 | 227924 |
| 1-day SONIA, 3.73% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6913 | 116018 | 199 | 115819 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 6913 | 134259 | 54 | 134205 |
| 1-day SOFR, 3.87% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 7173 | (119744)<br>| 57 | (119801)<br>|
| 1-day SOFR, 3.87% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12279 | 188132 | 98 | 188034 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 1506 | (4576)<br>| 15 | (4591)<br>|
| 1-day SOFR, 3.87% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 6701 | (190566)<br>| 62 | (190628)<br>|
| 1-day SOFR, 3.87% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 26166 | 1157934 | 1835 | 1156099 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 4817 | 90423 | 64 | 90359 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 1389 | 26080 | 18 | 26062 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/34 | INR | 13127 | 2648 | 3 | 2645 |
| 1-day MIBOR, 5.67% | Semi-Annual | 6.35% | Semi-Annual | N/A | 03/20/34 | INR | 13127 | 2744 | 3 | 2741 |
| 1-day SOFR, 3.87% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 4339 | (27316)<br>| 64 | (27380)<br>|
| 1-day SOFR, 3.87% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 7165 | (41552)<br>| 108 | (41660)<br>|
| 1-day SOFR, 3.87% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 5610 | (55980)<br>| 85 | (56065)<br>|
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 5561 | (25195)<br>| 86 | (25281)<br>|
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 07/09/35 | USD | 2731 | (11016)<br>| 42 | (11058)<br>|
| 3.46% | Annual | 1-day SOFR, 3.87% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4824 | 177048 | 80 | 176968 |
| 3.65% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/03/53 | USD | 2577 | 232066 | 80 | 231986 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 2577 | (81120)<br>| 80 | (81200)<br>|
| 1-day SONIA, 3.73% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 2400 | (191073)<br>| 11251 | (202324)<br>|
| 1-day SONIA, 3.73% | Annual | 4.45% | Annual | N/A | 12/04/55 | GBP | 1075 | (1137)<br>| 32 | (1169)<br>|
|  |  |  |  |  |  |  |  | $9799233 | $34756 | $9764477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| TIM S.p.A. | 1.00<br> % <br>| Quarterly | Goldman Sachs International | 12/20/29 | EUR | 190 | $(1257)<br>| $7584 | $(8841)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Trust*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Altice France SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | CCC+ | EUR | 336 | $12482  | $8172  | $4310  |
| ZF Europe Finance B.V. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/28 | BB- | EUR | 156 | 13470 | 11216 | 2254 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 310 | 18624 | 19734 | (1110)<br>|
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 310 | 18624 | 20203 | (1579)<br>|
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 682 | 106759 | 85279 | 21480 |
| Eutelsat S.A. | 5.00 | Quarterly | BNP Paribas SA | 12/20/30 | NR | EUR | 154 | 33211 | 19849 | 13362 |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | NR | EUR | 198 | 42711 | 26713 | 15998 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 107 | 14607 | 10348 | 4259 |
|  |  |  |  |  |  |  |  | $260488 | $201514 | $58974 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.06% | At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14158 | $(288920)<br>| $— | $(288920)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.99% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14191 | (296871)<br>|  | (296871)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14578 | (299797)<br>|  | (299797)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.03% | At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 14173 | (292627)<br>|  | (292627)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6346 | (16543)<br>|  | (16543)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 11362 | (25755)<br>|  | (25755)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 7385 | (16741)<br>|  | (16741)<br>|
| &nbsp;&nbsp;&nbsp; 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 29662 | (46110)<br>|  | (46110)<br>|
|  |  |  |  |  |  |  |  |  | $(1283364)<br>| $— | $(1283364)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.45%, 3.87%<br>| At Termination | Citibank N.A. | N/A | 03/20/26 | USD | 2745 | $(8630 )<br>| $—  | $(8630 )<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.30%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 03/20/26 | USD | 7422 | (2135)<br>|  | (2135)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.30%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 5794 | (1666)<br>|  | (1666)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | BNP Paribas SA | N/A | 03/20/26 | USD | 4356 | 13030 |  | 13030 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 2304 | 6893 |  | 6893 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High <br> Yield Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 1863 | 5573 |  | 5573 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.25%, 3.87%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 03/20/26 | USD | 2545 | 8176 |  | 8176 |
|  |  |  |  |  |  |  |  |  | $21241 | $— | $21241 |

---

**Balances Reported in the Consolidated Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $716339  | &nbsp;&nbsp;&nbsp;&nbsp; $(363731 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11189117  | &nbsp;&nbsp;&nbsp;&nbsp; $(1045634 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| OTC Swaps | &nbsp;&nbsp; 209098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95335 | &nbsp;&nbsp;&nbsp;&nbsp; (1307325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; (3662553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1085691 | &nbsp;&nbsp;&nbsp;&nbsp; (787572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3364434)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $638105  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $252240  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $890345  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 751008 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 751008 |
| &nbsp;&nbsp;&nbsp; Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4657008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57868 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4714876 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 547670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10641447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11189117 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 270761 | &nbsp;&nbsp; 33672 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 304433 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $818431 | &nbsp;&nbsp; $5328785 | &nbsp;&nbsp; $751008 | &nbsp;&nbsp; $10951555 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17849779 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $218574  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $319330  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $537904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1749205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1749205 |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2857195 | &nbsp;&nbsp; — | &nbsp;&nbsp; 507239 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3364434 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 168664 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 876970 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1045634 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 11530 | &nbsp;&nbsp; 12431 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1283364 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1307325 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180194 | &nbsp;&nbsp; $3088200 | &nbsp;&nbsp; $1749205 | &nbsp;&nbsp; $2986903 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8004502 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended December 31, 2025, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $4895  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $7940215  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $209900  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $8155010  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24039372)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24039372)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (9578)<br>| &nbsp;&nbsp; (2773430)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1011519)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3794527)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 10340238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12574566 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 394512 | &nbsp;&nbsp; (132214)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (175556)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 86742 |
|  | &nbsp;&nbsp; $4895 | &nbsp;&nbsp; $385189 | &nbsp;&nbsp; $15374809 | &nbsp;&nbsp; $(24039372)<br>| &nbsp;&nbsp; $1256898 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7017581)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $5683114  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(95023 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $5588091  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5126628)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5126628)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 974395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1138422 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 342495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90046 | &nbsp;&nbsp; — | &nbsp;&nbsp; 432541 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 241095 | &nbsp;&nbsp; (11335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 7424099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7653859 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $241095 | &nbsp;&nbsp; $6988669 | &nbsp;&nbsp; $(5126628)<br>| &nbsp;&nbsp; $7583149 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9686285 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — long | &nbsp;&nbsp; $321277135 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 116046679 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 386991759 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 43786655 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 4992937 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 3397337 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | &nbsp;&nbsp; 60198652 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | &nbsp;&nbsp; 247020767 |
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 2745154 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 14370466 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)**

---

| | |
|:---|:---|
| Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | &nbsp;&nbsp; $96370127 |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 782485068 |
| Total return swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value | &nbsp;&nbsp; 25642156 |
| Equity swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — short | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Trust's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; $601917  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 751008 | &nbsp;&nbsp;&nbsp;&nbsp; 1749205 |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; 4714876 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3364434 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431572 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 304433 | &nbsp;&nbsp;&nbsp;&nbsp; 1307325 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 6372234 | &nbsp;&nbsp;&nbsp;&nbsp; 6852536 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (5258925)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3288767)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1113309 | &nbsp;&nbsp;&nbsp;&nbsp; $3563769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statements of Assets and Liabilities and reported in the Consolidated Schedule of Investments. 

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statements of Assets and Liabilities.

The following table presents the Trust's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Trust:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $15694  | &nbsp;&nbsp; $(15694 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 682 | &nbsp;&nbsp; (682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 235203 | &nbsp;&nbsp; (3546)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 231657 |
| Citibank N.A. | &nbsp;&nbsp; 72083 | &nbsp;&nbsp; (72083)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 74879 | &nbsp;&nbsp; (74879)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 85580 | &nbsp;&nbsp; (85580)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 87024 | &nbsp;&nbsp; (87024)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 396841 | &nbsp;&nbsp; (340508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56333 |
| Societe Generale | &nbsp;&nbsp; 50291 | &nbsp;&nbsp; (50291)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 48538 | &nbsp;&nbsp; (2743)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45795 |
| The Bank of New York Mellon | &nbsp;&nbsp; 22664 | &nbsp;&nbsp; (2456)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20208 |
| UBS AG | &nbsp;&nbsp; 23830 | &nbsp;&nbsp; (23830)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1113309 | &nbsp;&nbsp; $(759316)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $353993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $413454  | &nbsp;&nbsp; $(15694 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(397760 )<br>| &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 32528 | &nbsp;&nbsp; (682)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31846 |
| BNP Paribas SA | &nbsp;&nbsp; 3546 | &nbsp;&nbsp; (3546)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 355455 | &nbsp;&nbsp; (72083)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (271000)<br>| &nbsp;&nbsp; 12372 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| Deutsche Bank AG | &nbsp;&nbsp; $313353  | &nbsp;&nbsp; $(74879 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $238474  |
| Goldman Sachs International | &nbsp;&nbsp; 175154 | &nbsp;&nbsp; (85580)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89574 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 950288 | &nbsp;&nbsp; (87024)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (290000)<br>| &nbsp;&nbsp; 573264 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 340508 | &nbsp;&nbsp; (340508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 931532 | &nbsp;&nbsp; (50291)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 881241 |
| Standard Chartered Bank | &nbsp;&nbsp; 2743 | &nbsp;&nbsp; (2743)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The Bank of New York Mellon | &nbsp;&nbsp; 2456 | &nbsp;&nbsp; (2456)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 42752 | &nbsp;&nbsp; (23830)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18922 |
|  | &nbsp;&nbsp; $3563769 | &nbsp;&nbsp; $(759316)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(958760)<br>| &nbsp;&nbsp; $1845693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $51915092  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $51915092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 14091636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14091636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 171499 | &nbsp;&nbsp;&nbsp;&nbsp; 10536882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10708381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9340595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9340595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; 2878480 | &nbsp;&nbsp;&nbsp;&nbsp; 74024621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76903101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4020073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4020073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 794978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 794978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp;&nbsp; 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32470284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32470284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33248802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33248802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; 567120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 567120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 956025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 956025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1157447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1157447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 37730071 | &nbsp;&nbsp;&nbsp;&nbsp; 884830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38614901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 558013 | &nbsp;&nbsp;&nbsp;&nbsp; 28864380 | &nbsp;&nbsp;&nbsp;&nbsp; 176886 | &nbsp;&nbsp;&nbsp;&nbsp; 29599279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 851714364 | &nbsp;&nbsp;&nbsp;&nbsp; 1039221 | &nbsp;&nbsp;&nbsp;&nbsp; 4420428 | &nbsp;&nbsp;&nbsp;&nbsp; 857174013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181218874 | &nbsp;&nbsp;&nbsp;&nbsp; 28423226 | &nbsp;&nbsp;&nbsp;&nbsp; 209642100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3086195 | &nbsp;&nbsp;&nbsp;&nbsp; 3086195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30765065 | &nbsp;&nbsp;&nbsp;&nbsp; 19251719 | &nbsp;&nbsp;&nbsp;&nbsp; 50016784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 51805490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51805490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2688789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2688789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26085882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26085882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8406901 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8406901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26498385 | &nbsp;&nbsp;&nbsp;&nbsp; 26498385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158434356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158434356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 2094707 | &nbsp;&nbsp;&nbsp;&nbsp; 2095080 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $24786996  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $24786996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 4657008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4657008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57868 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21512040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21512040)<br>|
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10432)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10432)<br>|
|  | &nbsp;&nbsp; $988960677 | &nbsp;&nbsp;&nbsp;&nbsp; $635399298 | &nbsp;&nbsp;&nbsp;&nbsp; $83944256 | &nbsp;&nbsp;&nbsp;&nbsp; $1708304231 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $609333  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $609333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 634383 | &nbsp;&nbsp;&nbsp;&nbsp; 37394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 751008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 751008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 252240 | &nbsp;&nbsp;&nbsp;&nbsp; 10641447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10893687 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (180194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (180194)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (3028403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3088200)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1749205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1749205)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (319330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2667573)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2986903)<br>|
|  | &nbsp;&nbsp; $(2461110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7382413 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4921303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Preferred* <br>*Stocks* <br>| *Unfunded* <br>*Floating Rate* <br>*Loan Interest*<br>|
| **Assets/Liabilities** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $4762535  | $41318921  | $4051489  | $24162482  | $38482155  | $(6140 )<br>|
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2525 |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | (1195564)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; 20309 |  | 115660 | 8629 | 40037 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | (18)<br>| (924554)<br>| 8698 | 247212 | (3688440)<br>|  |
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (22834)<br>| (3155695)<br>| (7334037)<br>| 52632 | (174370)<br>| (3374597)<br>| (4292)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | 3836684 | 11664669 | 2414 | 7951969 | 6835356 |  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (843050)<br>| (16417433)<br>| (1037667)<br>| (11780047)<br>| (11756089)<br>|  |
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $4600456 | $28423226 | $3086195 | $19251719 | $26498385 | $(10432)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $(22834)<br>| $(3155695)<br>| $(6762198)<br>| $52632 | $(254604)<br>| $(4396466)<br>| $(6435)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| **Assets** |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $2476096  | $115247538  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | 2525 |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | (1195564)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — | 184635 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | (4357102)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (381389)<br>| (14394582)<br>|

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $30291092  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (41834286)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $2094707 | $83944256 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(354017)<br>| $(14899617)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(b)</sup> As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(c)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

<sup>(d)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $2,870,971.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $4600453 | Market | Revenue Multiple | 2.61x - 4.50x | 4.32x |
|  |  |  | EBITDA | 10.25x |  |
|  |  |  | Gross Profit Multiple | 7.25x |  |
|  |  |  | Volatility | 56% |  |
|  |  |  | Time to Exit | 5.0 years |  |
|  |  | Income | Discount Rate | 15% |  |
| Corporate Bonds | &nbsp;&nbsp; 26430424 | Income | Discount Rate | 10% - 15% | 12% |
|  |  | Market | Revenue Multiple | 0.80x |  |
|  |  |  | Direct Profit Multiple | 2.00x |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 18401490 | Income | Discount Rate | 6%- 15% | 12% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 3086195 | Income | Discount Rate | 8% |  |
| Preferred Stocks | &nbsp;&nbsp; 26460047 | Market | Revenue Multiple | 2.00x - 19.00x | 9.59x |
|  |  |  | Time to Exit | 0.1 - 3.0 years | 2.5 years |
|  |  |  | Volatility | 36% - 80% | 65% |
|  |  | Income | Discount Rate | 15% |  |
| Warrants | &nbsp;&nbsp; 2094676 | Market | Revenue Multiple | 4.50x -10.50x | 9.36x |
|  |  |  | Volatility | 70% |  |
|  |  |  | Time to Exit | 3.0 years |  |
|  | &nbsp;&nbsp; $81073285 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to consolidated financial statements.*

Consolidated Schedule of Investments

------

Consolidated Statements of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1793197966 | $1701540690 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22621390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28286013 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2323000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991000 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18153996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9466000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11866000 |
| Foreign currency, at value<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5731257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3342529 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6554227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6016323 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2119 |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44197 |
| &nbsp;&nbsp;&nbsp; TBA sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83288305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21335158 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319963 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70755 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6706974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5118117 |
| &nbsp;&nbsp;&nbsp; Principal paydowns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601917 |
| Swap premiums paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209098 |
| Unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751008 |
| &nbsp;&nbsp;&nbsp; OTC swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95335 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| Total assets | &nbsp;&nbsp; 1965717642 | &nbsp;&nbsp; 1791056568 |
| **LIABILITIES** |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382375 |
| Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1382628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash received as collateral for TBA commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| Collateral on securities loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148589 |
| Options written, at value<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4115489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364434 |
| TBA sale commitments, at value<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84093023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21512040 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 269303242 | &nbsp;&nbsp;&nbsp;&nbsp; 146914065 |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61563 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77556 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3258868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932922 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1699256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720868 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179233 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50608 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13116 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181664 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34818 |
| &nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431572 |
| Swap premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Statements of Assets and Liabilities (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| Unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $1836149 | $1749205 |
| &nbsp;&nbsp;&nbsp; OTC swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1307325 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10432 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 370425270 | &nbsp;&nbsp;&nbsp;&nbsp; 182332385 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1595292372 | $1608724183 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital<sup>(g)(h)(i)</sup> | $1409050474 | $1261720892 |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp; 186241898 | &nbsp;&nbsp;&nbsp;&nbsp; 347003291 |
| NET ASSETS | $1595292372 | $1608724183 |
| Net asset value | $15.23 | $16.17 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1484354645 | $1322293979 |
| <sup>(b)</sup> Securities loaned, at value | $— | $2100253 |
| <sup>(c)</sup> Investments, at cost—affiliated | $22726371 | $28255169 |
| <sup>(d)</sup> Foreign currency, at cost | $5744346 | $3343685 |
| <sup>(e)</sup> Premiums received | $4509889 | $3662553 |
| &nbsp;&nbsp; <sup>(f)</sup> Proceeds from TBA sale commitments | $83288305 | $21335158 |
| <sup>(g)</sup> Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 104775271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99468307 |
| <sup>(h)</sup> Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp; <sup>(i)</sup> Par value | $0.001 | $0.001 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statements of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $13646989 | &nbsp;&nbsp;&nbsp;&nbsp; $13454816 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 1575654 | &nbsp;&nbsp;&nbsp;&nbsp; 4067071 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 43480254 | &nbsp;&nbsp;&nbsp;&nbsp; 28931474 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36931 |
| &nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 1973852 | &nbsp;&nbsp;&nbsp;&nbsp; 255167 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; 338454 | &nbsp;&nbsp;&nbsp;&nbsp; 237699 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (549043)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (790282)<br>|
| &nbsp;&nbsp;&nbsp; Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516876 |
| Total investment income | &nbsp;&nbsp; 60466160 | &nbsp;&nbsp;&nbsp;&nbsp; 46709752 |
| EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 20463423 | &nbsp;&nbsp;&nbsp;&nbsp; 20618864 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 296356 | &nbsp;&nbsp;&nbsp;&nbsp; 278579 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 242833 | &nbsp;&nbsp;&nbsp;&nbsp; 207709 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 209803 | &nbsp;&nbsp;&nbsp;&nbsp; 182706 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 117788 | &nbsp;&nbsp;&nbsp;&nbsp; 118207 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 70566 | &nbsp;&nbsp;&nbsp;&nbsp; 54826 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 37384 | &nbsp;&nbsp;&nbsp;&nbsp; 35447 |
| &nbsp;&nbsp;&nbsp; Proxy | &nbsp;&nbsp; 27090 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 7898 | &nbsp;&nbsp;&nbsp;&nbsp; 17678 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1683564 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 168980 | &nbsp;&nbsp;&nbsp;&nbsp; 113100 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 21642121 | &nbsp;&nbsp;&nbsp;&nbsp; 23310680 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees — unaffiliated | &nbsp;&nbsp; 1427350 | &nbsp;&nbsp;&nbsp;&nbsp; 12767 |
| Total expenses | &nbsp;&nbsp; 23069471 | &nbsp;&nbsp;&nbsp;&nbsp; 23323447 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (117897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (119157)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 22951574 | &nbsp;&nbsp;&nbsp;&nbsp; 23204290 |
| Net investment income | &nbsp;&nbsp; 37514586 | &nbsp;&nbsp;&nbsp;&nbsp; 23505462 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 59399668 | &nbsp;&nbsp;&nbsp;&nbsp; 37532066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 565987 | &nbsp;&nbsp;&nbsp;&nbsp; 311602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (24850579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24039372)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (437537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (278985)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (4456724)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8155010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 16402797 | &nbsp;&nbsp;&nbsp;&nbsp; 12574566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; (591235)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86742 |
|  | &nbsp;&nbsp; 46032377 | &nbsp;&nbsp;&nbsp;&nbsp; 34341629 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 136222022 | &nbsp;&nbsp;&nbsp;&nbsp; 147663647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 135212 | &nbsp;&nbsp;&nbsp;&nbsp; (121120)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (6453975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5126628)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; (854783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (578484)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (6664916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5588091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 796067 | &nbsp;&nbsp;&nbsp;&nbsp; 432541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 15253192 | &nbsp;&nbsp;&nbsp;&nbsp; 7653859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp; 15055 | &nbsp;&nbsp;&nbsp;&nbsp; 9716 |
|  | &nbsp;&nbsp; 138447874 | &nbsp;&nbsp;&nbsp;&nbsp; 155521622 |
| Net realized and unrealized gain | &nbsp;&nbsp; 184480251 | &nbsp;&nbsp;&nbsp;&nbsp; 189863251 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $221994837 | &nbsp;&nbsp;&nbsp;&nbsp; $213368713 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Consolidated Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BCAT | BCAT | ECAT | ECAT |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $37514586 | &nbsp;&nbsp;&nbsp;&nbsp; $51235283 | &nbsp;&nbsp;&nbsp;&nbsp; $23505462 | &nbsp;&nbsp;&nbsp;&nbsp; $34925218 |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 46032377 | &nbsp;&nbsp;&nbsp;&nbsp; 26510596 | &nbsp;&nbsp;&nbsp;&nbsp; 34341629 | &nbsp;&nbsp;&nbsp;&nbsp; 98739422 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 138447874 | &nbsp;&nbsp;&nbsp;&nbsp; 116672201 | &nbsp;&nbsp;&nbsp;&nbsp; 155521622 | &nbsp;&nbsp;&nbsp;&nbsp; 106930780 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 221994837 | &nbsp;&nbsp;&nbsp;&nbsp; 194418080 | &nbsp;&nbsp;&nbsp;&nbsp; 213368713 | &nbsp;&nbsp;&nbsp;&nbsp; 240595420 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (36766639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57536306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24208068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41544035)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (311196227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (223953850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (327330685)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246866966)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (347962866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281490156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (351538753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (288411001)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1998205 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45363387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45983346)<br>|
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45363387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1998205 | &nbsp;&nbsp;&nbsp;&nbsp; (45983346)<br>|
| *NET ASSETS* |  |  |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (125968029)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132435463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136171835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93798927)<br>|
| Beginning of year | &nbsp;&nbsp; 1721260401 | &nbsp;&nbsp;&nbsp;&nbsp; 1853695864 | &nbsp;&nbsp;&nbsp;&nbsp; 1744896018 | &nbsp;&nbsp;&nbsp;&nbsp; 1838694945 |
| End of year | &nbsp;&nbsp; $1595292372 | &nbsp;&nbsp;&nbsp;&nbsp; $1721260401 | &nbsp;&nbsp;&nbsp;&nbsp; $1608724183 | &nbsp;&nbsp;&nbsp;&nbsp; $1744896018 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statements of Cash Flows

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $221994837 | &nbsp;&nbsp; $213368713 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 4838855472 | &nbsp;&nbsp; 3943546607 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (4532825958)<br>| &nbsp;&nbsp; (3815883168)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (7265978)<br>| &nbsp;&nbsp; 185308012 |
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (1671442)<br>| &nbsp;&nbsp; (1320441)<br>|
| &nbsp;&nbsp;&nbsp; Paid-in-kind income | &nbsp;&nbsp; (1973852)<br>| &nbsp;&nbsp; (255167)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (14355785)<br>| &nbsp;&nbsp; (12688633)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 34521046 | &nbsp;&nbsp; 28309218 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and options written | &nbsp;&nbsp; (76881860)<br>| &nbsp;&nbsp; (50550998)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments, options written, swaps, forwards, foreign currency translations and unfunded floating rate <br> loan interests<br>| &nbsp;&nbsp; (129765881)<br>| &nbsp;&nbsp; (142415823)<br>|
| (Increase) Decrease in Assets |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 48621 | &nbsp;&nbsp; 786135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; 13319 | &nbsp;&nbsp; (109474)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 1638965 | &nbsp;&nbsp; 314223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; (671501)<br>| &nbsp;&nbsp; (44197)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; (1226236)<br>| &nbsp;&nbsp; (324583)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums paid | &nbsp;&nbsp; (129562)<br>| &nbsp;&nbsp; (192043)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 14918 | &nbsp;&nbsp; 15277 |
| Increase (Decrease) in Liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Due to broker | &nbsp;&nbsp; (1287334)<br>| &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cash received |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp; (530000)<br>| &nbsp;&nbsp; (430000)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; 216000 |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; (1811068)<br>|
| &nbsp;&nbsp;&nbsp; Payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 114379 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (26242)<br>| &nbsp;&nbsp; (24465)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (9894)<br>| &nbsp;&nbsp; 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 26926 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (152718)<br>| &nbsp;&nbsp; (155748)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; 63085 | &nbsp;&nbsp; 63055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (69484)<br>| &nbsp;&nbsp; (16882)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 12690 | &nbsp;&nbsp; 16234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the custodian | &nbsp;&nbsp; 1382628 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; (32566)<br>| &nbsp;&nbsp; 11038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; (402307)<br>| &nbsp;&nbsp; (1299449)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; 105246 | &nbsp;&nbsp; 181304 |
| &nbsp;&nbsp;&nbsp; Swap premiums received | &nbsp;&nbsp; (745)<br>| &nbsp;&nbsp; — |
| Net cash provided by operating activities | &nbsp;&nbsp; 329512787 | &nbsp;&nbsp; 344620896 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (344703998)<br>| &nbsp;&nbsp; (347607626)<br>|
| Increase in bank overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 382375 |
| Net cash used for financing activities | &nbsp;&nbsp; (344703998)<br>| &nbsp;&nbsp; (347225251)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; (153643)<br>| &nbsp;&nbsp; 31822 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Statements of Cash Flows (continued)

Year Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **CASH AND FOREIGN CURRENCY** |  |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(15344854)<br>| &nbsp;&nbsp; $(2572533)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 62551866 | &nbsp;&nbsp; 28238062 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $47207012 | &nbsp;&nbsp; $25665529 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $1400424 | &nbsp;&nbsp; $12767 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |
| Reinvestment of distributions | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1998205 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE** <br> **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |
| Cash | &nbsp;&nbsp; $1022759 | &nbsp;&nbsp; $— |
| Cash pledged |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp; 2323000 | &nbsp;&nbsp; 991000 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 18153996 | &nbsp;&nbsp; 9466000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp; 19976000 | &nbsp;&nbsp; 11866000 |
| Foreign currency at value | &nbsp;&nbsp; 5731257 | &nbsp;&nbsp; 3342529 |
|  | &nbsp;&nbsp; $47207012 | &nbsp;&nbsp; $25665529 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BCAT<sup>(a)</sup>  | BCAT<sup>(a)</sup>  | BCAT<sup>(a)</sup>  | BCAT<sup>(a)</sup>  | BCAT<sup>(a)</sup>  |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp;&nbsp; $16.84 | &nbsp;&nbsp;&nbsp;&nbsp; $20.90 | &nbsp;&nbsp;&nbsp;&nbsp; $21.05 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net increase (decrease) from investment operations | 2.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>|
| Total distributions | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $15.23 | &nbsp;&nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp;&nbsp; $16.84 | &nbsp;&nbsp;&nbsp;&nbsp; $20.90 |
| **Market price, end of year** | &nbsp;&nbsp; $14.16 | &nbsp;&nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp;&nbsp; $14.95 | &nbsp;&nbsp;&nbsp;&nbsp; $13.87 | &nbsp;&nbsp;&nbsp;&nbsp; $19.45 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44<br> %<br>|
| Based on market price | 16.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.12)%<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and <br> amortization of offering costs and excluding professional fees for foreign withholding taxes<br>| 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Net investment income | 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1595292 | &nbsp;&nbsp;&nbsp;&nbsp; $1721260 | &nbsp;&nbsp;&nbsp;&nbsp; $1853696 | &nbsp;&nbsp;&nbsp;&nbsp; $1821348 | &nbsp;&nbsp;&nbsp;&nbsp; $2332983 |
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $687791 |
| Asset coverage, end of year per $1,000 of bank borrowings | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6290 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 260 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 257 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 234 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.39% ,1.38% and 1.30%, respectively. 

<sup>(h)</sup> Includes non-recurring expenses of proxy costs and offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 1.38% ,1.37% and 1.29%, respectively. 

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ECAT | ECAT | ECAT | ECAT | ECAT |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>09/27/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>09/27/21<sup>(b)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp;&nbsp;&nbsp; $18.05 | &nbsp;&nbsp;&nbsp;&nbsp; $16.62 | &nbsp;&nbsp;&nbsp;&nbsp; $20.69 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(c)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>|
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net increase (decrease) from investment operations | 2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp;&nbsp;&nbsp; $17.56 | &nbsp;&nbsp;&nbsp;&nbsp; $18.05 | &nbsp;&nbsp;&nbsp;&nbsp; $16.62 | &nbsp;&nbsp;&nbsp;&nbsp; $20.69 |
| **Market price, end of period** | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp;&nbsp;&nbsp; $16.40 | &nbsp;&nbsp;&nbsp;&nbsp; $16.13 | &nbsp;&nbsp;&nbsp;&nbsp; $13.43 | &nbsp;&nbsp;&nbsp;&nbsp; $18.65 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 14.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.00 %<sup>(f)</sup><br>|
| Based on market price | 16.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.25 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(j)</sup><br>|
| Net investment income (loss) | 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77 )%<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1608724 | &nbsp;&nbsp;&nbsp;&nbsp; $1744896 | &nbsp;&nbsp;&nbsp;&nbsp; $1838695 | &nbsp;&nbsp;&nbsp;&nbsp; $1701873 | &nbsp;&nbsp;&nbsp;&nbsp; $2187581 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 226<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 246<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. 

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.34% and 1.31%, respectively.

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.31% and 1.27%, respectively.

<sup>(j)</sup> Annualized.

<sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>09/27/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp;&nbsp; Period from <br>09/27/21<sup>(b)</sup> <br>to 12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

*See notes to consolidated financial statements.*

Financial Highlights

------

Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

The following are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as closed-end management investment companies and are referred to herein collectively as the "Trusts", or individually as a "Trust":

---

| | | | |
|:---|:---|:---|:---|
| *Trust Name*  | *Herein Referred To As*  | *Organized*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Capital Allocation Term Trust | BCAT | Maryland | Diversified |
| BlackRock ESG Capital Allocation Term Trust | ECAT | Maryland | Diversified\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The Trust's classification changed from non-diversified to diversified.

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the "Board," and the trustees thereof are collectively referred to throughout this report as "Trustees". The Trusts determine and make available for publication the net asset values ("NAVs") of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of BCAT include the account of Cayman Capital Allocation Fund, Ltd. (the "BCAT Cayman Subsidiary"), which is a wholly-owned subsidiary of BCAT and primarily invests in commodity-related instruments and other derivatives. The BCAT Cayman Subsidiary enables BCAT to hold these commodity-related instruments and satisfy regulated investment company tax requirements. BCAT may invest up to 25% of its total assets in the BCAT Cayman Subsidiary. The net assets of the BCAT Cayman Subsidiary as of period end were $43,675,466, which is 2.7% of BCAT's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BCAT Cayman Subsidiary is subject to the same investment policies and restrictions that apply to BCAT, except that the BCAT Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of ECAT include the account of Cayman ESG Capital Allocation Fund, Ltd. (the "ECAT Cayman Subsidiary", and together with the BCAT Cayman Subsidiary, the "Cayman Subsidiaries"), which is a wholly-owned subsidiary of the ECAT and primarily invests in commodity-related instruments and other derivatives. The ECAT Cayman Subsidiary enables ECAT to hold these commodity-related instruments and satisfy regulated investment company tax requirements. ECAT may invest up to 25% of its total assets in the ECAT Cayman Subsidiary. The net assets of the ECAT Cayman Subsidiary as of period end were $40,913,363, which is 2.5% of ECAT's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The ECAT Cayman Subsidiary is subject to the same investment policies and restrictions that apply to ECAT, except that the ECAT Cayman Subsidiary may invest without limitation in commodity-related instruments.

The accompanying consolidated financial statements of BCAT include the account of BCAT Subsidiary LLC (the "BCAT Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BCAT. The BCAT Taxable Subsidiary enables BCAT to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for BCAT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statements of Operations for BCAT. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BCAT may invest up to 25% of its total assets in the BCAT Taxable Subsidiary. The net assets of the BCAT Taxable Subsidiary as of period end were $3,981,679, which is 0.2% of BCAT's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BCAT Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BCAT.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** Each Trust's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statements of Operations from the effects of changes in market

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prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Trust recognizes tax reclaims when the Trust determines that it is more likely than not that each Trust will sustain its position that it is due the reclaim.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts' managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust's current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. See Income Tax Information note for the tax character of each Trust's distributions paid during the period.

Net income and realized gains from investments held by the Cayman Subsidiaries are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiaries in any taxable year, the loss will generally not be available to offset the Trusts' ordinary income and/or capital gains for that year.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Trust's Board, the trustees who are not "interested persons" of the Trusts, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Consolidated Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Consolidated Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Indemnifications:** In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust's maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Trusts' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since each Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Trust' s financial statements.

**Recent Accounting Standard:** The Trusts adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Trusts' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Trust's financial position or results of operations.

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Trust's investments are valued at fair value (also referred to as "market value" within the consolidated financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust's Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Trust's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded options (except ETF options, equity index options or those that are customized) are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option. Customized exchange-traded equity options, ETF options, equity index options and Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

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Notes to Consolidated Financial Statements (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 Private Companies that may not have a secondary market and/or may have 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.

As of December 31, 2025, certain investments of BCAT 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.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (continued)

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate ("SOFR"), the prime

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Notes to Consolidated Financial Statements (continued)

rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Consolidated Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BCAT | Coreweave Compute Acquisition Co. IV LLC | &nbsp;&nbsp; $19489 | $19368 | &nbsp;&nbsp; $18612 | $(756) |
|  | Montage Hotels & Resorts LLC | &nbsp;&nbsp; 276392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276392 | &nbsp;&nbsp; 266719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9673) |
|  | Peninsula Pacific Entertainment LLC | &nbsp;&nbsp; 428508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424223 | &nbsp;&nbsp; 429579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5356 |
|  |  |  |  |  | $(5073) |
| ECAT | Coreweave Compute Acquisition Co. IV LLC | &nbsp;&nbsp; $19693 | $19571 | &nbsp;&nbsp; $18807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (764) |
|  | Montage Hotels & Resorts LLC | &nbsp;&nbsp; 276231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276231 | &nbsp;&nbsp; 266563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9668) |
|  |  |  |  |  | $(10432) |

---

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Consolidated Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of December 31, 2025, BCAT and ECAT had outstanding commitments of $6,702,568 and $2,586,035, respectively. These commitments are not included in the net assets of the Trusts as of December 31, 2025.

**Securities Lending:** Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Consolidated Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts' Consolidated Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Consolidated Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of ECAT's securities on loan by counterparty which are subject to offset under an MSLA:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| ECAT |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | &nbsp;&nbsp; $1233322  | &nbsp;&nbsp; $(1233322 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC | &nbsp;&nbsp; 634646 | &nbsp;&nbsp; (634646)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp; 164736 | &nbsp;&nbsp; (164736)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC | &nbsp;&nbsp; 67549 | &nbsp;&nbsp; (67549)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $2100253 | &nbsp;&nbsp; $(2100253)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust's Consolidated Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Trust benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Trust.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedules of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or carbon credits (commodity risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statements of Assets and Liabilities. The Trusts' risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trusts.

**Options:** The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Consolidated Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Consolidated Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Consolidated Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Swaptions — The Trusts may purchase and write options on swaps ("swaptions") primarily to preserve a return or spread on a particular investment or portion of the Trusts' holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate caps and floors — Interest rate caps and floors are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or "cap." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that a Trust would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Foreign currency options — The Trusts may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Barrier options – The Trusts may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

The Trusts may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option's expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (continued)

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statements of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Trusts' counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity and Total return swaps — Equity and total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Trust will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Trust has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Trusts and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Trusts and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

2025 BlackRock Annual Report to Shareholders

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Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward swaps — The Trusts may enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Trust and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Consolidated Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust pays the Manager a monthly fee at an annual rate equal to 1.25% of the average daily value of each Trust's managed assets. For purposes of calculating these fees,"managed assets" are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

The Manager provides investment management and other services to the Cayman Subsidiaries and the BCAT Taxable Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiaries and the BCAT Taxable Subsidiary for providing investment management or administrative services. However, the Trusts pay the Manager based on the Trusts' net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Cayman Subsidiaries and the BCAT Taxable Subsidiary.

With respect to each Trust, the Manager entered into separate sub-advisory agreements with each of, BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

**Expense Waivers and Reimbursements:** With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Consolidated Statements of Operations. For the year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BCAT | &nbsp;&nbsp; $25031  |
| ECAT | &nbsp;&nbsp; 71439 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee, and with respect to BCAT, any portion of the Trust's assets invested in other exchange-traded products sponsored by BlackRock or its affiliates, through June 30, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

90 days' notice, each subject to approval by a majority of the Trusts' Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Consolidated Statements of Operations. For the year ended December 31, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BCAT | &nbsp;&nbsp; $92866  |
| ECAT | &nbsp;&nbsp; 47718 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Trusts bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Trust retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Trust retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, each Trust, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Consolidated Statements of Operations. For the year ended December 31, 2025, each Trust paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Trust Name*  | *Amounts* |
| ECAT | &nbsp;&nbsp; $7873  |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts' Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statements of Operations.

***7.*** ***PURCHASES AND SALES*** 

For the year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Trust Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| BCAT | &nbsp;&nbsp; $3425718181  | &nbsp;&nbsp;&nbsp; $3421597739  | &nbsp;&nbsp;&nbsp; $1139218400  | &nbsp;&nbsp;&nbsp; $1469360143  |
| ECAT | &nbsp;&nbsp; 2434419275 | &nbsp;&nbsp;&nbsp; 2429411186 | &nbsp;&nbsp;&nbsp; 1348360778 | &nbsp;&nbsp;&nbsp; 1506561158 |

---

For the year ended December 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* |
| BCAT | &nbsp;&nbsp; $2132912948  | &nbsp;&nbsp;&nbsp; $2133726567  |
| ECAT | &nbsp;&nbsp; 1491385421 | &nbsp;&nbsp;&nbsp; 1492187526 |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***8.*** ***INCOME TAX INFORMATION*** 

It is each Trust's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiary.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust' s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts' consolidated financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Trusts' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses and net losses derived from the Trust's wholly owned subsidiary were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| BCAT | &nbsp;&nbsp; $(1287964 )<br>| &nbsp;&nbsp;&nbsp; $1287964  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| BCAT |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $36766639 | &nbsp;&nbsp;&nbsp;&nbsp; $57536306 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; 311196227 | &nbsp;&nbsp;&nbsp;&nbsp; 223953850 |
|  | &nbsp;&nbsp; $347962866 | &nbsp;&nbsp;&nbsp;&nbsp; $281490156 |
| ECAT |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $24208068 | &nbsp;&nbsp;&nbsp;&nbsp; $41544035 |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; 327330685 | &nbsp;&nbsp;&nbsp;&nbsp; 246866966 |
|  | &nbsp;&nbsp; $351538753 | &nbsp;&nbsp;&nbsp;&nbsp; $288411001 |

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<br>| *Total* |
| BCAT | &nbsp;&nbsp; $(116110047)<br>| &nbsp;&nbsp; $304072785 | &nbsp;&nbsp; $(1720840)<br>| &nbsp;&nbsp; $186241898  |
| ECAT | &nbsp;&nbsp; (13508789)<br>| &nbsp;&nbsp; 363166257 | &nbsp;&nbsp; (2654177)<br>| &nbsp;&nbsp; 347003291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the accounting for swap agreements, the characterization of corporate actions, the deferral of compensation to Trustees and the classification of investments. 

During the year ended December 31, 2025, the Trusts listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *Trust Name*  | *Utilized* |
| BCAT | &nbsp;&nbsp; $45539921  |
| ECAT | &nbsp;&nbsp; 46880617 |

---

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BCAT | &nbsp;&nbsp; $1512110235  | &nbsp;&nbsp;&nbsp; $434195756  | &nbsp;&nbsp;&nbsp; $(115654354 )<br>| &nbsp;&nbsp;&nbsp; $318541402  |
| ECAT | &nbsp;&nbsp; 1363292852 | &nbsp;&nbsp;&nbsp; 432879828 | &nbsp;&nbsp;&nbsp; (56949476)<br>| &nbsp;&nbsp;&nbsp; 375930352 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***9.*** ***BANK BORROWINGS*** 

BCAT entered into a 179-day rolling line of credit facility with BNP Paribas Prime Brokerage International, Limited ("BNP"). BNP is required to provide 179 days' notice of termination to BCAT absent a default or certain similar events. BCAT has granted a security interest in substantially all of its assets to BNP. BCAT can borrow up to $550,000,000 at any time, subject to asset coverage and other limitations as specified in the credit facility. Advances will be made by BNP to BCAT at the Overnight Bank Funding Rate plus 0.75%. In addition, BCAT pays a commitment fee of 0.25% per annum on the daily unused amount if utilization is less than 80% of the committed line amount. For the year ended December 31, 2025, BCAT did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, each Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. Each Trust' s prospectus provides details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Illiquidity Risk:** Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust's portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests. A Trust's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Trusts.

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Trusts.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust's portfolio are disclosed in its Consolidated Schedule of Investments.

The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts' performance.

Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Consolidated Schedules of Investments.

The Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Each Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

**Common Shares**

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Year Ended <br> <u> *Trust Name* </u> <u> *12/31/25* </u> <u> *12/31/24* </u> <br> ECAT 122,514 —

For the year ended December 31, 2025, shares issued and outstanding remained constant for BCAT.

Each Trust had previously adopted a one-year discount management program (the "Program") that was comprised of four 3-month measurement periods, expiring with the measurement period ending March 31, 2025. Under the initial Program, each Trust offered to repurchase a portion of its common shares via tender offer if the Trust's common shares traded at an average daily discount to NAV of more than 7.5% during a 3-month measurement period. As a result of the discount trigger being met during the first measurement period under the Program, each Trust conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired.

Tender offers results for the year ended December 31, 2024 were as follows:

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

BCAT

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/17/24 | 08/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; 14916872 | &nbsp;&nbsp;&nbsp;&nbsp; 13.9<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2686545 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $16.8854 | &nbsp;&nbsp;&nbsp;&nbsp; $45363387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the tender offer period began.

ECAT

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/22/24 | 08/22/24 | &nbsp;&nbsp;&nbsp;&nbsp; 17487970 | &nbsp;&nbsp;&nbsp;&nbsp; 17.2<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2547328 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $18.0516 | &nbsp;&nbsp;&nbsp;&nbsp; $45983346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the tender offer period began.

The discount trigger was not met for the second, third or fourth measurement period, and therefore no tender offers were conducted with respect to those measurement periods.

On February 28, 2025, the Board approved the renewal of each Trust's Program, which consisted of one measurement period beginning on January 1, 2025 and ending on September 30, 2025. Under the renewed Program, each Trust intended to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares traded at an average daily discount to NAV of more than 10% during the 9-month measurement period. The discount trigger was not met and therefore no tender offers were conducted with respect to this measurement period.

On November 14, 2025, the Board approved the renewal of each Trust's Program, which will consist of one measurement period beginning on January 1, 2026 and ending on September 30, 2026. Under the renewed Program, each Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares trade at an average daily discount to NAV of more than 10% during the 9-month measurement period. If the discount trigger is met and a tender offer is conducted, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for a Trust's shares or the discount at which a Trust's shares may trade relative to its NAV.

As of December 31, 2025, BlackRock Financial Management, Inc., an affiliate of the Trusts, owned 5,000 shares of each of BCAT and ECAT

***12.*** ***FOREIGN WITHHOLDINGS TAX CLAIMS*** 

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which ECAT is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by ECAT.

Certain of the outstanding foreign tax reclaims are not deemed by ECAT to meet the recognition criteria under U.S. GAAP as of December 31, 2025, and have not been recorded in ECAT's net asset value. The recognition by ECAT of these amounts would have a positive impact on ECAT's performance. If ECAT receives a tax refund that has not been previously recorded, investors in ECAT at the time the claim is successful will benefit from any resulting increase in ECAT's NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.

***13.*** ***SUBSEQUENT EVENTS***

Management's evaluation of the impact of all subsequent events on the Trusts' consolidated financial statements was completed through the date the consolidated financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Declaration* <br>*Date*<br>| &nbsp;&nbsp; *Record* <br>*Date*<br>| &nbsp;&nbsp; *Payable/* <br>*Paid Date*<br>| &nbsp;&nbsp; *Dividend Per* <br>*Common Share*<br>|
| BCAT | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp; $0.260730  |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.260730 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.260730 |
| ECAT | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.277010 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.277010 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.277010 |

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2025 BlackRock Annual Report to Shareholders

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of BlackRock Capital Allocation Term Trust and BlackRock ESG Capital Allocation Term Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statements of assets and liabilities of BlackRock Capital Allocation Term Trust and BlackRock ESG Capital Allocation Term Trust and subsidiaries (the "Funds"), including the consolidated schedules of investments, as of December 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period ended, financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| Fund | Financial Highlights |
| BlackRock Capital Allocation Term Trust | For each of the five years in the period ended December 31, 2025 |
| BlackRock ESG Capital Allocation Term Trust | For each of the four years in the period ended December 31, 2025 and for the period from <br> September 27, 2021 (commencement of operations) through December 31, 2021<br>|

---

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP <br>Boston, Massachusetts <br>February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Trust Name*  | *Qualified Dividend* <br>*Income*<br>|
| BCAT | &nbsp;&nbsp; $7178374  |
| ECAT | &nbsp;&nbsp; 6834852 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Trust Name*  | *Qualified Business* <br>*Income*<br>|
| BCAT | &nbsp;&nbsp; $61352 |
| ECAT | &nbsp;&nbsp; 207581 |

---

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Trust Name*  | *Federal Obligation* <br>*Interest*<br>|
| BCAT | &nbsp;&nbsp; $241791  |
| ECAT | &nbsp;&nbsp; 1110506 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Trust Name*  | *Dividends-Received* <br>*Deduction*<br>|
| BCAT | 7.19<br> % <br>|
| ECAT | 4.13 |

---

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Trust Name*  | *Interest* <br>*Dividends*<br>|
| BCAT | &nbsp;&nbsp; $13340255  |
| ECAT | &nbsp;&nbsp; 16690920 |

---

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Trust Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| BCAT | &nbsp;&nbsp; $8241420  |
| ECAT | &nbsp;&nbsp; 11219576 |

---

2025 BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

**Recent Changes** 

**The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.**

During the last fiscal year, BlackRock ESG Capital Allocation Term Trust ("ECAT") made certain updates to the Trust's ESG screening criteria.

Except as noted above, during each Trust's most recent fiscal year, there were no material changes in the Trust's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.

**Investment Objectives and Policies**

**BlackRock Capital Allocation Term Trust (BCAT)**

The Trust's investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust's investment objectives may be changed by the Trust's Board of Trustees (the "Board") without prior shareholder approval.

In making investment decisions, Trust management tries to identify the long term trends and changes that could benefit particular markets and/or industries relative to other markets and industries. Trust management will consider a variety of factors when selecting the markets, such as the rate of economic growth, natural resources, capital reinvestment and the social and political environment. In choosing investments, Trust management may look at various fundamental and systematic factors, such as the relative opportunity for equity or debt instruments to increase in value, capital recovery risk, dividend yields and the level of interest rates paid on debt securities of different maturities. The Trust may invest in individual securities, baskets of securities or particular measurements of value or rate, and may consider a variety of factors and systematic inputs. Trust management may employ derivatives for a variety of reasons, including but not limited to, adjusting its exposures to markets, sectors, asset classes and securities. As a result, the economic exposure of the Trust to any particular market, sector, or asset class may vary relative to the market value of any particular exposure.

Trust management will invest in "junk" bonds, corporate loans and distressed securities only when it believes that they will provide an attractive total return, relative to their risk, as compared to higher quality debt securities.

Trust management will invest in distressed securities when Trust management believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential. However, there can be no assurance that the Trust will generally achieve these returns or that the issuer will make an exchange offer or adopt a plan of reorganization.

BlackRock Advisors, LLC (the "Manager") intends to utilize option strategies that consist of writing (selling) call options on a portion of the common stocks in the Trust's portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work closely to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns.

The Trust seeks to achieve its objectives by investing in both equity and debt securities of issuers located around the world. There is no limit on the percentage of assets the Trust can invest in a particular type of security. Generally, the Trust seeks diversification across markets and industries. The Trust has no geographic limits on where it may invest. This flexibility will allow Trust management to look for investments in markets around the world that it believes will provide the best relative asset allocation to meet the Trust's objectives.

Trust management intends to use the Trust's investment flexibility to create a portfolio of assets that, over time, is expected to be relatively balanced between equity and debt securities and that is widely differentiated among many individual investments. The Trust may invest in both developed and emerging markets. In addition to investing in foreign securities, the Trust will actively manage its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Trust may own foreign cash equivalents or foreign bank deposits as part of the Trust's investment strategy. The Trust will also invest in non-U.S. currencies, however, the Trust may underweight or overweight a currency based on the Trust management team's outlook.

The Trust may invest in shares of companies through initial public offerings ("IPOs"). The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in "late-stage private securities," which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as "pre-IPO companies."

The Trust may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical commodities. The Trust may also gain exposure to commodity markets by investing in Cayman Capital Allocation Fund, Ltd. (the "Subsidiary"). The Subsidiary will invest primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Manager is the manager of the Subsidiary. The Subsidiary (unlike the Trust) may invest without limitation in commodity-related instruments. However, the Subsidiary will otherwise be subject to the same fundamental, non-fundamental and certain other investment restrictions as the Trust. The Trust will limit its investments in the Subsidiary to 25% of its total assets.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks (continued)

The Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the Subsidiary's portfolio, will be subject to the same investment policies and restrictions that apply to the management of the Trust, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments and shares of the Subsidiary. The Trust and Subsidiary will test for compliance with certain investment restrictions on a consolidated basis, except that with respect to the Subsidiary's investments in certain securities that may involve leverage, the Subsidiary will comply with asset segregation requirements to the same extent as the Trust.

The Manager will provide investment management and other services to the Subsidiary pursuant to a separate investment management agreement (the "Subsidiary Management Agreement"). The Manager does not receive separate compensation from the Subsidiary for providing it with investment management or administrative services pursuant to the Subsidiary Management Agreement. However, the Trust pays the Manager based on the Trust's assets, including the assets invested in the Subsidiary. The Subsidiary has also entered into separate contracts for the provision of custody and audit services with the same or with affiliates of the same service providers that provide those services to the Trust. The financial statements of the Subsidiary are consolidated with the Trust's financial statements in the Trust's annual and semi-annual reports.

The Trust can invest in all types of equity securities, including common stock, preferred stock, warrants, convertible securities and stock purchase rights of companies of any market capitalization. Trust management may seek to invest in the stock of smaller or emerging growth companies that it expects will provide a higher total return than other equity investments. Investing in smaller or emerging growth companies involves greater risk than investing in more established companies.

The Trust can invest in all types of debt securities, including U.S. and foreign government bonds, corporate bonds, convertible bonds, municipal bonds, structured notes, credit-linked notes, loan assignments and participations, mortgage- and asset-backed securities, and securities issued or guaranteed by certain international organizations such as the World Bank. The Trust may invest in debt securities paying a fixed or fluctuating rate of interest. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold.

The Trust may invest without limit in "junk" bonds, corporate loans and distressed securities. Junk bonds are bonds that are rated below investment grade by independent rating agencies or are bonds that are not rated but which Trust management considers to be of comparable quality. These securities offer the possibility of relatively higher returns but are significantly riskier than higher rated debt securities.

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, including uncovered call and put options, and, to a lesser extent, writing (selling) call and put options on indices of securities and sectors of securities (collectively referred to as "index options"). This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter ("OTC") options.

The Trust may also purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds ("ETFs") and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's investment objectives may be changed by the Board without prior shareholder approval.

**Leverage:** The Trust may use leverage to seek to achieve its investment objectives. The Trust's use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage. The Trust may utilize leverage for investment purposes through the bank credit facility described below and by entering into reverse repurchase agreements or other derivative instruments with leverage embedded in them. The Trust may issue debt securities or preferred shares.

The Trust entered into a 179-day rolling line credit facility with BNP Paribas Prime Brokerage International, Limited ("BNP"). BNP is required to provide 179 days' notice of termination to the Trust absent a default or certain similar events. The Trust has granted a security interest in substantially all of its assets to BNP. The Trust can borrow up to $550,000,000 at any time, subject to asset coverage and other limitations as specified in the credit facility. Advances will be made by BNP to the Trust at the Overnight Bank Funding Rate plus 0.75%. In addition, the Trust pays a commitment fee on the daily unused amount if utilization is less than 80% of the committed line amount.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

2025 BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks (continued)

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**BlackRock ESG Capital Allocation Term Trust (ECAT)**

The Trust's investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust's investment objectives may be changed by the Trust's Board of Trustees (the "Board") without prior shareholder approval.

The Trust will invest at least 80% of its total assets in securities that, in the Manager's assessment, meet the ESG criteria described below. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. To determine the Trust's investable universe, Trust management will first seek to screen out certain issuers based on ESG criteria determined by BlackRock, subject to the considerations noted below. Such screening criteria principally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuers that derive more than zero percent of revenue from the production of controversial weapons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuers that derive more than zero percent of revenue from the production of civilian firearms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issuers that derive more than zero percent of revenue from the production of tobacco-related products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issuers that derive more than twenty percent of revenue from thermal coal generation, unless the Trust is investing in green bonds of such issuers or the issuers have made certain commitments to reduce climate impact, or more than five percent of revenue from thermal coal mining, unless the Trust is investing in green bonds of such issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) issuers that derive more than five percent of revenue from oil sands extraction, unless the Trust is investing in green bonds of such issuers or the issuers have set certain targets to reduce climate impact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) issuers in the energy sector identified as entering production in oil & gas or coal expansion, unless the Trust is investing in green bonds of such issuers or the issuers have set certain targets to reduce climate impact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) issuers identified as violators of the United Nations Global Compact, which are globally accepted principles covering corporate behavior in the areas of human rights, labor, environment, and anti-corruption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) issuers receiving an ESG rating of CCC or equivalent by recognized third-party rating agencies.

The Trust relies on one or more third-party ratings agencies to identify issuers for purposes of the above screening criteria. Third-party rating agencies may base the above screening criteria on an estimate when revenue for a covered business activity is not disclosed by the issuer or publicly available.

The Trust's screening criteria is measured at the time of investment and is dependent upon information and data that may be incomplete, inaccurate, unavailable or estimated. Where the Trust's screening criteria looks solely to third-party ratings or data, issuers are only screened to the extent such ratings or data have been assigned or made available by the third parties. This screening criteria is subject to change over time at the Manager's discretion. In addition, the Trust may gain indirect exposure (through, including but not limited to, derivatives and investments in other investment companies) to issuers with exposures that are inconsistent with the ESG-related criteria used by Trust management.

Trust management then seeks to allocate the Trust's assets to issuers that have been identified by the Manager as having positive sustainability metrics within their respective sector using a proprietary sustainability scoring system, fundamental sector research and third-party ESG data. In evaluating potential investments, the Manager considers certain criteria, including but not limited to: (i) whether, based on the Manager's proprietary methodologies using internal data sources and third-party data, the issuer provides positive environmental and social benefits to third parties relative to other companies in its sector; (ii) whether a bond is a green, social or sustainability bond (e.g., the proceeds of the bond issuance are used for environmental projects that benefit the entire planet by either directly or indirectly reducing carbon-emissions) as determined through the Manager's proprietary methodology and in line with global norms; (iii) whether it has been determined, based on metrics provided by third parties, that the issuer has established a decarbonization strategy; and (iv) whether the issuer is aligned with the Manager's social and environmental criteria and/or generates revenue associated with the UN Sustainable Development goals. Some examples of third-party data and metrics utilized by the Trust include green revenue metrics, forward looking emissions reduction commitments, revenue from socially controversial business lines, exposure to biodiversity controversies, product mix and targeted populations.

After the investable universe is determined, Trust management tries to identify the long term trends and changes that could benefit particular markets and/or industries relative to other markets and industries. Trust management will consider a variety of factors when selecting the markets, such as the rate of economic growth, natural resources, capital reinvestment and the social and political environment. In choosing investments, Trust management may look at various fundamental and systematic factors, such as the relative opportunity for equity or debt instruments to increase in value, capital recovery risk, dividend yields and the level of interest rates paid on debt securities of different maturities. In selecting investments, the Trust may consider a variety of factors and systematic inputs. Trust management may employ derivatives for a variety of reasons, including but not limited to, adjusting its exposures to markets, sectors, asset classes and securities. As a result, the economic exposure of the Trust to any particular market, sector, or asset class may vary relative to the market value of any particular exposure.

Trust management will invest in "junk" bonds, corporate loans and distressed securities only when it believes that they will provide an attractive total return, relative to their risk, as compared to higher quality debt securities.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks (continued)

Trust management will invest in distressed securities when Trust management believes they offer significant potential for higher returns or can be exchanged for other securities that offer this potential. However, there can be no assurance that the Trust will generally achieve these returns or that the issuer will make an exchange offer or adopt a plan of reorganization.

The Trust intends to utilize option strategies that consist of writing (selling) call and put options on a portion of the common stocks in its portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns.

The Trust seeks to achieve its objectives by investing in both equity and debt securities of issuers located around the world. There is no limit on the percentage of assets the Trust can invest in a particular type of security. Generally, the Trust seeks diversification across markets and industries. The Trust has no geographic limits on where it may invest. This flexibility will allow Trust management to look for investments in markets around the world that it believes will provide the best relative asset allocation to meet the Trust's objectives.

The Trust may invest in both developed and emerging markets. In addition to investing in foreign securities, the Trust will actively manage its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Trust may own foreign cash equivalents or foreign bank deposits as part of the Trust's investment strategy. The Trust will also invest in non-U.S. currencies. The Trust may underweight or overweight a currency based on the Trust management team's outlook.

The Trust may invest in shares of companies through initial public offerings ("IPOs"). The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in "late-stage private securities," which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as "pre-IPO companies."

The Trust may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical commodities.

The Trust may also gain exposure to commodity markets by investing in Cayman ESG Capital Allocation Fund, Ltd. (the "Subsidiary"). The Subsidiary will invest primarily in commodity-related instruments. The Subsidiary may also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as margin or collateral for the Subsidiary's derivative positions. The Manager is the manager of the Subsidiary. The Subsidiary (unlike the Trust) may invest without limitation in commodity-related instruments. However, the Subsidiary will otherwise be subject to the same fundamental, non-fundamental and certain other investment restrictions as the Trust. The Trust will limit its investments in the Subsidiary to 25% of its total assets.

The Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the Subsidiary's portfolio, will be subject to the same investment policies and restrictions that apply to the management of the Trust, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments and shares of the Subsidiary. The Trust and Subsidiary will test for compliance with certain investment restrictions on a consolidated basis, except that with respect to the Subsidiary's investments in certain securities that may involve leverage, the Subsidiary will comply with asset segregation requirements to the same extent as the Trust.

The Manager will provide investment management and other services to the Subsidiary pursuant to a separate investment management agreement (the "Subsidiary Management Agreement"). The Manager does not receive separate compensation from the Subsidiary for providing it with investment management or administrative services pursuant to the Subsidiary Management Agreement. However, the Trust pays the Manager based on the Trust's assets, including the assets invested in the Subsidiary. The Subsidiary has also entered into separate contracts for the provision of custody and audit services with the same or with affiliates of the same service providers that provide those services to the Trust.

The financial statements of the Subsidiary are consolidated with the Trust's financial statements in the Trust's annual and semi-annual reports.

The Trust can invest in all types of equity securities, including common stock, preferred stock, warrants, convertible securities and stock purchase rights of companies of any market capitalization. Trust management may seek to invest in the stock of smaller or emerging growth companies that it expects will provide a higher total return than other equity investments. Investing in smaller or emerging growth companies involves greater risk than investing in more established companies.

The Trust can invest in all types of debt securities, including U.S. and foreign government bonds, corporate bonds, convertible bonds, municipal bonds, structured notes, credit-linked notes, loan assignments and participations, mortgage- and asset-backed securities, and securities issued or guaranteed by certain international organizations such as the World Bank. The Trust may invest in debt securities paying a fixed or fluctuating rate of interest. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold. The Trust will apply the ESG criteria described above to municipal bonds, government sponsored asset-backed securities/mortgage-backed securities and government securities.

The Trust may invest without limit in "junk" bonds, corporate loans and distressed securities. Junk bonds are bonds that are rated below investment grade by independent rating agencies or are bonds that are not rated but which Trust management considers to be of comparable quality. These securities offer the possibility of relatively higher returns but are significantly riskier than higher rated debt securities.

2025 BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks (continued)

As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, including uncovered call and put options, and, to a lesser extent, writing (selling) covered and uncovered call and put options on indices of securities and sectors of securities (collectively referred to as "index options"). This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter ("OTC") options.

The Trust may also purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other investment and risk management purposes, including to attempt to protect against possible changes in the market value of the Trust's portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust's unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain. Derivatives will be marked to market for purposes of the Trust's 80% investment policy set out above.

During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. An Advisor's determination that it is temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent.

The Trust may also invest in securities of other open- or closed-end investment companies, including ETFs and business development companies, including those advised by the Advisor or one of its affiliates, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly.

The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

Unless otherwise stated herein, the Trust's investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust's portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust's investment objectives may be changed by the Board without prior shareholder approval.

**Leverage:** The Trust currently does not intend to borrow money or issue debt securities or preferred shares. The Trust is, however, permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its Managed Assets (50% of its net assets), and issue preferred shares in an amount up to 50% of its Managed Assets (100% of its net assets). "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes). Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust's investment objectives and policies.

The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Trust's investment restrictions.

The Trust may enter into "dollar roll" transactions.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**Risk Factors**

This section contains a discussion of the general risks of investing in the Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that the Trust will meet its investment objective or that the Trust's performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk.

**Limited Term Risk:** In accordance with the Trust's Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day following the twelfth anniversary of the effective date of the Trust's initial registration statement (the "Dissolution Date"); provided that the Board may, by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust's operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board (a "Board Action Vote"), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value ("NAV") per common share on the expiration date of the tender offer (an "Eligible Tender Offer"). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the "Dissolution Threshold"). In an Eligible Tender Offer, the Trust will offer to purchase all common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue)

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liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust's perpetual existence.

Unless the limited term provision of the Trust's Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution Date. **The Trust is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a "target term" fund and thus does not seek to return its initial public offering price per common share upon dissolution.** As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers' acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust's investment performance.

Rather than reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Trust's fixed expenses to increase when expressed as a percentage of net assets attributable to common shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust's assets returned to common shareholders upon dissolution will be impacted by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or any other potential date for liquidation, and distributed the proceeds thereof to shareholders.

If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities in connection with the Trust's dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Trust's ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.

Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. If the Trust's tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to common shareholders. In addition, the Trust's purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common shareholders and may have tax consequences for non-tendering common shareholders.

The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust's assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust's investment performance. Such reduction in the Trust's assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of common shares. A reduction in assets, and the corresponding increase in the Trust's expense ratio, could result in lower returns and put the Trust at a disadvantage relative to its peers and potentially cause the Trust's common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Trust following an Eligible Tender Offer.

The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust's perpetual existence. Thereafter, the Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.

Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite

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period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust's remaining assets. Additionally, the tax treatment of the liquidating trust's assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.

**Investment and Market Discount Risk:** An investment in the Trust's common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust's common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust's net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust's common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust's investment, market discount and certain other risks will be magnified.

**Equity Securities Risk:** Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

**Debt Securities Risk:** Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Trust's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust's investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust's net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.

To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust's performance.

&nbsp;&nbsp;&nbsp;&nbsp;•Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.

**Risks Associated with the Trust's Options Strategy:** The ability of the Trust to generate current gains from options premiums and to enhance the Trust's risk-adjusted returns is partially dependent on the successful implementation of its options strategy. There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Risks of Writing Options — As the writer of a covered call option, the Trust forgoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. In other words, as the Trust writes covered calls over more of its portfolio, the Trust's ability to benefit from capital appreciation becomes more limited.

If the Trust writes call options on individual securities or index call options that include securities, in each case, that are not in the Trust's portfolio or that are not in the same proportion as securities in the Trust's portfolio, the Trust will experience loss, which theoretically could be unlimited, if the value of the individual security, index or basket of securities appreciates above the exercise price of the index option written by the Trust.

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When the Trust writes put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price minus the put premium. If the option is exercised, the Trust could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise plus the put premium the Trust received when it wrote the option. While the Trust's potential gain in writing a put option is limited to the premium received from the purchaser of the put option, the Trust risks a loss equal to the entire exercise price of the option minus the put premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-Listed Options Risks — There can be no assurance that a liquid market will exist when the Trust seeks to close out an exchange-listed option position. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the "OCC") may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Over-the-Counter Options Risk — The Trust may write (sell) unlisted OTC options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the OCC. In addition, the Trust's ability to terminate OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transactions may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trust may be unable to liquidate an OTC option position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Index Options Risk — The Trust may sell index put and call options from time to time. The purchaser of an index put option has the right to any depreciation in the value of the index below the exercise price of the option on or before the expiration date. The purchaser of an index call option has the right to any appreciation in the value of the index over the exercise price of the option on or before the expiration date. Because the exercise of index options is settled in cash, sellers of index call options, such as the Trust, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Trust will lose money if it is required to pay the purchaser of an index option the difference between the cash value of the index on which the option was written and the exercise price and such difference is greater than the premium received by the Trust for writing the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Limitation on Options Writing Risk — The number of call options the Trust can write is limited by the total assets the Trust holds and is further limited by the fact that all options represent 100 share lots of the underlying common stock. Furthermore, the Trust's options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax Risk — Income on options on individual stocks will generally not be recognized by the Trust for tax purposes until an option is exercised, lapses or is subject to a "closing transaction" (as defined by applicable regulations) pursuant to which the Trust's obligations with respect to the option are otherwise terminated. If the option lapses without exercise or is otherwise subject to a closing transaction, the premiums received by the Trust from the writing of such options will generally be characterized as short-term capital gain. If an option written by the Trust is exercised, the Trust may recognize taxable gain depending on the exercise price of the option, the option premium, and the tax basis of the security underlying the option. The character of any gain on the sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Trust in the underlying security. In general, distributions received by shareholders of the Trust that are attributable to short-term capital gains recognized by the Trust from its options writing activities will be taxed to such shareholders as ordinary income and will not be eligible for the reduced tax rate applicable to qualified dividend income.

Index options will generally be "marked-to-market" for U.S. federal income tax purposes. As a result, the Trust will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the index option on that date and the adjusted basis of the index option. The adjusted basis of the index option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to index options will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Trust to recognize gain in advance of the receipt of cash, the Trust may be required to dispose of investments in order to meet its distribution requirements.

**ESG Investing Risk (ECAT):** The Trust intends to screen out particular issuers pursuant to certain criteria established by the Manager, and to measure ESG characteristics, including characteristics related to climate, with respect to certain investments pursuant to a methodology determined by the Manager. This may affect the Trust's exposure to certain issuers and the Trust may forego certain investment opportunities. The Trust's results may be lower than other funds that do not seek to invest in issuers based on ESG criteria, or that use a different methodology to screen out issuers or evaluate ESG criteria. The Trust seeks to identify issuers that it believes are better positioned to manage ESG risks and opportunities related to their businesses and to avoid certain companies and industries with ESG related risks, but investors may differ in their views of what constitutes positive or negative ESG criteria. As a result, the Trust may invest in issuers that do not reflect the beliefs and values of any particular investor. In evaluating a security or issuer based on ESG criteria, the Manager is dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that the Manager may incorrectly assess a security or issuer. There is also a risk that the Manager may not apply the relevant ESG criteria correctly or that the Trust could have indirect exposure to issuers who do not meet the relevant ESG criteria used by the Trust. Neither the Trust nor the Manager make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. The Manager's evaluation of ESG criteria is subjective and may change over time.

The Trust may not include all instruments in its ESG-related assessments, and may place weight on other factors when selecting investments. In addition, the Trust may not be successful in its ESG-related objectives. There is no guarantee that these objectives will be achieved, and such assessments are at the Manager's discretion.

**Risks Associated with Private Company Investments:** Private companies are generally not subject to Securities and Exchange Commission ("SEC") reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations

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of the private companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust's investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns.

These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, the Trust's investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private company investments in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Late-Stage Private Companies Risk — Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company's public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See "Illiquid Investments Risk." Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust's investment to decrease significantly.

**Illiquid Investments Risk:** The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust's net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Initial Public Offerings ("IPOs") Risk:** The Trust may invest in shares of companies through IPOs. Securities issued in IPOs have no trading history, and information about the companies may be available for limited periods of time. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.

**Leverage Risk:** The Trust's use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;•the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;•leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Trust's investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust's portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

**Investment Style Risk:** Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.

**Dividend Paying Equity Securities Risk:** Dividends on common equity securities that the Trust may hold are not fixed but are declared at the discretion of an issuer's board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust's investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.

The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust's investments in these securities will necessarily reduce the volatility of the Trust's NAV or provide "protection," compared to other types of equity securities, when markets perform poorly.

**Small and Mid-Capitalization Company Risk:** Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

**Preferred Securities Risk:** Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

**Convertible Securities Risk:** The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

**Warrants Risk:** If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Municipal Securities Risks:** Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;•General Obligation Bonds Risks — Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Trust may lose money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax-Exempt Status Risk — The Trust and its investment manager will rely on the opinion of issuers' bond counsel and, in the case of derivative securities, sponsors' counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Trust nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Trust and its shareholders to substantial tax liabilities.

**High Yield Bonds Risk:** Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.

**Corporate Loans Risk:** Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate ("SOFR") or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Trust's redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.

**Risks of Loan Assignments and Participations:** As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and remedies under

2025 BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks (continued)

the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan. In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Distressed Securities Risk:** Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Unrated Securities Risk:** Because the Trust may purchase securities that are not rated by any rating organization, the Manager may, after assessing their credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Trust might have difficulty selling them promptly at an acceptable price. To the extent that the Trust invests in unrated securities, the Trust's ability to achieve its investment objectives will be more dependent on the Manager's credit analysis than would be the case when the Trust invests in rated securities.

**Mortgage- and Asset-Backed Securities Risks:** Mortgage- and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

**U.S. Government Obligations Risk:** Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.

**Sovereign Debt Risk:** Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

**Foreign Securities Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;•Changes in foreign currency exchange rates can affect the value of the Trust's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Trust's claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust's net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust's net asset value.

**Emerging Markets Risk:** Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks (continued)

**Foreign Currency Transactions Risk:** The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.

**Commodities Related Investments Risk:** Exposure to the commodities markets may subject the Trust to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

**Repurchase Agreements and Purchase and Sale Contracts Risk:** If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.

**Reverse Repurchase Agreements Risk:** Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

**Dollar Rolls Risk:** Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.

**Structured Securities Risk:** Because structured securities of the type in which the Trust may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be "investment companies" as defined in the Investment Company Act of 1940, as amended (the "Investment Company Act"). As a result, the Trust's investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.

**Investment Companies and ETFs Risk:** Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity's expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust's long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.

**Derivatives Risk:** The Trust's use of derivatives may increase its costs, reduce the Trust's returns and/or increase volatility. Derivatives involve significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leverage Risk — The Trust's use of derivatives can magnify the Trust's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust's derivatives positions to lose value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

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Investment Objectives, Policies and Risks (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;•Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.

**Securities Lending Risk:** The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.

**Subsidiary Risk:** By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary's investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments if held directly by the Trust (see "Commodities Related Investments Risk" above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act. However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the Subsidiary, and the Trust's role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the Subsidiary to operate as described and could adversely affect the Trust.

**Variable and Floating Rate Instrument Risk:** Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and may adversely affect the value of the Trust's shares. These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impair their value.

**Risk of Investing in the United States:** Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.

**Market Risk and Selection Risk:** Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

**Shareholder Activism Risk:** Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust's corporate governance and/or management, commencing proxy contests to attempt to elect the activists' representatives or others to the Trust's Board of Trustees, or to seek other actions such as a termination of the Trust's investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur substantial costs defending against such activism if management and the Board determine that the activist's demands are not in the best interest of the Trust. Further, the Trust's share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

Investment Objectives, Policies and Risks

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Automatic Dividend Reinvestment Plan

Pursuant to BCAT and ECAT's Dividend Reinvestment Plan (the "Reinvestment Plan"), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") in the respective Trust's Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BCAT and ECAT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants' accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts ("newly issued shares") or (ii) by purchase of outstanding shares on the open market or on the Trust's primary exchange ("open-market purchases"). If, on the dividend payment date, the net asset value ("NAV") per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market premium"), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market discount"), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent's open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BCAT and ECAT that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.

2025 BlackRock Annual Report to Shareholders

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Trustee and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  | **Independent Trustees**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships Held** <br> **During** <br>**Past 5 Years**<br>|
| **R. Glenn Hubbard** <br>1958<br>| &nbsp;&nbsp; Chair of the Board (Since <br> 2022) <br>Trustee <br>(Since 2020)<br>| &nbsp;&nbsp; Dean, Columbia Business School from 2004 to 2019; <br> Faculty member, Columbia Business School since 1988.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; ADP (data and <br> information services) <br> from 2004 to 2020; <br> Metropolitan Life <br> Insurance Company <br> (insurance); <br> TotalEnergies SE <br> (multi-energy)<br>|
| **W. Carl Kester**<sup>(d)</sup> <br>1951<br>| &nbsp;&nbsp; Vice Chair of the Board <br> (Since 2022) <br>Trustee <br>(Since 2020)<br>| &nbsp;&nbsp; Baker Foundation Professor and George Fisher Baker Jr. <br> Professor of Business Administration, Emeritus, Harvard <br> Business School since 2022; George Fisher Baker Jr. <br> Professor of Business Administration, Harvard Business <br> School from 2008 to 2022; Deputy Dean for Academic <br> Affairs from 2006 to 2010; Chairman of the Finance Unit, <br> from 2005 to 2006; Senior Associate Dean and Chairman <br> of the MBA Program from 1999 to 2005; Member of the <br> faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 102 Portfolios |  |
| **Cynthia L. Egan**<sup>(d)</sup> <br>1955<br>| &nbsp;&nbsp; Trustee <br>(Since 2020)<br>| &nbsp;&nbsp; Advisor, U.S. Department of the Treasury from 2014 to <br> 2015; President, Retirement Plan Services, for T. Rowe <br> Price Group, Inc. from 2007 to 2012; executive positions <br> within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; Unum (insurance); <br> The Hanover <br> Insurance Group <br> (Board Chair); <br> Huntsman <br> Corporation (Lead <br> Independent Director <br> and non-Executive <br> Vice Chair of the <br> Board) (chemical <br> products)<br>|
| **Lorenzo A. Flores** <br>1964<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Chief Financial Officer, Lattice Semiconductor Corporation <br> (LSCC) since 2025; Chief Financial Officer, Intel Foundry <br> from 2024 to 2025; Vice Chairman, Kioxia, Inc. from <br> 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from <br> 2016 to 2019; Corporate Controller, Xilinx, Inc. from <br> 2008 to 2016.<br>| 66 RICs consisting of 100 Portfolios |  |
| **Stayce D. Harris** <br>1959<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Lieutenant General, Inspector General of the United States <br> Air Force from 2017 to 2019; Lieutenant General, Assistant <br> Vice Chief of Staff and Director, Air Staff, United States Air <br> Force from 2016 to 2017; Major General, Commander, <br> 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia <br> from 2014 to 2016; Pilot, United Airlines from 1990 to <br> 2020.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; KULR Technology <br> Group, Inc. in 2021; <br> The Boeing Company <br> (airplane <br> manufacturer)<br>|
| **J. Phillip Holloman** <br>1955<br>| &nbsp;&nbsp; Trustee <br>(Since 2021)<br>| &nbsp;&nbsp; Interim Executive Chairman, President and Chief <br> Executive Officer of Vestis Corporation since 2025; <br> President and Chief Operating Officer, Cintas Corporation <br> from 2008 to 2018.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp; Vestis Corporation <br> (uniforms and <br> facilities services)<br>|
| **Catherine A. Lynch**<sup>(d)</sup> <br>1961<br>| &nbsp;&nbsp; Trustee <br>(Since 2020)<br>| &nbsp;&nbsp; Chief Executive Officer, Chief Investment Officer and <br> various other positions, National Railroad Retirement <br> Investment Trust from 2003 to 2016; Associate Vice <br> President for Treasury Management, The George <br> Washington University from 1999 to 2003; Assistant <br> Treasurer, Episcopal Church of America from 1995 to <br> 1999.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; PennyMac Mortgage <br> Investment Trust<br>|

---

Trustee and Officer Information

------

Trustee and Officer Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) | **Independent Trustees**<sup>(a)</sup> (continued) |
| **Name**<br> **Year of Birth**<sup>(b)</sup><br>| &nbsp;&nbsp; **Position(s) Held**<br> **(Length of Service)**<sup>(c)</sup><br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised**<br> **Registered Investment Companies**<br> **("RICs") Consisting of Investment**<br> **Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other**<br> **Investment** <br> **Company**<br> **Directorships Held** <br> **During**<br> **Past 5 Years**<br>|
| **Arthur P. Steinmetz**<sup>(d)</sup> <br>1958<br>| &nbsp;&nbsp; Trustee <br>(Since 2023)<br>| &nbsp;&nbsp; Trustee of Denison University since 2020; Consultant, <br> Posit PBC (enterprise data science) since 2020; Director, <br> ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br> Executive Officer and President of OppenheimerFunds, <br> Inc. from 2015, 2014 and 2013, respectively to 2019; <br> Trustee, President and Principal Executive Officer of <br> 104 OppenheimerFunds funds from 2014 to 2019; <br> Portfolio manager of various OppenheimerFunds fixed <br> income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 102 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  | **Interested Trustees**<sup>(a)(e)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships** <br> **Held During** <br>**Past 5 Years**<br>|
| **Robert Fairbairn** <br>1965<br>| &nbsp;&nbsp; Trustee <br>(Since 2020)<br>| &nbsp;&nbsp; Vice Chairman of BlackRock, Inc. since 2019; Member of <br> BlackRock's Global Operating Committee; Co-Chair <br> of BlackRock's Human Capital Committee; Senior <br> Managing Director of BlackRock, Inc. from 2010 to 2019; <br> oversaw BlackRock's Strategic Partner Program and <br> Strategic Product Management Group from 2012 to 2019; <br> Member of the Board of Managers of BlackRock <br> Investments, LLC from 2011 to 2018; Global Head of <br> BlackRock's Retail and iShares® businesses from 2012 to <br> 2016.<br>| 92 RICs consisting of 268 Portfolios |  |
| **John M. Perlowski**<sup>(d)</sup> <br>1964<br>| &nbsp;&nbsp; Trustee <br>(Since 2020) <br>President and Chief <br>Executive Officer <br>(Since 2020)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2009; Head of <br> BlackRock Global Accounting and Product Services since <br> 2009; Advisory Director of Family Resource Network <br> (charitable foundation) since 2009; Member of <br> BlackRock's Global Executive Committee since 2025.<br>| 94 RICs consisting of 270 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

<sup>(b)</sup> Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. 

<sup>(d)</sup> Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

<sup>(e)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 BlackRock Annual Report to Shareholders

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Trustee and Officer Information (continued)

---

| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<br>| **Principal Occupation(s) During Past 5 Years** |
| **Stephen Minar** <br>1984<br>| &nbsp;&nbsp; Vice President <br>(Since 2025)<br>| Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| **Trent Walker** <br>1974<br>| &nbsp;&nbsp; Chief Financial Officer <br>(Since 2021)<br>| Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| **Jay M. Fife** <br>1970<br>| &nbsp;&nbsp; Treasurer <br>(Since 2020)<br>| Managing Director of BlackRock, Inc. since 2007. |
| **Aaron Wasserman** <br>1974<br>| &nbsp;&nbsp; Chief Compliance Officer <br>(Since 2023)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the <br> BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy <br> Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-<br> Income Complex and the iShares Complex from 2014 to 2023. <br>|
| **Janey Ahn** <br>1975<br>| &nbsp;&nbsp; Secretary <br>(Since 2020)<br>| Managing Director of BlackRock, Inc. since 2018. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. <br> <sup>(b)</sup> Officers of the Trust serve at the pleasure of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Effective May 8, 2025, Stephen Minar replaced Jonathan Diorio as Vice President of the Trusts.<br>

Trustee and Officer Information

------

Additional Information

**Proxy Results**

The Annual Meeting of Shareholders was held on July 11, 2025 for shareholders of record on May 19, 2025 to elect trustee nominees for BlackRock Capital Allocation Term Trust (the "Trust"). There were no broker non-votes with regard to the Trust.

Shareholders elected the Class II Trustees as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | R. Glenn Hubbard | R. Glenn Hubbard | W. Carl Kester | W. Carl Kester | John M. Perlowski | John M. Perlowski |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BCAT | 86,714,003 | 1,649,588 | 86,554,599 | 1,808,992 | 86,791,894 | 1,571,697 |

---

Shareholders elected the Class III Trustees as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
| BCAT | 86,791,853 | 1,571,738 | 86,388,165 | 1,975,426 | 86,564,376 | 1,799,215 |

---

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, and Catherine A. Lynch.

**Trust Certification**

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**Environmental, Social and Governance ("ESG") Integration**

Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts' particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts' investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts' exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Trust's policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust. <br>

The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust's annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust's taxable net investment income and net realized capital gains ("taxable income") may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust's current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. <br>

A return of capital is a return of a portion of an investor's original investment. A return of capital is not expected to be taxable, but it reduces a shareholder's tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made. <br>

Such distributions, under certain circumstances, may exceed a Trust's total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust's total assets and net asset value ("NAV") per share and, therefore, could have the effect of increasing the Trust's expense ratio and reducing the amount of assets the Trust has available for long term investment.

**General Information**

The Trusts do not make available copies of their Statements of Additional Information because the Trusts' shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust's offerings and the information contained in each Trust's Statement of Additional Information may have become outdated.

2025 BlackRock Annual Report to Shareholders

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Additional Information (continued)

**General Information (continued)**

The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts' charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts' portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Trusts may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts' securities to BlackRock Advisors, LLC (the "Advisor") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Trusts. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Trust Updates**

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock's website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Trust and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Sub-Adviser**

BlackRock (Singapore) Limited <br>079912 Singapore

Additional Information

------

Additional Information (continued)

**Trust and Service Providers (continued)** 

BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

Computershare Trust Company, N.A. <br>Canton, MA 02021

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

**Address of the Trusts**

100 Bellevue Parkway <br>Wilmington, DE 19809

2025 BlackRock Annual Report to Shareholders

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Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| ARB | Airport Revenue Bonds  |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| CR | Custodian Receipt |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| DIP | Debtor-In-Possession |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| FREMF | Freddie Mac Multifamily Securities |
| KOSPI | Korea Composite Stock Price Index |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| MTA | Month Treasury Average |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PIPE | Private Investment in Public Equity |
| RB | Revenue Bonds |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt  |
| TBA | To-Be-Announced |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate |

---

Glossary of Terms Used in this Report

------

Want to know more?

blackrock.com \| 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

BCAT-12/25-AR

![](g34699imga7c426f74.jpg)

![](g34699img8f88d0d31.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services – The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related <br>Fees<sup>1</sup>** | **(b) Audit-Related <br>Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **<u>Current</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Current</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | **<u>Previous</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  |
| &nbsp;&nbsp;&nbsp;BlackRock ESG Capital Allocation Term Trust | $78310 | $77928 | $0 | $0 | $27100 | $32464 | $388 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily

------

portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  |  **<u>Current Fiscal Year End</u>** |  **<u>Previous Fiscal Year End</u>** |
| &nbsp;&nbsp;&nbsp; **(b) Audit-Related Fees<sup>1</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(c) Tax Fees<sup>2</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(d) All Other Fees<sup>3</sup>** | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 and for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | $27488 | $32464 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

------

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies- – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of trustees has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d34699dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC's website at http://www.sec.gov.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Rick Rieder, Managing Director at BlackRock, Russ Koesterich, CFA, JD, Managing Director at BlackRock, Sarah Thompson, CFA, Managing Director at BlackRock and Randy Berkowitz, CFA, Managing Director at BlackRock. Messrs. Rieder, Koesterich and Berkowitz and Ms. Thompson are the Fund's portfolio managers and are responsible for the day-to-day management of the Fund's portfolio and the selection of its investments. Messrs. Rieder and Koesterich have been members of the Fund's portfolio management team since 2020. Ms. Thompson and Mr. Berkowitz have been members of the Fund's portfolio management team since 2024.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Biography** |
| &nbsp;&nbsp;&nbsp;Rick Rieder | Global Chief Investment Officer of Fixed Income, Co-head of BlackRock's Global Fixed Income platform, member of Global Operating Committee and Chairman of the BlackRock firmwide Investment Council. Managing Director of BlackRock, Inc. since 2009. |
| &nbsp;&nbsp;&nbsp;Russ Koesterich, CFA, JD | Managing Director of BlackRock, Inc. since 2009. |
| &nbsp;&nbsp;&nbsp;Sarah Thompson, CFA | Managing Director of BlackRock, Inc. since 2013. |
| &nbsp;&nbsp;&nbsp;Randy Berkowitz, CFA | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2014 to 2021. |

---

------

(a)(2) As of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(ii) Number of** <br> **Other Accounts Managed** <br> **and Assets by Account Type**  | **(ii) Number of** <br> **Other Accounts Managed** <br> **and Assets by Account Type**  | **(ii) Number of** <br> **Other Accounts Managed** <br> **and Assets by Account Type**  | **(iii) Number of Other Accounts and** <br> **Assets for Which Advisory Fee is** <br> **Performance-Based**  | **(iii) Number of Other Accounts and** <br> **Assets for Which Advisory Fee is** <br> **Performance-Based**  | **(iii) Number of Other Accounts and** <br> **Assets for Which Advisory Fee is** <br> **Performance-Based**  |
| &nbsp;&nbsp;&nbsp;**(i) Name of Portfolio Manager** | **Other Registered <br>Investment <br>Companies** | **Other Pooled <br>Investment Vehicles** | **Other** <br> **Accounts**  | **Other <br>Registered <br>Investment <br>Companies** | **Other Pooled Investment <br>Vehicles** | **Other** <br> **Accounts**  |
| &nbsp;&nbsp;&nbsp; Rick Rieder | 22 | 27 | 41 | 0 | 4 | 1 |
|  | $120.6 Billion | $50.35 Billion | $5.28 Billion | $0 | $27.92 Million | $104.9 Million |
| &nbsp;&nbsp;&nbsp; Russ Koesterich, CFA, JD | 9 | 9 | 33 | 0 | 0 | 0 |
|  | $30.96 Billion | $23.03 Billion | $140.8 Million | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Sarah Thompson, CFA | 2 | 4 | 0 | 0 | 0 | 0 |
|  | $3.91 Billion | $2.44 Billion | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Randy Berkowitz, CFA | 3 | 4 | 0 | 0 | 0 | 0 |
|  | $5.33 Billion | $2.44 Billion | $0 | $0 | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.'s (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Rieder and Koesterich may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Rieder and Koesterich may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with

------

sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2025:

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation.** Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1- and 5-year periods, as applicable, is generally assessed over trailing 1-, 3- and 5-year periods relative to benchmarks plus an alpha target as well as against peer groups. With respect to these portfolio managers in relation to these portfolios, the benchmarks for the Fund and other accounts are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Benchmark** |
| &nbsp;&nbsp;&nbsp; Russ Koesterich, CFA, JD<br> Rick Rieder | S&P 500 Index, FTSE World ex-US Index, ICE BofA Current 5-Year Treasury Index, FTSE Non-US Dollar World Government Bond Index, MSCI World Net TR Index and MSCI ACWI Minimum Volatility (USD) Index (USD). |
| &nbsp;&nbsp;&nbsp;Randy Berkowitz, CFA | MSCI ACWI Minimum Volatility (USD) Index (USD) and MSCI World Net TR Index. |
| &nbsp;&nbsp;&nbsp;Sarah Thompson, CFA | MSCI World Net TR Index. |

---

**Distribution of Discretionary Incentive Compensation.** Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

------

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits**. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans* — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) *Beneficial Ownership of Securities* – As of December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity Securities of the<br>Fund Beneficially Owned** |
| &nbsp;&nbsp;&nbsp; Rick Rieder | Over $1,000,000 |
| &nbsp;&nbsp;&nbsp; Russ Koesterich, CFA, JD | $100001 - $500000 |
| &nbsp;&nbsp;&nbsp; Sarah Thompson, CFA | $10001 - $50000 |
| &nbsp;&nbsp;&nbsp; Randy Berkowitz, CFA | $10001 - $50000 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund's securities lending activities during the fiscal year ended December 31, 2025.

**BlackRock ESG Capital Allocation Term Trust** 

---

| | |
|:---|:---|
| **(1) Gross income from securities lending activities** | $168856 |
| **(2) Fees and/or compensation for securities lending activities and related services** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Securities lending income paid to BIM for services as securities lending agent | 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a) | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Administrative fees not included in (a) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Indemnification fees not included in (a) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Rebate (paid to borrowers) | 122589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Other fees not included in (a) | 0 |
| **(3) Aggregate fees/compensation for securities lending activities** | $131925 |
| **(4) Net income from securities lending activities** | $36931 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BlackRock Investment Management, LLC ("BIM") serves as securities lending agent for the Fund and in that role administers the Fund's securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

------

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](d34699dncsr.htm#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d34699dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d34699dex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Notices to the registrant's common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009](d34699dex99section19.htm)<sup>1</sup>

<sup>1</sup> The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund's common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock ESG Capital Allocation Term Trust

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ESG Capital Allocation Term Trust |

---

Date: February 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock ESG Capital Allocation Term Trust |

---

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock ESG Capital Allocation Term Trust |

---

Date: February 24, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY** 

**ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock ESG Capital Allocation Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock ESG Capital Allocation Term Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ESG Capital Allocation Term Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY** 

**ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock ESG Capital Allocation Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock ESG Capital Allocation Term Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ESG Capital Allocation Term Trust

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ESG Capital Allocation Term Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ESG Capital Allocation Term Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ESG Capital Allocation Term Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ESG Capital Allocation Term Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g34699dsp16b.jpg)

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| |
|:---|
| Closed-End Fund Proxy Voting Policy |
|   ***Procedures Governing Delegation of Proxy Voting to Fund Adviser*** |
| &nbsp;&nbsp;&nbsp; Effective Date: August 1, 2021 |
| &nbsp;&nbsp;&nbsp; Last Review Date: September 1, 2024 |

---

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|:---|
| &nbsp;&nbsp; **Applies to the following types of Funds registered under the 1940 Act:** |
| &nbsp;&nbsp; ☐ Open-End Mutual Funds (including money market funds) |
| &nbsp;&nbsp; ☐ Money Market Funds |
| &nbsp;&nbsp; ☐ Exchange-Traded Funds |
| &nbsp;&nbsp; ☒ Closed-End Funds |
| &nbsp;&nbsp; ☐ Other |

---

**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock"), (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock proxy voting guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.

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|:---|:---|:---|
| ![LOGO](g34699dsp016.jpg) |  |  |
|  | Public | Page 1 of 1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## BlackRock

## Active

## Investment

## Stewardship

## Global Engagement and Voting Guidelines
Effective as of January 2026

![LOGO](g34699dsp017a.jpg)

NM0126U-5113770-1/24

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## Contents

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| | |
|:---|:---|
|  **[Overview](#proxypol34699_1)** | **3** |
|  **[Introduction to BlackRock](#proxypol34699_2)** | **4** |
|  **[About BlackRock Active Investment Stewardship](#proxypol34699_3)** | **4** |
|  **[Our approach to stewardship within active equities](#proxypol34699_4)** | **5** |
|  **[Our approach to stewardship within fixed income](#proxypol34699_5)** | **5** |
|  **[Boards of Directors](#proxypol34699_6)** | **6** |
|  **[Executive compensation](#proxypol34699_7)** | **9** |
|  **[Non-executive director compensation](#proxypol34699_8)** | **11** |
|  **[Capital structure](#proxypol34699_9)** | **11** |
|  **[Transactions and special situations](#proxypol34699_10)** | **12** |
|  **[Corporate reporting, risk management and audit](#proxypol34699_11)** | **13** |
|  **[Shareholder rights and protections](#proxypol34699_12)** | **14** |
|  **[Shareholder proposals](#proxypol34699_13)** | **15** |
|  **[Corporate political activities](#proxypol34699_14)** | **16** |
|  **[Material sustainability-related risks and opportunities](#proxypol34699_15)** | **16** |
|  **[Key stakeholders](#proxypol34699_16)** | **17** |
|  **[Climate and decarbonization investment objectives](#proxypol34699_17)** | **18** |
|  **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities](#proxypol34699_18)** | **19** |

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|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **2** |

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**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **3** |

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**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **4** |

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NM0126U-5113770-4/24

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recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

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|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **5** |

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NM0126U-5113770-5/24

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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

<sup>6</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **6** |

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***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **7** |

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In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

***Capacity***

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **8** |

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understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nominating, governance and human capital – oversight responsibilities for corporate governance principles and
practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital
management strategies, including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **9** |

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performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pay outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board or relevant board committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

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|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **10** |

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**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **11** |

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **12** |

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what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **13** |

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management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **14** |

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If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **15** |

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**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **16** |

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**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **17** |

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**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **18** |

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**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **19** |

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In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **20** |

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assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adopted these Guidelines which are designed to advance our clients' long-term financial interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or
business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better
understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **21** |

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employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of
directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service
provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **22** |

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NM0126U-5113770-22/24

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determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **23** |

---

NM0126U-5113770-23/24

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.©2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **24** |

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NM0126U-5113770-24/24

## Ex-99.Section19

100 Bellevue Parkway Wilmington, DE 19809 Tel 302.797.2000 www.blackrock.com

![LOGO](g34699snap3.jpg)

December 31, 2025

Dear Shareholder,

Section 19(a) of the Investment Company Act of 1940 requires notice to shareholders if the payment of any distribution is made from any source other than the fund's net income. This notice is intended to satisfy the requirements under Section 19(a).

The Funds estimate that they have distributed more than their income and net-realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

You should not draw any conclusions about the Trust's investment performance from the amount of this distribution or from the terms of the Managed Distribution Plan.

If you have any questions or require additional assistance with your account, please contact BlackRock Funds Investor Services toll-free at 1-800-882-0052. Representatives are available Monday through Friday from 8:00 a.m. to 6:00 p.m., Eastern Time. You may also visit the BlackRock Funds' website at www.blackrock.com/funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations as of December 31, 2025** | **Estimated Allocations as of December 31, 2025** | **Estimated Allocations as of December 31, 2025** |  |  | **Record Date**<br>**Pay Date** | December 22, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Current <br>Distribution per <br>Share** | **Net Income** | **Net Realized Short-** <br> **Term Capital Gains**  | **Net Realized Long-** <br> **Term Capital Gains**  | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.037414 (54%) | $0 (0%) | $0 (0%) | $0.032286 (46%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.174930 | $0.017832 (10%) | $0.004629 (3%) | $0.152469 (87%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.024169 (25%) | $0 (0%) | $0 (0%) | $0.073131 (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0 (0%) | $0.042600 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.019012 (7%) | $0 (0%) | $0.243088 (93%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0 (0%) | $0.110000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.009475 (11%) | $0 (0%) | $0.073225 (89%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $1.174279 | $0.055973 (5%) | $0.240576 (20%) | $0.877730 (75%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.506000 | $0.010835 (2%) | $0 (0%) | $0.495165 (98%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $1.451471 | $0 (0%) | $0 (0%) | $1.451471 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.517116 | $0 (0%) | $0 (0%) | $0.517116 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.262030 | $0.039275 (15%) | $0 (0%) | $0 (0%) | $0.222755 (85%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.278540 | $0.032037 (12%) | $0 (0%) | $0.030766 (11%) | $0.215737 (77%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.044704 (51%) | $0 (0%) | $0 (0%) | $0.043496 (49%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.067915 (69%) | $0 (0%) | $0 (0%) | $0.030815 (31%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.083312 (67%) | $0 (0%) | $0 (0%) | $0.040528 (33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.081276 (68%) | $0 (0%) | $0 (0%) | $0.039004 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.067357 (86%) | $0 (0%) | $0 (0%) | $0.010543 (14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.072073 (86%) | $0 (0%) | $0 (0%) | $0.011827 (14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.097413 (86%) | $0 (0%) | $0 (0%) | $0.015787 (14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.055211 (74%) | $0 (0%) | $0 (0%) | $0.019389 (26%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.085093 (69%) | $0 (0%) | $0 (0%) | $0.038607 (31%) |

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1 of 2

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100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations for the fiscal year through December 31, 2025** | **Estimated Allocations for the fiscal year through December 31, 2025** | **Estimated Allocations for the fiscal year through December 31, 2025** | **Estimated Allocations for the fiscal year through December 31, 2025** | **Estimated Allocations for the fiscal year through December 31, 2025** | | |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Cummulative <br>Fiscal Year to <br>Date Distribution** | **Net Income** | **Net Realized Short-** <br> **Term Gains**  | **Net Realized Long-** <br> **Term Gains**  | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.836400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.267599 (32%) | $0 (0%) | $0 (0%) | $0.568801 (68%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.855830 | $0.341423 (40%) | $0.004629 (1%) | $0.509778 (59%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $1.167600 | $0.338504 (29%) | $0 (0%) | $0 (0%) | $0.829096 (71%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.511200 | $0.072755 (14%) | $0 (0%) | $0.361962 (71%) | $0.076483 (15%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $3.145200 | $0.119046 (4%) | $0 (0%) | $2.868473 (91%) | $0.157681 (5%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $1.871060 | $0 (0%) | $0 (0%) | $0.464920 (25%) | $1.406140 (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.992400 | $0.146525 (15%) | $0 (0%) | $0.845875 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $2.670279 | $0.259695 (10%) | $0.240576 (9%) | $2.170008 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $2.057000 | $0 (0%) | $0 (0%) | $2.057000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $4.201471 | $0 (0%) | $0 (0%) | $4.201471 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $2.817036 | $0 (0%) | $0 (0%) | $2.817036 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.901470 | $0 (0%) | $0 (0%) | $0 (0%) | $0.901470 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $3.321040 | $0.338464 (10%) | $0 (0%) | $0 (0%) | $2.982576 (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $3.537140 | $0.219986 (6%) | $0 (0%) | $0.024356 (1%) | $3.292798 (93%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $1.058400 | $0.355004 (34%) | $0 (0%) | $0 (0%) | $0.703396 (66%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $1.184760 | $0.677729 (57%) | $0 (0%) | $0 (0%) | $0.507031 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $1.486080 | $0.932746 (63%) | $0 (0%) | $0 (0%) | $0.553334 (37%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $1.443360 | $0.823490 (57%) | $0 (0%) | $0 (0%) | $0.619870 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.934800 | $0.701384 (75%) | $0 (0%) | $0 (0%) | $0.233416 (25%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $1.006800 | $0.734984 (73%) | $0 (0%) | $0 (0%) | $0.271816 (27%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $1.358400 | $1.028983 (76%) | $0 (0%) | $0 (0%) | $0.329417 (24%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.895200 | $0.488620 (55%) | $0 (0%) | $0 (0%) | $0.406580 (45%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $1.484400 | $0.733441 (49%) | $0 (0%) | $0 (0%) | $0.750959 (51%) |
| **Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended November 28, 2025** |  |  |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **5 Year Average <br>Annual Total <br>Return on NAV** | **Annualized Current <br>Distribution Rate on <br>NAV** | **Cummulative Total <br>Return on NAV** | **Cummulative Fiscal <br>Year Distribution on <br>NAV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | 14.02% | 7.54% | 25.36% | 6.91% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | 11.08% | 21.60% | 16.35% | 7.01% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | 19.53% | 8.17% | 12.42% | 7.49% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | 7.31% | 8.26% | 13.65% | 7.57% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | 7.25% | 6.97% | 18.15% | 6.39% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | 0.23% | 7.51% | 20.25% | 10.02% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | 9.23% | 7.69% | 15.98% | 7.05% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | 9.26% | 53.78% | 22.95% | 5.71% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | 13.97% | 24.63% | 23.69% | 6.29% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | 6.75% | 39.69% | 18.96% | 6.27% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | 3.61% | 24.68% | 21.45% | 9.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX\* | -9.11% | 7.95% | 6.73% | 10.72% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT\* | 6.88% | 20.51% | 14.22% | 19.95% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT\* | 8.63% | 20.38% | 13.91% | 19.87% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | -1.25% | 9.12% | 6.86% | 8.36% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | 7.14% | 11.66% | 6.11% | 10.69% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 7.12% | 12.25% | 4.84% | 11.23% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | 7.30% | 12.16% | 5.30% | 11.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | 5.45% | 9.69% | 9.10% | 8.88% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | 2.41% | 8.84% | 9.96% | 8.10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | 5.13% | 9.77% | 8.22% | 8.96% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | -1.75% | 8.85% | 6.63% | 8.11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | 4.47% | 10.65% | 5.84% | 9.76% |  |

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\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

2 of 2

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100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g34699snap3.jpg)

January 30, 2026

Dear Shareholder,

Section 19(a) of the Investment Company Act of 1940 requires notice to shareholders if the payment of any distribution is made from any source other than the fund's net income. This notice is intended to satisfy the requirements under Section 19(a).

The Funds estimate that they have distributed more than their income and net-realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

You should not draw any conclusions about the Trust's investment performance from the amount of this distribution or from the terms of the Managed Distribution Plan.

If you have any questions or require additional assistance with your account, please contact BlackRock Funds Investor Services toll-free at 1-800-882-0052. Representatives are available Monday through Friday from 8:00 a.m. to 6:00 p.m., Eastern Time. You may also visit the BlackRock Funds' website at www.blackrock.com/funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations as of January 30, 2026** | **Estimated Allocations as of January 30, 2026** | **Estimated Allocations as of January 30, 2026** | **Estimated Allocations as of January 30, 2026** | **Estimated Allocations as of January 30, 2026** | **Record Date**<br> **Pay Date** | January 20, 2026<br> January 30, 2026 |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Current<br>Distribution<br>per Share** | **Net Income** | **Net Realized Short-<br>Term Capital Gains** | **Net Realized Long-<br>Term Capital Gains** | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.017007 (24%) | $0 (0%) | $0 (0%) | $0.052693 (76%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.014293 (15%) | $0 (0%) | $0 (0%) | $0.083007 (85%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0.009730 (23%) | $0.006123 (14%) | $0.026747 (63%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.004380 (2%) | $0.034490 (13%) | $0.223230 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0.006613 (6%) | $0.039717 (36%) | $0.063670 (58%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.015931 (19%) | $0 (0%) | $0.066769 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0 (0%) | $0 (0%) | $0.141000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $0.250000 | $0 (0%) | $0.020699 (8%) | $0.229301 (92%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.162500 | $0 (0%) | $0.162500 (100%) | $0 (0%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.260730 | $0.023104 (9%) | $0 (0%) | $0 (0%) | $0.237626 (91%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.277010 | $0.005348 (2%) | $0 (0%) | $0 (0%) | $0.271662 (98%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.038325 (43%) | $0 (0%) | $0 (0%) | $0.049875 (57%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.052104 (53%) | $0 (0%) | $0 (0%) | $0.046626 (47%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.063261 (51%) | $0 (0%) | $0 (0%) | $0.060579 (49%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.098600 | $0.082960 (84%) | $0 (0%) | $0 (0%) | $0.015640 (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.058566 (49%) | $0 (0%) | $0 (0%) | $0.061714 (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.053357 (68%) | $0 (0%) | $0 (0%) | $0.024543 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.056156 (67%) | $0 (0%) | $0 (0%) | $0.027744 (33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.079973 (71%) | $0 (0%) | $0 (0%) | $0.033227 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.043649 (59%) | $0 (0%) | $0 (0%) | $0.030951 (41%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.068563 (55%) | $0 (0%) | $0 (0%) | $0.055137 (45%) |

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1 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Allocations for the fiscal year through January 30, 2026** | **Estimated Allocations for the fiscal year through January 30, 2026** | **Estimated Allocations for the fiscal year through January 30, 2026** | **Estimated Allocations for the fiscal year through January 30, 2026** | **Estimated Allocations for the fiscal year through January 30, 2026** | | |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Cummulative <br>Fiscal Year to <br>Date Distribution** | **Net Income** | **Net Realized Short-** <br> **Term Gains**  | **Net Realized Long-** <br> **Term Gains**  | **Return of Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | $0.069700 | $0.017102 (25%) | $0 (0%) | $0 (0%) | $0.052598 (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.014116 (15%) | $0 (0%) | $0 (0%) | $0.083184 (85%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0 (0%) | $0.009730 (23%) | $0.006123 (14%) | $0.026747 (63%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.004380 (2%) | $0.034490 (13%) | $0.223230 (85%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.110000 | $0 (0%) | $0.006613 (6%) | $0.039717 (36%) | $0.063670 (58%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.015931 (19%) | $0 (0%) | $0.066769 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0 (0%) | $0 (0%) | $0.141000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $0.250000 | $0 (0%) | $0.020699 (8%) | $0.229301 (92%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.162500 | $0 (0%) | $0.162500 (100%) | $0 (0%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.052500 | $0 (0%) | $0 (0%) | $0 (0%) | $0.052500 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.260730 | $0.023104 (9%) | $0 (0%) | $0 (0%) | $0.237626 (91%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.277010 | $0.005348 (2%) | $0 (0%) | $0 (0%) | $0.271662 (98%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.038325 (43%) | $0 (0%) | $0 (0%) | $0.049875 (57%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.052104 (53%) | $0 (0%) | $0 (0%) | $0.046626 (47%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.063261 (51%) | $0 (0%) | $0 (0%) | $0.060579 (49%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.098600 | $0.082960 (84%) | $0 (0%) | $0 (0%) | $0.015640 (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.058572 (49%) | $0 (0%) | $0 (0%) | $0.061708 (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.053357 (68%) | $0 (0%) | $0 (0%) | $0.024543 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.056156 (67%) | $0 (0%) | $0 (0%) | $0.027744 (33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.079973 (71%) | $0 (0%) | $0 (0%) | $0.033227 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.043649 (59%) | $0 (0%) | $0 (0%) | $0.030951 (41%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.068563 (55%) | $0 (0%) | $0 (0%) | $0.055137 (45%) |
| **Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended December 31, 2025** |  |  |
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **5 Year Average<br>Annual Total<br>Return on NAV** | **Annualized<br>Current<br>Distribution Rate<br>on NAV** | **Cummulative Total<br>Return on NAV** | **Cummulative Fiscal<br>Year Distribution on<br>NAV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | BCX | 13.66% | 7.25% | 31.15% | 0.60% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | 18.80% | 8.23% | 12.35% | 0.69% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | 7.28% | 8.11% | 16.51% | 0.68% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | 5.82% | 7.15% | 15.82% | 0.60% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | —1.80% | 7.72% | 17.89% | 0.64% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | 8.77% | 7.70% | 16.71% | 0.64% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | 13.58% | 7.48% | 25.43% | 0.62% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | 4.98% | 7.07% | 19.15% | 0.59% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | 1.68% | 7.83% | 22.93% | 0.65% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX\* | —9.10% | 8.08% | 5.94% | 0.67% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | 6.18% | 20.54% | 15.55% | 1.71% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT\* | 8.54% | 20.56% | 14.33% | 1.71% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | —1.30% | 9.20% | 6.78% | 0.77% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | 6.89% | 11.68% | 6.93% | 0.97% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 6.87% | 12.29% | 5.59% | 1.02% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | —0.97% | 6.85% | 7.93% | 0.57% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | 7.07% | 12.19% | 6.14% | 1.02% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | 5.13% | 9.69% | 10.06% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | 2.17% | 8.87% | 10.43% | 0.74% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | 4.82% | 9.77% | 9.11% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | —2.10% | 8.98% | 5.87% | 0.75% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | 4.24% | 10.67% | 6.60% | 0.89% |  |

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\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

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