Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

Consolidated Schedule of Investments (unaudited)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities

Canada — 0.0%
Fairstone Financial Issuance Trust I, Series 2020- 1A, Class D, 6.87%, 10/20/39^(a)		CAD 1,270	$	886,295


Cayman Islands^(a)— 4.1%
522 Funding CLO Ltd., Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.91%), 9.23%, 04/20/30^(b)		USD 1,950		1,922,335
AGL CLO Ltd.^(b)
Series 2020-3A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.88%, 01/15/33		550		546,899
Series 2020-7A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.68%, 07/15/34		250		249,589
Series 2020-9A, Class D, (3-mo. CME Term SOFR + 3.96%), 9.28%, 01/20/34		850		850,726
AIMCO CLO, Series 2017-AA, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.73%, 04/20/34^(b)		250		248,570
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.58%, 10/15/29^(b)		950		951,255
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 8.53%, 04/20/31^(b)		250		250,801
Apidos CLO XXXII, Series 2019-32A, Class D, (3-mo. CME Term SOFR + 3.76%), 9.08%, 01/20/33^(b)		250		250,031
Apidos CLO XXXV, Series 2021-35A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.33%, 04/20/34^(b)		375		366,151
Apidos CLO XXXVII, Series 2021-37A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.88%, 10/22/34^(b)		250		252,302
ARES Loan Funding I Ltd.^(b)
Series 2021-ALFA, Class E, (3-mo. CME Term SOFR + 6.96%), 12.28%, 10/15/34		1,250		1,263,120
Series 2021-ALFA, Class SUB, 0.00%, 10/15/34		2,150		1,494,465
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.73%, 07/15/34^(b)		1,500		1,507,957
Ares LVI CLO Ltd., Series 2020-56A, Class ER, (3-mo. CME Term SOFR + 6.76%), 12.09%, 10/25/34^(b)		625		624,937
Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/15/32^(b)		2,700		2,653,575
Bardot CLO Ltd., Series 2019-2A, Class DR, (3-mo. CME Term SOFR + 3.26%), 8.58%, 10/22/32^(b)		250		249,679
Battalion CLO IX Ltd., Series 2015-9A, Class DR, (3-mo. CME Term SOFR + 3.51%), 8.83%, 07/15/31^(b)		250		246,775
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class ER, (3-mo. CME Term SOFR + 7.01%), 12.33%, 07/15/34^(b)		250		250,630
Birch Grove CLO Ltd.^(b)
Series 19A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.94%, 06/15/31		1,500		1,497,191
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.56%), 8.87%, 10/19/34		750		744,166
BlueMountain CLO Ltd., Series 2016-2A, Class C1R2, (3-mo. CME Term SOFR + 3.36%), 8.68%, 08/20/32^(b)		1,000		974,771


Security	Par (000)		Value

Cayman Islands (continued)
Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.68%, 10/15/31^(b)		USD 250	$	246,576
Canyon CLO Ltd., Series 2020-3A, Class E, (3-mo. CME Term SOFR + 7.51%), 12.83%, 01/15/34^(b)		250		246,888
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.78%, 04/20/32^(b)		1,425		1,418,932
CarVal CLO VC Ltd., Series 2021-2A, Class E, (3-mo. CME Term SOFR + 7.01%), 12.33%, 10/15/34^(b)		500		496,053
CIFC Funding Ltd.^(b)
Series 2014-2RA, Class B1, (3-mo. CME Term SOFR + 3.06%), 8.38%, 04/24/30		1,000		1,000,382
Series 2019-3A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 10/16/34		1,000		1,007,488
Crown City CLO III, Series 2021-1A, Class C, (3-mo. CME Term SOFR + 3.56%), 8.88%, 07/20/34^(b)		1,250		1,196,412
Crown Point CLO Ltd., Series 2020-9A, Class DR, (3-mo. CME Term SOFR + 4.01%), 9.33%, 07/14/34^(b)		500		491,349
Elmwood CLO II Ltd.^(b)
Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.38%, 04/20/34		3,000		3,005,572
Series 2019-2A, Class SUB, 0.00%, 04/20/34		1,000		794,500
Elmwood CLO V Ltd., Series 2020-2A, Class ER, (3-mo. CME Term SOFR + 6.36%), 11.68%, 10/20/34^(b)		250		252,425
Elmwood CLO X Ltd., Series 2021-3A, Class E, (3-mo. CME Term SOFR + 6.11%), 11.43%, 10/20/34^(b)		1,000		995,032
Flatiron CLO Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.26%), 8.59%, 11/16/34^(b)		700		699,887
GoldenTree Loan Management U.S. CLO Ltd.,
Series 2021-9A, Class E, (3-mo. CME Term SOFR + 5.01%), 10.33%, 01/20/33^(b)		1,000		966,608
Golub Capital Partners CLO Ltd.^(b)
Series 2021-53A, Class E, (3-mo. CME Term SOFR + 6.96%), 12.28%, 07/20/34		250		250,712
Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.14%, 07/20/34		1,000		995,542
Madison Park Funding XLIX Ltd., Series 2021-49A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.82%, 10/19/34^(b)		250		251,607
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.26%, 10/18/30^(b)		500		501,039
Niagara Park CLO Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 6.21%), 11.53%, 07/17/32^(b)		1,000		989,586
OCP CLO Ltd.
Series 2019-16A, Class ER, (3-mo. CME Term SOFR + 6.61%), 11.94%, 04/10/33^(b)		400		390,004
Series 2020-18A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.78%, 07/20/32^(b)		500		499,350
Series 2020-20A, Class D1, (3-mo. CME Term SOFR + 4.21%), 9.54%, 10/09/33^(b)		3,500		3,534,430
Series 2020-20A, Class E, (3-mo. CME Term SOFR + 7.92%), 13.25%, 10/09/33^(b)		2,250		2,258,904
Series 2020-AR, Class D1R, (3-mo. CME Term SOFR + 3.60%), 1.00%, 04/18/37^(c)		3,500		3,500,000


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		1

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cayman Islands (continued)
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/15/34^(b)		USD 250	$	247,879
OSD CLO Ltd., Series 2021-23A, Class E, (3-mo. CME Term SOFR + 6.26%), 11.58%, 04/17/31^(b)		250		246,841
Palmer Square CLO Ltd., Series 2021-2A, Class E, (3-mo. CME Term SOFR + 6.61%), 11.93%, 07/15/34^(b)		250		251,592
Palmer Square Loan Funding Ltd.^(b)
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.58%, 04/20/29		1,250		1,248,849
Series 2021-3A, Class C, (3-mo. CME Term SOFR + 2.76%), 8.08%, 07/20/29		250		246,416
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 5.26%), 10.58%, 07/20/29		250		245,846
Series 2021-4A, Class D, (3-mo. CME Term SOFR + 5.26%), 10.58%, 10/15/29		750		736,490
Series 2021-4A, Class E, (3-mo. CME Term SOFR + 7.77%), 13.09%, 10/15/29		500		502,208
Park Avenue Institutional Advisers CLO Ltd.^(b)
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 7.56%), 12.88%, 01/20/34		600		584,911
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.66%), 8.98%, 07/15/34		1,000		982,062
Pikes Peak CLO^(b)
Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.51%), 8.83%, 07/15/34		1,000		987,300
Series 2020-6A, Class ER2, (3-mo. CME Term SOFR + 6.69%), 12.01%, 05/18/34 Post CLO Ltd.^(b)		500		487,821
Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.21%), 8.53%, 04/16/31		500		500,782
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.71%), 12.03%, 10/15/34		750		743,603
Rad CLO Ltd.^(b)
Series 2019-3A, Class DR, (3-mo. CME Term SOFR + 3.01%), 8.33%, 04/15/32		250		245,047
Series 2020-9A, Class E, (3-mo. CME Term SOFR + 7.85%), 13.17%, 01/15/34		5,000		4,970,233
Regatta XVII Funding Ltd.^(b)
Series 2020-1A, Class D, (3-mo. CME Term SOFR + 4.41%), 9.73%, 10/15/33		750		751,801
Series 2020-1A, Class E, (3-mo. CME Term SOFR + 7.87%), 13.19%, 10/15/33		250		250,618
Regatta XX Funding Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.68%, 10/15/34^(b)		1,500		1,496,079
Regatta XXIV Funding Ltd., Series 2021-5A, Class E, (3-mo. CME Term SOFR + 7.06%), 12.38%, 01/20/35^(b)		500		497,714
RR Ltd., Series 2021-19A, Class D, (3-mo. CME Term SOFR + 6.76%), 12.08%, 10/15/35^(b)		250		253,912
RRX Ltd., Series 2022-7A, Class D, (3-mo. CME Term SOFR + 6.85%), 12.17%, 07/15/35^(b)		750		762,200
Sixth Street CLO XIX Ltd., Series 2021-19A, Class E, (3-mo. CME Term SOFR + 6.16%), 11.48%, 07/20/34^(b)		3,750		3,681,426
Sound Point CLO XXVI Ltd., Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.93%, 07/20/34^(b)		250		236,814


Security	Par (000)		Value

Cayman Islands (continued)
Stratus CLO Ltd.^(b)
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 5.26%), 10.58%, 12/29/29		USD 1,500	$	1,471,817
Series 2021-1A, Class SUB, 0.00%, 12/29/29		1,000		622,010
Series 2021-2A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.33%, 12/28/29		1,000		1,000,056
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.33%, 12/29/29		500		500,592
Symphony CLO XXI Ltd., Series 2019-21A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.88%, 07/15/32^(b)		500		485,776
Symphony CLO XXIII Ltd., Series 2020-23A, Class ER, (3-mo. CME Term SOFR + 6.41%), 11.73%, 01/15/34^(b)		500		501,073
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.48%, 01/20/31^(b)		500		503,070
TICP CLO XI Ltd.^(b)
Series 2018-11A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.63%, 10/20/31		250		251,537
Series 2018-11A, Class E, (3-mo. CME Term SOFR + 6.26%), 11.58%, 10/20/31		500		501,601
TICP CLO XV Ltd., Series 2020-15A, Class E, (3-mo. CME Term SOFR + 6.41%), 11.73%, 04/20/33^(b)		500		499,901
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/25/32^(b)		500		490,731
Trimaran CAVU Ltd., Series 2019-1A, Class D, (3-mo. CME Term SOFR + 4.41%), 9.73%, 07/20/32^(b)		1,750		1,723,842
Whitebox CLO I Ltd.^(b)
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/24/32		250		246,032
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 6.66%), 11.98%, 07/24/32		1,300		1,261,680
Series 2019-1A, Class SUB, 0.00%, 07/24/32		1,000		602,900
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.93%, 10/24/34^(b)		2,750		2,730,372
Whitebox CLO III Ltd.^(b)
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.93%, 10/15/34		500		496,238
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 7.11%), 12.43%, 10/15/34		500		501,996


				78,934,871

Ireland^(a)(b)— 0.5%
Anchorage Capital Europe CLO DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.20%), 7.15%, 04/25/34		EUR 868		923,968
Ares European CLO XII DAC, Series 12A, Class DR, (3-mo. EURIBOR + 3.00%), 6.97%, 04/20/32		875		929,451
CIFC European Funding CLO III DAC, Series 3A, Class D, (3-mo. EURIBOR + 3.60%), 7.54%, 01/15/34		700		751,912
CVC Cordatus Loan Fund XIX DAC, Series 19A, Class D, (3-mo. EURIBOR + 3.80%), 7.73%, 12/23/33		2,300		2,484,314
Henley CLO IV DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.00%), 6.95%, 04/25/34		1,000		1,075,417

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ireland (continued)
Invesco Euro CLO V DAC, Series 5A, Class 5A, (3-mo. EURIBOR + 3.80%), 7.74%, 01/15/34		EUR 3,150	$	3,350,276
Prodigy Finance DAC
Series 2021-1A, Class C, (1-mo. Term SOFR + 3.86%), 9.19%, 07/25/51		USD 105		105,962
Series 2021-1A, Class D, (1-mo. Term SOFR + 6.01%), 11.34%, 07/25/51		160		163,348

				9,784,648

United States — 2.9%
510 Loan Acquisition Trust, Series 2020-1, Class A, 8.11%, 09/25/60^(a)(d)		3,770		3,749,807
Ajax Mortgage Loan Trust^(a)
Series 2021-G, Class A, 1.88%, 06/25/61^(b)		4,203		3,992,215
Series 2021-G, Class B, 3.75%, 06/25/61^(b)		705		702,504
Series 2021-G, Class C, 0.01%, 06/25/61		1,269		1,106,838
AMSR Trust, Series 2020-SFR5, Class G, 4.11%, 11/17/37^(a)		2,899		2,742,741
Citigroup Mortgage Loan Trust^(b)
Series 2007-AHL2, Class A3B, (1-mo. Term SOFR + 0.31%), 5.64%, 05/25/37		4,185		2,767,718
Series 2007-AHL3, Class A3B, (1-mo. Term SOFR + 0.28%), 5.61%, 07/25/45		3,074		2,159,366
College Avenue Student Loans LLC, Series 2021-A, Class D, 4.12%, 07/25/51^(a)		205		182,814
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class R1, 0.01%, 04/25/43^(a)(e)		5		2,870,120
Eaton Vance CLO Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 6.76%), 12.08%, 04/15/31^(a)(b)		500		496,449
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/20/31^(a)(b)		750		752,437
Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26^(a)		2,404		2,149,015
Lending Funding Trust^(a)
Series 2020-2A, Class C, 4.30%, 04/21/31		980		890,939
Series 2020-2A, Class D, 6.77%, 04/21/31		2,830		2,596,239
Lendmark Funding Trust, Series 2021-1A, Class D, 5.05%, 11/20/31^(a)		2,320		1,961,256
Litigation Fee Residual, Series 2020-1, Class A, 4.00%, 10/30/27^(e)		1,178		1,161,420
Mariner Finance Issuance Trust^(a)
Series 2021-BA, Class E, 4.68%, 11/20/36		540		454,291
Series 2022-AA, Class E, 5.40%, 03/20/36		1,420		1,226,448
Navient Private Education Refi Loan Trust, Series 2021-DA, Class D, 4.00%, 04/15/60^(a)		1,340		1,214,731
Nelnet Student Loan Trust^(a)
Series 2021-A, Class D, 4.93%, 04/20/62		1,670		1,391,510
Series 2021-BA, Class D, 4.75%, 04/20/62		340		279,264
Series 2021-CA, Class D, 4.44%, 04/20/62		110		89,127
Progress Residential^(a)
Series 2021-SFR1, Class H, 5.00%, 04/17/38		750		681,188
Series 2021-SFR3, Class H, 4.75%, 05/17/26		1,140		1,030,008
Regional Management Issuance Trust^(a)
Series 2020-1, Class D, 6.77%, 10/15/30		2,050		1,947,457
Series 2021-3, Class A, 3.88%, 10/17/33^(e)		4,780		4,356,014
Republic Finance Issuance Trust^(a)
Series 2020-A, Class D, 7.00%, 11/20/30		5,110		4,911,173
Series 2021-A, Class D, 5.23%, 12/22/31		800		725,272


Security	Par (000)		Value

United States (continued)
Residential Mortgage Loan Trust, Series 2020-1, Class B1, 3.95%, 01/26/60^(a)(b)		USD 400	$	339,491
SMB Private Education Loan Trust^(a)
Series 2021-A, Class D1, 3.86%, 01/15/53		1,585		1,371,640
Series 2021-A, Class D2, 3.86%, 01/15/53		865		748,524
Series 2021-C, Class D, 3.93%, 01/15/53		548		497,437
Sofi Professional Loan Program LLC, Series 2018-A, Class R1, 0.01%, 02/25/42^(a)		115		1,483,381
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF2, Class M8, (1-mo. Term SOFR + 1.91%), 7.24%, 05/25/35^(b)		182		177,028
Tricon Residential Trust^(a)
Series 2021-SFR1, Class F, 3.69%, 07/17/38		1,375		1,255,914
Series 2021-SFR1, Class G, 4.13%, 07/17/38		887		795,935

				55,257,711


Total Asset-Backed Securities — 7.5% (Cost: $155,536,025)				144,863,525


	Shares

Common Stocks

Australia — 0.3%
Glencore PLC		1,222,574		6,708,943


Canada — 1.4%
Cameco Corp.		238,927		10,350,318
Enbridge, Inc.		228,354		8,252,134
Suncor Energy, Inc.		207,896		7,672,453

				26,274,905

China — 0.7%
BYD Co. Ltd., Class H		275,079		7,043,411
Contemporary Amperex Technology Co. Ltd., Class A		96,100		2,500,486
Tencent Holdings Ltd.		95,888		3,734,831

				13,278,728

Denmark — 0.0%
Novo Nordisk A/S, Class B		7,661		982,702


France — 1.8%
Accor SA		81,513		3,805,549
BNP Paribas SA		72,556		5,165,616
Cie de Saint-Gobain SA		85,547		6,639,619
EssilorLuxottica SA		18,320		4,144,195
LVMH Moet Hennessy Louis Vuitton SE		14,042		12,634,936
TotalEnergies SE		44,293		3,046,888

				35,436,803

Germany — 0.8%
Adidas AG, Class N		19,431		4,341,443
Bayerische Motoren Werke AG		1,000		115,379
Mercedes-Benz Group AG, Class N		89,568		7,132,919
Siemens AG, Class N, Registered Shares		16,967		3,239,660

				14,829,401

Hong Kong — 0.2%
AIA Group Ltd.		508,370		3,419,588


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		3

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

India — 0.0%
Think & Learn Private Ltd., Class J-B, (Acquired 12/11/20, Cost: $5,113,105) ^(e)(f)(g)		2,279	$	—


Israel — 0.6%
Nice Ltd., ADR ^(f)		42,624		11,108,667


Italy — 0.9%
Ariston Holding NV		476,063		2,673,291
Intesa Sanpaolo SpA		2,332,817		8,469,371
UniCredit SpA		158,291		6,011,778

				17,154,440

Japan — 3.7%
Daikin Industries Ltd.		18,400		2,512,348
FANUC Corp.		195,915		5,465,336
Honda Motor Co. Ltd.		377,500		4,671,067
Hoya Corp.		35,186		4,400,743
Japan Airlines Co. Ltd.		337,400		6,406,452
Keyence Corp.		18,600		8,635,251
Komatsu Ltd.		214,500		6,347,220
Mitsubishi UFJ Financial Group, Inc.		879,400		8,947,099
Mitsui & Co. Ltd.		127,200		5,946,798
SMC Corp.		9,100		5,133,853
Sysmex Corp.		222,600		3,972,272
Toyota Motor Corp.		315,200		7,966,665

				70,405,104

Macau^(f)— 0.1%
Sands China Ltd.		74,225		209,407
Wynn Macau Ltd.		967,455		864,665

				1,074,072

Netherlands — 1.9%
ASML Holding NV		21,082		20,438,177
Shell PLC		469,986		15,745,501
Shell PLC, ADR		9,533		639,092

				36,822,770

South Korea — 0.4%
Amorepacific Corp.		28,737		2,587,410
SK Hynix, Inc.		44,561		6,057,317

				8,644,727

Spain — 0.5%
Cellnex Telecom SA ^(a)		285,230		10,089,925


Sweden — 0.0%
Volta Trucks, Series C, (Acquired 02/22/22, Cost: $322,253) ^(e)(f)(g)		2,732		—


Switzerland — 0.7%
On Holding AG, Class A ^(f)		104,674		3,703,366
UBS Group AG, Registered Shares		290,691		8,950,644

				12,654,010

Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		69,341		9,433,843


United Kingdom — 2.2%
AstraZeneca PLC		50,701		6,811,364
AstraZeneca PLC, ADR		57,275		3,880,381
BAE Systems PLC		836,225		14,253,804
BP PLC		73,129		458,769
Compass Group PLC		113,795		3,337,908
Genius Sports Ltd. ^(f)		186,939		1,067,422


Security	Shares			Value

United Kingdom (continued)
RELX PLC		115,222		$	4,968,998
Teya Services Ltd., (Acquired 11/16/21, Cost: $2,398,802) ^(e)(f)(g)		1,235			559,949
Unilever PLC		153,170			7,689,410

					43,028,005

United States — 37.5%
Abbott Laboratories ^(h)		26,644			3,028,357
AbbVie, Inc.		26,420			4,811,082
ACV Auctions, Inc., Class A ^(f)		203,406			3,817,931
Adobe, Inc. ^(f)		12,695			6,405,897
Advanced Micro Devices, Inc. ^(f)		39,143			7,064,920
Alphabet, Inc., Class C ^(f)		155,757			23,715,561
Altice USA, Inc., Class A ^(f)		74,771			195,152
Amazon.com, Inc. ^(f)(h)		215,169			38,812,184
American Tower Corp.		36,035			7,120,156
Amkor Technology, Inc.		1,763			56,839
Apple, Inc.		51,375			8,809,785
Applied Materials, Inc.		37,128			7,656,907
Astra Space, Inc., Class A ^(f)		13,702			9,345
BOK Financial Corp.		684			62,928
Boston Scientific Corp. ^(f)(h)		157,825			10,809,434
Boyd Gaming Corp.		2,409			162,174
Bunge Global SA		59,551			6,105,169
Caesars Entertainment, Inc. ^(f)		19,728			862,903
California Resources Corp.		17,530			965,903
Cencora, Inc.		8,277			2,011,228
Centene Corp. ^(f)		10,766			844,916
CF Industries Holdings, Inc.		90,423			7,524,098
Cheniere Energy, Inc.		6,166			994,452
Chesapeake Energy Corp.		4,446			394,938
Chevron Corp.		58,375			9,208,073
Chubb Ltd.		41,128			10,657,499
Citigroup, Inc.		6,914			437,241
Comcast Corp., Class A		66,064			2,863,874
Comerica, Inc.		1,830			100,632
Confluent, Inc., Class A ^(f)		176,622			5,390,503
ConocoPhillips		37,888			4,822,385
Costco Wholesale Corp.		11,975			8,773,244
CRH PLC		63,152			5,450,648
Crowdstrike Holdings, Inc., Class A ^(f)		839			268,975
Crown PropTech Acquisitions^(e)(f)		69,480			10,710
Crown PropTech Acquisitions, Class A ^(f)		29,568			317,560
Customers Bancorp, Inc. ^(f)		537			28,493
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $908,457) ^(f)(g)(i)		—	^(j)		4,852,024
Deckers Outdoor Corp. ^(f)		273			256,964
Delta Air Lines, Inc.		123,837			5,928,077
Dexcom, Inc. ^(f)		16,293			2,259,839
Dynatrace, Inc. ^(f)		8,800			408,672
Eli Lilly & Co.		14,755			11,478,800
Enterprise Products Partners LP		328,803			9,594,472
Epic Games, Inc., (Acquired 03/29/21, Cost: $2,499,240) ^(e)(f)(g)		2,824			1,694,400
F5, Inc. ^(f)		30,129			5,712,157
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $8,566,971) ^(e)(f)(g)		126,282			9,503,983
First Citizens BancShares, Inc., Class A		74			120,990
Ford Motor Co.		29,355			389,834
Formentera Partners Fund II LP ^(e)(f)(i)		—	^(j)		2,678,998

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Fortive Corp.		110,603	$	9,514,070
Freeport-McMoRan, Inc. ^(h)		172,408		8,106,624
Freewire Equity ^(e)(f)		45		182,700
General Dynamics Corp.		2,429		686,168
General Motors Co.		10,095		457,808
GLOBALFOUNDRIES, Inc. ^(f)		73,546		3,832,482
Golden Entertainment, Inc.		2,119		78,043
Goldman Sachs Group, Inc.		14,215		5,937,463
Green Plains, Inc. ^(f)		46,023		1,064,052
Hawkeye 360, Series D1^(e)(f)		406,081		3,772,492
HCA Healthcare, Inc.		2,320		773,790
Hilton Worldwide Holdings, Inc.		11,838		2,525,164
HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost: $2,660,000) ^(e)(f)(g)		2,660,000		2,660,000
Humana, Inc.		14,850		5,148,792
Informatica, Inc., Class A ^(f)		38,540		1,348,900
Ingersoll Rand, Inc.		127,661		12,121,412
Intel Corp.		15,386		679,600
International Bancshares Corp.		854		47,944
Intuitive Surgical, Inc. ^(f)		15,848		6,324,778
Invesco S&P 500 Equal Weight ETF		39,270		6,651,160
Johnson & Johnson		31,322		4,954,827
JPMorgan Chase & Co.		102,587		20,548,176
Lam Research Corp.		1,050		1,020,149
Landsea Homes Corp. ^(f)		42,391		615,941
Las Vegas Sands Corp.		8,436		436,141
Latch, Inc. ^(f)		142,273		110,973
Lions Gate Entertainment Corp., Class A ^(f)		38,588		383,951
Lions Gate Entertainment Corp., Class B ^(f)		1,375		12,801
LKQ Corp.		151,506		8,091,935
Lockheed Martin Corp.		9,464		4,304,890
LPL Financial Holdings, Inc.		38,021		10,045,148
M/I Homes, Inc. ^(f)		4,300		586,047
Marathon Petroleum Corp.		5,414		1,090,921
Marsh & McLennan Cos., Inc.		65,085		13,406,208
Mastercard, Inc., Class A		48,883		23,540,586
McDonald’s Corp.		9,830		2,771,569
McKesson Corp.		3,319		1,781,805
Merck & Co., Inc.		119,628		15,784,915
Meta Platforms, Inc., Class A		3,719		1,805,872
MGM Resorts International ^(f)		12,625		596,026
Micron Technology, Inc.		108,800		12,826,432
Microsoft Corp.		140,142		58,960,542
Mirion Technologies, Inc., Class A^(f)		696,512		7,919,341
Mr. Cooper Group, Inc. ^(f)		9,944		775,135
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $560,518) ^(e)(f)(g)		816		—
Nestle SA, Class N, Registered Shares		56,936		6,049,448
New York Community Bancorp, Inc., Class A		27,700		89,194
NextEra Energy, Inc. ^(h)		125,403		8,014,506
Northrop Grumman Corp.		15,662		7,496,773
NVIDIA Corp.		32,475		29,343,111
Oracle Corp.		93,227		11,710,243
Palladyne AI Corp. ^(f)		7,517		13,606
Paramount Global, Class B		7,878		92,724
Park Hotels & Resorts, Inc.		21,852		382,191
Playstudios, Inc., Class A ^(f)		226,924		630,849
PNC Financial Services Group, Inc.		12,651		2,044,402
Progressive Corp.		47,104		9,742,049
RXO, Inc. ^(f)		5,629		123,106


Security	Shares		Value

United States (continued)
Salesforce, Inc.		37,675	$	11,346,956
Sanofi SA		57,475		5,591,422
Sarcos Technology & Robotics Corp.^(f)		164,721		298,145
Screaming Eagle Acquisition Corp., Class A ^(f)		34,840		372,788
Sempra		187,144		13,442,554
Smith Douglas Homes Corp., Class A ^(f)		27,051		803,415
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $189,563) ^(e)(f)(g)		12,621		96,172
Sonder Holdings, Inc., Class A ^(f)		11,166		33,051
Space Exploration Technologies Corp., (Acquired 08/21/23, Cost: $1,663,335), A shares ^(e)(f)(g)		20,535		1,991,895
Space Exploration Technologies Corp., (Acquired 08/21/23, Cost: $1,785,240), C shares ^(e)(f)(g)		22,040		2,137,880
SPDR S&P Biotech ETF		45,000		4,270,050
SPDR S&P Regional Banking ETF		3,707		186,388
Sun Country Airlines Holdings, Inc. ^(f)		175,935		2,654,859
Texas Capital Bancshares, Inc. ^(f)		1,817		111,836
Thermo Fisher Scientific, Inc.		19,809		11,513,189
TJX Cos., Inc.		74,278		7,533,275
Transocean Ltd. ^(f)		255,487		1,604,458
U.S. Steel Corp.		4,893		199,537
United Parcel Service, Inc., Class B		41,070		6,104,234
UnitedHealth Group, Inc. ^(h)		28,354		14,026,724
Valero Energy Corp.		25,880		4,417,457
Veralto Corp.		62,016		5,498,339
Vertex Pharmaceuticals, Inc. ^(f)		3,823		1,598,052
Visa, Inc., Class A		15,139		4,224,992
Vistra Corp.		19,683		1,370,921
Volato Group, Inc., Class A Lock Up, (Acquired 12/03/23, Cost: $98) ^(e)(f)(g)		19,506		54,617
Walmart, Inc.		207,068		12,459,282
Walt Disney Co.		100,545		12,302,686
Wells Fargo & Co.		102,756		5,955,738
Wynn Resorts Ltd.		8,000		817,840
Zoetis, Inc., Class A		12,652		2,140,845

				720,626,878

Zambia — 0.0%
First Quantum Minerals Ltd.		15,875		170,640


Total Common Stocks — 54.2% (Cost: $849,593,599)				1,042,144,151


	Par (000)

Corporate Bonds

Argentina — 0.0%
YPF SA, 9.50%, 01/17/31^(a)		USD 221		224,848


Australia — 0.4%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30		300		260,655
Mineral Resources Ltd., 9.25%, 10/01/28^(a)		699		736,186
Oceana Australian Fixed Income Trust, A Note Upsize^(e)
12.00%, 07/31/25		AUD 1,881		1,228,083
12.50%, 07/31/26		2,822		1,850,542
12.50%, 07/31/27		4,703		3,099,341

				7,174,807


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		5

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Austria — 0.0%
ams-OSRAM AG, 12.25%, 03/30/29^(a)		USD 200	$	200,915


Belgium^(k)— 0.0%
Anheuser-Busch InBev SA, 4.00%, 09/24/25		GBP 100		124,475
KBC Group NV, (1-year UK Government Bond + 0.92%), 1.25%, 09/21/27^(b)		100		115,039

				239,514

Brazil — 0.2%
Azul Secured Finance LLP, 11.93%, 08/28/28^(a)		USD 207		210,461
Banco Votorantim SA, 4.50%, 09/24/24^(k)		243		240,764
Braskem Netherlands Finance BV^(a) 8.50%, 01/12/31		329		338,541
(5-year CMT + 8.22%), 8.50%, 01/23/81^(b)		354		355,217
Cosan Luxembourg SA, 7.25%, 06/27/31^(a)		235		238,936
Embraer Netherlands Finance BV, 7.00%, 07/28/30^(a)		370		386,076
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(k)		190		171,421
Raizen Fuels Finance SA^(a)
6.45%, 03/05/34		268		273,745
6.95%, 03/05/54		200		205,057
Samarco Mineracao SA, (9.50% PIK), 9.50%, 06/30/31^(k)(l)		213		191,700
St Marys Cement, Inc./Canada, 5.75%, 04/02/34^(a)(c)		200		198,000

				2,809,918

Canada — 0.7%
Garda World Security Corp., 9.50%, 11/01/27^(a)		425		426,022
HR Ottawa LP, 11.00%, 03/31/31^(a)		9,658		10,395,778
Rogers Communications, Inc., 3.80%, 03/15/32		2,675		2,404,018
Toronto-Dominion Bank, 2.88%, 04/05/27^(k)		GBP 100		118,927

				13,344,745

Chile — 0.1%
AES Andes SA, 6.30%, 03/15/29^(a)		USD 200		201,932
Empresa Nacional del Petroleo, 6.15%, 05/10/33^(a)		200		201,437
Engie Energia Chile SA, 3.40%, 01/28/30^(k)		395		343,156
Kenbourne Invest SA, 6.88%, 11/26/24^(a)		300		145,688

				892,213

China — 0.2%
Fantasia Holdings Group Co. Ltd.^(f)(k)(m)
6.95%, 12/17/21		320		4,800
11.75%, 04/17/22		520		7,800
9.25%, 07/28/23		1,200		18,000
Fortune Star BVI Ltd., 5.05%, 01/27/27^(k)		200		161,880
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30		3,260		2,955,441

				3,147,921

Colombia — 0.0%
Gran Tierra Energy, Inc., 9.50%, 10/15/29^(a)		241		224,206
SierraCol Energy Andina LLC, 6.00%, 06/15/28^(k)		323		282,625
SURA Asset Management SA, 4.88%, 04/17/24^(k)		210		209,385

				716,216

Costa Rica — 0.0%
Liberty Costa Rica Senior Secured Finance,
10.88%, 01/15/31^(a)		211		221,946


Security	Par (000)		Value

Dominican Republic — 0.0%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(a)		USD 272	$	276,590


France — 0.2%
BNP Paribas SA^(k)
3.38%, 01/23/26		GBP 100		122,251
1.88%, 12/14/27		100		113,412
Sabena Technics Sas, (Acquired 10/28/22, Cost: $2,048,988), 8.90%, 09/30/29^(e)(g)		EUR 2,085		2,249,129
Societe Generale SA, 1.88%, 10/03/24^(k)		GBP 100		124,004
TotalEnergies Capital International SA, 1.66%, 07/22/26^(k)		100		118,297

				2,727,093

Germany — 0.4%
Adler Pelzer Holding GmbH, 9.50%, 04/01/27^(a)		EUR 1,725		1,887,539
APCOA Parking Holdings GmbH, (3-mo. EURIBOR + 5.00%), 8.94%, 01/15/27^(a)(b)		852		921,478
Douglas GmbH, 6.00%, 04/08/26^(a)		702		767,198
Lanxess AG, (13.63% PIK), 13.63%, 03/31/31^(e)(l)		3,099		3,133,902
Volkswagen Financial Services NV, 1.88%, 12/03/24^(k)		GBP 100		123,351

				6,833,468

Ghana — 0.0%
Kosmos Energy Ltd., 7.50%, 03/01/28^(k)		USD 202		195,751


Guatemala — 0.0%
Millicom International Cellular SA
5.13%, 01/15/28^(k)		338		320,941
7.38%, 04/02/32^(a)(c)		200		200,000

				520,941

Hong Kong — 0.3%
FWD Group Holdings Ltd., 8.40%, 04/05/29^(a)(c)		4,690		4,854,150
Melco Resorts Finance Ltd., 5.38%, 12/04/29^(k)		250		227,547

				5,081,697

India — 0.1%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energ, 6.70%, 03/12/42^(a)		200		192,500
CA Magnum Holdings, 5.38%, 10/31/26^(k)		200		192,000
Diamond II Ltd., 7.95%, 07/28/26^(a)		270		274,641
Network i2i Ltd., (5-year CMT + 3.39%), 3.98%^(b)(k)(n)		300		284,719
ReNew Pvt Ltd., 5.88%, 03/05/27^(k)		200		194,524
Vedanta Resources Finance II PLC^(k)
13.88%, 01/21/27		94		88,536
13.88%, 12/09/28		246		223,969

				1,450,889

Indonesia^(k)— 0.1%
Freeport Indonesia PT, 4.76%, 04/14/27		231		225,340
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26		300		300,281
Pertamina Persero PT, 3.65%, 07/30/29		354		328,999
Theta Capital Pte. Ltd., 8.13%, 01/22/25		200		189,954

				1,044,574

Israel^(a)(k)— 0.0%
Energean Israel Finance Ltd., 8.50%, 09/30/33		161		159,380
Leviathan Bond Ltd., 6.75%, 06/30/30		51		47,742

				207,122

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Italy^(a)— 0.3%
Forno d’Asolo SpA, (3-mo. EURIBOR + 5.50%), 9.41%, 04/30/27^(b)		EUR 3,040	$	3,218,209
Marcolin SpA, 6.13%, 11/15/26		540		586,832
Shiba Bidco SpA, 4.50%, 10/31/28		1,882		1,936,490

				5,741,531

Jersey — 0.1%
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29^(a)		USD 895		911,262


Kuwait^(k)— 0.0%
MEGlobal BV
4.25%, 11/03/26		297		285,306
2.63%, 04/28/28		253		225,644

				510,950

Luxembourg^(a)— 0.1%
Herens Midco SARL, 5.25%, 05/15/29		EUR 1,006		706,437
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26		718		751,654

				1,458,091

Macau^(k)— 0.0%
MGM China Holdings Ltd., 5.88%, 05/15/26		USD 250		246,563
Studio City Co. Ltd., 7.00%, 02/15/27		300		300,281
Wynn Macau Ltd., 5.63%, 08/26/28		248		234,825

				781,669

Mexico — 0.1%
Braskem Idesa SAPI, 6.99%, 02/20/32^(a)		412		317,899
Petroleos Mexicanos
4.25%, 01/15/25		248		240,987
8.75%, 06/02/29		533		519,935
5.95%, 01/28/31		652		522,513
6.70%, 02/16/32		306		254,745

				1,856,079

Morocco — 0.0%
OCP SA, 3.75%, 06/23/31^(k)		231		195,502


Netherlands — 0.0%
ING Groep NV, 3.00%, 02/18/26^(k)		GBP 100		121,492
Sigma Holdco BV, 5.75%, 05/15/26^(k)		EUR 382		387,863
Trivium Packaging Finance BV, 8.50%, 08/15/27^(a)		USD 267		263,670

				773,025

Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61^(a)		200		145,625
AES Panama Generation Holdings SRL, 4.38%, 05/31/30^(k)		249		216,763

				362,388

Peru — 0.0%
Intercorp Peru Ltd., 3.88%, 08/15/29^(a)		307		270,160


Saudi Arabia — 0.0%
EIG Pearl Holdings SARL, 3.55%, 08/31/36^(a)		517		441,550
Gaci First Investment Co., 5.13%, 02/14/53^(k)		250		216,875

				658,425

Singapore — 0.0%
Puma International Financing SA, 5.00%, 01/24/26^(k)		200		193,875


Security	Par (000)		Value

South Africa — 0.0%
Sasol Financing USA LLC
4.38%, 09/18/26		USD 204	$	191,760
6.50%, 09/27/28		200		190,500
8.75%, 05/03/29^(a)		271		275,827

				658,087

Spain^(k)— 0.0%
Banco Santander SA, (1-year UK Government Bond + 1.80%), 3.13%, 10/06/26^(b)		GBP 300		365,064
Telefonica Emisiones SA, 5.38%, 02/02/26		133		168,651

				533,715

Sweden — 0.1%
Verisure Holding AB
3.25%, 02/15/27^(k)		EUR 751		775,322
7.13%, 02/01/28^(a)		414		465,563
Verisure Midholding AB, 5.25%, 02/15/29^(k)		751		781,794

				2,022,679

Switzerland — 0.1%
UBS Group AG, (1-year EURIBOR ICE Swap + 0.77%), 0.65%, 01/14/28^(b)(k)		2,200		2,177,753


Thailand^(a)— 0.0%
Bangkok Bank PCL/Hong Kong
5.30%, 09/21/28		USD 241		241,899
5.50%, 09/21/33		441		444,616

				686,515

Ukraine^(k)— 0.0%
Metinvest BV
8.50%, 04/23/26		230		184,000
7.65%, 10/01/27		200		143,000
MHP Lux SA, 6.25%, 09/19/29		226		161,731
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25		334		275,550

				764,281

United Arab Emirates — 0.3%
DAE Funding LLC, 1.55%, 08/01/24^(k)		332		327,124
DP World Salaam, (5-year CMT + 5.75%), 6.00%^(b)(k)(n)		352		351,340
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26^(a)		333		333,280
MDGH GMTN RSC Ltd., 4.38%, 11/22/33^(a)		329		312,961
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29^(a)		3,590		3,464,350
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25^(a)		1,083		1,088,415

				5,877,470

United Kingdom — 0.6%
10X future Technologies Service Ltd., (15.00% PIK), (Acquired 12/19/23, Cost: $1,607,929), 15.00%, 06/19/26^(c)(e)(g)(l)		GBP 1,301		1,658,764
Barclays PLC^(k)
3.00%, 05/08/26		100		120,529
3.25%, 02/12/27		100		119,370
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28^(a)		2,355		2,727,143
BCP V Modular Services Finance PLC, 6.75%, 11/30/29^(a)		EUR 3,137		2,970,107
BG Energy Capital PLC, 5.13%, 12/01/25^(k)		GBP 133		168,147
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(a)		USD 1,700		1,666,468


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		7

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United Kingdom (continued)
Deuce Finco PLC, 5.50%, 06/15/27^(a)		GBP 345	$	411,972
HSBC Holdings PLC, (3-mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27^(b)		100		116,458
Informa PLC, 3.13%, 07/05/26^(k)		100		120,476
Kane Bidco Ltd.^(a)
5.00%, 02/15/27		EUR 478		497,356
6.50%, 02/15/27		GBP 699		848,448
Lloyds Banking Group PLC, 2.25%, 10/16/24^(k)		100		123,986
NatWest Group PLC^(b)(k)
(1-year GBP Swap + 1.49%), 2.88%, 09/19/26		100		121,629
(1-year GBP Swap + 2.01%), 3.13%, 03/28/27		100		120,810
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26^(k)		100		122,570

				11,914,233

United States — 8.7%
AbbVie, Inc.
3.20%, 11/21/29		USD 2,165		1,995,041
5.05%, 03/15/34		1,169		1,183,490
Affinity Interactive, 6.88%, 12/15/27^(a)		1,000		934,388
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/34		2,370		1,946,993
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27^(a)		499		500,499
Alteryx, Inc., 8.75%, 03/15/28^(a)		132		135,912
AMC Networks, Inc.
4.75%, 08/01/25		509		508,359
10.25%, 01/15/29^(a)(c)		856		862,215
4.25%, 02/15/29		510		361,441
Amgen, Inc.
5.50%, 12/07/26^(k)		GBP 100		128,386
4.05%, 08/18/29		USD 3,355		3,224,772
Amkor Technology, Inc., 6.63%, 09/15/27^(a)		400		401,997
Aon North America, Inc., 5.30%, 03/01/31		3,745		3,772,983
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32		3,000		2,609,391
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(a)
5.25%, 04/30/25		1,219		1,177,591
5.25%, 08/15/27		202		127,260
AT&T, Inc.
2.90%, 12/04/26		GBP 100		119,701
5.50%, 03/15/27^(k)		50		63,806
Bank of America Corp., (1-day SOFR + 1.53%), 1.90%, 07/23/31^(b)		USD 3,340		2,741,260
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(a)		40		41,386
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(a)		827		831,651
Breeze Aviation Group, Inc.^(e)(g) (Acquired 01/26/24, Cost: $622,357), 20.00%, 01/30/28		622		619,245
(20.00% PIK) , (Acquired 01/26/24, Cost: $1,244,714), 20.00%, 01/30/28^(l)		1,245		1,238,490
Broadcom, Inc., 3.42%, 04/15/33^(a)		2,615		2,266,942
Callon Petroleum Co., 7.50%, 06/15/30^(a)		255		269,662
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28^(a)		1,000		988,748
Champions Financing, Inc., 8.75%, 02/15/29^(a)		196		205,339
Cinemark Holdings, Inc., 4.50%, 08/15/25^(o)		4,035		5,593,720
Citigroup, Inc.
1.75%, 10/23/26		GBP 100		116,560
(1-day SOFR + 1.36%), 5.17%, 02/13/30^(b)		USD 1,102		1,096,858


Security	Par (000)		Value

United States (continued)
Citizens Bank NA/Providence RI, (1-day SOFR + 1.45%), 6.06%, 10/24/25^(b)		USD 250	$	248,997
Civitas Resources, Inc.^(a)
5.00%, 10/15/26		1,187		1,160,474
8.38%, 07/01/28		100		105,271
Cloud Software Group, Inc.^(a)
6.50%, 03/31/29		280		265,709
9.00%, 09/30/29		500		479,559
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/30^(a)		756		742,800
CNX Resources Corp., 7.25%, 03/01/32^(a)		561		570,216
CommScope Technologies LLC, 6.00%, 06/15/25^(a)		475		413,107
CommScope, Inc., 6.00%, 03/01/26^(a)		441		403,515
Crescent Energy Finance LLC, 7.63%, 04/01/32^(a)		699		704,386
CSC Holdings LLC^(a)
5.50%, 04/15/27		2,040		1,825,216
11.25%, 05/15/28		448		443,942
11.75%, 01/31/29		985		986,536
DISH DBS Corp., 5.88%, 11/15/24		866		829,736
DISH Network Corp., 0.00%, 12/15/25^(o)(p)		1,286		938,780
EquipmentShare.com, Inc., 9.00%, 05/15/28^(a)		2,737		2,819,087
Fiesta Purchaser, Inc., 7.88%, 03/01/31^(a)		495		511,186
First Horizon Bank, 5.75%, 05/01/30		250		236,551
Flyr Convertible Notes, (8.00% PIK), 8.00%, 08/10/27^(e)(l)		2,417		2,784,460
Flyr Secured Notes, (10.32% PIK), 10.32%, 05/10/27^(e)(l)		1,136		1,080,380
Forestar Group, Inc., 5.00%, 03/01/28^(a)		1,950		1,874,940
Freed Corp., 12.00%, 11/30/28^(e)		9,390		9,237,882
Freewire Technology Notes, (6.00% PIK) , 6.00%, 02/20/28^(e)(l)		2,584		1,864,002
Frontier Communications Holdings LLC^(a)
5.88%, 10/15/27		388		375,637
8.75%, 05/15/30		1,250		1,279,028
8.63%, 03/15/31		745		760,890
Frontier Florida LLC, Series E, 6.86%, 02/01/28		845		819,865
Full House Resorts, Inc., 8.25%, 02/15/28^(a)		172		164,370
General Motors Co., 5.60%, 10/15/32		1,265		1,280,203
Goldman Sachs Group, Inc., 7.25%, 04/10/28		GBP 50		68,223
GoTo Group, Inc., 5.50%, 05/01/28^(a)		USD 1,673		1,290,138
HCA, Inc., 3.63%, 03/15/32		2,120		1,876,702
Howard Hughes Corp.^(a)
4.13%, 02/01/29		1,002		900,555
4.38%, 02/01/31		1,102		956,939
Insight M, Inc., 7.00%, 01/25/29^(e)		663		675,133
JPMorgan Chase & Co.^(b)
(1-day SOFR + 1.62%), 5.34%, 01/23/35		548		550,141
(3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26^(k)		GBP 100		120,688
Kraft Heinz Foods Co., 3.75%, 04/01/30		USD 3,150		2,954,818
Landsea Homes Corp., 11.00%, 07/17/28^(e)		9,310		9,135,903
Lessen, Inc., 13.83%, 01/05/28^(a)(e)		1,990		1,818,580
Level 3 Financing, Inc.
4.63%, 09/15/27		559		371,735
11.00%, 11/15/29^(a)		1,064		1,106,764
LGI Homes, Inc., 8.75%, 12/15/28^(a)		2,163		2,282,253
Lightning eMotors, Inc., 7.50%, 05/15/24^(a)(f)(m)(o)		945		28,350
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(a)		1,508		1,153,675
Lowe’s Cos., Inc., 2.63%, 04/01/31		2,960		2,547,024
Matador Resources Co., 6.50%, 04/15/32^(a)(c)		929		930,127
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(a)		2,240		2,282,002

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
Morgan Stanley^(b)
(1-day SOFR + 1.02%), 1.93%, 04/28/32		USD 3,055	$	2,452,113
(1-day SOFR + 1.73%), 5.47%, 01/18/35		441		444,942
Nationstar Mortgage Holdings, Inc.^(a)
6.00%, 01/15/27		181		178,432
5.50%, 08/15/28		846		809,691
5.75%, 11/15/31		366		337,580
7.13%, 02/01/32		764		758,768
NCR Atleos Corp., 9.50%, 04/01/29^(a)		430		459,932
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28^(a)		2,000		2,130,433
Paramount Global, 7.88%, 07/30/30		179		186,997
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28^(a)		1,275		1,215,890
PennyMac Financial Services, Inc., 7.88%, 12/15/29^(a)		358		367,861
Permian Resources Operating LLC, 7.00%, 01/15/32^(a)		572		593,401
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/33		1,867		1,838,218
Pioneer Midco Notes, (10.50% PIK), 10.50%, 11/18/30^(a)(e)(l)		4,377		4,360,692
Pitney Bowes, Inc., 6.88%, 03/15/27^(a)		2,120		1,935,799
Rand Parent LLC, 8.50%, 02/15/30^(a)		837		828,848
Republic Services, Inc., 1.45%, 02/15/31		3,080		2,452,381
RingCentral, Inc., 8.50%, 08/15/30^(a)		680		707,019
Sabre GLBL, Inc.^(a)
8.63%, 06/01/27		1,007		883,665
11.25%, 12/15/27		1,308		1,227,569
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/32		1,041		1,032,861
Seagate HDD Cayman
8.25%, 12/15/29^(a)		569		611,370
8.50%, 07/15/31^(a)		326		352,296
9.63%, 12/01/32		550		626,614
Service Properties Trust, 8.63%, 11/15/31^(a)		1,704		1,817,209
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28^(a)		813		840,887
Sonder Secured Notes, (14.35% PIK), 14.35%, 01/19/27^(e)(l)		9,170		8,093,037
Spirit AeroSystems, Inc.^(a)
9.38%, 11/30/29		742		809,364
9.75%, 11/15/30		1,131		1,265,098
Stem, Inc., 0.50%, 12/01/28^(a)(o)		200		97,490
STL Holding Co. LLC, 8.75%, 02/15/29^(a)		709		727,640
Surgery Center Holdings, Inc., 7.25%, 04/15/32^(a)(c)		863		869,702
Talos Production, Inc., 9.38%, 02/01/31^(a)		371		395,507
Tenneco, Inc., 8.00%, 11/17/28^(a)		1,648		1,503,698
Texas Capital Bancshares, Inc., (5-year CMT + 3.15%), 4.00%, 05/06/31^(b)		174		150,106
Texas Capital Bank NA, (1-mo. LIBOR US + 4.50%), 10.09%, 09/30/24^(a)(b)		2,764		2,751,252
T-Mobile U.S., Inc., 2.70%, 03/15/32		2,955		2,484,970
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(a)		424		441,261
Transocean, Inc., 8.75%, 02/15/30^(a)		405		422,284
Truist Financial Corp., (1-day SOFR + 1.62%), 5.44%, 01/24/30^(b)		451		450,474
Uber Technologies, Inc., Series 2028, 0.88%, 12/01/28^(a)(o)		753		931,461
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(a)		611		633,441


Security	Par (000)		Value

United States (continued)
Univision Communications, Inc., 8.00%, 08/15/28^(a)		USD 335	$	341,285
Vantage Drilling International, 9.50%, 02/15/28^(a)		1,352		1,365,520
Verizon Communications, Inc., 1.13%, 11/03/28		GBP 100		108,673
Viasat, Inc., 5.63%, 04/15/27^(a)		USD 352		333,327
Vistra Operations Co. LLC, 7.75%, 10/15/31^(a)		320		335,130
Vital Energy, Inc., 7.88%, 04/15/32^(a)		477		484,569
Westbay 4A2, 11.00%, 02/06/30^(e)		9,314		9,151,005
Xerox Holdings Corp.^(a)
5.00%, 08/15/25		498		491,394
8.88%, 11/30/29		101		102,895
Zayo Group Holdings, Inc., 4.00%, 03/01/27^(a)		263		216,487

				166,729,099

Zambia — 0.0%
First Quantum Minerals Ltd., 9.38%, 03/01/29^(a)		200		207,476


Total Corporate Bonds — 13.1% (Cost: $254,417,629)				252,595,433


Fixed Rate Loan Interests

India — 0.1%
Vedanta Hold Mauritius II Ltd., Delayed Draw Term Loan, 18.00%, 04/17/26		1,963		1,963,000


United States^(e)— 0.6%
AMF MF Portfolio, Term Loan, 6.67%, 11/01/28		2,975		2,976,825
CML ST Regis Aspen, Term Loan, 7.27%, 02/09/27		6,480		6,480,644
OD Intermediate SUBI Holdco II LLC, Mezzanine Term Loan, 10.00%, 01/23/26		2,665		2,580,015

				12,037,484


Total Fixed Rate Loan Interests — 0.7% (Cost: $13,976,087)				14,000,484


Floating Rate Loan Interests^(b)

Colombia — 0.2%
Ecopetrol SA, 2023 Term Loan, (6-mo. CME Term SOFR + 4.75%), 10.00%, 09/06/30^(e)		3,600		3,708,000


Ireland — 0.2%
Promontoria Beech Designated Activity Co., EUR Term Loan, (1-mo. EURIBOR + 3.75%), 7.61%, 05/17/27^(e)		EUR 3,177		3,418,931


Jersey^(e)— 0.4%
Vita Global Finco Ltd.
EUR Term Loan B, (6-mo. EURIBOR + 7.00%), 10.95%, 07/06/27		4,749		4,938,176
GBP Incremental Term Loan, (1-day SONIA + 7.00%), 12.19%, 07/06/27		GBP 2,850		3,466,312

				8,404,488

Luxembourg — 0.2%
Euro Parfums Fze, Term Loan B, 06/23/28^(e)(q)		USD 603		593,955
Speed Midco 3 S.a r.l., EUR Term Loan B1, (3-mo. EURIBOR + 6.40%), 10.30%, 05/16/29		EUR 2,566		2,816,730

				3,410,685


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		9

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Netherlands — 0.2%
Cypher Bidco BV, EUR Term Loan, (6-mo. EURIBOR + 4.50%), 8.60%, 12/30/28^(e)		EUR 1,827	$	1,875,756
Upfield BV, 2023 GBP Term Loan B8, (1-day SONIA + 5.75%), 10.98%, 01/03/28		GBP 1,388		1,732,699

				3,608,455

United States — 3.4%
Alorica, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 1.50% Floor + 6.88%), 12.21%, 12/21/27^(e)		USD 3,144		3,065,516
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. CME Term SOFR at 0.50% Floor + 5.60%), 10.40%, 02/01/30		2,078		2,047,646
City Brewing Co. LLC, Closing Date Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.76%), 9.08%, 04/05/28		692		531,088
CML Hyatt Lost Pines, Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.66%), 8.87%, 09/09/26^(e)		5,000		4,923,257
CML La Quinta Resort, Term Loan, (1-mo. CME Term SOFR + 3.20%), 8.44%, 12/09/26^(e)		5,966		5,821,722
Coreweave Compute Acquisition Co. II, LLC, Delayed Draw Term Loan, (3-mo. CME Term SOFR + 8.75%), 14.06%, 06/30/28^(e)		7,431		7,399,220
Cotiviti, Inc., 2024 Term Loan, 02/21/31^(q)		370		378,346
ECL Entertainment, LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.08%, 08/31/30		2,956		2,964,274
EIS Buyer, Inc., Revolver, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 12.33%, 07/10/28^(e)		373		364,035
EIS Group, Inc., Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.33%, 05/01/28^(e)		3,734		3,640,355
Emerald Electronics Manufacturing Services, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.40%), 11.74%, 12/29/27^(e)		1,123		1,010,610
Galaxy Universal LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.15%), 11.46%, 11/12/26^(e)		13,025		12,813,789
GoTo Group, Inc.
2024 Second Out Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.17%, 04/30/28		879		669,393
2024 New Money Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.17%, 04/30/28		1,127		1,068,755
Green Plains Operating Co. LLC, Term Loan, (3-mo. LIBOR US + 8.00%), 13.59%, 07/20/26^(e)		6,556		6,425,216
Helios Service Partners LLC^(e)
2023 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.82%, 03/19/27		1,120		1,114,407
2023 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 6.51%), 11.81%, 03/19/27		617		613,579
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at -4.50% Floor + 5.61%), 10.83%, 10/25/28^(e)		1,872		1,506,546
Level 3 Financing, Inc.^(e)
2024 Extended Term Loan B1, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/29		426		423,237
2024 Extended Term Loan B2, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/30		430		426,343


Security	Par (000)		Value

United States (continued)
Maverick Gaming LLC, Term Loan B, (3-mo. CME Term SOFR + 7.76%), 13.10%, 09/03/26		USD 921	$	644,899
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 12.43%, 11/01/29		1,052		840,285
Orion Group Holdco LLC, 2024 Incremental Delayed Draw Term Loan, 0.00%, 03/19/27^(e)		620		620,073
Orion Group Holdco, LLC^(e)
2022 1st Amendment Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27		117		117,183
2022 First A&R Amendment Incremental DDTL, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27		525		525,395
Delayed Draw Term Loan, (3-mo. CME Term SOFR + 6.26%), 11.56%, 03/19/27		198		195,979
First Lien Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27		1,174		1,174,372
First Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27		100		100,459
Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27		20		19,577
Project Montage^(e)
PIK Revolver, (Prime + 5.00%), 13.50%, 02/16/29		66		65,808
PIK Term Loan, (Prime + 5.00%), 12.00%, 02/16/29		1,185		1,184,538
Quartz Acquireco LLC, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 06/28/30		174		174,343
Redstone Holdco 2 LP
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.86%), 13.19%, 04/27/29		620		365,800
2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 10.19%, 04/27/28		1,906		1,568,366
Xerox Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 11/17/29 .		89		89,070

				64,893,481


Total Floating Rate Loan Interests — 4.6% (Cost: $89,546,473)				87,444,040


Foreign Agency Obligations

Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32^(k)		257		235,396


Brazil — 0.6%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24^(p)		BRL 55		10,616,827
Brazilian Government International Bond, 7.13%, 05/13/54		USD 458		461,664

				11,078,491

Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42		478		417,204


Colombia — 0.0%
Colombia Government International Bond 3.88%, 04/25/27		200		188,100

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Colombia (continued)
Colombia Government International Bond (continued)
3.13%, 04/15/31		USD 200	$	159,500
8.00%, 04/20/33		224		236,544

				584,144

Costa Rica — 0.0%
Costa Rica Government International Bond, 7.30%, 11/13/54^(a)		210		223,191


Dominican Republic — 0.1%
Dominican Republic International Bond
5.95%, 01/25/27^(k)		517		513,898
4.50%, 01/30/30^(a)		420		381,570
7.05%, 02/03/31^(a)		360		372,825

				1,268,293

Egypt — 0.0%
Egypt Government International Bond
7.63%, 05/29/32^(k)		219		186,766
8.50%, 01/31/47^(a)		400		317,500

				504,266

Guatemala — 0.1%
Guatemala Government Bond
7.05%, 10/04/32^(a)		410		435,113
3.70%, 10/07/33^(k)		298		246,275
6.60%, 06/13/36^(a)		230		234,959
4.65%, 10/07/41^(a)		351		282,007

				1,198,354

Honduras — 0.0%
Honduras Government International Bond, 5.63%, 06/24/30^(a)		195		173,276


Hungary — 0.1%
Hungary Government International Bond
5.38%, 09/12/33^(k)		EUR 319		362,951
5.50%, 03/26/36^(a)		USD 200		194,312
Magyar Export-Import Bank, 6.00%, 05/16/29^(k)		EUR 384		437,193

				994,456

Ivory Coast^(k)— 0.0%
Ivory Coast Government International Bond
6.38%, 03/03/28		USD 618		609,889
5.88%, 10/17/31		EUR 153		152,271

				762,160

Jordan — 0.0%
Jordan Government International Bond, 4.95%, 07/07/25^(k)		USD 200		194,125


Kenya — 0.0%
Republic of Kenya Government International Bond, 9.75%, 02/16/31^(a)		249		254,602


Mexico — 0.1%
Mexico Government International Bond
2.66%, 05/24/31		594		495,396
6.35%, 02/09/35		550		568,219
6.34%, 05/04/53		200		197,813
6.40%, 05/07/54		229		228,785

				1,490,213


Security	Par (000)		Value

Montenegro — 0.0%
Montenegro Government International Bond, 2.88%, 12/16/27^(k)		EUR 186	$	183,170


Morocco — 0.0%
Morocco Government International Bond, 5.95%, 03/08/28^(a)		USD 200		202,250


Nigeria — 0.0%
Nigeria Government International Bond
8.38%, 03/24/29^(a)		353		344,286
7.63%, 11/28/47^(k)		244		189,786

				534,072

Oman^(k)— 0.0%
Oman Government International Bond
6.50%, 03/08/47		219		220,779
6.75%, 01/17/48		227		232,533
Oman Sovereign Sukuk Co., 4.40%, 06/01/24		238		237,108

				690,420

Panama — 0.1%
Panama Government International Bond
7.50%, 03/01/31		202		209,196
6.40%, 02/14/35		374		352,682
8.00%, 03/01/38		200		209,200
6.85%, 03/28/54		200		180,700

				951,778

Paraguay — 0.0%
Republic of Paraguay, 2.74%, 01/29/33^(k)		395		319,703


Peru — 0.1%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(k)		406		401,505
Peruvian Government International Bond
2.78%, 01/23/31		250		214,766
1.86%, 12/01/32		850		648,922

				1,265,193

Poland — 0.1%
Bank Gospodarstwa Krajowego, 6.25%, 10/31/28^(a)		200		208,760
Republic of Poland Government International Bond
4.88%, 10/04/33		220		216,491
5.50%, 04/04/53		348		347,899

				773,150

Republic of North Macedonia — 0.0%
North Macedonia Government International Bond, 6.96%, 03/13/27^(k)		EUR 187		211,202


Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27^(a)		USD 206		203,103
2.88%, 03/11/29^(k)		EUR 473		470,589
2.50%, 02/08/30^(k)		503		479,916
2.12%, 07/16/31^(k)		490		432,160

				1,585,768

Saudi Arabia — 0.0%
Saudi Government International Bond, 5.00%, 01/18/53^(a)		USD 658		588,910


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		11

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33^(k)		USD 278	$	237,169


South Africa — 0.0%
Republic of South Africa Government International Bond
5.88%, 04/20/32		380		342,475
5.00%, 10/12/46		353		237,039

				579,514

Spain^(a)(k)— 0.3%
Spain Government Bond
2.90%, 10/31/46		EUR 2,252		2,164,334
3.45%, 07/30/66		2,440		2,447,442

				4,611,776

Ukraine^(f)(m)— 0.0%
Ukraine Government International Bond
7.75%, 09/01/25^(k)		USD 261		97,223
8.99%, 02/01/26^(k)		413		155,907
7.25%, 03/15/35^(a)		444		128,982

				382,112

United Kingdom^(k)— 0.3%
United Kingdom Gilt
3.75%, 10/22/53		GBP 1,911		2,150,921
0.50%, 10/22/61		10,627		4,159,144

				6,310,065

Uzbekistan — 0.0%
Republic of Uzbekistan International Bond, 7.85%, 10/12/28^(a)		USD 209		218,601


Total Foreign Agency Obligations — 2.0% (Cost: $41,821,157)				39,023,024


	Shares

Investment Companies

United States — 0.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF ^(r)		37,594		4,094,738
iShares JP Morgan USD Emerging Markets Bond ETF ^(r)		71,155		6,380,469
iShares MSCI Brazil ETF ^(r)		23,271		754,446
iShares Russell 2000 ETF ^(r)		9,800		2,060,940
iShares Russell Mid-Cap Growth ETF ^(r)		3,986		454,962
VanEck J. P. Morgan EM Local Currency Bond ETF		87,582		2,146,635
VanEck Semiconductor ETF ^(f)		5,362		1,206,396


Total Investment Companies — 0.9% (Cost: $16,142,138)				17,098,586


Security	Par (000)		Value

Municipal Bonds

Puerto Rico^(b)— 0.2%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51		USD 4,482	$	2,118,864
Series A-1, 0.00%, 11/01/43		393		227,024
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51		1,911		771,589


Total Municipal Bonds — 0.2% (Cost: $2,852,412)				3,117,477


Non-Agency Mortgage-Backed Securities

United States — 4.9%
Ajax Mortgage Loan Trust^(a)
Series 2020-C, Class C, 0.01%, 09/27/60		17		14,277
Series 2020-C, Class RW, 0.00%, 09/25/60		13		13,121
Series 2020-D, Class RW, 0.00%, 09/25/60		19		19,318
Series 2021-E, Class B3, 3.96%, 12/25/60^(b)		950		257,121
Series 2021-E, Class SA, 0.00%, 12/25/60^(b)		11		4,896
Series 2021-E, Class XS, 0.00%, 12/25/60^(b)		12,977		511,986
BAMLL Commercial Mortgage Securities Trust^(a)(b)
Series 2017-SCH, Class AL, (1-mo. Term SOFR + 0.95%), 6.27%, 11/15/32		2,000		1,985,762
Series 2018-DSNY, Class D, (1-mo. Term SOFR + 2.00%), 7.32%, 09/15/34		2,000		1,985,000
BFLD Trust, Series 2021-EYP, Class E, (1-mo. Term SOFR + 3.81%), 9.14%, 10/15/35^(a)(b)		790		86,583
BX Commercial Mortgage Trust^(a)(b)
Series 2020-VIV3, Class B, 3.54%, 03/09/44		1,600		1,406,974
Series 2020-VKNG, Class G, (1-mo. Term SOFR + 3.36%), 8.69%, 10/15/37		1,610		1,562,617
Series 2021-MFM1, Class G, (1-mo. Term SOFR + 4.01%), 9.34%, 01/15/34		1,364		1,324,785
BX Trust, Series 2021-VIEW, Class E, (1-mo. Term SOFR + 3.71%), 9.04%, 06/15/36^(a)(b)		897		829,782
Cold Storage Trust, Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.92%, 11/15/37^(a)(b)		3,932		3,916,585
Commercial Mortgage Trust^(b)
Series 2015-CR25, Class C, 4.52%, 08/10/48		2,000		1,915,211
Series 2019-GC44, Class 180B, 3.40%, 08/15/57^(a)		1,900		1,773,376
Credit Suisse Mortgage Capital Certificates Trust^(a)(b)
Series 2019-ICE4, Class F, (1-mo. Term SOFR + 2.70%), 8.02%, 05/15/36		3,392		3,381,961
Series 2020-FACT, Class F, (1-mo. Term SOFR + 6.52%), 11.85%, 10/15/37		1,700		1,491,684
Series 2020-NET, Class D, 3.70%, 08/15/37		1,275		1,171,820
Series 2021-980M, Class E, 3.54%, 07/15/31		2,410		2,125,506
Series 2021-BHAR, Class E, (1-mo. Term SOFR + 3.61%), 8.94%, 11/15/38		2,500		2,464,940
Series 2022-LION, Class A, (1-mo. Term SOFR + 3.44%), 8.76%, 02/15/25^(e)		3,400		3,256,582
CSMC Trust, Series 2020-FACT, Class E, (1-mo. Term SOFR + 5.23%), 10.55%, 10/15/37^(a)(b)		730		680,532
Deephaven Residential Mortgage Trust, Series 2021-1, Class B2, 3.96%, 05/25/65^(a)(b)		1,550		1,298,817
FREMF Trust, Series 2018-W5FX, Class CFX, 3.54%, 04/25/28^(a)(b)		437		374,869

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, (1-mo. Term SOFR + 3.66%), 8.99%, 10/15/36^(a)(b)		USD 1,540	$	1,514,642
Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/55^(a)(b)		3,602		2,997,311
JP Morgan Mortgage Trust^(a)(b)
Series 2021-1, Class A3X, 0.50%, 06/25/51		48,531		1,407,280
Series 2021-1, Class AX1, 0.13%, 06/25/51		196,938		1,310,916
Series 2021-1, Class AX4, 0.40%, 06/25/51		12,576		267,413
Series 2021-1, Class B4, 3.03%, 06/25/51		797		600,097
Series 2021-1, Class B5, 3.03%, 06/25/51		957		707,166
Series 2021-1, Class B6, 2.96%, 06/25/51		1,536		599,813
Series 2021-4, Class B4, 2.90%, 08/25/51		1,191		886,622
Series 2021-4, Class B5, 2.90%, 08/25/51		893		595,493
Series 2021-4, Class B6, 2.90%, 08/25/51		2,177		824,115
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1-mo. Term SOFR + 0.71%), 6.04%, 06/25/37^(a)(b)		2,735		2,218,137
MCM Trust^(e)
3.00%, 08/25/28^(s)		3,287		2,155,934
2.50%, 01/01/59^(a)		4,192		4,025,453
MED Trust, Series 2021-MDLN, Class G, (1-mo. Term SOFR + 5.36%), 10.69%, 11/15/38^(a)(b)		4,923		4,914,143
New Residential Mortgage Loan Trust^(a)(b)
Series 2019-RPL2, Class B3, 4.01%, 02/25/59		9,329		6,524,509
Series 2021-NQ1R, Class B1, 3.53%, 07/25/55		1,370		1,079,921
Series 2021-NQ1R, Class B2, 4.33%, 07/25/55		1,022		808,212
Seasoned Credit Risk Transfer Trust, Series 2020-3, Class BXS, 6.85%, 05/25/60^(a)(b)		7,610		3,627,470
Seasoned Loans Structured Transaction Trust^(a)(b)
Series 2020-2, Class M1, 4.75%, 09/25/60		3,835		3,669,797
Series 2020-3, Class M1, 4.75%, 04/26/60		5,672		5,497,025
Starwood Mortgage Residential Trust, Series 2020- INV, Class B2, 4.26%, 11/25/55^(a)		1,225		958,387
TVC DSCR^(e)
Series 21-1, 0.00%, 02/01/51		1,323		1,147,132
Series 21-1, Class A, 2.39%, 02/01/51^(a)		5,291		4,832,213
Verus Securitization Trust^(a)(b)
Series 2020-5, Class B1, 3.71%, 05/25/65		2,400		2,050,657
Series 2020-5, Class B2, 4.71%, 05/25/65		1,400		1,215,417
Series 2021-R2, Class B1, 3.25%, 02/25/64		2,735		2,016,068
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA6, Class 1A, (12-mo. MTA + 0.81%), 5.90%, 07/25/47^(b)		1,106		872,412
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class XA, 1.41%, 05/15/52^(b)		22,445		1,147,657


Total Non-Agency Mortgage-Backed Securities — 4.9% (Cost: $102,202,916)				94,325,517


	Benefical Interest (000)

Other Interests

Canada — 0.2%
Sprott Private Resource Streaming^(e)(t)		USD 4,640		3,999,216


Total Other Interests — 0.2% (Cost: $4,681,796)				3,999,216


Security	Par (000)		Value

Preferred Securities

Capital Trusts — 0.1%^(b)
Mexico — 0.0%
Banco Mercantil del Norte SA, 6.75%^(a)(n)		USD 501		497,712


United States — 0.1%
Edison International, 7.88%, 06/15/54		155		159,236
Paramount Global, 6.38%, 03/30/62		1,001		924,898

				1,084,134

				1,581,846

	Shares

Preferred Stocks — 3.5%

China — 0.3%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $4,390,747)^(e)(f)(g)		40,071		6,411,360


Finland — 0.2%
Aiven, Series D^(e)(f)		37,890		2,611,000


Germany — 0.2%
Dr Ing hc F Porsche AG^(a)		19,136		1,903,224
Volocopter GmbH, Series D, (Acquired 03/03/21, Cost: $4,145,649)^(e)(f)(g)		780		2,154,012

				4,057,236


Israel^(e)(f)(g)— 0.2%
Deep Instinct Ltd.
Series D-2, (Acquired 03/19/21, Cost: $2,130,236)		350,490		1,654,313
Series D-4, (Acquired 09/20/22, Cost: $2,188,898)		310,467		1,682,731

				3,337,044

United Kingdom — 0.1%
10X future Technologies Service Ltd., Series D, (Acquired 12/19/23, Cost: $3,926,032)^(e)(f)(g)		114,500		2,211,097


United States^(f)— 2.5%
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $1,800,187)^(e)(g)		3,333		565,510
Bright Machines, Series C^(e)		1,457,958		3,990,045
Cap Hill Brands^(e)		1,185,824		284,598
Caresyntax, Inc.^(e)
Series C-2		12,214		1,167,903
Series C3		1,759		142,198
Clarify Health^(e)		345,315		2,178,938
Databricks, Inc., Series G, (Acquired 02/01/21, Cost: $2,392,693)^(e)(g)		40,470		3,290,616
Dream Finders Homes, Inc., 9.00%^(e)		10,172		9,777,835
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $1,482,935)^(e)(g)		253,147		729,063
GM Cruise Holdings LLC, Class G, (Acquired 03/25/21, Cost: $1,886,159)^(e)(g)		71,581		644,945
Insight M, Inc., Series D^(e)		1,942,003		665,719


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		13

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Jumpcloud, Inc.^(e)(g)
Series E-1, (Acquired 10/30/20, Cost: $2,052,443)		1,125,428	$	2,667,264
Series F, (Acquired 09/03/21, Cost: $443,302)		74,023		175,435
Lessen Holdings, Inc., Preference Shares^(e)		514,906		3,223,312
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $1,353,207)^(e)(g)		58,924		793,706
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $1,751,669)^(e)(g)		196,272		714,430
NYCB Pipe, Series C, (Acquired 03/07/24, Cost: $1,834,000), 13.00%^(g)		917		1,834,000
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $945,402)^(e)(g)		36,048		1,076,754
RapidSOS, Series C-1^(e)		1,707,127		1,604,699
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $814,688)^(e)(g)		35,677		755,282
SambaNova Systems, Inc., Series D, (Acquired 04/09/21, Cost: $1,250,247)^(e)(g)		13,158		889,876
SCI PH Parent, Inc., Series F, (Acquired 02/10/23, Cost: $1,183,000), 12/31/79^(e)(g)(l)		1,183		1,126,299
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $678,934)^(e)(g)		45,203		344,447
Ursa Major Technologies, Inc.^(e)(g)
Series C, (Acquired 09/13/21, Cost: $1,732,297)		290,420		888,685
Series D, (Acquired 10/14/22, Cost: $235,803)		35,579		113,141
Verge Genomics, Inc.^(e)(g)
Series B, (Acquired 11/05/21, Cost: $1,626,608)		305,363		1,975,699
Series C, (Acquired 09/06/23, Cost: $259,904)		36,142		260,222
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $4,906,958), 10/07/32^(e)(g)(l)		1,681,498		6,019,763
Zero Mass Water, Inc., Series D, (Acquired 07/05/22, Cost: $271,491)^(e)(g)		6,628		148,467

				48,048,851

				66,676,588


Total Preferred Securities — 3.6% (Cost: $82,623,271)				68,258,434


	Par (000)

U.S. Government Sponsored Agency Securities

Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac Multifamily Structured Pass Through Certificates, Series KL06, Class XFX, 1.36%, 12/25/29^(b)		USD 18,250		946,845


Mortgage-Backed Securities^(u)— 8.8%
Uniform Mortgage-Backed Securities
3.00%, 04/11/54		9,557		8,220,793
3.50%, 04/11/54		74,731		66,875,090


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
4.50%, 04/11/54		USD 86,126	$	82,011,418
5.50%, 04/11/54		11,500		11,442,917

				168,550,218


Total U.S. Government Sponsored Agency Securities — 8.8% (Cost: $170,187,456)				169,497,063


U.S. Treasury Obligations
U.S. Treasury Notes, 4.63%, 09/30/28^(v)(w)		6,848		6,946,606


Total U.S. Treasury Obligations — 0.4% (Cost: $6,779,968)				6,946,606


	Shares

Warrants

Brazil — 0.0%
Lavoro Ltd., Class A, (Issued 12/27/22, Exercisable
12/27/23, 1 Share for 1 Warrant, Expires
12/27/27, Strike Price USD 11.50)^(f)		25,681		12,284


Israel^(f)— 0.0%
Deep Instinct Ltd., Series C, (Acquired 09/20/22, Cost: $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, Expires 09/20/32, Strike Price USD 0.01)^(e)(g)		21,889		3,283
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)		8,959		403

				3,686

United Kingdom — 0.0%
10X future Technologies Service Ltd., (Acquired 12/19/23, Cost: $0), (Expires 11/17/30, Strike Price GBP 0.01)^(e)(f)(g)		137,950		238,536


United States^(f)— 0.2%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 0.01 Shares for 1 Warrant, Expires 06/03/26, Strike Price USD 1,150.00)		33,630		3
Caresyntax, Inc., (Exercisable 06/30/23, 1 Share for 1 Warrant, Expires 06/21/33, Strike Price USD 0.01)^(e)		1,386		132,515
Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)^(e)		74,120		2,994
Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)^(e)		44,352		—
CXApp, Inc., Class A, (Issued/Exercisable 02/02/21, 1 Share for 1 Warrant, Expires 12/15/25, Strike Price USD 11.50)		184,015		28,412
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)		40,220		7,602

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Flyr Warrants, (Issued/Exercisable 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)^(e)		5,990	$	31,867
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 11.17)^(e)		19,736		48,353
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 0.01)^(e)		173,677		824,966
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Shares for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50)		11,689		199
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Sharefor 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)		10,196		103
Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 11.50)		82,174		82
New York Community Bancorp, Inc. Series C, PIPE, Series D, (Acquired 03/07/24, Cost: $0), (Issued/Exercisable 03/11/24, 1,000 Shares for 1 Warrant, Expires 03/11/31, Strike Price USD 2.50)^(g)		550		—
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)		60,706		194
Palladyne AI Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50)		68,671		3,502
Pear Therapeutics, Inc., (Issued/Exercisable 03/23/21, 1 Share for 1 Warrant, Expires 12/03/26, Strike Price USD 11.50)^(e)		9,900		—
RapidSOS, (Expires 12/13/33, Strike Price USD 0.01)^(e)		946,544		880,286
Sarcos Technology & Robotics Corp., (Issued 01/15/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 69.00)		25,291		1,290
Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price USD 12.50)^(e)		126,000		1
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (Exercisable 10/14/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01)^(e)(g)		207,248		630,034
Volato Group, Inc., (Acquired 12/03/23, Cost: $48,765), (Expires 12/03/28, Strike Price USD 11.50)^(e)(g)		48,765		5,364

				2,597,767


Total Warrants — 0.2% (Cost: $833,650)				2,852,273


Total Long-Term Investments — 101.3% (Cost: $1,791,194,577)				1,946,165,829


Short-Term Securities

Money Market Funds — 5.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%^(r)(x)		98,453,645		98,453,645


Security	Par (000)		Value

U.S. Treasury Obligations — 0.0%
U.S. Treasury Bills, 5.42%, 05/09/24^(s)		USD 309		307,281


Total Short-Term Securities — 5.2% (Cost: $98,760,947)				98,760,926


Options Purchased — 0.3% (Cost: $8,050,688)				6,949,676


Total Investments Before Options Written — 106.8% (Cost: $1,898,006,212)				2,051,876,431


Options Written — (0.2)% (Premiums Received: $(4,206,421))				(3,814,116	)


Total Investments, Net of Options Written — 106.6% (Cost: $1,893,799,791)				2,048,062,315
Liabilities in Excess of Other Assets — (6.6)%				(125,945,054	)


Net Assets — 100.0%			$	1,922,117,261

^(a)	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.

^(b)	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.

^(c)	When-issued security.

^(d)	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.

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

^(f)	Non-income producing security.

^(g)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $69,320,882, representing 3.6% of its net assets as of period end, and an original cost of $77,923,824.

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

⁽ⁱ⁾	All or a portion of the security is held by a wholly-owned subsidiary.

^(j)	Investment does not issue shares.

^(k)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(l)	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.

^(m)	Issuer filed for bankruptcy and/or is in default.

⁽ⁿ⁾	Perpetual security with no stated maturity date.

^(o)	Convertible security.

^(p)	Zero-coupon bond.

^(q)	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.

^(r)	Affiliate of the Trust.

^(s)	Rates are discount rates or a range of discount rates as of period end.

^(t)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

^(u)	Represents or includes a TBA transaction.

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

^(w)	All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(x)	Annualized 7-day yield as of period end.


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		15

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	78,480,297	$	19,973,348	^(a)	$	—	$	—	$	—		$	98,453,645		98,453,645	$	1,355,817	$	—
iShares iBoxx $ Investment Grade Corporate Bond ETF		4,160,152		—			—		—		(65,414	)		4,094,738		37,594		29,392		—
iShares JP Morgan USD Emerging Markets Bond ETF		6,337,064		—			—		—		43,405			6,380,469		71,155		53,578		—
iShares MSCI Brazil ETF		813,554		—			—		—		(59,108	)		754,446		23,271		—		—
iShares Russell 2000 ETF		1,966,958		—			—		—		93,982			2,060,940		9,800		5,117		—
iShares Russell Mid-Cap Growth ETF		416,378		—			—		—		38,584			454,962		3,986		471		—

								$	—	$	51,449		$	112,199,200			$	1,444,375	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BOBL		738		06/06/24	$ 94,150	$	309,758
Euro Bund		390		06/06/24	56,120		395,107
Euro-Schatz		109		06/06/24	12,430		(1,858	)
OSE Nikkei 225		54		06/13/24	14,402		193,910
U.S. Long Bond		220		06/18/24	26,496		557,138
Ultra U.S. Treasury Bond		47		06/18/24	6,063		67,716
Euro Stoxx Banks Index		100		06/21/24	731		55,658
MSCI Emerging Markets Index		14		06/21/24	734		(7,090	)
NASDAQ 100 E-Mini Index		26		06/21/24	9,607		133,713
Long Gilt		43		06/26/24	5,424		104,879
5-Year U.S. Treasury Note		2,355		06/28/24	252,022		(69,150	)
Carbon Emissions^(a)		9		12/16/24	600		(87,173	)

							1,652,608


Short Contracts
30-Year Euro Buxl Bond		21		06/06/24	3,077		(57,564	)
Euro BTP		265		06/06/24	34,024		(489,110	)
Euro OAT		17		06/06/24	2,351		(13,587	)
10-Year Japanese Government Treasury Bonds		40		06/13/24	38,547		(93,996	)
10-Year U.S. Treasury Note		536		06/18/24	59,387		(151,657	)
10-Year U.S. Ultra Long Treasury Note		2,074		06/18/24	237,700		(2,231,095	)
E-mini Russell 2000 Index		42		06/21/24	4,506		(101,621	)
Euro Stoxx 50 Index		141		06/21/24	7,683		(173,247	)
S&P 500 E-Mini Index		386		06/21/24	102,454		(2,037,110	)
2-Year U.S. Treasury Note		1,393		06/28/24	284,847		267,238

							(5,081,749	)

						$	(3,429,141	)

^(a)

All or a portion of the security is held by a wholly-owned subsidiary.

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	187,039	EUR	171,331	Citibank N.A.		05/16/24	$	1,882
USD	146,241	EUR	133,078	JPMorgan Chase Bank N.A.		05/16/24		2,424
USD	219,710	EUR	199,940	JPMorgan Chase Bank N.A.		05/16/24		3,635
USD	371,024	EUR	337,641	JPMorgan Chase Bank N.A.		05/16/24		6,136
USD	420,391	EUR	382,556	JPMorgan Chase Bank N.A.		05/16/24		6,964
USD	543,591	EUR	494,718	JPMorgan Chase Bank N.A.		05/16/24		8,951
USD	2,432,021	EUR	2,213,362	JPMorgan Chase Bank N.A.		05/16/24		40,045
CHF	218,193	USD	242,854	Deutsche Bank AG		06/20/24		1,186
CHF	245,118	USD	273,914	State Street Bank and Trust Co.		06/20/24		241
GBP	367,020	USD	462,772	Deutsche Bank AG		06/20/24		654
JPY	51,200,987	USD	342,079	HSBC Bank PLC		06/20/24		257
MXN	20,246,003	USD	1,190,066	Barclays Bank PLC		06/20/24		12,747
MXN	28,638,417	USD	1,676,450	Barclays Bank PLC		06/20/24		24,956
USD	5,930,790	AUD	8,960,961	JPMorgan Chase Bank N.A.		06/20/24		78,571
USD	930,738	BRL	4,671,186	Goldman Sachs International		06/20/24		6,263
USD	8,821,235	CAD	11,891,208	Citibank N.A.		06/20/24		32,575
USD	8,846,284	CHF	7,684,301	Deutsche Bank AG		06/20/24		251,708
USD	25,796,076	CHF	22,423,639	Deutsche Bank AG		06/20/24		716,153
USD	11,211,108	CNH	80,002,465	JPMorgan Chase Bank N.A.		06/20/24		155,153
USD	1,458,005	DKK	9,903,929	JPMorgan Chase Bank N.A.		06/20/24		19,839
USD	41,786,255	EUR	38,099,771	Citibank N.A.		06/20/24		552,552
USD	384,175	EUR	351,557	Deutsche Bank AG		06/20/24		3,700
USD	590,546	EUR	537,592	Deutsche Bank AG		06/20/24		8,734
USD	157,827,772	EUR	143,927,328	JPMorgan Chase Bank N.A.		06/20/24		2,061,568
USD	369,545	EUR	337,125	UBS AG		06/20/24		4,689
USD	2,181,106	GBP	1,704,703	Barclays Bank PLC		06/20/24		28,627
USD	615,429	GBP	479,664	Deutsche Bank AG		06/20/24		9,770
USD	62,257,158	GBP	48,665,498	Deutsche Bank AG		06/20/24		808,641
USD	262,302	GBP	205,653	UBS AG		06/20/24		2,631
USD	23,253,123	HKD	181,428,222	State Street Bank and Trust Co.		06/20/24		20,743
USD	1,926,919	IDR	30,029,205,185	BNP Paribas SA		06/20/24		39,125
USD	206,869	JPY	30,929,392	Deutsche Bank AG		06/20/24		71
USD	817,268	JPY	119,004,154	Deutsche Bank AG		06/20/24		21,591
USD	365,082	JPY	52,851,379	HSBC Bank PLC		06/20/24		11,711
USD	1,247,927	JPY	181,602,571	HSBC Bank PLC		06/20/24		33,709
USD	10,209,612	JPY	1,485,100,319	JPMorgan Chase Bank N.A.		06/20/24		280,041
USD	55,891,067	JPY	8,132,174,231	JPMorgan Chase Bank N.A.		06/20/24		1,518,311
USD	324,748	JPY	47,286,498	Morgan Stanley & Co. International PLC		06/20/24		8,584
USD	752,651	JPY	109,629,441	UBS AG		06/20/24		19,654
USD	179,070	NOK	1,881,150	HSBC Bank PLC		06/20/24		5,473
USD	409,688	SEK	4,178,345	HSBC Bank PLC		06/20/24		18,073
USD	1,867,577	SEK	19,039,884	Morgan Stanley & Co. International PLC		06/20/24		83,066

								6,911,404

AUD	359,275	USD	236,456	Citibank N.A.		06/20/24		(1,821	)
CHF	1,011,872	USD	1,155,298	Citibank N.A.		06/20/24		(23,560	)
CHF	1,273,126	USD	1,465,450	Deutsche Bank AG		06/20/24		(41,510	)
CHF	139,214	USD	157,699	JPMorgan Chase Bank N.A.		06/20/24		(1,993	)
CHF	634,812	USD	731,352	Morgan Stanley & Co. International PLC		06/20/24		(21,341	)
CHF	874,380	USD	982,910	Morgan Stanley & Co. International PLC		06/20/24		(4,952	)
CHF	241,502	USD	276,214	State Street Bank and Trust Co.		06/20/24		(6,104	)
CHF	378,236	USD	425,346	State Street Bank and Trust Co.		06/20/24		(2,304	)
CHF	463,955	USD	532,114	State Street Bank and Trust Co.		06/20/24		(13,199	)
CHF	656,951	USD	738,748	State Street Bank and Trust Co.		06/20/24		(3,975	)
CHF	133,844	USD	152,304	UBS AG		06/20/24		(2,605	)
CHF	1,018,970	USD	1,170,958	UBS AG		06/20/24		(31,282	)
EUR	329,635	USD	361,561	HSBC Bank PLC		06/20/24		(4,811	)
EUR	223,325	USD	243,054	Morgan Stanley & Co. International PLC		06/20/24		(1,360	)
EUR	540,178	USD	587,266	UBS AG		06/20/24		(2,655	)
EUR	16,989,301	USD	18,628,174	UBS AG		06/20/24		(241,402	)
GBP	178,480	USD	225,782	UBS AG		06/20/24		(420	)
HKD	937,773	USD	120,204	HSBC Bank PLC		06/20/24		(119	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		17

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
HKD	1,753,842	USD	224,778	HSBC Bank PLC		06/20/24	$	(194	)
INR	147,168,449	USD	1,771,658	BNP Paribas SA		06/20/24		(10,975	)
JPY	557,397,177	USD	3,754,730	Goldman Sachs International		06/20/24		(27,901	)
JPY	122,355,455	USD	846,036	HSBC Bank PLC		06/20/24		(27,952	)
JPY	179,426,324	USD	1,202,372	HSBC Bank PLC		06/20/24		(2,705	)
THB	65,512,462	EUR	1,681,143	Citibank N.A.		06/20/24		(12,285	)
ZAR	33,715,234	USD	1,791,355	Deutsche Bank AG		06/20/24		(22,655	)

								(510,080	)

							$	6,401,324

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		1,000		04/05/24		USD	529.00		USD	52,307	$	81,000
SPDR S&P 500 ETF Trust		816		04/05/24		USD	527.00		USD	42,683		113,424
SPDR S&P 500 ETF Trust		998		04/05/24		USD	530.00		USD	52,202		59,880
SPDR S&P 500 ETF Trust		816		04/12/24		USD	528.00		USD	42,683		207,672
SPX Volatility Index		224		04/17/24		USD	20.00		USD	291		4,928
Adobe, Inc.		49		04/19/24		USD	590.00		USD	2,473		1,421
Amazon.com, Inc.		298		04/19/24		USD	180.00		USD	5,375		128,885
Amazon.com, Inc.		217		04/19/24		USD	185.00		USD	3,914		47,197
AstraZeneca PLC		294		04/19/24		USD	67.50		USD	1,992		43,218
BMW AG		134		04/19/24		EUR	110.00		EUR	1,433		16,191
Costco Wholesale Corp.		27		04/19/24		USD	735.00		USD	1,978		28,890
Daimler AG		216		04/19/24		EUR	75.00		EUR	1,594		21,089
Deckers Outdoor Corp.		4		04/19/24		USD	900.00		USD	377		21,040
Deckers Outdoor Corp.		11		04/19/24		USD	960.00		USD	1,035		17,710
Delta Air Lines, Inc.		309		04/19/24		USD	45.00		USD	1,479		108,150
Exxon Mobil Corp.		201		04/19/24		USD	105.00		USD	2,336		228,637
iShares China Large-Cap ETF		1,666		04/19/24		USD	26.00		USD	4,010		14,161
Las Vegas Sands Corp.		135		04/19/24		USD	57.50		USD	698		2,025
Merck & Co., Inc.		125		04/19/24		USD	125.00		USD	1,649		93,750
Merck & Co., Inc.		176		04/19/24		USD	130.00		USD	2,322		59,400
Meta Platforms, Inc., Class A		60		04/19/24		USD	495.00		USD	2,913		55,800
Micron Technology, Inc.		98		04/19/24		USD	95.00		USD	1,155		226,625
Microsoft Corp.		91		04/19/24		USD	440.00		USD	3,829		13,241
Microsoft Corp.		49		04/19/24		USD	425.00		USD	2,062		26,583
Norfolk Southern Corp.		40		04/19/24		USD	270.00		USD	1,019		3,600
Novo Nordisk A/S, ADR, Class B		197		04/19/24		USD	140.00		USD	2,529		8,176
NVIDIA Corp.		88		04/19/24		USD	840.00		USD	7,951		690,360
NVIDIA Corp.		59		04/19/24		USD	820.00		USD	5,331		556,075
NVIDIA Corp.		89		04/19/24		USD	900.00		USD	8,042		365,567
Paramount Global, Class B		140		04/19/24		USD	15.00		USD	165		1,260
PNC Financial Services Group, Inc.		107		04/19/24		USD	160.00		USD	1,729		52,430
Salesforce, Inc.		79		04/19/24		USD	320.00		USD	2,379		11,297
Salesforce, Inc.		35		04/19/24		USD	330.00		USD	1,054		1,995
Uber Technologies, Inc.		305		04/19/24		USD	80.00		USD	2,348		39,802
Wells Fargo & Co.		888		04/19/24		USD	60.00		USD	5,147		66,156
Wynn Resorts Ltd.		54		04/19/24		USD	110.00		USD	552		2,538
Adobe, Inc.		15		05/17/24		USD	600.00		USD	757		1,778
Adobe, Inc.		29		05/17/24		USD	540.00		USD	1,463		24,578
Advanced Micro Devices, Inc.		46		05/17/24		USD	200.00		USD	830		31,625
Amazon.com, Inc.		295		05/17/24		USD	190.00		USD	5,321		157,825
Bank of America Corp.		317		05/17/24		USD	39.00		USD	1,202		28,847
Caterpillar, Inc.		64		05/17/24		USD	380.00		USD	2,345		59,360
CF Industries Holdings, Inc.		194		05/17/24		USD	92.50		USD	1,614		15,035
Chevron Corp.		126		05/17/24		USD	165.00		USD	1,988		23,499
ConocoPhillips		146		05/17/24		USD	130.00		USD	1,858		45,260

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Exchange-Traded Options Purchased (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Costco Wholesale Corp.		14		05/17/24		USD	825.00		USD	1,026	$	1,589
D.R. Horton, Inc.		62		05/17/24		USD	165.00		USD	1,020		48,980
D.R. Horton, Inc.		35		05/17/24		USD	155.00		USD	576		48,475
Danaher Corp.		58		05/17/24		USD	270.00		USD	1,448		13,050
Dexcom, Inc.		98		05/17/24		USD	120.00		USD	1,359		198,450
Edwards Lifesciences Corp.		147		05/17/24		USD	100.00		USD	1,405		38,955
Eli Lilly & Co.		30		05/17/24		USD	760.00		USD	2,334		148,725
Eli Lilly & Co.		7		05/17/24		USD	820.00		USD	545		15,803
Freeport-McMoRan, Inc.		390		05/17/24		USD	48.00		USD	1,834		86,775
Oracle Corp.		148		05/17/24		USD	135.00		USD	1,859		14,282
Paramount Global, Class B		79		05/17/24		USD	16.00		USD	93		1,936
Salesforce, Inc.		79		05/17/24		USD	330.00		USD	2,379		20,619
Shell PLC		27		05/17/24		GBP	26.25		GBP	709		26,581
Walt Disney Co.		524		05/17/24		USD	130.00		USD	6,412		146,720
Nikkei 225 Index		27		06/14/24		JPY	41,500.00		JPY	1,084,538		137,336
Crowdstrike Holdings, Inc., Class A		23		06/21/24		USD	360.00		USD	737		34,558
Edwards Lifesciences Corp.		146		06/21/24		USD	100.00		USD	1,395		54,750
JPMorgan Chase & Co.		545		06/21/24		USD	210.00		USD	10,916		212,550
Lam Research Corp.		9		06/21/24		USD	1,060.00		USD	874		34,673
Meta Platforms, Inc., Class A		69		06/21/24		USD	500.00		USD	3,351		222,007
Novo Nordisk A/S, ADR		199		06/21/24		USD	130.00		USD	2,555		152,732
Walmart, Inc.		144		06/21/24		USD	65.00		USD	866		7,416
Sabre Corp.		173		07/19/24		USD	4.50		USD	42		1,038
Sabre Corp.		138		07/19/24		USD	3.50		USD	33		1,863
Apple, Inc.		496		08/16/24		USD	220.00		USD	8,505		30,008

												5,507,851

Put
Alphabet, Inc., Class C		236		04/19/24		USD	130.00		USD	3,593		2,360
iShares Russell 2000 ETF		51		04/19/24		USD	198.00		USD	1,073		2,703
SPDR S&P 500 ETF Trust		1,468		04/19/24		USD	485.00		USD	76,787		55,050
Tesla, Inc.		106		04/19/24		USD	170.00		USD	1,863		70,225
3-Month SOFR Future		1,889		05/10/24		USD	94.75		USD	447,953		70,837
Abbott Laboratories		175		05/17/24		USD	105.00		USD	1,989		15,138
DAX Index		204		05/17/24		EUR	17,300.00		EUR	18,862		56,672
Tesla, Inc.		41		05/17/24		USD	190.00		USD	721		87,535
iShares iBoxx $ High Yield Corporate Bond ETF		258		06/21/24		USD	76.00		USD	2,005		69,273

												429,793

											$	5,937,644

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise Price

Barrier

Price/Range

Notional

Amount (000)

Value

Call

USD Currency

Up-and-out

Bank of America N.A.

—

05/01/24

JPY

152.50

JPY

156.5

USD

4,171

7,812

Put

EUR Currency

One Touch

Bank of America N.A.

—

04/12/24

USD

1.06

USD

1.06

EUR

414

23,496

31,308


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		19

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Currency Options Purchased

Description

Counterparty

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

USD Currency

HSBC Bank PLC

08/21/24

CNH

8.50

USD

51,044

4,186

Put

EUR Currency

BNP Paribas SA

05/02/24

USD

1.08

EUR

10,192

54,395

EUR Currency

Deutsche Bank AG

05/09/24

MXN

18.30

EUR

4,110

78,126

EUR Currency

Bank of America N.A.

05/30/24

USD

1.08

EUR

8,580

54,954

187,475

191,661

OTC Dual Binary Options Purchased

Description^(a)

Counterparty

Units

Expiration
Date

Notional

Amount (000)

Value

Call

Dual Binary Option payout at expiry if USD JPY >= 154.25 and JPY 10-year swap > 1.25%

Bank of America N.A.

285,100

04/08/24

USD

43,977

12,201

Dual Binary Option payout at expiry if USD JPY >= 154.25 and JPY 10-year swap > 1.27%

Bank of America N.A.

285,100

05/08/24

USD

43,977

43,374

55,575

^(a)

Option only pays if both terms are met on the expiration date.

OTC Credit Default Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Date

Credit

Rating

Exercise

Price

Notional

Amount (000)^(a)

Value

Description

Rate/Reference

Frequency

Counterparty

Put

Bought Protection on 5-Year Credit Default Swap, 06/20/29

5.00%

iTraxx.XO.41.V1

Quarterly

Morgan Stanley & Co. International PLC

04/17/24

—

EUR

337.50

EUR

1,765

1,843

Bought Protection on 5-Year Credit Default Swap, 12/20/28

5.00%

CDX.NA.HY.41.V2

Quarterly

BNP Paribas SA

04/17/24

—

USD

105.00

USD

1,940

721

Bought Protection on 5-Year Credit Default Swap, 12/20/28

5.00%

CDX.NA.HY.41.V2

Quarterly

Goldman Sachs International

04/17/24

—

USD

105.00

USD

1,550

576

Bought Protection on 5-Year Credit Default Swap, 06/20/29

5.00%

iTraxx.XO.41.V1

Quarterly

Morgan Stanley & Co. International PLC

05/15/24

—

EUR

350.00

EUR

2,160

6,314

Bought Protection on 5-Year Credit Default Swap, 06/20/29

5.00%

iTraxx.XO.41.V1

Quarterly

Goldman Sachs International

05/15/24

—

EUR

350.00

EUR

1,775

5,188

Bought Protection on 5-Year Credit Default Swap, 12/20/28

5.00%

CDX.NA.HY.41.V2

Quarterly

Goldman Sachs International

05/15/24

—

USD

104.50

USD

1,570

2,117

Bought Protection on 5-Year Credit Default Swap, 12/20/28

1.00%

iTraxx.EUR.40.V1

Quarterly

Deutsche Bank AG

06/19/24

—

EUR

67.50

EUR

5,905

3,944

Bought Protection on 5-Year Credit Default Swap, 12/20/28

5.00%

iTraxx.XO.40.V1

Quarterly

Deutsche Bank AG

06/19/24

—

EUR

400.00

EUR

1,968

6,726

27,429

^(a)

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 (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

10-Year Interest Rate Swap, 05/30/34

1-Day SOFR,
5.34%

Annual

3.67%

Annual

Citibank N.A.

05/28/24

3.67

USD

12,763

82,690

1-Year Interest Rate Swap, 05/30/25

1-Day SOFR,
5.34%

Semi-Annual

3.65%

Semi-Annual

Goldman Sachs International

05/28/24

3.65

USD

30,153

73,948

6-mo.

2-Year Interest Rate Swap, 05/30/26

EURIBOR,
3.85%

Semi-Annual

2.85%

Annual

JPMorgan Chase Bank N.A.

05/28/24

2.85

EUR

24,275

26,307

1-Year Interest Rate Swap, 05/31/25

1-Day SOFR,
5.34%

Semi-Annual

3.60%

Semi-Annual

Goldman Sachs International

05/29/24

3.60

USD

30,153

65,182

6-mo.

2-Year Interest Rate Swap, 06/05/26

EURIBOR,
3.85%

Semi-Annual

2.85%

Annual

Goldman Sachs International

06/03/24

2.85

EUR

24,447

31,515

2-Year Interest Rate Swap, 10/26/26

1-Day SOFR,
5.34%

Annual

4.00%

Annual

JPMorgan Chase Bank N.A.

10/24/24

4.00

USD

39,747

218,160

10-Year Interest Rate Swap, 01/25/35

1-Day SOFR,
5.34%

Annual

3.00%

Annual

Goldman Sachs International

01/23/25

3.00

USD

25,256

208,257

706,059

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		816		04/05/24		USD	535.00		USD	42,683	$	(7,752)
SPDR S&P 500 ETF Trust		1,000		04/05/24		USD	536.00		USD	52,307		(6,500	)
SPDR S&P 500 ETF Trust		816		04/12/24		USD	538.00		USD	42,683		(30,192	)
SPX Volatility Index		224		04/17/24		USD	35.00		USD	291		(1,568	)
Advanced Micro Devices, Inc.		99		04/19/24		USD	250.00		USD	1,787		(743	)
Eli Lilly & Co.		6		04/19/24		USD	700.00		USD	467		(49,500	)
Exxon Mobil Corp.		201		04/19/24		USD	115.00		USD	2,336		(55,777	)
iShares China Large-Cap ETF		1,666		04/19/24		USD	28.00		USD	4,010		(3,332	)
Merck & Co., Inc.		176		04/19/24		USD	135.00		USD	2,322		(15,312	)
Micron Technology, Inc.		195		04/19/24		USD	105.00		USD	2,299		(260,812	)
NVIDIA Corp.		118		04/19/24		USD	980.00		USD	10,662		(168,740	)
NVIDIA Corp.		79		04/19/24		USD	850.00		USD	7,138		(562,677	)
NVIDIA Corp.		89		04/19/24		USD	1,050.00		USD	8,042		(48,727	)
Uber Technologies, Inc.		305		04/19/24		USD	95.00		USD	2,348		(1,373	)
Caterpillar, Inc.		64		05/17/24		USD	410.00		USD	2,345		(15,904	)
CF Industries Holdings, Inc.		194		05/17/24		USD	100.00		USD	1,614		(3,880	)
Dexcom, Inc.		98		05/17/24		USD	135.00		USD	1,359		(104,370	)
Eli Lilly & Co.		30		05/17/24		USD	840.00		USD	2,334		(50,625	)
Freeport-McMoRan, Inc.		390		05/17/24		USD	55.00		USD	1,834		(21,060	)
NVIDIA Corp.		68		05/17/24		USD	1,100.00		USD	6,144		(88,060	)
Valero Energy Corp.		68		05/17/24		USD	185.00		USD	1,161		(18,156	)
Nikkei 225 Index		27		06/14/24		JPY	44,000.00		JPY	1,084,538		(38,347	)
JPMorgan Chase & Co.		545		06/21/24		USD	230.00		USD	10,916		(36,787	)

												(1,590,194	)

Put
Adobe, Inc.		49		04/19/24		USD	500.00		USD	2,473		(45,202	)
BMW AG		134		04/19/24		EUR	100.00		EUR	1,433		(3,470	)
Daimler AG		54		04/19/24		EUR	65.00		EUR	399		(320	)
Deckers Outdoor Corp.		4		04/19/24		USD	800.00		USD	377		(470	)
Deckers Outdoor Corp.		11		04/19/24		USD	850.00		USD	1,035		(2,805	)
Exxon Mobil Corp.		201		04/19/24		USD	95.00		USD	2,336		(302	)
iShares Russell 2000 ETF		51		04/19/24		USD	180.00		USD	1,073		(536	)
Las Vegas Sands Corp.		135		04/19/24		USD	50.00		USD	698		(10,935	)
Norfolk Southern Corp.		40		04/19/24		USD	240.00		USD	1,019		(4,900	)
PNC Financial Services Group, Inc.		107		04/19/24		USD	130.00		USD	1,729		(1,070	)
Salesforce, Inc.		35		04/19/24		USD	290.00		USD	1,054		(8,645	)
SPDR S&P 500 ETF Trust		1,468		04/19/24		USD	475.00		USD	76,787		(41,838	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		21

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put (continued)
Tesla, Inc.		106		04/19/24	USD	145.00	USD	1,863	$	(11,289	)
Wells Fargo & Co.		178		04/19/24	USD	55.00	USD	1,032		(8,277	)
Wynn Resorts Ltd.		54		04/19/24	USD	95.00	USD	552		(2,565	)
Adobe, Inc.		15		05/17/24	USD	520.00	USD	757		(39,937	)
Adobe, Inc.		29		05/17/24	USD	450.00	USD	1,463		(8,947	)
Advanced Micro Devices, Inc.		46		05/17/24	USD	170.00	USD	830		(35,535	)
Amazon.com, Inc.		236		05/17/24	USD	150.00	USD	4,257		(21,358	)
Bank of America Corp.		317		05/17/24	USD	34.00	USD	1,202		(6,023	)
Caterpillar, Inc.		64		05/17/24	USD	310.00	USD	2,345		(8,288	)
Costco Wholesale Corp.		14		05/17/24	USD	725.00	USD	1,026		(18,550	)
D.R. Horton, Inc.		62		05/17/24	USD	135.00	USD	1,020		(2,790	)
D.R. Horton, Inc.		35		05/17/24	USD	125.00	USD	576		(1,225	)
Danaher Corp.		117		05/17/24	USD	230.00	USD	2,922		(26,325	)
DAX Index		204		05/17/24	EUR	16,300.00	EUR	18,862		(26,245	)
Edwards Lifesciences Corp.		74		05/17/24	USD	80.00	USD	707		(2,405	)
Eli Lilly & Co.		7		05/17/24	USD	720.00	USD	545		(9,993	)
Freeport-McMoRan, Inc.		195		05/17/24	USD	40.00	USD	917		(6,728	)
Oracle Corp.		89		05/17/24	USD	115.00	USD	1,118		(5,963	)
Salesforce, Inc.		79		05/17/24	USD	270.00	USD	2,379		(13,430	)
Walt Disney Co.		262		05/17/24	USD	110.00	USD	3,206		(31,178	)
Nikkei 225 Index		27		06/14/24	JPY	37,000.00	JPY	1,084,538		(73,127	)
Crowdstrike Holdings, Inc., Class A		23		06/21/24	USD	290.00	USD	737		(29,555	)
Edwards Lifesciences Corp.		146		06/21/24	USD	80.00	USD	1,395		(9,490	)
iShares iBoxx $ High Yield Corporate Bond ETF		516		06/21/24	USD	74.00	USD	4,011		(9,030	)
Lam Research Corp.		9		06/21/24	USD	820.00	USD	874		(12,803	)
Meta Platforms, Inc., Class A		69		06/21/24	USD	370.00	USD	3,351		(25,875	)
Walmart, Inc.		144		06/21/24	USD	55.00	USD	866		(5,832	)

										(573,256	)

									$	(2,163,450)

OTC Currency Options Written


Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)			Value
Call
EUR Currency	Bank of America N.A.		05/30/24	USD	1.11		USD	8,580	$	(15,800	)

Put
EUR Currency	BNP Paribas SA		05/02/24	USD	1.05		USD	10,192		(7,279	)
EUR Currency	HSBC Bank PLC		05/09/24	MXN	18.30		MXN	4,110		(78,126	)
EUR Currency	Bank of America N.A.		05/30/24	USD	1.05		USD	8,580		(11,256	)

										(96,661	)

									$	(112,461	)

OTC Credit Default Swaptions Written

Paid by the Trust

Received by the Trust

Expiration

Date

Credit

Rating^(a)

Exercise

Price

Notional

Amount (000)^(b)

Value

Description

Rate/Reference

Frequency

Counterparty

Put

Sold Protection on 5-Year Credit Default Swap, 06/20/29

iTraxx.XO.41.V1

5.00%

Quarterly

Morgan Stanley & Co. International PLC

04/17/24

N/R

EUR

400.00

EUR

1,765

(732

)

Sold Protection on 5-Year Credit Default Swap, 06/20/29

iTraxx.XO.41.V1

5.00%

Quarterly

Goldman Sachs International

05/15/24

N/R

EUR

450.00

EUR

1,775

(1,646

)

(2,378

)

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Interest Rate Swaptions Written

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

1-Year Interest Rate Swap, 05/30/25

3.40%

Semi-Annual

1-Day SOFR,
5.34%

Semi-Annual

Goldman Sachs International

05/28/24

3.40

USD

30,153

(35,884

)

6-mo.

2-Year Interest Rate Swap, 05/30/26

2.30%

Annual

EURIBOR,
3.85%

Semi-Annual

JPMorgan Chase Bank N.A.

05/28/24

2.30

EUR

24,275

(1,933

)

1-Year Interest Rate Swap, 05/31/25

3.25%

Semi-Annual

1-Day SOFR,
5.34%

Semi-Annual

Goldman Sachs International

05/29/24

3.25

USD

30,153

(23,215

)

6-mo.

2-Year Interest Rate Swap, 06/05/26

2.30%

Annual

EURIBOR,
3.85%

Semi-Annual

Goldman Sachs International

06/03/24

2.30

EUR

24,447

(2,740

)

2-Year Interest Rate Swap, 10/26/26

3.30%

Annual

1-Day SOFR,
5.34%

Annual

JPMorgan Chase Bank N.A.

10/24/24

3.30

USD

39,747

(77,941

)

10-Year Interest Rate Swap, 01/25/35

2.25%

Annual

1-Day SOFR,
5.34%

Annual

Goldman Sachs International

01/23/25

2.25

USD

25,257

(47,953

)

(189,666

)

Put

2-Year Interest Rate Swap, 04/06/26

1-Day SOFR,
5.34%

Annual

4.40%

Annual

Citibank N.A.

04/04/24

4.40

USD

32,088

(90,120

)

2-Year Interest Rate Swap, 04/06/26

1-Day SOFR,
5.34%

Annual

4.40%

Annual

Citibank N.A.

04/04/24

4.40

USD

11,737

(32,962

)

5-Year Interest Rate Swap, 04/06/29

1-Day SOFR,
5.34%

Annual

4.00%

Annual

Citibank N.A.

04/04/24

4.00

USD

16,044

(35,019

)

5-Year Interest Rate Swap, 04/06/29

1-Day SOFR,
5.34%

Annual

4.00%

Annual

Citibank N.A.

04/04/24

4.00

USD

5,164

(11,271

)

2-Year Interest Rate Swap, 04/07/26

1-Day SOFR,
5.34%

Annual

4.45%

Annual

Goldman Sachs International

04/05/24

4.45

USD

16,044

(33,134

)

5-Year Interest Rate Swap, 04/07/29

1-Day SOFR,
5.34%

Annual

4.05%

Annual

Goldman Sachs International

04/05/24

4.05

USD

16,044

(22,639

)

2-Year Interest Rate Swap, 04/18/26

1-Day SOFR,
5.34%

Annual

4.05%

Annual

Deutsche Bank AG

04/16/24

4.05

USD

25,216

(221,570

)

5-Year Interest Rate Swap, 04/18/29

1-Day SOFR,
5.34%

Annual

4.00%

Annual

Deutsche Bank AG

04/16/24

4.00

USD

25,216

(87,661

)

2-Year Interest Rate Swap, 04/24/26

1-Day SOFR,
5.34%

Annual

4.30%

Annual

Deutsche Bank AG

04/22/24

4.30

USD

30,249

(132,889

)

5-Year Interest Rate Swap, 04/24/29

1-Day SOFR,
5.34%

Annual

4.00%

Annual

Deutsche Bank AG

04/22/24

4.00

USD

12,604

(49,300

)

6-mo.

5-Year Interest Rate Swap, 04/28/29

EURIBOR,
3.85%

Semi-Annual

2.90%

Annual

JPMorgan Chase Bank N.A.

04/26/24

2.90

EUR

17,653

(8,561

)

5-Year Interest Rate Swap, 05/04/29

1-Day SOFR,
5.34%

Annual

4.00%

Annual

Deutsche Bank AG

05/02/24

4.00

USD

25,231

(112,533

)

2-Year Interest Rate Swap, 05/08/26

1-Day SOFR,
5.34%

Annual

4.50%

Annual

Goldman Sachs International

05/06/24

4.50

USD

25,254

(50,892

)

2-Year Interest Rate Swap, 05/24/26

1-Day SOFR,
5.34%

Annual

4.75%

Annual

Deutsche Bank AG

05/22/24

4.75

USD

51,134

(34,831

)

1-Year Interest Rate Swap, 05/30/25

1-Day SOFR,
5.34%

Semi-Annual

4.15%

Semi-Annual

Goldman Sachs International

05/28/24

4.15

USD

30,153

(26,592

)

6-mo.

2-Year Interest Rate Swap, 05/30/26

EURIBOR,
3.85%

Semi-Annual

3.50%

Annual

JPMorgan Chase Bank N.A.

05/28/24

3.50

EUR

24,275

(2,887

)

1-Year Interest Rate Swap, 05/31/25

1-Day SOFR,
5.34%

Semi-Annual

4.10%

Semi-Annual

Goldman Sachs International

05/29/24

4.10

USD

30,153

(33,038

)

6-mo.

2-Year Interest Rate Swap, 06/05/26

EURIBOR,
3.85%

Semi-Annual

3.50%

Annual

Goldman Sachs International

06/03/24

3.50

EUR

24,447

(3,506

)

6-mo.

5-Year Interest Rate Swap, 06/09/29

EURIBOR,
3.85%

Semi-Annual

2.87%

Annual

Goldman Sachs International

06/07/24

2.87

EUR

12,874

(24,051

)

2-Year Interest Rate Swap, 07/20/26

1-Day SOFR,
5.34%

Annual

4.37%

Annual

Deutsche Bank AG

07/18/24

4.37

USD

49,641

(182,054

)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		23

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Interest Rate Swaptions Written (continued)

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Put (continued)

5-Year Interest Rate Swap, 07/20/29

1-Day SOFR,
5.34%

Annual

4.17%

Annual

Citibank N.A.

07/18/24

4.17

USD

17,696

(88,741

)

2-Year Interest Rate Swap, 11/23/26

1-Day SOFR,
5.34%

Annual

5.00%

Annual

JPMorgan Chase Bank N.A.

11/21/24

5.00

USD

50,148

(61,910

)

(1,346,161

)

(1,535,827

)

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
iTraxx.XO.38.V2		5.00	%		Quarterly		12/20/27		EUR 4,590	$	(475,838	)	$	67,472		$	(543,310	)
iTraxx.EUR.40.V1		1.00			Quarterly		12/20/28		EUR 177		(4,199	)		(3,559	)		(640	)
iTraxx.XO.40.V1		5.00			Quarterly		12/20/28		EUR 6,921		(581,758	)		(534,961	)		(46,797	)

										$	(1,061,795	)	$	(471,048	)	$	(590,747	)

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Termination Date	Credit Rating^(a)	Notional Amount (000)	^(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
iTraxx.XO.34.V3	5.00	%	Quarterly	12/20/25	CC-	EUR 33,645		$	2,124,658	$	1,321,813	$	802,845
iTraxx.XO.35.V2	5.00		Quarterly	06/20/26	CC	EUR 1,421			108,538		105,833		2,705
CDX.NA.HY.41.V2	5.00		Quarterly	12/20/28	B	USD 3,367			253,528		97,281		156,247

								$	2,486,724	$	1,524,927	$	961,797

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
2.47%	At Termination	1-Day SONIA, 5.19%	At Termination		N/A			04/03/24	GBP	46,645	$	1,559,033		$	35		$	1,558,998
1-Day SONIA, 5.19%	At Termination	3.22%	At Termination		N/A			04/03/24	GBP	93,289		(2,227,240	)		(43	)		(2,227,197	)
1-Day SONIA, 5.19%	At Termination	4.26%	At Termination		N/A			09/06/24	GBP	25,649		(322,359	)		54			(322,413	)
1-Day SOFR, 5.34%	At Termination	5.45%	At Termination		N/A			10/02/24	USD	174,570		103,558			3,666			99,892
28-Day MXIBTIIE, 11.25%	Monthly	9.78%	Monthly		N/A			02/04/25	MXN	48,743		(28,135	)		3			(28,138	)
28-Day MXIBTIIE, 11.25%	Monthly	9.79%	Monthly		N/A			02/04/25	MXN	24,371		(13,935	)		2			(13,937	)
28-Day MXIBTIIE, 11.25%	Monthly	9.80%	Monthly		N/A			02/04/25	MXN	24,371		(13,738	)		1			(13,739	)
28-Day MXIBTIIE, 11.25%	Monthly	9.95%	Monthly		N/A			02/07/25	MXN	550,963		(262,443	)		50			(262,493	)
1-Day SOFR, 5.34%	Annual	5.00%	Annual		N/A			10/02/25	USD	169,290		181,406			21,456			159,950
		Tokyo Overnight Average
0.28%	Annual	Rate, 0.07%	Annual		N/A			03/09/26	JPY	2,893,937		1,698			89			1,609
4.69%	Annual	1-Day SOFR, 5.34%	Annual		N/A			10/02/26	USD	115,533		(394,242	)		(20,691	)		(373,551	)
1-Day SOFR, 5.34%	At Termination	4.17%	At Termination		10/23/25	^(a)		10/23/26	USD	19,696		78,713			36			78,677
1-Day SOFR, 5.34%	At Termination	4.21%	At Termination		10/27/25	^(a)		10/27/26	USD	39,419		174,061			72			173,989
1-Day SOFR, 5.34%	Annual	3.47%	Annual		03/10/25	^(a)		03/10/27	USD	9,910		(69,651	)		44			(69,695	)
1-Day MIBOR, 7.90%	Semi-Annual	6.34%	Semi-Annual		N/A			03/20/27	INR	1,186,669		(23,078	)		94			(23,172	)
1-Day SOFR, 5.34%	Annual	3.30%	Annual		10/23/25	^(a)		10/23/27	USD	7,036		(43,392	)		32			(43,424	)
1-Day SOFR, 5.34%	Annual	4.20%	Annual		10/23/25	^(a)		10/23/27	USD	10,250		101,636			47			101,589
1-Day SOFR, 5.34%	Annual	3.92%	Annual		11/03/25	^(a)		11/03/27	USD	4,880		24,722			22			24,700
1-Day SOFR, 5.34%	Annual	3.95%	Annual		11/03/25	^(a)		11/03/27	USD	4,880		27,330			22			27,308

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.34%	Annual	3.99%	Annual		11/03/25	^(a)		11/03/27	USD	9,761	$	60,746		$	44		$	60,702
1-Day SOFR, 5.34%	Annual	4.07%	Annual		11/03/25	^(a)		11/03/27	USD	19,787		153,178			90			153,088
1-Day SOFR, 5.34%	Annual	3.86%	Annual		11/10/25	^(a)		11/10/27	USD	20,267		83,001			92			82,909
1-Day SOFR, 5.34%	Annual	3.48%	Annual		01/23/26	^(a)		01/23/28	USD	27,289		(58,348	)		118			(58,466	)
3.45%	Annual	1-Day SOFR, 5.34%	Annual		N/A			01/26/28	USD	24,493		67,015			106			66,909
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/26/28	USD	24,493		171,008			106			170,902
3.27%	Annual	1-Day SOFR, 5.34%	Annual		02/05/26	^(a)		02/05/28	USD	24,747		143,401			107			143,294
1-Day SOFR, 5.34%	Annual	3.87%	Annual		02/05/26	^(a)		02/05/28	USD	24,747		119,381			107			119,274
1-Day SONIA, 5.19%	At Termination	3.18%	At Termination 02/10/27^(a)					02/10/28	GBP	85,657		(172,607	)		524			(173,131	)
1-Day SONIA, 5.19%	Annual	4.86%	Annual		N/A			06/20/28	GBP	6,480		271,754			(15	)		271,769
28-Day MXIBTIIE, 11.25%	Monthly	9.13%	Monthly		N/A			08/15/28	MXN	104,580		38,901			51			38,850
1-Day SOFR, 5.34%	Annual	4.42%	Annual		N/A			10/02/28	USD	81,301		893,301			17,554			875,747
1-Day SOFR, 5.34%	Annual	4.40%	Annual		N/A			10/31/28	USD	13,191		150,353			115			150,238
1-Day SONIA, 5.19%	Annual	4.12%	Annual		N/A			11/17/28	GBP	6,090		52,593			275			52,318
1-Day SONIA, 5.19%	Annual	4.12%	Annual		N/A			11/21/28	GBP	6,085		54,427			277			54,150
1-Day SOFR, 5.34%	Annual	3.25%	Annual		12/15/26	^(a)		12/15/28	USD	21,232		(106,704	)		97			(106,801	)
6-mo. EURIBOR, 3.85%	Semi-Annual	3.00%	Annual		N/A			03/05/29	EUR	15,660		231,736			164			231,572
1-Day MIBOR, 7.90%	Semi-Annual	6.26%	Semi-Annual		N/A			03/20/29	INR	339,246		(14,721	)		46			(14,767	)
1-Day MIBOR, 7.90%	Semi-Annual	6.30%	Semi-Annual		N/A			03/20/29	INR	414,634		(10,055	)		56			(10,111	)
1-Day SOFR, 5.34%	Annual	3.79%	Annual		N/A			03/29/29	USD	35,313		(308,245	)		319			(308,564	)
0.02%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		N/A			08/26/31	EUR	9,317		1,763,898			148			1,763,750
1-Day ESTR, 1,335.44%	Annual	2.34%	Annual		01/19/28	^(a)		01/19/33	EUR	7,414		18,109			104			18,005
1-Day SOFR, 5.34%	Annual	3.14%	Annual		05/12/28	^(a)		05/12/33	USD	13,769		(256,261	)		127			(256,388	)
1-Day SOFR, 5.34%	Annual	4.31%	Annual		N/A			09/29/33	USD	121,626		3,837,089			10,111			3,826,978
4.40%	Annual	1-Day SOFR, 5.34%	Annual		N/A			11/01/33	USD	11,317		(457,162	)		181			(457,343	)
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/12/34	USD	9,940		101,461			155			101,306
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/17/34	USD	2,863		29,857			45			29,812
1-Day MIBOR, 7.90%	Semi-Annual	6.34%	Semi-Annual		N/A			03/20/34	INR	218,262		(12,370	)		45			(12,415	)
1-Day MIBOR, 7.90%	Semi-Annual	6.35%	Semi-Annual		N/A			03/20/34	INR	218,262		(10,469	)		45			(10,514	)
3.46%	Annual	1-Day SOFR, 5.34%	Annual		12/15/26	^(a)		12/15/36	USD	4,853		72,151			80			72,071
4.25%	Annual	1-Day SOFR, 5.34%	Annual		N/A			09/29/43	USD	1,467		(80,885	)		986			(81,871	)
4.03%	Annual	1-Day SOFR, 5.34%	Annual		N/A			09/29/53	USD	30,617		(2,045,808	)		9,610			(2,055,418	)
3.65%	Annual	1-Day SOFR, 5.34%	Annual		N/A			11/03/53	USD	5,251		(1,787	)		167			(1,954	)
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			11/03/53	USD	5,251		336,755			167			336,588

											$	3,968,637		$	47,195		$	3,921,442

^(a)

Forward Swap.

Centrally Cleared Inflation Swaps

Paid by the Trust

Received by the Fund

Termination
Date

Notional

Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Reference

Frequency

Rate

Frequency

Eurostat Eurozone HICP Ex Tobacco Unrevised

At Termination

2.69%

At Termination

08/15/32

EUR 1,425

18,900

18,870

OTC Credit Default Swaps — Buy Protection


Reference Obligations/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
American Airlines Group Inc.		5.00	%		Quarterly	JPMorgan Chase Bank N.A.		12/20/24	USD	95	$	(3,101	)	$	(798	)	$	(2,303	)
UBS Group AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	3,700		(79,916	)		113,173			(193,089	)
UBS Group AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	2,160		(46,654	)		63,831			(110,485	)
Boeing, Co.		1.00			Quarterly	Deutsche Bank AG		12/20/28	USD	800		(488	)		(3,706	)		3,218
Paramount Global Class B		1.00			Quarterly	Goldman Sachs International		12/20/28	USD	155		8,069			7,116			953
Paramount Global Class B		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/28	USD	300		15,618			20,412			(4,794	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		25

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Credit Default Swaps — Buy Protection (continued)


Reference Obligations/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Paramount Global Class B		1.00	%		Quarterly	JPMorgan Chase Bank N.A.		12/20/28	USD	300	$	15,618		$	20,969	$	(5,351	)
Xerox Corp.		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/28	USD	10		730			1,155		(425	)
Xerox Corp.		1.00			Quarterly	Morgan Stanley & Co. International PLC		12/20/28	USD	30		2,190			3,463		(1,273	)
Republic of Panama		1.00			Quarterly	Bank of America N.A.		06/20/29	USD	300		11,379			11,827		(448	)

											$	(76,555	)	$	237,442	$	(313,997	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing
Rate Received
by the Trust

Payment
Frequency

Counterparty

Termination
Date

Credit
Rating

^(a)

Notional

Amount (000)

^(b)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Vistra Operations Company LLC

5.00

Quarterly

JPMorgan Chase Bank N.A.

12/20/25

USD 642

46,246

19,990

26,256

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaps


Paid by the Trust		Received by the Trust				Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate			Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day BZDIOVER, 0.04%	At Termination		12.81	%	At Termination	Morgan Stanley & Co. International PLC		N/A		01/02/25		BRL	143,165	$	666,731		$	—	$	666,731
1-Day BZDIOVER, 0.04%	At Termination		13.18	%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,385		45,841			—		45,841
1-Day BZDIOVER, 0.04%	At Termination		13.21	%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,381		46,697			—		46,697
1-Day BZDIOVER, 0.04%	At Termination		13.25	%	At Termination	Citibank N.A.		N/A		01/02/25		BRL	3,883		25,182			—		25,182
China Fixing Repo Rates 7-Day, 2.30%	Quarterly		2.60	%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26		CNY	157,107		333,903			—		333,903
1-Day BZDIOVER, 0.04%	At Termination		10.06	%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/04/27		BRL	14,158		(36,961	)		—		(36,961	)
1-Day BZDIOVER, 0.04%	At Termination		10.03	%	At Termination	BNP Paribas SA		N/A		01/04/27		BRL	12,635		(37,579	)		—		(37,579	)
1-Day BZDIOVER, 0.04%	At Termination		10.14	%	At Termination	Bank of America N.A.		N/A		01/04/27		BRL	13,441		(34,159	)		—		(34,159	)
1-Day BZDIOVER, 0.04%	At Termination		10.12	%	At Termination	BNP Paribas SA		N/A		01/04/27		BRL	96		(230	)		—		(230	)
1-Day BZDIOVER, 0.04%	At Termination		10.16	%	At Termination	Bank of America N.A.		N/A		01/04/27		BRL	17,910		(43,061	)		—		(43,061	)
1-Day BZDIOVER, 0.04%	At Termination		10.12	%	At Termination	BNP Paribas SA		N/A		01/04/27		BRL	17,183		(41,020	)		—		(41,020	)
1-Day BZDIOVER, 0.04%	At Termination		10.35	%	At Termination	Barclays Bank PLC		N/A		01/04/27		BRL	29,050		(15,896	)		—		(15,896	)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

OTC Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust				Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate			Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day BZDIOVER, 0.04%	At Termination		9.99	%	At Termination	Citibank N.A.		N/A		01/04/27		BRL	14,191	$	(44,146	)	$	—	$	(44,146	)
1-Day BZDIOVER, 0.04%	At Termination		10.00	%	At Termination	Bank of America N.A.		N/A		01/04/27		BRL	14,578		(43,894	)		—		(43,894	)
1-Day BZDIOVER, 0.04%	At Termination		10.03	%	At Termination	Morgan Stanley & Co. International PLC		N/A		01/04/27		BRL	14,173		(40,311	)		—		(40,311	)

														$	781,097		$	—	$	781,097

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Counterparty

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

1-Day SOFR minus 0.30%, 5.34%

At Termination

iShares iBoxx $ High Yield Corporate Bond ETF

At Termination

BNP Paribas SA

N/A

06/17/24

USD

5,095

34,387

—

34,387

1-Day SOFR minus 0.30%, 5.34%

At Termination

iShares iBoxx $ High Yield Corporate Bond ETF

At Termination

JPMorgan Chase Bank N.A.

N/A

06/17/24

USD

5,694

38,430

—

38,430

72,817

—

72,817

OTC Total Return Swaps


Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Citibank N.A.^(b)		10/25/24	$	11,218,233		$	383,792	^(c)	$	11,653,825			0.6	%
	Monthly	JPMorgan Chase Bank N.A.^(d)		02/10/25		(8,303,648	)		(82,020	)^(e)		(8,399,409	)		0.5

								$	301,772		$	3,254,416

^(a)

The Trust receives the total return on a portfolio of long positions underlying the total return swap. The Trust pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Trust pays or 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 positions.

^(c)

Amount includes $(51,800) of net dividends and financing fees.

^(e)

Amount includes $13,741 of net dividends and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)
Range:	26 basis points	15-82 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		27

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date 10/25/24:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Italy
Leonardo SpA		463,859	$	11,653,825		100.0	%


Net Value of Reference Entity — Citibank N.A			$11,653,825

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date 02/10/25:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

United States
Banc of California, Inc.		1	$	15		(0.0	)%
BankUnited, Inc.		3,228		90,384		(1.1	)
Customers Bancorp., Inc.		537		28,493		(0.3	)
Eagle Bancorp., Inc.		3,416		80,242		(1.0	)
New York Community Bancorp., Inc.		152,617		491,427		(5.8	)


Total Reference Entity — Long			690,561


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

United States
Air Transport Services Group, Inc.		(309	)	$	(4,252	)		0.0	%
Atlantic Union Bankshares Corp.		(1,550	)		(54,731	)		0.7
Brookline Bancorp, Inc.		(5,664	)		(56,413	)		0.7
Community Bank System, Inc.		(1,416	)		(68,011	)		0.8
CVB Financial Corp.		(3,741	)		(66,739	)		0.8
Dime Community Bancshares, Inc.		(212	)		(4,083	)		0.0
First Bancorp./Southern Pines NC		(1,699	)		(61,368	)		0.7
Glacier Bancorp, Inc.		(1,656	)		(66,704	)		0.8
Independent Bank Group, Inc.		(1,817	)		(82,946	)		1.0
Marriott International, Inc., Class A		(3,655	)		(922,193	)		11.0
OceanFirst Financial Corp.		(4,578	)		(75,125	)		0.9
Provident Financial Services, Inc.		(5,230	)		(76,201	)		0.9
Sandy Spring Bancorp, Inc.		(3,683	)		(85,372	)		1.0
SouthState Corp.		(670	)		(56,970	)		0.7
Valley National Bancorp.		(11,378	)		(90,569	)		1.1

					(1,771,677	)

Exchange Traded Funds

United States
iShares iBoxx $ High Yield Corporate Bond ETF		(24,105	)		(1,873,681	)		22.3
iShares iBoxx $ Investment Grade Corporate Bond ETF		(21,553	)		(2,347,553	)		27.9
Vanguard Intermediate-Term Corporate Bond ETF		(38,468	)		(3,097,059	)		36.9

					(7,318,293	)


Total Reference Entity — Short					(9,089,970	)


Net Value of Reference Entity — JPMorgan Chase Bank N.A				$	(8,399,409	)

Fair Value Hierarchy as of Period End

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

•

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

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)

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
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	136,475,971	$	8,387,554		$	144,863,525
Common Stocks
Australia		—		6,708,943		—			6,708,943
Canada		26,274,905		—		—			26,274,905
China		—		13,278,728		—			13,278,728
Denmark		—		982,702		—			982,702
France		—		35,436,803		—			35,436,803
Germany		—		14,829,401		—			14,829,401
Hong Kong		—		3,419,588		—			3,419,588
India		—		—		—			—
Israel		11,108,667		—		—			11,108,667
Italy		2,673,291		14,481,149		—			17,154,440
Japan		—		70,405,104		—			70,405,104
Macau		—		1,074,072		—			1,074,072
Netherlands		639,092		36,183,678		—			36,822,770
South Korea		6,057,317		2,587,410		—			8,644,727
Spain		—		10,089,925		—			10,089,925
Sweden		—		—		—			—
Switzerland		3,703,366		8,950,644		—			12,654,010
Taiwan		9,433,843		—		—			9,433,843
United Kingdom		4,947,803		37,520,253		559,949			43,028,005
United States		664,416,783		26,574,224		24,783,847			715,774,854
Zambia		170,640		—		—			170,640
Corporate Bonds		—		189,316,863		63,278,570			252,595,433
Fixed Rate Loan Interests		—		1,963,000		12,037,484			14,000,484
Floating Rate Loan Interests		—		15,891,694		71,552,346			87,444,040
Foreign Agency Obligations		—		39,023,024		—			39,023,024
Investment Companies		17,098,586		—		—			17,098,586
Municipal Bonds		—		3,117,477		—			3,117,477
Non-Agency Mortgage-Backed Securities		—		78,908,203		15,417,314			94,325,517
Other Interests		—		—		3,999,216			3,999,216
Preferred Securities
Capital Trusts		—		1,581,846		—			1,581,846
Preferred Stocks		—		3,737,224		62,939,364			66,676,588
U.S. Government Sponsored Agency Securities		—		169,497,063		—			169,497,063
U.S. Treasury Obligations		—		6,946,606		—			6,946,606
Warrants
Brazil		12,284		—		—			12,284
Israel		403		—		3,283			3,686
United Kingdom		—		—		238,536			238,536
United States		40,015		1,372		2,556,380			2,597,767
Short-Term Securities
Money Market Funds		98,453,645		—		—			98,453,645
U.S. Treasury Obligations		—		307,281		—			307,281
Options Purchased
Credit Contracts		—		27,429		—			27,429
Equity Contracts		5,866,807		—		—			5,866,807
Foreign Currency Exchange Contracts		—		222,969		—			222,969
Interest Rate Contracts		70,837		706,059		—			776,896
Other Contracts		—		55,575		—			55,575
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—		—		(21,008	)		(21,008	)

	$	850,968,284	$	930,302,280	$	265,732,835			2,047,003,399

Investments Valued at NAV^(b)									4,852,024

								$	2,051,855,423


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		29

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	992,224		$	—	$	992,224
Equity Contracts		133,713			706,177			—		839,890
Foreign Currency Exchange Contracts		—			6,911,404			—		6,911,404
Interest Rate Contracts		1,701,836			11,965,298			—		13,667,134
Other Contracts		—			18,870			—		18,870
Liabilities
Commodity Contracts		(87,173	)		—			—		(87,173	)
Credit Contracts		—			(911,293	)		—		(911,293	)
Equity Contracts		(4,309,271	)		(255,267	)		—		(4,564,538	)
Foreign Currency Exchange Contracts		—			(622,541	)		—		(622,541	)
Interest Rate Contracts		(3,108,017	)		(8,798,586	)		—		(11,906,603	)

	$	(5,668,912	)	$	10,006,286		$	—	$	4,337,374

^(a)

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)

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.

^(c)

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:



	Asset-Backed Securities			Common Stocks			Corporate Bonds			Fixed Rate Loan Interests			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Other Interests

Assets
Opening balance, as of December 31, 2023	$	8,947,923		$	27,338,257		$	56,881,661		$	11,920,142		$	65,568,658		$	15,407,058		$	4,065,568
Transfers into Level 3		—			—			—			—			4,582,720			—			—
Transfers out of Level 3		—			—			—			—			(3,050,180	)		—			—
Other^(a)		—			(5,271,859	)		—			(518,703	)		518,703			—			—
Accrued discounts/premiums		770			—			77,022			8,399			36,044			38,513			—
Net realized gain (loss)		3,751			(48	)		(330,154	)		—			(1,823	)		—			—
Net change in unrealized appreciation (depreciation)^(b)		(164,103	)		231,347			114,538			35,943			320,413			158,532			(66,352	)
Purchases		—			3,046,099			23,393,329			591,703			9,462,260			—			—
Sales		(400,787	)		—			(16,857,826	)		—			(5,884,449	)		(186,789	)		—

Closing balance, as of March 31, 2024	$	8,387,554		$	25,343,796		$	63,278,570		$	12,037,484		$	71,552,346		$	15,417,314		$	3,999,216

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024^(b)	$	(164,103	)	$	231,347		$	33,333		$	35,943		$	304,013		$	158,532		$	(66,352	)



	Preferred Stocks			Unfunded Fixed Rate Loan Interests			Unfunded Floating Rate Loan Interests			Warrants			Total

Assets/Liabilities
Opening balance, as of December 31, 2023	$	53,697,827		$	—		$	(49,378	)	$	1,990,642		$	245,768,358
Transfers into Level 3		2,487,113			—			—			—			7,069,833
Transfers out of Level 3		—			—			—			—			(3,050,180	)
Other^(a)		5,271,859			191			(191	)		—			—
Accrued discounts/premiums		—			—			—			—			160,748
Net realized gain (loss)		301			—			—			(24,020	)		(351,993	)
Net change in unrealized appreciation (depreciation)^(b)		(1,926,070	)		(191	)		28,561			831,577			(435,805	)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)



	Preferred Stocks			Unfunded Fixed Rate Loan Interests		Unfunded Floating Rate Loan Interests			Warrants		Total

Purchases	$	4,653,046		$	—	$	—		$	—	$	41,146,437
Sales		(1,244,712	)		—		—			—		(24,574,563	)

Closing balance, as of March 31, 2024	$	62,939,364		$	—	$	(21,008	)	$	2,798,199	$	265,732,835

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024^(b)	$	(1,926,070	)	$	—	$	(19,858	)	$	847,461	$	(565,754	)

^(a)

Certain Level 3 investments were re-classified between Common Stocks, Fixed Rate Loan Interests,Floating Rate Loan Interests, Preferred Stocks, Unfunded Fixed Rate Loan Interests and Unfunded Floating Rate Loan Interests.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024 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 BlackRock Valuation Committee (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 $26,074,625. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

Value

Valuation
Approach

Unobservable

Inputs

Range of
Unobservable
Inputs
Utilized

^(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Common Stocks

25,343,796

Market

Revenue Multiple

1.88x - 14.00x

5.06x

Volatility

75% -88%

80%

Time to Exit

0.1 - 5.3 years

3.0 years

EBITDA Multiple

15.75x

—

Gross Profit Multiple

12.40x - 12.89x

12.70x

Income

Discount Rate

11%

—

Asset Backed Securities

5,517,434

Income

Discount Rate

8% - 8%

Non-Agency Mortgage-Backed Securities

3,256,582

Income

Discount Rate

10%

—

Corporate Bonds

63,278,570

Income

Discount Rate

7% - 26%

14%

Market

Revenue Mulltiple

4.25x

—

Volatility

50%

—

Floating Rate Loan Interest

64,477,610

Income

Discount Rate

7% - 15%

11%

Fixed Rate Loan Interests

12,037,484

Income

Discount Rate

7% - 13%

Other Interests

3,999,216

Income

Discount Rate

—

Preferred Stocks^(b)

58,949,319

Market

Revenue Multiple

1.60x - 20.00x

8.97x

Volatility

34% - 90%

67%

Time to Exit

0.5 - 5.0 years

2.5 years

EBIDTAR Multiple

9.53x

—

EBIDTA Multiple

7.25x

—

Market Adjustment Multiple

1.00x- 1.30x

1.24x

Direct Profit Multiple

4.50x

—

Income

Discount Rate

11% - 14%

11%

Warrants

2,798,199

Market

Revenue Multiple

4.25x -12.38x

7.93x

Volatility

38% - 88%

73%

Time to Exit

0.1 - 5.3 years

2.8 years


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		31

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Capital Allocation Term Trust (BCAT)

Value

Valuation
Approach

Unobservable

Inputs

Range of
Unobservable
Inputs
Utilized

^(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Income

Discount Rate

26%

—

239,658,210

^(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)

For the period end March 31, 2024, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value.



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

MXN		Mexican Peso

NOK		Norwegian Krone

SEK		Swedish Krona

THB		Thai Baht

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation

ABS		Asset-Backed Security

ADR		American Depositary Receipt

BZDIOVER		Overnight Brazil Interbank Deposit (CETIP)

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

ESTR		Euro Short Term Rate

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FREMF		Freddie Mac Multifamily Securities

GMTN		Global Medium-Term Note



Portfolio Abbreviation (continued)

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MIBOR		Mumbai InterBank Overnight Rate

MSCI		Morgan Stanley Capital International

MTA		Month Treasury Average

MXIBTIIE		Mexico Interbank TIIE 28-Day

PIK		Payment-in-Kind

PIPE		Private Investment in Public Equity

RB		Revenue Bond

S&P		Standard & Poor’s

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

ST		Special Tax