# EDGAR Filing Document

**Accession Number:** 0001809541
**File Stem:** 0001193125-25-196039
**Filing Date:** 2025-9
**Character Count:** 811259
**Document Hash:** e2f33be077e91130b99ba9a4a8a999ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196039.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196039

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Capital Allocation Term Trust
- **CENTRAL INDEX KEY:** 0001809541

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23564
- **FILM NUMBER:** 251293473

**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 Capital Allocation Trust
- **DATE OF NAME CHANGE:** 20200414

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: 811-23564

Name of Fund: BlackRock Capital Allocation Term Trust (BCAT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock 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: 06/30/2025

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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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![](g905437img11a0c3161.jpg)

June 30, 2025

2025 Semi-Annual Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<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 the remainder of 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.

**June 30, 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; $0.159899  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1.548921  | &nbsp;&nbsp; $1.708820  | &nbsp;&nbsp; 9<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; —<br> % <br>| &nbsp;&nbsp; 91<br> % <br>| &nbsp;&nbsp; 100<br> % <br>|
| ECAT | 0.101989 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.718621 | 1.820610 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 94 | &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 | $0.278200  |
| ECAT | 0.296610 |

---

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 Semi-Annual Report to Shareholders

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Supplemental Information](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_c19ab-footer-fundbookname-1147_1)  | 2 |
| **[Semi-Annual](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_rskderiv-footer-fundbookname-1205_1)[Report:](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_rskderiv-footer-fundbookname-1205_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_rskderiv-footer-fundbookname-1205_1)  | 4 |
| [Option Over-Writing Strategy](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_rskderiv1-footer-fundbookname-1205_1)  | 5 |
| [Derivative Financial Instruments](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_rskderiv1-footer-fundbookname-1205_1)  | 5 |
| [Trust Summary](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fsm-footer-fundbookname-1147_1)  | 6 |
| [Financial Statements:](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_soi-footer-fundbookname-1147_1)  |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Schedules of Investments](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_soi-footer-fundbookname-1147_1)  | 10 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fs-footer-fundbookname-1205_1)  | 76 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fs-footer-fundbookname-1205_3)  | 78 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fs-footer-fundbookname-1205_4)  | 79 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fs-footer-fundbookname-1205_5)  | 80 |
| [Financial Highlights](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_fihi-footer-fundbookname-1205_1)  | 82 |
| [Notes to Consolidated Financial Statements](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_ntf-footer-fundbookname-1205_1)  | 84 |
| [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_iaa-footer-fundbookname-1147_1)  | 99 |
| [Additional Information](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_addinfo-footer-fundbookname-1147_1)  | 103 |
| [Glossary of Terms Used in this Report](#xx_253c5d09-d608-45c0-8d90-c64f3f389590_terms-footer-fundbookname_1)  | 106 |

---

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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 Semi-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 June 30, 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 June 30, 2025 ($15.14)<sup>(a)</sup> | 22.05% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.278200 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.338400 |

---

&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 August 1, 2025, was decreased to $0.272350 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** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $15.14  | &nbsp;&nbsp;&nbsp;&nbsp; $15.15  | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $15.88  | &nbsp;&nbsp;&nbsp;&nbsp; $13.20  |
| Net Asset Value | 15.67 | &nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.70 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)</sup> | 6.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 11.77 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| **Custom Reference Benchmark**<sup>(d)</sup> | 6.83 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 |
| **MSCI World Index (Net)**<sup>(e)</sup> | 9.47 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;13.54 |
| **Bloomberg U.S. Aggregate Bond Index**<sup>(f)</sup> | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp; (0.90)<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. Performance results reflect the Trust's use of leverage, if any.

<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.

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

<sup>(e)</sup> A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

<sup>(f)</sup> A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

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

In equities, positioning in the financials, information technology, industrials, and communication services sectors were the primary contributors to the Trust's absolute return. In fixed income, positioning in credit—particularly high yield bonds—contributed, as did interest rate derivatives used to manage portfolio duration (interest rate sensitivity). Holdings in securitized assets contributed, as well. An allocation to commodities was an additional contributor.

Positioning in the healthcare and consumer discretionary sectors in the equity portfolio detracted from absolute performance.

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 13.3% 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 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 rose by 0.3 percentage points, with increased weightings in the industrials, energy, and information technology sectors. Its weightings in materials, consumer discretionary, and healthcare decreased. The allocation to fixed income increased by 2.2 percentage points, with the largest increases in high yield bonds and developed-market sovereign debt. The Trust's weighting in securitized assets, especially collateralized loan obligations, decreased. As a result of these changes, the Trust's allocation to cash declined.

**Describe portfolio positioning at period end.**

The Trust had a 52% 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 June 30, 2025, the Trust had sold options on approximately 9.8% of its equity positions.

The Trust finished the period with a weighting of 46% in fixed income, comprised predominately of high yield bonds and securitized assets.

*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.*

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

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

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| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of Total* <br>*Investments*<sup>(a)(b)</sup> <br>|
| Uniform Mortgage-Backed Securities, 4.50%, 07/15/54 | 4.8<br> %<br>|
| Uniform Mortgage-Backed Securities, 3.50%, 07/15/54 | 3.9 |
| Microsoft Corp. | 2.8 |
| Amazon.com, Inc. | 2.2 |
| NVIDIA Corp. | 1.7 |
| SPDR Gold Shares | 1.5 |
| Alphabet, Inc. | 1.2 |
| Walmart, Inc. | 1.1 |
| Broadcom, Inc. | 1.1 |
| Marsh & McLennan Cos., Inc. | 1.1 |

---

&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 | 73.9<br> %<br>|
| United Kingdom | 4.6 |
| France | 2.6 |
| Ireland | 1.9 |
| Italy | 1.9 |
| Canada | 1.9 |
| China | 1.7 |
| Cayman Islands | 1.5 |
| Germany | 1.4 |
| Netherlands | 1.3 |
| Spain | 1.1 |
| Taiwan | 1.0 |
| Other<sup>#</sup> | 5.2 |

---

&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>|

---

Trust Summary

------

Trust Summary as of June 30, 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 June 30, 2025 ($16.06)<sup>(a)</sup> | 22.16% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.296610 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $3.559320 |

---

&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 August 1, 2025, was decreased to $0.290170 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $16.06  | &nbsp;&nbsp;&nbsp;&nbsp; $16.40  | &nbsp;&nbsp;&nbsp;&nbsp; (2.07)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $17.14  | &nbsp;&nbsp;&nbsp;&nbsp; $13.91  |
| Net Asset Value | 16.68 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.98 | &nbsp;&nbsp;&nbsp;&nbsp;15.10 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | &nbsp;&nbsp;&nbsp; *Since* <br>*Inception*<sup>(a)</sup><br>|
| Trust at NAV<sup>(b)(c)</sup> | 6.16<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.08<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.60<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 9.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| **Custom Reference Benchmark**<sup>(d)</sup> | 7.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 |
| **MSCI World Index (Net)**<sup>(e)</sup> | 9.47 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 |
| **Bloomberg U.S. Aggregate Bond Index**<sup>(f)</sup> | 4.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp; (0.96)<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. Performance results reflect the Trust's use of leverage, if any.

<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.

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

<sup>(e)</sup> A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.

<sup>(f)</sup> A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

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

In equities, positioning in information technology, financials, communication services, and industrials were the primary contributors to the Trust's absolute return. In fixed income, positioning in credit—particularly high yield bonds—contributed, as did interest rate derivatives used to manage portfolio duration (interest rate sensitivity). Holdings in securitized assets contributed, as well. An allocation to commodities was an additional contributor.

Positioning in the healthcare and consumer discretionary sectors in the equity portfolio 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. In the aggregate, the use of derivatives contributed to performance. The Trust's cash position had no material impact on performance.

Private investments comprised approximately 5.7% of the Trust's total assets at the close of the period. The Trust's holdings in this area detracted modestly, driven by private equity.

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 1.5 percentage points, with the largest additions in industrials, financials and utilities. Its weightings in consumer discretionary, healthcare, and materials decreased. The allocation to fixed income rose by 4.5 percentage points, with the largest increases in high yield bonds and developed-market sovereign debt. The Trust's weighting in emerging-market sovereigns and investment-grade corporates decreased. As a result of these changes, the Trust's allocation to cash fell.

**Describe portfolio positioning at period end.**

The Trust had a 72% weighting in equities at the close of the period. It had holdings across all sectors, with the largest absolute weightings in information technology, financials, healthcare, and industrials. The Trust used options as an additional source of income. As of June 30, 2025, the team had sold options on approximately 12% of its equity positions.

The Trust finished the period with a weighting of 35% in fixed income, comprised predominately of high yield bonds, investment-grade corporates, agency MBS, and securitized assets.

*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.*

**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>|
| Uniform Mortgage-Backed Securities, 4.50%, 07/15/54 | 4.4<br> %<br>|
| Microsoft Corp. | 3.5 |
| NVIDIA Corp. | 3.3 |
| Uniform Mortgage-Backed Securities, 5.50%, 07/15/54 | 2.0 |
| Boston Scientific Corp. | 1.8 |
| Marsh & McLennan Cos., Inc. | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.7 |
| Eli Lilly & Co. | 1.6 |
| Mastercard, Inc. | 1.6 |
| Apple, 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 | 75.1<br> %<br>|
| United Kingdom | 4.5 |
| France | 4.0 |
| Italy | 2.3 |
| Netherlands | 2.0 |
| Germany | 1.9 |
| Taiwan | 1.6 |
| Ireland | 1.2 |
| Spain | 1.1 |
| Canada | 1.1 |
| China | 1.0 |
| Other<sup>#</sup> | 4.2 |

---

&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 (unaudited)

June 30, 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** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Fairstone Financial Issuance Trust I, Series 2020-1A, <br> Class D, 6.87%, 10/20/39<sup>(a)</sup><br>| CAD | 1270 | &nbsp;&nbsp; $915771 |
| **Cayman Islands**<sup>(a)(b)</sup> **— 1.6%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.6%** | **Cayman Islands**<sup>(a)(b)</sup> **— 1.6%** |  |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd., Series 2020-7A, Class DR, (3-mo. <br> CME Term SOFR + 3.36%), 7.62%, 07/15/34<br>| USD | 250 | &nbsp;&nbsp; 251032 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. <br> CME Term SOFR + 3.21%), 7.48%, 04/20/31<br>|  | 250 | &nbsp;&nbsp; 251442 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXV, Series 2021-35A, Class E, (3-mo. <br> CME Term SOFR + 6.01%), 10.28%, 04/20/34<br>|  | 375 | &nbsp;&nbsp; 375377 |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVII, Series 2021-37A, Class E, (3-<br> mo. CME Term SOFR + 6.56%), 10.83%, <br> 10/22/34<br>|  | 250 | &nbsp;&nbsp; 250487 |
| 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%), 11.22%, 10/15/34<br>|  | 1250 | &nbsp;&nbsp; 1252884 |
| &nbsp;&nbsp;&nbsp; Series 2021-ALFA, Class SUB, 0.00%, 10/15/34 |  | 2150 | &nbsp;&nbsp; 1066959 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3-<br> mo. CME Term SOFR + 3.31%), 7.57%, 07/15/32<br>|  | 2700 | &nbsp;&nbsp; 2730635 |
| &nbsp;&nbsp;&nbsp; Battalion CLO IX Ltd., Series 2015-9A, Class DR, <br> (3-mo. CME Term SOFR + 3.51%), 7.77%, <br> 07/15/31<br>|  | 250 | &nbsp;&nbsp; 245101 |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XX Ltd., Series 2020-<br> 20A, Class ER, (3-mo. CME Term SOFR + 7.01%), <br> 11.27%, 07/15/34<br>|  | 250 | &nbsp;&nbsp; 250234 |
| &nbsp;&nbsp;&nbsp; Canyon CLO Ltd., Series 2020-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.95%), 6.21%, 10/15/37<br>|  | 750 | &nbsp;&nbsp; 752995 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VC Ltd., Series 2021-2A, Class E, (3-mo. <br> CME Term SOFR + 7.01%), 11.27%, 10/15/34<br>|  | 500 | &nbsp;&nbsp; 484332 |
| &nbsp;&nbsp;&nbsp; Crown City CLO III, Series 2021-1A, Class C, (3-mo. <br> CME Term SOFR + 3.56%), 7.83%, 07/20/34<br>|  | 1250 | &nbsp;&nbsp; 1251745 |
| &nbsp;&nbsp;&nbsp; Crown Point CLO Ltd., Series 2020-9A, Class DR, <br> (3-mo. CME Term SOFR + 4.01%), 8.25%, <br> 07/14/34<br>|  | 500 | &nbsp;&nbsp; 497725 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO II Ltd., Series 2019-2A, Class SUB, <br> 0.00%, 04/20/34<br>|  | 1250 | &nbsp;&nbsp; 646400 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2021-55A, <br> Class E, (3-mo. CME Term SOFR + 6.82%), <br> 11.09%, 07/20/34<br>|  | 1000 | &nbsp;&nbsp; 1000827 |
| OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class ER, (3-mo. CME Term <br> SOFR + 6.61%), 10.82%, 04/10/33<br>|  | 400 | &nbsp;&nbsp; 396811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-18A, Class D1R2, (3-mo. CME Term <br> SOFR + 3.10%), 7.37%, 07/20/37<br>|  | 500 | &nbsp;&nbsp; 500355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AR, Class D1R, (3-mo. CME Term <br> SOFR + 3.60%), 7.87%, 04/18/37<br>|  | 3500 | &nbsp;&nbsp; 3515685 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.57%, 07/15/34<br>|  | 250 | &nbsp;&nbsp; 250161 |
| Palmer Square Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, (3-mo. CME Term SOFR <br> + 5.26%), 9.52%, 10/15/29<br>|  | 750 | &nbsp;&nbsp; 750042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class E, (3-mo. CME Term SOFR <br> + 7.77%), 12.03%, 10/15/29<br>|  | 500 | &nbsp;&nbsp; 500044 |
| &nbsp;&nbsp;&nbsp; Regatta XX Funding Ltd., Series 2021-2A, <br> Class D1R, (3-mo. CME Term SOFR + 2.60%), <br> 6.86%, 01/15/38<br>|  | 1500 | &nbsp;&nbsp; 1490953 |
| &nbsp;&nbsp;&nbsp; RRX Ltd., Series 2022-7A, Class D, (3-mo. CME <br> Term SOFR + 6.85%), 11.11%, 07/15/35<br>|  | 750 | &nbsp;&nbsp; 751418 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| &nbsp;&nbsp;&nbsp; Sound Point CLO XXVI Ltd., Series 2020-1A, <br> Class DR, (3-mo. CME Term SOFR + 3.61%), <br> 7.88%, 07/20/34<br>| USD | 250 | &nbsp;&nbsp; $250125  |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, <br> 0.00%, 12/29/29<br>|  | 1000 | &nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp; Trestles CLO Ltd., Series 2017-1A, Class D1RR, <br> (3-mo. CME Term SOFR + 3.15%), 7.43%, <br> 07/25/37<br>|  | 500 | &nbsp;&nbsp; 499736 |
| Whitebox CLO I Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class D1RR, (3-mo. CME Term <br> SOFR + 3.10%), 7.38%, 07/24/36<br>|  | 250 | &nbsp;&nbsp; 249582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class ERR, (3-mo. CME Term <br> SOFR + 5.75%), 10.03%, 07/24/36<br>|  | 1300 | &nbsp;&nbsp; 1300343 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class SUB, 0.00%, 07/24/36 |  | 1000 | &nbsp;&nbsp; 582000 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.90%), 7.18%, <br> 10/24/37<br>|  | 2750 | &nbsp;&nbsp; 2751855 |
| Whitebox CLO III Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class DR, (3-mo. CME Term <br> SOFR + 2.85%), 7.11%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 498659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, (3-mo. CME Term <br> SOFR + 5.65%), 9.91%, 10/15/35<br>|  | 500 | &nbsp;&nbsp; 500668 |
|  |  |  | &nbsp;&nbsp; 26097722 |
| **Ireland — 1.2%** | **Ireland — 1.2%** | **Ireland — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.89%, 02/15/37<sup>(b)(c)</sup><br>| EUR | 250 | &nbsp;&nbsp; 299562 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital Europe CLO DAC, Series 4A, <br> Class D, (3-mo. EURIBOR + 3.20%), 5.36%, <br> 04/25/34<sup>(a)(b)</sup><br>|  | 868 | &nbsp;&nbsp; 1024235 |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.34%, 11/15/37<sup>(b)(c)</sup><br>|  | 300 | &nbsp;&nbsp; 352827 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.59%, 04/25/39<sup>(b)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 414784 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, <br> 07/25/39<sup>(d)</sup><br>|  | 160 | &nbsp;&nbsp; 188472 |
| &nbsp;&nbsp;&nbsp; Ares European CLO XII DAC, Series 12A, Class DR, <br> (3-mo. EURIBOR + 3.00%), 5.24%, 04/20/32<sup>(a)(b)</sup><br>|  | 875 | &nbsp;&nbsp; 1032534 |
| &nbsp;&nbsp;&nbsp; Arini European CLO, Series 5X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 01/15/39<sup>(b)(c)</sup><br>|  | 230 | &nbsp;&nbsp; 269911 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, <br> (3-mo. EURIBOR + 3.50%), 6.27%, 01/15/38<sup>(b)(c)</sup><br>|  | 430 | &nbsp;&nbsp; 511313 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<sup>(b)(c)</sup><br>|  | 160 | &nbsp;&nbsp; 187264 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.71%, 01/15/38<sup>(b)(c)</sup><br>|  | 170 | &nbsp;&nbsp; 200999 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-<br> mo. EURIBOR + 2.90%), 5.18%, 01/15/35<sup>(b)(c)</sup><br>|  | 150 | &nbsp;&nbsp; 175868 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-<br> mo. EURIBOR + 3.25%), 5.41%, 10/25/37<sup>(b)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 414364 |
| &nbsp;&nbsp;&nbsp; CIFC European Funding CLO III DAC, Series 3A, <br> Class D, (3-mo. EURIBOR + 3.60%), 5.88%, <br> 01/15/34<sup>(a)(b)</sup><br>|  | 700 | &nbsp;&nbsp; 827856 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.41%, 10/15/37<sup>(b)(c)</sup><br>|  | 230 | &nbsp;&nbsp; 270714 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.63%, 01/23/38<sup>(b)(c)</sup><br>|  | 290 | &nbsp;&nbsp; 341663 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.30%, 11/20/38<sup>(b)(c)</sup><br>|  | 220 | &nbsp;&nbsp; 259687 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Loan Fund XIX DAC, Series 19A, <br> Class D, (3-mo. EURIBOR + 3.80%), 5.81%, <br> 12/23/33<sup>(a)(b)</sup><br>|  | 2300 | &nbsp;&nbsp; 2736889 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.94%, 08/15/33<sup>(b)(c)</sup><br>| EUR | 700 | &nbsp;&nbsp; $821369  |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.84%, <br> 02/15/38<sup>(b)(c)</sup><br>|  | 300 | &nbsp;&nbsp; 352447 |
| &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 2032X, Class D, <br> (3-mo. EURIBOR + 3.60%), 5.76%, 07/25/37<sup>(b)(c)</sup><br>|  | 209 | &nbsp;&nbsp; 248574 |
| &nbsp;&nbsp;&nbsp; Henley CLO IV DAC, Series 4A, Class D, (3-mo. <br> EURIBOR + 3.00%), 5.16%, 04/25/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1186953 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<sup>(b)(c)</sup><br>|  | 330 | &nbsp;&nbsp; 387118 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.88%, 01/15/38<sup>(b)(c)</sup><br>|  | 220 | &nbsp;&nbsp; 261824 |
| &nbsp;&nbsp;&nbsp; Invesco Euro CLO V DAC, Series 5A, Class D, (3-mo. <br> EURIBOR + 3.80%), 6.08%, 01/15/34<sup>(a)(b)</sup><br>|  | 3150 | &nbsp;&nbsp; 3695283 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO DAC, Series 2024-29X, Class D, (3-mo. <br> EURIBOR + 3.20%), 5.48%, 01/15/39<sup>(b)(c)</sup><br>|  | 370 | &nbsp;&nbsp; 438730 |
| Palmer Square European Loan Funding DAC<sup>(b)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.29%, 05/15/34<br>|  | 250 | &nbsp;&nbsp; 294759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.19%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 258759 |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.39%, 08/15/38<sup>(b)(c)</sup><br>|  | 232 | &nbsp;&nbsp; 273779 |
| Prodigy Finance DAC<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1 mo. Term SOFR + <br> 3.86%), 8.18%, 07/25/51<br>| USD | 65 | &nbsp;&nbsp; 66270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1 mo. Term SOFR + <br> 6.01%), 10.33%, 07/25/51<br>|  | 64 | &nbsp;&nbsp; 66608 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.48%, 10/15/38<sup>(b)(c)</sup><br>| EUR | 238 | &nbsp;&nbsp; 279814 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/27<sup>(b)(c)</sup><br>|  | 290 | &nbsp;&nbsp; 340375 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 04/20/37<sup>(b)(c)</sup><br>|  | 470 | &nbsp;&nbsp; 555673 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.20%, <br> 04/16/39<sup>(b)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 413230 |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 10/20/38<sup>(b)(c)</sup><br>|  | 340 | &nbsp;&nbsp; 403408 |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 6.23%, 01/15/38<sup>(b)(c)</sup><br>|  | 320 | &nbsp;&nbsp; 382046 |
|  |  |  | &nbsp;&nbsp; 20235961 |
| **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>(c)</sup><br>| GBP | 297 | &nbsp;&nbsp; 426216 |
| **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** |  |
| Ajax Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class A, 4.88%, 06/25/61<sup>(b)</sup> | USD | 3382 | &nbsp;&nbsp; 3370291 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class B, 3.75%, 06/25/61<sup>(b)</sup> |  | 714 | &nbsp;&nbsp; 796919 |
| &nbsp;&nbsp;&nbsp; Series 2021-G, Class C, 0.00%, 06/25/61 |  | 1263 | &nbsp;&nbsp; 1253388 |
| &nbsp;&nbsp;&nbsp; AMSR Trust, Series 2020-SFR5, Class G, 4.11%, <br> 11/17/37<sup>(a)</sup><br>|  | 2899 | &nbsp;&nbsp; 2873824 |
| Citigroup Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL2, Class A3B, (1 mo. Term SOFR <br> + 0.31%), 4.63%, 05/25/37<br>|  | 3931 | &nbsp;&nbsp; 2567962 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Citigroup Mortgage Loan Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AHL3, Class A3B, (1 mo. Term SOFR <br> + 0.28%), 4.60%, 07/25/45<br>| USD | 2864 | &nbsp;&nbsp; $1980061  |
| &nbsp;&nbsp;&nbsp; College Avenue Student Loans LLC, Series 2021-A, <br> Class D, 4.12%, 07/25/51<sup>(a)</sup><br>|  | 147 | &nbsp;&nbsp; 138175 |
| &nbsp;&nbsp;&nbsp; Credit Suisse ABS Repackaging Trust, <br> Series 2013-A, Class R1, 0.00%, 04/25/43<sup>(a)(e)</sup><br>|  | 5 | &nbsp;&nbsp; 1802720 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, <br> Class F, 3.80%, 12/17/26<sup>(a)</sup><br>|  | 2400 | &nbsp;&nbsp; 2311240 |
| Lending Funding Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class C, 4.30%, 04/21/31 |  | 980 | &nbsp;&nbsp; 956119 |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class D, 6.77%, 04/21/31 |  | 2830 | &nbsp;&nbsp; 2779723 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-1A, Class D, <br> 5.05%, 11/20/31<sup>(a)</sup><br>|  | 2320 | &nbsp;&nbsp; 2152272 |
| Mariner Finance Issuance Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-AA, Class E, 5.40%, 03/20/36 |  | 1420 | &nbsp;&nbsp; 1365263 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/36 |  | 540 | &nbsp;&nbsp; 496494 |
| Nelnet Student Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62 |  | 1670 | &nbsp;&nbsp; 1487738 |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class D, 4.75%, 04/20/62 |  | 340 | &nbsp;&nbsp; 298134 |
| &nbsp;&nbsp;&nbsp; Series 2021-CA, Class D, 4.44%, 04/20/62 |  | 110 | &nbsp;&nbsp; 96778 |
| &nbsp;&nbsp;&nbsp; Progress Residential, Series 2021-SFR3, Class H, <br> 4.75%, 05/17/26<sup>(a)</sup><br>|  | 1140 | &nbsp;&nbsp; 1128936 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust, Series 2021-3, <br> Class A, 3.88%, 10/17/33<sup>(a)(e)</sup><br>|  | 4780 | &nbsp;&nbsp; 4576850 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<sup>(a)</sup><br>|  | 800 | &nbsp;&nbsp; 775404 |
| &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; 382612 |
| SMB Private Education Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D1, 3.86%, 01/15/53 |  | 1186 | &nbsp;&nbsp; 1074638 |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class D2, 3.86%, 01/15/53 |  | 647 | &nbsp;&nbsp; 586326 |
| &nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 3.93%, 01/15/53 |  | 260 | &nbsp;&nbsp; 231442 |
| &nbsp;&nbsp;&nbsp; Sofi Professional Loan Program LLC, Series 2018-A, <br> Class R1, 0.00%, 02/25/42<sup>(a)</sup><br>|  | 115 | &nbsp;&nbsp; 1286827 |
| &nbsp;&nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Loan <br> Trust, Series 2005-WF2, Class M8, (1 mo. Term <br> SOFR + 1.91%), 6.23%, 05/25/35<sup>(b)</sup><br>|  | 182 | &nbsp;&nbsp; 177890 |
| Tricon Residential Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 |  | 1375 | &nbsp;&nbsp; 1343266 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 864035 |
|  |  |  | &nbsp;&nbsp; 39155327 |
| **Total Asset-Backed Securities — 5.3%** <br>**(Cost: $95,096,647)** | **Total Asset-Backed Securities — 5.3%** <br>**(Cost: $95,096,647)** | **Total Asset-Backed Securities — 5.3%** <br>**(Cost: $95,096,647)** | &nbsp;&nbsp; 86830997 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.0%** | **Australia — 0.0%** |  |
| IREN Ltd.<sup>(f)</sup> | 48063 | &nbsp;&nbsp; 700278 |
| **Canada — 1.1%** | **Canada — 1.1%** |  |
| Algoma Steel Group, Inc. | 178901 | &nbsp;&nbsp; 1232628 |
| Cameco Corp. | 175798 | &nbsp;&nbsp; 13049486 |
| Suncor Energy, Inc. | 88331 | &nbsp;&nbsp; 3308804 |
|  |  | &nbsp;&nbsp; 17590918 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(e)(f)</sup> | 599 | &nbsp;&nbsp; 16772 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China — 1.2%** | **China — 1.2%** |  |
| Alibaba Group Holding Ltd., ADR | 5334 | &nbsp;&nbsp; $604929  |
| BYD Co. Ltd., Class H | 552500 | &nbsp;&nbsp; 8602436 |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 87600 | &nbsp;&nbsp; 3091232 |
| Tencent Holdings Ltd. | 110367 | &nbsp;&nbsp; 7111565 |
|  |  | &nbsp;&nbsp; 19410162 |
| **Denmark — 0.5%** | **Denmark — 0.5%** |  |
| DSV A/S | 25088 | &nbsp;&nbsp; 6017463 |
| Novo Nordisk A/S, Class B | 30945 | &nbsp;&nbsp; 2144303 |
|  |  | &nbsp;&nbsp; 8161766 |
| **France — 1.7%** | **France — 1.7%** |  |
| Accor SA | 64811 | &nbsp;&nbsp; 3396645 |
| Arkema SA | 21123 | &nbsp;&nbsp; 1559798 |
| Cie de Saint-Gobain SA | 64115 | &nbsp;&nbsp; 7531924 |
| EssilorLuxottica SA | 27481 | &nbsp;&nbsp; 7546082 |
| Hermes International SCA | 2831 | &nbsp;&nbsp; 7674460 |
| LVMH Moet Hennessy Louis Vuitton SE | 480 | &nbsp;&nbsp; 251223 |
|  |  | &nbsp;&nbsp; 27960132 |
| **Germany — 0.3%** | **Germany — 0.3%** |  |
| Northern Data AG<sup>(f)</sup> | 4783 | &nbsp;&nbsp; 135671 |
| SAP SE | 18213 | &nbsp;&nbsp; 5569164 |
|  |  | &nbsp;&nbsp; 5704835 |
| **India — 0.0%** | **India — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Think & Learn Private Ltd., Class J-B, (Acquired <br> 12/11/20, Cost: $5,113,105)<sup>(e)(f)(g)</sup><br>| 2279 | &nbsp;&nbsp; — |
| **Israel**<sup>(f)</sup> **— 0.1%** | **Israel**<sup>(f)</sup> **— 0.1%** |  |
| Deep Instinct Ltd.<sup>(e)</sup> | 66095 | &nbsp;&nbsp; 3966 |
| Etoro Group Ltd., Class A | 18541 | &nbsp;&nbsp; 1234645 |
|  |  | &nbsp;&nbsp; 1238611 |
| **Italy — 1.4%** | **Italy — 1.4%** |  |
| Intesa Sanpaolo SpA | 1918745 | &nbsp;&nbsp; 11052761 |
| Prysmian SpA | 6311 | &nbsp;&nbsp; 446814 |
| UniCredit SpA | 172178 | &nbsp;&nbsp; 11550279 |
|  |  | &nbsp;&nbsp; 23049854 |
| **Japan — 0.0%** | **Japan — 0.0%** |  |
| FANUC Corp. | 15 | &nbsp;&nbsp; 407 |
| Rakuten Group, Inc.<sup>(f)</sup> | 112800 | &nbsp;&nbsp; 621548 |
|  |  | &nbsp;&nbsp; 621955 |
| **Macau — 0.0%** | **Macau — 0.0%** |  |
| Wynn Macau Ltd. | 534519 | &nbsp;&nbsp; 369945 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** |  |
| ASML Holding NV | 17845 | &nbsp;&nbsp; 14299858 |
| **Spain — 0.4%** | **Spain — 0.4%** |  |
| CaixaBank SA | 84877 | &nbsp;&nbsp; 735443 |
| Cellnex Telecom SA<sup>(a)</sup> | 167612 | &nbsp;&nbsp; 6526520 |
|  |  | &nbsp;&nbsp; 7261963 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $322,253)<sup>(e)(f)(g)</sup><br>| 2732 | &nbsp;&nbsp; — |
| **Taiwan — 1.1%** | **Taiwan — 1.1%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 77575 | &nbsp;&nbsp; 17569962 |
| **United Kingdom — 3.4%** | **United Kingdom — 3.4%** |  |
| BAE Systems PLC | 685195 | &nbsp;&nbsp; 17782769 |
| Compass Group PLC | 296049 | &nbsp;&nbsp; 10027763 |
| Flutter Entertainment PLC<sup>(f)</sup> | 10070 | &nbsp;&nbsp; 2877603 |
| Genius Sports Ltd.<sup>(f)</sup> | 186939 | &nbsp;&nbsp; 1944166 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| National Grid PLC | 658397 | &nbsp;&nbsp; $9664385  |
| RELX PLC | 233562 | &nbsp;&nbsp; 12658515 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., Series C, (Acquired 11/16/21, <br> Cost: $2,398,802)<sup>(e)(f)(g)</sup><br>| 1235 | &nbsp;&nbsp; 339489 |
|  |  | &nbsp;&nbsp; 55294690 |
| **United States — 42.5%** | **United States — 42.5%** |  |
| Air Products and Chemicals, Inc. | 11279 | &nbsp;&nbsp; 3181355 |
| Alphabet, Inc., Class C | 119171 | &nbsp;&nbsp; 21139744 |
| Amazon.com, Inc.<sup>(f)(h)</sup> | 174770 | &nbsp;&nbsp; 38352691 |
| AMC Networks, Inc., Class A<sup>(f)</sup> | 9801 | &nbsp;&nbsp; 61452 |
| Amentum Holdings, Inc.<sup>(f)</sup> | 85590 | &nbsp;&nbsp; 2020780 |
| Apollo Global Management, Inc. | 34020 | &nbsp;&nbsp; 4826417 |
| Apple, Inc. | 80788 | &nbsp;&nbsp; 16575274 |
| Bank of America Corp. | 296647 | &nbsp;&nbsp; 14037336 |
| Boeing Co.<sup>(f)</sup> | 53930 | &nbsp;&nbsp; 11299953 |
| Boston Scientific Corp.<sup>(f)(h)</sup> | 129965 | &nbsp;&nbsp; 13959541 |
| BP PLC | 73129 | &nbsp;&nbsp; 364350 |
| Broadcom, Inc. | 66996 | &nbsp;&nbsp; 18467447 |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 19728 | &nbsp;&nbsp; 560078 |
| Capital One Financial Corp. | 61942 | &nbsp;&nbsp; 13178780 |
| Carrier Global Corp. | 3309 | &nbsp;&nbsp; 242186 |
| Chevron Corp. | 31279 | &nbsp;&nbsp; 4478840 |
| Cisco Systems, Inc. | 114498 | &nbsp;&nbsp; 7943871 |
| Citigroup, Inc. | 126536 | &nbsp;&nbsp; 10770744 |
| Comerica, Inc. | 1300 | &nbsp;&nbsp; 77545 |
| CommScope Holding Co., Inc.<sup>(f)</sup> | 93183 | &nbsp;&nbsp; 771555 |
| Confluent, Inc., Class A<sup>(f)</sup> | 180256 | &nbsp;&nbsp; 4493782 |
| Costco Wholesale Corp. | 17259 | &nbsp;&nbsp; 17085374 |
| CRH PLC | 72084 | &nbsp;&nbsp; 6617311 |
| Crown PropTech Acquisitions<sup>(e)(f)</sup> | 76872 | &nbsp;&nbsp; 67830 |
| Crown PropTech Acquisitions, Class A<sup>(f)</sup> | 29568 | &nbsp;&nbsp; 336484 |
| CyberArk Software Ltd.<sup>(f)</sup> | 15262 | &nbsp;&nbsp; 6209803 |
| D.R. Horton, Inc. | 19895 | &nbsp;&nbsp; 2564863 |
| &nbsp;&nbsp;&nbsp; Davidson Kempner Merchant Co-Investment Fund <br> LP, (Acquired 06/30/21, Cost: $0)<sup>(f)(g)(i)</sup><br>| — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 4197279 |
| Delta Air Lines, Inc. | 49619 | &nbsp;&nbsp; 2440262 |
| Duke Energy Corp. | 5700 | &nbsp;&nbsp; 672600 |
| Eli Lilly & Co. | 20503 | &nbsp;&nbsp; 15982704 |
| EOG Resources, Inc. | 4165 | &nbsp;&nbsp; 498176 |
| &nbsp;&nbsp;&nbsp; Epic Games, Inc., (Acquired 03/29/21, Cost: <br> $2,499,240)<sup>(e)(f)(g)</sup><br>| 2824 | &nbsp;&nbsp; 2077447 |
| EQT Corp. | 83869 | &nbsp;&nbsp; 4891240 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., Series C, (Acquired 06/24/21, <br> Cost: $1,482,935)<sup>(e)(f)(g)</sup><br>| 2532 | &nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp; Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: <br> $8,566,971)<sup>(e)(f)(g)</sup><br>| 126282 | &nbsp;&nbsp; 7690574 |
| First Citizens BancShares, Inc., Class A | 228 | &nbsp;&nbsp; 446075 |
| First Horizon Corp. | 7186 | &nbsp;&nbsp; 152343 |
| Flagstar Financial, Inc. | 254117 | &nbsp;&nbsp; 2693640 |
| Flowco Holdings, Inc., Class A | 56042 | &nbsp;&nbsp; 998108 |
| Formentera Partners Fund II LP<sup>(e)(f)(i)</sup> | — <br><sup>(j)</sup><br>| &nbsp;&nbsp; 3245253 |
| Freeport-McMoRan, Inc. | 160819 | &nbsp;&nbsp; 6971504 |
| Freewire Equity<sup>(e)(f)</sup> | 45 | &nbsp;&nbsp; — |
| Hess Corp. | 21570 | &nbsp;&nbsp; 2988308 |
| Hilton Worldwide Holdings, Inc. | 6895 | &nbsp;&nbsp; 1836414 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired 02/16/24, <br> Cost: $2,660,000)<sup>(e)(f)(g)</sup><br>| 2660000 | &nbsp;&nbsp; 2074800 |
| Home Depot, Inc. | 30942 | &nbsp;&nbsp; 11344575 |
| Intuit, Inc. | 9459 | &nbsp;&nbsp; 7450192 |
| Intuitive Surgical, Inc.<sup>(f)</sup> | 14319 | &nbsp;&nbsp; 7781088 |
| JPMorgan Chase & Co. | 54208 | &nbsp;&nbsp; 15715441 |
| Lam Research Corp. | 4372 | &nbsp;&nbsp; 425570 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Latch, Inc.<sup>(f)</sup> | 142273 | &nbsp;&nbsp; $19918 |
| Lionsgate Studios Corp.<sup>(f)</sup> | 95306 | &nbsp;&nbsp; 553728 |
| Live Nation Entertainment, Inc.<sup>(f)</sup> | 35937 | &nbsp;&nbsp; 5436549 |
| Lockheed Martin Corp. | 1117 | &nbsp;&nbsp; 517327 |
| Lumen Technologies, Inc.<sup>(f)</sup> | 261709 | &nbsp;&nbsp; 1146285 |
| Marsh & McLennan Cos., Inc. | 82092 | &nbsp;&nbsp; 17948595 |
| Mastercard, Inc., Class A | 29874 | &nbsp;&nbsp; 16787396 |
| McKesson Corp. | 13502 | &nbsp;&nbsp; 9893996 |
| Medtronic PLC | 85419 | &nbsp;&nbsp; 7445974 |
| Merck & Co., Inc. | 15269 | &nbsp;&nbsp; 1208694 |
| Meta Platforms, Inc., Class A | 22220 | &nbsp;&nbsp; 16400360 |
| Micron Technology, Inc. | 108620 | &nbsp;&nbsp; 13387415 |
| Microsoft Corp.<sup>(h)</sup> | 96943 | &nbsp;&nbsp; 48220416 |
| &nbsp;&nbsp;&nbsp; MNTN, Inc., Series D, (Acquired 11/05/21, Cost: <br> $1,353,207)<sup>(f)(g)</sup><br>| 58924 | &nbsp;&nbsp; 1288668 |
| &nbsp;&nbsp;&nbsp; Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: <br> $560,518)<sup>(e)(f)(g)</sup><br>| 816 | &nbsp;&nbsp; — |
| Netflix, Inc.<sup>(f)</sup> | 4621 | &nbsp;&nbsp; 6188120 |
| NextEra Energy, Inc. | 153651 | &nbsp;&nbsp; 10666452 |
| NRG Energy, Inc. | 4984 | &nbsp;&nbsp; 800331 |
| NVIDIA Corp. | 179731 | &nbsp;&nbsp; 28395701 |
| Oracle Corp. | 60028 | &nbsp;&nbsp; 13123922 |
| Palantir Technologies, Inc., Class A<sup>(f)</sup> | 2386 | &nbsp;&nbsp; 325260 |
| Palladyne AI Corp<sup>(f)</sup> | 7517 | &nbsp;&nbsp; 65097 |
| Paramount Global, Class B | 9555 | &nbsp;&nbsp; 123259 |
| Playstudios, Inc., Class A<sup>(f)</sup> | 226924 | &nbsp;&nbsp; 297270 |
| Progressive Corp. | 46395 | &nbsp;&nbsp; 12380970 |
| Salesforce, Inc. | 34279 | &nbsp;&nbsp; 9347541 |
| Sanofi SA | 55229 | &nbsp;&nbsp; 5346927 |
| Sarcos Technology & Robotics Corp.<sup>(f)</sup> | 164721 | &nbsp;&nbsp; 1426487 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(f)(g)</sup><br>| 115000 | &nbsp;&nbsp; 661223 |
| ServiceTitan, Inc., Class A<sup>(f)</sup> | 10360 | &nbsp;&nbsp; 1110385 |
| Shell PLC | 459343 | &nbsp;&nbsp; 16131902 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $189,563)<sup>(e)(f)(g)</sup><br>| 12621 | &nbsp;&nbsp; 120909 |
| Solaris Energy Infrastructure, Inc., Class A | 142206 | &nbsp;&nbsp; 4023008 |
| Sonder Holdings, Inc., Class A<sup>(f)</sup> | 37498 | &nbsp;&nbsp; 101244 |
| Source Global PBC<sup>(e)(f)</sup> | 4621 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $1,663,335)<sup>(e)(f)(g)</sup><br>| 20535 | &nbsp;&nbsp; 3798975 |
| &nbsp;&nbsp;&nbsp; Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $1,785,240)<sup>(e)(f)(g)</sup><br>| 22040 | &nbsp;&nbsp; 4077400 |
| Starz Entertainment Corp.<sup>(f)</sup> | 3086 | &nbsp;&nbsp; 49592 |
| Stryker Corp. | 24725 | &nbsp;&nbsp; 9781952 |
| Tesla, Inc.<sup>(f)</sup> | 17555 | &nbsp;&nbsp; 5576521 |
| TJX Cos., Inc. | 86046 | &nbsp;&nbsp; 10625821 |
| Toll Brothers, Inc. | 3162 | &nbsp;&nbsp; 360879 |
| Trane Technologies PLC | 20302 | &nbsp;&nbsp; 8880298 |
| TransDigm Group, Inc. | 6334 | &nbsp;&nbsp; 9631734 |
| Uber Technologies, Inc.<sup>(f)</sup> | 11799 | &nbsp;&nbsp; 1100847 |
| Union Pacific Corp. | 32163 | &nbsp;&nbsp; 7400063 |
| United Airlines Holdings, Inc.<sup>(f)</sup> | 18984 | &nbsp;&nbsp; 1511696 |
| Valero Energy Corp. | 16041 | &nbsp;&nbsp; 2156231 |
| Venture Global, Inc., Class A | 34994 | &nbsp;&nbsp; 545207 |
| Vertiv Holdings Co., Class A | 54406 | &nbsp;&nbsp; 6986274 |
| Viper Energy, Inc., Class A | 34946 | &nbsp;&nbsp; 1332491 |
| Vistra Corp. | 38321 | &nbsp;&nbsp; 7426993 |
| Walmart, Inc. | 189192 | &nbsp;&nbsp; 18499194 |
| Walt Disney Co. | 59079 | &nbsp;&nbsp; 7326387 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Warner Bros Discovery, Inc., Class A<sup>(f)</sup> | 163596 | &nbsp;&nbsp; $1874810  |
| Wells Fargo & Co. | 141152 | &nbsp;&nbsp; 11309098 |
| Williams Cos., Inc. | 73425 | &nbsp;&nbsp; 4611824 |
|  |  | &nbsp;&nbsp; 698015876 |
| **Total Common Stocks — 54.6%** <br>**(Cost: $630,448,009)** | **Total Common Stocks — 54.6%** <br>**(Cost: $630,448,009)** | &nbsp;&nbsp; 897267577 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Argentina**<sup>(a)</sup> **— 0.0%** | **Argentina**<sup>(a)</sup> **— 0.0%** | **Argentina**<sup>(a)</sup> **— 0.0%** | **Argentina**<sup>(a)</sup> **— 0.0%** |
| Pampa Energia SA, 7.88%, 12/16/34 | USD | 98 | &nbsp;&nbsp; 97766 |
| Telecom Argentina SA, 9.25%, 05/28/33 |  | 100 | &nbsp;&nbsp; 101762 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33 |  | 102 | &nbsp;&nbsp; 102739 |
|  |  |  | &nbsp;&nbsp; 302267 |
| **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** | **Australia — 0.6%** |
| IREN Ltd., Series IREN, 3.50%, 12/15/29<sup>(a)(k)</sup> |  | 802 | &nbsp;&nbsp; 1036986 |
| Mineral Resources Ltd., 9.25%, 10/01/28<sup>(a)</sup> |  | 255 | &nbsp;&nbsp; 260969 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 12.00%, 07/31/25 | AUD | 1881 | &nbsp;&nbsp; 1239590 |
| &nbsp;&nbsp;&nbsp; 12.50%, 07/31/26 |  | 2822 | &nbsp;&nbsp; 1903732 |
| &nbsp;&nbsp;&nbsp; 12.50%, 07/31/27 |  | 4703 | &nbsp;&nbsp; 3246330 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 |  | 1980 | &nbsp;&nbsp; 1321121 |
| &nbsp;&nbsp;&nbsp; Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(b)(c)</sup><br>|  | 190 | &nbsp;&nbsp; 124122 |
|  |  |  | &nbsp;&nbsp; 9132850 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Anheuser-Busch InBev SA/NV, 4.00%, 09/24/25<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 137062 |
| &nbsp;&nbsp;&nbsp; KBC Group NV, (1-year UK Government Bond + <br> 0.92%), 1.25%, 09/21/27<sup>(b)(c)</sup><br>|  | 100 | &nbsp;&nbsp; 131731 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 120294 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(a)</sup><br>| USD | 600 | &nbsp;&nbsp; 593576 |
|  |  |  | &nbsp;&nbsp; 982663 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Golar LNG Ltd., 2.75%, 12/15/30<sup>(a)(k)</sup> |  | 418 | &nbsp;&nbsp; 428450 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV, 8.00%, <br> 10/15/34<sup>(a)</sup><br>|  | 220 | &nbsp;&nbsp; 175428 |
| LD Celulose International GmbH, 7.95%, 01/26/32<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 209750 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(c)</sup><br>|  | 182 | &nbsp;&nbsp; 144859 |
| Samarco Mineracao SA<sup>(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(c)</sup> |  | 75 | &nbsp;&nbsp; 73075 |
| &nbsp;&nbsp;&nbsp; (9.50% PIK), 9.50%, 06/30/31<sup>(a)</sup> |  | 32 | &nbsp;&nbsp; 31449 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 116 | &nbsp;&nbsp; 113391 |
|  |  |  | &nbsp;&nbsp; 747952 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust, Series 2020-1, <br> Class C, 10.50%, 07/15/26<sup>(a)</sup><br>|  | 1769 | &nbsp;&nbsp; 1861872 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(a)</sup> |  | 9658 | &nbsp;&nbsp; 10494805 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toronto-Dominion Bank, 2.88%, 04/05/27<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; $133516  |
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan <br> FinCo U.S. LLC, 9.50%, 05/15/30<sup>(a)</sup><br>| USD | 1885 | &nbsp;&nbsp; 1926880 |
|  |  |  | &nbsp;&nbsp; 14417073 |
| **Chile**<sup>(a)</sup> **— 0.1%** | **Chile**<sup>(a)</sup> **— 0.1%** | **Chile**<sup>(a)</sup> **— 0.1%** | **Chile**<sup>(a)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br> 06/10/55<sup>(b)</sup><br>|  | 285 | &nbsp;&nbsp; 293969 |
| &nbsp;&nbsp;&nbsp; WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(l)</sup><br>|  | 315 | &nbsp;&nbsp; 309148 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(l)</sup> |  | 90 | &nbsp;&nbsp; 88031 |
|  |  |  | &nbsp;&nbsp; 691148 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(k)</sup> |  | 223 | &nbsp;&nbsp; 284063 |
| Fantasia Holdings Group Co. Ltd.<sup>(c)(f)(m)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 12/17/21 |  | 320 | &nbsp;&nbsp; 8800 |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 |  | 520 | &nbsp;&nbsp; 14300 |
| &nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 1200 | &nbsp;&nbsp; 33000 |
| Far East Horizon Ltd., 6.00%, 10/01/28<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 199132 |
|  |  |  | &nbsp;&nbsp; 539295 |
| **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>(a)(l)</sup><br>|  | 162 | &nbsp;&nbsp; 122131 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 238 | &nbsp;&nbsp; 245140 |
| SURA Asset Management SA, 6.35%, 05/13/32<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 210480 |
|  |  |  | &nbsp;&nbsp; 577751 |
| **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>(a)</sup><br>|  | 211 | &nbsp;&nbsp; 224736 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 01/10/31<sup>(c)(d)</sup> | EUR | 225 | &nbsp;&nbsp; 269097 |
| **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>(b)</sup><br>|  | 143 | &nbsp;&nbsp; 167367 |
| **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 120624 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 121079 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 152 | &nbsp;&nbsp; 179808 |
|  |  |  | &nbsp;&nbsp; 421511 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(c)</sup> |  | 292 | &nbsp;&nbsp; 357589 |
| Atos SE<sup>(c)(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 |  | 305 | &nbsp;&nbsp; 305434 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 124938 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 283 | &nbsp;&nbsp; 371031 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(b)(c)</sup><br>|  | 335 | &nbsp;&nbsp; 386721 |
| BNP Paribas SA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/23/26 | GBP | 100 | &nbsp;&nbsp; 136333 |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/14/27 |  | 100 | &nbsp;&nbsp; 129054 |
| ELO SACA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/29/26 | EUR | 200 | &nbsp;&nbsp; 232351 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 100 | &nbsp;&nbsp; 106618 |
| Eutelsat SA, 1.50%, 10/13/28<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 214221 |
| Forvia SE, 5.50%, 06/15/31<sup>(c)</sup> |  | 349 | &nbsp;&nbsp; 405546 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(c)</sup> |  | 766 | &nbsp;&nbsp; 937065 |
| Iliad Holding SASU, 6.88%, 04/15/31<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 125599 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| IPD 3 BV, 5.50%, 06/15/31<sup>(c)</sup> | EUR | 182 | &nbsp;&nbsp; $217335  |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(b)(c)</sup><br>|  | 305 | &nbsp;&nbsp; 360908 |
| Loxam SAS, 6.38%, 05/31/29<sup>(c)</sup> |  | 648 | &nbsp;&nbsp; 795171 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(c)</sup> |  | 305 | &nbsp;&nbsp; 144406 |
| Paprec Holding SA, 7.25%, 11/17/29<sup>(c)</sup> |  | 347 | &nbsp;&nbsp; 428407 |
| RCI Banque SA<sup>(b)(c)</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; 237682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 600 | &nbsp;&nbsp; 743352 |
| &nbsp;&nbsp;&nbsp; Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $2,055,190), 6.98%, <br> 09/30/29<sup>(b)(e)(g)</sup><br>|  | 2085 | &nbsp;&nbsp; 2455729 |
| Tereos Finance Groupe I SA, 5.75%, 04/30/31<sup>(c)</sup> |  | 103 | &nbsp;&nbsp; 120540 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 1.66%, <br> 07/22/26<sup>(c)</sup><br>| GBP | 100 | &nbsp;&nbsp; 133505 |
| Worldline SA, 5.50%, 06/10/30<sup>(c)</sup> | EUR | 300 | &nbsp;&nbsp; 306799 |
|  |  |  | &nbsp;&nbsp; 9776334 |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| Adler Pelzer Holding GmbH, 9.50%, 04/01/27<sup>(a)</sup> |  | 173 | &nbsp;&nbsp; 200772 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 119939 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 04/15/31<sup>(b)(c)</sup><br>|  | 307 | &nbsp;&nbsp; 364343 |
| Aroundtown Finance SARL<sup>(b)(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 4.51%), 7.13% |  | 271 | &nbsp;&nbsp; 335512 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.49%), 8.63% | GBP | 408 | &nbsp;&nbsp; 565333 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, <br> 5.00%, 12/31/27<sup>(c)(n)</sup><br>| EUR | 360 | &nbsp;&nbsp; 398551 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(b)(c)</sup><br>|  | 400 | &nbsp;&nbsp; 467670 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(c)</sup> |  | 118 | &nbsp;&nbsp; 142475 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(c)</sup> |  | 130 | &nbsp;&nbsp; 154687 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(c)(l)</sup><br>|  | 249 | &nbsp;&nbsp; 309503 |
| &nbsp;&nbsp;&nbsp; Lanxess AG, (6-mo. EURIBOR at 0.00% Floor + <br> 9.50%, 13.41% Cash or 13.41% PIK), 11.88%, <br> 04/01/31<sup>(b)(e)(l)</sup><br>|  | 3806 | &nbsp;&nbsp; 4125191 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(c)</sup> |  | 489 | &nbsp;&nbsp; 584686 |
| PCF GmbH<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 |  | 204 | &nbsp;&nbsp; 198188 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 7.03%, 04/15/29<sup>(b)</sup> |  | 229 | &nbsp;&nbsp; 225428 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(b)(c)</sup><br>|  | 236 | &nbsp;&nbsp; 279317 |
| Schaeffler AG<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 118530 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 120311 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(c)(l)</sup><br>|  | 409 | &nbsp;&nbsp; 330202 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(c)</sup> |  | 104 | &nbsp;&nbsp; 123202 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 247086 |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(b)(c)(o)</sup><br>|  | 164 | &nbsp;&nbsp; 197289 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 236099 |
|  |  |  | &nbsp;&nbsp; 9844314 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Greece**<sup>(b)(c)</sup> **— 0.1%** | **Greece**<sup>(b)(c)</sup> **— 0.1%** | **Greece**<sup>(b)(c)</sup> **— 0.1%** | **Greece**<sup>(b)(c)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>| EUR | 325 | &nbsp;&nbsp; $375800  |
| &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; 251238 |
|  |  |  | &nbsp;&nbsp; 627038 |
| **Hong Kong**<sup>(c)</sup> **— 0.1%** | **Hong Kong**<sup>(c)</sup> **— 0.1%** | **Hong Kong**<sup>(c)</sup> **— 0.1%** | **Hong Kong**<sup>(c)</sup> **— 0.1%** |
| AIA Group Ltd., 5.40%, 09/30/54 | USD | 200 | &nbsp;&nbsp; 186624 |
| FWD Group Holdings Ltd., 8.40%, 04/05/29 |  | 1000 | &nbsp;&nbsp; 1029275 |
|  |  |  | &nbsp;&nbsp; 1215899 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 198245 |
| &nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte. Ltd., 4.25%, <br> 03/25/27<sup>(c)</sup><br>|  | 161 | &nbsp;&nbsp; 155969 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 205750 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 201620 |
| &nbsp;&nbsp;&nbsp; Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<sup>(e)(l)</sup><br>|  | 2277 | &nbsp;&nbsp; 2322540 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(c)</sup><br>|  | 200 | &nbsp;&nbsp; 201600 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(c)</sup> |  | 197 | &nbsp;&nbsp; 194291 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 198370 |
| Vedanta Resources Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(a)</sup> |  | 389 | &nbsp;&nbsp; 403101 |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/29<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 207250 |
|  |  |  | &nbsp;&nbsp; 4288736 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |
| Freeport Indonesia PT, 6.20%, 04/14/52<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 195562 |
| Pertamina Persero PT, 6.45%, 05/30/44<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 205000 |
| &nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara, 1.88%, 11/05/31<sup>(c)</sup><br>| EUR | 200 | &nbsp;&nbsp; 204596 |
|  |  |  | &nbsp;&nbsp; 605158 |
| **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(d)</sup> |  | 223 | &nbsp;&nbsp; 263340 |
| Flutter Treasury DAC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/04/31 |  | 211 | &nbsp;&nbsp; 248936 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/04/31 | GBP | 100 | &nbsp;&nbsp; 138239 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<br>|  | 700 | &nbsp;&nbsp; 980844 |
|  |  |  | &nbsp;&nbsp; 1631359 |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| &nbsp;&nbsp;&nbsp; A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(b)(c)(o)</sup><br>| EUR | 200 | &nbsp;&nbsp; 243879 |
| Agrifarma SpA, 4.50%, 10/31/28<sup>(a)</sup> |  | 1882 | &nbsp;&nbsp; 2216889 |
| &nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, <br> 10/30/30<sup>(c)(d)</sup><br>|  | 309 | &nbsp;&nbsp; 363987 |
| Bubbles Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 236 | &nbsp;&nbsp; 281792 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31<sup>(b)</sup> |  | 231 | &nbsp;&nbsp; 272955 |
| &nbsp;&nbsp;&nbsp; Continuum Energy Pte. Ltd., (12.85% Cash or 7.85% <br> PIK), 5.00%, 09/11/27<sup>(a)(e)(l)</sup><br>| USD | 836 | &nbsp;&nbsp; 836368 |
| Dolcetto Holdco SpA<sup>(c)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 07/14/32 | EUR | 156 | &nbsp;&nbsp; 185141 |
| &nbsp;&nbsp;&nbsp; 07/14/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 117967 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 07/15/31<sup>(b)(c)</sup><br>|  | 301 | &nbsp;&nbsp; 356336 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(c)</sup><br>|  | 448 | &nbsp;&nbsp; 557485 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(b)(c)(o)</sup> |  | 200 | &nbsp;&nbsp; 236784 |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(c)</sup> |  | 298 | &nbsp;&nbsp; 335750 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp; Fiber Midco SpA, (10.75% PIK), 10.75%, <br> 06/15/29<sup>(c)(l)</sup><br>| EUR | 196 | &nbsp;&nbsp; $210444  |
| Fibercop SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30 |  | 100 | &nbsp;&nbsp; 118549 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32 |  | 100 | &nbsp;&nbsp; 117960 |
| &nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(c)</sup><br>|  | 257 | &nbsp;&nbsp; 305316 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(b)(c)</sup><br>|  | 403 | &nbsp;&nbsp; 477182 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 118803 |
| Lottomatica Group SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/01/30 |  | 100 | &nbsp;&nbsp; 122581 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/31/31 |  | 148 | &nbsp;&nbsp; 178754 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.25%, 06/01/31<sup>(b)</sup> |  | 142 | &nbsp;&nbsp; 168004 |
| Marcolin SpA, 6.13%, 11/15/26<sup>(a)</sup> |  | 540 | &nbsp;&nbsp; 636135 |
| Nexi SpA, 0.00%, 02/24/28<sup>(c)(p)</sup> |  | 200 | &nbsp;&nbsp; 213494 |
| Pachelbel Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 173789 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31<sup>(b)</sup> |  | 126 | &nbsp;&nbsp; 149194 |
| Rossini SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 147 | &nbsp;&nbsp; 182792 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29<sup>(b)</sup> |  | 89 | &nbsp;&nbsp; 105463 |
| TeamSystem SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 07/01/31<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117713 |
| &nbsp;&nbsp;&nbsp; 07/01/32<sup>(b)(d)</sup> |  | 112 | &nbsp;&nbsp; 131808 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 257188 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 247222 |
|  |  |  | &nbsp;&nbsp; 10037724 |
| **Japan**<sup>(c)</sup> **— 0.1%** | **Japan**<sup>(c)</sup> **— 0.1%** | **Japan**<sup>(c)</sup> **— 0.1%** | **Japan**<sup>(c)</sup> **— 0.1%** |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 |  | 276 | &nbsp;&nbsp; 330238 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 111125 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 380 | &nbsp;&nbsp; 447064 |
| &nbsp;&nbsp;&nbsp; (5-year USD ICE Swap + 4.85%), 6.88%<sup>(b)(o)</sup> | USD | 200 | &nbsp;&nbsp; 195256 |
|  |  |  | &nbsp;&nbsp; 1083683 |
| **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.38%, <br> 03/31/29<sup>(c)</sup><br>| GBP | 385 | &nbsp;&nbsp; 492372 |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26<sup>(c)</sup> | USD | 297 | &nbsp;&nbsp; 294277 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| Adler Financing SARL<sup>(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 102 | &nbsp;&nbsp; 126459 |
| &nbsp;&nbsp;&nbsp; Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 847 | &nbsp;&nbsp; 1044739 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(c)</sup><br>|  | 185 | &nbsp;&nbsp; 222912 |
| Cidron Aida Finco SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/27/31 |  | 107 | &nbsp;&nbsp; 128658 |
| &nbsp;&nbsp;&nbsp; 9.13%, 10/27/31 | GBP | 110 | &nbsp;&nbsp; 154070 |
| Currenta Group Holdings SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/30 | EUR | 159 | &nbsp;&nbsp; 190966 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.00%), 6.14%, 05/15/32<sup>(b)</sup> |  | 163 | &nbsp;&nbsp; 192459 |
| Herens Midco SARL, 5.25%, 05/15/29<sup>(a)</sup> |  | 490 | &nbsp;&nbsp; 422191 |
| INEOS Finance PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29 |  | 384 | &nbsp;&nbsp; 458468 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30 |  | 100 | &nbsp;&nbsp; 114469 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(a)</sup> | USD | 162 | &nbsp;&nbsp; 165191 |
| ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(a)</sup> |  | 400 | &nbsp;&nbsp; 385937 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(c)</sup> | EUR | 411 | &nbsp;&nbsp; 453943 |
| Luna 2 5SARL, 07/01/32<sup>(c)(d)</sup> |  | 100 | &nbsp;&nbsp; 120024 |
| Maxam Prill SARL, 07/15/30<sup>(c)(d)</sup> |  | 306 | &nbsp;&nbsp; 358290 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| SES SA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/24/30 | EUR | 100 | &nbsp;&nbsp; $118804  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/24/33 |  | 100 | &nbsp;&nbsp; 118937 |
| Summer BC Holdco B SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 100 | &nbsp;&nbsp; 116778 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.39%, 02/15/30<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 148102 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(c)(l)</sup><br>|  | 522 | &nbsp;&nbsp; 603997 |
|  |  |  | &nbsp;&nbsp; 5645394 |
| **Macau**<sup>(c)</sup> **— 0.1%** | **Macau**<sup>(c)</sup> **— 0.1%** | **Macau**<sup>(c)</sup> **— 0.1%** | **Macau**<sup>(c)</sup> **— 0.1%** |
| MGM China Holdings Ltd., 5.88%, 05/15/26 | USD | 250 | &nbsp;&nbsp; 250025 |
| Studio City Co. Ltd., 7.00%, 02/15/27 |  | 300 | &nbsp;&nbsp; 300566 |
| Studio City Finance Ltd., 5.00%, 01/15/29 |  | 200 | &nbsp;&nbsp; 182860 |
| Wynn Macau Ltd., 5.63%, 08/26/28 |  | 200 | &nbsp;&nbsp; 196150 |
|  |  |  | &nbsp;&nbsp; 929601 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de C.V., 6.80%, <br> 05/13/30<sup>(a)</sup><br>|  | 200 | &nbsp;&nbsp; 204900 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 03/31/26<sup>(a)</sup> |  | 2767 | &nbsp;&nbsp; 2722036 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 |  | 207 | &nbsp;&nbsp; 213491 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 188 | &nbsp;&nbsp; 169501 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/07/33 |  | 126 | &nbsp;&nbsp; 134858 |
|  |  |  | &nbsp;&nbsp; 3444786 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA, 7.50%, 05/02/54<sup>(a)</sup> |  | 317 | &nbsp;&nbsp; 315881 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(c)</sup> | EUR | 328 | &nbsp;&nbsp; 400796 |
| ING Groep NV, 3.00%, 02/18/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 135931 |
| Nobian Finance BV, Class B, 3.63%, 07/15/26<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 117362 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(c)</sup> |  | 456 | &nbsp;&nbsp; 554737 |
| Sigma Holdco BV, 5.75%, 05/15/26<sup>(c)</sup> |  | 104 | &nbsp;&nbsp; 122644 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(a)</sup> | USD | 780 | &nbsp;&nbsp; 737685 |
| Trivium Packaging Finance BV, 6.63%, 07/15/30<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 121744 |
| Ziggo Bond Co. BV, 6.13%, 11/15/32<sup>(c)</sup> |  | 255 | &nbsp;&nbsp; 282167 |
|  |  |  | &nbsp;&nbsp; 2473066 |
| **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>(c)</sup><br>| USD | 239 | &nbsp;&nbsp; 217465 |
| **Peru**<sup>(a)</sup> **— 0.0%** | **Peru**<sup>(a)</sup> **— 0.0%** | **Peru**<sup>(a)</sup> **— 0.0%** | **Peru**<sup>(a)</sup> **— 0.0%** |
| &nbsp;&nbsp;&nbsp; Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<br>|  | 155 | &nbsp;&nbsp; 159286 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30 |  | 159 | &nbsp;&nbsp; 157509 |
|  |  |  | &nbsp;&nbsp; 316795 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |
| &nbsp;&nbsp;&nbsp; San Miguel Global Power Holdings Corp., (1-year <br> CMT + 6.40%), 8.13%<sup>(b)(c)(o)</sup><br>|  | 200 | &nbsp;&nbsp; 196500 |
| **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>(b)(c)</sup><br>| EUR | 200 | &nbsp;&nbsp; 238885 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(c)</sup> | USD | 200 | &nbsp;&nbsp; 204900 |
| **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** |
| United Group BV, 6.50%, 10/31/31<sup>(c)</sup> | EUR | 102 | &nbsp;&nbsp; 121398 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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>(c)</sup> | EUR | 150 | &nbsp;&nbsp; $173568  |
| Sasol Financing USA LLC, 6.50%, 09/27/28 | USD | 200 | &nbsp;&nbsp; 189800 |
| Stillwater Mining Co., 4.50%, 11/16/29<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 178250 |
|  |  |  | &nbsp;&nbsp; 541618 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| LG Energy Solution Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/02/30<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 200160 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.70%), 6.04%, 04/02/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 199500 |
|  |  |  | &nbsp;&nbsp; 399660 |
| **Spain**<sup>(c)</sup> **— 0.1%** | **Spain**<sup>(c)</sup> **— 0.1%** | **Spain**<sup>(c)</sup> **— 0.1%** | **Spain**<sup>(c)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR <br> + 2.50%), 4.82%, 05/01/30<sup>(b)</sup><br>| EUR | 193 | &nbsp;&nbsp; 229141 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, (1-year UK Government Bond <br> + 1.80%), 3.13%, 10/06/26<sup>(b)</sup><br>| GBP | 300 | &nbsp;&nbsp; 410006 |
| Cirsa Finance International SARL, 6.50%, 03/15/29 | EUR | 432 | &nbsp;&nbsp; 532215 |
| Grifols SA, 7.13%, 05/01/30 |  | 229 | &nbsp;&nbsp; 279896 |
| Iberdrola Finanzas SA, Series IBE, 1.50%, 03/27/30 |  | 100 | &nbsp;&nbsp; 122513 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 |  | 187 | &nbsp;&nbsp; 223310 |
| Telefonica Emisiones SA, 5.38%, 02/02/26 | GBP | 133 | &nbsp;&nbsp; 183177 |
|  |  |  | &nbsp;&nbsp; 1980258 |
| **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** |
| Intrum AB<sup>(c)(f)(m)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/27 | EUR | 267 | &nbsp;&nbsp; 265873 |
| &nbsp;&nbsp;&nbsp; 9.25%, 03/15/28 |  | 137 | &nbsp;&nbsp; 143628 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(c)</sup> |  | 138 | &nbsp;&nbsp; 168810 |
| Stena International SA, 7.25%, 01/15/31<sup>(c)</sup> | USD | 700 | &nbsp;&nbsp; 702169 |
| Verisure Holding AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/27<sup>(c)</sup> | EUR | 251 | &nbsp;&nbsp; 293830 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/28<sup>(a)</sup> |  | 237 | &nbsp;&nbsp; 290005 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(c)</sup> |  | 553 | &nbsp;&nbsp; 653850 |
|  |  |  | &nbsp;&nbsp; 2518165 |
| **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>(c)</sup><br>| CHF | 255 | &nbsp;&nbsp; 316168 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |
| Bangkok Bank PCL/Hong Kong, 5.30%, 09/21/28<sup>(a)</sup> | USD | 241 | &nbsp;&nbsp; 246153 |
| Muangthai Capital PCL, 6.88%, 09/30/28<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 198750 |
|  |  |  | &nbsp;&nbsp; 444903 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkcell Iletisim Hizmetleri, 7.65%, 01/24/32<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 203625 |
| **Ukraine**<sup>(l)</sup> **— 0.0%** | **Ukraine**<sup>(l)</sup> **— 0.0%** | **Ukraine**<sup>(l)</sup> **— 0.0%** | **Ukraine**<sup>(l)</sup> **— 0.0%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; (7.13% PIK), 7.13%, 07/19/26<sup>(c)</sup> | EUR | 382 | &nbsp;&nbsp; 382531 |
| &nbsp;&nbsp;&nbsp; (7.63% PIK), 7.63%, 11/08/28<sup>(a)</sup> | USD | 270 | &nbsp;&nbsp; 210371 |
|  |  |  | &nbsp;&nbsp; 592902 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| &nbsp;&nbsp;&nbsp; DP World Salaam, (5-year CMT + 5.75%), <br> 6.00%<sup>(b)(c)(o)</sup><br>|  | 352 | &nbsp;&nbsp; 351669 |
| **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** |
| &nbsp;&nbsp;&nbsp; 10X Future Technologies Service Ltd., (15.00% PIK), <br> (Acquired 12/19/23, Cost: $1,387,923), <br> 06/19/26<sup>(d)(e)(g)(l)</sup><br>| GBP | 1109 | &nbsp;&nbsp; 1420266 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(c)</sup> | EUR | 573 | &nbsp;&nbsp; 706217 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(c)</sup> |  | 1025 | &nbsp;&nbsp; 1240656 |
| Barclays PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/08/26 | GBP | 100 | &nbsp;&nbsp; 135537 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Barclays PLC<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/12/27 | GBP | 100 | &nbsp;&nbsp; $134598  |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II PLC, 6.13%, <br> 11/30/28<sup>(a)</sup><br>|  | 855 | &nbsp;&nbsp; 1133936 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(a)</sup><br>| EUR | 200 | &nbsp;&nbsp; 210180 |
| Bellis Acquisition Co. PLC, 07/01/31<sup>(c)(d)</sup> |  | 161 | &nbsp;&nbsp; 190067 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(c)</sup> | GBP | 500 | &nbsp;&nbsp; 685931 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% PIK), 6.75%, <br> 11/01/27<sup>(c)(l)</sup><br>|  | 119 | &nbsp;&nbsp; 161576 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(c)</sup><br>| EUR | 196 | &nbsp;&nbsp; 237470 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 141110 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(a)</sup><br>| USD | 650 | &nbsp;&nbsp; 653333 |
| &nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(c)</sup><br>| EUR | 162 | &nbsp;&nbsp; 192257 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(a)</sup> | GBP | 345 | &nbsp;&nbsp; 469397 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> |  | 495 | &nbsp;&nbsp; 707714 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(c)</sup> |  | 239 | &nbsp;&nbsp; 325599 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(c)</sup> |  | 639 | &nbsp;&nbsp; 871850 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, (1-day SONIA GBP 1.31%), <br> 1.75%, 07/24/27<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 133153 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(c)</sup> | EUR | 174 | &nbsp;&nbsp; 188981 |
| Informa PLC, 3.13%, 07/05/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 135168 |
| Kane Bidco Ltd., 6.50%, 02/15/27<sup>(a)</sup> |  | 699 | &nbsp;&nbsp; 969325 |
| Market Bidco Finco PLC, 4.75%, 11/04/27<sup>(c)</sup> | EUR | 663 | &nbsp;&nbsp; 776958 |
| Mobico Group PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 |  | 195 | &nbsp;&nbsp; 185971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), <br> 4.25%<sup>(b)(o)</sup><br>| GBP | 162 | &nbsp;&nbsp; 133755 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(c)</sup> | EUR | 201 | &nbsp;&nbsp; 222029 |
| NatWest Group PLC<sup>(b)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-year GBP Swap + 1.49%), 2.88%, 09/19/26 | GBP | 100 | &nbsp;&nbsp; 136624 |
| &nbsp;&nbsp;&nbsp; (1-year GBP Swap + 2.01%), 3.13%, 03/28/27 |  | 100 | &nbsp;&nbsp; 135880 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(c)</sup> |  | 146 | &nbsp;&nbsp; 194923 |
| OEG Finance PLC, 09/27/29<sup>(d)</sup> | EUR | 107 | &nbsp;&nbsp; 129192 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(c)</sup> | GBP | 177 | &nbsp;&nbsp; 256808 |
| &nbsp;&nbsp;&nbsp; Santander U.K. Group Holdings PLC, 3.63%, <br> 01/14/26<sup>(c)</sup><br>|  | 100 | &nbsp;&nbsp; 136553 |
| Stonegate Pub Co. Financing PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 395 | &nbsp;&nbsp; 562093 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.77%, 07/31/29<sup>(b)</sup> | EUR | 123 | &nbsp;&nbsp; 147061 |
| &nbsp;&nbsp;&nbsp; Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(c)</sup><br>| GBP | 770 | &nbsp;&nbsp; 736468 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(a)(p)</sup> |  | 6 | &nbsp;&nbsp; 6612 |
| Vmed O2 U.K. Financing I PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/31 |  | 159 | &nbsp;&nbsp; 195335 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32 | EUR | 668 | &nbsp;&nbsp; 806346 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(b)</sup><br>| USD | 59 | &nbsp;&nbsp; 53921 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(c)</sup> | EUR | 322 | &nbsp;&nbsp; 403006 |
|  |  |  | &nbsp;&nbsp; 16263856 |
| **United States — 5.9%** | **United States — 5.9%** | **United States — 5.9%** | **United States — 5.9%** |
| Affinity Interactive, 6.88%, 12/15/27<sup>(a)</sup> | USD | 550 | &nbsp;&nbsp; 337563 |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(a)</sup> |  | 130 | &nbsp;&nbsp; 139020 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.25%, 01/15/29<sup>(a)</sup> |  | 856 | &nbsp;&nbsp; 887428 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 1617 | &nbsp;&nbsp; 1295395 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29<sup>(k)</sup> |  | 655 | &nbsp;&nbsp; 550200 |
| Amgen, Inc., 5.50%, 12/07/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 139057 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Amkor Technology, Inc., 6.63%, 09/15/27<sup>(a)</sup> | USD | 400 | &nbsp;&nbsp; $401003  |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/15/26<sup>(c)</sup> | EUR | 318 | &nbsp;&nbsp; 358566 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/26<sup>(a)</sup> | USD | 4805 | &nbsp;&nbsp; 4511270 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/04/26 | GBP | 100 | &nbsp;&nbsp; 134243 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(c)</sup> |  | 50 | &nbsp;&nbsp; 69720 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 179 | &nbsp;&nbsp; 213629 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 10/01/28<sup>(a)</sup> | USD | 40 | &nbsp;&nbsp; 41750 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.87%, 01/15/31<sup>(b)(c)</sup> | EUR | 100 | &nbsp;&nbsp; 118537 |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC & BCPE Flavor <br> Issuer, Inc., 07/01/32<sup>(a)(d)</sup><br>| USD | 129 | &nbsp;&nbsp; 131964 |
| Beach Acquisition Bidco LLC, 07/15/32<sup>(c)(d)</sup> | EUR | 128 | &nbsp;&nbsp; 151909 |
| BG Energy Capital PLC, 5.13%, 12/01/25<sup>(c)</sup> | GBP | 133 | &nbsp;&nbsp; 182770 |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., (20.00% PIK), (Acquired <br> 01/26/24, Cost: $2,382,589), 20.00%, <br> 01/30/28<sup>(e)(g)(l)</sup><br>| USD | 2382 | &nbsp;&nbsp; 2382589 |
| Citigroup, Inc., 1.75%, 10/23/26 | GBP | 100 | &nbsp;&nbsp; 132485 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP/Clarios U.S. Finance Co., 4.75%, <br> 06/15/31<sup>(c)</sup><br>| EUR | 216 | &nbsp;&nbsp; 255414 |
| Cloud Software Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 | USD | 365 | &nbsp;&nbsp; 368399 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 500 | &nbsp;&nbsp; 518263 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 269 | &nbsp;&nbsp; 286278 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 8.75%, <br> 04/15/30<sup>(a)</sup><br>|  | 756 | &nbsp;&nbsp; 773255 |
| CommScope LLC, 9.50%, 12/15/31<sup>(a)</sup> |  | 120 | &nbsp;&nbsp; 125666 |
| Constellium SE, 5.38%, 08/15/32<sup>(c)</sup> | EUR | 137 | &nbsp;&nbsp; 163396 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(a)(k)(p)</sup> | USD | 281 | &nbsp;&nbsp; 305236 |
| CSC Holdings LLC<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 2040 | &nbsp;&nbsp; 1947683 |
| &nbsp;&nbsp;&nbsp; 11.25%, 05/15/28 |  | 448 | &nbsp;&nbsp; 446314 |
| &nbsp;&nbsp;&nbsp; 11.75%, 01/31/29 |  | 985 | &nbsp;&nbsp; 936888 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(c)</sup> | EUR | 196 | &nbsp;&nbsp; 233669 |
| &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(a)</sup><br>| USD | 6 | &nbsp;&nbsp; 5972 |
| DISH Network Corp.<sup>(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(p)</sup> |  | 1800 | &nbsp;&nbsp; 1620000 |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/26 |  | 174 | &nbsp;&nbsp; 144507 |
| Dotdash Meredith, Inc., 7.63%, 06/15/32<sup>(a)</sup> |  | 40 | &nbsp;&nbsp; 38788 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (5-year CMT + <br> 1.97%), 6.25%, 03/12/40<sup>(b)</sup><br>|  | 1566 | &nbsp;&nbsp; 1558237 |
| &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), 9.30%, 05/10/27<sup>(b)(e)(l)</sup><br>|  | 1194 | &nbsp;&nbsp; 1110567 |
| Forestar Group, Inc., 5.00%, 03/01/28<sup>(a)</sup> |  | 1950 | &nbsp;&nbsp; 1919702 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 221774 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(a)</sup> |  | 660 | &nbsp;&nbsp; 668630 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 40 | &nbsp;&nbsp; 40399 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(a)</sup> |  | 40 | &nbsp;&nbsp; 40516 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(a)</sup> |  | 1250 | &nbsp;&nbsp; 1307339 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(a)</sup> |  | 700 | &nbsp;&nbsp; 743755 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 845 | &nbsp;&nbsp; 879167 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(a)</sup> |  | 172 | &nbsp;&nbsp; 167128 |
| Goldman Sachs Group, Inc., 7.25%, 04/10/28 | GBP | 50 | &nbsp;&nbsp; 73428 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(a)</sup> | USD | 948 | &nbsp;&nbsp; 468194 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(b)</sup> |  | 2810 | &nbsp;&nbsp; 2857545 |
| Howard Hughes Corp.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 1002 | &nbsp;&nbsp; 954197 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Howard Hughes Corp.<sup>(a)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 | USD | 1102 | &nbsp;&nbsp; $1016973  |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, (1-day SOFR + 1.35%), <br> 5.76%, 03/27/30<sup>(b)(c)</sup><br>|  | 200 | &nbsp;&nbsp; 199376 |
| &nbsp;&nbsp;&nbsp; JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 11/15/33<br>|  | 327 | &nbsp;&nbsp; 286456 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 126857 |
| &nbsp;&nbsp;&nbsp; Lessen LLC, (3-mo. CME Term SOFR + 8.50%), <br> 12.79%, 01/05/28<sup>(a)(b)(e)</sup><br>| USD | 2079 | &nbsp;&nbsp; 1915434 |
| Level 3 Financing, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 10/15/32 |  | 362 | &nbsp;&nbsp; 365213 |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/33 |  | 29 | &nbsp;&nbsp; 29508 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(a)</sup> |  | 867 | &nbsp;&nbsp; 825167 |
| &nbsp;&nbsp;&nbsp; Lions Gate Capital Holdings 1, Inc., 5.50%, <br> 04/15/29<sup>(a)</sup><br>|  | 2575 | &nbsp;&nbsp; 2237855 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(c)</sup><br>| EUR | 209 | &nbsp;&nbsp; 252223 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | USD | 430 | &nbsp;&nbsp; 471006 |
| OT Midco Ltd., 10.00%, 02/15/30<sup>(a)</sup> |  | 1592 | &nbsp;&nbsp; 1228628 |
| &nbsp;&nbsp;&nbsp; Pioneer Midco LLC, (10.50% Cash or 11.63% PIK), <br> 10.50%, 11/18/30<sup>(a)(e)(l)</sup><br>|  | 5064 | &nbsp;&nbsp; 5133530 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(a)</sup> |  | 1822 | &nbsp;&nbsp; 1838580 |
| &nbsp;&nbsp;&nbsp; Resort Communities LoanCo. LP, 12.50%, <br> 11/21/28<sup>(a)(e)</sup><br>|  | 9583 | &nbsp;&nbsp; 9643326 |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(a)</sup> |  | 1430 | &nbsp;&nbsp; 1530083 |
| Rocket Cos., Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/30 |  | 21 | &nbsp;&nbsp; 21400 |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/33 |  | 21 | &nbsp;&nbsp; 21487 |
| Sabre GLBL, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27 |  | 198 | &nbsp;&nbsp; 202703 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 1771 | &nbsp;&nbsp; 1819784 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 147 | &nbsp;&nbsp; 153762 |
| Seagate HDD Cayman |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29<sup>(a)</sup> |  | 639 | &nbsp;&nbsp; 680534 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31<sup>(a)</sup> |  | 326 | &nbsp;&nbsp; 349857 |
| &nbsp;&nbsp;&nbsp; 9.63%, 12/01/32 |  | 550 | &nbsp;&nbsp; 620001 |
| Service Properties Trust, 8.63%, 11/15/31<sup>(a)</sup> |  | 110 | &nbsp;&nbsp; 118093 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc., 5.50%, 05/15/33<sup>(c)</sup><br>| EUR | 139 | &nbsp;&nbsp; 169369 |
| Solaris Energy Infrastructure, Inc., 4.75%, 05/01/30<sup>(k)</sup> | USD | 2286 | &nbsp;&nbsp; 3050381 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (13.59% PIK), 7.00%, <br> 12/10/27<sup>(e)(l)</sup><br>|  | 10555 | &nbsp;&nbsp; 9050918 |
| Spirit AeroSystems, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 772 | &nbsp;&nbsp; 819100 |
| &nbsp;&nbsp;&nbsp; 9.75%, 11/15/30 |  | 1706 | &nbsp;&nbsp; 1881464 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 3.65%, 08/15/31<sup>(f)(m)</sup> |  | 1453 | &nbsp;&nbsp; 1258405 |
| &nbsp;&nbsp;&nbsp; Series 2015-1A, Class A, 4.10%, 10/01/29 |  | 47 | &nbsp;&nbsp; 43225 |
| &nbsp;&nbsp;&nbsp; Series 2017-1AA, Class AA, 3.38%, 08/15/31 |  | 554 | &nbsp;&nbsp; 490313 |
| Starz Capital Holdings LLC, 5.50%, 04/15/29<sup>(a)</sup> |  | 112 | &nbsp;&nbsp; 93318 |
| Stem, Inc., 0.50%, 12/01/28<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 48500 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)</sup> |  | 240 | &nbsp;&nbsp; 257200 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(a)</sup> |  | 1648 | &nbsp;&nbsp; 1629703 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc., (5-year CMT + <br> 3.15%), 4.00%, 05/06/31<sup>(b)</sup><br>|  | 794 | &nbsp;&nbsp; 770657 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(a)</sup> |  | 384 | &nbsp;&nbsp; 389666 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 11/01/29<br>|  | 218 | &nbsp;&nbsp; 202660 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(a)</sup><br>|  | 762 | &nbsp;&nbsp; 807752 |
| Univision Communications, Inc., 6.63%, 06/01/27<sup>(a)</sup> |  | 110 | &nbsp;&nbsp; 109700 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Vantage Drilling International Ltd., 9.50%, 02/15/28<sup>(a)</sup> | USD | 91 | &nbsp;&nbsp; $90545  |
| Venture Global Plaque |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/34 |  | 12 | &nbsp;&nbsp; 12000 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/36 |  | 13 | &nbsp;&nbsp; 13000 |
| Verizon Communications, Inc., 1.13%, 11/03/28 | GBP | 100 | &nbsp;&nbsp; 123975 |
| Westbay, 11.00%, 02/06/30<sup>(e)</sup> | USD | 9314 | &nbsp;&nbsp; 9326108 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 5 | &nbsp;&nbsp; 5044 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/15/33 |  | 6 | &nbsp;&nbsp; 6019 |
| Wolfspeed, Inc., 1.75%, 05/01/26<sup>(k)</sup> |  | 140 | &nbsp;&nbsp; 34650 |
| Xerox Corp., 10.25%, 10/15/30<sup>(a)</sup> |  | 301 | &nbsp;&nbsp; 315130 |
| Xerox Issuer Corp., 13.50%, 04/15/31<sup>(a)</sup> |  | 275 | &nbsp;&nbsp; 282276 |
| Zayo Group Holdings, Inc., 4.00%, 03/01/27<sup>(a)</sup> |  | 188 | &nbsp;&nbsp; 176302 |
|  |  |  | &nbsp;&nbsp; 95904620 |
| **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>(a)</sup><br>|  | 200 | &nbsp;&nbsp; 204502 |
| **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 169 | &nbsp;&nbsp; 165228 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 211930 |
| **Total Corporate Bonds — 12.4%** <br>**(Cost: $198,232,093)** | **Total Corporate Bonds — 12.4%** <br>**(Cost: $198,232,093)** | **Total Corporate Bonds — 12.4%** <br>**(Cost: $198,232,093)** | &nbsp;&nbsp; 203002829 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |
| &nbsp;&nbsp;&nbsp; Vedanta Hold Mauritius II Ltd., Delayed Draw Term <br> Loan, 18.00%, 04/17/26<sup>(e)</sup><br>|  | 864 | &nbsp;&nbsp; 872357 |
| **United States**<sup>(e)</sup> **— 0.6%** | **United States**<sup>(e)</sup> **— 0.6%** | **United States**<sup>(e)</sup> **— 0.6%** | **United States**<sup>(e)</sup> **— 0.6%** |
| AMF MF Portfolio, Term Loan, 7.06%, 11/01/28 |  | 2547 | &nbsp;&nbsp; 2602261 |
| CML ST Regis Aspen, Term Loan, 7.27%, 02/09/27 |  | 6480 | &nbsp;&nbsp; 6514797 |
|  |  |  | &nbsp;&nbsp; 9117058 |
| **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,849,897)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,849,897)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $9,849,897)** | &nbsp;&nbsp; 9989415 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| &nbsp;&nbsp;&nbsp; United Petfood Finance BV, 2025 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 2.75%), 5.17%, <br> 02/26/32<br>| EUR | 1281 | &nbsp;&nbsp; 1503178 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mehilainen Yhtiot OYJ, 2025 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.48%, <br> 08/05/31<br>|  | 1825 | &nbsp;&nbsp; 2149738 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, 2025 EUR Term Loan B <br> (2032), (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.59%, 02/10/32<br>|  | 1165 | &nbsp;&nbsp; 1369331 |
| &nbsp;&nbsp;&nbsp; Cegid Group SASU, 2025 EUR Term Loan B3, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.44%, <br> 01/31/30<br>|  | 1000 | &nbsp;&nbsp; 1175677 |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.73%, <br> 02/27/30<br>|  | 588 | &nbsp;&nbsp; 693003 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| &nbsp;&nbsp;&nbsp; HomeVi SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 10/31/29<br>| EUR | 1000 | &nbsp;&nbsp; $1172179  |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1155134 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA, 1st Lien EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.49%, <br> 02/03/31<br>|  | 1000 | &nbsp;&nbsp; 1177738 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.49%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1053233 |
|  |  |  | &nbsp;&nbsp; 7796295 |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| &nbsp;&nbsp;&nbsp; Aenova Holding GmbH, 2025 EUR Repriced Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.01%, 08/22/31<br>|  | 1132 | &nbsp;&nbsp; 1321581 |
| &nbsp;&nbsp;&nbsp; Apleona Holding GmbH, 2024 EUR Term Loan B3, <br> (3-mo. EURIBOR at 0.00% Floor + 3.45%), 5.64%, <br> 04/28/28<br>|  | 1200 | &nbsp;&nbsp; 1410876 |
| &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; 1350733 |
| &nbsp;&nbsp;&nbsp; IFCO Management GmbH, 2024 EUR 1st Lien Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 6.34%, 11/29/29<br>|  | 1000 | &nbsp;&nbsp; 1179423 |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, 2024 EUR Term <br> Loan B2, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.05%, 02/21/30<br>|  | 1439 | &nbsp;&nbsp; 1694772 |
| &nbsp;&nbsp;&nbsp; Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 4.98%, <br> 01/12/31<br>|  | 667 | &nbsp;&nbsp; 779411 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.50%), 5.88%, <br> 12/10/31<br>|  | 660 | &nbsp;&nbsp; 777533 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 2025 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), 5.85%, <br> 04/30/30<br>|  | 1000 | &nbsp;&nbsp; 1172461 |
|  |  |  | &nbsp;&nbsp; 9686790 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.19%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 675010 |
| &nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), 5.75%, <br> 04/01/28<br>|  | 1000 | &nbsp;&nbsp; 1168068 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR <br> Term Loan, (1-mo. EURIBOR + 3.75%), 5.64%, <br> 05/17/27<sup>(e)</sup><br>|  | 1248 | &nbsp;&nbsp; 1470189 |
|  |  |  | &nbsp;&nbsp; 3313267 |
| **Jersey**<sup>(e)</sup> **— 0.5%** | **Jersey**<sup>(e)</sup> **— 0.5%** | **Jersey**<sup>(e)</sup> **— 0.5%** | **Jersey**<sup>(e)</sup> **— 0.5%** |
| Vita Global FinCo Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 8.00%), 10.05%, 07/06/27<br>|  | 5101 | &nbsp;&nbsp; 5137080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBP Incremental Term Loan, (6-mo. SONIA + <br> 8.00%), 12.45%, 09/23/27<br>| GBP | 2969 | &nbsp;&nbsp; 3480106 |
|  |  |  | &nbsp;&nbsp; 8617186 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| &nbsp;&nbsp;&nbsp; Euro Parfums Fze, Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 6.25%), 10.50%, <br> 06/23/28<sup>(e)</sup><br>| USD | 585 | &nbsp;&nbsp; $597369  |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.43%, 06/23/31<br>| EUR | 1000 | &nbsp;&nbsp; 1148502 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.53%, <br> 01/30/32<br>|  | 1000 | &nbsp;&nbsp; 1173168 |
| &nbsp;&nbsp;&nbsp; Speed Midco 3 SARL, 2024 EUR Term Loan B2, <br> (6-mo. EURIBOR at 0.00% Floor + 4.95%), 7.33%, <br> 05/16/29<sup>(e)</sup><br>|  | 2566 | &nbsp;&nbsp; 3041615 |
| Tackle SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B3, 05/22/28<sup>(q)</sup> |  | 594 | &nbsp;&nbsp; 697366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Repriced Term Loan B2, (6-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.37%, <br> 05/22/28<br>|  | 656 | &nbsp;&nbsp; 770294 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + %), 2.18%, <br> 01/22/33<sup>(e)</sup><br>|  | 1000 | &nbsp;&nbsp; 1157337 |
|  |  |  | &nbsp;&nbsp; 8585651 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cypher Bidco BV, EUR Term Loan, (3-mo. EURIBOR <br> + 4.25%), 6.41%, 12/30/27<sup>(e)</sup><br>|  | 1827 | &nbsp;&nbsp; 2085734 |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.91%, <br> 10/14/27<br>|  | 982 | &nbsp;&nbsp; 1152034 |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, 2025 EUR Term Loan B6B, (3-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.73%, <br> 07/01/31<br>|  | 1400 | &nbsp;&nbsp; 1646377 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.12%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1180307 |
|  |  |  | &nbsp;&nbsp; 6064452 |
| **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%), 10.21%, <br> 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1087825 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sasa Polyester Sanayi A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.51%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; 479087 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.32%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1530381 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.29%, 10/30/31<br>|  | 741 | &nbsp;&nbsp; 873226 |
| &nbsp;&nbsp;&nbsp; HBX Group International PLC, EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 2.75%), 4.87%, <br> 02/13/32<br>|  | 1011 | &nbsp;&nbsp; 1184800 |
| &nbsp;&nbsp;&nbsp; PAX Holdco Spain SL, 2025 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 4.00%), 6.04%, <br> 12/31/29<br>|  | 1000 | &nbsp;&nbsp; 1175748 |
|  |  |  | &nbsp;&nbsp; 4764155 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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%** |
| Platea BC Bidco AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Delayed Draw Term Loan, (3-mo. EURIBOR <br> at 0.00% Floor + 3.50%), 5.48%, 04/03/31<br>| EUR | 65 | &nbsp;&nbsp; $77097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.48%, 04/03/31<br>|  | 833 | &nbsp;&nbsp; 982990 |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.08%, <br> 03/29/30<br>|  | 1009 | &nbsp;&nbsp; 1183525 |
|  |  |  | &nbsp;&nbsp; 2243612 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| &nbsp;&nbsp;&nbsp; Belron U.K. Finance PLC, 2024 EUR Incremental <br> Term Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.15%, 10/16/31<br>|  | 1325 | &nbsp;&nbsp; 1557939 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-<br> mo. SONIA + 4.75%), 9.96%, 04/29/29<br>| GBP | 1000 | &nbsp;&nbsp; 1364070 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, 2024 EUR Term Loan B3, <br> (6-mo. EURIBOR at 0.00% Floor + 2.50%), 5.10%, <br> 09/30/31<br>| EUR | 1000 | &nbsp;&nbsp; 1157996 |
| Inspired Finco Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6, 02/28/31<sup>(q)</sup> |  | 383 | &nbsp;&nbsp; 449197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.18%, 02/28/31<br>|  | 145 | &nbsp;&nbsp; 169411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6 (B) (1), (1-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.17%, 02/28/31<br>|  | 192 | &nbsp;&nbsp; 224598 |
| &nbsp;&nbsp;&nbsp; Masorange Finco PLC, 2025 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.81%, <br> 03/25/31<br>|  | 1000 | &nbsp;&nbsp; 1168009 |
|  |  |  | &nbsp;&nbsp; 6091220 |
| **United States — 4.2%** | **United States — 4.2%** | **United States — 4.2%** | **United States — 4.2%** |
| &nbsp;&nbsp;&nbsp; Alorica, Inc., 2022 Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.88%), 11.20%, <br> 12/21/27<sup>(e)</sup><br>| USD | 3060 | &nbsp;&nbsp; 3018146 |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.75%, <br> 02/01/30<br>|  | 2548 | &nbsp;&nbsp; 2388973 |
| &nbsp;&nbsp;&nbsp; Arctera U.S. Holdings LLC, 2024 Priority Term Loan, <br> (3-mo. CME Term SOFR at 2.50% Floor + 8.00%, <br> 4.50% PIK), 16.80%, 12/09/29<sup>(l)</sup><br>|  | 634 | &nbsp;&nbsp; 633798 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.18%, <br> 01/28/32<br>| EUR | 1000 | &nbsp;&nbsp; 1174570 |
| &nbsp;&nbsp;&nbsp; CML Hyatt Lost Pines, Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 3.55%), 7.89%, <br> 09/09/26<sup>(e)</sup><br>| USD | 5000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp; CML La Quinta Resort, Term Loan, (1-mo. CME Term <br> SOFR + 3.20%), 7.51%, 12/09/26<sup>(e)</sup><br>|  | 6800 | &nbsp;&nbsp; 6800000 |
| &nbsp;&nbsp;&nbsp; ConnectWise LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.06%, <br> 09/29/28<br>|  | 1203 | &nbsp;&nbsp; 1207553 |
| &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%), 14.41%, 07/31/28<sup>(e)</sup><br>|  | 5759 | &nbsp;&nbsp; 5708921 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co., IV, LLC, <br> 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 10.26%, <br> 05/16/29<sup>(e)</sup><br>|  | 572 | &nbsp;&nbsp; 565594 |
| &nbsp;&nbsp;&nbsp; CPPIB OVM Member US LLC, Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 08/20/31<br>|  | 531 | &nbsp;&nbsp; 528997 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 9.00%, 04/15/27<br>| USD | 575 | &nbsp;&nbsp; $559287  |
| &nbsp;&nbsp;&nbsp; CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 12/30/27<br>|  | 1442 | &nbsp;&nbsp; 1439102 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), 9.83%, <br> 02/17/31<br>|  | 2112 | &nbsp;&nbsp; 2009739 |
| &nbsp;&nbsp;&nbsp; ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>|  | 3429 | &nbsp;&nbsp; 3425217 |
| EIS Group Ltd.<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 11.33%, 07/10/28<br>|  | 373 | &nbsp;&nbsp; 360302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 11.33%, 05/01/28<br>|  | 3734 | &nbsp;&nbsp; 3603018 |
| &nbsp;&nbsp;&nbsp; Emerald Electronics Manufacturing Services, Term <br> Loan, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.40%), 10.73%, 12/29/27<sup>(e)</sup><br>|  | 1086 | &nbsp;&nbsp; 749314 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), <br> 10.75%, 11/12/26<sup>(e)</sup><br>|  | 12858 | &nbsp;&nbsp; 12793942 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.85%), 9.16%, <br> 04/28/28<br>|  | 156 | &nbsp;&nbsp; 135208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (1-mo. CME Term <br> SOFR + 4.85%), 9.16%, 04/28/28<br>|  | 427 | &nbsp;&nbsp; 151374 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), <br> 10.04%, 10/25/28<br>|  | 1773 | &nbsp;&nbsp; 1435831 |
| Maverick Gaming LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 PIK Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 9.50%), 13.78%, 06/03/28<br>|  | 516 | &nbsp;&nbsp; 467428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 9.50%), 13.78%, <br> 06/03/28<br>|  | 907 | &nbsp;&nbsp; 546501 |
| &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%), 11.38%, 11/01/29<br>|  | 1052 | &nbsp;&nbsp; 443597 |
| &nbsp;&nbsp;&nbsp; Nielsen Consumer, Inc., 2025 EUR Term Loan, (1-<br> mo. EURIBOR at 0.00% Floor + 3.50%), 5.43%, <br> 03/06/28<br>| EUR | 997 | &nbsp;&nbsp; 1168766 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 8.08%, <br> 03/19/32<br>| USD | 589 | &nbsp;&nbsp; 586806 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.68%, <br> 06/02/28<br>| EUR | 995 | &nbsp;&nbsp; 1115227 |
| Project Montage<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 6.00%, <br> 4.91% PIK), 9.82%, 02/16/29<sup>(l)</sup><br>| USD | 202 | &nbsp;&nbsp; 196822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.00%), <br> 10.33%, 02/16/29<br>|  | 1258 | &nbsp;&nbsp; 1226662 |
| 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%), 12.29%, <br> 04/27/29<br>|  | 620 | &nbsp;&nbsp; 143375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 5.01%), 9.29%, 04/27/28<br>|  | 1981 | &nbsp;&nbsp; 1059757 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Solaris Oilfield Infrastructure, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.00%), 10.30%, <br> 09/11/29<sup>(e)</sup><br>| USD | 6203 | &nbsp;&nbsp; $6203000  |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.93%), 10.21%, <br> 08/18/28<br>|  | 1833 | &nbsp;&nbsp; 1710468 |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.60%), 10.93%, 10/26/29<br>|  | 174 | &nbsp;&nbsp; 169918 |
|  |  |  | &nbsp;&nbsp; 68727213 |
| **Total Floating Rate Loan Interests — 8.0%** <br>**(Cost: $131,035,932)** | **Total Floating Rate Loan Interests — 8.0%** <br>**(Cost: $131,035,932)** | **Total Floating Rate Loan Interests — 8.0%** <br>**(Cost: $131,035,932)** | &nbsp;&nbsp; 131109669 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bonds, 5.45%, <br> 09/16/32<sup>(c)</sup><br>|  | 257 | &nbsp;&nbsp; 238367 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(a)</sup><br>|  | 135 | &nbsp;&nbsp; 135810 |
| **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; 133011 |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 | USD | 278 | &nbsp;&nbsp; 240609 |
|  |  |  | &nbsp;&nbsp; 373620 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/20/33 |  | 224 | &nbsp;&nbsp; 231728 |
| &nbsp;&nbsp;&nbsp; 7.75%, 11/07/36 |  | 243 | &nbsp;&nbsp; 237958 |
|  |  |  | &nbsp;&nbsp; 469686 |
| **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>(a)</sup><br>|  | 210 | &nbsp;&nbsp; 217423 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(c)</sup> |  | 278 | &nbsp;&nbsp; 280502 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(a)</sup> |  | 420 | &nbsp;&nbsp; 399000 |
| &nbsp;&nbsp;&nbsp; 7.05%, 02/03/31<sup>(a)</sup> |  | 272 | &nbsp;&nbsp; 285111 |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/37<sup>(a)</sup> |  | 233 | &nbsp;&nbsp; 237689 |
|  |  |  | &nbsp;&nbsp; 1202302 |
| **Egypt — 0.1%** | **Egypt — 0.1%** | **Egypt — 0.1%** |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/16/30<sup>(c)</sup> | EUR | 214 | &nbsp;&nbsp; 232504 |
| &nbsp;&nbsp;&nbsp; 7.63%, 05/29/32<sup>(c)</sup> | USD | 219 | &nbsp;&nbsp; 202684 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/31/47<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 162150 |
|  |  |  | &nbsp;&nbsp; 597338 |
| **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>(c)</sup><br>|  | 248 | &nbsp;&nbsp; 226359 |
| **Guatemala**<sup>(a)</sup> **— 0.0%** | **Guatemala**<sup>(a)</sup> **— 0.0%** | **Guatemala**<sup>(a)</sup> **— 0.0%** |  |
| Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.05%, 10/04/32 |  | 210 | &nbsp;&nbsp; 223125 |
| &nbsp;&nbsp;&nbsp; 6.60%, 06/13/36 |  | 230 | &nbsp;&nbsp; 233910 |
|  |  |  | &nbsp;&nbsp; 457035 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/26/36<sup>(a)</sup> | USD | 200 | &nbsp;&nbsp; $192354  |
| &nbsp;&nbsp;&nbsp; Series 10Y, 5.38%, 09/12/33<sup>(c)</sup> | EUR | 194 | &nbsp;&nbsp; 246162 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(c)</sup> |  | 254 | &nbsp;&nbsp; 322389 |
|  |  |  | &nbsp;&nbsp; 760905 |
| **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; 132101 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |  |
| Ireland Government Bonds, 2.60%, 10/18/34<sup>(c)</sup> |  | 7878 | &nbsp;&nbsp; 9048826 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/17/31<sup>(c)</sup> |  | 251 | &nbsp;&nbsp; 279312 |
| &nbsp;&nbsp;&nbsp; 8.08%, 04/01/36<sup>(a)</sup> | USD | 200 | &nbsp;&nbsp; 192550 |
|  |  |  | &nbsp;&nbsp; 471862 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Jordan Government International Bonds, 4.95%, <br> 07/07/25<sup>(c)</sup><br>|  | 200 | &nbsp;&nbsp; 199880 |
| **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>(a)</sup><br>|  | 249 | &nbsp;&nbsp; 252501 |
| **Latvia — 0.0%** | **Latvia — 0.0%** | **Latvia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Latvia Government International Bonds, 5.13%, <br> 07/30/34<sup>(a)</sup><br>|  | 201 | &nbsp;&nbsp; 200757 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/09/35 |  | 313 | &nbsp;&nbsp; 320042 |
| &nbsp;&nbsp;&nbsp; 01/29/38<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 202100 |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/53 |  | 200 | &nbsp;&nbsp; 183900 |
|  |  |  | &nbsp;&nbsp; 706042 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Montenegro Government International Bonds, 2.88%, <br> 12/16/27<sup>(c)</sup><br>| EUR | 186 | &nbsp;&nbsp; 214306 |
| **Morocco**<sup>(a)</sup> **— 0.0%** | **Morocco**<sup>(a)</sup> **— 0.0%** | **Morocco**<sup>(a)</sup> **— 0.0%** |  |
| Morocco Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/08/28 | USD | 200 | &nbsp;&nbsp; 204900 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/02/35 | EUR | 200 | &nbsp;&nbsp; 235644 |
|  |  |  | &nbsp;&nbsp; 440544 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |  |
| Nigeria Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 03/24/29<sup>(a)</sup> | USD | 353 | &nbsp;&nbsp; 355206 |
| &nbsp;&nbsp;&nbsp; 10.38%, 12/09/34<sup>(a)</sup> |  | 200 | &nbsp;&nbsp; 210200 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/47<sup>(c)</sup> |  | 244 | &nbsp;&nbsp; 194895 |
|  |  |  | &nbsp;&nbsp; 760301 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(c)</sup><br>|  | 227 | &nbsp;&nbsp; 233923 |
| **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; 374528 |
| **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; 336445 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Corp. Financiera de Desarrollo SA, 5.50%, <br> 05/06/30<sup>(a)</sup><br>| USD | 200 | &nbsp;&nbsp; $202100  |
| Peruvian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 |  | 152 | &nbsp;&nbsp; 136447 |
| &nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 |  | 142 | &nbsp;&nbsp; 113600 |
|  |  |  | &nbsp;&nbsp; 452147 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/04/33 |  | 48 | &nbsp;&nbsp; 47634 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/04/53 |  | 149 | &nbsp;&nbsp; 138607 |
|  |  |  | &nbsp;&nbsp; 186241 |
| **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>(c)</sup><br>| EUR | 187 | &nbsp;&nbsp; 230295 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romanian Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(a)</sup> | USD | 46 | &nbsp;&nbsp; 45943 |
| &nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(c)</sup> | EUR | 224 | &nbsp;&nbsp; 219501 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/11/32<sup>(a)</sup> |  | 223 | &nbsp;&nbsp; 264721 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/10/34<sup>(a)</sup> |  | 215 | &nbsp;&nbsp; 255017 |
|  |  |  | &nbsp;&nbsp; 785182 |
| **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>(a)</sup><br>| USD | 658 | &nbsp;&nbsp; 558642 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/26/33<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 210151 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/34<sup>(a)</sup> |  | 236 | &nbsp;&nbsp; 237858 |
|  |  |  | &nbsp;&nbsp; 448009 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government International <br> Bonds, 5.75%, 09/30/49<br>|  | 475 | &nbsp;&nbsp; 356725 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |  |
| Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/31/30 | EUR | 2894 | &nbsp;&nbsp; 3445264 |
| &nbsp;&nbsp;&nbsp; 3.15%, 04/30/35<sup>(a)(c)</sup> |  | 1113 | &nbsp;&nbsp; 1309132 |
|  |  |  | &nbsp;&nbsp; 4754396 |
| **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>| USD | 226 | &nbsp;&nbsp; 226014 |
| **Ukraine**<sup>(a)(n)</sup> **— 0.0%** | **Ukraine**<sup>(a)(n)</sup> **— 0.0%** | **Ukraine**<sup>(a)(n)</sup> **— 0.0%** |  |
| Ukraine Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/29 |  | 75 | &nbsp;&nbsp; 46393 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 |  | 7 | &nbsp;&nbsp; 3277 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/34 |  | 26 | &nbsp;&nbsp; 9809 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/34 |  | 50 | &nbsp;&nbsp; 25847 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/35 |  | 22 | &nbsp;&nbsp; 10142 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/36 |  | 18 | &nbsp;&nbsp; 8432 |
|  |  |  | &nbsp;&nbsp; 103900 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |  | 216 | &nbsp;&nbsp; 195696 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(a)</sup><br>| EUR | 221 | &nbsp;&nbsp; $266674 |
| **Total Foreign Agency Obligations — 1.6%** <br>**(Cost: $25,296,011)** | **Total Foreign Agency Obligations — 1.6%** <br>**(Cost: $25,296,011)** | **Total Foreign Agency Obligations — 1.6%** <br>**(Cost: $25,296,011)** | &nbsp;&nbsp; 26614782 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 2.5%** | **United States — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(r)</sup><br>| 71155 | &nbsp;&nbsp; 6590376 |
| iShares MSCI Brazil ETF<sup>(r)</sup> | 13963 | &nbsp;&nbsp; 402833 |
| KraneShares CSI China Internet ETF | 50850 | &nbsp;&nbsp; 1745680 |
| SPDR Gold Shares<sup>(f)(h)(i)</sup> | 82030 | &nbsp;&nbsp; 25005205 |
| SPDR S&P Biotech ETF | 45000 | &nbsp;&nbsp; 3731850 |
| SPDR S&P Homebuilders ETF | 8193 | &nbsp;&nbsp; 807584 |
| SPDR S&P Regional Banking ETF | 11022 | &nbsp;&nbsp; 654597 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 43791 | &nbsp;&nbsp; 1110102 |
| VanEck Semiconductor ETF | 5362 | &nbsp;&nbsp; 1495354 |
| **Total Investment Companies — 2.5%** <br>**(Cost: $36,947,279)** | **Total Investment Companies — 2.5%** <br>**(Cost: $36,947,279)** | &nbsp;&nbsp; 41543581 |

---

&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>(a)</sup><br>| USD | 315 | &nbsp;&nbsp; 326285 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(f)(m)</sup><br>|  | 4584 | &nbsp;&nbsp; 2424664 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(a)</sup><br>|  | 885 | &nbsp;&nbsp; 905960 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $3,328,035)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $3,328,035)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $3,328,035)** | &nbsp;&nbsp; 3656909 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **United States — 3.9%** | **United States — 3.9%** | **United States — 3.9%** | **United States — 3.9%** |
| Ajax Mortgage Loan Trust<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class C, 0.01%, 09/27/60 |  | 9 | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class B3, 4.01%, 12/25/60<sup>(b)</sup> |  | 947 | &nbsp;&nbsp; 281905 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class SA, 0.00%, 12/25/60<sup>(b)</sup> |  | 6 | &nbsp;&nbsp; 2807 |
| &nbsp;&nbsp;&nbsp; Series 2021-E, Class XS, 0.00%, 12/25/60<sup>(b)</sup> |  | 11954 | &nbsp;&nbsp; 424063 |
| &nbsp;&nbsp;&nbsp; BFLD Trust, Series 2021-EYP, Class E, (1 mo. Term <br> SOFR + 3.81%), 8.13%, 10/15/35<sup>(a)(b)</sup><br>|  | 790 | &nbsp;&nbsp; 9867 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2020-VIV3, <br> Class B, 3.66%, 03/09/44<sup>(a)(b)</sup><br>|  | 1600 | &nbsp;&nbsp; 1487805 |
| &nbsp;&nbsp;&nbsp; BX Trust, Series 2021-VIEW, Class E, (1 mo. Term <br> SOFR + 3.71%), 8.03%, 06/15/36<sup>(a)(b)</sup><br>|  | 614 | &nbsp;&nbsp; 614363 |
| Commercial Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-CR25, Class C, 4.69%, 08/10/48 |  | 2000 | &nbsp;&nbsp; 1951571 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Commercial Mortgage Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class 180B, 3.51%, <br> 08/15/57<sup>(a)</sup><br>| USD | 1900 | &nbsp;&nbsp; $1716717  |
| 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%), 9.79%, 10/15/37<br>|  | 730 | &nbsp;&nbsp; 675128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BHAR, Class E, (1 mo. Term SOFR + <br> 3.61%), 7.93%, 11/15/38<br>|  | 1500 | &nbsp;&nbsp; 1473973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LION, Class A, (1 mo. Term SOFR + <br> 3.44%), 7.75%, 02/15/27<sup>(e)</sup><br>|  | 3400 | &nbsp;&nbsp; 3366916 |
| &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; 1364677 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class CFX, <br> 3.79%, 04/25/28<sup>(a)(b)</sup><br>|  | 437 | &nbsp;&nbsp; 403338 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, Series 2021-IP, <br> Class E, (1 mo. Term SOFR + 3.66%), 7.98%, <br> 10/15/36<sup>(a)(b)</sup><br>|  | 1540 | &nbsp;&nbsp; 1513226 |
| &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; 3259417 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A3X, 0.50%, 06/25/51 |  | 44173 | &nbsp;&nbsp; 1243216 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX1, 0.12%, 06/25/51 |  | 179255 | &nbsp;&nbsp; 1161805 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class AX4, 0.40%, 06/25/51 |  | 11447 | &nbsp;&nbsp; 280005 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B4, 3.02%, 06/25/51 |  | 770 | &nbsp;&nbsp; 627930 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B5, 3.02%, 06/25/51 |  | 924 | &nbsp;&nbsp; 694066 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class B6, 2.95%, 06/25/51 |  | 1533 | &nbsp;&nbsp; 664370 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B4, 2.90%, 08/25/51 |  | 1150 | &nbsp;&nbsp; 905629 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B5, 2.90%, 08/25/51 |  | 862 | &nbsp;&nbsp; 632901 |
| &nbsp;&nbsp;&nbsp; Series 2021-4, Class B6, 2.90%, 08/25/51 |  | 2209 | &nbsp;&nbsp; 784210 |
| &nbsp;&nbsp;&nbsp; Lehman Brothers Small Balance Commercial <br> Mortgage Trust, Series 2007-2A, Class M2, (1 mo. <br> Term SOFR + 0.71%), 5.03%, 06/25/37<sup>(a)(b)</sup><br>|  | 2735 | &nbsp;&nbsp; 2346568 |
| MCM Trust<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/25/31 |  | 3666 | &nbsp;&nbsp; 2524600 |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/25/31 |  | 3118 | &nbsp;&nbsp; 2995057 |
| New Residential Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class B3, 3.98%, 02/25/59 |  | 9329 | &nbsp;&nbsp; 7117385 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B1, 3.53%, 07/25/55 |  | 1370 | &nbsp;&nbsp; 1166282 |
| &nbsp;&nbsp;&nbsp; Series 2021-NQ1R, Class B2, 4.33%, 07/25/55 |  | 1022 | &nbsp;&nbsp; 894325 |
| &nbsp;&nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, Series 2020-3, <br> Class BXS, 5.75%, 05/25/60<sup>(a)(b)</sup><br>|  | 7558 | &nbsp;&nbsp; 3875262 |
| Seasoned Loans Structured Transaction Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 4.75%, 09/25/60 |  | 2184 | &nbsp;&nbsp; 2161000 |
| &nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 4.75%, 04/26/60 |  | 2907 | &nbsp;&nbsp; 2870844 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, Series 2020-<br> INV, Class B2, 4.26%, 11/25/55<sup>(a)</sup><br>|  | 1225 | &nbsp;&nbsp; 1001075 |
| TVC DSCR<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1, 0.00%, 03/25/28 |  | 1323 | &nbsp;&nbsp; 1135291 |
| &nbsp;&nbsp;&nbsp; Series 2021-1, Class A, 0.00%, 02/01/51 |  | 2697 | &nbsp;&nbsp; 2474196 |
| Verus Securitization Trust<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B1, 3.71%, 05/25/65 |  | 2400 | &nbsp;&nbsp; 2187124 |
| &nbsp;&nbsp;&nbsp; Series 2020-5, Class B2, 4.71%, 05/25/65 |  | 1400 | &nbsp;&nbsp; 1313681 |
| &nbsp;&nbsp;&nbsp; Series 2021-R2, Class B1, 3.25%, 02/25/64 |  | 2735 | &nbsp;&nbsp; 2155612 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust, <br> Series 2007-OA6, Class 1A, (12-mo. MTA + <br> 0.81%), 5.21%, 07/25/47<sup>(b)</sup><br>| USD | 972 | &nbsp;&nbsp; $813643  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, Series 2019-<br> C50, Class XA, 1.57%, 05/15/52<sup>(b)</sup><br>|  | 21934 | &nbsp;&nbsp; 881570 |
| **Total Non-Agency Mortgage-Backed Securities — 3.9%** <br>**(Cost: $68,291,660)** | **Total Non-Agency Mortgage-Backed Securities — 3.9%** <br>**(Cost: $68,291,660)** | **Total Non-Agency Mortgage-Backed Securities — 3.9%** <br>**(Cost: $68,291,660)** | &nbsp;&nbsp; 63453543 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.3%**<sup>(b)</sup> | **Capital Trusts — 0.3%**<sup>(b)</sup> | **Capital Trusts — 0.3%**<sup>(b)</sup> | **Capital Trusts — 0.3%**<sup>(b)</sup> |
| **France**<sup>(c)(o)</sup> **— 0.1%** | **France**<sup>(c)(o)</sup> **— 0.1%** | **France**<sup>(c)(o)</sup> **— 0.1%** |  |
| Air France-KLM, Series ., 5.75% | EUR | 200 | &nbsp;&nbsp; 233962 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 241495 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 244096 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 277233 |
|  |  |  | &nbsp;&nbsp; 996786 |
| **Germany**<sup>(c)(o)</sup> **— 0.0%** | **Germany**<sup>(c)(o)</sup> **— 0.0%** | **Germany**<sup>(c)(o)</sup> **— 0.0%** |  |
| Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% | EUR | 100 | &nbsp;&nbsp; 118722 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 118918 |
|  |  |  | &nbsp;&nbsp; 237640 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| MTR Corp. CI Ltd., 5.63%<sup>(c)(o)</sup> | USD | 200 | &nbsp;&nbsp; 201440 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| Bank Negara Indonesia Persero Tbk PT, 4.30%<sup>(c)(o)</sup> |  | 200 | &nbsp;&nbsp; 191500 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |  |
| Prysmian SpA, Series ., 5.25%<sup>(c)(o)</sup> | EUR | 275 | &nbsp;&nbsp; 332449 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(a)</sup> | USD | 369 | &nbsp;&nbsp; 337859 |
| Centrica PLC, 6.50%, 05/21/55<sup>(c)</sup> | GBP | 494 | &nbsp;&nbsp; 685718 |
|  |  |  | &nbsp;&nbsp; 1023577 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |  |
| DENTSPLY SIRONA, Inc., 8.38%, 09/12/55 | USD | 21 | &nbsp;&nbsp; 21116 |
| Venture Global LNG, Inc., 9.00%<sup>(a)(o)</sup> |  | 953 | &nbsp;&nbsp; 926505 |
|  |  |  | &nbsp;&nbsp; 947621 |
|  |  |  | &nbsp;&nbsp; 3931013 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 4.4%**<sup>(e)</sup> | **Preferred Stocks — 4.4%**<sup>(e)</sup> | **Preferred Stocks — 4.4%**<sup>(e)</sup> |
| **China — 0.6%** | **China — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $4,390,747)<sup>(f)(g)</sup><br>| 40071 | &nbsp;&nbsp; 9298075 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D<sup>(f)</sup> | 37890 | &nbsp;&nbsp; 1919129 |
| **Germany — 0.0%** | **Germany — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volocopter GmbH, Series D, (Acquired 03/03/21, <br> Cost: $4,145,649)<sup>(f)(g)</sup><br>| 780 | &nbsp;&nbsp; — |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **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)(g)</sup><br>| 114500 | &nbsp;&nbsp; $1672272 |
| **United States — 3.6%** | **United States — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Breeze Aviation Group, Inc., Series B, (Acquired <br> 07/30/21, Cost: $1,800,187)<sup>(f)(g)</sup><br>| 3333 | &nbsp;&nbsp; 505783 |
| Bright Machines, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472899 | &nbsp;&nbsp; 160786 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985059 | &nbsp;&nbsp; 128058 |
| Cap Hill Brands<sup>(f)</sup> | 1185824 | &nbsp;&nbsp; 35575 |
| Caresyntax, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C-2 | 13600 | &nbsp;&nbsp; 49776 |
| &nbsp;&nbsp;&nbsp; Series C-3 | 1759 | &nbsp;&nbsp; 6438 |
| Clarify Health<sup>(f)</sup> | 345315 | &nbsp;&nbsp; 2130594 |
| CW Opportunity 2 LP, 03/25/49 | 1579000 | &nbsp;&nbsp; 5558080 |
| &nbsp;&nbsp;&nbsp; Databricks, Inc., Series G, (Acquired 02/01/21, Cost: <br> $2,392,693)<sup>(f)(g)</sup><br>| 40470 | &nbsp;&nbsp; 4378045 |
| Davidson Homes, Inc.<sup>(f)</sup> | 7345 | &nbsp;&nbsp; 7589809 |
| Dream Finders Homes, Inc. | 10172 | &nbsp;&nbsp; 10019420 |
| &nbsp;&nbsp;&nbsp; EXO Imaging, Inc., (Acquired 08/14/24, Cost: <br> $71,814)<sup>(f)(g)</sup><br>| 117667 | &nbsp;&nbsp; 87074 |
| FLYR, Inc., Series D-2<sup>(f)</sup> | 421209 | &nbsp;&nbsp; 1878592 |
| &nbsp;&nbsp;&nbsp; GM Cruise Holdings LLCClass G, (Acquired <br> 03/25/21, Cost: $1,886,159)<sup>(f)(g)</sup><br>| 71581 | &nbsp;&nbsp; 71581 |
| HawkEye 360, Inc., Series D1<sup>(f)</sup> | 406081 | &nbsp;&nbsp; 5534884 |
| Insight M, Inc., Series D<sup>(f)</sup> | 1942003 | &nbsp;&nbsp; 441806 |
| Jumpcloud, Inc.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-1, (Acquired 10/30/20, Cost: $2,052,443) | 1125428 | &nbsp;&nbsp; 2746044 |
| &nbsp;&nbsp;&nbsp; Series F, (Acquired 09/03/21, Cost: $443,302) | 74023 | &nbsp;&nbsp; 180616 |
| Lessen Holdings, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 489075 | &nbsp;&nbsp; 1071074 |
| &nbsp;&nbsp;&nbsp; Series CX | 25831 | &nbsp;&nbsp; 75685 |
| &nbsp;&nbsp;&nbsp; Noodle Partners, Inc., Series C, (Acquired 08/26/21, <br> Cost: $1,751,669)<sup>(f)(g)</sup><br>| 196272 | &nbsp;&nbsp; 196272 |
| &nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, (Acquired 05/21/21, <br> Cost: $945,402)<sup>(f)(g)</sup><br>| 36048 | &nbsp;&nbsp; 1468596 |
| RapidSOS, Inc., Series C-1<sup>(f)</sup> | 1707127 | &nbsp;&nbsp; 1792483 |
| Relativity Space, Inc., Series E | 496 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; SambaNova Systems, Inc., Series D, (Acquired <br> 04/09/21, Cost: $1,250,247)<sup>(f)(g)</sup><br>| 13158 | &nbsp;&nbsp; 695663 |
| &nbsp;&nbsp;&nbsp; SCI PH Parent, Inc., Series A, (Acquired 02/10/23, <br> Cost: $1,183,000), 12/31/79<sup>(f)(g)</sup><br>| 1183 | &nbsp;&nbsp; 1517280 |
| &nbsp;&nbsp;&nbsp; Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: <br> $678,934)<sup>(f)(g)</sup><br>| 45203 | &nbsp;&nbsp; 433045 |
| Ursa Major Technologies, Inc.<sup>(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, (Acquired 09/13/21, Cost: $1,732,297) | 290420 | &nbsp;&nbsp; 1112309 |
| &nbsp;&nbsp;&nbsp; Series D, (Acquired 10/14/22, Cost: $235,803) | 35579 | &nbsp;&nbsp; 141604 |
| Verge Genomics, Inc., Series B-1 | 341505 | &nbsp;&nbsp; 655689 |
| Veritas Kapital Assurance PLC<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G | 8968 | &nbsp;&nbsp; 201780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Veritas Kapital Assurance PLC<sup>(f)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series G-1 | 6197 | &nbsp;&nbsp; $139433  |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,906,958), 10/07/32<sup>(f)(g)</sup><br>| 1681498 | &nbsp;&nbsp; 8592455 |
|  |  | &nbsp;&nbsp; 59596840 |
|  |  | &nbsp;&nbsp; 72486316 |
| **Total Preferred Securities — 4.7%** <br>**(Cost: $90,252,544)** | **Total Preferred Securities — 4.7%** <br>**(Cost: $90,252,544)** | &nbsp;&nbsp; 76417329 |

---

&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, 1.46%, <br> 12/25/29<sup>(b)</sup><br>| USD | 18080 | &nbsp;&nbsp; 900664 |
| **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.3%** | **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.3%** | **Mortgage-Backed Securities**<sup>(s)</sup> **— 10.3%** |  |
| Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/54 |  | 9557 | &nbsp;&nbsp; 8268148 |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/54 |  | 74731 | &nbsp;&nbsp; 67273248 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/54 |  | 86126 | &nbsp;&nbsp; 82372757 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/54 |  | 11500 | &nbsp;&nbsp; 11497369 |
|  |  |  | &nbsp;&nbsp; 169411522 |
| **Total U.S. Government Sponsored Agency Securities — 10.4%** <br>**(Cost: $166,859,840)** | **Total U.S. Government Sponsored Agency Securities — 10.4%** <br>**(Cost: $166,859,840)** | **Total U.S. Government Sponsored Agency Securities — 10.4%** <br>**(Cost: $166,859,840)** | &nbsp;&nbsp; 170312186 |

---

&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>(f)</sup><br>| 25681 | &nbsp;&nbsp; 925 |
| **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>(e)(f)(g)</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>(e)(f)(g)</sup><br>| 137950 | &nbsp;&nbsp; 104146 |
| **United States**<sup>(f)</sup> **— 0.3%** | **United States**<sup>(f)</sup> **— 0.3%** |  |
| &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>(e)</sup><br>| 74120 | &nbsp;&nbsp; 18856 |
| &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)<sup>(e)</sup><br>| 44352 | &nbsp;&nbsp; 111 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Davidson Homes, Inc., (Issued 05/16/24, Expires <br> 05/16/34, Strike Price USD 8.47)<sup>(e)</sup><br>| 50977 | &nbsp;&nbsp; $206457  |
| &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; 8848 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc., PIPE, (Acquired 03/07/24, <br> Cost: $0), (Issued/Exercisable 03/11/24, <br> 1,000 Shares for 1 Warrant, Expires 03/11/31, <br> Strike Price USD 2.50)<sup>(e)(g)</sup><br>| 550 | &nbsp;&nbsp; 1050313 |
| &nbsp;&nbsp;&nbsp; FLYR, Inc., (Expires 12/29/33, Strike Price USD <br> 3.95)<sup>(e)</sup><br>| 5990 | &nbsp;&nbsp; 18389 |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., (Issued 07/07/23, 1 Share for <br> 1 Warrant, Expires 07/07/33, Strike Price USD <br> 11.17)<sup>(e)</sup><br>| 19736 | &nbsp;&nbsp; 107956 |
| &nbsp;&nbsp;&nbsp; HawkEye 360, Inc., (Issued 07/07/23, 1 Share for <br> 1 Warrant, Expires 07/07/33, Strike Price USD <br> 0.01)<sup>(e)</sup><br>| 173677 | &nbsp;&nbsp; 1578724 |
| &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; 76 |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(e)</sup><br>| 2012253 | &nbsp;&nbsp; 197603 |
| &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>(e)</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; 310 |
| &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; 26232 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., (Issued 12/13/23, Expires 12/13/33, <br> Strike Price USD 0.01)<sup>(e)</sup><br>| 946544 | &nbsp;&nbsp; 984406 |
| &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; 9661 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(e)</sup><br>| 261005 | &nbsp;&nbsp; 493299 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(e)</sup><br>| 26165 | &nbsp;&nbsp; 70384 |
| &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>(e)(g)</sup><br>| 207248 | &nbsp;&nbsp; 837282 |
| &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>(g)</sup><br>| 48765 | &nbsp;&nbsp; 1244 |
|  |  | &nbsp;&nbsp; 5610152 |
| **Total Warrants — 0.3%** <br>**(Cost: $614,237)** | **Total Warrants — 0.3%** <br>**(Cost: $614,237)** | &nbsp;&nbsp; 5715442 |
| **Total Long-Term Investments — 104.5%** <br>**(Cost: $1,456,252,184)** | **Total Long-Term Investments — 104.5%** <br>**(Cost: $1,456,252,184)** | &nbsp;&nbsp; 1715914259 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.2%** | **Money Market Funds — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(r)(t)</sup><br>| 51859729 | &nbsp;&nbsp; 51859729 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |  |
| U.S. Treasury Notes, 3.50%, 09/15/25<sup>(h)(i)</sup> | USD | 3444 | &nbsp;&nbsp; $3440333 |
| **Total Short-Term Securities — 3.4%** <br>**(Cost: $55,298,802)** | **Total Short-Term Securities — 3.4%** <br>**(Cost: $55,298,802)** | **Total Short-Term Securities — 3.4%** <br>**(Cost: $55,298,802)** | &nbsp;&nbsp; 55300062 |
| **Options Purchased — 0.4%** <br>**(Cost: $6,210,276)** | **Options Purchased — 0.4%** <br>**(Cost: $6,210,276)** | **Options Purchased — 0.4%** <br>**(Cost: $6,210,276)** | &nbsp;&nbsp; 6393275 |
| **Total Investments Before Options Written — 108.3%** <br>**(Cost: $1,517,761,262)** | **Total Investments Before Options Written — 108.3%** <br>**(Cost: $1,517,761,262)** | **Total Investments Before Options Written — 108.3%** <br>**(Cost: $1,517,761,262)** | &nbsp;&nbsp; 1777607596 |
| **Options Written — (0.3)%** <br>**(Premiums Received: $(5042294))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(5042294))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(5042294))** | &nbsp;&nbsp; (4820777)<br>|
| **Total Investments, Net of Options Written — 108.0%** <br>**(Cost: $1,512,718,968)** | **Total Investments, Net of Options Written — 108.0%** <br>**(Cost: $1,512,718,968)** | **Total Investments, Net of Options Written — 108.0%** <br>**(Cost: $1,512,718,968)** | &nbsp;&nbsp; 1772786819 |
| **Liabilities in Excess of Other Assets — (8.0)%** | **Liabilities in Excess of Other Assets — (8.0)%** | **Liabilities in Excess of Other Assets — (8.0)%** | &nbsp;&nbsp; (131043944)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1641742875 |

---

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

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

<sup>(d)</sup> When-issued security.

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

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

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $67,676,177, representing 4.1% of its net assets as of period end, and an original cost of $69,431,947. 

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

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

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

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

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

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

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; $14674337 | $37185392 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $51859729 | 51859729 | $759199 | $— |
| iShares Biotechnology ETF<sup>(b)</sup> | &nbsp;&nbsp; 1824498 |  | &nbsp;&nbsp; (1832356)<br>| (142209)<br>| 150067 |  |  | 1672 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; 2217537 |  | &nbsp;&nbsp; (2247078)<br>| 17277 | 12264 |  |  | 10154 |  |
| iShares JP Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp; 6335641 |  | &nbsp;&nbsp; — |  | 254735 | 6590376 | 71155 | 144734 |  |
| iShares MSCI Brazil ETF | &nbsp;&nbsp; 314307 |  | &nbsp;&nbsp; — |  | 88526 | 402833 | 13963 | 7194 |  |
|  |  |  |  | $(124932)<br>| $505592 | $58852938 |  | $922953 | $— |

---

&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; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4508 | &nbsp;&nbsp;&nbsp;&nbsp; $45731 |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48933 | &nbsp;&nbsp;&nbsp;&nbsp; (179142)<br>|
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp;&nbsp; (3585)<br>|
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7327 | &nbsp;&nbsp;&nbsp;&nbsp; (11671)<br>|
| &nbsp;&nbsp;&nbsp; Short Term Euro BTP | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13097 | &nbsp;&nbsp;&nbsp;&nbsp; (23164)<br>|
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13464 | &nbsp;&nbsp;&nbsp;&nbsp; 773624 |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10184 | &nbsp;&nbsp;&nbsp;&nbsp; 88536 |
| &nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1971 | &nbsp;&nbsp;&nbsp;&nbsp; 12080 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4830 | &nbsp;&nbsp;&nbsp;&nbsp; 22800 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21223 | &nbsp;&nbsp;&nbsp;&nbsp; 898531 |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 36048 | &nbsp;&nbsp;&nbsp;&nbsp; 826928 |
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7534 | &nbsp;&nbsp;&nbsp;&nbsp; 145706 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14355 | &nbsp;&nbsp;&nbsp;&nbsp; 4645 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 136161 | &nbsp;&nbsp;&nbsp;&nbsp; 1369126 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3970145 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2797 | &nbsp;&nbsp;&nbsp;&nbsp; 40502 |
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13398 | &nbsp;&nbsp;&nbsp;&nbsp; (30557)<br>|
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 6920 |
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 15446 | &nbsp;&nbsp;&nbsp;&nbsp; (46149)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 107079 | &nbsp;&nbsp;&nbsp;&nbsp; (2271522)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 192511 | &nbsp;&nbsp;&nbsp;&nbsp; (5001941)<br>|
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5808 | &nbsp;&nbsp;&nbsp;&nbsp; (192707)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16941 | &nbsp;&nbsp;&nbsp;&nbsp; (680268)<br>|
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 129140 | &nbsp;&nbsp;&nbsp;&nbsp; (4335734)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 25288 | &nbsp;&nbsp;&nbsp;&nbsp; (67186)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12577517)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(8607372)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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 | 104292 | USD | 119443 | Citibank N.A. | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3521 |
| AUD | 250975 | USD | 164499 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| BRL | 8900041 | USD | 1574000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33122 |
| CAD | 9588516 | USD | 7042960 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25501 |
| CHF | 1285342 | USD | 1581582 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53984 |
| CNH | 27643764 | USD | 3873826 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10722 |
| DKK | 6838535 | USD | 1054271 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31634 |
| EUR | 2753157 | USD | 3242710 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16869 |
| EUR | 4102031 | USD | 4746079 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110488 |
| EUR | 16989301 | USD | 19522861 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591486 |
| EUR | 2064868 | USD | 2433117 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11567 |
| EUR | 548359 | USD | 633549 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15676 |
| EUR | 1580588 | USD | 1860824 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10502 |
| GBP | 247052 | USD | 334727 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555 |
| GBP | 230908 | USD | 314840 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| GBP | 4533864 | USD | 6125296 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101160 |
| JPY | 37975177 | USD | 264073 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 |
| JPY | 1777872152 | USD | 12393204 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59449 |
| JPY | 1928226750 | USD | 13441297 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64477 |
| JPY | 30819373 | USD | 215518 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| JPY | 30673410 | USD | 213473 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1371 |
| JPY | 34581551 | USD | 241486 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 |
| JPY | 44336142 | USD | 309737 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| MXN | 45557820 | USD | 2377000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31275 |
| MXN | 28859590 | USD | 1498490 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27084 |
| USD | 16779103 | HKD | 130757033 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13062 |
| USD | 3934000 | JPY | 560896698 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5342 |
| USD | 3215000 | JPY | 457291312 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12019 |
| USD | 204433 | JPY | 29168685 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| ZAR | 33715234 | USD | 1890362 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3445 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245451 |
| USD | 126010 | EUR | 110624 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4420)<br>|
| USD | 195131 | EUR | 171331 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6875)<br>|
| USD | 197825 | EUR | 173701 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6975)<br>|
| USD | 226134 | EUR | 198552 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7967)<br>|
| USD | 226607 | EUR | 198973 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7990)<br>|
| USD | 227706 | EUR | 199940 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8031)<br>|
| USD | 240743 | EUR | 211398 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8503)<br>|
| USD | 251700 | EUR | 221000 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8867)<br>|
| USD | 289049 | EUR | 253794 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10183)<br>|
| USD | 435687 | EUR | 382556 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15361)<br>|
| USD | 475909 | EUR | 417796 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16689)<br>|
| USD | 563525 | EUR | 494718 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19766)<br>|
| USD | 2005534 | EUR | 1760920 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70657)<br>|
| BRL | 22103410 | USD | 3997000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5684)<br>|
| GBP | 153487 | USD | 210875 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88)<br>|
| INR | 74786626 | USD | 870143 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (637)<br>|
| USD | 6278479 | AUD | 9613439 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58634)<br>|
| USD | 1099351 | AUD | 1683284 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10258)<br>|
| USD | 1160323 | BRL | 6606996 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32733)<br>|
| USD | 7752059 | CAD | 10553963 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28110)<br>|
| USD | 2017389 | CHF | 1639462 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68786)<br>|
| USD | 172091 | CHF | 139048 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4844)<br>|
| USD | 3653433 | CNY | 26069071 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11292)<br>|
| USD | 10964763 | DKK | 71118382 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (328269)<br>|
| USD | 1197590 | EUR | 1020000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10031)<br>|
| USD | 2052347 | EUR | 1758562 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29688)<br>|
| USD | 745531 | EUR | 639477 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11573)<br>|
| USD | 191873369 | EUR | 166857738 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5676519)<br>|
| USD | 311143 | EUR | 266178 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3996)<br>|
| USD | 583097 | EUR | 506439 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16498)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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 | 789317 | EUR | 680489 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(16343)<br>|
| USD | 1208563 | EUR | 1026881 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7205)<br>|
| USD | 44831933 | EUR | 39009890 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353515)<br>|
| USD | 245446 | EUR | 208237 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1095)<br>|
| USD | 794026 | EUR | 672958 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2717)<br>|
| USD | 68644166 | GBP | 50818003 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1145324)<br>|
| USD | 8908455 | GBP | 6593745 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146881)<br>|
| USD | 1009198 | IDR | 16463256805 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7429)<br>|
| USD | 3280723 | MXN | 63168314 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58477)<br>|
| USD | 186158 | NOK | 1881150 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (563)<br>|
| USD | 437536 | SEK | 4178345 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6333)<br>|
| USD | 764868 | SEK | 7304357 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11078)<br>|
| USD | 14783423 | TWD | 434300000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (413050)<br>|
| USD | 2115831 | ZAR | 37736964 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3879)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9663813)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8418362)<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; Nikkei 225 Index | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 39250.00 | JPY | 2105344 | &nbsp;&nbsp;&nbsp;&nbsp; $521787  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | USD | 615.00 | USD | 18659 | &nbsp;&nbsp;&nbsp;&nbsp; 223178 |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 280.00 | USD | 169 | &nbsp;&nbsp;&nbsp;&nbsp; 3480 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 180.00 | USD | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 215.00 | USD | 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 125020 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 215.00 | USD | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 11154 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 210.00 | USD | 1457 | &nbsp;&nbsp;&nbsp;&nbsp; 19738 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 46.00 | USD | 2560 | &nbsp;&nbsp;&nbsp;&nbsp; 110093 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 110.00 | USD | 1117 | &nbsp;&nbsp;&nbsp;&nbsp; 11180 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 260.00 | USD | 965 | &nbsp;&nbsp;&nbsp;&nbsp; 67025 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 200.00 | USD | 660 | &nbsp;&nbsp;&nbsp;&nbsp; 45105 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 140.00 | USD | 200 | &nbsp;&nbsp;&nbsp;&nbsp; 6860 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 80.00 | USD | 2341 | &nbsp;&nbsp;&nbsp;&nbsp; 165000 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 25.00 | USD | 207 | &nbsp;&nbsp;&nbsp;&nbsp; 8300 |
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 285 | &nbsp;&nbsp;&nbsp;&nbsp; 11235 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 770.00 | USD | 1013 | &nbsp;&nbsp;&nbsp;&nbsp; 36920 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 60.00 | USD | 274 | &nbsp;&nbsp;&nbsp;&nbsp; 4630 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 40.00 | USD | 247 | &nbsp;&nbsp;&nbsp;&nbsp; 21233 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 390.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 380.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| &nbsp;&nbsp;&nbsp; Informatica Inc., Class A | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 25.00 | USD | 168 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 790.00 | USD | 551 | &nbsp;&nbsp;&nbsp;&nbsp; 9170 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 585.00 | USD | 815 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 3361 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 37.00 | USD | 12355 | &nbsp;&nbsp;&nbsp;&nbsp; 243672 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 275.00 | USD | 2261 | &nbsp;&nbsp;&nbsp;&nbsp; 127335 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 155.00 | USD | 318 | &nbsp;&nbsp;&nbsp;&nbsp; 5040 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 150.00 | USD | 272 | &nbsp;&nbsp;&nbsp;&nbsp; 8730 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 590.00 | USD | 506 | &nbsp;&nbsp;&nbsp;&nbsp; 968 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 600.00 | USD | 506 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 675.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 107040 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 680.00 | USD | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 105910 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 110.00 | USD | 456 | &nbsp;&nbsp;&nbsp;&nbsp; 51430 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 470.00 | USD | 2636 | &nbsp;&nbsp;&nbsp;&nbsp; 161650 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 475.00 | USD | 2437 | &nbsp;&nbsp;&nbsp;&nbsp; 123602 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 67.50 | USD | 444 | &nbsp;&nbsp;&nbsp;&nbsp; 19520 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 70.00 | USD | 389 | &nbsp;&nbsp;&nbsp;&nbsp; 8708 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 150.00 | USD | 2228 | &nbsp;&nbsp;&nbsp;&nbsp; 143467 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 170.00 | USD | 765 | &nbsp;&nbsp;&nbsp;&nbsp; 171675 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Oracle Corp. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 175.00 | USD | 721 | &nbsp;&nbsp;&nbsp;&nbsp; $143797  |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 295.00 | USD | 534 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 270.00 | USD | 436 | &nbsp;&nbsp;&nbsp;&nbsp; 13040 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 620.00 | USD | 7600 | &nbsp;&nbsp;&nbsp;&nbsp; 80503 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 475 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 450.00 | USD | 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 7680 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 54.00 | EUR | 968 | &nbsp;&nbsp;&nbsp;&nbsp; 64882 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 135.00 | USD | 282 | &nbsp;&nbsp;&nbsp;&nbsp; 7245 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 120.00 | USD | 488 | &nbsp;&nbsp;&nbsp;&nbsp; 40755 |
| &nbsp;&nbsp;&nbsp; Vista Energy Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 180.00 | USD | 407 | &nbsp;&nbsp;&nbsp;&nbsp; 36907 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 115.00 | USD | 409 | &nbsp;&nbsp;&nbsp;&nbsp; 31350 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 80.00 | USD | 2203 | &nbsp;&nbsp;&nbsp;&nbsp; 65587 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 60.00 | USD | 176 | &nbsp;&nbsp;&nbsp;&nbsp; 9240 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 185.00 | USD | 479 | &nbsp;&nbsp;&nbsp;&nbsp; 15728 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 468 | &nbsp;&nbsp;&nbsp;&nbsp; 18315 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | EUR | 210.00 | EUR | 3769 | &nbsp;&nbsp;&nbsp;&nbsp; 56873 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 220.00 | USD | 5201 | &nbsp;&nbsp;&nbsp;&nbsp; 118813 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 740.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 62600 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 505.00 | USD | 746 | &nbsp;&nbsp;&nbsp;&nbsp; 20700 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1320.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; 61687 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 160.00 | USD | 901 | &nbsp;&nbsp;&nbsp;&nbsp; 43605 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 310.00 | USD | 15302 | &nbsp;&nbsp;&nbsp;&nbsp; 268570 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 320.00 | USD | 23777 | &nbsp;&nbsp;&nbsp;&nbsp; 190710 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 315.00 | USD | 5213 | &nbsp;&nbsp;&nbsp;&nbsp; 62842 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 105.00 | USD | 1056 | &nbsp;&nbsp;&nbsp;&nbsp; 7020 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 125.00 | USD | 583 | &nbsp;&nbsp;&nbsp;&nbsp; 22678 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 85.00 | USD | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 22535 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 383 | &nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 911 | &nbsp;&nbsp;&nbsp;&nbsp; 24129 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 200.00 | EUR | 3387 | &nbsp;&nbsp;&nbsp;&nbsp; 178636 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 270.00 | USD | 1358 | &nbsp;&nbsp;&nbsp;&nbsp; 59670 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 632 | &nbsp;&nbsp;&nbsp;&nbsp; 48800 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 325.00 | USD | 14601 | &nbsp;&nbsp;&nbsp;&nbsp; 167650 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 100.00 | USD | 1134 | &nbsp;&nbsp;&nbsp;&nbsp; 43210 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 322 | &nbsp;&nbsp;&nbsp;&nbsp; 15990 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 85.00 | USD | 1739 | &nbsp;&nbsp;&nbsp;&nbsp; 64123 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4808830 |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 500.00 | USD | 8992 | &nbsp;&nbsp;&nbsp;&nbsp; 9454 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 198.00 | USD | 10077 | &nbsp;&nbsp;&nbsp;&nbsp; 16812 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 570.00 | USD | 10071 | &nbsp;&nbsp;&nbsp;&nbsp; 8965 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 190.00 | USD | 3236 | &nbsp;&nbsp;&nbsp;&nbsp; 24124 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 85.00 | USD | 1951 | &nbsp;&nbsp;&nbsp;&nbsp; 42650 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102005 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4910835 |

---

&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* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | Up-and-out | Bank of America N.A. | 09/26/25 | USD | 1.18 | USD | 1.25 | EUR | 4725 | &nbsp;&nbsp; $52525 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**OTC Currency Options Purchased** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 08/06/25<br> &nbsp;&nbsp; CNH | 7.05 | USD | &nbsp;&nbsp; 20715 | $35630 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Trust* | *Received by the Trust* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 5.00% | CDX.NA.HY.44.V1 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 08/20/25 |  | USD 104.00 | USD | 2400 | $4809 |

---

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

<sup>(a)</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 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, 07/12/35 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | Deutsche Bank AG | 07/10/25 | 3.50<br> % <br>| USD | 18936 | $11180  |
| &nbsp;&nbsp;&nbsp; 3-Year Interest Rate Swap, 08/20/28 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.50 | USD | 22532 | 143892 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.65% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.65 | USD | 11435 | 232910 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/22/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.50 | GBP | 91516 | 403731 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/01/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.60% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 3.60 | GBP | 113270 | 597763 |
|  |  |  |  |  |  |  |  |  |  | $1389476 |

---

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 5Y-30Y CMS Index, Cap | 0.69<br> % <br>| Deutsche Bank AG | 09/02/25 | USD | 139180 | &nbsp;&nbsp; $(43062)<br>| &nbsp;&nbsp; $(64718)<br>| &nbsp;&nbsp; $21656 |

---

**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; Nikkei 225 Index | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 41000.00 | JPY | 2105344 | &nbsp;&nbsp;&nbsp;&nbsp; $(128190 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | USD | 625.00 | USD | 18659 | &nbsp;&nbsp;&nbsp;&nbsp; (71574)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 185.00 | USD | 1614 | &nbsp;&nbsp;&nbsp;&nbsp; (14970)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 220.00 | USD | 2347 | &nbsp;&nbsp;&nbsp;&nbsp; (55907)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 48.00 | USD | 658 | &nbsp;&nbsp;&nbsp;&nbsp; (12163)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 210.00 | USD | 880 | &nbsp;&nbsp;&nbsp;&nbsp; (22050)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 210.00 | USD | 1106 | &nbsp;&nbsp;&nbsp;&nbsp; (36400)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 155.00 | USD | 430 | &nbsp;&nbsp;&nbsp;&nbsp; (645)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 65.00 | USD | 402 | &nbsp;&nbsp;&nbsp;&nbsp; (794)<br>|
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 42.00 | USD | 9502 | &nbsp;&nbsp;&nbsp;&nbsp; (18095)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 630.00 | USD | 15199 | &nbsp;&nbsp;&nbsp;&nbsp; (61008)<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 62.00 | EUR | 968 | &nbsp;&nbsp;&nbsp;&nbsp; (3234)<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 125.00 | USD | 1258 | &nbsp;&nbsp;&nbsp;&nbsp; (71295)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 200.00 | USD | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; (13632)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 235.00 | USD | 3379 | &nbsp;&nbsp;&nbsp;&nbsp; (73150)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 230.00 | USD | 3057 | &nbsp;&nbsp;&nbsp;&nbsp; (22946)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Bank of America Corp. | &nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 50.00 | USD | 2579 | &nbsp;&nbsp;&nbsp;&nbsp; $(37060 )<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 965 | &nbsp;&nbsp;&nbsp;&nbsp; (21262)<br>|
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 460.00 | USD | 285 | &nbsp;&nbsp;&nbsp;&nbsp; (4935)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 900.00 | USD | 1481 | &nbsp;&nbsp;&nbsp;&nbsp; (20282)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 48.00 | USD | 251 | &nbsp;&nbsp;&nbsp;&nbsp; (4437)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 290.00 | USD | 2290 | &nbsp;&nbsp;&nbsp;&nbsp; (75642)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 780.00 | USD | 2510 | &nbsp;&nbsp;&nbsp;&nbsp; (74970)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; (18360)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 125.00 | USD | 468 | &nbsp;&nbsp;&nbsp;&nbsp; (24035)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 135.00 | USD | 2872 | &nbsp;&nbsp;&nbsp;&nbsp; (67104)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1500.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; (15645)<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 80.00 | USD | 840 | &nbsp;&nbsp;&nbsp;&nbsp; (3993)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 165.00 | USD | 2243 | &nbsp;&nbsp;&nbsp;&nbsp; (77390)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 200.00 | USD | 1509 | &nbsp;&nbsp;&nbsp;&nbsp; (159217)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 220.00 | USD | 3236 | &nbsp;&nbsp;&nbsp;&nbsp; (148740)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 436 | &nbsp;&nbsp;&nbsp;&nbsp; (4280)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 325.00 | USD | 15302 | &nbsp;&nbsp;&nbsp;&nbsp; (79818)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 340.00 | USD | 23777 | &nbsp;&nbsp;&nbsp;&nbsp; (35880)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 335.00 | USD | 5213 | &nbsp;&nbsp;&nbsp;&nbsp; (11628)<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 145.00 | USD | 488 | &nbsp;&nbsp;&nbsp;&nbsp; (19380)<br>|
| &nbsp;&nbsp;&nbsp; Vista Energy Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 210.00 | USD | 407 | &nbsp;&nbsp;&nbsp;&nbsp; (21210)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 115.00 | USD | 1056 | &nbsp;&nbsp;&nbsp;&nbsp; (1296)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 130.00 | USD | 422 | &nbsp;&nbsp;&nbsp;&nbsp; (9418)<br>|
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 310.00 | USD | 197 | &nbsp;&nbsp;&nbsp;&nbsp; (2625)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 200.00 | USD | 1082 | &nbsp;&nbsp;&nbsp;&nbsp; (21502)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 240.00 | USD | 1733 | &nbsp;&nbsp;&nbsp;&nbsp; (45030)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 284 | &nbsp;&nbsp;&nbsp;&nbsp; (5750)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 1334 | &nbsp;&nbsp;&nbsp;&nbsp; (18883)<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 670 | &nbsp;&nbsp;&nbsp;&nbsp; (17440)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 349 | &nbsp;&nbsp;&nbsp;&nbsp; (9165)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 258 | &nbsp;&nbsp;&nbsp;&nbsp; (2304)<br>|
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 460.00 | USD | 407 | &nbsp;&nbsp;&nbsp;&nbsp; (10600)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 940.00 | USD | 857 | &nbsp;&nbsp;&nbsp;&nbsp; (13310)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 70.00 | USD | 327 | &nbsp;&nbsp;&nbsp;&nbsp; (4200)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 50.00 | USD | 303 | &nbsp;&nbsp;&nbsp;&nbsp; (6090)<br>|
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 166 | &nbsp;&nbsp;&nbsp;&nbsp; (1620)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 860.00 | USD | 473 | &nbsp;&nbsp;&nbsp;&nbsp; (9000)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 600.00 | USD | 380 | &nbsp;&nbsp;&nbsp;&nbsp; (8505)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 820.00 | USD | 960 | &nbsp;&nbsp;&nbsp;&nbsp; (24310)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 431 | &nbsp;&nbsp;&nbsp;&nbsp; (5740)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 540.00 | USD | 2089 | &nbsp;&nbsp;&nbsp;&nbsp; (25305)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 1480.00 | USD | 268 | &nbsp;&nbsp;&nbsp;&nbsp; (8390)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 250.00 | USD | 787 | &nbsp;&nbsp;&nbsp;&nbsp; (24390)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 310.00 | USD | 573 | &nbsp;&nbsp;&nbsp;&nbsp; (11813)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 420.00 | USD | 349 | &nbsp;&nbsp;&nbsp;&nbsp; (9818)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 242 | &nbsp;&nbsp;&nbsp;&nbsp; (3051)<br>|
| &nbsp;&nbsp;&nbsp; Vista Energy Corp. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 220.00 | USD | 1260 | &nbsp;&nbsp;&nbsp;&nbsp; (72312)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 135.00 | USD | 298 | &nbsp;&nbsp;&nbsp;&nbsp; (5772)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 632 | &nbsp;&nbsp;&nbsp;&nbsp; (19000)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 1916 | &nbsp;&nbsp;&nbsp;&nbsp; (41580)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 2852 | &nbsp;&nbsp;&nbsp;&nbsp; (60450)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 3980 | &nbsp;&nbsp;&nbsp;&nbsp; (91665)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 380.00 | USD | 1599 | &nbsp;&nbsp;&nbsp;&nbsp; (36830)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 1000.00 | USD | 1559 | &nbsp;&nbsp;&nbsp;&nbsp; (36350)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 940.00 | USD | 2067 | &nbsp;&nbsp;&nbsp;&nbsp; (43610)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 580.00 | USD | 4327 | &nbsp;&nbsp;&nbsp;&nbsp; (58290)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 3065 | &nbsp;&nbsp;&nbsp;&nbsp; (64020)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2360755)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 189.00 | USD | 10077 | &nbsp;&nbsp;&nbsp;&nbsp; (7005)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 540.00 | USD | 337 | &nbsp;&nbsp;&nbsp;&nbsp; (1668)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 255.00 | USD | 267 | &nbsp;&nbsp;&nbsp;&nbsp; $(2425 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 290.00 | USD | 5426 | &nbsp;&nbsp;&nbsp;&nbsp; (8455)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 300.00 | USD | 3719 | &nbsp;&nbsp;&nbsp;&nbsp; (27084)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 350 | &nbsp;&nbsp;&nbsp;&nbsp; (1240)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 165.00 | USD | 479 | &nbsp;&nbsp;&nbsp;&nbsp; (9720)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 700.00 | USD | 468 | &nbsp;&nbsp;&nbsp;&nbsp; (9690)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 465.00 | USD | 869 | &nbsp;&nbsp;&nbsp;&nbsp; (8400)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 620.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; (8960)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 440.00 | USD | 746 | &nbsp;&nbsp;&nbsp;&nbsp; (3555)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1100.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; (5933)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 11888 | &nbsp;&nbsp;&nbsp;&nbsp; (159900)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 295.00 | USD | 3719 | &nbsp;&nbsp;&nbsp;&nbsp; (30561)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 110.00 | USD | 583 | &nbsp;&nbsp;&nbsp;&nbsp; (4348)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 67.50 | USD | 1450 | &nbsp;&nbsp;&nbsp;&nbsp; (6154)<br>|
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 383 | &nbsp;&nbsp;&nbsp;&nbsp; (12150)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 75.00 | USD | 911 | &nbsp;&nbsp;&nbsp;&nbsp; (11984)<br>|
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 70.00 | USD | 1951 | &nbsp;&nbsp;&nbsp;&nbsp; (16745)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 165.00 | EUR | 1688 | &nbsp;&nbsp;&nbsp;&nbsp; (10637)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 1358 | &nbsp;&nbsp;&nbsp;&nbsp; (12495)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 103.00 | USD | 7793 | &nbsp;&nbsp;&nbsp;&nbsp; (142911)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 290.00 | USD | 14601 | &nbsp;&nbsp;&nbsp;&nbsp; (123582)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 1134 | &nbsp;&nbsp;&nbsp;&nbsp; (19082)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 110.00 | USD | 322 | &nbsp;&nbsp;&nbsp;&nbsp; (3861)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (648545)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3009300)<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* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | &nbsp;&nbsp; 07/29/25 | &nbsp;&nbsp; USD | 1.17 | EUR | &nbsp;&nbsp; 8561 | $(173886)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; CNH | 6.90 | USD | &nbsp;&nbsp; 20715 | (9301)<br>|
|  |  |  |  |  |  |  | $(183187)<br>|

---

**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  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 3-Year Interest Rate Swap, <br> 08/20/28<br>| 3.20% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.20<br> % <br>| USD | 22532 | $(54841 )<br>|
| &nbsp;&nbsp; 30-Year Interest Rate Swap, <br> 08/29/55<br>| 3.60% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 08/27/25 | 3.60 | USD | 7555 | (45489)<br>|
| &nbsp;&nbsp; 5-Year Interest Rate Swap, <br> 09/04/30<br>| 2.05% | Annual | 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/02/25 | 2.05 | EUR | 9575 | (14257)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/05/27<br>| 3.25% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/03/25 | 3.25 | USD | 19003 | (43380)<br>|
| &nbsp;&nbsp; 5-Year Interest Rate Swap, <br> 09/14/30<br>| 3.23% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Bank of America N.A. | 09/12/25 | 3.23 | USD | 28819 | (145414)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/24/27<br>| 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/22/25 | 3.05 | USD | 60880 | (108223)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/24/27<br>| 3.30% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 09/22/25 | 3.30 | USD | 44761 | (147533)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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* |
| Call (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/28/27<br>| 3.08% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 09/26/25 | 3.08<br> % <br>| USD | 56195 | $(114633 )<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 10/01/27<br>| 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/29/25 | 3.05 | USD | 30832 | (60392)<br>|
| &nbsp;&nbsp; 5-Year Interest Rate Swap, <br> 10/02/30<br>| 3.00% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/30/25 | 3.00 | USD | 22813 | (72327)<br>|
| &nbsp;&nbsp; 30-Year Interest Rate Swap, <br> 11/28/55<br>| 3.15% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.15 | USD | 11435 | (54190)<br>|
| &nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 04/22/27<br>| 3.10% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.10 | GBP | 91516 | (208397)<br>|
| &nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 05/01/27<br>| 2.80% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 2.80 | GBP | 113270 | (161671)<br>|
|  |  |  |  |  |  |  |  |  |  | (1230747)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 10-Year Interest Rate Swap, <br> 07/09/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.75% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 07/07/25 | 3.75 | USD | 5392 | (10748)<br>|
| &nbsp;&nbsp; 10-Year Interest Rate Swap, <br> 07/12/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.30% | Annual | Deutsche Bank AG | 07/10/25 | 4.30 | USD | 9468 | (2)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/12/27<br>| &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.15% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 09/10/25 | 2.15 | EUR | 39614 | (38798)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/17/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | UBS AG | 09/15/25 | 3.95 | USD | 57638 | (13503)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 09/24/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.90% | Annual | BNP Paribas SA | 09/22/25 | 3.90 | USD | 30104 | (10794)<br>|
| &nbsp;&nbsp; 5-Year Interest Rate Swap, <br> 09/27/30<br>| &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.50% | Annual | Deutsche Bank AG | 09/25/25 | 2.50 | EUR | 16915 | (43444)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 11/08/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.80% | Annual | Citibank N.A. | 11/06/25 | 3.80 | USD | 47111 | (45465)<br>|
| &nbsp;&nbsp; 5-Year Interest Rate Swap, <br> 11/08/30<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.10% | Annual | Deutsche Bank AG | 11/06/25 | 4.10 | USD | 13136 | (19580)<br>|
| &nbsp;&nbsp; 2-Year Interest Rate Swap, <br> 11/12/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | &nbsp;&nbsp; Nomura International <br> PLC<br>| 11/10/25 | 3.95 | USD | 10545 | (6171)<br>|
| &nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 04/22/27<br>| &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.20% | Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 4.20 | GBP | 91516 | (61784)<br>|
| &nbsp;&nbsp; 1-Year Interest Rate Swap, <br> 05/01/27<br>| &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.10% | Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 4.10 | GBP | 113270 | (104192)<br>|
|  |  |  |  |  |  |  |  |  |  | (354481)<br>|
|  |  |  |  |  |  |  |  |  |  | $(1585228)<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 | 3367 | &nbsp;&nbsp;&nbsp; $253933 | &nbsp;&nbsp;&nbsp; $73581 | &nbsp;&nbsp;&nbsp; $180352 |
| iTraxx.XO.42.V2 | 5.00 | Quarterly | 12/20/29 | B | EUR | 23396 | &nbsp;&nbsp;&nbsp; 2502386 | &nbsp;&nbsp;&nbsp; 1929829 | &nbsp;&nbsp;&nbsp; 572557 |
| iTraxx.XO.43.V1 | 5.00 | Quarterly | 06/20/30 | B+ | EUR | 964 | &nbsp;&nbsp;&nbsp; 107210 | &nbsp;&nbsp;&nbsp; 94159 | &nbsp;&nbsp;&nbsp; 13051 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $2863529 | &nbsp;&nbsp;&nbsp; $2097569 | &nbsp;&nbsp;&nbsp; $765960 |

---

&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.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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; $53569 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $53539 |

---

**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)* |
| 1-day FEDL, 4.33% | At Termination | 4.24% | At Termination | N/A | 07/30/25 | USD | 237860 | $(27723)<br>| $189 | $(27912)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.28% | At Termination | 07/30/25 <br><sup>(a)</sup><br>| 09/17/25 | USD | 122820 | 2255 | 141 | 2114 |
| 1-day SOFR, 4.45% | Annual | 5.00% | Annual | N/A | 10/02/25 | USD | 169290 | 859800 | 3699 | 856101 |
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 2893937 | 50415 | 33 | 50382 |
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 43825 | 128898 | 77 | 128821 |
| 1-day SOFR, 4.45% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 16044 | 55520 | 28 | 55492 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 25216 | (6143)<br>| 46 | (6189)<br>|
| 1-day SOFR, 4.45% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 30249 | 71386 | 56 | 71330 |
| 1-day SOFR, 4.45% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 25254 | 118708 | 49 | 118659 |
| 1-day SOFR, 4.45% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 11267 | 20430 | 27 | 20403 |
| 4.69% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 10/02/26 | USD | 115533 | (1472195)<br>| (10689)<br>| (1461506)<br>|
| 1-day SOFR, 4.45% | At Termination | 4.17% | At Termination | 10/23/25 <br><sup>(a)</sup><br>| 10/23/26 | USD | 19696 | 127000 | 36 | 126964 |
| 1-day SOFR, 4.45% | At Termination | 4.21% | At Termination | 10/27/25 <br><sup>(a)</sup><br>| 10/27/26 | USD | 39419 | 274674 | 72 | 274602 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 39747 | 21223 | 121 | 21102 |
| 1-day SOFR, 4.45% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 36165 | 188513 | 127 | 188386 |
| 1-day SOFR, 4.45% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 9910 | (44005)<br>| 37 | (44042)<br>|
| 1-day MIBOR, 5.52% | Semi Annual | 6.34% | Semi Annual | N/A | 03/20/27 | INR | 203365 | 34612 | 16 | 34596 |
| 1-day SOFR, 4.45% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 30153 | 319151 | 129 | 319022 |
| 1-day SOFR, 4.45% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 30153 | 348166 | 137 | 348029 |
| 1-day SOFR, 4.45% | Annual | 3.30% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 7036 | 9 | 32 | (23)<br>|
| 1-day SOFR, 4.45% | Annual | 4.20% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 10250 | 175884 | 47 | 175837 |
| 1-day SOFR, 4.45% | Annual | 3.92% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4880 | 59094 | 22 | 59072 |
| 1-day SOFR, 4.45% | Annual | 3.95% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4880 | 61877 | 22 | 61855 |
| 1-day SOFR, 4.45% | Annual | 3.99% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 9761 | 130247 | 44 | 130203 |
| 1-day SOFR, 4.45% | Annual | 4.07% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 19787 | 296081 | 90 | 295991 |
| 1-day SOFR, 4.45% | Annual | 3.86% | Annual | 11/10/25 <br><sup>(a)</sup><br>| 11/10/27 | USD | 20267 | 226090 | 92 | 225998 |
| 1-day SOFR, 4.45% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 27289 | 139034 | 118 | 138916 |
| 3.45% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 01/26/28 | USD | 24493 | (109402)<br>| 106 | (109508)<br>|
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 24493 | 363609 | 106 | 363503 |
| 3.27% | Annual | 1-day SOFR, 4.45% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | (31363)<br>| 107 | (31470)<br>|
| 1-day SOFR, 4.45% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 24747 | 312046 | 107 | 311939 |
| 1-day SONIA, 4.22% | At Termination | 3.18% | At Termination | 02/10/27 <br><sup>(a)</sup><br>| 02/10/28 | GBP | 85657 | (325619)<br>| 524 | (326143)<br>|
| 1-day SONIA, 4.22% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6480 | 314729 | (12)<br>| 314741 |
| 1-day SOFR, 4.45% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 81301 | 2488192 | 13026 | 2475166 |
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 13191 | 408600 | 86 | 408514 |
| 1-day SONIA, 4.22% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 6091 | 116012 | 204 | 115808 |
| 1-day SONIA, 4.22% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 6085 | 116958 | 206 | 116752 |
| 1-day SOFR, 4.45% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21232 | 19182 | 97 | 19085 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 15660 | 575307 | 125 | 575182 |
| 1-day MIBOR, 5.52% | Quarterly | 6.26% | Quarterly | N/A | 03/20/29 | INR | 62930 | 15933 | 8 | 15925 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.30% | Semi Annual | N/A | 03/20/29 | INR | 76915 | 20689 | 10 | 20679 |
| 1-day SOFR, 4.45% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 35313 | 437564 | 245 | 437319 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 21208 | 435388 | 152 | 435236 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 16044 | 359751 | 115 | 359636 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 25216 | 523533 | 183 | 523350 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 12604 | 263805 | 92 | 263713 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 17653 | 577035 | 144 | 576891 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 25231 | 536303 | 185 | 536118 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 12874 | 400268 | 111 | 400157 |
| 1-day SOFR, 4.45% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 12616 | 50268 | 103 | 50165 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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 TIIEFONDEO, 8.14% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | $231847 | $33 | $231814 |
| 1-day SONIA, 4.22% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 13498 | 238592 | 436 | 238156 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 13498 | 310880 | 117 | 310763 |
| 1-day SOFR, 4.45% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 14200 | (175132)<br>| 125 | (175257)<br>|
| 1-day SOFR, 4.45% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12058 | 230235 | 107 | 230128 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 2989 | (10098)<br>| 33 | (10131)<br>|
| 0.02% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual | N/A | 08/26/31 | EUR | 9317 | 1562230 | 127 | 1562103 |
| 1-day ESTR, 1,956.39% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 7414 | (76564)<br>| 104 | (76668)<br>|
| 1-day SOFR, 4.45% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 13769 | (321731)<br>| 127 | (321858)<br>|
| 1-day SOFR, 4.45% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 121626 | 5902922 | 8996 | 5893926 |
| 4.40% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/01/33 | USD | 11317 | (636313)<br>| 162 | (636475)<br>|
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 9940 | 256229 | 138 | 256091 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 2863 | 73853 | 40 | 73813 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.34% | Semi Annual | N/A | 03/20/34 | INR | 25865 | 10364 | 5 | 10359 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.35% | Semi Annual | N/A | 03/20/34 | INR | 25865 | 10573 | 5 | 10568 |
| 1-day SOFR, 4.45% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 8496 | (55523)<br>| 132 | (55655)<br>|
| 1-day SOFR, 4.45% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 13998 | (58580)<br>| 221 | (58801)<br>|
| 1-day SOFR, 4.45% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 10993 | (16645)<br>| 174 | (16819)<br>|
| 1-day SOFR, 4.45% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 10876 | 45955 | 176 | 45779 |
| 3.46% | Annual | 1-day SOFR, 4.45% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4853 | 128801 | 80 | 128721 |
| 4.25% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 09/29/43 | USD | 1467 | (50933)<br>| 944 | (51877)<br>|
| 3.65% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/03/53 | USD | 5251 | 292067 | 164 | 291903 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 5251 | 34504 | 164 | 34340 |
| 3.65% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/02/54 | USD | 31110 | 1703873 | 9782 | 1694091 |
| 1-day SONIA, 4.22% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 4800 | (407550)<br>| 22712 | (430262)<br>|
|  |  |  |  |  |  |  |  | $19251645 | $55932 | $19195713 |

---

&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 | $(88195 )<br>| $81515  | $(169710 )<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 2160 | (51487)<br>| 45950 | (97437)<br>|
| Boeing, Co. | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 800 | (11393)<br>| (2798)<br>| (8595)<br>|
| Boeing, Co. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 800 | (11695)<br>| 7808 | (19503)<br>|
| TIM S.p.A. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | EUR | 190 | 1191 | 8494 | (7303)<br>|
|  |  |  |  |  |  |  | $(161579)<br>| $140969 | $(302548)<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>|
| Vistra Operations Company LLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | USD | 642 | $15147  | $5629  | $9518  |
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 293 | (54678)<br>| (50443)<br>| (4235)<br>|
| Eutelsat S.A. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | B | EUR | 102 | 11229 | (9319)<br>| 20548 |
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 103 | 6346 | 6753 | (407)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 662 | 101525 | 82778 | 18747 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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>|
| Vistra Operations Company LLC | 5.00<br> % <br>| Quarterly | Citibank N.A. | 12/20/29 | BB+ | USD | 80 | $14201  | $12954  | $1247  |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/30 | B | EUR | 89 | 9923 | 2881 | 7042 |
|  |  |  |  |  |  |  |  | $103693 | $51233 | $52460 |

---

&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> 1.95%<br>| Quarterly | 2.60% | Quarterly | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/15/26 | CNY | 157107 | $290960 | $— | $290960 |
| &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 | (269238)<br>|  | (269238)<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 | (243102)<br>|  | (243102)<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 | (1793)<br>|  | (1793)<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 | (334785)<br>|  | (334785)<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 | (320922)<br>|  | (320922)<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 | (493003)<br>|  | (493003)<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 | (276760)<br>|  | (276760)<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 | (279235)<br>|  | (279235)<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 | (272746)<br>|  | (272746)<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 | (643)<br>|  | (643)<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 | 2468 |  | 2468 |
| &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 | 1604 |  | 1604 |
| &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 | 26237 |  | 26237 |
|  |  |  |  |  |  |  |  |  | $(2170958)<br>| $— | $(2170958)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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 $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.65%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 3592 | $(49772 )<br>| $—  | $(49772 )<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.65%, 4.45%<br>| Quarterly | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 09/19/25 | USD | 5629 | (78009)<br>|  | (78009)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.75%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 5681 | (84084)<br>| (1671)<br>| (82413)<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 2868 | 3560 |  | 3560 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.55%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 2250 | 22059 |  | 22059 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 1433 | 2136 |  | 2136 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.40%, 4.45%<br>| Quarterly | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| Quarterly | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 09/19/25 | USD | 2785 | 35046 |  | 35046 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 4.45%<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 | 09/19/25 | USD | 2390 | 31076 |  | 31076 |
|  |  |  |  |  |  |  |  |  | $(117988)<br>| $(1671)<br>| $(116317)<br>|

---

**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 | $170632 | 07/28/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $—  |
| AMC Networks, Inc., Class A | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374591 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (26638)<br>|
| Eagle Bancorp, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60395 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6149 |
| Flagstar Financial, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071738 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (113052)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  |  | &nbsp;&nbsp; (133541)<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> |
| Atlantic Union Bankshares Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48515) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31 |
| Community Bank System, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81094) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 566 |
| CVB Financial Corp. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71678) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2357)<br>|
| Etoro Group, Ltd., Class A | Barclays Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1120062) | 07/28/25 | (3.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (114583)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2311344) | 02/09/26 | (0.48)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51081)<br>|
| Provident Financial Services, Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88230) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3452)<br>|
| Servisfirst Bancshares Inc. | JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95568) | 02/09/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2870)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; SPDR Bloomberg High Yield Bond <br> ETF<br>| Citibank N.A. | $(4795159) | 02/24/28 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(42272 )<br>|
| &nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term <br> Corporate Bond ETF<br>| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1558257) | 02/09/26 | (0.33)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (32811)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (248829)<br>|
| 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; (382370)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (13476)<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; $(395846)<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; $2164232  | &nbsp;&nbsp;&nbsp;&nbsp; $(10701 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $23855808  | &nbsp;&nbsp;&nbsp;&nbsp; $(3840596 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| OTC Swaps | &nbsp;&nbsp; 254762 | &nbsp;&nbsp;&nbsp;&nbsp; (64231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 478994 | &nbsp;&nbsp;&nbsp;&nbsp; (3412203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; (5042294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1553877 | &nbsp;&nbsp;&nbsp;&nbsp; (1332360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4820777)<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; $843280  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3392974  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $4236254  |
| &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; 1245451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1245451 |
| &nbsp;&nbsp;&nbsp; Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4809 | &nbsp;&nbsp; 4910835 | &nbsp;&nbsp; 88155 | &nbsp;&nbsp; 1389476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6393275 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 765960 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23036309 | &nbsp;&nbsp; 53539 | &nbsp;&nbsp; 23855808 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 311864 | &nbsp;&nbsp; 100623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 321269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 733756 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1082633 | &nbsp;&nbsp; $5854738 | &nbsp;&nbsp; $1333606 | &nbsp;&nbsp; $28140028 | &nbsp;&nbsp; $53539 | &nbsp;&nbsp; $36464544 |
| **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; $5208709  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $7634917  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $12843626  |
| &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; 9663813 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9663813 |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3009300 | &nbsp;&nbsp; 183187 | &nbsp;&nbsp; 1628290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4820777 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3840596  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $3840596  |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 369750 | &nbsp;&nbsp; 614457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2492227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3476434 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $369750 | &nbsp;&nbsp; $8832466 | &nbsp;&nbsp; $9847000 | &nbsp;&nbsp; $15596030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34645246 |

---

&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 June 30, 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; $13640798  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(294911 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $13345887  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23264886)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23264886)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 2678 | &nbsp;&nbsp; (4869993)<br>| &nbsp;&nbsp; (189977)<br>| &nbsp;&nbsp; (834828)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5892120)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 3588930 | &nbsp;&nbsp; 318730 | &nbsp;&nbsp; 1436589 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5344544 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 457299 | &nbsp;&nbsp; (1841190)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (166968)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1550859)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $460272 | &nbsp;&nbsp; $10518545 | &nbsp;&nbsp; $(23136133)<br>| &nbsp;&nbsp; $139882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12017434)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(9825405 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(4873621 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(14699026 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13837976)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13837976)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (7431)<br>| &nbsp;&nbsp; 3453156 | &nbsp;&nbsp; (71574)<br>| &nbsp;&nbsp; 497636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3871787 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (80)<br>| &nbsp;&nbsp; (109045)<br>| &nbsp;&nbsp; 732309 | &nbsp;&nbsp; — | &nbsp;&nbsp; 623184 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 613220 | &nbsp;&nbsp; (686723)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 15537820 | &nbsp;&nbsp; (2822)<br>| &nbsp;&nbsp; 15461495 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $605789 | &nbsp;&nbsp; $(7059052)<br>| &nbsp;&nbsp; $(14018595)<br>| &nbsp;&nbsp; $11894144 | &nbsp;&nbsp; $(2822)<br>| &nbsp;&nbsp; $(8580536)<br>|

---

&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; $367061711 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 639467081 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 417787100 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 88486197 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 5086479 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 3238197 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | &nbsp;&nbsp; 179557292 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | &nbsp;&nbsp; 604642010 |
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 8509232 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 32448023 |
| Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | &nbsp;&nbsp; 248989235 |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 1651539898 |
| Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 1609716 |
| Total return swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value | &nbsp;&nbsp; 23087316 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; $1655829 |
| &nbsp;&nbsp;&nbsp; Average notional value — short | &nbsp;&nbsp; 10398821 |

---

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; $855452  | &nbsp;&nbsp;&nbsp;&nbsp; $1674046  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 1245451 | &nbsp;&nbsp;&nbsp;&nbsp; 9663813 |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; 6393275 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4820777 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; 1151629 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 733756 | &nbsp;&nbsp;&nbsp;&nbsp; 3476434 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 10379563 | &nbsp;&nbsp;&nbsp;&nbsp; 19635070 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (6917916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4683346)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $3461647 | &nbsp;&nbsp;&nbsp;&nbsp; $14951724 |

---

&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; $218445  | &nbsp;&nbsp; $(218445 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 595869 | &nbsp;&nbsp; (595869)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 138297 | &nbsp;&nbsp; (138297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 96194 | &nbsp;&nbsp; (96194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 160996 | &nbsp;&nbsp; (160996)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 308147 | &nbsp;&nbsp; (308147)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4903 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4903 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 346027 | &nbsp;&nbsp; (346027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1361608 | &nbsp;&nbsp; (1361608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 27084 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27084 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 25240 | &nbsp;&nbsp; (25240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 155144 | &nbsp;&nbsp; (28110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127034 |
| UBS AG | &nbsp;&nbsp; 23693 | &nbsp;&nbsp; (23693)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3461647 | &nbsp;&nbsp; $(3302626)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $159021 |

---

&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; $973682  | &nbsp;&nbsp; $(218445 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(755237 )<br>| &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 630451 | &nbsp;&nbsp; (595869)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34582)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 6260559 | &nbsp;&nbsp; (138297)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; 5622262 |
| Citibank N.A. | &nbsp;&nbsp; 2008076 | &nbsp;&nbsp; (96194)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (810000)<br>| &nbsp;&nbsp; 1101882 |
| Deutsche Bank AG | &nbsp;&nbsp; 1890905 | &nbsp;&nbsp; (160996)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1729909 |
| Goldman Sachs International | &nbsp;&nbsp; 407852 | &nbsp;&nbsp; (308147)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99705 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1109062 | &nbsp;&nbsp; (346027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (710000)<br>| &nbsp;&nbsp; 53035 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1386612 | &nbsp;&nbsp; (1361608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25004 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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>|
| Nomura International PLC | &nbsp;&nbsp; $6171  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $6171  |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 208163 | &nbsp;&nbsp; (25240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 182923 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 28110 | &nbsp;&nbsp; (28110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 28605 | &nbsp;&nbsp; (23693)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4912 |
|  | &nbsp;&nbsp; $14938248 | &nbsp;&nbsp; $(3302626)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2809819)<br>| &nbsp;&nbsp; $8825803 |

---

&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; $80451427  | &nbsp;&nbsp;&nbsp;&nbsp; $6379570  | &nbsp;&nbsp;&nbsp;&nbsp; $86830997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; 700278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 700278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; 17590918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17590918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16772 | &nbsp;&nbsp;&nbsp;&nbsp; 16772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 604929 | &nbsp;&nbsp;&nbsp;&nbsp; 18805233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19410162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8161766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8161766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27960132 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27960132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5704835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5704835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &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; Israel | &nbsp;&nbsp; 1234645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; 1238611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23049854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23049854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 621955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 621955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 369945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 369945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14299858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14299858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7261963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7261963 |
| &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; 17569962 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17569962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; 4821769 | &nbsp;&nbsp;&nbsp;&nbsp; 50133432 | &nbsp;&nbsp;&nbsp;&nbsp; 339489 | &nbsp;&nbsp;&nbsp;&nbsp; 55294690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 644689655 | &nbsp;&nbsp;&nbsp;&nbsp; 25974473 | &nbsp;&nbsp;&nbsp;&nbsp; 23154469 | &nbsp;&nbsp;&nbsp;&nbsp; 693818597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1422077 | &nbsp;&nbsp;&nbsp;&nbsp; 7710773 | &nbsp;&nbsp;&nbsp;&nbsp; 9132850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 982663 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 982663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 428450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 428450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 747952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 747952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14417073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14417073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 691148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 691148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 539295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 577751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 577751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costa Rica | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 421511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 421511 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Corporate Bonds (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $7320605  | &nbsp;&nbsp;&nbsp;&nbsp; $2455729  | &nbsp;&nbsp;&nbsp;&nbsp; $9776334  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 247086 | &nbsp;&nbsp;&nbsp;&nbsp; 5472037 | &nbsp;&nbsp;&nbsp;&nbsp; 4125191 | &nbsp;&nbsp;&nbsp;&nbsp; 9844314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1215899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1215899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1966196 | &nbsp;&nbsp;&nbsp;&nbsp; 2322540 | &nbsp;&nbsp;&nbsp;&nbsp; 4288736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 605158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 605158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1631359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1631359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; 213494 | &nbsp;&nbsp;&nbsp;&nbsp; 8987862 | &nbsp;&nbsp;&nbsp;&nbsp; 836368 | &nbsp;&nbsp;&nbsp;&nbsp; 10037724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1083683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1083683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 294277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5645394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5645394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 929601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 929601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3444786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3444786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morocco | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2473066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2473066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Panama | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 541618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 541618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1980258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1980258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2518165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2518165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316168 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 444903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukraine | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 592902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 592902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 351669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14843590 | &nbsp;&nbsp;&nbsp;&nbsp; 1420266 | &nbsp;&nbsp;&nbsp;&nbsp; 16263856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57342148 | &nbsp;&nbsp;&nbsp;&nbsp; 38562472 | &nbsp;&nbsp;&nbsp;&nbsp; 95904620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uzbekistan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zambia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9989415 | &nbsp;&nbsp;&nbsp;&nbsp; 9989415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67914518 | &nbsp;&nbsp;&nbsp;&nbsp; 63195151 | &nbsp;&nbsp;&nbsp;&nbsp; 131109669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26614782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26614782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 41543581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41543581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3656909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3656909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50957483 | &nbsp;&nbsp;&nbsp;&nbsp; 12496060 | &nbsp;&nbsp;&nbsp;&nbsp; 63453543 |
| &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; 3931013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3931013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72486316 | &nbsp;&nbsp;&nbsp;&nbsp; 72486316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170312186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170312186 |
| &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; 925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 925 |
| &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; 104146 | &nbsp;&nbsp;&nbsp;&nbsp; 104146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 35466 | &nbsp;&nbsp;&nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp;&nbsp; 5563781 | &nbsp;&nbsp;&nbsp;&nbsp; 5610152 |
| &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; 51859729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51859729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3440333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3440333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4809 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 4910835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4910835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88155 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Interest Rate Contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1389476  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1389476 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8882 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9792)<br>|
|  | &nbsp;&nbsp; $786023272 | &nbsp;&nbsp;&nbsp;&nbsp; $736233234 | &nbsp;&nbsp;&nbsp;&nbsp; $251152901 | &nbsp;&nbsp;&nbsp;&nbsp; 1773409407 |
| Investments Valued at NAV<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4197279 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1777606686 |
| 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; $823062  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $823062  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 23925 | &nbsp;&nbsp;&nbsp;&nbsp; 919978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 943903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1245451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1245451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 3392974 | &nbsp;&nbsp;&nbsp;&nbsp; 23357578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26750552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53539 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (307190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (307190)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (8218009)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (612786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8830795)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9847000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9847000)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (7634917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7961113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15596030)<br>|
|  | &nbsp;&nbsp; $(12436027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7671519 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4764508)<br>|

---

&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 period 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 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (307659)<br>| (5204913)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 121859 | 4683 | 79735 | 104010 |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | (18)<br>| (1658160)<br>| 12903 | (6906)<br>| 32439 | (4315948)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (361204)<br>| (1909318)<br>| (877850)<br>| 51095 | 1939304 | 118056 | 5092532 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | 2192708 | 15966647 |  | 2366376 | 680765 | 5395486 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (20174099)<br>| (1725073)<br>| (2527087)<br>| (478421)<br>| (10730768)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $6379570 | $23514696 | $57433339 | $9989415 | $63195151 | $12496060 | $72486316 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held <br> at June 30, 2025<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $(361204)<br>| $(1909318)<br>| $(372926)<br>| $46780 | $1954875 | $150495 | $1123184 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded* <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 | &nbsp;&nbsp;&nbsp;&nbsp; — | 959200 | 959200 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (5512572)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 310287 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (5935690)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (3672)<br>| 783695 | 4832638 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded*<br> *Rate Loan*<br> *Interests*<br>| *Warrants* | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $— | $26601982  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (35635448)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(9792)<br>| $5668146 | $251152901 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(3672)<br>| $813095 | $1441309 |

---

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

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

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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 $13,558,041.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *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; $23497924 | Market | Revenue Multiple | 2.61x - 8.50x | 3.20x |
|  |  |  | Volatility | 56% - 80% | 75% |
|  |  |  | Time to Exit | 0.3 - 5.7 years | 5.3 years |
|  |  |  | EBITDA | 15.75x - 24.87x | 22.97x |
|  |  |  | Gross Profit Multiple | 8.25x |  |
|  |  |  | Discount for lack of marketability | 10% |  |
|  |  | Income | Discount Rate | 10% |  |
| Asset Backed Securities | &nbsp;&nbsp; 4576850 | Income | Discount Rate | 7% |  |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 3366916 | Income | Discount Rate | 8% |  |
| Corporate Bonds | &nbsp;&nbsp; 57433339 | Income | Discount Rate | 7% - 30% | 13% |
|  |  | Market | Revenue Mulltiple | 3.75x |  |
|  |  |  | Volatility | 60% -60% | 60% |
|  |  |  | Time to Exit | 1.0 years |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 62445836 | Income | Discount Rate | 6% - 15% | 10% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 9117058 | Income | Discount Rate | 7% - 8% | 7% |
| Preferred Stocks<sup>(b)</sup> | &nbsp;&nbsp; 71488903 | Market | Revenue Multiple | 1.20x - 18.00x | 7.51x |
|  |  |  | Volatility | 37% - 90% | 66% |
|  |  |  | Time to Exit | 1.0 - 5.0 years | 2.9 years |
|  |  |  | Direct Profit Multiple | 4.50x |  |
|  |  |  | EBITDA Multiple | 8.50x |  |
|  |  |  | EBITDAR Multiple | 11.25x |  |
|  |  |  | Market Adjustment Multiple | 1.10x |  |
|  |  | Income | Discount Rate | 4% - 17% | 11% |
| Warrants | &nbsp;&nbsp; 5668034 | Market | Revenue Multiple | 3.75x -10.00x | 8.59x |
|  |  |  | Volatility | 33% - 80% | 60% |
|  |  |  | Time to Exit | 0.3 - 5.7 years | 3.3 years |
|  |  |  | Discount for lack of marketability | 10% |  |
|  |  | Income | Discount Rate | 15% - 19% | 15% |
|  | &nbsp;&nbsp; $237594860 |  |  |  |  |

---

&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 Stocks 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 $71,581 as of June 30, 2025. 

*See notes to consolidated financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)

June 30, 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> **— 0.5%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.5%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Apidos CLO XXXVI, Series 2021-36A, Class B, (3-<br> mo. CME Term SOFR + 1.86%), 6.13%, 07/20/34<br>| USD | 250 | &nbsp;&nbsp; $250510  |
| &nbsp;&nbsp;&nbsp; Battalion CLO IX Ltd., Series 2015-9A, Class DR, <br> (3-mo. CME Term SOFR + 3.51%), 7.77%, <br> 07/15/31<br>|  | 250 | &nbsp;&nbsp; 245101 |
| CarVal CLO VC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3-mo. CME Term SOFR <br> + 3.51%), 7.77%, 10/15/34<br>|  | 250 | &nbsp;&nbsp; 249032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, (3-mo. CME Term SOFR <br> + 7.01%), 11.27%, 10/15/34<br>|  | 250 | &nbsp;&nbsp; 242166 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd., Series 2013-1A, Class CR, (3-mo. <br> CME Term SOFR + 3.81%), 8.07%, 07/16/30<br>|  | 500 | &nbsp;&nbsp; 506461 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd., Series 19-1A, Class 1RR, (3-<br> mo. CME Term SOFR + 1.52%), 5.79%, 04/20/37<br>|  | 250 | &nbsp;&nbsp; 250884 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO VII Ltd., Series 2020-4A, Class SUB, <br> 0.00%, 10/17/37<br>|  | 1000 | &nbsp;&nbsp; 468960 |
| &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO Ltd., Series 2021-55A, <br> Class E, (3-mo. CME Term SOFR + 6.82%), <br> 11.09%, 07/20/34<br>|  | 250 | &nbsp;&nbsp; 250207 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXVIII Ltd., Series 2021-<br> 38A, Class B, (3-mo. CME Term SOFR + 1.91%), <br> 6.19%, 07/17/34<br>|  | 500 | &nbsp;&nbsp; 501250 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XXIII Ltd., Series 2021-4A, <br> Class D1, (3-mo. CME Term SOFR + 3.91%), <br> 8.18%, 01/22/35<br>|  | 250 | &nbsp;&nbsp; 249159 |
| &nbsp;&nbsp;&nbsp; Myers Park CLO Ltd., Series 2018-1A, Class E, (3-<br> mo. CME Term SOFR + 5.76%), 10.03%, <br> 10/20/30<br>|  | 250 | &nbsp;&nbsp; 250003 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME Term <br> SOFR + 1.50%), 5.77%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 249736 |
| &nbsp;&nbsp;&nbsp; Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. <br> CME Term SOFR + 3.31%), 7.57%, 07/15/34<br>|  | 1500 | &nbsp;&nbsp; 1500968 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series 2013-2A, Class AR, <br> (3-mo. CME Term SOFR + 1.30%), 5.63%, <br> 05/23/31<br>|  | 187 | &nbsp;&nbsp; 187322 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2020-3ARR, <br> Class A2R2, (3-mo. CME Term SOFR + 2.30%), <br> 6.63%, 11/15/36<br>|  | 500 | &nbsp;&nbsp; 503217 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., Series 2021-4A, <br> Class E, (3-mo. CME Term SOFR + 7.77%), <br> 12.03%, 10/15/29<br>|  | 500 | &nbsp;&nbsp; 500044 |
| &nbsp;&nbsp;&nbsp; Rad CLO Ltd., Series 2021-15A, Class E, (3-mo. <br> CME Term SOFR + 6.46%), 10.73%, 01/20/34<br>|  | 250 | &nbsp;&nbsp; 251911 |
| &nbsp;&nbsp;&nbsp; Regatta XXIV Funding Ltd., Series 2021-5A, <br> Class D1R, (3-mo. CME Term SOFR + 2.80%), <br> 7.07%, 01/20/38<br>|  | 250 | &nbsp;&nbsp; 251251 |
| &nbsp;&nbsp;&nbsp; RR 28 Ltd., Series 2024-28RA, Class A1R, (3-mo. <br> CME Term SOFR + 1.55%), 5.81%, 04/15/37<br>|  | 500 | &nbsp;&nbsp; 501882 |
| &nbsp;&nbsp;&nbsp; RRX Ltd., Series 2022-7A, Class D, (3-mo. CME <br> Term SOFR + 6.85%), 11.11%, 07/15/35<br>|  | 250 | &nbsp;&nbsp; 250473 |
| &nbsp;&nbsp;&nbsp; Stratus CLO Ltd., Series 2021-1A, Class SUB, <br> 0.00%, 12/29/29<br>|  | 1250 | &nbsp;&nbsp; 1388 |
| &nbsp;&nbsp;&nbsp; Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-<br> mo. CME Term SOFR + 3.51%), 7.79%, 10/25/34<br>|  | 550 | &nbsp;&nbsp; 555958 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. <br> CME Term SOFR + 1.91%), 6.19%, 10/17/32<br>|  | 250 | &nbsp;&nbsp; 250712 |
|  |  |  | &nbsp;&nbsp; 8468595 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 5.89%, 02/15/37<sup>(a)(c)</sup><br>| EUR | 270 | &nbsp;&nbsp; $323527  |
| &nbsp;&nbsp;&nbsp; Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.34%, 11/15/37<sup>(a)(c)</sup><br>|  | 300 | &nbsp;&nbsp; 352827 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.40%), 5.59%, 04/25/39<sup>(a)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 414784 |
| &nbsp;&nbsp;&nbsp; Arcano Euro CLO II DAC, Series 2X, Class D, <br> 07/25/39<sup>(d)</sup><br>|  | 160 | &nbsp;&nbsp; 188472 |
| &nbsp;&nbsp;&nbsp; Arini European CLO, Series 5X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 01/15/39<sup>(a)(c)</sup><br>|  | 230 | &nbsp;&nbsp; 269911 |
| &nbsp;&nbsp;&nbsp; Arini European CLO IV DAC, Series 4X, Class D, <br> (3-mo. EURIBOR + 3.50%), 6.27%, 01/15/38<sup>(a)(c)</sup><br>|  | 430 | &nbsp;&nbsp; 511313 |
| &nbsp;&nbsp;&nbsp; Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<sup>(a)(c)</sup><br>|  | 160 | &nbsp;&nbsp; 187264 |
| &nbsp;&nbsp;&nbsp; Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.71%, 01/15/38<sup>(a)(c)</sup><br>|  | 170 | &nbsp;&nbsp; 200999 |
| &nbsp;&nbsp;&nbsp; Avoca Static CLO I DAC, Series 1X, Class DR, (3-<br> mo. EURIBOR + 2.90%), 5.18%, 01/15/35<sup>(a)(c)</sup><br>|  | 150 | &nbsp;&nbsp; 175868 |
| &nbsp;&nbsp;&nbsp; Capital Four CLO VIII DAC, Series 8X, Class D, (3-<br> mo. EURIBOR + 3.25%), 5.41%, 10/25/37<sup>(a)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 414364 |
| &nbsp;&nbsp;&nbsp; Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.41%, 10/15/37<sup>(a)(c)</sup><br>|  | 230 | &nbsp;&nbsp; 270714 |
| &nbsp;&nbsp;&nbsp; Contego CLO VII DAC, Series 7X, Class DR, (3-mo. <br> EURIBOR + 3.45%), 5.63%, 01/23/38<sup>(a)(c)</sup><br>|  | 290 | &nbsp;&nbsp; 341664 |
| &nbsp;&nbsp;&nbsp; Contego CLO XI DAC, Series 11X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.30%, 11/20/38<sup>(a)(c)</sup><br>|  | 220 | &nbsp;&nbsp; 259687 |
| &nbsp;&nbsp;&nbsp; CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + 2.80%), <br> 4.94%, 08/15/33<sup>(a)(c)</sup><br>|  | 700 | &nbsp;&nbsp; 821369 |
| &nbsp;&nbsp;&nbsp; Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.84%, <br> 02/15/38<sup>(a)(c)</sup><br>|  | 300 | &nbsp;&nbsp; 352447 |
| &nbsp;&nbsp;&nbsp; Harvest CLO XXXII DAC, Series 2032X, Class D, <br> (3-mo. EURIBOR + 3.60%), 5.76%, 07/25/37<sup>(a)(c)</sup><br>|  | 230 | &nbsp;&nbsp; 273550 |
| &nbsp;&nbsp;&nbsp; Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<sup>(a)(c)</sup><br>|  | 330 | &nbsp;&nbsp; 387118 |
| &nbsp;&nbsp;&nbsp; Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.88%, 01/15/38<sup>(a)(c)</sup><br>|  | 220 | &nbsp;&nbsp; 261824 |
| &nbsp;&nbsp;&nbsp; Jubilee CLO DAC, Series 2024-29X, Class D, (3-mo. <br> EURIBOR + 3.20%), 5.48%, 01/15/39<sup>(a)(c)</sup><br>|  | 370 | &nbsp;&nbsp; 438730 |
| Palmer Square European Loan Funding DAC<sup>(a)(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.29%, 05/15/34<br>|  | 270 | &nbsp;&nbsp; 318340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.19%, 05/15/34<br>|  | 220 | &nbsp;&nbsp; 258759 |
| &nbsp;&nbsp;&nbsp; Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.39%, 08/15/38<sup>(a)(c)</sup><br>|  | 253 | &nbsp;&nbsp; 298561 |
| &nbsp;&nbsp;&nbsp; Providus CLO II DAC, Series 2X, Class DRR, (3-mo. <br> EURIBOR + 3.20%), 5.48%, 10/15/38<sup>(a)(c)</sup><br>|  | 238 | &nbsp;&nbsp; 279814 |
| &nbsp;&nbsp;&nbsp; Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/27<sup>(a)(c)</sup><br>|  | 290 | &nbsp;&nbsp; 340375 |
| &nbsp;&nbsp;&nbsp; Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 04/20/37<sup>(a)(c)</sup><br>|  | 470 | &nbsp;&nbsp; 555673 |
| &nbsp;&nbsp;&nbsp; Texas Debt Capital Euro CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.20%, <br> 04/16/39<sup>(a)(c)</sup><br>|  | 350 | &nbsp;&nbsp; 413230 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 10/20/38<sup>(a)(c)</sup><br>| EUR | 380 | &nbsp;&nbsp; $450867  |
| &nbsp;&nbsp;&nbsp; Victory Street CLO I DAC, Series 1X, Class D, (3-mo. <br> EURIBOR + 3.45%), 6.23%, 01/15/38<sup>(a)(c)</sup><br>|  | 320 | &nbsp;&nbsp; 382046 |
|  |  |  | &nbsp;&nbsp; 9744097 |
| **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>(c)</sup><br>| GBP | 302 | &nbsp;&nbsp; 434546 |
| **United States**<sup>(b)</sup> **— 2.2%** | **United States**<sup>(b)</sup> **— 2.2%** | **United States**<sup>(b)</sup> **— 2.2%** |  |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2022-SFR1, Class E1, <br> 5.00%, 05/19/39<br>| USD | 3000 | &nbsp;&nbsp; 2977615 |
| Home Partners of America Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-2, Class F, 3.80%, 12/17/26 |  | 2400 | &nbsp;&nbsp; 2311240 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class F, 4.24%, 01/17/41 |  | 3606 | &nbsp;&nbsp; 3264374 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, Series 2021-BA, <br> Class E, 4.68%, 11/20/36<br>|  | 470 | &nbsp;&nbsp; 432134 |
| Mill City Solar Loan Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class C, 5.92%, 03/20/43 |  | 1026 | &nbsp;&nbsp; 843912 |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class D, 7.14%, 03/20/43 |  | 1605 | &nbsp;&nbsp; 1161599 |
| &nbsp;&nbsp;&nbsp; Mosaic Solar Loan Trust, Series 2018-2GS, Class C, <br> 5.97%, 02/22/44<br>|  | 278 | &nbsp;&nbsp; 245031 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2022-<br> SFR1, Class F, 4.44%, 02/17/39<br>|  | 3000 | &nbsp;&nbsp; 2889099 |
| Progress Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class F, 4.61%, 12/17/40 |  | 2555 | &nbsp;&nbsp; 2482644 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class G, 4.69%, 01/17/39 |  | 3000 | &nbsp;&nbsp; 2876664 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.05%, 11/17/40 |  | 2400 | &nbsp;&nbsp; 2293820 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1863421 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class G, 5.52%, 02/17/41 |  | 2000 | &nbsp;&nbsp; 1860184 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class E1, 5.20%, 04/17/39 |  | 2700 | &nbsp;&nbsp; 2675244 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust, Series 2021-A, <br> Class D, 5.23%, 12/22/31<br>|  | 800 | &nbsp;&nbsp; 775404 |
| &nbsp;&nbsp;&nbsp; RMF Buyout Issuance Trust, Series 2021-HB1, <br> Class M4, 4.70%, 11/25/31<sup>(a)</sup><br>|  | 3500 | &nbsp;&nbsp; 3281198 |
| Tricon Residential Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F, 3.69%, 07/17/38 |  | 1375 | &nbsp;&nbsp; 1343266 |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class G, 4.13%, 07/17/38 |  | 887 | &nbsp;&nbsp; 864035 |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E2, 5.74%, 04/17/39 |  | 1200 | &nbsp;&nbsp; 1195946 |
|  |  |  | &nbsp;&nbsp; 35636830 |
| **Total Asset-Backed Securities — 3.3%** <br>**(Cost: $56,964,942)** | **Total Asset-Backed Securities — 3.3%** <br>**(Cost: $56,964,942)** | **Total Asset-Backed Securities — 3.3%** <br>**(Cost: $56,964,942)** | &nbsp;&nbsp; 54284068 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.8%** | **Canada — 0.8%** |  |
| Cameco Corp. | 174571 | &nbsp;&nbsp; 12958405 |
| Enbridge, Inc. | 22000 | &nbsp;&nbsp; 997614 |
|  |  | &nbsp;&nbsp; 13956019 |
| **China — 1.0%** | **China — 1.0%** |  |
| Alibaba Group Holding Ltd., ADR | 1683 | &nbsp;&nbsp; 190869 |
| BYD Co. Ltd., Class H | 796500 | &nbsp;&nbsp; 12401521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 128000 | &nbsp;&nbsp; $4516869  |
| Tencent Holdings Ltd. | 3110 | &nbsp;&nbsp; 200395 |
|  |  | &nbsp;&nbsp; 17309654 |
| **Denmark — 0.9%** | **Denmark — 0.9%** |  |
| DSV A/S | 37423 | &nbsp;&nbsp; 8976065 |
| Novo Nordisk A/S, Class B | 75244 | &nbsp;&nbsp; 5213958 |
|  |  | &nbsp;&nbsp; 14190023 |
| **France — 3.4%** | **France — 3.4%** |  |
| Accor SA | 86579 | &nbsp;&nbsp; 4537473 |
| Arkema SA | 23984 | &nbsp;&nbsp; 1771064 |
| Cie de Saint-Gobain SA | 166953 | &nbsp;&nbsp; 19612842 |
| EssilorLuxottica SA | 43429 | &nbsp;&nbsp; 11925287 |
| Hermes International SCA | 5393 | &nbsp;&nbsp; 14619697 |
| LVMH Moet Hennessy Louis Vuitton SE | 492 | &nbsp;&nbsp; 257503 |
| TotalEnergies SE, ADR | 44000 | &nbsp;&nbsp; 2701160 |
|  |  | &nbsp;&nbsp; 55425026 |
| **Germany — 0.7%** | **Germany — 0.7%** |  |
| SAP SE | 35033 | &nbsp;&nbsp; 10712377 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(e)(f)</sup> | 52359 | &nbsp;&nbsp; 3142 |
| **Italy — 1.8%** | **Italy — 1.8%** |  |
| Intesa Sanpaolo SpA | 2590554 | &nbsp;&nbsp; 14922658 |
| Prysmian SpA | 6780 | &nbsp;&nbsp; 480018 |
| UniCredit SpA | 216385 | &nbsp;&nbsp; 14515833 |
|  |  | &nbsp;&nbsp; 29918509 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** |  |
| ASML Holding NV | 29145 | &nbsp;&nbsp; 23354966 |
| **Norway — 0.0%** | **Norway — 0.0%** |  |
| Equinor ASA, ADR<sup>(g)</sup> | 24000 | &nbsp;&nbsp; 603360 |
| **Spain — 0.5%**  | **Spain — 0.5%**  |  |
| CaixaBank SA | 86464 | &nbsp;&nbsp; 749195 |
| Cellnex Telecom SA<sup>(b)</sup> | 181267 | &nbsp;&nbsp; 7058221 |
|  |  | &nbsp;&nbsp; 7807416 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $293,944)<sup>(e)(f)(h)</sup><br>| 2492 | &nbsp;&nbsp; — |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** |  |
| Galderma Group AG | 9351 | &nbsp;&nbsp; 1359221 |
| **Taiwan — 1.7%** | **Taiwan — 1.7%** |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 125996 | &nbsp;&nbsp; 28536834 |
| **United Kingdom — 3.1%** | **United Kingdom — 3.1%** |  |
| AstraZeneca PLC | 4000 | &nbsp;&nbsp; 556676 |
| Compass Group PLC | 340733 | &nbsp;&nbsp; 11541298 |
| National Grid PLC | 1221398 | &nbsp;&nbsp; 17928484 |
| RELX PLC | 395532 | &nbsp;&nbsp; 21436912 |
| &nbsp;&nbsp;&nbsp; Teya Services Ltd., Series C, (Acquired 11/16/21, <br> Cost: $1,099,370)<sup>(e)(f)(h)</sup><br>| 566 | &nbsp;&nbsp; 155588 |
|  |  | &nbsp;&nbsp; 51618958 |
| **United States — 49.2%** | **United States — 49.2%** |  |
| Air Products and Chemicals, Inc. | 13066 | &nbsp;&nbsp; 3685396 |
| Alphabet, Inc., Class C | 141626 | &nbsp;&nbsp; 25123036 |
| Amazon.com, Inc.<sup>(f)</sup> | 96059 | &nbsp;&nbsp; 21074384 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Apollo Global Management, Inc. | 36292 | &nbsp;&nbsp; $5148746  |
| Apple, Inc. | 126341 | &nbsp;&nbsp; 25921383 |
| Bank of America Corp. | 288399 | &nbsp;&nbsp; 13647041 |
| Boston Scientific Corp.<sup>(f)</sup> | 284547 | &nbsp;&nbsp; 30563193 |
| Broadcom, Inc. | 71734 | &nbsp;&nbsp; 19773477 |
| Cadence Design Systems, Inc.<sup>(f)</sup> | 28886 | &nbsp;&nbsp; 8901221 |
| Capital One Financial Corp. | 81188 | &nbsp;&nbsp; 17273559 |
| Carrier Global Corp. | 3423 | &nbsp;&nbsp; 250529 |
| Cheniere Energy, Inc. | 1540 | &nbsp;&nbsp; 375021 |
| Cisco Systems, Inc. | 151886 | &nbsp;&nbsp; 10537851 |
| Citigroup, Inc. | 156598 | &nbsp;&nbsp; 13329622 |
| Confluent, Inc., Class A<sup>(f)</sup> | 231131 | &nbsp;&nbsp; 5762096 |
| &nbsp;&nbsp;&nbsp; Coreweave, Inc., (Acquired 10/03/24, Cost: <br> $843,048)<sup>(f)(h)</sup><br>| 17940 | &nbsp;&nbsp; 2925296 |
| Costco Wholesale Corp. | 21034 | &nbsp;&nbsp; 20822398 |
| CRH PLC | 141168 | &nbsp;&nbsp; 12959222 |
| CyberArk Software Ltd.<sup>(f)</sup> | 24376 | &nbsp;&nbsp; 9918107 |
| D.R. Horton, Inc. | 21572 | &nbsp;&nbsp; 2781062 |
| Delta Air Lines, Inc. | 98840 | &nbsp;&nbsp; 4860951 |
| DF Residential III LP<sup>(e)(f)</sup> | 1695815 | &nbsp;&nbsp; 1695815 |
| Eaton Corp. PLC | 16487 | &nbsp;&nbsp; 5885694 |
| Eli Lilly & Co. | 34742 | &nbsp;&nbsp; 27082431 |
| Freeport-McMoRan, Inc. | 9128 | &nbsp;&nbsp; 395699 |
| Freewire Equity<sup>(e)(f)</sup> | 63 | &nbsp;&nbsp; — |
| Hilton Worldwide Holdings, Inc. | 10377 | &nbsp;&nbsp; 2763810 |
| &nbsp;&nbsp;&nbsp; HNG Hospitality Offshore LP, (Acquired 02/16/24, <br> Cost: $2,660,000)<sup>(e)(f)(h)</sup><br>| 2660000 | &nbsp;&nbsp; 2074800 |
| Home Depot, Inc. | 42919 | &nbsp;&nbsp; 15735822 |
| Intuit, Inc. | 24578 | &nbsp;&nbsp; 19358370 |
| Intuitive Surgical, Inc.<sup>(f)</sup> | 40403 | &nbsp;&nbsp; 21955394 |
| JPMorgan Chase & Co. | 53861 | &nbsp;&nbsp; 15614843 |
| Lam Research Corp. | 4349 | &nbsp;&nbsp; 423332 |
| Linde PLC | 17099 | &nbsp;&nbsp; 8022509 |
| Lionsgate Studios Corp.<sup>(f)</sup> | 66792 | &nbsp;&nbsp; 388062 |
| Live Nation Entertainment, Inc.<sup>(f)</sup> | 37193 | &nbsp;&nbsp; 5626557 |
| Lumen Technologies, Inc.<sup>(f)</sup> | 37436 | &nbsp;&nbsp; 163970 |
| Marsh & McLennan Cos., Inc. | 133977 | &nbsp;&nbsp; 29292731 |
| Mastercard, Inc., Class A | 48115 | &nbsp;&nbsp; 27037743 |
| McKesson Corp. | 24185 | &nbsp;&nbsp; 17722284 |
| Medtronic PLC | 102512 | &nbsp;&nbsp; 8935971 |
| Merck & Co., Inc. | 32927 | &nbsp;&nbsp; 2606501 |
| Meta Platforms, Inc., Class A | 25950 | &nbsp;&nbsp; 19153435 |
| Micron Technology, Inc. | 92092 | &nbsp;&nbsp; 11350339 |
| Microsoft Corp.<sup>(i)</sup> | 118087 | &nbsp;&nbsp; 58738506 |
| &nbsp;&nbsp;&nbsp; MNTN, Inc., Series D, (Acquired 11/05/21, Cost: <br> $1,239,070)<sup>(f)(h)</sup><br>| 53954 | &nbsp;&nbsp; 1179974 |
| Netflix, Inc.<sup>(f)</sup> | 7789 | &nbsp;&nbsp; 10430484 |
| NextEra Energy, Inc. | 280173 | &nbsp;&nbsp; 19449610 |
| NRG Energy, Inc. | 5008 | &nbsp;&nbsp; 804185 |
| NVIDIA Corp. | 344349 | &nbsp;&nbsp; 54403699 |
| Oracle Corp. | 76558 | &nbsp;&nbsp; 16737876 |
| Palo Alto Networks, Inc.<sup>(f)</sup> | 7969 | &nbsp;&nbsp; 1630776 |
| Progressive Corp. | 59822 | &nbsp;&nbsp; 15964099 |
| Salesforce, Inc. | 67027 | &nbsp;&nbsp; 18277593 |
| Sanofi SA | 59429 | &nbsp;&nbsp; 5753545 |
| Schneider Electric SE | 63427 | &nbsp;&nbsp; 17029194 |
| &nbsp;&nbsp;&nbsp; Screaming Eagle Acquisition Crop., (Acquired <br> 05/14/24, Cost: $1,168,975)<sup>(f)(h)</sup><br>| 115000 | &nbsp;&nbsp; 661223 |
| ServiceTitan, Inc., Class A<sup>(f)</sup> | 11526 | &nbsp;&nbsp; 1235357 |
| Sonder Holdings, Inc., Class A<sup>(f)</sup> | 15727 | &nbsp;&nbsp; 42463 |
| Source Global PBC<sup>(e)(f)</sup> | 4242 | &nbsp;&nbsp; 339 |
| Starz Entertainment Corp.<sup>(f)</sup> | 1506 | &nbsp;&nbsp; 24201 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Stryker Corp. | 29784 | &nbsp;&nbsp; $11783444  |
| Tesla, Inc.<sup>(f)</sup> | 18239 | &nbsp;&nbsp; 5793801 |
| TJX Cos., Inc. | 40517 | &nbsp;&nbsp; 5003444 |
| Toll Brothers, Inc. | 3209 | &nbsp;&nbsp; 366243 |
| Trane Technologies PLC | 39544 | &nbsp;&nbsp; 17296941 |
| TransDigm Group, Inc. | 3207 | &nbsp;&nbsp; 4876692 |
| Uber Technologies, Inc.<sup>(f)</sup> | 12375 | &nbsp;&nbsp; 1154587 |
| Union Pacific Corp. | 68653 | &nbsp;&nbsp; 15795682 |
| United Airlines Holdings, Inc.<sup>(f)</sup> | 32715 | &nbsp;&nbsp; 2605095 |
| Vertiv Holdings Co., Class A | 7240 | &nbsp;&nbsp; 929688 |
| Walmart, Inc. | 192041 | &nbsp;&nbsp; 18777769 |
| Walt Disney Co. | 72696 | &nbsp;&nbsp; 9015031 |
| Wells Fargo & Co. | 1100 | &nbsp;&nbsp; 88132 |
|  |  | &nbsp;&nbsp; 814769376 |
| **Total Common Stocks — 64.6%** <br>**(Cost: $743,517,646)** | **Total Common Stocks — 64.6%** <br>**(Cost: $743,517,646)** | &nbsp;&nbsp; 1069564881 |

---

&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%** |
| FMG Resources August 2006 Pty. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 | USD | 100 | &nbsp;&nbsp; 101251 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 |  | 100 | &nbsp;&nbsp; 101718 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 |  | 200 | &nbsp;&nbsp; 200932 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/28 |  | 114 | &nbsp;&nbsp; 116669 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 |  | 100 | &nbsp;&nbsp; 99505 |
| &nbsp;&nbsp;&nbsp; Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 12.00%, 07/31/25 | AUD | 1682 | &nbsp;&nbsp; 1108448 |
| &nbsp;&nbsp;&nbsp; 12.50%, 07/31/26 |  | 2524 | &nbsp;&nbsp; 1702700 |
| &nbsp;&nbsp;&nbsp; 12.50%, 07/31/27 |  | 4206 | &nbsp;&nbsp; 2903267 |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/31/28 |  | 3541 | &nbsp;&nbsp; 2362671 |
|  |  |  | &nbsp;&nbsp; 8697161 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Anheuser-Busch InBev SA/NV, 4.00%, 09/24/25<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 137061 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 8.20%, <br> 01/15/39<br>| USD | 2189 | &nbsp;&nbsp; 2791788 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 120294 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 600 | &nbsp;&nbsp; 593576 |
|  |  |  | &nbsp;&nbsp; 3642719 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Air Canada, 3.88%, 08/15/26<sup>(b)</sup> |  | 82 | &nbsp;&nbsp; 81172 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/31 |  | 118 | &nbsp;&nbsp; 123865 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/32 |  | 96 | &nbsp;&nbsp; 99973 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup><br>|  | 280 | &nbsp;&nbsp; 249926 |
| &nbsp;&nbsp;&nbsp; Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 |  | 210 | &nbsp;&nbsp; 204552 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 |  | 200 | &nbsp;&nbsp; 196130 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 |  | 303 | &nbsp;&nbsp; 282356 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 100 | &nbsp;&nbsp; 97605 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 179 | &nbsp;&nbsp; 183690 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>| USD | 227 | &nbsp;&nbsp; $237339  |
| Mattamy Group Corp., 5.25%, 12/15/27<sup>(b)</sup> |  | 68 | &nbsp;&nbsp; 67673 |
| Methanex Corp., 5.25%, 12/15/29 |  | 167 | &nbsp;&nbsp; 164976 |
| NOVA Chemicals Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 |  | 100 | &nbsp;&nbsp; 99477 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 |  | 100 | &nbsp;&nbsp; 96171 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/30 |  | 259 | &nbsp;&nbsp; 279709 |
| Open Text Corp., 3.88%, 12/01/29<sup>(b)</sup> |  | 5 | &nbsp;&nbsp; 4710 |
| Open Text Holdings, Inc., 4.13%, 12/01/31<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 184142 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 102208 |
| RB Global Holdings, Inc., 7.75%, 03/15/31<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 192381 |
| Rogers Communications, Inc.<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.62%), 7.13%, 04/15/55 |  | 100 | &nbsp;&nbsp; 101360 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.65%), 7.00%, 04/15/55 |  | 150 | &nbsp;&nbsp; 153354 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 114 | &nbsp;&nbsp; 118681 |
|  |  |  | &nbsp;&nbsp; 3321450 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Czechoslovak Group A/S, 01/10/31<sup>(c)(d)</sup> | EUR | 225 | &nbsp;&nbsp; 269097 |
| **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; 173219 |
| **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/11/30 |  | 100 | &nbsp;&nbsp; 120625 |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/08/31 |  | 100 | &nbsp;&nbsp; 121079 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 162 | &nbsp;&nbsp; 191637 |
|  |  |  | &nbsp;&nbsp; 433341 |
| **France — 0.5%** | **France — 0.5%** | **France — 0.5%** | **France — 0.5%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(c)</sup> |  | 299 | &nbsp;&nbsp; 366161 |
| Atos SE<sup>(c)(j)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/18/30 |  | 305 | &nbsp;&nbsp; 305434 |
| &nbsp;&nbsp;&nbsp; 1.04%, 12/18/32 |  | 250 | &nbsp;&nbsp; 124938 |
| &nbsp;&nbsp;&nbsp; 9.36%, 12/18/29 |  | 283 | &nbsp;&nbsp; 371031 |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(c)</sup><br>|  | 337 | &nbsp;&nbsp; 389030 |
| BNP Paribas SA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/23/26 | GBP | 100 | &nbsp;&nbsp; 136333 |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/14/27 |  | 100 | &nbsp;&nbsp; 129054 |
| ELO SACA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/29/26 | EUR | 100 | &nbsp;&nbsp; 116175 |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/08/28 |  | 100 | &nbsp;&nbsp; 106618 |
| Eutelsat SA, 1.50%, 10/13/28<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 214221 |
| Forvia SE, 5.50%, 06/15/31<sup>(c)</sup> |  | 360 | &nbsp;&nbsp; 418328 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(c)</sup> |  | 780 | &nbsp;&nbsp; 954192 |
| Iliad Holding SASU, 7.00%, 04/15/32<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 409832 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(c)</sup> | EUR | 182 | &nbsp;&nbsp; 217335 |
| &nbsp;&nbsp;&nbsp; Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(c)</sup><br>|  | 312 | &nbsp;&nbsp; 369191 |
| Loxam SAS, 6.38%, 05/31/29<sup>(c)</sup> |  | 662 | &nbsp;&nbsp; 812351 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(c)</sup> |  | 315 | &nbsp;&nbsp; 149141 |
| Paprec Holding SA, 7.25%, 11/17/29<sup>(c)</sup> |  | 352 | &nbsp;&nbsp; 434580 |
| RCI Banque SA<sup>(a)(c)</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; 237682 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| RCI Banque SA<sup>(a)(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>| EUR | 600 | &nbsp;&nbsp; $743352  |
| Tereos Finance Groupe I SA, 5.75%, 04/30/31<sup>(c)</sup> |  | 103 | &nbsp;&nbsp; 120540 |
| &nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, 1.66%, <br> 07/22/26<sup>(c)</sup><br>| GBP | 100 | &nbsp;&nbsp; 133505 |
| Worldline SA, 5.50%, 06/10/30<sup>(c)</sup> | EUR | 300 | &nbsp;&nbsp; 306799 |
|  |  |  | &nbsp;&nbsp; 7565823 |
| **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** |
| Adler Pelzer Holding GmbH, 9.50%, 04/01/27<sup>(b)</sup> |  | 177 | &nbsp;&nbsp; 205415 |
| Alstria Office AG, 5.50%, 03/20/31<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 119939 |
| &nbsp;&nbsp;&nbsp; APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 04/15/31<sup>(a)(c)</sup><br>|  | 315 | &nbsp;&nbsp; 373837 |
| Aroundtown Finance SARL<sup>(a)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 4.51%), 7.13% |  | 274 | &nbsp;&nbsp; 339226 |
| &nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.49%), 8.63% | GBP | 420 | &nbsp;&nbsp; 581961 |
| Commerzbank AG<sup>(a)(c)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year EUR Swap + 4.39%), 4.25% | EUR | 200 | &nbsp;&nbsp; 229761 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.13%), 7.88% |  | 200 | &nbsp;&nbsp; 261626 |
| &nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, <br> 5.00%, 12/31/27<sup>(c)(j)</sup><br>|  | 450 | &nbsp;&nbsp; 498189 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br> 4.75%), 4.63%<sup>(a)(c)(k)</sup><br>|  | 800 | &nbsp;&nbsp; 905844 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap <br> + 2.86%), 5.25%, 01/15/55<sup>(a)(c)</sup><br>|  | 500 | &nbsp;&nbsp; 584587 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(c)</sup> |  | 121 | &nbsp;&nbsp; 146097 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(c)</sup> |  | 138 | &nbsp;&nbsp; 164206 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(c)(l)</sup><br>|  | 250 | &nbsp;&nbsp; 310746 |
| &nbsp;&nbsp;&nbsp; Lanxess AG, (6-mo. EURIBOR at 0.00% Floor + <br> 9.50%, 13.41% Cash or 13.41% PIK), 11.88%, <br> 04/01/31<sup>(a)(e)(l)</sup><br>|  | 3413 | &nbsp;&nbsp; 3698447 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(c)</sup> |  | 499 | &nbsp;&nbsp; 596643 |
| Mercer International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 12.88%, 10/01/28<sup>(b)</sup> | USD | 89 | &nbsp;&nbsp; 90270 |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/01/29 |  | 184 | &nbsp;&nbsp; 150089 |
| PCF GmbH<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 | EUR | 201 | &nbsp;&nbsp; 195273 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.75%), 7.03%, 04/15/29<sup>(a)</sup> |  | 231 | &nbsp;&nbsp; 227414 |
| &nbsp;&nbsp;&nbsp; PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(c)</sup><br>|  | 242 | &nbsp;&nbsp; 286418 |
| Schaeffler AG<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 |  | 100 | &nbsp;&nbsp; 118530 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/31 |  | 100 | &nbsp;&nbsp; 120311 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(c)(l)</sup><br>|  | 414 | &nbsp;&nbsp; 334286 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 522 | &nbsp;&nbsp; 521634 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(c)</sup> | EUR | 108 | &nbsp;&nbsp; 127941 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 247086 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 118049 |
| ZF North America Capital, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/30 | USD | 160 | &nbsp;&nbsp; 153650 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/32 |  | 150 | &nbsp;&nbsp; 138636 |
|  |  |  | &nbsp;&nbsp; 11846111 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Greece**<sup>(a)(c)</sup> **— 0.1%** | **Greece**<sup>(a)(c)</sup> **— 0.1%** | **Greece**<sup>(a)(c)</sup> **— 0.1%** | **Greece**<sup>(a)(c)</sup> **— 0.1%** |
| &nbsp;&nbsp;&nbsp; Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>| EUR | 325 | &nbsp;&nbsp; $375800  |
| &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; 309022 |
|  |  |  | &nbsp;&nbsp; 684822 |
| **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)(c)(k)</sup><br>|  | 300 | &nbsp;&nbsp; 351176 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC, (5-year EUR Swap + <br> 6.43%), 6.00%<sup>(a)(c)(k)</sup><br>|  | 293 | &nbsp;&nbsp; 347083 |
| GGAM Finance Ltd., 8.00%, 02/15/27<sup>(b)</sup> | USD | 2 | &nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; Virgin Media O2 Vendor Financing Notes V DAC, <br> 7.88%, 03/15/32<sup>(c)</sup><br>| GBP | 867 | &nbsp;&nbsp; 1214846 |
|  |  |  | &nbsp;&nbsp; 1915167 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, <br> 4.13%, 06/01/31<br>| EUR | 261 | &nbsp;&nbsp; 307445 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 | USD | 400 | &nbsp;&nbsp; 414500 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/31 |  | 200 | &nbsp;&nbsp; 225062 |
|  |  |  | &nbsp;&nbsp; 947007 |
| **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)(c)(k)</sup><br>| EUR | 200 | &nbsp;&nbsp; 243879 |
| Bubbles Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/30/31 |  | 241 | &nbsp;&nbsp; 287762 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31<sup>(a)</sup> |  | 235 | &nbsp;&nbsp; 277681 |
| Dolcetto Holdco SpA<sup>(c)(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 07/14/32 |  | 166 | &nbsp;&nbsp; 197009 |
| &nbsp;&nbsp;&nbsp; 07/14/32<sup>(a)</sup> |  | 100 | &nbsp;&nbsp; 117967 |
| &nbsp;&nbsp;&nbsp; Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 07/15/31<sup>(a)(c)</sup><br>|  | 305 | &nbsp;&nbsp; 361071 |
| &nbsp;&nbsp;&nbsp; Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(c)</sup><br>|  | 456 | &nbsp;&nbsp; 567440 |
| Eni SpA, (5-year EUR Swap + 2.40%), 4.88%<sup>(a)(c)(k)</sup> |  | 225 | &nbsp;&nbsp; 266383 |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(c)</sup> |  | 410 | &nbsp;&nbsp; 461937 |
| &nbsp;&nbsp;&nbsp; Fiber Midco SpA, (10.75% PIK), 10.75%, <br> 06/15/29<sup>(c)(l)</sup><br>|  | 197 | &nbsp;&nbsp; 211517 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 118549 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 117960 |
| &nbsp;&nbsp;&nbsp; Series 2033, 6.38%, 11/15/33<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 194218 |
| &nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(c)</sup><br>| EUR | 263 | &nbsp;&nbsp; 312444 |
| &nbsp;&nbsp;&nbsp; IMA Industria Macchine Automatiche SpA, (3-mo. <br> EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(a)(c)</sup><br>|  | 411 | &nbsp;&nbsp; 486655 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (5-year EUR Swap + 5.85%), <br> 5.50%<sup>(a)(c)(k)</sup><br>|  | 250 | &nbsp;&nbsp; 300746 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 118803 |
| Nexi SpA, 0.00%, 02/24/28<sup>(c)(m)</sup> |  | 200 | &nbsp;&nbsp; 213494 |
| Pachelbel Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/17/31 |  | 137 | &nbsp;&nbsp; 173789 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31<sup>(a)</sup> |  | 125 | &nbsp;&nbsp; 148010 |
| Rossini SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/31/29 |  | 149 | &nbsp;&nbsp; 185279 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29<sup>(a)</sup> |  | 90 | &nbsp;&nbsp; 106977 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| TeamSystem SpA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 07/01/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; $117713  |
| &nbsp;&nbsp;&nbsp; 07/01/32<sup>(a)(d)</sup> |  | 125 | &nbsp;&nbsp; 147108 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31<sup>(a)</sup> |  | 222 | &nbsp;&nbsp; 261907 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 123611 |
|  |  |  | &nbsp;&nbsp; 6119909 |
| **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** | **Japan — 0.2%** |
| &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; 1948548 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 183484 |
| Rakuten Group, Inc., 9.75%, 04/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 219076 |
| SoftBank Group Corp.<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/08/29 | EUR | 282 | &nbsp;&nbsp; 337417 |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/06/29 |  | 100 | &nbsp;&nbsp; 111125 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/08/32 |  | 386 | &nbsp;&nbsp; 454123 |
|  |  |  | &nbsp;&nbsp; 3253773 |
| **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.38%, <br> 03/31/29<sup>(c)</sup><br>| GBP | 396 | &nbsp;&nbsp; 506440 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| Adler Financing SARL<sup>(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 105 | &nbsp;&nbsp; 130178 |
| &nbsp;&nbsp;&nbsp; Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 822 | &nbsp;&nbsp; 1014555 |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(c)</sup><br>|  | 186 | &nbsp;&nbsp; 224117 |
| Cidron Aida Finco SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/27/31 |  | 107 | &nbsp;&nbsp; 128658 |
| &nbsp;&nbsp;&nbsp; 9.13%, 10/27/31 | GBP | 110 | &nbsp;&nbsp; 154070 |
| INEOS Finance PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29 | EUR | 393 | &nbsp;&nbsp; 469213 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/30 |  | 103 | &nbsp;&nbsp; 117903 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(b)</sup> | USD | 163 | &nbsp;&nbsp; 166210 |
| ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(b)</sup> |  | 800 | &nbsp;&nbsp; 771875 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(c)</sup> | EUR | 416 | &nbsp;&nbsp; 459465 |
| Luna 2 5SARL, 07/01/32<sup>(c)(d)</sup> |  | 100 | &nbsp;&nbsp; 120024 |
| Maxam Prill SARL, 07/15/30<sup>(c)(d)</sup> |  | 326 | &nbsp;&nbsp; 381708 |
| SES SA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/24/30 |  | 100 | &nbsp;&nbsp; 118804 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/24/33 |  | 100 | &nbsp;&nbsp; 118937 |
| Summer BC Holdco B SARL<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/15/30 |  | 101 | &nbsp;&nbsp; 117946 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 4.25%), 6.39%, 02/15/30<sup>(a)</sup> |  | 131 | &nbsp;&nbsp; 152767 |
| &nbsp;&nbsp;&nbsp; Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(c)(l)</sup><br>|  | 538 | &nbsp;&nbsp; 622653 |
|  |  |  | &nbsp;&nbsp; 5269083 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(c)</sup> |  | 335 | &nbsp;&nbsp; 409350 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (1-year UK Government <br> Bond + 1.05%), 1.88%, 07/12/28<sup>(a)(c)</sup><br>| GBP | 100 | &nbsp;&nbsp; 130293 |
| ING Groep NV, 3.00%, 02/18/26<sup>(c)</sup> |  | 100 | &nbsp;&nbsp; 135931 |
| Nobian Finance BV, Class B, 3.63%, 07/15/26<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 117361 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(c)</sup> |  | 463 | &nbsp;&nbsp; 563253 |
| Sigma Holdco BV, 5.75%, 05/15/26<sup>(c)</sup> |  | 102 | &nbsp;&nbsp; 120076 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> | USD | 980 | &nbsp;&nbsp; 926835 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/30<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 121744 |
| &nbsp;&nbsp;&nbsp; 12.25%, 01/15/31<sup>(b)</sup> | USD | 204 | &nbsp;&nbsp; 218674 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; $177922  |
| Ziggo Bond Co. BV, 6.13%, 11/15/32<sup>(c)</sup> | EUR | 104 | &nbsp;&nbsp; 115080 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 186805 |
|  |  |  | &nbsp;&nbsp; 3223324 |
| **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)(c)</sup><br>| EUR | 200 | &nbsp;&nbsp; 238885 |
| **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** |
| United Group BV, 6.50%, 10/31/31<sup>(c)</sup> |  | 104 | &nbsp;&nbsp; 123778 |
| **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>(c)</sup> |  | 152 | &nbsp;&nbsp; 175882 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arena Luxembourg Finance SARL, (3-mo. EURIBOR <br> + 2.50%), 4.82%, 05/01/30<sup>(a)(c)</sup><br>|  | 194 | &nbsp;&nbsp; 230328 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)(k)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 3.25%), 7.75% | USD | 400 | &nbsp;&nbsp; 405483 |
| &nbsp;&nbsp;&nbsp; (5-year EUR Swap + 4.27%), 6.88%<sup>(c)</sup> | EUR | 400 | &nbsp;&nbsp; 498862 |
| &nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 5.54%), 8.38%<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 260622 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA, (1-year UK Government Bond <br> + 1.80%), 3.13%, 10/06/26<sup>(a)(c)</sup><br>| GBP | 300 | &nbsp;&nbsp; 410006 |
| &nbsp;&nbsp;&nbsp; Bankinter SA, (5-year EURIBOR ICE Swap + 4.71%), <br> 7.38%<sup>(a)(c)(k)</sup><br>| EUR | 400 | &nbsp;&nbsp; 505341 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA, (5-year EURIBOR ICE Swap + <br> 3.94%), 6.25%<sup>(a)(c)(k)</sup><br>|  | 200 | &nbsp;&nbsp; 240302 |
| Grifols SA, 7.13%, 05/01/30<sup>(c)</sup> |  | 230 | &nbsp;&nbsp; 281119 |
| &nbsp;&nbsp;&nbsp; Iberdrola Finanzas SA, Series IBE, 1.50%, <br> 03/27/30<sup>(c)</sup><br>|  | 100 | &nbsp;&nbsp; 122513 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(c)</sup> |  | 190 | &nbsp;&nbsp; 226892 |
| Telefonica Emisiones SA, 5.38%, 02/02/26<sup>(c)</sup> | GBP | 133 | &nbsp;&nbsp; 183177 |
|  |  |  | &nbsp;&nbsp; 3364645 |
| **Sweden**<sup>(c)</sup> **— 0.1%** | **Sweden**<sup>(c)</sup> **— 0.1%** | **Sweden**<sup>(c)</sup> **— 0.1%** | **Sweden**<sup>(c)</sup> **— 0.1%** |
| Intrum AB<sup>(f)(n)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/15/27 | EUR | 270 | &nbsp;&nbsp; 268861 |
| &nbsp;&nbsp;&nbsp; 9.25%, 03/15/28 |  | 148 | &nbsp;&nbsp; 155160 |
| Preem Holdings AB, 12.00%, 06/30/27 |  | 138 | &nbsp;&nbsp; 168810 |
| Stena International SA, 7.25%, 01/15/31 | USD | 727 | &nbsp;&nbsp; 729252 |
| &nbsp;&nbsp;&nbsp; Swedbank AB, (1-year UK Government Bond + <br> 1.00%), 1.38%, 12/08/27<sup>(a)</sup><br>| GBP | 100 | &nbsp;&nbsp; 131380 |
| Verisure Holding AB, 9.25%, 10/15/27 | EUR | 515 | &nbsp;&nbsp; 632416 |
|  |  |  | &nbsp;&nbsp; 2085879 |
| **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>(c)</sup><br>| CHF | 270 | &nbsp;&nbsp; 334766 |
| **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(c)</sup> | EUR | 586 | &nbsp;&nbsp; 722239 |
| Ardonagh Finco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 02/15/31<sup>(c)</sup> |  | 1052 | &nbsp;&nbsp; 1273336 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/31<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 418188 |
| Barclays PLC, 3.00%, 05/08/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 135538 |
| &nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II PLC, 6.13%, <br> 11/30/28<sup>(c)</sup><br>|  | 606 | &nbsp;&nbsp; 803702 |
| Bellis Acquisition Co. PLC, 07/01/31<sup>(c)(d)</sup> | EUR | 172 | &nbsp;&nbsp; 203053 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(c)</sup> | GBP | 510 | &nbsp;&nbsp; 699649 |
| &nbsp;&nbsp;&nbsp; Bracken MidCo1 PLC, (6.75% PIK), 6.75%, <br> 11/01/27<sup>(c)(l)</sup><br>|  | 123 | &nbsp;&nbsp; 167007 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/15/32<sup>(c)</sup> | EUR | 202 | &nbsp;&nbsp; 244739 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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; $150245  |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 141110 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(b)</sup><br>| USD | 400 | &nbsp;&nbsp; 402051 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(b)</sup> | GBP | 337 | &nbsp;&nbsp; 458512 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> |  | 503 | &nbsp;&nbsp; 719151 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(c)</sup> |  | 245 | &nbsp;&nbsp; 333773 |
| Global Auto Holdings Ltd./AAG FH UK Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/29 | USD | 200 | &nbsp;&nbsp; 184827 |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/15/32 |  | 200 | &nbsp;&nbsp; 170500 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(c)</sup> | EUR | 224 | &nbsp;&nbsp; 247085 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(c)</sup> | GBP | 756 | &nbsp;&nbsp; 1031485 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC, 7.25%, <br> 02/15/31<sup>(b)</sup><br>| USD | 200 | &nbsp;&nbsp; 207103 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, (1-day SONIA GBP 1.31%), <br> 1.75%, 07/24/27<sup>(a)</sup><br>| GBP | 100 | &nbsp;&nbsp; 133153 |
| INEOS Quattro Finance 2 PLC, 6.75%, 04/15/30<sup>(c)</sup> | EUR | 178 | &nbsp;&nbsp; 193325 |
| Informa PLC, 3.13%, 07/05/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 135168 |
| Market Bidco Finco PLC, 4.75%, 11/04/27<sup>(c)</sup> | EUR | 673 | &nbsp;&nbsp; 788676 |
| Mobico Group PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/26/31 |  | 196 | &nbsp;&nbsp; 186925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year UK Government Bond + 4.14%), <br> 4.25%<sup>(a)(k)</sup><br>| GBP | 165 | &nbsp;&nbsp; 136232 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(c)</sup> | EUR | 204 | &nbsp;&nbsp; 225343 |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, (5-year UK Government <br> Bond + 5.63%), 5.75%<sup>(a)(c)(k)</sup><br>| GBP | 200 | &nbsp;&nbsp; 270534 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, (1-year GBP Swap + 1.49%), <br> 2.88%, 09/19/26<sup>(a)(c)</sup><br>|  | 100 | &nbsp;&nbsp; 136624 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(c)</sup> |  | 146 | &nbsp;&nbsp; 194923 |
| OEG Finance PLC, 09/27/29<sup>(d)</sup> | EUR | 114 | &nbsp;&nbsp; 137644 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(c)</sup> | GBP | 181 | &nbsp;&nbsp; 262611 |
| &nbsp;&nbsp;&nbsp; Santander U.K. Group Holdings PLC, 3.63%, <br> 01/14/26<sup>(c)</sup><br>|  | 100 | &nbsp;&nbsp; 136553 |
| Stonegate Pub Co. Financing PLC<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.75%, 07/31/29 |  | 407 | &nbsp;&nbsp; 579169 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 6.63%), 8.77%, 07/31/29<sup>(a)</sup> | EUR | 125 | &nbsp;&nbsp; 149452 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC, 4.25%, <br> 01/15/30<sup>(c)</sup><br>| GBP | 292 | &nbsp;&nbsp; 366254 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/31<sup>(c)</sup> |  | 165 | &nbsp;&nbsp; 202706 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 370011 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/32<sup>(c)</sup> | EUR | 683 | &nbsp;&nbsp; 824453 |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/32<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 415659 |
| &nbsp;&nbsp;&nbsp; Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%, <br> 06/04/81<sup>(a)</sup><br>|  | 60 | &nbsp;&nbsp; 54835 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(c)</sup> | EUR | 733 | &nbsp;&nbsp; 917403 |
|  |  |  | &nbsp;&nbsp; 15530946 |
| **United States — 8.4%** | **United States — 8.4%** | **United States — 8.4%** | **United States — 8.4%** |
| Acadia Healthcare Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 | USD | 132 | &nbsp;&nbsp; 128048 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/33 |  | 102 | &nbsp;&nbsp; 105084 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 100 | &nbsp;&nbsp; 95972 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/01/32 |  | 100 | &nbsp;&nbsp; 101417 |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(b)</sup> |  | 220 | &nbsp;&nbsp; 224972 |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 100017 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/28 | USD | 100 | &nbsp;&nbsp; $102383  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 |  | 115 | &nbsp;&nbsp; 118545 |
| Alcoa Nederland Holding BV, 7.13%, 03/15/31<sup>(b)</sup> |  | 205 | &nbsp;&nbsp; 215145 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/28 |  | 436 | &nbsp;&nbsp; 443240 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/31 |  | 79 | &nbsp;&nbsp; 80469 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/01/32 |  | 100 | &nbsp;&nbsp; 103081 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> |  | 395 | &nbsp;&nbsp; 412653 |
| Allison Transmission, Inc., 5.88%, 06/01/29<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 117182 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 152 | &nbsp;&nbsp; 156688 |
| AMC Networks, Inc., 10.25%, 01/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 207343 |
| American Airlines, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/28 |  | 154 | &nbsp;&nbsp; 157272 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/15/29 |  | 200 | &nbsp;&nbsp; 209707 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br> 5.75%, 04/20/29<sup>(b)</sup><br>|  | 130 | &nbsp;&nbsp; 129886 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 5.00%, <br> 10/01/29<br>|  | 299 | &nbsp;&nbsp; 273623 |
| American Tower Corp., 2.95%, 01/15/51 |  | 2500 | &nbsp;&nbsp; 1582907 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/07/26<sup>(c)</sup> | GBP | 100 | &nbsp;&nbsp; 139057 |
| &nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 | USD | 2025 | &nbsp;&nbsp; 1200877 |
| AmWINS Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/15/29 |  | 127 | &nbsp;&nbsp; 129443 |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/30/29 |  | 100 | &nbsp;&nbsp; 97181 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99598 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 236 | &nbsp;&nbsp; 225885 |
| Arcosa, Inc., 4.38%, 04/15/29<sup>(b)</sup> |  | 109 | &nbsp;&nbsp; 105440 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA, Inc., 2.13%, 08/15/26<sup>(c)</sup><br>| EUR | 327 | &nbsp;&nbsp; 368715 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(b)</sup> | USD | 296 | &nbsp;&nbsp; 325280 |
| Arsenal AIC Parent LLC, 11.50%, 10/01/31<sup>(b)</sup> |  | 135 | &nbsp;&nbsp; 151326 |
| Asbury Automotive Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 |  | 57 | &nbsp;&nbsp; 55033 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 |  | 118 | &nbsp;&nbsp; 112273 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 12/04/26 | GBP | 100 | &nbsp;&nbsp; 134243 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(c)</sup> |  | 50 | &nbsp;&nbsp; 69720 |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/56 | USD | 718 | &nbsp;&nbsp; 732731 |
| ATI, Inc., 7.25%, 08/15/30 |  | 224 | &nbsp;&nbsp; 234730 |
| Avantor Funding, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 |  | 120 | &nbsp;&nbsp; 117835 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 |  | 131 | &nbsp;&nbsp; 124031 |
| Avient Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 |  | 297 | &nbsp;&nbsp; 306330 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/31 |  | 90 | &nbsp;&nbsp; 90841 |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 |  | 177 | &nbsp;&nbsp; 170592 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/15/30 |  | 141 | &nbsp;&nbsp; 147260 |
| &nbsp;&nbsp;&nbsp; 8.00%, 02/15/31 |  | 100 | &nbsp;&nbsp; 103574 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC/Axalta Coating Systems <br> Dutch Holding B BV, 4.75%, 06/15/27<sup>(b)</sup><br>|  | 300 | &nbsp;&nbsp; 298157 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/28 |  | 100 | &nbsp;&nbsp; 102332 |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/32 | EUR | 181 | &nbsp;&nbsp; 216016 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., (1-day SOFR + 1.37%), <br> 1.92%, 10/24/31<sup>(a)</sup><br>| USD | 119 | &nbsp;&nbsp; 103778 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 10/01/28<sup>(b)</sup> |  | 372 | &nbsp;&nbsp; 388275 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Bausch & Lomb Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.88%), 5.87%, 01/15/31<sup>(a)(c)</sup> | EUR | 100 | &nbsp;&nbsp; $118537  |
| &nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC & BCPE Flavor <br> Issuer, Inc., 07/01/32<sup>(b)(d)</sup><br>| USD | 133 | &nbsp;&nbsp; 136056 |
| Beach Acquisition Bidco LLC, 07/15/32<sup>(c)(d)</sup> | EUR | 137 | &nbsp;&nbsp; 162590 |
| BG Energy Capital PLC, 5.13%, 12/01/25<sup>(c)</sup> | GBP | 133 | &nbsp;&nbsp; 182770 |
| Block, Inc., 6.50%, 05/15/32 | USD | 72 | &nbsp;&nbsp; 74284 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 424606 |
| Brink's Co., 6.75%, 06/15/32<sup>(b)</sup> |  | 110 | &nbsp;&nbsp; 114554 |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 |  | 2 | &nbsp;&nbsp; 1963 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/34 |  | 202 | &nbsp;&nbsp; 205853 |
| &nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, 9.25%, <br> 07/01/31<sup>(b)</sup><br>|  | 400 | &nbsp;&nbsp; 420984 |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | 163 | &nbsp;&nbsp; 162817 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 |  | 100 | &nbsp;&nbsp; 98763 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 |  | 100 | &nbsp;&nbsp; 98924 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/28<sup>(b)</sup> |  | 159 | &nbsp;&nbsp; 146631 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(b)</sup> |  | 589 | &nbsp;&nbsp; 587105 |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(b)</sup> |  | 343 | &nbsp;&nbsp; 332299 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 93417 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/31<sup>(b)</sup> |  | 146 | &nbsp;&nbsp; 152338 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 94853 |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 44 | &nbsp;&nbsp; 40975 |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 182806 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 89019 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC/CDK Global II LLC/CDK <br> Financing Co., Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 230 | &nbsp;&nbsp; 190186 |
| &nbsp;&nbsp;&nbsp; Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 81266 |
| Century Communities, Inc., 3.88%, 08/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 185317 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., 4.25%, <br> 05/01/28<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 97034 |
| Chart Industries, Inc., 7.50%, 01/01/30<sup>(b)</sup> |  | 145 | &nbsp;&nbsp; 151804 |
| Chemours Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 |  | 100 | &nbsp;&nbsp; 99106 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 87043 |
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(b)</sup><br>|  | 250 | &nbsp;&nbsp; 260516 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 |  | 57 | &nbsp;&nbsp; 56144 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 200 | &nbsp;&nbsp; 177350 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 134 | &nbsp;&nbsp; 114554 |
| &nbsp;&nbsp;&nbsp; 10.88%, 01/15/32 |  | 276 | &nbsp;&nbsp; 292523 |
| Cinemark USA, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 |  | 100 | &nbsp;&nbsp; 99526 |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/01/32 |  | 100 | &nbsp;&nbsp; 103817 |
| Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 10/23/26 | GBP | 100 | &nbsp;&nbsp; 132485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-mo. CME Term SOFR + 1.65%), 3.67%, <br> 07/24/28<sup>(a)</sup><br>| USD | 1000 | &nbsp;&nbsp; 984373 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/28<sup>(b)</sup> |  | 241 | &nbsp;&nbsp; 247375 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(c)</sup> | EUR | 231 | &nbsp;&nbsp; 273151 |
| Clean Harbors, Inc., 4.88%, 07/15/27<sup>(b)</sup> | USD | 70 | &nbsp;&nbsp; 69657 |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 |  | 57 | &nbsp;&nbsp; 56352 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/15/28 |  | 100 | &nbsp;&nbsp; 104782 |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/30 |  | 100 | &nbsp;&nbsp; 103224 |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/29 |  | 111 | &nbsp;&nbsp; 109284 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Cleveland-Cliffs, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/32 | USD | 100 | &nbsp;&nbsp; $94266  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/33 |  | 151 | &nbsp;&nbsp; 141782 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/31/29 |  | 446 | &nbsp;&nbsp; 450154 |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/30/29 |  | 357 | &nbsp;&nbsp; 370040 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/30/32 |  | 277 | &nbsp;&nbsp; 294791 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 6.63%, <br> 04/15/29<sup>(b)</sup><br>|  | 221 | &nbsp;&nbsp; 224201 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> |  | 120 | &nbsp;&nbsp; 125666 |
| Constellium SE, 5.38%, 08/15/32<sup>(c)</sup> | EUR | 140 | &nbsp;&nbsp; 166975 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 204467 |
| &nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., 9.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 118 | &nbsp;&nbsp; 108480 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(b)</sup> |  | 133 | &nbsp;&nbsp; 134641 |
| &nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital Corp. <br> V, 4.25%, 09/30/26<br>|  | 78 | &nbsp;&nbsp; 77562 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 |  | 1294 | &nbsp;&nbsp; 1184730 |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 |  | 1264 | &nbsp;&nbsp; 938255 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 190 | &nbsp;&nbsp; 204029 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(c)</sup> | EUR | 210 | &nbsp;&nbsp; 250360 |
| Darling Ingredients, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 | USD | 229 | &nbsp;&nbsp; 228546 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 |  | 100 | &nbsp;&nbsp; 101320 |
| Dell International LLC/EMC Corp., 5.30%, 10/01/29 |  | 750 | &nbsp;&nbsp; 771868 |
| Dotdash Meredith, Inc., 7.63%, 06/15/32<sup>(b)</sup> |  | 45 | &nbsp;&nbsp; 43637 |
| Duke Energy Florida LLC, 2.40%, 12/15/31 |  | 1500 | &nbsp;&nbsp; 1327097 |
| EchoStar Corp., 10.75%, 11/30/29 |  | 400 | &nbsp;&nbsp; 412000 |
| Eli Lilly & Co., 5.00%, 02/09/54 |  | 2640 | &nbsp;&nbsp; 2467080 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 12/15/30 |  | 200 | &nbsp;&nbsp; 204434 |
| &nbsp;&nbsp;&nbsp; 6.75%, 07/15/31 |  | 23 | &nbsp;&nbsp; 23805 |
| Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 |  | 10 | &nbsp;&nbsp; 9910 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 132 | &nbsp;&nbsp; 127740 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> |  | 229 | &nbsp;&nbsp; 242410 |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 189163 |
| Entegris, Inc., 5.95%, 06/15/30<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 129019 |
| EquipmentShare.com, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/15/28 |  | 100 | &nbsp;&nbsp; 105643 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/15/32 |  | 100 | &nbsp;&nbsp; 106269 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/15/33 |  | 35 | &nbsp;&nbsp; 36666 |
| &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), 9.30%, 05/10/27<sup>(a)(e)(l)</sup><br>|  | 1111 | &nbsp;&nbsp; 1033735 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 186800 |
| Ford Motor Credit Co. LLC, 4.54%, 08/01/26 |  | 1915 | &nbsp;&nbsp; 1901855 |
| &nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors <br> LLC, 7.00%, 05/01/31<sup>(b)</sup><br>|  | 165 | &nbsp;&nbsp; 170847 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(b)</sup> |  | 403 | &nbsp;&nbsp; 446874 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 02/01/29 |  | 100 | &nbsp;&nbsp; 103868 |
| &nbsp;&nbsp;&nbsp; 9.13%, 05/15/31 |  | 2 | &nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp; 8.38%, 04/01/32 |  | 133 | &nbsp;&nbsp; 134433 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 199916 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(b)</sup> |  | 815 | &nbsp;&nbsp; 825657 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 140 | &nbsp;&nbsp; 141397 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/30<sup>(b)</sup> |  | 163 | &nbsp;&nbsp; 165102 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/30<sup>(b)</sup> |  | 1250 | &nbsp;&nbsp; 1307339 |
| &nbsp;&nbsp;&nbsp; 8.63%, 03/15/31<sup>(b)</sup> |  | 350 | &nbsp;&nbsp; 371878 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 | USD | 500 | &nbsp;&nbsp; $520217  |
| Gen Digital, Inc., 6.75%, 09/30/27<sup>(b)</sup> |  | 160 | &nbsp;&nbsp; 162833 |
| General Motors Financial Co., Inc., 5.55%, 07/15/29 |  | 2575 | &nbsp;&nbsp; 2630447 |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 |  | 1729 | &nbsp;&nbsp; 1720359 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/54 |  | 1198 | &nbsp;&nbsp; 1173560 |
| Goldman Sachs Group, Inc., 7.25%, 04/10/28 | GBP | 50 | &nbsp;&nbsp; 73428 |
| Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | USD | 300 | &nbsp;&nbsp; 287237 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 180 | &nbsp;&nbsp; 75715 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, 6.38%, <br> 07/15/32<sup>(b)</sup><br>|  | 4 | &nbsp;&nbsp; 4084 |
| Gray Media, Inc., 10.50%, 07/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 214855 |
| Group 1 Automotive, Inc., 4.00%, 08/15/28<sup>(b)</sup> |  | 92 | &nbsp;&nbsp; 88804 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 2890 | &nbsp;&nbsp; 2938899 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 1515 | &nbsp;&nbsp; 1572360 |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/15/54 |  | 1301 | &nbsp;&nbsp; 1264386 |
| Healthpeak OP LLC, 5.25%, 12/15/32 |  | 3000 | &nbsp;&nbsp; 3052968 |
| Herc Holdings, Inc., 5.50%, 07/15/27<sup>(b)</sup> |  | 236 | &nbsp;&nbsp; 236021 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 |  | 100 | &nbsp;&nbsp; 94022 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/32 |  | 292 | &nbsp;&nbsp; 299047 |
| &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 |  | 150 | &nbsp;&nbsp; 144277 |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 |  | 189 | &nbsp;&nbsp; 174155 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/32 |  | 184 | &nbsp;&nbsp; 186857 |
| Hologic, Inc., 3.25%, 02/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 95295 |
| Howard Hughes Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 |  | 141 | &nbsp;&nbsp; 139948 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 100 | &nbsp;&nbsp; 95229 |
| HUB International Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 |  | 200 | &nbsp;&nbsp; 200027 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/30 |  | 372 | &nbsp;&nbsp; 388753 |
| iHeartCommunications, Inc., 9.13%, 05/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 82125 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 96549 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 399590 |
| &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, <br> Inc., 5.00%, 07/15/32<sup>(b)</sup><br>|  | 111 | &nbsp;&nbsp; 106434 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 |  | 100 | &nbsp;&nbsp; 99431 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 |  | 200 | &nbsp;&nbsp; 207040 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 |  | 100 | &nbsp;&nbsp; 98632 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 |  | 107 | &nbsp;&nbsp; 106150 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc., 4.50%, <br> 11/15/29<sup>(b)</sup><br>|  | 106 | &nbsp;&nbsp; 102830 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.63%, <br> 10/15/31<sup>(b)</sup><br>|  | 400 | &nbsp;&nbsp; 398559 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 233 | &nbsp;&nbsp; 226681 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., (1-day SOFR + 1.62%), <br> 5.34%, 01/23/35<sup>(a)</sup><br>|  | 547 | &nbsp;&nbsp; 559925 |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/29<sup>(b)</sup><br>|  | 176 | &nbsp;&nbsp; 182275 |
| Kohl' s Corp., 5.13%, 05/01/31 |  | 102 | &nbsp;&nbsp; 73222 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 126857 |
| Lamar Media Corp., 4.88%, 01/15/29 | USD | 126 | &nbsp;&nbsp; 124553 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 |  | 100 | &nbsp;&nbsp; 99382 |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 |  | 15 | &nbsp;&nbsp; 14304 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 |  | 100 | &nbsp;&nbsp; 93650 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(b)</sup> |  | 409 | &nbsp;&nbsp; 354807 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 | USD | 200 | &nbsp;&nbsp; $194490  |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/31 |  | 124 | &nbsp;&nbsp; 131835 |
| &nbsp;&nbsp;&nbsp; Lessen LLC, (3-mo. CME Term SOFR + 8.50%), <br> 12.79%, 01/05/28<sup>(a)(b)(e)</sup><br>|  | 1945 | &nbsp;&nbsp; 1792086 |
| Level 3 Financing, Inc., 10.75%, 12/15/30<sup>(b)</sup> |  | 286 | &nbsp;&nbsp; 324252 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 163 | &nbsp;&nbsp; 155135 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 08/15/30 |  | 144 | &nbsp;&nbsp; 155766 |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/15/32 |  | 6 | &nbsp;&nbsp; 6393 |
| &nbsp;&nbsp;&nbsp; Lions Gate Capital Holdings 1, Inc., 5.50%, <br> 04/15/29<sup>(b)</sup><br>|  | 1171 | &nbsp;&nbsp; 1017681 |
| Lithia Motors, Inc., 4.38%, 01/15/31<sup>(b)</sup> |  | 130 | &nbsp;&nbsp; 123614 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)</sup> |  | 155 | &nbsp;&nbsp; 153315 |
| Magnera Corp., 4.75%, 11/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 88369 |
| Match Group Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 |  | 100 | &nbsp;&nbsp; 97582 |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 63 | &nbsp;&nbsp; 58917 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 |  | 2 | &nbsp;&nbsp; 1789 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 |  | 537 | &nbsp;&nbsp; 545802 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/27 |  | 573 | &nbsp;&nbsp; 568982 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 283315 |
| McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(b)</sup> |  | 277 | &nbsp;&nbsp; 288950 |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 |  | 250 | &nbsp;&nbsp; 239810 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 |  | 400 | &nbsp;&nbsp; 396882 |
| Meta Platforms, Inc., 4.45%, 08/15/52 |  | 2752 | &nbsp;&nbsp; 2320232 |
| Microsoft Corp., 2.53%, 06/01/50 |  | 3342 | &nbsp;&nbsp; 2065252 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 |  | 81 | &nbsp;&nbsp; 79171 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 |  | 110 | &nbsp;&nbsp; 102201 |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 |  | 100 | &nbsp;&nbsp; 91021 |
| Morgan Stanley<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.03%), 1.79%, 02/13/32 |  | 119 | &nbsp;&nbsp; 101810 |
| &nbsp;&nbsp;&nbsp; (1-day SOFR + 1.14%), 2.70%, 01/22/31 |  | 2500 | &nbsp;&nbsp; 2305291 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(c)</sup><br>| EUR | 204 | &nbsp;&nbsp; 246189 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 | USD | 100 | &nbsp;&nbsp; 101208 |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/32 |  | 170 | &nbsp;&nbsp; 176578 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/15/29 |  | 15 | &nbsp;&nbsp; 15813 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/32 |  | 308 | &nbsp;&nbsp; 314662 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> |  | 131 | &nbsp;&nbsp; 133131 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 425 | &nbsp;&nbsp; 465529 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(b)</sup> |  | 237 | &nbsp;&nbsp; 234599 |
| Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/30 |  | 100 | &nbsp;&nbsp; 97282 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/32 |  | 163 | &nbsp;&nbsp; 155495 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(b)</sup> |  | 293 | &nbsp;&nbsp; 292315 |
| NextEra Energy Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 |  | 100 | &nbsp;&nbsp; 97480 |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/29 |  | 100 | &nbsp;&nbsp; 102513 |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 7.05%, <br> 09/15/28<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 204302 |
| Northern States Power Co., 2.90%, 03/01/50 |  | 1225 | &nbsp;&nbsp; 797353 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 |  | 200 | &nbsp;&nbsp; 191400 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/30 |  | 118 | &nbsp;&nbsp; 122004 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 |  | 112 | &nbsp;&nbsp; 105611 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NRG Energy, Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 | USD | 100 | &nbsp;&nbsp; $99453  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/33 |  | 200 | &nbsp;&nbsp; 201993 |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/34 |  | 2 | &nbsp;&nbsp; 2038 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/28 |  | 400 | &nbsp;&nbsp; 380385 |
| &nbsp;&nbsp;&nbsp; 7.25%, 06/15/31 |  | 210 | &nbsp;&nbsp; 214200 |
| &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer <br> BV<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 |  | 400 | &nbsp;&nbsp; 347142 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/15/34 |  | 200 | &nbsp;&nbsp; 180610 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 |  | 112 | &nbsp;&nbsp; 111440 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 |  | 200 | &nbsp;&nbsp; 191335 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 204962 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 304 | &nbsp;&nbsp; 315780 |
| &nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 |  | 94 | &nbsp;&nbsp; 93881 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 |  | 180 | &nbsp;&nbsp; 174403 |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 |  | 100 | &nbsp;&nbsp; 102844 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 11/15/30 |  | 191 | &nbsp;&nbsp; 197950 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 |  | 73 | &nbsp;&nbsp; 71584 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp., 7.75%, <br> 02/15/29<sup>(b)</sup><br>|  | 500 | &nbsp;&nbsp; 485871 |
| Pike Corp., 5.50%, 09/01/28<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 124918 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 1071 | &nbsp;&nbsp; 1080746 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 |  | 369 | &nbsp;&nbsp; 354695 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 |  | 178 | &nbsp;&nbsp; 165221 |
| Prestige Brands, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 |  | 118 | &nbsp;&nbsp; 117075 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 |  | 100 | &nbsp;&nbsp; 92149 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 3.38%, 08/31/27<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 96850 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, <br> Inc., 4.38%, 04/30/29<sup>(b)</sup><br>|  | 2 | &nbsp;&nbsp; 1939 |
| Prologis LP, 2.25%, 01/15/32 |  | 119 | &nbsp;&nbsp; 103156 |
| Public Service Electric and Gas Co., 4.65%, 03/15/33 |  | 2650 | &nbsp;&nbsp; 2633701 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/32 |  | 103 | &nbsp;&nbsp; 105917 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/33 |  | 226 | &nbsp;&nbsp; 233193 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 113 | &nbsp;&nbsp; 116413 |
| Republic Services, Inc., 1.45%, 02/15/31 |  | 4000 | &nbsp;&nbsp; 3411595 |
| &nbsp;&nbsp;&nbsp; Resort Communities LoanCo. LP, 12.50%, <br> 11/21/28<sup>(b)(e)</sup><br>|  | 4426 | &nbsp;&nbsp; 4454004 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 218 | &nbsp;&nbsp; 207393 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 |  | 102 | &nbsp;&nbsp; 101498 |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97739 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/32<sup>(b)</sup> |  | 23 | &nbsp;&nbsp; 23654 |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 1115 | &nbsp;&nbsp; 1193037 |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(b)</sup> |  | 108 | &nbsp;&nbsp; 110055 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 |  | 2 | &nbsp;&nbsp; 1901 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 |  | 102 | &nbsp;&nbsp; 91256 |
| RR Donnelley & Sons Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 08/01/29 |  | 100 | &nbsp;&nbsp; 100000 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| RR Donnelley & Sons Co.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 08/01/29 | USD | 200 | &nbsp;&nbsp; $193203  |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/01/30 |  | 48 | &nbsp;&nbsp; 46426 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/01/32 |  | 67 | &nbsp;&nbsp; 67527 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/27 |  | 6 | &nbsp;&nbsp; 6143 |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/29 |  | 1197 | &nbsp;&nbsp; 1229973 |
| &nbsp;&nbsp;&nbsp; 11.13%, 07/15/30 |  | 140 | &nbsp;&nbsp; 146440 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 493 | &nbsp;&nbsp; 485408 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(b)</sup> |  | 392 | &nbsp;&nbsp; 381921 |
| Scotts Miracle-Gro Co., 4.38%, 02/01/32 |  | 178 | &nbsp;&nbsp; 163451 |
| Seagate HDD Cayman |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/15/29 |  | 453 | &nbsp;&nbsp; 482444 |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/31 |  | 200 | &nbsp;&nbsp; 214636 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(b)</sup><br>|  | 120 | &nbsp;&nbsp; 121759 |
| Sensata Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 121 | &nbsp;&nbsp; 115519 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/32 |  | 400 | &nbsp;&nbsp; 411660 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 100 | &nbsp;&nbsp; 91913 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/32 |  | 75 | &nbsp;&nbsp; 75765 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc., 5.50%, 05/15/33<sup>(c)</sup><br>| EUR | 139 | &nbsp;&nbsp; 169369 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | USD | 457 | &nbsp;&nbsp; 453085 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 61 | &nbsp;&nbsp; 58586 |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 |  | 268 | &nbsp;&nbsp; 247107 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 |  | 2 | &nbsp;&nbsp; 1778 |
| Six Flags Entertainment Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 |  | 100 | &nbsp;&nbsp; 99784 |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/31 |  | 200 | &nbsp;&nbsp; 205537 |
| SLM Corp., 3.13%, 11/02/26 |  | 46 | &nbsp;&nbsp; 45086 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(b)</sup> |  | 347 | &nbsp;&nbsp; 363815 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 246 | &nbsp;&nbsp; 252427 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 90916 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (13.59% PIK), 7.00%, <br> 12/10/27<sup>(e)(l)</sup><br>|  | 6304 | &nbsp;&nbsp; 5405768 |
| Sonic Automotive, Inc., 4.63%, 11/15/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97025 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 103812 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 191305 |
| Standard Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 |  | 276 | &nbsp;&nbsp; 261328 |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 |  | 269 | &nbsp;&nbsp; 241238 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 197 | &nbsp;&nbsp; 207208 |
| Starwood Property Trust, Inc., 3.63%, 07/15/26<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 196601 |
| Steel Dynamics, Inc., 3.45%, 04/15/30 |  | 3060 | &nbsp;&nbsp; 2910884 |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(o)</sup> |  | 275 | &nbsp;&nbsp; 66688 |
| Synchrony Financial, 7.25%, 02/02/33 |  | 38 | &nbsp;&nbsp; 39761 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., 5.88%, <br> 06/15/27<sup>(b)</sup><br>|  | 221 | &nbsp;&nbsp; 223984 |
| TEGNA, Inc., 4.63%, 03/15/28 |  | 10 | &nbsp;&nbsp; 9718 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 97699 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 |  | 425 | &nbsp;&nbsp; 425595 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 183 | &nbsp;&nbsp; 177476 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 |  | 66 | &nbsp;&nbsp; 67147 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 34 | &nbsp;&nbsp; 33623 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/29 | USD | 57 | &nbsp;&nbsp; $55639  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/32 |  | 6 | &nbsp;&nbsp; 6012 |
| T-Mobile U.S., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 |  | 2750 | &nbsp;&nbsp; 2721284 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 |  | 2180 | &nbsp;&nbsp; 2097481 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/55 |  | 1310 | &nbsp;&nbsp; 1196363 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 204228 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/29<sup>(b)</sup> |  | 400 | &nbsp;&nbsp; 410377 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 |  | 98 | &nbsp;&nbsp; 96293 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/33<sup>(b)</sup> |  | 102 | &nbsp;&nbsp; 102554 |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 200181 |
| Travel & Leisure Co., 4.50%, 12/01/29<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 96646 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(b)</sup> |  | 245 | &nbsp;&nbsp; 211413 |
| U.S. Foods, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/28 |  | 43 | &nbsp;&nbsp; 44461 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 224 | &nbsp;&nbsp; 220070 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 2 | &nbsp;&nbsp; 1947 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 168 | &nbsp;&nbsp; 174313 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc., 6.13%, <br> 03/15/34<sup>(b)</sup><br>|  | 171 | &nbsp;&nbsp; 176134 |
| United Wholesale Mortgage LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 |  | 129 | &nbsp;&nbsp; 128691 |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 |  | 195 | &nbsp;&nbsp; 189278 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 02/15/28 |  | 494 | &nbsp;&nbsp; 523661 |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 |  | 300 | &nbsp;&nbsp; 294026 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 |  | 115 | &nbsp;&nbsp; 114686 |
| &nbsp;&nbsp;&nbsp; 8.00%, 08/15/28 |  | 187 | &nbsp;&nbsp; 189764 |
| &nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 |  | 100 | &nbsp;&nbsp; 98274 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 11/03/28 | GBP | 100 | &nbsp;&nbsp; 123975 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 | USD | 1500 | &nbsp;&nbsp; 1481268 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(b)</sup> |  | 148 | &nbsp;&nbsp; 147420 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 |  | 144 | &nbsp;&nbsp; 144081 |
| &nbsp;&nbsp;&nbsp; 9.13%, 07/15/31 |  | 351 | &nbsp;&nbsp; 378027 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 |  | 253 | &nbsp;&nbsp; 252689 |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/31 |  | 258 | &nbsp;&nbsp; 274214 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/15/32 |  | 100 | &nbsp;&nbsp; 104548 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 208085 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 200090 |
| WESCO Distribution, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/29 |  | 183 | &nbsp;&nbsp; 188276 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/15/32 |  | 141 | &nbsp;&nbsp; 146523 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/33 |  | 128 | &nbsp;&nbsp; 132298 |
| Westbay, 11.00%, 02/06/30<sup>(e)</sup> |  | 9276 | &nbsp;&nbsp; 9288059 |
| Williams Scotsman, Inc., 6.63%, 06/15/29<sup>(b)</sup> |  | 131 | &nbsp;&nbsp; 134475 |
| Wolfspeed, Inc., 1.75%, 05/01/26<sup>(o)</sup> |  | 50 | &nbsp;&nbsp; 12375 |
| Xerox Corp., 10.25%, 10/15/30<sup>(b)</sup> |  | 205 | &nbsp;&nbsp; 214624 |
| Xerox Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 |  | 388 | &nbsp;&nbsp; 295987 |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/29 |  | 62 | &nbsp;&nbsp; 46810 |
| Xerox Issuer Corp., 13.50%, 04/15/31<sup>(b)</sup> |  | 280 | &nbsp;&nbsp; 287409 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, 8.63%, <br> 03/15/33<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 107178 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| XPO, Inc., 7.13%, 02/01/32<sup>(b)</sup> | USD | 114 | &nbsp;&nbsp; $119480  |
| Xylem, Inc., 2.25%, 01/30/31 |  | 3000 | &nbsp;&nbsp; 2659070 |
| Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99058 |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 |  | 100 | &nbsp;&nbsp; 100074 |
|  |  |  | &nbsp;&nbsp; 138906538 |
| **Total Corporate Bonds — 13.2%** <br>**(Cost: $213,097,780)** | **Total Corporate Bonds — 13.2%** <br>**(Cost: $213,097,780)** | **Total Corporate Bonds — 13.2%** <br>**(Cost: $213,097,780)** | &nbsp;&nbsp; 218629765 |
| **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, 7.06%, 11/01/28<sup>(e)</sup> |  | 3490 | &nbsp;&nbsp; 3564442 |
| **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,457,943)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,457,943)** | **Total Fixed Rate Loan Interests — 0.2%** <br>**(Cost: $3,457,943)** | &nbsp;&nbsp; 3564442 |
| **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> |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| &nbsp;&nbsp;&nbsp; United Petfood Finance BV, 2025 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 2.75%), 5.17%, <br> 02/26/32<br>| EUR | 1281 | &nbsp;&nbsp; 1503177 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mehilainen Yhtiot OYJ, 2025 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.48%, <br> 08/05/31<br>|  | 1825 | &nbsp;&nbsp; 2149738 |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cegid Group SASU, 2025 EUR Term Loan B3, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.44%, <br> 01/31/30<br>|  | 1000 | &nbsp;&nbsp; 1175677 |
| &nbsp;&nbsp;&nbsp; Hestiafloor 2 SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.73%, <br> 02/27/30<br>|  | 588 | &nbsp;&nbsp; 693002 |
| &nbsp;&nbsp;&nbsp; HomeVi SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 10/31/29<br>|  | 1000 | &nbsp;&nbsp; 1172179 |
| &nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 12/31/28<br>|  | 1000 | &nbsp;&nbsp; 1155134 |
| &nbsp;&nbsp;&nbsp; Parts Europe SA, 1st Lien EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.49%, <br> 02/03/31<br>|  | 1000 | &nbsp;&nbsp; 1177738 |
| &nbsp;&nbsp;&nbsp; Ramsay Generale de Sante SA, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.49%, 08/13/31<br>|  | 900 | &nbsp;&nbsp; 1053233 |
|  |  |  | &nbsp;&nbsp; 6426963 |
| **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** | **Germany — 0.6%** |
| &nbsp;&nbsp;&nbsp; Aenova Holding GmbH, 2025 EUR Repriced Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.01%, 08/22/31<br>|  | 1132 | &nbsp;&nbsp; 1321581 |
| &nbsp;&nbsp;&nbsp; Apleona Holding GmbH, 2024 EUR Term Loan B3, <br> (3-mo. EURIBOR at 0.00% Floor + 3.45%), 5.64%, <br> 04/28/28<br>|  | 1200 | &nbsp;&nbsp; 1410876 |
| &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; 1350732 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp; IFCO Management GmbH, 2024 EUR 1st Lien Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 6.34%, 11/29/29<br>| EUR | 1000 | &nbsp;&nbsp; $1179423  |
| &nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, 2024 EUR Term <br> Loan B2, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.05%, 02/21/30<br>|  | 1439 | &nbsp;&nbsp; 1694771 |
| &nbsp;&nbsp;&nbsp; Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 4.98%, <br> 01/12/31<br>|  | 667 | &nbsp;&nbsp; 779410 |
| &nbsp;&nbsp;&nbsp; Speedster Bidco GmbH, 2024 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.50%), 5.88%, <br> 12/10/31<br>|  | 660 | &nbsp;&nbsp; 777533 |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, 2025 EUR Term Loan B1, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), 5.85%, <br> 04/30/30<br>|  | 1000 | &nbsp;&nbsp; 1172461 |
|  |  |  | &nbsp;&nbsp; 9686787 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| &nbsp;&nbsp;&nbsp; Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.19%, 01/30/32<br>|  | 570 | &nbsp;&nbsp; 675010 |
| &nbsp;&nbsp;&nbsp; ION Trading Finance Ltd., 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), 5.75%, <br> 04/01/28<br>|  | 1000 | &nbsp;&nbsp; 1168068 |
| &nbsp;&nbsp;&nbsp; Promontoria Beech Designated Activity Co., EUR <br> Term Loan, (1-mo. EURIBOR + 3.75%), 5.64%, <br> 05/17/27<sup>(e)</sup><br>|  | 1230 | &nbsp;&nbsp; 1448984 |
|  |  |  | &nbsp;&nbsp; 3292062 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 2021 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + 3.75%), 5.68%, <br> 05/12/28<br>|  | 990 | &nbsp;&nbsp; 1164870 |
| &nbsp;&nbsp;&nbsp; INEOS Finance PLC, 2024 EUR 1st Lien Term Loan <br> B, (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.43%, 06/23/31<br>|  | 1000 | &nbsp;&nbsp; 1148502 |
| &nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.53%, <br> 01/30/32<br>|  | 1000 | &nbsp;&nbsp; 1173168 |
| &nbsp;&nbsp;&nbsp; Speed Midco 3 SARL, 2024 EUR Term Loan B2, <br> (6-mo. EURIBOR at 0.00% Floor + 4.95%), 7.33%, <br> 05/16/29<sup>(e)</sup><br>|  | 2488 | &nbsp;&nbsp; 2949186 |
| Tackle SARL |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Add on Term Loan B3, 05/22/28<sup>(p)</sup> |  | 594 | &nbsp;&nbsp; 697366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Repriced Term Loan B2, (6-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.37%, <br> 05/22/28<br>|  | 656 | &nbsp;&nbsp; 770294 |
| &nbsp;&nbsp;&nbsp; Traviata BV, 2025 EUR PIK Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + %), 2.18%, <br> 01/22/33<sup>(e)</sup><br>|  | 1000 | &nbsp;&nbsp; 1157337 |
|  |  |  | &nbsp;&nbsp; 9060723 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** | **Netherlands — 0.4%** |
| &nbsp;&nbsp;&nbsp; Flora Food Management BV, 2024 GBP Term Loan <br> B11, (6-mo. SONIA at 0.00% Floor + 5.29%), <br> 9.99%, 01/03/28<br>| GBP | 1358 | &nbsp;&nbsp; 1848456 |
| &nbsp;&nbsp;&nbsp; Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 6.91%, <br> 10/14/27<br>| EUR | 982 | &nbsp;&nbsp; 1152034 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| &nbsp;&nbsp;&nbsp; Peer Holding III BV, 2025 EUR Term Loan B6B, (3-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.73%, <br> 07/01/31<br>| EUR | 1400 | &nbsp;&nbsp; $1646377  |
| &nbsp;&nbsp;&nbsp; Pegasus BidCo BV, 2024 EUR Term Loan B2, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.64%, <br> 07/12/29<br>|  | 1333 | &nbsp;&nbsp; 1572564 |
| &nbsp;&nbsp;&nbsp; Stage Entertainment BV, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.12%, <br> 06/02/29<br>|  | 1000 | &nbsp;&nbsp; 1180306 |
|  |  |  | &nbsp;&nbsp; 7399737 |
| **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%), 10.21%, <br> 11/05/31<br>| GBP | 1000 | &nbsp;&nbsp; 1087825 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| &nbsp;&nbsp;&nbsp; Sasa Polyester Sanayi A/S, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), 5.51%, <br> 06/14/29<br>| EUR | 407 | &nbsp;&nbsp; 479087 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| &nbsp;&nbsp;&nbsp; Aernnova Aerospace SAU, 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), 6.32%, <br> 02/27/30<br>|  | 1303 | &nbsp;&nbsp; 1530383 |
| &nbsp;&nbsp;&nbsp; Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.29%, 10/30/31<br>|  | 741 | &nbsp;&nbsp; 873226 |
| &nbsp;&nbsp;&nbsp; HBX Group International PLC, EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 2.75%), 4.87%, <br> 02/13/32<br>|  | 1011 | &nbsp;&nbsp; 1184800 |
| &nbsp;&nbsp;&nbsp; PAX Holdco Spain SL, 2025 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 4.00%), 6.04%, <br> 12/31/29<br>|  | 1000 | &nbsp;&nbsp; 1175748 |
|  |  |  | &nbsp;&nbsp; 4764157 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Platea BC Bidco AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Delayed Draw Term Loan, (3-mo. EURIBOR <br> at 0.00% Floor + 3.50%), 5.48%, 04/03/31<br>|  | 65 | &nbsp;&nbsp; 77097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor <br> + 3.50%), 5.48%, 04/03/31<br>|  | 833 | &nbsp;&nbsp; 982990 |
| &nbsp;&nbsp;&nbsp; Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.08%, <br> 03/29/30<br>|  | 1009 | &nbsp;&nbsp; 1183525 |
|  |  |  | &nbsp;&nbsp; 2243612 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| &nbsp;&nbsp;&nbsp; Belron U.K. Finance PLC, 2024 EUR Incremental <br> Term Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.15%, 10/16/31<br>|  | 1325 | &nbsp;&nbsp; 1557939 |
| &nbsp;&nbsp;&nbsp; CD&R Firefly Bidco PLC, 2025 GBP Term Loan, (3-<br> mo. SONIA + 4.75%), 9.96%, 04/29/29<br>| GBP | 1000 | &nbsp;&nbsp; 1364070 |
| &nbsp;&nbsp;&nbsp; Froneri Lux FinCo SARL, 2024 EUR Term Loan B3, <br> (6-mo. EURIBOR at 0.00% Floor + 2.50%), 5.10%, <br> 09/30/31<br>| EUR | 1000 | &nbsp;&nbsp; 1157996 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Inspired Finco Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6, 02/28/31<sup>(p)</sup> | EUR | 383 | &nbsp;&nbsp; $449197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6, (1-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.18%, 02/28/31<br>|  | 144 | &nbsp;&nbsp; 169411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 EUR Term Loan B6 (B) (1), (1-mo. EURIBOR <br> at 0.00% Floor + 3.25%), 5.17%, 02/28/31<br>|  | 192 | &nbsp;&nbsp; 224598 |
| &nbsp;&nbsp;&nbsp; Masorange Finco PLC, 2025 EUR Term Loan B, (6-<br> mo. EURIBOR at 0.00% Floor + 2.75%), 4.81%, <br> 03/25/31<br>|  | 1000 | &nbsp;&nbsp; 1168009 |
|  |  |  | &nbsp;&nbsp; 6091220 |
| **United States — 1.7%** | **United States — 1.7%** | **United States — 1.7%** | **United States — 1.7%** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. <br> CME Term SOFR at 0.50% Floor + 5.60%), 9.75%, <br> 02/01/30<br>| USD | 3107 | &nbsp;&nbsp; 2913241 |
| &nbsp;&nbsp;&nbsp; Arctera U.S. Holdings LLC, 2024 Priority Term Loan, <br> (3-mo. CME Term SOFR at 2.50% Floor + 8.00%), <br> 12.30%, 12/09/29<br>|  | — <br><sup>(q)</sup><br>| &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.18%, <br> 01/28/32<br>| EUR | 1000 | &nbsp;&nbsp; 1174570 |
| &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%), 14.61%, 07/31/28<sup>(e)</sup><br>| USD | 5626 | &nbsp;&nbsp; 5576781 |
| &nbsp;&nbsp;&nbsp; Coreweave Compute Acquisition Co., IV, LLC, <br> 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 10.25%, <br> 05/16/29<sup>(e)</sup><br>|  | 578 | &nbsp;&nbsp; 571526 |
| EIS Group Ltd.<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 11.33%, 07/10/28<br>|  | 341 | &nbsp;&nbsp; 328709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 11.33%, 05/01/28<br>|  | 3406 | &nbsp;&nbsp; 3287089 |
| &nbsp;&nbsp;&nbsp; Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), <br> 10.75%, 11/12/26<sup>(e)</sup><br>|  | 6068 | &nbsp;&nbsp; 6037613 |
| &nbsp;&nbsp;&nbsp; GoTo Group, Inc., 2024 Second Out Term Loan, (1-<br> mo. CME Term SOFR + 4.85%), 9.16%, 04/28/28<br>|  | 15 | &nbsp;&nbsp; 5300 |
| &nbsp;&nbsp;&nbsp; Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), <br> 10.04%, 10/25/28<br>|  | 1037 | &nbsp;&nbsp; 840288 |
| &nbsp;&nbsp;&nbsp; Nielsen Consumer, Inc., 2025 EUR Term Loan, (1-<br> mo. EURIBOR at 0.00% Floor + 3.50%), 5.43%, <br> 03/06/28<br>| EUR | 998 | &nbsp;&nbsp; 1168767 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 8.08%, <br> 03/19/32<br>| USD | 603 | &nbsp;&nbsp; 601725 |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.68%, <br> 06/02/28<br>| EUR | 995 | &nbsp;&nbsp; 1115227 |
| Project Montage<sup>(e)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 6.00%, <br> 8.40% PIK), 10.32%, 02/16/29<sup>(l)</sup><br>| USD | 202 | &nbsp;&nbsp; 196706 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Project Montage<sup>(e)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.00%), <br> 10.33%, 02/16/29<br>| USD | 1257 | &nbsp;&nbsp; $1225945  |
| &nbsp;&nbsp;&nbsp; Redstone Holdco 2 LP, 2021 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.01%), 9.29%, <br> 04/27/28<br>|  | 1241 | &nbsp;&nbsp; 663695 |
| &nbsp;&nbsp;&nbsp; Verifone Systems, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.93%), 10.21%, <br> 08/18/28<br>|  | 1828 | &nbsp;&nbsp; 1705679 |
|  |  |  | &nbsp;&nbsp; 27413070 |
| **Total Floating Rate Loan Interests — 4.9%** <br>**(Cost: $77,882,020)** | **Total Floating Rate Loan Interests — 4.9%** <br>**(Cost: $77,882,020)** | **Total Floating Rate Loan Interests — 4.9%** <br>**(Cost: $77,882,020)** | &nbsp;&nbsp; 81598158 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |  |
| Canadian Government Bonds, 2.75%, 03/01/30 | CAD | 2226 | &nbsp;&nbsp; 1629005 |
| **France — 0.0%** | **France — 0.0%** | **France — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, 3.20%, <br> 05/25/35<sup>(b)(c)</sup><br>| EUR | 400 | &nbsp;&nbsp; 468463 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |  |
| Ireland Government Bonds, 2.60%, 10/18/34<sup>(c)</sup> |  | 5800 | &nbsp;&nbsp; 6661994 |
| **Italy — 0.2%** | **Italy — 0.2%** | **Italy — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, Series 5Y, 2.95%, <br> 07/01/30<sup>(c)</sup><br>|  | 2578 | &nbsp;&nbsp; 3076311 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |  |
| Spain Government Bonds, 2.70%, 01/31/30 |  | 2869 | &nbsp;&nbsp; 3415502 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| United Kingdom Gilt, 4.38%, 03/07/30<sup>(c)</sup> | GBP | 2534 | &nbsp;&nbsp; 3540204 |
| **Total Foreign Agency Obligations — 1.1%** <br>**(Cost: $17,840,088)** | **Total Foreign Agency Obligations — 1.1%** <br>**(Cost: $17,840,088)** | **Total Foreign Agency Obligations — 1.1%** <br>**(Cost: $17,840,088)** | &nbsp;&nbsp; 18791479 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 1.8%** | **United States — 1.8%** |  |
| KraneShares CSI China Internet ETF | 52473 | &nbsp;&nbsp; 1801398 |
| SPDR Gold Shares<sup>(f)(i)(r)</sup> | 80418 | &nbsp;&nbsp; 24513819 |
| SPDR S&P Biotech ETF<sup>(g)</sup> | 40000 | &nbsp;&nbsp; 3317200 |
| SPDR S&P Homebuilders ETF<sup>(g)</sup> | 4200 | &nbsp;&nbsp; 413994 |
| SPDR S&P Regional Banking ETF | 5704 | &nbsp;&nbsp; 338760 |
| **Total Investment Companies — 1.8%** <br>**(Cost: $28,955,117)** | **Total Investment Companies — 1.8%** <br>**(Cost: $28,955,117)** | &nbsp;&nbsp; 30385171 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **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 | 325 | &nbsp;&nbsp; $336643 |
| **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)(f)(n)</sup><br>|  | 4218 | &nbsp;&nbsp; 2231451 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $2,259,739)** | &nbsp;&nbsp; 2568094 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp; RIAL Issuer Ltd., Series 2022-FL8, Class A, (1 mo. <br> Term SOFR + 2.25%), 6.56%, 01/19/37<sup>(a)(b)</sup><br>|  | 1803 | &nbsp;&nbsp; 1803639 |
| **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** | **United States**<sup>(a)(b)</sup> **— 1.8%** |
| &nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust, Series 2021-NQM1, <br> Class B1, 4.38%, 09/25/51<br>|  | 2047 | &nbsp;&nbsp; 1783317 |
| CHNGE Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class M1, 3.99%, 01/25/67 |  | 2000 | &nbsp;&nbsp; 1705145 |
| &nbsp;&nbsp;&nbsp; Series 2022-2, Class M1, 4.61%, 03/25/67 |  | 5000 | &nbsp;&nbsp; 4412726 |
| &nbsp;&nbsp;&nbsp; FREMF Trust, Series 2018-W5FX, Class CFX, <br> 3.79%, 04/25/28<br>|  | 1923 | &nbsp;&nbsp; 1774871 |
| &nbsp;&nbsp;&nbsp; Grace Trust, Series 2020-GRCE, Class D, 2.77%, <br> 12/10/40<br>|  | 2000 | &nbsp;&nbsp; 1718883 |
| GS Mortgage Securities Corp. Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class E, (1 mo. Term SOFR + <br> 3.05%), 7.36%, 11/15/36<br>|  | 1440 | &nbsp;&nbsp; 1424006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class F, (1 mo. Term SOFR + <br> 3.55%), 7.86%, 11/15/36<br>|  | 2150 | &nbsp;&nbsp; 2123393 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2019-55HY, <br> Class F, 3.04%, 12/10/41<br>|  | 2000 | &nbsp;&nbsp; 1688831 |
| &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%), 7.13%, 04/15/38<br>|  | 2114 | &nbsp;&nbsp; 2115321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYAH, Class E, (1 mo. Term SOFR + <br> 2.20%), 6.52%, 06/15/38<br>|  | 2000 | &nbsp;&nbsp; 1815300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NLP, Class F, (1 mo. Term SOFR + <br> 3.79%), 8.10%, 04/15/37<br>|  | 1730 | &nbsp;&nbsp; 1635216 |
| &nbsp;&nbsp;&nbsp; Series 2022-OPO, Class D, 3.56%, 01/05/39 |  | 860 | &nbsp;&nbsp; 707689 |
| &nbsp;&nbsp;&nbsp; MFRA Trust, Series 2022-CHM1, Class M1, 4.57%, <br> 09/25/56<br>|  | 4000 | &nbsp;&nbsp; 3534739 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, <br> Class F, (1 mo. Term SOFR + 2.72%), 7.03%, <br> 04/15/38<br>|  | 810 | &nbsp;&nbsp; 810400 |
| &nbsp;&nbsp;&nbsp; SUMIT Mortgage Trust, Series 2022-BVUE, Class D, <br> 2.99%, 02/12/41<br>|  | 650 | &nbsp;&nbsp; 508202 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust, <br> Series 2021-4, Class M4, 4.48%, 12/26/51<br>|  | 2369 | &nbsp;&nbsp; 1927682 |
|  |  |  | &nbsp;&nbsp; 29685721 |
| **Total Non-Agency Mortgage-Backed Securities — 1.9%** <br>**(Cost: $34,350,247)** | **Total Non-Agency Mortgage-Backed Securities — 1.9%** <br>**(Cost: $34,350,247)** | **Total Non-Agency Mortgage-Backed Securities — 1.9%** <br>**(Cost: $34,350,247)** | &nbsp;&nbsp; 31489360 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **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>| USD | 188 | &nbsp;&nbsp; $192702 |
| **France**<sup>(k)</sup> **— 0.1%** | **France**<sup>(k)</sup> **— 0.1%** | **France**<sup>(k)</sup> **— 0.1%** |  |
| Air France-KLM, Series ., 5.75%<sup>(c)</sup> | EUR | 200 | &nbsp;&nbsp; 233962 |
| Electricite de France SA<sup>(c)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13% |  | 200 | &nbsp;&nbsp; 241494 |
| &nbsp;&nbsp;&nbsp; 5.63% |  | 200 | &nbsp;&nbsp; 244096 |
| &nbsp;&nbsp;&nbsp; 7.38% | GBP | 200 | &nbsp;&nbsp; 277233 |
| Societe Generale SA, 8.13%<sup>(b)</sup> | USD | 289 | &nbsp;&nbsp; 294892 |
|  |  |  | &nbsp;&nbsp; 1291677 |
| **Germany**<sup>(c)(k)</sup> **— 0.1%** | **Germany**<sup>(c)(k)</sup> **— 0.1%** | **Germany**<sup>(c)(k)</sup> **— 0.1%** |  |
| Commerzbank AG, 6.50% | EUR | 400 | &nbsp;&nbsp; 496506 |
| Deutsche Bank AG, 7.13% |  | 200 | &nbsp;&nbsp; 239976 |
| Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.49% |  | 100 | &nbsp;&nbsp; 118722 |
| &nbsp;&nbsp;&nbsp; 5.99% |  | 100 | &nbsp;&nbsp; 118918 |
|  |  |  | &nbsp;&nbsp; 974122 |
| **Italy**<sup>(c)(k)</sup> **— 0.0%** | **Italy**<sup>(c)(k)</sup> **— 0.0%** | **Italy**<sup>(c)(k)</sup> **— 0.0%** |  |
| BPER Banca SpA, 6.50% |  | 200 | &nbsp;&nbsp; 241489 |
| Prysmian SpA, Series ., 5.25% |  | 275 | &nbsp;&nbsp; 332450 |
|  |  |  | &nbsp;&nbsp; 573939 |
| **Japan — 0.0%** | **Japan — 0.0%** | **Japan — 0.0%** |  |
| Rakuten Group, Inc., 8.13%<sup>(b)(k)</sup> | USD | 200 | &nbsp;&nbsp; 195665 |
| **Netherlands**<sup>(k)</sup> **— 0.0%** | **Netherlands**<sup>(k)</sup> **— 0.0%** | **Netherlands**<sup>(k)</sup> **— 0.0%** |  |
| ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88% |  | 200 | &nbsp;&nbsp; 185816 |
| &nbsp;&nbsp;&nbsp; 7.25%<sup>(c)</sup> |  | 300 | &nbsp;&nbsp; 304875 |
| NN Group NV, 5.75%<sup>(c)</sup> | EUR | 200 | &nbsp;&nbsp; 233425 |
|  |  |  | &nbsp;&nbsp; 724116 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA, 5.88%<sup>(c)(k)</sup> |  | 200 | &nbsp;&nbsp; 244162 |
| **Switzerland**<sup>(b)(k)</sup> **— 0.0%** | **Switzerland**<sup>(b)(k)</sup> **— 0.0%** | **Switzerland**<sup>(b)(k)</sup> **— 0.0%** |  |
| UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.85% | USD | 500 | &nbsp;&nbsp; 502195 |
| &nbsp;&nbsp;&nbsp; 7.00% |  | 200 | &nbsp;&nbsp; 198956 |
|  |  |  | &nbsp;&nbsp; 701151 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| British Telecommunications PLC, 4.88%, 11/23/81<sup>(b)</sup> |  | 380 | &nbsp;&nbsp; 347931 |
| Centrica PLC, 6.50%, 05/21/55<sup>(c)</sup> | GBP | 505 | &nbsp;&nbsp; 700986 |
| HSBC Holdings PLC, 4.75%<sup>(c)(k)</sup> | EUR | 308 | &nbsp;&nbsp; 361061 |
| Nationwide Building Society, 7.50%<sup>(c)(k)</sup> | GBP | 440 | &nbsp;&nbsp; 609583 |
| NatWest Group PLC, 7.50%<sup>(k)</sup> |  | 200 | &nbsp;&nbsp; 272443 |
| Vodafone Group PLC, 7.00%, 04/04/79 | USD | 200 | &nbsp;&nbsp; 208669 |
|  |  |  | &nbsp;&nbsp; 2500673 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |  |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/10/54 |  | 113 | &nbsp;&nbsp; 113246 |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/10/55 |  | 100 | &nbsp;&nbsp; 103141 |
| Edison International, 8.13%, 06/15/53 |  | 172 | &nbsp;&nbsp; 166134 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(b)</sup> |  | 149 | &nbsp;&nbsp; 155121 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Paramount Global, 6.38%, 03/30/62 | USD | 258 | &nbsp;&nbsp; $253494  |
| PG&E Corp., 7.38%, 03/15/55 |  | 418 | &nbsp;&nbsp; 395854 |
|  |  |  | &nbsp;&nbsp; 1186990 |
|  |  |  | &nbsp;&nbsp; 8585197 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.9%**<sup>(e)</sup> | **Preferred Stocks — 1.9%**<sup>(e)</sup> | **Preferred Stocks — 1.9%**<sup>(e)</sup> |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Aiven, Series D<sup>(f)</sup> | 35053 | &nbsp;&nbsp; 1775434 |
| **United States — 1.8%** | **United States — 1.8%** |  |
| Bright Machines, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C | 472895 | &nbsp;&nbsp; 160784 |
| &nbsp;&nbsp;&nbsp; Series C-1 | 985055 | &nbsp;&nbsp; 128057 |
| Cap Hill Brands<sup>(f)</sup> | 1088268 | &nbsp;&nbsp; 32648 |
| Clarify Health<sup>(f)</sup> | 318926 | &nbsp;&nbsp; 1967773 |
| CW Opportunity 2 LP, 03/25/49 | 1594000 | &nbsp;&nbsp; 5610880 |
| Davidson Homes, Inc.<sup>(f)(k)</sup> | 7258 | &nbsp;&nbsp; 7499909 |
| FLYR, Inc., Series D-2<sup>(f)</sup> | 392187 | &nbsp;&nbsp; 1749154 |
| Insight M, Inc., Series D<sup>(f)</sup> | 2854422 | &nbsp;&nbsp; 649381 |
| Lessen Holdings, Inc.<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BX | 456729 | &nbsp;&nbsp; 1000237 |
| &nbsp;&nbsp;&nbsp; Series CX | 24168 | &nbsp;&nbsp; 70812 |
| RapidSOS, Inc., Series C-1<sup>(f)</sup> | 1707127 | &nbsp;&nbsp; 1792483 |
| Verge Genomics, Inc., Series B-1 | 317866 | &nbsp;&nbsp; 610303 |
| Veritas Kapital Assurance PLC<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G | 973 | &nbsp;&nbsp; 21893 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 672 | &nbsp;&nbsp; 15120 |
| &nbsp;&nbsp;&nbsp; Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $4,623,422), 10/07/32<sup>(f)(h)</sup><br>| 1584337 | &nbsp;&nbsp; 8095962 |
|  |  | &nbsp;&nbsp; 29405396 |
|  |  | &nbsp;&nbsp; 31180830 |
| **Total Preferred Securities — 2.4%** <br>**(Cost: $46,572,865)** | **Total Preferred Securities — 2.4%** <br>**(Cost: $46,572,865)** | &nbsp;&nbsp; 39766027 |

---

&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** |
| **Mortgage-Backed Securities — 7.3%** | **Mortgage-Backed Securities — 7.3%** | **Mortgage-Backed Securities — 7.3%** |  |
| Uniform Mortgage-Backed Securities<sup>(s)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/15/54 | USD | 18006 | &nbsp;&nbsp; 16209098 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/54 |  | 76345 | &nbsp;&nbsp; 73017998 |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/54 |  | 32500 | &nbsp;&nbsp; 32492565 |
| **Total U.S. Government Sponsored Agency Securities — 7.3%** <br>**(Cost: $119,532,535)** | **Total U.S. Government Sponsored Agency Securities — 7.3%** <br>**(Cost: $119,532,535)** | **Total U.S. Government Sponsored Agency Securities — 7.3%** <br>**(Cost: $119,532,535)** | &nbsp;&nbsp; 121719661 |

---

&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, <br> Cost: $0), (Exercisable 09/20/22, 1 Share for <br> 1 Warrant, Expires 09/20/32, Strike Price USD <br> 0.01)<sup>(e)(f)(h)</sup><br>| 36915 | &nbsp;&nbsp; 369 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States**<sup>(f)</sup> **— 0.2%** | **United States**<sup>(f)</sup> **— 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Davidson Homes, Inc., (Issued 05/16/24, Expires <br> 05/16/34, Strike Price USD 8.47)<sup>(e)</sup><br>| 50374 | &nbsp;&nbsp; $204015  |
| &nbsp;&nbsp;&nbsp; FLYR, Inc., (Expires 12/29/33, Strike Price USD <br> 3.95)<sup>(e)</sup><br>| 5576 | &nbsp;&nbsp; 17118 |
| &nbsp;&nbsp;&nbsp; Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(e)</sup><br>| 2957679 | &nbsp;&nbsp; 290444 |
| &nbsp;&nbsp;&nbsp; RapidSOS, Inc., (Issued 12/13/23, Expires 12/13/33, <br> Strike Price USD 0.01)<sup>(e)</sup><br>| 946544 | &nbsp;&nbsp; 984406 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(e)</sup><br>| 155888 | &nbsp;&nbsp; 294629 |
| &nbsp;&nbsp;&nbsp; Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(e)</sup><br>| 15626 | &nbsp;&nbsp; 42034 |
| &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>(e)(h)</sup><br>| 195273 | &nbsp;&nbsp; 788903 |
| &nbsp;&nbsp;&nbsp; Volato Group, Inc., (Acquired 12/03/23, Cost: <br> $41,409), (Issued 12/04/23, Expires 12/03/28, <br> Strike Price USD 11.50)<sup>(h)</sup><br>| 41409 | &nbsp;&nbsp; 1056 |
|  |  | &nbsp;&nbsp; 2622605 |
| **Total Warrants — 0.2%** <br>**(Cost: $41,411)** | **Total Warrants — 0.2%** <br>**(Cost: $41,411)** | &nbsp;&nbsp; 2622974 |
| **Total Long-Term Investments — 101.1%** <br>**(Cost: $1,344,472,333)** | **Total Long-Term Investments — 101.1%** <br>**(Cost: $1,344,472,333)** | &nbsp;&nbsp; 1674984080 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(t)(u)(v)</sup><br>| 1499576 | &nbsp;&nbsp; 1500175 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(t)(u)</sup><br>| 83573405 | &nbsp;&nbsp; 83573405 |
|  |  | &nbsp;&nbsp; 85073580 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |  |
| U.S. Treasury Notes, 3.50%, 09/15/25<sup>(i)(r)</sup> | USD | 3657 | &nbsp;&nbsp; 3652701 |
| **Total Short-Term Securities — 5.4%** <br>**(Cost: $88,724,849)** | **Total Short-Term Securities — 5.4%** <br>**(Cost: $88,724,849)** | **Total Short-Term Securities — 5.4%** <br>**(Cost: $88,724,849)** | &nbsp;&nbsp; 88726281 |
| **Options Purchased — 0.3%** <br>**(Cost: $4,998,014)** | **Options Purchased — 0.3%** <br>**(Cost: $4,998,014)** | **Options Purchased — 0.3%** <br>**(Cost: $4,998,014)** | &nbsp;&nbsp; 5305054 |
| **Total Investments Before Options Written — 106.8%** <br>**(Cost: $1,438,195,196)** | **Total Investments Before Options Written — 106.8%** <br>**(Cost: $1,438,195,196)** | **Total Investments Before Options Written — 106.8%** <br>**(Cost: $1,438,195,196)** | &nbsp;&nbsp; 1769015415 |
| **Options Written — (0.2)%** <br>**(Premiums Received: $(3615832))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(3615832))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(3615832))** | &nbsp;&nbsp; (3527218)<br>|
| **Total Investments, Net of Options Written — 106.6%** <br>**(Cost: $1,434,579,364)** | **Total Investments, Net of Options Written — 106.6%** <br>**(Cost: $1,434,579,364)** | **Total Investments, Net of Options Written — 106.6%** <br>**(Cost: $1,434,579,364)** | &nbsp;&nbsp; 1765488197 |
| **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | &nbsp;&nbsp; (108806467)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1656681730 |

---

&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> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(d)</sup> When-issued security.

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

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

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

<sup>(h)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $15,883,171, representing 1.0% of its net assets as of period end, and an original cost of $11,969,238. 

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

<sup>(l)</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>(m)</sup> Zero-coupon bond.

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

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

<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> Rounds to less than 1,000.

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

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

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<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 | $— | $(2459358 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(304)<br>| $(297)<br>| $1500175 | 1499576 | $23803 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 207553773 |  | (123980368 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 83573405 | 83573405 | 3029660 | &nbsp;&nbsp; — |
| iShares Biotechnology ETF<sup>(c)</sup> | &nbsp;&nbsp; 925472 |  | (929458)<br>| &nbsp;&nbsp; (72135)<br>| 76121 |  |  | 848 | &nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(c)</sup> | &nbsp;&nbsp; 2276445 |  | (2306772)<br>| &nbsp;&nbsp; 17736 | 12591 |  |  | 10423 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(c)</sup><br>| &nbsp;&nbsp; 5895071 |  | (5979855)<br>| &nbsp;&nbsp; 263592 | (178808)<br>|  |  | 54720 | &nbsp;&nbsp; — |
| iShares Russell Mid-Cap Growth ETF<sup>(c)</sup> | &nbsp;&nbsp; 248176 |  | (235558)<br>| &nbsp;&nbsp; 48860 | (61478)<br>|  |  | 194 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $257749 | $(151871)<br>| $85073580 |  | $3119648 | &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; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; $4662 | &nbsp;&nbsp;&nbsp;&nbsp; $47290 |
| &nbsp;&nbsp;&nbsp; Euro BOBL | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23566 | &nbsp;&nbsp;&nbsp;&nbsp; (86272)<br>|
| &nbsp;&nbsp;&nbsp; Euro BTP | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp; 7475 |
| &nbsp;&nbsp;&nbsp; Euro-Schatz | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp;&nbsp;&nbsp; (8854)<br>|
| &nbsp;&nbsp;&nbsp; Nikkei 225 Index | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7854 | &nbsp;&nbsp;&nbsp;&nbsp; 451281 |
| &nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5205 | &nbsp;&nbsp;&nbsp;&nbsp; 45254 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5083 | &nbsp;&nbsp;&nbsp;&nbsp; 29389 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks Index | &nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp;&nbsp; 27503 |
| &nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 58149 | &nbsp;&nbsp;&nbsp;&nbsp; 2598700 |
| &nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp;&nbsp; 26513 |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp; 38815 |
| &nbsp;&nbsp;&nbsp; Long Gilt | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp; 86436 |
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 88836 | &nbsp;&nbsp;&nbsp;&nbsp; 308212 |
| &nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 116538 | &nbsp;&nbsp;&nbsp;&nbsp; 1223942 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4795684 |
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Euro Bund | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7666 | &nbsp;&nbsp;&nbsp;&nbsp; 38789 |
| &nbsp;&nbsp;&nbsp; Euro OAT | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2918 | &nbsp;&nbsp;&nbsp;&nbsp; 19770 |
| &nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5792 | &nbsp;&nbsp;&nbsp;&nbsp; (17670)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 62342 | &nbsp;&nbsp;&nbsp;&nbsp; (1329789)<br>|
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 49470 | &nbsp;&nbsp;&nbsp;&nbsp; (1190793)<br>|
| &nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp;&nbsp; (55043)<br>|
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6305 | &nbsp;&nbsp;&nbsp;&nbsp; (229914)<br>|
| &nbsp;&nbsp;&nbsp; 3-Month SOFR | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13005 | &nbsp;&nbsp;&nbsp;&nbsp; (34553)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2799203)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $1996481 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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>|
| AUD | 249795 | USD | 162603 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2060 |
| BRL | 21044971 | USD | 3695926 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104263 |
| CHF | 1352973 | USD | 1664888 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56736 |
| DKK | 5671938 | USD | 874425 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26234 |
| EUR | 1165980 | USD | 1372706 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7747 |
| EUR | 2880734 | USD | 3310600 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100022 |
| GBP | 131539 | USD | 177223 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3422 |
| GBP | 2264139 | USD | 3058880 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50512 |
| GBP | 254295 | USD | 348805 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| GBP | 179913 | USD | 243773 | The Bank of New York Mellon | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3306 |
| IDR | 14481001656 | USD | 887686 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6535 |
| JPY | 803300157 | USD | 5599078 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27434 |
| JPY | 24986091 | USD | 173140 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1869 |
| JPY | 36673418 | USD | 255643 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| JPY | 36729989 | USD | 256488 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |
| JPY | 28356894 | USD | 198102 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| MXN | 29895650 | USD | 1552330 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28013 |
| MXN | 36396424 | USD | 1889828 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34158 |
| SEK | 23275774 | USD | 2436571 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36030 |
| USD | 2954256 | HKD | 23022072 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300 |
| USD | 6828032 | HKD | 53209833 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5316 |
| ZAR | 33712048 | USD | 1889661 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3967 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502870 |
| GBP | 172038 | USD | 236372 | The Bank of New York Mellon | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110)<br>|
| INR | 76522374 | USD | 890339 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652)<br>|
| USD | 6782218 | AUD | 10384751 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63339)<br>|
| USD | 1578009 | CAD | 2148365 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5722)<br>|
| USD | 2389146 | CHF | 1941600 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81492)<br>|
| USD | 172882 | CHF | 139687 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4866)<br>|
| USD | 16569846 | DKK | 107480750 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497240)<br>|
| USD | 91744582 | EUR | 79783315 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2714238)<br>|
| USD | 168527637 | EUR | 146555723 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4985843)<br>|
| USD | 371245 | EUR | 322439 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10504)<br>|
| USD | 453188 | EUR | 388950 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7307)<br>|
| USD | 469230 | EUR | 401422 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6030)<br>|
| USD | 875401 | EUR | 757671 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21638)<br>|
| USD | 569283 | EUR | 490815 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11814)<br>|
| USD | 73042988 | GBP | 54074498 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1218718)<br>|
| USD | 1973749 | GBP | 1460910 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32551)<br>|
| USD | 2256268 | KRW | 3065145008 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19858)<br>|
| USD | 1223086 | SEK | 11680252 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17715)<br>|
| USD | 21625394 | TWD | 635300000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (604216)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10303853)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9800983)<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; Nikkei 225 Index | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 39250.00 | JPY | 2105344 | &nbsp;&nbsp;&nbsp;&nbsp; $521787  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | USD | 615.00 | USD | 9391 | &nbsp;&nbsp;&nbsp;&nbsp; 112328 |
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 280.00 | USD | 169 | &nbsp;&nbsp;&nbsp;&nbsp; 3480 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 180.00 | USD | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 215.00 | USD | 3379 | &nbsp;&nbsp;&nbsp;&nbsp; 126665 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 215.00 | USD | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 11154 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 210.00 | USD | 1457 | &nbsp;&nbsp;&nbsp;&nbsp; 19738 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 46.00 | USD | 2593 | &nbsp;&nbsp;&nbsp;&nbsp; 111518 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 110.00 | USD | 1128 | &nbsp;&nbsp;&nbsp;&nbsp; 11288 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 260.00 | USD | 965 | &nbsp;&nbsp;&nbsp;&nbsp; $67025 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 200.00 | USD | 681 | &nbsp;&nbsp;&nbsp;&nbsp; 46560 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 80.00 | USD | 2366 | &nbsp;&nbsp;&nbsp;&nbsp; 166800 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 25.00 | USD | 209 | &nbsp;&nbsp;&nbsp;&nbsp; 8400 |
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 285 | &nbsp;&nbsp;&nbsp;&nbsp; 11235 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 770.00 | USD | 1013 | &nbsp;&nbsp;&nbsp;&nbsp; 36920 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 40.00 | USD | 251 | &nbsp;&nbsp;&nbsp;&nbsp; 21605 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 390.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 380.00 | USD | 403 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| &nbsp;&nbsp;&nbsp; Informatica Inc., Class A | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 25.00 | USD | 168 | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 790.00 | USD | 551 | &nbsp;&nbsp;&nbsp;&nbsp; 9170 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 585.00 | USD | 815 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 3371 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 37.00 | USD | 12392 | &nbsp;&nbsp;&nbsp;&nbsp; 244397 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 275.00 | USD | 2319 | &nbsp;&nbsp;&nbsp;&nbsp; 130600 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 155.00 | USD | 318 | &nbsp;&nbsp;&nbsp;&nbsp; 5040 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 150.00 | USD | 272 | &nbsp;&nbsp;&nbsp;&nbsp; 8730 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 590.00 | USD | 562 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 600.00 | USD | 506 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 675.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 107040 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 680.00 | USD | 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 105910 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 110.00 | USD | 468 | &nbsp;&nbsp;&nbsp;&nbsp; 52820 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 470.00 | USD | 2636 | &nbsp;&nbsp;&nbsp;&nbsp; 161650 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 475.00 | USD | 2487 | &nbsp;&nbsp;&nbsp;&nbsp; 126125 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 67.50 | USD | 451 | &nbsp;&nbsp;&nbsp;&nbsp; 19825 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 70.00 | USD | 389 | &nbsp;&nbsp;&nbsp;&nbsp; 8708 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 150.00 | USD | 2259 | &nbsp;&nbsp;&nbsp;&nbsp; 145502 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 170.00 | USD | 765 | &nbsp;&nbsp;&nbsp;&nbsp; 171675 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 175.00 | USD | 721 | &nbsp;&nbsp;&nbsp;&nbsp; 143797 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 295.00 | USD | 560 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 270.00 | USD | 436 | &nbsp;&nbsp;&nbsp;&nbsp; 13040 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 620.00 | USD | 3831 | &nbsp;&nbsp;&nbsp;&nbsp; 40579 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 475 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 450.00 | USD | 1094 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 54.00 | EUR | 940 | &nbsp;&nbsp;&nbsp;&nbsp; 62973 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 115.00 | USD | 422 | &nbsp;&nbsp;&nbsp;&nbsp; 32300 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 185.00 | USD | 479 | &nbsp;&nbsp;&nbsp;&nbsp; 15728 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 624 | &nbsp;&nbsp;&nbsp;&nbsp; 24420 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | EUR | 210.00 | EUR | 3799 | &nbsp;&nbsp;&nbsp;&nbsp; 57328 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 220.00 | USD | 5244 | &nbsp;&nbsp;&nbsp;&nbsp; 119799 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 740.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 62600 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 505.00 | USD | 746 | &nbsp;&nbsp;&nbsp;&nbsp; 20700 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1320.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; 61687 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 160.00 | USD | 916 | &nbsp;&nbsp;&nbsp;&nbsp; 44370 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 310.00 | USD | 15485 | &nbsp;&nbsp;&nbsp;&nbsp; 271780 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 320.00 | USD | 23716 | &nbsp;&nbsp;&nbsp;&nbsp; 190221 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 315.00 | USD | 5243 | &nbsp;&nbsp;&nbsp;&nbsp; 63210 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 105.00 | USD | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 7215 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 125.00 | USD | 595 | &nbsp;&nbsp;&nbsp;&nbsp; 23160 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 85.00 | USD | 1466 | &nbsp;&nbsp;&nbsp;&nbsp; 22784 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 383 | &nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 928 | &nbsp;&nbsp;&nbsp;&nbsp; 24579 |
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 200.00 | EUR | 3326 | &nbsp;&nbsp;&nbsp;&nbsp; 175456 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 270.00 | USD | 1358 | &nbsp;&nbsp;&nbsp;&nbsp; 59670 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 648 | &nbsp;&nbsp;&nbsp;&nbsp; 50020 |
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 325.00 | USD | 14662 | &nbsp;&nbsp;&nbsp;&nbsp; 168350 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 100.00 | USD | 1144 | &nbsp;&nbsp;&nbsp;&nbsp; 43582 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 335 | &nbsp;&nbsp;&nbsp;&nbsp; 16605 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 85.00 | USD | 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 64714 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4516600 |
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 500.00 | USD | 9047 | &nbsp;&nbsp;&nbsp;&nbsp; 9512 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 198.00 | USD | 1834 | &nbsp;&nbsp;&nbsp;&nbsp; $3060 |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 570.00 | USD | 10133 | &nbsp;&nbsp;&nbsp;&nbsp; 9020 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 190.00 | USD | 3258 | &nbsp;&nbsp;&nbsp;&nbsp; 24287 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. | &nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 85.00 | USD | 1971 | &nbsp;&nbsp;&nbsp;&nbsp; 43083 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88962 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $4605562 |

---

&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 Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Trust* | *Received by the Trust* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 5.00% | CDX.NA.HY.44.V1 | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 08/20/25 |  | USD 104.00 | USD | 2430 | $4869 |

---

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

<sup>(a)</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 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, 07/12/35 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | Deutsche Bank AG | 07/10/25 | 3.50<br> % <br>| USD | 9434 | $5570  |
| &nbsp;&nbsp;&nbsp; 3-Year Interest Rate Swap, 08/20/28 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.50 | USD | 11416 | 72903 |
| &nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.65% | Annual | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.65 | USD | 5770 | 117524 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/22/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.50% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.50 | GBP | 45122 | 199058 |
| &nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/01/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.60% | Annual | &nbsp;&nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 3.60 | GBP | 56765 | 299568 |
|  |  |  |  |  |  |  |  |  |  | $694623 |

---

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 5Y-30Y CMS Index, Cap | 0.69<br> % <br>| Deutsche Bank AG | 09/02/25 | USD | 140220 | &nbsp;&nbsp; $(43384)<br>| &nbsp;&nbsp; $(65202)<br>| &nbsp;&nbsp; $21818 |

---

**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; Nikkei 225 Index | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 41000.00 | JPY | 2105344 | &nbsp;&nbsp;&nbsp;&nbsp; $(128190 )<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 07/11/25 | USD | 625.00 | USD | 9391 | &nbsp;&nbsp;&nbsp;&nbsp; (36024)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 185.00 | USD | 1632 | &nbsp;&nbsp;&nbsp;&nbsp; (15134)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 220.00 | USD | 2347 | &nbsp;&nbsp;&nbsp;&nbsp; (55907)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 48.00 | USD | 658 | &nbsp;&nbsp;&nbsp;&nbsp; (12163)<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 210.00 | USD | 1106 | &nbsp;&nbsp;&nbsp;&nbsp; (36400)<br>|
| &nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | &nbsp;&nbsp; 2593 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 42.00 | USD | 9532 | &nbsp;&nbsp;&nbsp;&nbsp; (18151)<br>|
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 630.00 | USD | 7661 | &nbsp;&nbsp;&nbsp;&nbsp; (30752)<br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 62.00 | EUR | 940 | &nbsp;&nbsp;&nbsp;&nbsp; (3139)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 200.00 | USD | 1135 | &nbsp;&nbsp;&nbsp;&nbsp; $(13632 )<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 235.00 | USD | 3401 | &nbsp;&nbsp;&nbsp;&nbsp; (73625)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 230.00 | USD | 3078 | &nbsp;&nbsp;&nbsp;&nbsp; (23100)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 50.00 | USD | 2598 | &nbsp;&nbsp;&nbsp;&nbsp; (37332)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 965 | &nbsp;&nbsp;&nbsp;&nbsp; (21262)<br>|
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 460.00 | USD | 285 | &nbsp;&nbsp;&nbsp;&nbsp; (4935)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 900.00 | USD | 1637 | &nbsp;&nbsp;&nbsp;&nbsp; (22417)<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 290.00 | USD | 2319 | &nbsp;&nbsp;&nbsp;&nbsp; (76600)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 780.00 | USD | 2510 | &nbsp;&nbsp;&nbsp;&nbsp; (74970)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; (18360)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 125.00 | USD | 468 | &nbsp;&nbsp;&nbsp;&nbsp; (24035)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 135.00 | USD | 2169 | &nbsp;&nbsp;&nbsp;&nbsp; (50688)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1500.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; (15645)<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 80.00 | USD | 847 | &nbsp;&nbsp;&nbsp;&nbsp; (4026)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 165.00 | USD | 2259 | &nbsp;&nbsp;&nbsp;&nbsp; (77935)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 200.00 | USD | 1509 | &nbsp;&nbsp;&nbsp;&nbsp; (159217)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 220.00 | USD | 3258 | &nbsp;&nbsp;&nbsp;&nbsp; (149745)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 436 | &nbsp;&nbsp;&nbsp;&nbsp; (4280)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 325.00 | USD | 15485 | &nbsp;&nbsp;&nbsp;&nbsp; (80772)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 340.00 | USD | 23716 | &nbsp;&nbsp;&nbsp;&nbsp; (35788)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 335.00 | USD | 5243 | &nbsp;&nbsp;&nbsp;&nbsp; (11696)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 115.00 | USD | 1085 | &nbsp;&nbsp;&nbsp;&nbsp; (1332)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 130.00 | USD | 422 | &nbsp;&nbsp;&nbsp;&nbsp; (9418)<br>|
| &nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 310.00 | USD | 197 | &nbsp;&nbsp;&nbsp;&nbsp; (2625)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 200.00 | USD | 1100 | &nbsp;&nbsp;&nbsp;&nbsp; (21855)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 240.00 | USD | 1733 | &nbsp;&nbsp;&nbsp;&nbsp; (45030)<br>|
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 284 | &nbsp;&nbsp;&nbsp;&nbsp; (5750)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 1334 | &nbsp;&nbsp;&nbsp;&nbsp; (18883)<br>|
| &nbsp;&nbsp;&nbsp; Cameco Corp. | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 349 | &nbsp;&nbsp;&nbsp;&nbsp; (9165)<br>|
| &nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 460.00 | USD | 407 | &nbsp;&nbsp;&nbsp;&nbsp; (10600)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 940.00 | USD | 857 | &nbsp;&nbsp;&nbsp;&nbsp; (13310)<br>|
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 860.00 | USD | 473 | &nbsp;&nbsp;&nbsp;&nbsp; (9000)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 600.00 | USD | 380 | &nbsp;&nbsp;&nbsp;&nbsp; (8505)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 820.00 | USD | 1033 | &nbsp;&nbsp;&nbsp;&nbsp; (26180)<br>|
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 431 | &nbsp;&nbsp;&nbsp;&nbsp; (5740)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 540.00 | USD | 2089 | &nbsp;&nbsp;&nbsp;&nbsp; (25305)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 1480.00 | USD | 268 | &nbsp;&nbsp;&nbsp;&nbsp; (8390)<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 250.00 | USD | 787 | &nbsp;&nbsp;&nbsp;&nbsp; (24390)<br>|
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 310.00 | USD | 573 | &nbsp;&nbsp;&nbsp;&nbsp; (11813)<br>|
| &nbsp;&nbsp;&nbsp; Tesla, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 420.00 | USD | 349 | &nbsp;&nbsp;&nbsp;&nbsp; (9818)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 135.00 | USD | 298 | &nbsp;&nbsp;&nbsp;&nbsp; (5772)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 648 | &nbsp;&nbsp;&nbsp;&nbsp; (19475)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 1934 | &nbsp;&nbsp;&nbsp;&nbsp; (41965)<br>|
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 270.00 | USD | 2896 | &nbsp;&nbsp;&nbsp;&nbsp; (61380)<br>|
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 240.00 | USD | 4042 | &nbsp;&nbsp;&nbsp;&nbsp; (93082)<br>|
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 380.00 | USD | 1626 | &nbsp;&nbsp;&nbsp;&nbsp; (37465)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 1000.00 | USD | 1637 | &nbsp;&nbsp;&nbsp;&nbsp; (38167)<br>|
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 940.00 | USD | 2067 | &nbsp;&nbsp;&nbsp;&nbsp; (43610)<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 580.00 | USD | 4377 | &nbsp;&nbsp;&nbsp;&nbsp; (58960)<br>|
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | USD | 220.00 | USD | 3112 | &nbsp;&nbsp;&nbsp;&nbsp; (65010)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2047915)<br>|
| Put  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 189.00 | USD | 1834 | &nbsp;&nbsp;&nbsp;&nbsp; (1275)<br>|
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 540.00 | USD | 393 | &nbsp;&nbsp;&nbsp;&nbsp; (1946)<br>|
| &nbsp;&nbsp;&nbsp; Progressive Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 255.00 | USD | 267 | &nbsp;&nbsp;&nbsp;&nbsp; (2425)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 290.00 | USD | 5335 | &nbsp;&nbsp;&nbsp;&nbsp; (8313)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 300.00 | USD | 3719 | &nbsp;&nbsp;&nbsp;&nbsp; (27084)<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 07/18/25 | USD | 400.00 | USD | 350 | &nbsp;&nbsp;&nbsp;&nbsp; (1240)<br>|
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 165.00 | USD | 479 | &nbsp;&nbsp;&nbsp;&nbsp; (9720)<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 700.00 | USD | 624 | &nbsp;&nbsp;&nbsp;&nbsp; (12920)<br>|
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 465.00 | USD | 869 | &nbsp;&nbsp;&nbsp;&nbsp; (8400)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; Meta Platforms, Inc., Class A | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 620.00 | USD | 1181 | &nbsp;&nbsp;&nbsp;&nbsp; $(8960 )<br>|
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 440.00 | USD | 746 | &nbsp;&nbsp;&nbsp;&nbsp; (3555)<br>|
| &nbsp;&nbsp;&nbsp; Netflix, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1100.00 | USD | 937 | &nbsp;&nbsp;&nbsp;&nbsp; (5933)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 300.00 | USD | 11858 | &nbsp;&nbsp;&nbsp;&nbsp; (159490)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 295.00 | USD | 3719 | &nbsp;&nbsp;&nbsp;&nbsp; (30561)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 110.00 | USD | 595 | &nbsp;&nbsp;&nbsp;&nbsp; (4440)<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/25 | USD | 67.50 | USD | 1466 | &nbsp;&nbsp;&nbsp;&nbsp; (6222)<br>|
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 383 | &nbsp;&nbsp;&nbsp;&nbsp; (12150)<br>|
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 75.00 | USD | 928 | &nbsp;&nbsp;&nbsp;&nbsp; (12208)<br>|
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. | &nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 70.00 | USD | 1971 | &nbsp;&nbsp;&nbsp;&nbsp; (16915)<br>|
| &nbsp;&nbsp;&nbsp; Euro Stoxx Banks | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 165.00 | EUR | 1658 | &nbsp;&nbsp;&nbsp;&nbsp; (10447)<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 1358 | &nbsp;&nbsp;&nbsp;&nbsp; (12495)<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 103.00 | USD | 7826 | &nbsp;&nbsp;&nbsp;&nbsp; (143514)<br>|
| &nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 290.00 | USD | 14662 | &nbsp;&nbsp;&nbsp;&nbsp; (124098)<br>|
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 1144 | &nbsp;&nbsp;&nbsp;&nbsp; (19246)<br>|
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | USD | 110.00 | USD | 335 | &nbsp;&nbsp;&nbsp;&nbsp; (4010)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (647567)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2695482)<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  |  |  |  |  |  |  |  |  |  |  |
| 3-Year Interest Rate Swap, 08/20/28 | 3.20% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.20<br> % <br>| USD | 11416 | $(27785 )<br>|
| 30-Year Interest Rate Swap, 08/29/55 | 3.60% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 08/27/25 | 3.60 | USD | 3805 | (22910)<br>|
| 5-Year Interest Rate Swap, 09/04/30 | 2.05% | Annual | 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 09/02/25 | 2.05 | EUR | 4823 | (7181)<br>|
| 2-Year Interest Rate Swap, 09/05/27 | 3.25% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/03/25 | 3.25 | USD | 9573 | (21853)<br>|
| 5-Year Interest Rate Swap, 09/14/30 | 3.23% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Bank of America N.A. | 09/12/25 | 3.23 | USD | 14568 | (73507)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/22/25 | 3.05 | USD | 30860 | (54858)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | 3.30% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 09/22/25 | 3.30 | USD | 22491 | (74131)<br>|
| 2-Year Interest Rate Swap, 09/28/27 | 3.08% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 09/26/25 | 3.08 | USD | 28360 | (57852)<br>|
| 2-Year Interest Rate Swap, 10/01/27 | 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 09/29/25 | 3.05 | USD | 15564 | (30486)<br>|
| 5-Year Interest Rate Swap, 10/02/30 | 3.00% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/30/25 | 3.00 | USD | 11563 | (36660)<br>|
| 30-Year Interest Rate Swap, 11/28/55 | 3.15% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 11/26/25 | 3.15 | USD | 5770 | (27344)<br>|
| 1-Year Interest Rate Swap, 04/22/27 | 3.10% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.10 | GBP | 45122 | (102749)<br>|
| 1-Year Interest Rate Swap, 05/01/27 | 2.80% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 2.80 | GBP | 56765 | (81021)<br>|
|  |  |  |  |  |  |  |  |  |  | (618337)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 07/09/35 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.75% | Annual | &nbsp;&nbsp; Goldman Sachs <br> International<br>| 07/07/25 | 3.75 | USD | 2730 | (5443)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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) |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 07/12/35 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.30% | Annual | Deutsche Bank AG | 07/10/25 | 4.30<br> % <br>| USD | 4717 | $(1)<br>|
| 2-Year Interest Rate Swap, 09/12/27 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.15% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 09/10/25 | 2.15 | EUR | 20007 | (19595)<br>|
| 2-Year Interest Rate Swap, 09/17/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | UBS AG | 09/15/25 | 3.95 | USD | 29135 | (6825)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.90% | Annual | BNP Paribas SA | 09/22/25 | 3.90 | USD | 15127 | (5424)<br>|
| 5-Year Interest Rate Swap, 09/27/30 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.50% | Annual | Deutsche Bank AG | 09/25/25 | 2.50 | EUR | 8515 | (21870)<br>|
| 2-Year Interest Rate Swap, 11/08/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.80% | Annual | Citibank N.A. | 11/06/25 | 3.80 | USD | 15786 | (15234)<br>|
| 5-Year Interest Rate Swap, 11/08/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.10% | Annual | Deutsche Bank AG | 11/06/25 | 4.10 | USD | 6604 | (9845)<br>|
| 2-Year Interest Rate Swap, 11/12/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | &nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| 11/10/25 | 3.95 | USD | 5297 | (3100)<br>|
| 1-Year Interest Rate Swap, 04/22/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.20% | Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 4.20 | GBP | 45122 | (30462)<br>|
| 1-Year Interest Rate Swap, 05/01/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.10% | Annual | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 4.10 | GBP | 56765 | (52216)<br>|
|  |  |  |  |  |  |  |  |  |  | (170015)<br>|
|  |  |  |  |  |  |  |  |  |  | $(788352)<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; $250081 | &nbsp;&nbsp;&nbsp; $72465 | &nbsp;&nbsp;&nbsp; $177616 |
| iTraxx.XO.42.V2 | 5.00 | Quarterly | 12/20/29 | B | EUR | 7239 | &nbsp;&nbsp;&nbsp; 774235 | &nbsp;&nbsp;&nbsp; 627522 | &nbsp;&nbsp;&nbsp; 146713 |
| iTraxx.XO.43.V1 | 5.00 | Quarterly | 06/20/30 | B+ | EUR | 968 | &nbsp;&nbsp;&nbsp; 107618 | &nbsp;&nbsp;&nbsp; 94515 | &nbsp;&nbsp;&nbsp; 13103 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $1131934 | &nbsp;&nbsp;&nbsp; $794502 | &nbsp;&nbsp;&nbsp; $337432 |

---

&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)* |
| 1-day FEDL, 4.33% | At Termination | 4.24% | At Termination | N/A | 07/30/25 | USD | 119200 | $(13893)<br>| $95 | $(13988)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.28% | At Termination | 07/30/25 <br><sup>(a)</sup><br>| 09/17/25 | USD | 61610 | 1131 | 71 | 1060 |
| 1-day SOFR, 4.45% | Annual | 5.00% | Annual | N/A | 10/02/25 | USD | 84698 | 430169 | 1851 | 428318 |
| 0.28% | Annual | &nbsp;&nbsp;&nbsp; Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 2930801 | 51057 | 33 | 51024 |
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 21824 | 64190 | 39 | 64151 |
| 1-day SOFR, 4.45% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 7990 | 27648 | 14 | 27634 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 12580 | (3065)<br>| 23 | (3088)<br>|
| 1-day SOFR, 4.45% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 15182 | 35829 | 28 | 35801 |
| 1-day SOFR, 4.45% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 12488 | 58701 | 24 | 58677 |
| 1-day SOFR, 4.45% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 5619 | 10169 | 13 | 10156 |
| 1-day SOFR, 4.45% | At Termination | 4.17% | At Termination | 10/23/25 <br><sup>(a)</sup><br>| 10/23/26 | USD | 9509 | 61315 | 17 | 61298 |
| 1-day SOFR, 4.45% | At Termination | 4.21% | At Termination | 10/27/25 <br><sup>(a)</sup><br>| 10/27/26 | USD | 18989 | 132318 | 35 | 132283 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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, 4.45% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 19216 | $10260 | $58 | $10202 |
| 1-day SOFR, 4.45% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 18545 | 96667 | 65 | 96602 |
| 1-day SOFR, 4.45% | Annual | 3.47% | Annual | N/A | 03/10/27 | USD | 4700 | (20870)<br>| 18 | (20888)<br>|
| 1-day MIBOR, 5.52% | Semi Annual | 6.34% | Semi Annual | N/A | 03/20/27 | INR | 103210 | 17566 | 8 | 17558 |
| 1-day SOFR, 4.45% | Annual | 4.10% | Annual | N/A | 05/30/27 | USD | 15272 | 161648 | 65 | 161583 |
| 1-day SOFR, 4.45% | Annual | 4.15% | Annual | N/A | 05/30/27 | USD | 15272 | 176343 | 69 | 176274 |
| 1-day SOFR, 4.45% | Annual | 3.30% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 3403 | 4 | 15 | (11)<br>|
| 1-day SOFR, 4.45% | Annual | 4.20% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 4949 | 84922 | 23 | 84899 |
| 1-day SOFR, 4.45% | Annual | 3.92% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2364 | 28624 | 11 | 28613 |
| 1-day SOFR, 4.45% | Annual | 3.95% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2364 | 29972 | 11 | 29961 |
| 1-day SOFR, 4.45% | Annual | 3.99% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4728 | 63089 | 22 | 63067 |
| 1-day SOFR, 4.45% | Annual | 4.07% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 9541 | 142765 | 43 | 142722 |
| 1-day SOFR, 4.45% | Annual | 3.86% | Annual | 11/10/25 <br><sup>(a)</sup><br>| 11/10/27 | USD | 9919 | 110651 | 45 | 110606 |
| 1-day SOFR, 4.45% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 13665 | 69622 | 59 | 69563 |
| 3.45% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 01/26/28 | USD | 11825 | (52819)<br>| 51 | (52870)<br>|
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 11825 | 175550 | 51 | 175499 |
| 3.27% | Annual | 1-day SOFR, 4.45% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | (15122)<br>| 52 | (15174)<br>|
| 1-day SOFR, 4.45% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 11933 | 150463 | 52 | 150411 |
| 1-day SONIA, 4.22% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 6370 | 309386 | (12)<br>| 309398 |
| 1-day SOFR, 4.45% | Annual | 4.42% | Annual | N/A | 10/02/28 | USD | 135611 | 4150316 | 21727 | 4128589 |
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 6490 | 201033 | 42 | 200991 |
| 1-day SONIA, 4.22% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 3004 | 57220 | 99 | 57121 |
| 1-day SONIA, 4.22% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 3004 | 57739 | 101 | 57638 |
| 1-day SOFR, 4.45% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 21109 | 19070 | 96 | 18974 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 7713 | 283354 | 63 | 283291 |
| 1-day MIBOR, 5.52% | Quarterly | 6.26% | Quarterly | N/A | 03/20/29 | INR | 31938 | 8086 | 4 | 8082 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.30% | Semi Annual | N/A | 03/20/29 | INR | 39035 | 10500 | 5 | 10495 |
| 1-day SOFR, 4.45% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 17015 | 210838 | 118 | 210720 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 10561 | 216817 | 76 | 216741 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 7990 | 179150 | 57 | 179093 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 12579 | 261171 | 91 | 261080 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 6326 | 132406 | 46 | 132360 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 8865 | 289787 | 73 | 289714 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 12652 | 268926 | 93 | 268833 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 6519 | 202683 | 57 | 202626 |
| 1-day SOFR, 4.45% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 6443 | 25674 | 52 | 25622 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 81548 | 231849 | 33 | 231816 |
| 1-day SONIA, 4.22% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6913 | 122200 | 223 | 121977 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 6913 | 159224 | 60 | 159164 |
| 1-day SOFR, 4.45% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 7173 | (88462)<br>| 63 | (88525)<br>|
| 1-day SOFR, 4.45% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 12279 | 234461 | 109 | 234352 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 1506 | (5086)<br>| 17 | (5103)<br>|
| 1-day SOFR, 4.45% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 6701 | (156571)<br>| 62 | (156633)<br>|
| 1-day SOFR, 4.45% | Annual | 4.31% | Annual | N/A | 09/29/33 | USD | 26166 | 1269851 | 1935 | 1267916 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 4817 | 124171 | 67 | 124104 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 1389 | 35823 | 19 | 35804 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.34% | Semi Annual | N/A | 03/20/34 | INR | 13127 | 5260 | 3 | 5257 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.35% | Semi Annual | N/A | 03/20/34 | INR | 13127 | 5367 | 3 | 5364 |
| 1-day SOFR, 4.45% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 4339 | (28359)<br>| 67 | (28426)<br>|
| 1-day SOFR, 4.45% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 7165 | (29985)<br>| 113 | (30098)<br>|
| 1-day SOFR, 4.45% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 5610 | (8494)<br>| 89 | (8583)<br>|
| 1-day SOFR, 4.45% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 5561 | 23497 | 90 | 23407 |
| 3.46% | Annual | 1-day SOFR, 4.45% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 4824 | 128053 | 80 | 127973 |
| 3.65% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/03/53 | USD | 2577 | 143338 | 81 | 143257 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 2577 | 16934 | 81 | 16853 |
| 1-day SONIA, 4.22% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 2400 | (203775)<br>| 11356 | (215131)<br>|
|  |  |  |  |  |  |  |  | $10948356 | $40300 | $10908056 |

---

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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 | $1191 | $8494 | $(7303)<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 | Deutsche Bank AG | 12/20/29 | D | EUR | 300 | $(55984 )<br>| $(52085 )<br>| $(3899 )<br>|
| Eutelsat S.A. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | B | EUR | 103 | 11397 | (9458)<br>| 20855 |
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 107 | 6592 | 7015 | (423)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 682 | 104592 | 85279 | 19313 |
| Eutelsat S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/30 | B | EUR | 95 | 10592 | 3075 | 7517 |
|  |  |  |  |  |  |  |  | $77189 | $33826 | $43363 |

---

&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 | $(269238)<br>| $— | $(269238)<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 | (276760)<br>|  | (276760)<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 | (279235)<br>|  | (279235)<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 | (272746)<br>|  | (272746)<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 | (652)<br>|  | (652)<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 | 2502 |  | 2502 |
| &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 | 1626 |  | 1626 |
| &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 | 26599 |  | 26599 |
|  |  |  |  |  |  |  |  |  | $(1067904)<br>| $— | $(1067904)<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 $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.65%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 3629 | $(50284 )<br>| $—  | $(50284 )<br>|
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.65%, 4.45%<br>| Quarterly | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 09/19/25 | USD | 5680 | (78714)<br>|  | (78714)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.75%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 5754 | $(85166 )<br>| $(1692 )<br>| $(83474 )<br>|
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 2908 | 3610 |  | 3610 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.55%, 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | &nbsp;&nbsp;&nbsp; Goldman Sachs <br> International<br>| N/A | 09/19/25 | USD | 2310 | 22645 |  | 22645 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| At Termination | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 09/19/25 | USD | 1458 | 2172 |  | 2172 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR minus <br> 0.40%, 4.45%<br>| Quarterly | &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| Quarterly | &nbsp;&nbsp;&nbsp; JPMorgan Chase <br> Bank N.A.<br>| N/A | 09/19/25 | USD | 2801 | 35247 |  | 35247 |
| &nbsp;&nbsp;&nbsp; 1-day SOFR plus <br> 0.10%, 4.45%<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 | 09/19/25 | USD | 2525 | 32832 |  | 32832 |
|  |  |  |  |  |  |  |  |  | $(117658)<br>| $(1692)<br>| $(115966)<br>|

---

**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; $834814  | &nbsp;&nbsp;&nbsp;&nbsp; $(12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11884006  | &nbsp;&nbsp;&nbsp;&nbsp; $(638518 )<br>| &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| OTC Swaps | &nbsp;&nbsp; 103863 | &nbsp;&nbsp;&nbsp;&nbsp; (63235)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 174918 | &nbsp;&nbsp;&nbsp;&nbsp; (1322728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; (3615832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1089861 | &nbsp;&nbsp;&nbsp;&nbsp; (1001247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3527218)<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; $3180676  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $1768693  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $4949369  |
| &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; 502870 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 502870 |
| &nbsp;&nbsp;&nbsp; Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4869 | &nbsp;&nbsp; 4605562 | &nbsp;&nbsp; — | &nbsp;&nbsp; 694623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5305054 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 337432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11546574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11884006 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 151548 | &nbsp;&nbsp; 96506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30727 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278781 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $493849 | &nbsp;&nbsp; $7882744 | &nbsp;&nbsp; $502870 | &nbsp;&nbsp; $14040617 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22920080 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; $55043  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $2897845  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $2952888  |
| &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; 10303853 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10303853 |
| &nbsp;&nbsp;&nbsp; Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2695482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 831736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3527218 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 638518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 638518 |
| &nbsp;&nbsp;&nbsp; Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 73168 | &nbsp;&nbsp; 214164 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1098631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1385963 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73168 | &nbsp;&nbsp; $2964689 | &nbsp;&nbsp; $10303853 | &nbsp;&nbsp; $5466730 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18808440 |

---

&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 June 30, 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; $(5445440 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $2597091  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(2843454 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23820539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23820539)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 2815 | &nbsp;&nbsp; (3304009)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (424993)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3726187)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 3059623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 881134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3941012 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 187445 | &nbsp;&nbsp; (60303)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 127074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 254216 |
|  | &nbsp;&nbsp; $4895 | &nbsp;&nbsp; $190515 | &nbsp;&nbsp; $(5750129)<br>| &nbsp;&nbsp; $(23820539)<br>| &nbsp;&nbsp; $3180306 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26194952)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $8389216  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1157085 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $7232131  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13929414)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (13929414)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (7524)<br>| &nbsp;&nbsp; 2737816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2983915 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (35552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 258588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 223036 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 185448 | &nbsp;&nbsp; (148542)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 8783138 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8820044 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $177924 | &nbsp;&nbsp; $10942938 | &nbsp;&nbsp; $(13929414)<br>| &nbsp;&nbsp; $8138264 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5329712 |

---

&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; $320832702 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 149512664 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 386606356 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 32399655 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 4495613 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 2726841 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | &nbsp;&nbsp; 90336919 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | &nbsp;&nbsp; 299519033 |
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 284629 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 13465885 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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; $51105007 |
| &nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | &nbsp;&nbsp; 834481533 |
| Total return swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value | &nbsp;&nbsp; 23481305 |

---

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; $638520  | &nbsp;&nbsp;&nbsp;&nbsp; $369441  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 502870 | &nbsp;&nbsp;&nbsp;&nbsp; 10303853 |
| &nbsp;&nbsp;&nbsp; Options | &nbsp;&nbsp; 5305054 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3527218 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; 626030 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 278781 | &nbsp;&nbsp;&nbsp;&nbsp; 1385963 |
| Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | &nbsp;&nbsp; 7351255 | &nbsp;&nbsp;&nbsp;&nbsp; 15586475 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (5870112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3064923)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1481143 | &nbsp;&nbsp;&nbsp;&nbsp; $12521552 |

---

&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; $28225  | &nbsp;&nbsp; $(28225 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| Barclays Bank PLC | &nbsp;&nbsp; 97401 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97401 |
| BNP Paribas SA | &nbsp;&nbsp; 153670 | &nbsp;&nbsp; (153670)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 28429 | &nbsp;&nbsp; (28429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 264810 | &nbsp;&nbsp; (261307)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3503 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 123226 | &nbsp;&nbsp; (123226)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 575372 | &nbsp;&nbsp; (575372)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 34158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34158 |
| Standard Chartered Bank | &nbsp;&nbsp; 425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425 |
| The Bank of New York Mellon | &nbsp;&nbsp; 3306 | &nbsp;&nbsp; (110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3196 |
| UBS AG | &nbsp;&nbsp; 172121 | &nbsp;&nbsp; (49964)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122157 |
|  | &nbsp;&nbsp; $1481143 | &nbsp;&nbsp; $(1220303)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $260840 |

---

&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; $353394  | &nbsp;&nbsp; $(28225 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $325169  |
| BNP Paribas SA | &nbsp;&nbsp; 7705505 | &nbsp;&nbsp; (153670)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7551835 |
| Citibank N.A. | &nbsp;&nbsp; 1591474 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (271000)<br>| &nbsp;&nbsp; 1320474 |
| Deutsche Bank AG | &nbsp;&nbsp; 244534 | &nbsp;&nbsp; (28429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 216105 |
| Goldman Sachs International | &nbsp;&nbsp; 261307 | &nbsp;&nbsp; (261307)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 970455 | &nbsp;&nbsp; (123226)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (290000)<br>| &nbsp;&nbsp; 557229 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1344809 | &nbsp;&nbsp; (575372)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (769437)<br>| &nbsp;&nbsp; — |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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>|
| The Bank of New York Mellon | &nbsp;&nbsp; $110 | &nbsp;&nbsp; $(110 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| UBS AG | &nbsp;&nbsp; 49964 | &nbsp;&nbsp; (49964)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $12521552 | &nbsp;&nbsp; $(1220303)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1330437)<br>| &nbsp;&nbsp; $9970812 |

---

&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; $54284068  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $54284068  |
| &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; 13956019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13956019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; 190869 | &nbsp;&nbsp;&nbsp;&nbsp; 17118785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17309654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14190023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14190023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; 2701160 | &nbsp;&nbsp;&nbsp;&nbsp; 52723866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55425026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10712377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10712377 |
| &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; 29918509 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29918509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23354966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23354966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp; 603360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 603360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7807416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7807416 |
| &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; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359221 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; 28536834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28536834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51463370 | &nbsp;&nbsp;&nbsp;&nbsp; 155588 | &nbsp;&nbsp;&nbsp;&nbsp; 51618958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; 783406727 | &nbsp;&nbsp;&nbsp;&nbsp; 27591695 | &nbsp;&nbsp;&nbsp;&nbsp; 3770954 | &nbsp;&nbsp;&nbsp;&nbsp; 814769376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620075 | &nbsp;&nbsp;&nbsp;&nbsp; 8077086 | &nbsp;&nbsp;&nbsp;&nbsp; 8697161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3642719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3642719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3321450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3321450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 433341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 433341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7565823 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7565823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | &nbsp;&nbsp; 247086 | &nbsp;&nbsp;&nbsp;&nbsp; 7900578 | &nbsp;&nbsp;&nbsp;&nbsp; 3698447 | &nbsp;&nbsp;&nbsp;&nbsp; 11846111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 684822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 684822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1915167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1915167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 947007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 947007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp; 213494 | &nbsp;&nbsp;&nbsp;&nbsp; 5906415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6119909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3253773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3253773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 506440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 506440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5269083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5269083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3223324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3223324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123778 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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;&nbsp;&nbsp;&nbsp; Corporate Bonds (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $175882  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $175882  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3364645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3364645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2085879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2085879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15530946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15530946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116932886 | &nbsp;&nbsp;&nbsp;&nbsp; 21973652 | &nbsp;&nbsp;&nbsp;&nbsp; 138906538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3564442 | &nbsp;&nbsp;&nbsp;&nbsp; 3564442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58818282 | &nbsp;&nbsp;&nbsp;&nbsp; 22779876 | &nbsp;&nbsp;&nbsp;&nbsp; 81598158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18791479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18791479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 30385171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30385171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2568094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2568094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31489360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31489360 |
| &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; 8585197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8585197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31180830 | &nbsp;&nbsp;&nbsp;&nbsp; 31180830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121719661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121719661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp;&nbsp; 2621918 | &nbsp;&nbsp;&nbsp;&nbsp; 2622974 |
| &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; 85073580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85073580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3652701 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3652701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 4605562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4605562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 694623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 694623 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8882 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9783)<br>|
|  | &nbsp;&nbsp; $949919862 | &nbsp;&nbsp;&nbsp;&nbsp; $721278500 | &nbsp;&nbsp;&nbsp;&nbsp; $97816152 | &nbsp;&nbsp;&nbsp;&nbsp; $1769014514 |
| 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; $385117  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $385117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; 2682105 | &nbsp;&nbsp;&nbsp;&nbsp; 595077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3277182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 502870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 502870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 1768693 | &nbsp;&nbsp;&nbsp;&nbsp; 11577301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13345994 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11625)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (2750525)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (212472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2962997)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10303853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10303853)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (2897845)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2568885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5466730)<br>|
|  | &nbsp;&nbsp; $(1197572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(36470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1234042)<br>|

---

&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 period 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; *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>*Floatinge* <br>*Rate Loan* <br>*Interest*<br>| *Warrants* |
| **Assets/Liabilities** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $4762535  | $41318921  | $4051489  | $24162482  | $38482155  | $(6140 )<br>| $2476096  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; (843048)<br>|  | (32056)<br>| (2136924)<br>|  |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — | 75435 | 4401 | 21737 |  |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| (915639)<br>| 4908 | (2531)<br>| (3688440)<br>|  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (954001)<br>| (607125)<br>| 36365 | 532625 | (719103)<br>| (3643)<br>| 145822 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *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> *Floatinge*<br> *Rate Loan*<br> *Interest*<br>| *Warrants* |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; $964216  | $9178498  | $— | $1548178  | $4969081  | $— |  |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (15300905)<br>| (500665)<br>| (1345691)<br>| (7862863)<br>|  |  |
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $3929684 | $33749185 | $3564442 | $22779876 | $31180830 | $(9783)<br>| $2621918 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> June 30, 2025<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $(954001)<br>| $11708 | $36365 | $532625 | $(2238037)<br>| $(3643)<br>| $173194 |

---

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

---

| | |
|:---|:---|
|  | *Total*  |
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $115247538  |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; (3012028)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; 101573 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (4601720)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1569060)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 16659973 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; (25010124)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $97816152 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(2441789)<br>|

---

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

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

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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 $637,533.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *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; $3929684 | Market | Revenue Multiple | 2.61x - 5.00x | 4.77x |
|  |  |  | EBITDA | 15.75x |  |
|  |  |  | Gross Profit Multiple | 8.25x |  |
|  |  |  | Volatility | 56% - 70% | 69% |
|  |  |  | Time to Exit | 0.3 - 2.0 years | 0.5 years |
|  |  | Income | Discount Rate | 15% |  |
| Corporate Bonds | &nbsp;&nbsp; 33749185 | Income | Discount Rate | 10%- 17% | 12% |
| Floating Rate Loan Interests | &nbsp;&nbsp; 22779876 | Income | Discount Rate | 6%- 15% | 11% |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 3564442 | Income | Discount Rate | 8% |  |
| Preferred Stocks | &nbsp;&nbsp; 30533514 | Market | Revenue Multiple | 2.00x - 8.50x | 7.32x |
|  |  |  | Time to Exit | 2.0 - 3.0 years | 2.8 years |
|  |  |  | Volatility | 37% - 90% | 58% |
|  |  |  | Market Adjustment Multiple | 0.60x |  |
|  |  |  | Direct Profit Multiple | 4.50x |  |
|  |  |  | EBITDA | 8.50x |  |
|  |  | Income | Discount Rate | 4% - 17% | 11% |
| Warrants | &nbsp;&nbsp; 2621918 | Market | Revenue Multiple | 4.87x -9.00x | 7.52x |
|  |  |  | Volatility | 33% - 70% | 56% |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
|  |  | Time to Exit | 0.3 - 4.8 years | 3.5 years |
|  | Income | Discount Rate | 15% - 19% | 15% |
| &nbsp;&nbsp; $97178619 |  |  |  |  |

---

&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 (unaudited)

June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1718754658 | $1683941835 |
| Investments, at value — affiliated<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58852938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85073580 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203646 |
| Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461000 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8530000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14150000 |
| Foreign currency, at value<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3177390 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25445579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4956843 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565227 |
| &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; 1439 |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109495 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802134 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373786 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7819177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5962869 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638520 |
| &nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1151629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626030 |
| Swap premiums paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103863 |
| Unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1245451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502870 |
| &nbsp;&nbsp;&nbsp; OTC swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174918 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8882 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24131 |
| Total assets | &nbsp;&nbsp; 1865763443 | &nbsp;&nbsp; 1812388458 |
| **LIABILITIES** |  |  |
| Cash received as collateral for TBA commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1459000 |
| 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; 1500299 |
| Options written, at value<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3527218 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 194124209 | &nbsp;&nbsp;&nbsp;&nbsp; 130345193 |
| &nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1856569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237171 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134890 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114468 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3268972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2016643 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114583 | &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; 1664113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1673824 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150128 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113748 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780733 |
| &nbsp;&nbsp;&nbsp; Principal payups | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178882 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39944 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369441 |
| Swap premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63235 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| Unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $9663813 | $10303853 |
| &nbsp;&nbsp;&nbsp; OTC swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3412203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322728 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9783 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365547 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 224020568 | &nbsp;&nbsp;&nbsp;&nbsp; 155706728 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1641742875 | $1656681730 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $1721534665 | $1587053372 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (79791790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69628358 |
| NET ASSETS | $1641742875 | $1656681730 |
| Net asset value | $15.67 | $16.68 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $1459173723 | $1353121709 |
| <sup>(b)</sup> Securities loaned, at value | $— | $1468120 |
| <sup>(c)</sup> Investments, at cost—affiliated | $58587539 | $85073487 |
| <sup>(d)</sup> Foreign currency, at cost | $3367629 | $3232391 |
| <sup>(e)</sup> Premiums received | $5042294 | $3615832 |
| &nbsp;&nbsp; <sup>(f)</sup> Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 104775271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99345793 |
| <sup>(g)</sup> Shares authorized | Unlimited | Unlimited |
| <sup>(h)</sup> Par value | $0.001 | $0.001 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statements of Operations (unaudited)

Six Months Ended June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $7803055 | &nbsp;&nbsp;&nbsp;&nbsp; $8039515 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 922953 | &nbsp;&nbsp;&nbsp;&nbsp; 3095845 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 23274568 | &nbsp;&nbsp;&nbsp;&nbsp; 14922498 |
| &nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23803 |
| &nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 1023120 | &nbsp;&nbsp;&nbsp;&nbsp; 81787 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; 348404 | &nbsp;&nbsp;&nbsp;&nbsp; 251516 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (366336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (549462)<br>|
| &nbsp;&nbsp;&nbsp; Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48209 |
| Total investment income | &nbsp;&nbsp; 33005764 | &nbsp;&nbsp;&nbsp;&nbsp; 25913711 |
| EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 10253687 | &nbsp;&nbsp;&nbsp;&nbsp; 10308996 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 167564 | &nbsp;&nbsp;&nbsp;&nbsp; 173639 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 113640 | &nbsp;&nbsp;&nbsp;&nbsp; 87000 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 111142 | &nbsp;&nbsp;&nbsp;&nbsp; 98780 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 59719 | &nbsp;&nbsp;&nbsp;&nbsp; 60184 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 21675 | &nbsp;&nbsp;&nbsp;&nbsp; 26896 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 18539 | &nbsp;&nbsp;&nbsp;&nbsp; 17579 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 7631 | &nbsp;&nbsp;&nbsp;&nbsp; 7490 |
| &nbsp;&nbsp;&nbsp; Proxy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1594000 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 88737 | &nbsp;&nbsp;&nbsp;&nbsp; 65239 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 10842334 | &nbsp;&nbsp;&nbsp;&nbsp; 12439803 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees — unaffiliated | &nbsp;&nbsp; 714187 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| Total expenses | &nbsp;&nbsp; 11556521 | &nbsp;&nbsp;&nbsp;&nbsp; 12444590 |
| &nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (64438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79955)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 11492083 | &nbsp;&nbsp;&nbsp;&nbsp; 12364635 |
| Net investment income | &nbsp;&nbsp; 21513681 | &nbsp;&nbsp;&nbsp;&nbsp; 13549076 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 9609280 | &nbsp;&nbsp;&nbsp;&nbsp; 694167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (124932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 257749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (23264886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23820539)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 17208 | &nbsp;&nbsp;&nbsp;&nbsp; (212110)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 13345887 | &nbsp;&nbsp;&nbsp;&nbsp; (2843454)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 5344544 | &nbsp;&nbsp;&nbsp;&nbsp; 3941012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; (1550859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 254216 |
|  | &nbsp;&nbsp; 3376242 | &nbsp;&nbsp;&nbsp;&nbsp; (21728959)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 87764354 | &nbsp;&nbsp;&nbsp;&nbsp; 99413944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 505592 | &nbsp;&nbsp;&nbsp;&nbsp; (151871)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (13837976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13929414)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; (1202211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (791578)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (14699026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7232131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 623184 | &nbsp;&nbsp;&nbsp;&nbsp; 223036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 15461495 | &nbsp;&nbsp;&nbsp;&nbsp; 8820044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp; 19218 | &nbsp;&nbsp;&nbsp;&nbsp; 19247 |
|  | &nbsp;&nbsp; 74634630 | &nbsp;&nbsp;&nbsp;&nbsp; 100835539 |
| Net realized and unrealized gain | &nbsp;&nbsp; 78010872 | &nbsp;&nbsp;&nbsp;&nbsp; 79106580 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $99524553 | &nbsp;&nbsp;&nbsp;&nbsp; $92655656 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Semi-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; Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $21513681 | &nbsp;&nbsp;&nbsp;&nbsp; $51235283 | &nbsp;&nbsp;&nbsp;&nbsp; $13549076 | &nbsp;&nbsp;&nbsp;&nbsp; $34925218 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 3376242 | &nbsp;&nbsp;&nbsp;&nbsp; 26510596 | &nbsp;&nbsp;&nbsp;&nbsp; (21728959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98739422 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 74634630 | &nbsp;&nbsp;&nbsp;&nbsp; 116672201 | &nbsp;&nbsp;&nbsp;&nbsp; 100835539 | &nbsp;&nbsp;&nbsp;&nbsp; 106930780 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 99524553 | &nbsp;&nbsp;&nbsp;&nbsp; 194418080 | &nbsp;&nbsp;&nbsp;&nbsp; 92655656 | &nbsp;&nbsp;&nbsp;&nbsp; 240595420 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (179042079 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (57536306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180869944 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (41544035)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (223953850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (246866966)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (179042079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (281490156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (180869944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (288411001)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &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 ASSETS* |  |  |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (79517526)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132435463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88214288)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93798927)<br>|
| Beginning of period | &nbsp;&nbsp; 1721260401 | &nbsp;&nbsp;&nbsp;&nbsp; 1853695864 | &nbsp;&nbsp;&nbsp;&nbsp; 1744896018 | &nbsp;&nbsp;&nbsp;&nbsp; 1838694945 |
| End of period | &nbsp;&nbsp; $1641742875 | &nbsp;&nbsp;&nbsp;&nbsp; $1721260401 | &nbsp;&nbsp;&nbsp;&nbsp; $1656681730 | &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. <br> <sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statements of Cash Flows (unaudited)

Six Months Ended June 30, 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; $99524553 | &nbsp;&nbsp; $92655656 |
| 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; 2408377962 | &nbsp;&nbsp; 2004998531 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (2225233843)<br>| &nbsp;&nbsp; (1954813850)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (40400891)<br>| &nbsp;&nbsp; 122933275 |
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (902860)<br>| &nbsp;&nbsp; (806591)<br>|
| &nbsp;&nbsp;&nbsp; Paid-in-kind income | &nbsp;&nbsp; (1023120)<br>| &nbsp;&nbsp; (81787)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (7222570)<br>| &nbsp;&nbsp; (5981688)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 15389409 | &nbsp;&nbsp; 11713560 |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments and options written | &nbsp;&nbsp; (15359802)<br>| &nbsp;&nbsp; (5200269)<br>|
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | &nbsp;&nbsp; (73746696)<br>| &nbsp;&nbsp; (85142943)<br>|
| (Increase) Decrease in Assets |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; (161049)<br>| &nbsp;&nbsp; 483104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (339048)<br>| &nbsp;&nbsp; (591645)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 526762 | &nbsp;&nbsp; (530529)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 3131 | &nbsp;&nbsp; (109495)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 575446 | &nbsp;&nbsp; (361186)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; (1151629)<br>| &nbsp;&nbsp; (626030)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums paid | &nbsp;&nbsp; (57016)<br>| &nbsp;&nbsp; (86808)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; (9690)<br>| &nbsp;&nbsp; (8508)<br>|
| 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; 2510000 | &nbsp;&nbsp; 1415000 |
| &nbsp;&nbsp;&nbsp; Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; (2459358)<br>|
| &nbsp;&nbsp;&nbsp; Payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 1854936 | &nbsp;&nbsp; 237171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; 54800 | &nbsp;&nbsp; 48862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 56530 | &nbsp;&nbsp; 42975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 23106 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (187861)<br>| &nbsp;&nbsp; (202792)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; 33674 | &nbsp;&nbsp; 33950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (67909)<br>| &nbsp;&nbsp; 750735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 13452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 10815 | &nbsp;&nbsp; 16164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 1271739 | &nbsp;&nbsp; (930008)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; (598792)<br>| &nbsp;&nbsp; (250268)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums received | &nbsp;&nbsp; 61066 | &nbsp;&nbsp; 63235 |
| &nbsp;&nbsp;&nbsp; Other liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 1365547 |
| Net cash provided by operating activities | &nbsp;&nbsp; 161995378 | &nbsp;&nbsp; 178159298 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (175773107)<br>| &nbsp;&nbsp; (178853301)<br>|
| Net cash used for financing activities | &nbsp;&nbsp; (175773107)<br>| &nbsp;&nbsp; (178853301)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; (392849)<br>| &nbsp;&nbsp; (22023)<br>|
| **CASH AND FOREIGN CURRENCY** |  |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; (14170578)<br>| &nbsp;&nbsp; (716026)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 62551866 | &nbsp;&nbsp; 28238062 |
| Restricted and unrestricted cash and foreign currency at end of period  | &nbsp;&nbsp; $48381288 | &nbsp;&nbsp; $27522036 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $691081 | &nbsp;&nbsp; $4787 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | BCAT | ECAT |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE** <br> **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |
| Cash | &nbsp;&nbsp; $762954 | &nbsp;&nbsp; $203646 |
| Cash pledged |  |  |
| &nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | &nbsp;&nbsp; 27349000 | &nbsp;&nbsp; 1461000 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 17154000 | &nbsp;&nbsp; 8530000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 14150000 |
| Foreign currency at value | &nbsp;&nbsp; 3115334 | &nbsp;&nbsp; 3177390 |
|  | &nbsp;&nbsp; $48381288 | &nbsp;&nbsp; $27522036 |

---

*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 | BCAT | BCAT | BCAT | BCAT | BCAT |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited)<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<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>09/28/20<sup>(b)</sup> <br>to 12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited)<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<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>09/28/20<sup>(b)</sup> <br>to 12/31/20 |
| **Net asset value, beginning of period** | &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;&nbsp; $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.21 | &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;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.74 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 |
| Net increase (decrease) from investment operations | 0.95 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (1.71 )<sup>(e)</sup><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;&nbsp; (0.03)<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;&nbsp; (0.07)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &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>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.71)<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>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp;&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 |
| **Market price, end of period** | &nbsp;&nbsp; $15.14 | &nbsp;&nbsp;&nbsp;&nbsp; $15.15 | &nbsp;&nbsp;&nbsp;&nbsp; $14.95 | &nbsp;&nbsp;&nbsp;&nbsp; $13.87 | &nbsp;&nbsp;&nbsp;&nbsp; $19.45 | &nbsp;&nbsp;&nbsp;&nbsp; $21.77 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.67 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.92 %<sup>(h)</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>| &nbsp;&nbsp;&nbsp;&nbsp; 5.77 %<sup>(g)</sup><br>|
| Based on market price | 11.77 %<sup>(g)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 9.39 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(i)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.41 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.40 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>(j)</sup><br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest <br> expense, fees and amortization of offering costs and excluding <br> professional fees for foreign withholding taxes<br>| 1.31 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>(j)</sup><br>|
| Net investment income | 2.62 %<sup>(j)</sup><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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(j)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1641743 | &nbsp;&nbsp;&nbsp;&nbsp; $1721260 | &nbsp;&nbsp;&nbsp;&nbsp; $1853696 | &nbsp;&nbsp;&nbsp;&nbsp; $1821348 | &nbsp;&nbsp;&nbsp;&nbsp; $2332983 | &nbsp;&nbsp;&nbsp;&nbsp; $2351695 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $687791 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Asset coverage, end of period 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 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Portfolio turnover rate<sup>(m)</sup> | &nbsp;&nbsp; 125 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 257 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 234 %<sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<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> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

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

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

<sup>(k)</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>(l)</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>(m)</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; Six Months Ended <br>06/30/25 <br>(unaudited)<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<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>09/28/20<sup>(b)</sup> <br>to 12/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>(unaudited)<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<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>09/28/20<sup>(b)</sup> <br>to 12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 68<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; 13<br> %<br>|

---

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

<sup>(n)</sup> Excludes underlying investments in equity swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Semi-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; Six Months Ended <br>06/30/25 <br>(unaudited)<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; Six Months Ended <br>06/30/25 <br>(unaudited)<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> | 0.14 | &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) | 0.80 | &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 | 0.94 | &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; (1.82 )<sup>(e)</sup><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; — | &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; (1.82)<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; $16.68 | &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; $16.06 | &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>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.16 %<sup>(g)</sup><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>(g)</sup><br>|
| Based on market price | 9.45 %<sup>(g)</sup><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>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.41 %<sup>(i)(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.40 %<sup>(i)(j)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(i)</sup><br>|
| Net investment income (loss) | 1.64 %<sup>(i)</sup><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>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1656682 | &nbsp;&nbsp;&nbsp;&nbsp; $1744896 | &nbsp;&nbsp;&nbsp;&nbsp; $1838695 | &nbsp;&nbsp;&nbsp;&nbsp; $1701873 | &nbsp;&nbsp;&nbsp;&nbsp; $2187581 |
| Portfolio turnover rate<sup>(n)</sup> | &nbsp;&nbsp; 117<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> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

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

<sup>(j)</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 1.32% and 1.31%, respectively.

<sup>(k)</sup> Proxy costs were not annualized in the calculation of the expense ratios. If this expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.51% and 1.50%, respectively. 

<sup>(l)</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>(m)</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>(n)</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; Six Months Ended <br>06/30/25 <br>(unaudited)<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; Six Months Ended <br>06/30/25 <br>(unaudited)<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; 73<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 (unaudited)

&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 | Non-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 $32,908,351, which is 2.0% 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 $28,441,849, which is 1.5% 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 June 30, 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 $4,207,326, which is 0.3% 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 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)

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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 June 30, 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.

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 their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts' financial statements.

***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

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited) (continued)

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 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 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 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. 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.

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

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

&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 June 30, 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.

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.

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (unaudited) (continued)

**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 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

2025 BlackRock Semi-Annual Report to Shareholders

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Notes to Consolidated Financial Statements (unaudited) (continued)

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; $199149 | $198484 | &nbsp;&nbsp; $196918 | $(1566) |
|  | Platea BC Bidco AB | &nbsp;&nbsp; 101307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110619 | &nbsp;&nbsp; 119501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8882 |
|  | Project Montage | &nbsp;&nbsp; 329038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329038 | &nbsp;&nbsp; 320812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8226) |
|  |  |  |  |  | $(910) |
| ECAT | Coreweave Compute Acquisition Co., IV, LLC | &nbsp;&nbsp; $201238 | $200546 | &nbsp;&nbsp; $198984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1562) |
|  | Platea BC Bidco AB | &nbsp;&nbsp; 101307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110619 | &nbsp;&nbsp; 119501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8882 |
|  | Project Montage | &nbsp;&nbsp; 328846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328846 | &nbsp;&nbsp; 320625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8221) |
|  |  |  |  |  | $(901) |

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**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Trusts to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Operations.

**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 June 30, 2025, BCAT and ECAT had an outstanding commitments of $6,702,568 and $3,163,160, respectively. These commitments are not included in the net assets of a Trust as of June 30, 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

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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; Barclays Capital, Inc. | &nbsp;&nbsp; $45252  | &nbsp;&nbsp; $(45252 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | &nbsp;&nbsp; 560939 | &nbsp;&nbsp; (560939)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Jefferies LLC | &nbsp;&nbsp; 861929 | &nbsp;&nbsp; (861929)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1468120 | &nbsp;&nbsp; $(1468120)<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 Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (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 Trust's 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 Trust.

**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

------

Notes to Consolidated Financial Statements (unaudited) (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 Semi-Annual Report to Shareholders

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Notes to Consolidated Financial Statements (unaudited) (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, wholly-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 six months ended June 30, 2025, the amounts waived were as follows:

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| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BCAT | &nbsp;&nbsp; $13430  |
| ECAT | &nbsp;&nbsp; 54051 |

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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 (unaudited) (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 six months ended June 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

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| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BCAT | &nbsp;&nbsp; $51008  |
| ECAT | &nbsp;&nbsp; 25904 |

---

**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 six months ended June 30, 2025, each Trust paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Trust Name*  | *Amounts* |
| ECAT | &nbsp;&nbsp; $5327  |

---

**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 six months ended June 30, 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; $1593840165  | &nbsp;&nbsp;&nbsp; $1595962041  | &nbsp;&nbsp;&nbsp; $612908843  | &nbsp;&nbsp;&nbsp; $821528042  |
| ECAT | &nbsp;&nbsp; 1189169329 | &nbsp;&nbsp;&nbsp; 1196595774 | &nbsp;&nbsp;&nbsp; 738129432 | &nbsp;&nbsp;&nbsp; 798390869 |

---

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* |
| BCAT | &nbsp;&nbsp; $1006218764  | &nbsp;&nbsp;&nbsp; $1006649264  |
| ECAT | &nbsp;&nbsp; 723563273 | &nbsp;&nbsp;&nbsp; 724020297 |

---

***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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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 June 30, 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.

As of December 31, 2024, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| BCAT | &nbsp;&nbsp; $(161649968 )<br>|
| ECAT | &nbsp;&nbsp; (60389406)<br>|

---

As of June 30, 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; $1522053682  | &nbsp;&nbsp;&nbsp; $379277978  | &nbsp;&nbsp;&nbsp; $(123446278 )<br>| &nbsp;&nbsp;&nbsp; $255831700  |
| ECAT | &nbsp;&nbsp; 1449492396 | &nbsp;&nbsp;&nbsp; 388255811 | &nbsp;&nbsp;&nbsp; (66351002)<br>| &nbsp;&nbsp;&nbsp; 321904809 |

---

***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 six months ended June 30, 2025, BCAT did not borrow under the credit agreement.

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

In the normal course of business, the Trusts invest 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 and 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.

**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

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

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.

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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (unaudited) (continued)

**Common Shares**

For the six months ended June 30, 2025, shares issued and outstanding remained constant for each Trust.

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 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:

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 will consist of one measurement period beginning on January 1, 2025 and ending on September 30, 2025. 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 June 30, 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 June 30, 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; 07/01/25 | &nbsp;&nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp; $0.275480  |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.272350 |
| ECAT | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.293650 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp; $0.290170  |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Trustees (together, the "Board," the members of which are referred to as "Board Members") of BlackRock Capital Allocation Term Trust ("BCAT") and BlackRock ESG Capital Allocation Term Trust ("ECAT") (together, the "Funds" and each, a "Fund") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Advisory Agreements") between each Fund and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager, BlackRock International Limited ("BIL") and each Fund and (2) the Manager, BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors") and each Fund. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (i) BlackRock's implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock's implementation of each Fund's valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; (n) periodic updates on BlackRock's business; and (o) each Fund's market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to each Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

***B. The Investment Performance of each Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, in light of each Fund's outcome-oriented investment objective, certain performance metrics ("Outcome-Oriented Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BCAT's performance relative to BCAT's Outcome-Oriented Performance Metrics including a total return target. The Board noted that for the one-year, three-year and since-inception periods reported, BCAT performed in line with, underperformed and underperformed, respectively, its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for BCAT, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BCAT's underperformance relative to its total return target during the applicable periods.

The Board reviewed and considered ECAT's performance relative to ECAT's Outcome-Oriented Performance Metrics, including a total return target. The Board noted that for the one-year, three-year and since-inception periods reported, ECAT outperformed, underperformed and underperformed, respectively, its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for ECAT, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed ECAT's underperformance relative to its total return target during the applicable periods.

2025 BlackRock Semi-Annual Report to Shareholders

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

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

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund's accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BCAT's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Expense Peers.

The Board noted that ECAT's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Expense Peers.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund's asset levels and whether the current fee was appropriate.

Based on the Board's review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund's inception.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock's support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors and each Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Report to Shareholders

------

Additional Information

**Proxy Results**

The Annual Meeting of Shareholders of ECAT (the "Meeting") was held on June 26, 2025 for shareholders of record on March 28, 2025 to consider and vote on the election of four Class I Trustees, three Class II Trustees and three Class III Trustees and to consider and vote on a shareholder proposal submitted by an activist hedge fund to terminate the investment management agreement between ECAT and BlackRock Advisors, LLC. There were no broker non-votes.

The vote results in the election of Class I Trustees were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Cynthia L. Egan | Lorenzo A. Flores | Lorenzo A. Flores | Lorenzo A. Flores | Stayce D. Harris | Stayce D. Harris | Stayce D. Harris |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 25,233,476 | 617,950 | 452,919 | 25,249,204 | 634,634 | 420,509 | 25,255,548 | 607,614 | 441,184 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Catherine A. Lynch | Catherine A. Lynch | Catherine A. Lynch | Jennifer Raab | Jennifer Raab | Jennifer Raab | Thomas H. McGlade | Thomas H. McGlade | Thomas H. McGlade |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 25,269,053 | 602,154 | 433,139 | 28,888,425 | 405,075 | 87,855 | 28,885,984 | 407,542 | 87,730 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Elizabeth Groo | Elizabeth Groo | Elizabeth Groo |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 28,891,865 | 401,306 | 88,185 |

---

The vote results in the election of Class II Trustees were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | R. Glenn Hubbard | R. Glenn Hubbard | R. Glenn Hubbard | W. Carl Kester | W. Carl Kester | W. Carl Kester | John M. Perlowski | John M. Perlowski | John M. Perlowski |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 25,205,877 | 658,725 | 439,741 | 19,122,698 | 6,752,769 | 428,876 | 25,229,735 | 643,034 | 431,574 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | David Littlewood | David Littlewood | David Littlewood | David Locala | David Locala | David Locala |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 28,872,770 | 406,630 | 101,956 | 28,886,067 | 406,707 | 88,581 |

---

The vote results in the election of Class III Trustees were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz | Arthur P. Steinmetz |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 25,235,205 | 624,584 | 444,554 | 25,212,106 | 636,497 | 455,739 | 25,243,486 | 624,930 | 435,929 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ilya Gurevich | Ilya Gurevich | Ilya Gurevich | Shavar Jeffries | Shavar Jeffries | Shavar Jeffries | Athanassios Diplas | Athanassios Diplas | Athanassios Diplas |
| *Trust Name* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 28,882,256 | 409,855 | 89,244 | 28,886,389 | 411,682 | 83,285 | 28,884,330 | 413,010 | 84,016 |

---

No nominee received the required number of votes to be re-elected or elected to the Board of ECAT. The vote standard to elect Board members is described in ECAT's most recent proxy statement. Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, and Catherine A. Lynch, incumbent Class I Trustees, will continue to serve as Class I Trustees and R. Glenn Hubbard, W. Carl Kester and John M. Perlowski, incumbent Class II Trustees, will continue to serve as Class II Trustees and Robert Fairbairn, J. Phillip Holloman and Arthur P. Steinmetz, incumbent Class III Trustees, will continue to serve as Class III Trustees until their successors have been duly elected and qualified.

The shareholder proposal to terminate the investment management agreement between ECAT and BlackRock Advisors, LLC was not approved by shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | *Votes For* | *Votes Against* | *Votes Abstain* |
| ECAT | 30,129,143 | 24,865,994 | 690,562 |

---

The vote standard to approve the shareholder proposal is described in ECAT's most recent proxy statement.

Additional Information

------

Additional Information (continued)

**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.

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.

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:

2025 BlackRock Semi-Annual Report to Shareholders

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Additional Information (continued)

**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 "Adviser") 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

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

Additional Information

------

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 |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&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 |
| CMT | Constant Maturity Treasury |
| CR | Custodian Receipt |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| FREMF | Freddie Mac Multifamily Securities |
| 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 |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt  |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate |

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2025 BlackRock Semi-Annual Report to Shareholders

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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-06/25-SAR

![](g905437img5364f0e62.jpg)

![](g905437img11a0c3161.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 – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

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 – The registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable to this semi-annual report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

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.

&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 – Not Applicable to this semi-annual report

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(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](d905437dex99cert.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](d905437dex99906cert.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<sup>1</sup>](d905437dex99section19.htm)

<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 Capital Allocation Term Trust

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Capital Allocation Term Trust |

---

Date: August 22, 2025

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 Capital Allocation Term Trust |

---

Date: August 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Capital Allocation Term Trust |

---

Date: August 22, 2025

## 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 Capital Allocation Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock 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;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;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;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;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;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;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: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock 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 Capital Allocation Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock 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;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;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;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;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;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;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: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock 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 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 June 30, 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: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Capital Allocation Term Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock 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 June 30, 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: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock 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.Section19

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g905437dsp11.jpg)

June 30, 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Record Date** | June 13, 2025 |
| **Estimated Allocations as of June 30, 2025** |  |  |  |  | **Pay Date** | June 30, 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 Enhanced Equity Dividend Trust | BDJ | $0.061900 | $0.016241 (26%) | $0 (0%) | $0.045659 (74%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.044198 (45%) | $0 (0%) | $0 (0%) | $0.053102 (55%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0.011680 (27%) | $0 (0%) | $0.021509 (51%) | $0.009411 (22%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.020790 (8%) | $0.053013 (20%) | $0.188297 (72%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.169020 | $0 (0%) | $0 (0%) | $0 (0%) | $0.169020 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.014918 (18%) | $0 (0%) | $0.067782 (82%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $0.136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.074477 (55%) | $0 (0%) | $0.061523 (45%) | $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 (0%) | $0.250000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.217770 | $0 (0%) | $0 (0%) | $0.217770 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.080690 | $0 (0%) | $0 (0%) | $0 (0%) | $0.080690 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.278200 | $0.039805 (14%) | $0 (0%) | $0 (0%) | $0.238395 (86%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.296610 | $0.033382 (11%) | $0 (0%) | $0 (0%) | $0.263228 (89%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.038774 (44%) | $0 (0%) | $0 (0%) | $0.049426 (56%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.065816 (67%) | $0 (0%) | $0 (0%) | $0.032914 (33%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.079303 (64%) | $0 (0%) | $0 (0%) | $0.044537 (36%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.075764 (63%) | $0 (0%) | $0 (0%) | $0.044516 (37%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.061750 (79%) | $0 (0%) | $0 (0%) | $0.016150 (21%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.063685 (76%) | $0 (0%) | $0 (0%) | $0.020215 (24%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.090269 (80%) | $0 (0%) | $0 (0%) | $0.022931 (20%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.034096 (46%) | $0 (0%) | $0 (0%) | $0.040504 (54%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.076730 (62%) | $0 (0%) | $0 (0%) | $0.04697 (38%) |

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1 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

**Estimated Allocations for the fiscal year through June 30, 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 Enhanced Equity Dividend Trust | BDJ | $0.371400 | $0.260620 (70%) | $0 (0%) | $0.110780 (30%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.583800 | $0.170098 (29%) | $0 (0%) | $0 (0%) | $0.413702 (71%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.255600 | $0.075115 (29%) | $0 (0%) | $0.021509 (8%) | $0.158976 (63%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $1.572600 | $0.046641 (3%) | $0.053013 (3%) | $1.350605 (86%) | $0.122341 (8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $1.045990 | $0 (0%) | $0 (0%) | $0 (0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.045990 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.496200 | $0.094831 (19%) | $0 (0%) | $0.108912 (22%) | $0.292457 (59%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $0.816000 | $0.140186 (17%) | $0 (0%) | $0.675814 (83%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.846000 | $0 (0%) | $0 (0%) | $0.846000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $1.500000 | $0 (0%) | $0 (0%) | $1.500000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $1.323490 | $0 (0%) | $0 (0%) | $1.323490 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.507030 | $0 (0%) | $0 (0%) | $0 (0%) | $0.507030 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $1.708820 | $0.159899 (9%) | $0 (0%) | $0 (0%) | $1.548921 (91%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $1.820610 | $0.101989 (6%) | $0 (0%) | $0 (0%) | $1.718621 (94%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.529200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.215043 (41%) | $0 (0%) | $0 (0%) | $0.314157 (59%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.592380 | $0.366371 (62%) | $0 (0%) | $0 (0%) | $0.226009 (38%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.743040 | $0.472683 (64%) | $0 (0%) | $0 (0%) | $0.270357 (36%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.721680 | $0.432208 (60%) | $0 (0%) | $0 (0%) | $0.289472 (40%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.467400 | $0.347619 (74%) | $0 (0%) | $0 (0%) | $0.119781 (26%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.503400 | $0.355380 (71%) | $0 (0%) | $0 (0%) | $0.148020 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.679200 | $0.511483 (75%) | $0 (0%) | $0 (0%) | $0.167717 (25%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.447600 | $0.280964 (63%) | $0 (0%) | $0 (0%) | $0.166636 (37%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.742200 | $0.454225 (61%) | $0 (0%) | $0 (0%) | $0.287975 (39%) |
|  **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended May 31, 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 Enhanced Equity Dividend Trust | BDJ | 12.08% | 8.13% | 5.01% | 3.39% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | 17.22% | 8.81% | -0.15% | 3.67% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | 9.40% | 8.19% | 9.61% | 3.41% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | 4.83% | 8.15% | -3.09% | 3.40% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | 0.94% | 13.47% | -2.96% | 5.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | 10.43% | 8.18% | 4.47% | 3.41% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | 11.09% | 6.71% | 10.52% | 2.80% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | 14.28% | 7.87% | 3.97% | 3.28% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | 9.95% | 7.88% | -0.52% | 3.28% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | 7.19% | 12.65% | -5.54% | 5.35% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX\* | -13.62% | 13.58% | -9.47% | 5.98% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT\* | 5.46% | 21.51% | 3.76% | 9.22% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT\* | 6.79% | 21.68% | 2.64% | 9.28% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | -1.53% | 8.97% | 3.72% | 3.74% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | 8.47% | 11.45% | 2.07% | 4.77% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 8.50% | 11.90% | 1.68% | 4.96% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | 8.57% | 11.85% | 1.74% | 4.94% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | 7.15% | 9.78% | 2.95% | 4.07% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | 3.50% | 9.00% | 3.22% | 3.75% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | 6.57% | 9.80% | 2.80% | 4.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | -1.11% | 8.84% | 1.96% | 3.68% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | 8.13% | 10.39% | 2.73% | 4.33% |  |

---

\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

2 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g905437dsp11.jpg)

July 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Record Date** | July 15, 2025 |
| **Estimated Allocations as of July 31, 2025** |  |  |  |  | **Pay Date** | July 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 | $0.001237 (2%) | $0 (0%) | $0 (0%) | $0.068463 (98%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.061900 | $0.012277 (20%) | $0 (0%) | $0.049623 (80%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.019230 (20%) | $0 (0%) | $0 (0%) | $0.078070 (80%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0.000000 (0%) | $0 (0%) | $0.019935 (47%) | $0.022665 (53%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.033605 (13%) | $0 (0%) | $0.228495 (87%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.167200 | $0.000000 (0%) | $0 (0%) | $0 (0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.167200 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | $0.002601 (3%) | $0 (0%) | $0.080099 (97%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $0.136000 | $0.000000 (0%) | $0 (0%) | $0.136000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0.000008 (0%) | $0 (0%) | $0.140992 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $0.250000 | $0.000000 (0%) | $0 (0%) | $0.250000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.216840 | $0.000000 (0%) | $0 (0%) | $0.216840 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.275480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.037151 (13%) | $0 (0%) | $0 (0%) | $0.238329 (87%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.293650 | $0.015878 (5%) | $0 (0%) | $0 (0%) | $0.277772 (95%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.037782 (43%) | $0 (0%) | $0 (0%) | $0.050418 (57%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.056804 (58%) | $0 (0%) | $0 (0%) | $0.041926 (42%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.074930 (61%) | $0 (0%) | $0 (0%) | $0.048910 (39%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.092900 | $0.080312 (86%) | $0 (0%) | $0 (0%) | $0.012588 (14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.068376 (57%) | $0 (0%) | $0 (0%) | $0.051904 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.055999 (72%) | $0 (0%) | $0 (0%) | $0.021901 (28%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.059786 (71%) | $0 (0%) | $0 (0%) | $0.024114 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.083126 (73%) | $0 (0%) | $0 (0%) | $0.030074 (27%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.040727 (55%) | $0 (0%) | $0 (0%) | $0.033873 (45%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.077151 (62%) | $0 (0%) | $0 (0%) | $0.046549 (38%) |
|  |  |  |  |  | **Record Date** | July 17, 2025 |
| **Estimated Allocations as of July 31, 2025** |  |  |  |  | **Pay Date** | July 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 Technology and Private Equity Term Trust | BTX | $0.079680 | $0.016406 (21%) | $0 (0%) | $0 (0%) | $0.063274 (79%) |

---

1 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

**Estimated Allocations for the fiscal year through July 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Ticker** | **Cummulative Fiscal**<br> **Year to Date**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 | $0.487900 | $0.174093 (36%) | $0 (0%) | $0 (0%) | $0.313807 (64%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.433300 | $0.272897 (63%) | $0 (0%) | $0.160403 (37%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.681100 | $0.189328 (28%) | $0 (0%) | $0 (0%) | $0.491772 (72%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.298200 | $0.074921 (25%) | $0 (0%) | $0.019935 (7%) | $0.203344 (68%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $1.834700 | $0.080246 (4%) | $0 (0%) | $1.466816 (80%) | $0.287638 (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $1.213190 | $0 (0%) | $0 (0%) | $0 (0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.213190 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.578900 | $0.097432 (17%) | $0 (0%) | $0.092159 (16%) | $0.389309 (67%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $0.952000 | $0.131621 (14%) | $0 (0%) | $0.820379 (86%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.987000 | $0.000000 (0%) | $0 (0%) | $0.987000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $1.750000 | $0 (0%) | $0 (0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.750000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $1.540330 | $0 (0%) | $0 (0%) | $1.540330 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.586710 | $0.000000 (0%) | $0 (0%) | $0 (0%) | $0.586710 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $1.984300 | $0.197050 (10%) | $0 (0%) | $0 (0%) | $1.787250 (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $2.114260 | $0.117867 (6%) | $0 (0%) | $0 (0%) | $1.996393 (94%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.617400 | $0.252826 (41%) | $0 (0%) | $0 (0%) | $0.364574 (59%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.691110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.414457 (60%) | $0 (0%) | $0 (0%) | $0.276653 (40%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.866880 | $0.547441 (63%) | $0 (0%) | $0 (0%) | $0.319439 (37%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.650300 | $0.573341 (88%) | $0 (0%) | $0 (0%) | $0.076959 (12%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.841960 | $0.487967 (58%) | $0 (0%) | $0 (0%) | $0.353993 (42%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.545300 | $0.401718 (74%) | $0 (0%) | $0 (0%) | $0.143582 (26%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.587300 | $0.415166 (71%) | $0 (0%) | $0 (0%) | $0.172134 (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.792400 | $0.591362 (75%) | $0 (0%) | $0 (0%) | $0.201038 (25%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.522200 | $0.251451 (48%) | $0 (0%) | $0 (0%) | $0.270749 (52%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.865900 | $0.525315 (61%) | $0 (0%) | $0 (0%) | $0.340585 (39%) |
|  **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended June 30, 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 | 14.24% | 8.16% | 11.93% | 4.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | 12.80% | 7.91% | 8.63% | 3.96% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | 18.53% | 8.42% | 5.21% | 4.21% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | 9.19% | 8.15% | 10.95% | 4.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | 5.49% | 8.00% | -0.61% | 4.00% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | 0.70% | 13.09% | -0.06% | 6.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | 10.90% | 7.98% | 7.83% | 3.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | 11.45% | 6.54% | 14.05% | 3.27% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | 15.37% | 7.47% | 10.26% | 3.74% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | 9.75% | 7.38% | 6.84% | 3.69% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | 6.90% | 11.66% | 3.13% | 5.93% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX\* | -12.01% | 12.68% | -3.21% | 6.72% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT\* | 5.98% | 21.10% | 6.67% | 10.91% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT\* | 7.60% | 21.13% | 6.16% | 10.91% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | -1.23% | 8.89% | 5.38% | 4.45% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | 8.49% | 11.45% | 3.04% | 5.72% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 8.52% | 11.93% | 2.44% | 5.96% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | -0.54% | 6.48% | 3.74% | 3.24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | 8.64% | 11.86% | 2.66% | 5.93% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | 7.45% | 9.65% | 5.19% | 4.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | 3.68% | 8.86% | 5.59% | 4.43% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | 6.53% | 9.72% | 4.53% | 4.86% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | -1.55% | 8.90% | 2.03% | 4.45% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | 7.86% | 10.30% | 4.56% | 5.15% |  |

---

\*Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception.

2 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

![LOGO](g905437dsp11.jpg)

August 29, 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Record Date** | August 15, 2025 |
| **Estimated Allocations as of August 29, 2025** |  |  |  |  | **Pay Date** | August 29, 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 | $0.022113 (32%) | $0 (0%) | $0 (0%) | $0.047587 (68%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.061900 | $0.012069 (19%) | $0 (0%) | $0.049831 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.097300 | $0.050139 (52%) | $0 (0%) | $0 (0%) | $0.047161 (48%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.042600 | $0.008763 (21%) | $0 (0%) | $0.033837 (79%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $0.262100 | $0.001115 (0%) | $0 (0%) | $0.260985 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $0.164960 | $0.000000 (0%) | $0 (0%) | $0 (0%) | $0.164960 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.082700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.015920 (19%) | $0 (0%) | $0.066780 (81%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $0.136000 | $0.047637 (35%) | $0 (0%) | $0.088363 (65%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $0.141000 | $0.000000 (0%) | $0 (0%) | $0.141000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $0.250000 | $0.000000 (0%) | $0 (0%) | $0.250000 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $0.216470 | $0.000000 (0%) | $0 (0%) | $0.216470 (100%) | $0 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.078840 | $0.000000 (0%) | $0 (0%) | $0 (0%) | $0.078840 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $0.272350 | $0.027200 (10%) | $0 (0%) | $0 (0%) | $0.245150 (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $0.290170 | $0.016055 (6%) | $0 (0%) | $0 (0%) | $0.274115 (94%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.088200 | $0.040247 (46%) | $0 (0%) | $0 (0%) | $0.047953 (54%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.098730 | $0.066696 (68%) | $0 (0%) | $0 (0%) | $0.032034 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.123840 | $0.084348 (68%) | $0 (0%) | $0 (0%) | $0.039492 (32%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.098600 | $0.085206 (86%) | $0 (0%) | $0 (0%) | $0.013394 (14%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.120280 | $0.078631 (65%) | $0 (0%) | $0 (0%) | $0.041649 (35%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.077900 | $0.062804 (81%) | $0 (0%) | $0 (0%) | $0.015096 (19%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.083900 | $0.066060 (79%) | $0 (0%) | $0 (0%) | $0.017840 (21%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.113200 | $0.092049 (81%) | $0 (0%) | $0 (0%) | $0.021151 (19%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.074600 | $0.047510 (64%) | $0 (0%) | $0 (0%) | $0.027090 (36%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.123700 | $0.080754 (65%) | $0 (0%) | $0 (0%) | $0.042946 (35%) |

---

1 of 2

------

100 Bellevue Parkway

Wilmington, DE 19809

Tel 302.797.2000

www.blackrock.com

**Estimated Allocations for the fiscal year through August 29, 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 | $0.557600 | $0.196206 (35%) | $0 (0%) | $0 (0%) | $0.361394 (65%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | $0.495200 | $0.284966 (58%) | $0 (0%) | $0.210234 (42%) | $0.000000 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | $0.778400 | $0.239467 (31%) | $0 (0%) | $0 (0%) | $0.538933 (69%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | $0.340800 | $0.083684 (25%) | $0 (0%) | $0.083720 (25%) | $0.173396 (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | $2.096800 | $0.081362 (4%) | $0 (0%) | $1.803128 (86%) | $0.212310 (10%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | $1.378150 | $0.000000 (0%) | $0 (0%) | $0 (0%) | $1.378150 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | $0.661600 | $0.113353 (17%) | $0 (0%) | $0.374105 (57%) | $0.174142 (26%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | $1.088000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.179212 (16%) | $0 (0%) | $0.908788 (84%) | $0.000000 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | $1.128000 | $0.000000 (0%) | $0 (0%) | $1.128000 (100%) | $0.000000 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | $2.000000 | $0.000000 (0%) | $0 (0%) | $2.000000 (100%) | $0.000000 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | $1.756800 | $0.000000 (0%) | $0 (0%) | $1.756800 (100%) | $0.000000 (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX | $0.665550 | $0.000000 (0%) | $0 (0%) | $0 (0%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.665550 (100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT | $2.256650 | $0.224250 (10%) | $0 (0%) | $0 (0%) | $2.032400 (90%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT | $2.404430 | $0.133922 (6%) | $0 (0%) | $0 (0%) | $2.270508 (94%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | $0.705600 | $0.293073 (42%) | $0 (0%) | $0 (0%) | $0.412527 (58%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | $0.789840 | $0.469403 (59%) | $0 (0%) | $0 (0%) | $0.320437 (41%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | $0.990720 | $0.631590 (64%) | $0 (0%) | $0 (0%) | $0.359130 (36%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | $0.748900 | $0.658547 (88%) | $0 (0%) | $0 (0%) | $0.090353 (12%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | $0.962240 | $0.551674 (57%) | $0 (0%) | $0 (0%) | $0.410566 (43%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | $0.623200 | $0.459064 (74%) | $0 (0%) | $0 (0%) | $0.164136 (26%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | $0.671200 | $0.481226 (72%) | $0 (0%) | $0 (0%) | $0.189974 (28%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | $0.905600 | $0.680559 (75%) | $0 (0%) | $0 (0%) | $0.225041 (25%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | $0.596800 | $0.298961 (50%) | $0 (0%) | $0 (0%) | $0.297839 (50%) |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | $0.989600 | $0.601369 (61%) | $0 (0%) | $0 (0%) | $0.388231 (39%) |
|  **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 2025** | **Fund Performance and Distribution Rate Information for the Period Ended July 31, 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 | 13.49% | 8.18% | 12.53% | 4.77% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | BDJ | 12.14% | 7.95% | 8.82% | 4.64% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Energy & Resources Trust | BGR | 19.38% | 8.39% | 6.36% | 4.90% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | BGY | 7.47% | 8.53% | 6.80% | 4.98% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | BME | 4.38% | 8.17% | -1.89% | 4.76% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | BMEZ | -0.18% | 13.04% | 0.14% | 7.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | BOE | 10.04% | 8.06% | 7.58% | 4.70% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Utilities, Infrastructure & Power Opp Trust | BUI | 10.34% | 6.44% | 16.45% | 3.76% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Cap Core Fund Inc. | CII | 14.54% | 7.38% | 12.35% | 4.30% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science & Technology Trust | BST | 8.93% | 7.17% | 10.71% | 4.18% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | BSTZ | 5.85% | 11.37% | 6.71% | 6.74% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | BTX\* | -11.19% | 12.32% | -0.34% | 7.64% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | BCAT\* | 6.01% | 21.11% | 7.33% | 12.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock ESG Capital Allocation Term Trust | ECAT\* | 7.52% | 21.18% | 6.53% | 12.86% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Income Trust Inc. | BKT | -1.43% | 9.02% | 4.75% | 5.26% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Debt Strategies Fund Inc. | DSU | 7.97% | 11.45% | 4.02% | 6.68% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Strategies Fund Inc. | FRA | 8.09% | 11.93% | 3.45% | 6.96% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | BBN | -1.45% | 6.95% | 3.24% | 3.82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Floating Rate Income Trust | BGT | 8.21% | 11.86% | 3.67% | 6.92% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Corporate High Yield Fund Inc. | HYT | 6.12% | 9.66% | 5.92% | 5.63% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | BTZ | 2.52% | 8.90% | 5.93% | 5.19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Limited Duration Income Trust | BLW | 5.70% | 9.72% | 5.30% | 5.67% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Core Bond Trust | BHK | -2.49% | 8.99% | 1.80% | 5.24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | BIT | 6.63% | 10.36% | 4.87% | 6.04% |  |

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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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