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

Consolidated Schedule of Investments (unaudited)

September 30, 2023

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	$	841,562


Cayman Islands^(a)(b)— 5.1%
522 Funding CLO Ltd., Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.91%), 9.24%, 04/20/30	USD		1,950		1,911,737
AGL CLO Ltd.
Series 2020-3A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.87%, 01/15/33			550		528,878
Series 2020-7A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.67%, 07/15/34			250		241,804
Series 2020-9A, Class D, (3-mo. CME Term SOFR + 3.96%), 9.29%, 01/20/34			850		820,484
AIMCO CLO, Series 2017-AA, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.74%, 04/20/34			250		239,055
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.57%, 10/15/29			950		889,764
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 8.54%, 04/20/31			250		245,807
Apidos CLO XXXII, Series 2019-32A, Class D, (3-mo. CME Term SOFR + 3.76%), 9.09%, 01/20/33			250		241,361
Apidos CLO XXXV, Series 2021-35A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.34%, 04/20/34			375		358,340
Apidos CLO XXXVII, Series 2021-37A, Class E, (3- mo. CME Term SOFR + 6.56%), 11.91%, 10/22/34			250		245,335
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 4.51%), 9.82%, 10/15/28			3,000		3,006,357
Ares Loan Funding I Ltd.
Series 2021-ALFA, Class E, (3-mo. CME Term SOFR + 6.96%), 12.27%, 10/15/34			1,250		1,210,206
Series 2021-ALFA, Class SUB, 0.00%, 10/15/34			2,150		1,332,858
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.72%, 07/15/34			1,500		1,438,321
Ares LVI CLO Ltd., Series 2020-56A, Class ER, (3- mo. CME Term SOFR + 6.76%), 12.11%, 10/25/34			625		594,480
Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.62%, 07/15/32			2,700		2,680,548
Bardot CLO Ltd., Series 2019-2A, Class DR, (3-mo. CME Term SOFR + 3.26%), 8.61%, 10/22/32			250		245,305
Battalion CLO IX Ltd., Series 2015-9A, Class DR, (3-mo. CME Term SOFR + 3.51%), 8.82%, 07/15/31			250		239,031
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class ER, (3-mo. CME Term SOFR + 7.01%), 12.32%, 07/15/34			250		237,979
Birch Grove CLO Ltd.
Series 19A, Class DR, (3-mo. CME Term SOFR + 3.61%), 9.02%, 06/15/31			1,500		1,491,288
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.56%), 8.88%, 10/19/34			750		721,926
BlueMountain CLO Ltd., Series 2016-2A, Class C1R2, (3-mo. CME Term SOFR + 3.36%), 8.74%, 08/20/32			1,000		964,125
Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.67%, 10/15/31			250		238,703


Security		Par (000)		Value

Cayman Islands (continued)
Canyon CLO Ltd., Series 2020-3A, Class E, (3-mo. CME Term SOFR + 7.51%), 12.82%, 01/15/34	USD		250	$	244,112
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 04/20/32			1,425		1,401,622
CarVal CLO VC Ltd., Series 2021-2A, Class E, (3-mo. CME Term SOFR + 7.01%), 12.32%, 10/15/34			500		475,118
CIFC Funding Ltd.
Series 2014-2RA, Class B1, (3-mo. CME Term SOFR + 3.06%), 8.41%, 04/24/30			1,000		979,780
Series 2019-3A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.62%, 10/16/34			1,000		979,474
Crown City CLO III, Series 2021-1A, Class C, (3-mo. CME Term SOFR + 3.56%), 8.89%, 07/20/34			1,250		1,195,801
Crown Point CLO Ltd., Series 2020-9A, Class DR, (3-mo. CME Term SOFR + 4.01%), 9.32%, 07/14/34			500		487,011
Eaton Vance CLO Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 6.76%), 12.07%, 04/15/31			500		481,420
Elmwood CLO I Ltd.
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 4.66%), 9.99%, 10/20/33			5,750		5,717,746
Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 7.97%), 13.30%, 10/20/33			2,375		2,342,357
Elmwood CLO II Ltd.
Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.39%, 04/20/34			3,000		2,960,780
Series 2019-2A, Class SUB, 0.00%, 04/20/34			1,000		777,949
Elmwood CLO V Ltd., Series 2020-2A, Class ER, (3-mo. CME Term SOFR + 6.36%), 11.69%, 10/20/34			250		242,613
Elmwood CLO VIII Ltd., Series 2021-1A, Class E1, (3-mo. CME Term SOFR + 6.26%), 11.59%, 01/20/34			500		482,591
Elmwood CLO X Ltd., Series 2021-3A, Class E, (3- mo. CME Term SOFR + 6.11%), 11.44%, 10/20/34 .			1,000		965,750
Flatiron CLO Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.26%), 8.63%, 11/16/34			700		688,190
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-9A, Class E, (3-mo. CME Term SOFR + 5.01%), 10.34%, 01/20/33			1,000		912,088
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.64%, 07/20/31			750		739,606
Golub Capital Partners CLO Ltd.
Series 2021-53A, Class E, (3-mo. CME Term SOFR + 6.96%), 12.29%, 07/20/34			250		247,238
Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.15%, 07/20/34			1,000		989,376
Gulf Stream Meridian Ltd.
Series 2020-IA, Class E, (3-mo. CME Term SOFR + 6.71%), 12.02%, 04/15/33			2,625		2,408,793
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 6.85%), 12.16%, 07/15/35			750		707,382
Madison Park Funding XLIX Ltd., Series 2021-49A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.83%, 10/19/34			250		245,033
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.27%, 10/18/30			500		478,775

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
Niagara Park CLO Ltd., Series 2019-1A, Class ER, (3-mo. CME Term SOFR + 6.21%), 11.52%, 07/17/32	USD		1,000	$	945,407
OCP CLO Ltd.
Series 2019-16A, Class ER, (3-mo. CME Term SOFR + 6.61%), 11.89%, 04/10/33			400		371,602
Series 2020-18A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 07/20/32			500		494,283
Series 2020-20A, Class D1, (3-mo. CME Term SOFR + 4.21%), 9.49%, 10/09/33			3,500		3,496,642
Series 2020-20A, Class E, (3-mo. CME Term SOFR + 7.92%), 13.20%, 10/09/33			2,250		2,218,321
Octagon Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.62%, 07/15/34			250		238,226
OSD CLO Ltd., Series 2021-23A, Class E, (3-mo. CME Term SOFR + 6.26%), 11.57%, 04/17/31			250		233,122
Palmer Square CLO Ltd.
Series 2018-2A, Class D, (3-mo. CME Term SOFR + 5.86%), 11.17%, 07/16/31			250		235,169
Series 2021-2A, Class E, (3-mo. CME Term SOFR + 6.61%), 11.92%, 07/15/34			250		238,890
Palmer Square Loan Funding Ltd.
Series 2020-4A, Class C, (3-mo. CME Term SOFR + 3.86%), 9.25%, 11/25/28			1,000		999,271
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.59%, 04/20/29			1,250		1,220,504
Series 2021-3A, Class C, (3-mo. CME Term SOFR + 2.76%), 8.09%, 07/20/29			250		245,633
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 5.26%), 10.59%, 07/20/29			250		236,049
Series 2021-4A, Class D, (3-mo. CME Term SOFR + 5.26%), 10.57%, 10/15/29			750		707,610
Series 2021-4A, Class E, (3-mo. CME Term SOFR + 7.77%), 13.08%, 10/15/29			500		497,594
Park Avenue Institutional Advisers CLO Ltd.
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 7.56%), 12.89%, 01/20/34			600		557,647
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.66%), 8.97%, 07/15/34			1,000		975,049
Pikes Peak CLO
Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.51%), 8.82%, 07/15/34			1,000		984,302
Series 2020-6A, Class ER2, (3-mo. CME Term SOFR + 6.69%), 12.07%, 05/18/34			500		487,281
Post CLO Ltd.
Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.21%), 8.52%, 04/16/31			500		498,612
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.71%), 12.02%, 10/15/34			750		720,337
Rad CLO Ltd.
Series 2019-3A, Class DR, (3-mo. CME Term SOFR + 3.01%), 8.32%, 04/15/32			250		245,467
Series 2020-9A, Class E, (3-mo. CME Term SOFR + 7.85%), 13.16%, 01/15/34			5,000		4,969,271


Security		Par (000)		Value

Cayman Islands (continued)
Regatta XVII Funding Ltd.
Series 2020-1A, Class D, (3-mo. CME Term SOFR + 4.41%), 9.72%, 10/15/33	USD		750	$	743,524
Series 2020-1A, Class E, (3-mo. CME Term SOFR + 7.87%), 13.18%, 10/15/33			250		248,922
Regatta XX Funding Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.67%, 10/15/34			1,500		1,436,200
Regatta XXIV Funding Ltd., Series 2021-5A, Class E, (3-mo. CME Term SOFR + 7.06%), 12.39%, 01/20/35			500		482,784
RR Ltd., Series 2021-19A, Class D, (3-mo. CME Term SOFR + 6.76%), 12.07%, 10/15/35			250		247,941
Sixth Street CLO XIX Ltd., Series 2021-19A, Class E, (3-mo. CME Term SOFR + 6.16%), 11.49%, 07/20/34			3,750		3,581,148
Sixth Street CLO XVI Ltd., Series 2020-16A, Class E, (3-mo. CME Term SOFR + 7.58%), 12.91%, 10/20/32			1,480		1,469,111
Sound Point CLO XXVI Ltd., Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.94%, 07/20/34			250		237,938
Stratus CLO Ltd.
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 5.26%), 10.59%, 12/29/29			1,500		1,405,372
Series 2021-1A, Class SUB, 0.00%, 12/29/29			1,000		503,170
Series 2021-2A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.34%, 12/28/29			1,000		988,194
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.34%, 12/29/29			500		482,116
Symphony CLO XXI Ltd., Series 2019-21A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.87%, 07/15/32			500		465,063
Symphony CLO XXIII Ltd., Series 2020-23A, Class ER, (3-mo. CME Term SOFR + 6.41%), 11.72%, 01/15/34			500		478,979
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.49%, 01/20/31			500		492,832
TICP CLO XI Ltd.
Series 2018-11A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.64%, 10/20/31			250		246,629
Series 2018-11A, Class E, (3-mo. CME Term SOFR + 6.26%), 11.59%, 10/20/31			500		478,893
TICP CLO XV Ltd., Series 2020-15A, Class E, (3-mo. CME Term SOFR + 6.41%), 11.74%, 04/20/33			500		488,823
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.51%, 04/25/32			500		493,918
Trimaran CAVU Ltd., Series 2019-1A, Class D, (3-mo. CME Term SOFR + 4.41%), 9.74%, 07/20/32			1,750		1,715,973
Whitebox CLO I Ltd.
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.66%, 07/24/32			250		246,822
Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 6.66%), 12.01%, 07/24/32			1,300		1,229,946
Series 2019-1A, Class SUB, 0.00%, 07/24/32			1,000		656,302


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		2

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.96%, 10/24/34	USD		2,750	$	2,685,643
Whitebox CLO III Ltd.
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.92%, 10/15/34			500		483,417
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 7.11%), 12.42%, 10/15/34			500		484,995

					91,565,241

Ireland^(a)(b)— 0.5%
Anchorage Capital Europe CLO DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.20%), 6.92%, 04/25/34	EUR		868		870,898
CIFC European Funding CLO III DAC, Series 3A, Class D, (3-mo. EURIBOR + 3.60%), 7.26%, 01/15/34			700		707,481
CVC Cordatus Loan Fund XIX DAC, Series 19A, Class D, (3-mo. EURIBOR + 3.80%), 7.76%, 12/23/33			2,300		2,363,162
Henley CLO IV DAC, Series 4A, Class D, (3-mo. EURIBOR + 3.00%), 6.72%, 04/25/34			1,000		992,252
Invesco Euro CLO V DAC, Series D, Class 5A, (3-mo. EURIBOR + 3.80%), 7.46%, 01/15/34			3,150		3,104,590
Prodigy Finance DAC
Series 2021-1A, Class C, (1-mo. Term SOFR + 3.86%), 9.18%, 07/25/51	USD		132		131,999
Series 2021-1A, Class D, (1-mo. Term SOFR + 6.01%), 11.33%, 07/25/51			283		282,421

					8,452,803

Netherlands — 0.1%
Alme Loan Funding V DAC, Series ER, Class 5A, (3-mo. EURIBOR + 5.41%), 9.07%, 07/15/31^(a)(b)	EUR		2,250		2,357,294


United Kingdom — 0.1%
Ares European CLO XII DAC, Series 12A, Class DR, (3-mo. EURIBOR + 3.00%), 6.71%, 04/20/32^(a)(b)			875		874,605


United States — 2.9%
510 Loan Acquisition Trust, Series 2020-1, Class A, 5.11%, 09/25/60^(a)(c)	USD		4,087		4,008,495
AMSR Trust, Series 2020-SFR5, Class G, 4.11%, 11/17/37^(a)			2,899		2,641,414
Citigroup Mortgage Loan Trust^(b)
Series 2007-AHL2, Class A3B, (1-mo. Term SOFR + 0.31%), 5.63%, 05/25/37			4,337		2,783,349
Series 2007-AHL3, Class A3B, (1-mo. Term SOFR + 0.28%), 5.60%, 07/25/45			3,214		2,183,557
College Ave Student Loans LLC, Series 2021-A, Class D, 4.12%, 07/25/51^(a)			293		270,555
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class R1, 0.00%, 04/25/43^(a)(d)			5		3,415,680
Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26^(a)			2,407		2,050,821
Lending Funding Trust^(a)
Series 2020-2A, Class C, 4.30%, 04/21/31			980		864,025
Series 2020-2A, Class D, 6.77%, 04/21/31			2,830		2,469,576
Lendmark Funding Trust, Series 2021-1A, Class D, 5.05%, 11/20/31^(a)			2,320		1,842,052
Litigation Fee Residual, Series 2020-1, Class A, 4.00%, 10/30/27^(d)			1,989		1,928,770


Security		Par (000)		Value

United States (continued)
Mariner Finance Issuance Trust^(a)
Series 2021-BA, Class E, 4.68%, 11/20/36	USD		540	$	418,498
Series 2022-AA, Class E, 5.40%, 03/20/36			1,420		1,159,080
Navient Private Education Refi Loan Trust, Series 2021-DA, Class D, 4.00%, 04/15/60^(a)			1,340		1,200,221
Nelnet Student Loan Trust^(a)
Series 2021-A, Class D, 4.93%, 04/20/62			1,670		1,360,732
Series 2021-BA, Class D, 4.75%, 04/20/62			340		270,048
Series 2021-CA, Class D, 4.44%, 04/20/62			110		86,256
Progress Residential^(a)
Series 2021-SFR1, Class H, 5.00%, 04/17/38			750		662,506
Series 2021-SFR3, Class H, 4.75%, 05/17/26			1,140		998,730
Regional Management Issuance Trust
Series 2020-1, Class D, 6.77%, 10/15/30^(a)			2,050		1,831,772
Series 2021-3, Class A, 3.88%, 10/17/33^(d)			4,780		4,158,600
Republic Finance Issuance Trust^(a)
Series 2020-A, Class D, 7.00%, 11/20/30			5,110		4,682,384
Series 2021-A, Class D, 5.23%, 12/22/31			800		663,792
Residential Mortgage Loan Trust, Series 2020-1, Class B1, 3.95%, 01/26/60^(a)(b)			400		313,826
SMB Private Education Loan Trust^(a)
Series 2021-A, Class D1, 3.86%, 01/15/53			2,582		2,314,252
Series 2021-A, Class D2, 3.86%, 01/15/53			1,409		1,262,920
Series 2021-C, Class D, 3.93%, 01/15/53			780		717,243
SoFi Professional Loan Program LLC^(a)
Series 2017-A, Class R, 0.00%, 03/26/40			105		536,192
Series 2018-A, Class R1, 0.00%, 02/25/42			115		1,628,019
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF2, Class M8, (1-mo. Term SOFR + 1.91%), 7.23%, 05/25/35^(b)			182		173,087
Tricon Residential Trust^(a)
Series 2021-SFR1, Class F, 3.69%, 07/17/38			1,375		1,196,229
Series 2021-SFR1, Class G, 4.13%, 07/17/38			887		776,350

					50,869,031

Total Asset-Backed Securities — 8.7% (Cost: $171,490,299)					154,960,536


		Shares

Common Stocks

Australia — 0.3%
Glencore PLC			1,068,824		6,086,428


Canada — 1.4%
Cameco Corp.			181,561		7,197,078
Enbridge, Inc.			367,004		12,172,671
Suncor Energy, Inc.			123,394		4,243,500
Teck Resources Ltd., Class B			20,332		876,106

					24,489,355

Cayman Islands — 0.0%
Crown PropTech Acquisitions, Class A^(e)			29,568		310,464


China — 0.5%
Alibaba Group Holding Ltd.^(e)			66,900		725,342
BYD Co. Ltd., Class H			125,000		3,851,277
Kindstar Globalgene Technology, Inc.^(a)(e)			2,024,500		408,470

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Meituan, Class B^(a)(e)		13,088	$	189,465
Tencent Holdings Ltd.		95,888		3,716,996

				8,891,550

France — 2.7%
Accor SA		42,748		1,437,804
BNP Paribas SA		149,401		9,499,853
Cie de Saint-Gobain		117,972		7,060,668
EssilorLuxottica SA		18,320		3,186,683
Kering SA		9,700		4,407,319
LVMH Moet Hennessy Louis Vuitton SE		12,531		9,458,780
Sanofi		41,577		4,464,341
TotalEnergies SE		44,293		2,912,235
Vinci SA		43,345		4,795,302

				47,222,985

Germany — 1.6%
Bayer AG, Registered Shares		67,538		3,243,471
Commerzbank AG		119,690		1,358,403
Mercedes-Benz Group AG, Registered Shares		82,258		5,724,888
SAP SE		85,727		11,096,677
SAP SE, ADR		7,100		918,172
Siemens AG, Registered Shares		42,531		6,078,047

				28,419,658

Hong Kong — 0.2%
AIA Group Ltd.		508,370		4,111,260


India — 0.1%
Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $5,113,105)^(d)(f)		2,279		1,716,547


Israel — 0.4%
Nice Ltd., ADR^(e)		40,796		6,935,320


Italy — 0.5%
Ariston Holding NV		476,063		3,102,953
Intesa Sanpaolo SpA		1,358,699		3,479,923
UniCredit SpA		104,323		2,485,639

				9,068,515

Japan — 3.2%
FANUC Corp.		195,915		5,095,244
Honda Motor Co. Ltd.		343,200		3,860,894
Hoya Corp.		35,186		3,603,660
Japan Airlines Co. Ltd.		337,400		6,555,403
Keyence Corp.		17,400		6,434,965
Komatsu Ltd.		91,500		2,467,857
Kose Corp.		25,298		1,833,651
Mitsubishi UFJ Financial Group, Inc.		1,161,000		9,838,495
Mitsui & Co. Ltd.		117,800		4,272,599
SMC Corp.		9,100		4,079,186
Sysmex Corp.		74,200		3,525,774
Toyota Motor Corp.		315,200		5,654,790

				57,222,518

Netherlands — 2.2%
ASML Holding NV		19,804		11,659,605
ING Groep NV, Series N		985,775		12,992,580


Security	Shares		Value

Netherlands (continued)
Shell PLC		456,440	$	14,694,117
Shell PLC, ADR		9,533		613,735

				39,960,037

South Korea — 0.3%
Amorepacific Corp.		28,737		2,596,725
SK Hynix, Inc.		36,095		3,055,971

				5,652,696

Spain — 0.6%
Cellnex Telecom SA^(a)		282,951		9,841,601


Switzerland — 1.9%
Alcon, Inc.		89,980		6,943,522
Lonza Group AG, Registered Shares		3,038		1,405,218
Nestle SA, Registered Shares		129,296		14,635,789
On Holding AG, Class A^(e)		104,674		2,912,031
Roche Holding AG		7,920		2,162,168
TE Connectivity Ltd.		45,118		5,573,426

				33,632,154

Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		69,341		6,025,733


United Kingdom — 2.4%
AstraZeneca PLC		55,305		7,459,783
AstraZeneca PLC, ADR		40,685		2,755,188
BAE Systems PLC		539,214		6,552,443
Barclays PLC		990,601		1,909,313
BP PLC		73,129		471,385
Compass Group PLC		179,564		4,370,871
Genius Sports Ltd.^(e)		186,939		996,385
Lloyds Banking Group PLC, Series L		1,423,626		765,048
RELX PLC		115,222		3,887,580
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $2,398,802)^(d)(f)		1,235		648,066
Unilever PLC		241,569		11,949,643

				41,765,705

United States — 32.7%
Abbott Laboratories^(g)		100,914		9,773,521
Activision Blizzard, Inc.		5,412		506,726
ACV Auctions, Inc., Class A^(e)		203,406		3,087,703
Advanced Micro Devices, Inc., Series E^(e)		42,923		4,413,343
Air Products and Chemicals, Inc.		25,389		7,195,243
Albemarle Corp.		29,614		5,035,565
Alphabet, Inc., Class C^(e)		203,498		26,831,211
Amazon.com, Inc.^(e)(g)		211,448		26,879,270
American Tower Corp.		36,035		5,925,956
Amgen, Inc.		5,487		1,474,686
Apple, Inc., Series BB		86,259		14,768,403
Applied Materials, Inc.		38,827		5,375,598
Aptiv PLC^(e)		34,079		3,359,849
Archer-Daniels-Midland Co.		112,499		8,484,675
Astra Space, Inc.		13,702		25,349
Boston Scientific Corp.^(e)(g)		154,176		8,140,493
Bunge Ltd.		59,551		6,446,396
California Resources Corp.		29,217		1,636,444
Cencora, Inc.		8,277		1,489,612
Centene Corp.^(e)		10,766		741,562


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		4

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares			Value

United States (continued)
CF Industries Holdings, Inc.		72,325		$	6,201,145
Charter Communications, Inc., Class A^(e)		9,297			4,089,006
Chesapeake Energy Corp.		4,446			383,379
Chubb Ltd.		37,128			7,729,307
Citigroup, Inc.		4,224			173,733
Comcast Corp., Class A		57,932			2,568,705
ConocoPhillips		24,086			2,885,503
Constellation Brands, Inc., Class A		2,878			723,328
Costco Wholesale Corp.		14,047			7,935,993
Crown PropTech Acquisitions^(d)		62,088			39,736
Cxaap, Inc., (Acquired 06/29/23, Cost: $128)^(d)(f)		35,190			60,527
Datadog, Inc., Series B, Class A^(e)		37,929			3,454,953
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $908,457)^(f)(h)		—	⁽ⁱ⁾		4,457,660
Delta Air Lines, Inc.		66,235			2,450,695
Dexcom, Inc.^(e)		16,293			1,520,137
Edwards Lifesciences Corp.^(e)		38,634			2,676,563
Element Solutions, Inc.		49,065			962,165
Eli Lilly & Co.		16,405			8,811,618
Enterprise Products Partners LP		328,803			8,999,338
Epic Games, Inc., (Acquired 03/29/21, Cost: $2,499,240)^(d)(f)		2,824			1,884,286
EQT Corp.^(g)		49,390			2,004,246
Equitrans Midstream Corp.		2,815			26,377
F5, Inc.^(e)		38,629			6,224,677
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $8,566,971)^(d)(f)		126,282			9,073,362
First Citizens BancShares, Inc., Class A		241			332,604
Ford Motor Co.		61,192			760,005
Fortive Corp.		152,788			11,330,758
Freeport-McMoRan, Inc.^(g)		152,653			5,692,430
General Dynamics Corp.		2,808			620,484
General Motors Co.		19,748			651,092
GLOBALFOUNDRIES, Inc.^(e)		73,546			4,279,642
Green Plains, Inc.^(e)		46,023			1,385,292
Halliburton Co.		12,395			501,997
Hawkeye 360, Series D1^(d)		406,081			3,658,790
Hilton Worldwide Holdings, Inc.		23,479			3,526,076
Humana, Inc.		23,703			11,531,984
Informatica, Inc., Class A^(e)		41,280			869,770
Ingersoll Rand, Inc.		58,243			3,711,244
Intuitive Surgical, Inc.^(e)		12,778			3,734,882
Johnson & Johnson		31,322			4,878,401
JPMorgan Chase & Co.		65,647			9,520,128
Kenvue, Inc.		126,721			2,544,558
KLA Corp.		5,763			2,643,258
Las Vegas Sands Corp.		10,402			476,828
Latch, Inc.		142,273			133,737
Lennar Corp., Class A		1,082			121,433
Liberty Broadband Corp., Class C^(e)		39,610			3,617,185
Liberty Media Corp.-Liberty Live, Class C^(e)		39,993			1,283,775
Liberty Media Corp.-Liberty SiriusXM^(e)		116,441			2,964,588
Lions Gate Entertainment Corp., Class A^(e)		33,781			286,463
Lockheed Martin Corp.		11,256			4,603,254
LPL Financial Holdings, Inc.		51,105			12,145,103
M/I Homes, Inc.^(e)		4,875			409,695
Marathon Petroleum Corp.		5,414			819,355
Marsh & McLennan Cos., Inc.		85,904			16,347,531
Masco Corp.		11,041			590,141
Mastercard, Inc., Class A		40,541			16,050,587


Security	Shares		Value

United States (continued)
McDonald’s Corp.		5,705	$	1,502,925
McKesson Corp.		3,319		1,443,267
Merck & Co., Inc.		94,063		9,683,786
Meritage Homes Corp.		2,380		291,288
Micron Technology, Inc.		100,019		6,804,293
Microsoft Corp.		142,768		45,078,996
Mirion Technologies, Inc., Class A		477,390		3,566,103
Mirion Technologies, Inc., Class A^(e)		219,122		1,636,841
Morgan Stanley		4,400		359,348
Mr. Cooper Group, Inc.^(e)		15,882		850,640
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $560,518)^(d)(f)		816		—
New York Community Bancorp, Inc.		9,300		105,462
NextEra Energy, Inc.^(g)		138,493		7,934,264
Northrop Grumman Corp.		22,506		9,906,916
NVIDIA Corp.		11,745		5,108,957
Park Hotels & Resorts, Inc.		35,866		441,869
Pfizer, Inc.		117,854		3,909,217
Phillips 66		7,853		943,538
Playstudios, Inc., Class A		226,924		721,618
Progressive Corp.		28,674		3,994,288
Proof Acquisition Corp.^(d)		29,114		111,507
Rockwell Automation, Inc.		16,757		4,790,324
RXO, Inc.^(e)		5,629		111,060
Salesforce, Inc.^(e)		27,917		5,661,009
Sarcos Technology & Robotics Corp.		7,517		6,424
Sarcos Technology & Robotics Corp., Founder Shares		3,978		2,984
Sarcos Technology & Robotics Corp., Legended		160,743		137,371
Schlumberger NV		22,738		1,325,625
Sempra		187,144		12,731,406
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $189,563)^(d)(f)		12,621		109,803
Sonder Holdings, Inc., Class A		11,166		91,672
Space Exploration Technologies Corp.^(d)(f)		42,575		3,448,575
SPDR S&P Biotech ETF		45,000		3,285,900
SPDR S&P Regional Banking ETF		7,148		298,572
Starbucks Corp.		23,557		2,150,047
Sun Country Airlines Holdings, Inc.		175,935		2,610,875
Symbotic Corp., Class A		660		22,064
Tesla, Inc.^(e)		44,169		11,051,967
Texas Capital Bancshares, Inc.^(e)		2,027		119,390
Thermo Fisher Scientific, Inc.		19,809		10,026,721
TJX Cos., Inc.		58,069		5,161,173
Transocean Ltd.^(e)		255,487		2,097,548
U.S. Steel Corp.		14,730		478,430
Uber Technologies, Inc.^(e)		12,960		596,030
United Airlines Holdings, Inc., Series 16-2^(e)		58,231		2,463,171
United Parcel Service, Inc., Class B		43,383		6,762,108
UnitedHealth Group, Inc.^(g)		32,089		16,178,953
Valero Energy Corp.		24,193		3,428,390
Verge Genomics, Inc., Series C, (Acquired 09/06/23, Cost: $259,904)^(d)(f)		36,142		259,904
Visa, Inc., Class A		16,202		3,726,622
Vulcan Materials Co.		20,840		4,210,097
Walmart, Inc., Series M		45,732		7,313,919

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)



Security		Shares		Value

United States (continued)
Walt Disney Co.^(e)			79,945	$	6,479,542
Zoetis, Inc., Class A			12,652		2,201,195

					582,685,108


Total Common Stocks — 51.3% (Cost: $878,417,173)				914,037,634


		Par (000)

Corporate Bonds

Australia — 0.4%
Mineral Resources Ltd., 9.25%, 10/01/28	USD		699		705,990
Oceana Australian Fixed Income Trust, A Note Upsize^(d)
12.00%, 08/31/25	AUD		1,881		1,207,938
12.50%, 08/31/26			2,822		1,810,957
12.50%, 08/31/27			4,703		3,016,234

					6,741,119

Austria — 0.0%
Benteler International AG, 9.38%, 05/15/28	EUR		222		237,917
Suzano Austria GmbH, 3.13%, 01/15/32	USD		200		153,300

					391,217

Bahamas — 0.0%
Intercorp Peru Ltd., 3.88%, 08/15/29^(a)			307		254,193


Belgium^(j)— 0.0%
Anheuser-Busch InBev SA, 4.00%, 09/24/25	GBP		100		118,990
KBC Group NV, (1-year UK Government Bond + 0.92%), 1.25%, 09/21/27^(b)			100		106,075

					225,065

Brazil — 0.1%
Azul Investments LLP, 5.88%, 10/26/24^(a)	USD		257		239,652
Azul Secured Finance LLP, 11.93%, 08/28/28			234		231,866
Banco do Brasil SA, 6.25%, 04/18/30^(a)			282		273,505
Banco Votorantim SA, 4.50%, 09/24/24^(j)			243		236,840
Braskem Netherlands Finance BV, (5-year CMT + 8.22%), 8.50%, 01/23/81^(a)(b)			354		348,609
Minerva Luxembourg SA, 8.88%, 09/13/33			327		324,057

					1,654,529

Canada — 0.8%
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(a)			131		131,389
First Quantum Minerals Ltd.^(a)7.50%, 04/01/25			544		541,889
6.88%, 03/01/26			200		192,998
6.88%, 10/15/27			500		476,950
HR Ottawa LP, 11.00%, 03/31/31^(a)			9,658		9,505,650
Rogers Communications, Inc., 3.80%, 03/15/32			2,675		2,222,995
Toronto-Dominion Bank, 2.88%, 04/05/27^(j)	GBP		100		110,739

					13,182,610

Cayman Islands — 0.3%
Fantasia Holdings Group Co. Ltd., 6.95%, 12/17/21^(e)(j)(k)	USD		320		12,800
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31^(a)			211		210,850
Melco Resorts Finance Ltd., 5.38%, 12/04/29^(j)			250		205,428
Seagate HDD Cayman^(a) 8.25%, 12/15/29			389		399,502


Security		Par (000)		Value

Cayman Islands (continued)
Seagate HDD Cayman^(a)(continued) 8.50%, 07/15/31	USD		326	$	334,406
9.63%, 12/01/32			550		592,648
Shelf Drilling Holdings Ltd., 8.88%, 11/15/24^(a)			96		95,760
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25^(a)			1,419		1,422,618
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(a)			424		431,420
Transocean, Inc., 8.75%, 02/15/30^(a)			427		437,119
Vantage Drilling International, 9.50%, 02/15/28^(a)			1,352		1,324,960
Wynn Macau Ltd., 5.63%, 08/26/28^(j)			248		213,900

					5,681,411

Chile — 0.1%
Empresa Nacional del Petroleo ENAP, Series 2020, 6.15%, 05/10/33^(a)			200		191,022
Engie Energia Chile SA, 3.40%, 01/28/30^(j)			395		325,413
Kenbourne Invest SA, 6.88%, 11/26/24^(a)			300		249,900

					766,335

China — 0.0%
Fantasia Holdings Group Co. Ltd.^(e)(k)
11.75%, 04/17/22^(j)			520		20,800
9.25%, 07/28/23			1,200		48,000
Fortune Star BVI Ltd., 5.05%, 01/27/27^(j)			200		127,134
RKPF Overseas Ltd., Series 2020-A, 5.20%, 01/12/26^(j)			200		73,080

					269,014

Colombia — 0.1%
Ecopetrol SA 4.13%, 01/16/25			455		438,265
8.88%, 01/13/33			439		427,685
Millicom International Cellular SA, 5.13%, 01/15/28^(j)			338		283,753
SURA Asset Management SA, 4.88%, 04/17/24^(j)			530		521,454

					1,671,157

Dominican Republic — 0.0%
Aeropuertos Dominicanos Siglo XXI SA, Series E, 6.75%, 03/30/29^(a)			272		263,296


France — 0.2%
BNP Paribas SA(j)
3.38%, 01/23/26	GBP		100		114,824
1.88%, 12/14/27			100		103,100
Sabena Technics Sas, (Acquired 10/28/22, Cost: $2,353,199), 8.60%, 09/30/29^(d)(f)	EUR		2,397		2,534,229
Societe Generale SA, 1.88%, 10/03/24^(j)	GBP		100		116,977
TotalEnergies Capital International SA, 1.66%, 07/22/26^(j)			100		111,170

					2,980,300

Germany — 0.4%
Adler Pelzer Holding GmbH, 9.50%, 04/01/27^(a)	EUR		1,725		1,693,938
APCOA Parking Holdings GmbH, (3-mo. EURIBOR + 5.00%), 8.66%, 01/15/27^(a)(b)			852		899,651
Douglas GmbH, 6.00%, 04/08/26^(a)			702		718,068
Lanxess AG, 10.25%, 03/31/31^(d)			2,900		3,004,705

					6,316,362


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		6

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

India^(j)— 0.0%
ReNew Power Pvt Ltd., 5.88%, 03/05/27	USD		200	$	184,036
Vedanta Resources Finance II PLC, 13.88%, 01/21/24			200		178,786


					362,822

Indonesia^(j)— 0.1%
Freeport Indonesia PT, 4.76%, 04/14/27			551		522,706
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26			300		297,351
Pertamina Persero PT, 3.65%, 07/30/29			354		315,180
Theta Capital Pte. Ltd., 8.13%, 01/22/25			200		154,966


					1,290,203

Ireland — 0.0%
Seagate HDD Cayman, 3.50%, 06/01/28			127		130,248


Isle of Man — 0.0%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			300		241,008


Israel — 0.1%
Energean Israel Finance Ltd., 8.50%, 09/30/33			507		506,366
Leviathan Bond Ltd., 6.75%, 06/30/30^(a)(j)			406		373,346


					879,712

Italy^(a)— 0.3%
Forno d’Asolo SpA, (3-mo. EURIBOR + 5.50%), 9.47%, 04/30/27^(b)	EUR		3,040		2,908,706
Marcolin SpA, 6.13%, 11/15/26			928		918,919
Shiba Bidco SpA, 4.50%, 10/31/28			1,882		1,801,714


					5,629,339

Japan — 0.0%
Rakuten Group, Inc., 10.25%, 11/30/24^(a)	USD		605		604,352


Jersey — 0.1%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32			3,000		2,459,510


Luxembourg — 0.1%
EIG Pearl Holdings SARL, 3.55%, 08/31/36^(a)			517		418,031
Herens Midco SARL, 5.25%, 05/15/29^(a)	EUR		1,006		606,248
MC Brazil Downstream Trading SARL 7.25%, 06/30/31^(a)	USD		387		294,030
7.25%, 06/30/31^(j)			193		147,015
MHP Lux SA, 6.95%, 04/03/26^(j)			200		138,000
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26^(a)	EUR		718		701,414


					2,304,738

Macau^(j)— 0.0%
MGM China Holdings Ltd., 5.88%, 05/15/26	USD		250		236,895
Studio City Co. Ltd., 7.00%, 02/15/27			300		282,624


					519,519

Mauritius — 0.1%
CA Magnum Holdings, 5.38%, 10/31/26^(j)			200		176,468
Diamond II Ltd., 7.95%, 07/28/26^(a)			270		265,043
HTA Group Ltd., 7.00%, 12/18/25^(a)			467		449,268
India Green Energy Holdings, 5.38%, 04/29/24^(a)			281		276,785
Network i2i Ltd., (5-year CMT + 3.39%), 3.98%^(b)(j)(l)			300		272,703


					1,440,267

Mexico — 0.2%
Braskem Idesa SAPI, 6.99%, 02/20/32^(a)			366		219,633
Comision Federal de Electricidad, 4.88%, 01/15/24			539		534,483
Grupo KUO SAB De CV, 5.75%, 07/07/27^(a)			321		286,573
Petroleos Mexicanos 3.75%, 02/21/24^(j)	EUR		104		108,235


Security		Par (000)		Value

Mexico (continued)
Petroleos Mexicanos (continued) 4.25%, 01/15/25	USD		248	$	236,106
6.50%, 03/13/27			170		149,076
8.75%, 06/02/29			533		470,239
5.95%, 01/28/31			652		464,224
6.70%, 02/16/32			306		226,593
6.38%, 01/23/45			85		49,096
Trust Fibra Uno, 5.25%, 01/30/26^(a)			271		258,718


					3,002,976

Morocco — 0.0%
OCP SA, 3.75%, 06/23/31^(j)			231		181,774


MultiNational^(a)— 0.1%
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26			1,900		1,772,126
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.13%, 07/31/26			333		323,509


					2,095,635

Netherlands — 0.4%
Braskem Netherlands Finance BV 4.50%, 01/31/30^(j)			305		247,126
8.50%, 01/12/31^(a)			329		325,093
7.25%, 02/13/33^(a)			469		430,354
Cooperatieve Rabobank UA, (1-year UK Government Bond + 1.05%), 1.88%, 07/12/28^(b)(j)	GBP		100		105,788
Embraer Netherlands Finance BV, 7.00%, 07/28/30^(a)	USD		370		365,958
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/31^(a)(m)	GBP		408		507,010
ING Groep NV, 3.00%, 02/18/26^(j)			100		114,076
MEGlobal BV 4.25%, 11/03/26^(j)	USD		297		281,565
2.63%, 04/28/28^(j)			253		218,195
2.63%, 04/28/28^(a)			205		176,798
Metinvest BV(j)
8.50%, 04/23/26			230		162,150
7.65%, 10/01/27			200		131,000
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30			3,260		2,790,316
Sigma Holdco BV, 5.75%, 05/15/26^(j)	EUR		774		681,244
Volkswagen Financial Services NV, 1.88%, 12/03/24^(j)	GBP		100		115,915


					6,652,588

Oman — 0.0%
EDO Sukuk Ltd., 5.88%, 09/21/33	USD		594		586,575


Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, Series E, 5.13%, 08/11/61^(a)			200		145,834
AES Panama Generation Holdings SRL, 4.38%, 05/31/30^(j)			252		213,839


					359,673

Peru — 0.0%
Inkia Energy Ltd., 5.88%, 11/09/27^(j)			238		227,290


Singapore — 0.1%
Continuum Energy Aura Pte Ltd., 9.50%, 02/24/27^(a)			222		220,612

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Singapore (continued)
Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/33	USD		1,867	$	1,764,834
Puma International Financing SA, 5.00%, 01/24/26^(j)			493		447,595


					2,433,041

South Africa — 0.0%
Sasol Financing USA LLC, 6.50%, 09/27/28			400		356,308


Spain^(j)— 0.1%
AI Candelaria Spain SA, 7.50%, 12/15/28			264		241,361
Banco Santander SA, (1-year UK Government Bond + 1.80%), 3.13%, 10/06/26^(b)	GBP		400		455,639
Telefonica Emisiones SA, 5.38%, 02/02/26			200		242,027


					939,027

Sweden — 0.1%
Swedbank AB, (1-year UK Government Bond + 1.00%), 1.38%, 12/08/27^(b)(j)			100		105,324
Verisure Holding AB 3.25%, 02/15/27^(j)	EUR		751		712,610
7.13%, 02/01/28^(a)			414		442,078
Verisure Midholding AB, 5.25%, 02/15/29^(j)			751		696,313


					1,956,325

Switzerland — 0.1%
Transocean Aquila Ltd., 8.00%, 09/30/28^(a)(m)	USD		225		225,000
UBS Group AG, (1-year EUR Swap + 0.77%), 0.65%, 01/14/28^(b)(j)	EUR		2,200		2,027,248


					2,252,248

Thailand — 0.1%
Bangkok Bank PCL 5.30%, 09/21/28	USD		441		433,305
5.50%, 09/21/33			441		425,516


					858,821

Ukraine — 0.0%
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25^(j)			334		257,180


United Arab Emirates — 0.2%
DP World Salaam, (5-year CMT + 5.75%), 6.00%^(b)(j)(l)			352		346,586
MDGH GMTN RSC Ltd., 4.38%, 11/22/33^(a)			329		300,163
Shelf Drilling Holdings, 9.63%, 04/15/29^(m)			3,590		3,524,806


					4,171,555

United Kingdom — 0.5%
Barclays PLC^(j)3.00%, 05/08/26	GBP		100		112,363
3.25%, 02/12/27			100		110,137
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28^(a)			2,355		2,341,768
BCP V Modular Services Finance PLC, 6.75%, 11/30/29^(a)	EUR		3,137		2,387,669
BG Energy Capital PLC, 5.13%, 12/01/25^(j)	GBP		200		242,391
Deuce Finco PLC, 5.50%, 06/15/27^(a)			345		369,096
HSBC Holdings PLC, (3-mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27^(b)			100		107,742
Informa PLC, 3.13%, 07/05/26^(j)			100		113,235
Inspired Entertainment Financing PLC, 7.88%, 06/01/26^(a)			675		783,460
Kane Bidco Ltd.^(a)5.00%, 02/15/27	EUR		478		475,963
6.50%, 02/15/27	GBP		699		775,027


Security		Par (000)		Value

United Kingdom (continued)
Lloyds Banking Group PLC, 2.25%, 10/16/24^(j)	GBP		200	$	234,712
NatWest Group PLC^(b)(j)
(1-year GBP Swap + 1.49%), 2.88%, 09/19/26			100		113,684
(1-year GBP Swap + 2.01%), 3.13%, 03/28/27			100		112,599
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26^(j)			100		114,515
Vedanta Resources Finance II PLC 8.95%, 03/11/25^(j)	USD		293		215,291
8.95%, 03/11/25^(a)			200		146,956


					8,756,608

United States — 8.4%
AbbVie, Inc., 3.20%, 11/21/29			3,265		2,881,194
Affinity Interactive, 6.88%, 12/15/27^(a)			1,000		847,779
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/34			2,370		1,799,668
Allegiant Travel Co., 8.50%, 02/05/24^(a)			5,000		5,000,000
American Tower Corp., 2.70%, 04/15/31			3,010		2,387,133
Amgen, Inc. 5.50%, 12/07/26^(j)	GBP		100		122,214
4.05%, 08/18/29	USD		3,355		3,114,144
Amkor Technology, Inc., 6.63%, 09/15/27^(a)			350		343,891
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(a)			119		118,407
AT&T, Inc. 2.90%, 12/04/26	GBP		200		318,358
5.50%, 03/15/27^(j)			100		119,936
Bank of America Corp., (1-day SOFR + 1.53%), 1.90%, 07/23/31^(b)	USD		3,340		2,537,920
Big River Steel LLC/BRS Finance Corp., Series L, 6.63%, 01/31/29^(a)			1,082		1,069,059
Broadcom, Inc., 3.42%, 04/15/33^(a)			2,615		2,091,625
California Resources Corp., 7.13%, 02/01/26^(a)			583		585,900
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28			1,000		987,347
Carrols Restaurant Group, Inc., 5.88%, 07/01/29^(a)			220		184,612
Cinemark Holdings, Inc., 4.50%, 08/15/25⁽ⁿ⁾			4,035		5,891,100
Citigroup, Inc., 1.75%, 10/23/26	GBP		200		217,956
Cloud Software Group, Inc., 6.50%, 03/31/29^(a)	USD		280		247,613
Concentrix Corp. 6.65%, 08/02/26			200		198,795
6.60%, 08/02/28			160		154,373
CSC Holdings LLC 5.25%, 06/01/24			1,833		1,743,629
5.50%, 04/15/27^(a)			2,324		1,991,843
DAE Funding LLC, 1.55%, 08/01/24^(j)			332		317,193
DISH Network Corp., 0.00%, 12/15/25^(n)(o)			1,286		858,405
Equinix, Inc., 2.90%, 11/18/26			1,990		1,826,719
EquipmentShare.com, Inc., 9.00%, 05/15/28^(a)			3,760		3,614,300
First Horizon Bank, 5.75%, 05/01/30			250		223,769
Flyr Convertible Notes, 8.00%, 08/10/27^(d)			2,322		2,292,937
Flyr Secured Notes, 10.31%, 05/10/27^(d)			1,136		1,051,988
Forestar Group, Inc., 5.00%, 03/01/28^(a)			2,600		2,334,137
Freed Corp., 10.00%, 12/07/23^(d)			5,626		5,372,825
Freedom Mortgage Corp.^(a)8.13%, 11/15/24			798		798,071
8.25%, 04/15/25			874		874,180
FreeWire Technologies, Inc., 15.27%, 04/26/25^(d)			2,432		2,444,243
Frontier Communications Holdings LLC^(a)5.88%, 10/15/27			923		839,439
8.75%, 05/15/30			1,000		949,475
8.63%, 03/15/31			745		701,841
Frontier Florida LLC, Series E, 6.86%, 02/01/28			825		766,376


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		8

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Full House Resorts, Inc., 8.25%, 02/15/28^(a)	USD		230	$	201,250
Gen Digital, Inc., 7.13%, 09/30/30^(a)			665		655,110
General Mills, Inc., 2.88%, 04/15/30			3,210		2,712,848
General Motors Co., 5.60%, 10/15/32			1,265		1,181,074
Goldman Sachs Group, Inc., 7.25%, 04/10/28	GBP		100		127,714
GoTo Group, Inc., 5.50%, 09/01/27^(a)	USD		1,675		930,802
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28			254		240,665
HCA, Inc., 3.63%, 03/15/32			2,120		1,757,244
Homes By West Bay LLC, 9.50%, 04/30/27^(d)			5,256		4,914,360
Howard Hughes Corp.^(a)4.13%, 02/01/29			1,002		801,600
4.38%, 02/01/31			1,102		845,540
JPMorgan Chase & Co., (3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26^(b)(j)	GBP		200		226,279
Kraft Heinz Foods Co., 3.75%, 04/01/30	USD		3,150		2,811,513
Landsea Homes Corp., 11.00%, 07/17/28^(d)			9,310		9,030,700
Lessen, Inc., 10.27%, 01/04/28^(d)			1,902		1,785,591
Lightning eMotors, Inc., 7.50%, 05/15/24^(a)(n)			945		80,325
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(a)			1,310		863,692
Lowe’s Cos., Inc., 2.63%, 04/01/31			2,960		2,394,333
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(a)			2,240		2,161,008
Morgan Stanley, (1-day SOFR + 1.02%), 1.93%, 04/28/32^(b)			3,055		2,269,252
Nationstar Mortgage Holdings, Inc.^(a)6.00%, 01/15/27			242		228,671
5.50%, 08/15/28			1,128		994,970
5.75%, 11/15/31			488		403,684
Nexstar Media, Inc., 4.75%, 11/01/28^(a)			511		422,959
NRG Energy, Inc., 7.00%, 03/15/33^(a)			350		338,161
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28^(a)			2,000		1,995,677
Paramount Global, (5-year CMT + 4.00%), 6.38%, 03/30/62^(b)			326		256,044
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28^(a)			1,275		1,170,124
Permian Resources Operating LLC, 7.00%, 01/15/32			572		564,114
Pioneer Midco Notes, 10.50%, 11/18/30^(d)			4,130		4,068,605
Pitney Bowes, Inc., 6.88%, 03/15/27^(a)			2,080		1,638,000
Rand Parent LLC, 8.50%, 02/15/30^(a)			982		908,449
Regal Rexnord Corp., 6.05%, 02/15/26^(a)			355		351,042
Republic Services, Inc., 1.45%, 02/15/31			3,080		2,314,455
RingCentral, Inc., 8.50%, 08/15/30			495		478,170
Sabre GLBL, Inc., 8.63%, 06/01/27			825		699,440
Sabre Global, Inc.^(a)9.25%, 04/15/25			158		154,840
11.25%, 12/15/27			923		846,945
Sasol Financing USA LLC 4.38%, 09/18/26			204		180,199
8.75%, 05/03/29^(a)			271		259,897
Service Properties Trust, 4.35%, 10/01/24			190		182,268
SierraCol Energy Andina LLC, 6.00%, 06/15/28^(j)			323		256,100
Sitio Royalties Corp., 11.89%, 09/21/26			7,354		7,574,363
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28			813		815,033
Sonder Holdings, Inc., (13.99% PIK), 13.99%, 01/19/27^(d)(p)			10,003		8,578,080


Security		Par (000)		Value

United States (continued)
Spirit AeroSystems, Inc.^(a)7.50%, 04/15/25	USD		700	$	686,614
9.38%, 11/30/29			90		91,587
Stem, Inc., 0.50%, 12/01/28^(a)(n)			200		115,100
Tenet Healthcare Corp., 4.25%, 06/01/29			4,566		3,930,174
Tenneco, Inc., 8.00%, 11/17/28^(a)			1,648		1,341,060
Texas Capital Bank NA, (3-mo. LIBOR US + 4.50%), 10.16%, 09/30/24^(a)(b)			2,764		2,738,913
T-Mobile U.S., Inc., 2.70%, 03/15/32			2,955		2,311,508
UnitedHealth Group, Inc., 4.20%, 05/15/32			2,430		2,217,913
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(a)			611		598,446
Verizon Communications, Inc., 1.13%, 11/03/28	GBP		100		97,795
Viasat, Inc.^(a)5.63%, 09/15/25	USD		20		18,475
5.63%, 04/15/27			432		374,270
Vistra Operations Co. LLC, 7.75%, 10/15/31^(a)			146		143,816
Waste Management, Inc., 4.15%, 04/15/32			1,875		1,706,580
Xerox Holdings Corp., 5.00%, 08/15/25^(a)			2,009		1,908,325


					150,172,160


Total Corporate Bonds — 13.5% (Cost: $256,890,537)					241,518,110


Fixed Rate Loan Interests

United States^(d)— 0.4%
AMF MF Portfolio, Term Loan, 6.67%, 11/01/28			2,975		2,967,636
OD Intermediate SUBI Holdco II LLC, Mezzanine Term Loan, 10.00%, 04/01/26			3,554		3,326,300


Total Fixed Rate Loan Interests — 0.4% (Cost: $6,401,550)					6,293,936


Floating Rate Loan Interests^(b)

Belgium — 0.1%
Apollo Finco, 2021 EUR Term Loan B, (6-mo. EURIBOR + 4.85%), 8.78%, 10/02/28	EUR		2,957		2,345,143


Ireland — 0.2%
Promontoria Beech Designated Activity Co., EUR Term Loan, (3-mo. EURIBOR + 3.75%), 7.49%, 05/17/27^(d)			4,024		4,238,207


Jersey^(d)— 0.5%
Vita Global Finco Ltd.
EUR Term Loan B, (6-mo. EURIBOR + 7.00%), 10.72%, 07/06/27			4,846		4,752,084
GBP Incremental Term Loan, (6-mo. SONIA + 7.00%), 12.19%, 07/06/27	GBP		2,967		3,362,291


					8,114,375

Luxembourg — 0.2%
Euro Parfums Fze, Term Loan B, 06/23/28^(q)	USD		603		584,910
Speed Midco 3 SARL, EUR Term Loan B1, (3-mo. EURIBOR + 6.40%), 10.37%, 05/16/29^(d)	EUR		2,566		2,685,732


					3,270,642

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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%), 8.10%, 03/01/28^(d)	EUR		1,828	$	1,804,386
Upfield BV, 2023 GBP Term Loan B, 01/02/28^(q)	GBP		1,388		1,644,285


					3,448,671

United States — 3.9%
Alorica, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 1.50% Floor + 6.88%), 12.19%, 12/21/27^(d)	USD		3,312		3,245,339
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. CME Term SOFR at 0.50% Floor + 5.60%), 10.49%, 02/01/30			2,077		2,004,788
City Brewing Co. LLC, Closing Date Term Loan, (3- mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.07%, 04/05/28			695		453,720
CML Hyatt Lost Pines, Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 3.55%), 8.99%, 09/09/26^(d)			5,000		4,907,821
CML La Quinta Resort, Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.44%, 12/09/26^(d)			6,834		6,639,773
CML ST Regis Aspen, Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 2.90%), 8.23%, 02/09/27^(d)			5,234		5,053,124
Coreweave Compute Acquisition Co. II, LLC, Delayed Draw Term Loan, (3-mo. CME Term SOFR + 8.75%), 11.75%, 07/31/28^(d)			329		323,087
ECL Entertainment, LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.14%, 08/31/30			2,971		2,962,325
EIS Buyer, Inc., Revolver, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 12.32%, 07/10/28^(d)			373		360,787
EIS Group, Inc., Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.31%, 05/01/28^(d)			3,734		3,607,871
Emerald Electronics Manufacturing Services, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.82%, 12/29/27^(d)			1,138		1,075,103
Galaxy Universal LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.75%), 11.26%, 11/12/26^(d)			13,091		12,748,419
GoTo Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.75%), 10.27%, 08/31/27			1,958		1,291,258
Green Plains Operating Co. LLC, Term Loan, (3-mo. LIBOR US + 8.00%), 13.67%, 07/20/26^(d)			7,098		6,973,785
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at -4.50% Floor + 5.50%), 10.93%, 10/25/28^(d)			1,902		1,521,696
IPS Corp., Class DD, 2021 Delayed Draw Term Loan, 3.75%, 10/02/28			199		192,275
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.18%, 03/01/27			856		806,994
Maverick Gaming LLC, Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 7.50%), 13.18%, 09/03/26			927		685,859
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.52%, 11/01/29			1,052		938,910
Nielsen Consumer, Inc., 2023 EUR Incremental Term Loan, (1-mo. EURIBOR + 6.50%), 10.36%, 03/06/28^(d)	EUR		5,770		6,084,597


Security		Par (000)		Value

United States (continued)
Orion Group Holdco, LLC
2023 1st Amendment Incremental Term Loan, (3- mo. CME Term SOFR + 6.00%), 11.42%, 03/19/27	USD		1,283	$	1,273,948
2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 6.00%), 11.42%, 03/19/27			645		641,534
2023 2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.25%), 11.67%, 08/10/27			620		615,422
2023 Term Loan, (3-mo. CME Term SOFR + 6.50%), 11.92%, 03/19/27			220		218,135
Profrac Services LLC, 2022 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.25%), 12.78%, 03/04/25			1,530		1,528,606
Quartz Acquireco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.82%, 06/28/30^(d)			175		174,563
Redstone Holdco 2 LP
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.18%, 04/27/29			620		396,800
2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.18%, 04/27/28			1,626		1,385,033
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.89%, 11/22/29			1,884		1,886,228


					69,997,800


Total Floating Rate Loan Interests — 5.1% (Cost: $96,002,128)					91,414,838


Foreign Agency Obligations

Bahrain^(j)— 0.0%
Bahrain Government International Bond
5.45%, 09/16/32			257		223,133
7.50%, 09/20/47			257		227,242


					450,375

Brazil — 0.6%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24^(o)			54,542		10,025,989


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42			478		385,349


Colombia — 0.1%
Colombia Government International Bond
3.88%, 04/25/27			710		644,957
3.13%, 04/15/31			1,450		1,070,825
8.00%, 04/20/33			524		517,696


					2,233,478

Costa Rica — 0.0%
Costa Rica Government International Bond, 6.55%, 04/03/34^(j)			226		219,489


Dominican Republic — 0.1%
Dominican Republic International Bond
5.95%, 01/25/27^(j)			717		692,938
4.50%, 01/30/30^(a)			720		608,522
7.05%, 02/03/31^(a)			360		347,245
4.88%, 09/23/32^(a)			548		444,806


					2,093,511


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		10

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Egypt — 0.0%
Egypt Government International Bond, 8.50%, 01/31/47^(a)		400	$	212,888


Guatemala — 0.1%
Guatemala Government Bond
5.25%, 08/10/29^(a)		277		254,857
7.05%, 10/04/32		410		411,025
3.70%, 10/07/33^(j)		596		456,095
6.60%, 06/13/36		230		220,800
4.65%, 10/07/41^(a)		551		405,552


				1,748,329

Hungary — 0.0%
Hungary Government International Bond
5.38%, 03/25/24		162		161,595
5.25%, 06/16/29^(a)		389		371,238


				532,833

Ivory Coast^(j)— 0.1%
Ivory Coast Government International Bond
6.38%, 03/03/28		818		763,521
5.88%, 10/17/31		153		133,380


				896,901

Jordan — 0.0%
Jordan Government International Bond, 4.95%, 07/07/25^(j)		200		192,914


Mexico — 0.0%
Mexico Government International Bond
2.66%, 05/24/31		594		468,897
6.35%, 02/09/35		220		214,806
6.34%, 05/04/53		200		181,500


				865,203

Morocco^(a)— 0.0%
Morocco Government International Bond 2.38%, 12/15/27		303		259,559
5.95%, 03/08/28		200		196,714


				456,273

Nigeria — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29^(a)		553		473,114


Oman^(j)— 0.1%
Oman Government International Bond
6.50%, 03/08/47		439		391,171
6.75%, 01/17/48		527		483,001
Oman Sovereign Sukuk Co., 4.40%, 06/01/24		238		234,346


				1,108,518

Panama — 0.1%
Panama Government International Bond
3.88%, 03/17/28		214		196,488
9.38%, 04/01/29		200		228,190
3.16%, 01/23/30		439		367,944
6.40%, 02/14/35		374		361,434
6.85%, 03/28/54		401		372,192


				1,526,248

Peru — 0.1%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(j).		406		393,751


Security	Par (000)		Value

Peru (continued)
Peruvian Government International Bond
2.78%, 01/23/31		250	$	204,273
1.86%, 12/01/32		850		612,450
3.00%, 01/15/34		200		153,492


				1,363,966

Poland — 0.0%
Republic of Poland Government International Bond
4.88%, 10/04/33		220		203,966
4.25%, 02/14/43^(j)		147		143,555
5.50%, 04/04/53		348		314,098


				661,619

Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27^(a)		206		200,038
2.88%, 03/11/29^(j)		473		437,024
2.50%, 02/08/30^(j)		503		434,744
2.12%, 07/16/31^(j)		690		539,453


				1,611,259

Saudi Arabia — 0.1%
Saudi Government International Bond, 5.00%, 01/18/53^(a)		1,058		876,839


Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33^(j)		278		222,556


South Africa — 0.1%
Republic of South Africa Government International Bond
5.88%, 04/20/32		680		577,354
5.00%, 10/12/46		706		435,440


				1,012,794

Spain^(a)(j)— 2.2%
Spain Government Bond
0.50%, 10/31/31		1,487		1,224,558
2.55%, 10/31/32		17,348		16,595,058
3.15%, 04/30/33		14,633		14,594,726
3.90%, 07/30/39		2,343		2,369,306
2.90%, 10/31/46		2,252		1,871,641
3.45%, 07/30/66		2,440		2,048,377


				38,703,666

Sri Lanka — 0.0%
Sri Lanka Government International Bond, 5.75%, 04/18/23^(e)(k)		300		142,020


Trinidad And Tobago — 0.0%
Trinidad & Tobago Government International Bond, 5.95%, 01/14/31		200		197,400


Ukraine^(e)(k)— 0.0%
Ukraine Government International Bond
7.75%, 09/01/25^(j)		261		85,478
8.99%, 02/01/26^(j)		413		130,714
7.25%, 03/15/35^(a)		644		168,406


				384,598

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom — 0.2%
United Kingdom Gilt, 0.50%, 10/22/61^(j)			10,627	$	3,521,563


Total Foreign Agency Obligations — 4.0% (Cost: $81,451,540)					72,119,692


		Shares

Investment Companies

United States — 1.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(r)			37,594		3,835,340
iShares JP Morgan USD Emerging Markets Bond ETF^(r)			94,873		7,828,920
iShares MSCI Brazil ETF^(r)			23,271		713,722
iShares Russell 2000 ETF^(r)			9,800		1,732,052
iShares Russell Mid-Cap Growth ETF^(r)			3,986		364,121
VanEck J. P. Morgan EM Local Currency Bond ETF			87,582		2,090,582
VanEck Semiconductor ETF^(e)			5,362		777,383


Total Investment Companies — 1.0% (Cost: $18,254,231)					17,342,120


		Par (000)

Municipal Bonds

Puerto Rico^(b)— 0.2%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51	USD		4,668		1,890,757
Series A-1, 0.00%, 11/01/43			420		217,414
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			1,977		691,909


Total Municipal Bonds — 0.2% (Cost: $2,973,196)					2,800,080


Non-Agency Mortgage-Backed Securities

United States — 6.0%
Ajax Mortgage Loan Trust^(a)
Series 2020-C, Class A, 2.25%, 09/27/60^(c)			99		97,429
Series 2020-C, Class B, 5.00%, 09/27/60^(c)			375		366,518
Series 2020-C, Class C, 0.00%, 09/27/60			1,176		1,062,488
Series 2020-D, Class B, 5.00%, 06/25/60^(c)			525		517,807
Series 2020-D, Class C, 0.00%, 06/25/60			1,238		1,151,077
Series 2021-E, Class B3, 4.08%, 12/25/60^(b)			953		398,975
Series 2021-E, Class SA, 0.00%, 12/25/60^(b)			12		5,424
Series 2021-E, Class XS, 0.00%, 12/25/60^(b)			13,397		552,325
Series 2021-G, Class A, 1.88%, 06/25/61^(b)			4,580		4,286,739
Series 2021-G, Class B, 3.75%, 06/25/61^(b)			705		627,569
Series 2021-G, Class C, 0.00%, 06/25/61			1,270		1,201,185
BAMLL Commercial Mortgage Securities Trust^(a)(b)
Series 2017-SCH, Class AL, (1-mo. Term SOFR + 0.95%), 6.28%, 11/15/32			2,000		1,738,415
Series 2018-DSNY, Class D, (1-mo. Term SOFR + 1.75%), 7.33%, 09/15/34			2,000		1,982,514
BFLD Trust, (1-mo. Term SOFR + 3.81%), 9.15%, 10/15/35^(a)(b)			790		268,820


Security		Par (000)		Value

United States (continued)
BX Commercial Mortgage Trust^(a)(b)
Series 2020-VIV3, Class B, 3.66%, 03/09/44	USD		1,600	$	1,330,259
Series 2020-VKNG, Class G, (1-mo. Term SOFR + 3.36%), 8.70%, 10/15/37			1,610		1,536,103
Series 2021-MFM1, Class G, (1-mo. Term SOFR + 4.01%), 9.35%, 01/15/34			1,610		1,521,782
BX Trust, Series 2021-VIEW, Class E, (1-mo. Term SOFR + 3.71%), 9.05%, 06/15/36^(a)(b)			897		805,196
Cold Storage Trust, Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.94%, 11/15/37^(a)(b)			3,932		3,869,465
Commercial Mortgage Trust^(b)
Series 2015-CR25, Class C, 4.67%, 08/10/48			2,000		1,802,497
Series 2019-GC44, Class 180B, 3.51%, 08/15/57^(a)			1,900		1,696,248
Credit Suisse Mortgage Capital Certificates Trust
Class A, 8.81%, 02/15/27^(d)			3,400		3,054,911
Series 2019-ICE4, Class F, (1-mo. Term SOFR + 2.70%), 8.03%, 05/15/36^(a)(b)			3,392		3,340,887
Series 2020-FACT, Class F, (1-mo. Term SOFR + 6.27%), 11.60%, 10/15/37^(a)(b)			1,700		1,444,361
Series 2020-NET, Class D, 3.83%, 08/15/37^(a)(b)			1,275		1,096,429
Series 2021-980M, Class E, 3.65%, 07/15/31^(a)(b)			2,410		1,988,370
Series 2021-BHAR, Class E, (1-mo. Term SOFR + 3.61%), 8.95%, 11/15/38^(a)(b)			2,500		2,449,812
Csmc Trust, Series 2020-FACT, Class E, (1-mo. Term SOFR + 4.98%), 10.31%, 10/15/37^(a)(b)			1,000		904,725
Deephaven Residential Mortgage Trust, Series 2021-1, Class B2, 3.96%, 05/25/65^(a)(b)			1,550		1,201,277
FREMF Trust, Series 2018-W5FX, Class CFX, 3.79%, 04/25/28^(a)(b)			437		359,113
GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, (1-mo. Term SOFR + 3.66%), 9.00%, 10/15/36^(a)(b)			1,540		1,390,126
Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/55^(a)(b)			3,602		2,803,044
JP Morgan Mortgage Trust^(a)(b)
Series 2021-1, Class A3X, 0.50%, 06/25/51			49,832		1,865,263
Series 2021-1, Class AX1, 0.13%, 06/25/51			202,218		1,062,091
Series 2021-1, Class AX4, 0.40%, 06/25/51			12,913		257,287
Series 2021-1, Class B4, 3.03%, 06/25/51			808		513,557
Series 2021-1, Class B5, 3.03%, 06/25/51			970		618,562
Series 2021-1, Class B6, 2.85%, 06/25/51			1,536		575,597
Series 2021-4, Class B4, 2.90%, 08/25/51			1,207		759,791
Series 2021-4, Class B5, 2.90%, 08/25/51			905		602,748
Series 2021-4, Class B6, 2.90%, 08/25/51			2,203		581,315
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1-mo. Term SOFR + 0.71%), 6.03%, 06/25/37^(a)(b)			2,735		2,194,435
MCM Trust^(d)
2.50%, 09/25/31			5,201		4,998,473
4.42%, 09/25/31^(s)			3,287		2,167,730
MED Trust, Series 2021-MDLN, Class G, (1-mo. Term SOFR + 5.36%), 10.70%, 11/15/38^(a)(b)			4,923		4,652,700
MSCG Trust, Series 2018-SELF, Class F, (1-mo. Term SOFR + 3.10%), 8.43%, 10/15/37^(a)(b)			2,742		2,690,682
New Residential Mortgage Loan Trust^(a)(b)
Series 2019-RPL2, Class B3, 4.01%, 02/25/59			9,329		5,871,194
Series 2021-NQ1R, Class B1, 3.53%, 07/25/55			1,370		979,960


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		12

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
New Residential Mortgage Loan Trust^(a)(b)(continued)
Series 2021-NQ1R, Class B2, 4.33%, 07/25/55		USD 1,022	$	724,065
One New York Plaza Trust, Series 2020-1NYP, Class D, (1-mo. Term SOFR + 2.86%), 8.20%, 01/15/36^(a)(b)		630		478,800
Seasoned Credit Risk Transfer Trust, Series 2020-3, Class BXS, 8.57%, 05/25/60^(a)(b)		7,628		2,799,302
Seasoned Loans Structured Transaction Trust^(a)(b) Series 2020-2, Class M1, 4.75%, 09/25/60		4,550		4,363,712
Series 2020-3, Class M1, 4.75%, 04/26/60		6,810		6,593,284
Starwood Mortgage Residential Trust, Series 2020- INV, Class B2, 4.26%, 11/25/55^(a)		1,225		876,672
TVC DSCR^(d)
0.00%, 02/01/51		1,323		1,152,552
2.38%, 02/01/51		5,291		4,926,026
Verus Securitization Trust^(a)(b)
Series 2020-5, Class B1, 3.71%, 05/25/65		2,400		1,894,190
Series 2020-5, Class B2, 4.71%, 05/25/65		1,400		1,123,366
Series 2021-R2, Class B1, 3.25%, 02/25/64		2,735		1,803,660
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA6, Class 1A, (12-mo. MTA + 0.81%), 5.44%, 07/25/47^(b)		1,155		904,925
Wells Fargo Commercial Mortgage Trust, Series 2019- C50, Class XA, 1.58%, 05/15/52^(b)		22,915		1,244,511


Total Non-Agency Mortgage-Backed Securities — 6.0%
(Cost: $118,333,380)				106,128,340


	Benefical Interest (000)

Other Interests

Canada — 0.2%
Sprott Private Resource Streaming^(d)(t)		USD 4,640		4,334,224


Total Other Interests — 0.2% (Cost: $4,681,796)				4,334,224


	Par (000)

Preferred Securities

Capital Trust — 0.0%

Mexico — 0.0%
Banco Mercantil del Norte SA, 6.75%^(a)(b)(l)		USD 501		484,091

				484,091

	Shares

Preferred Stocks — 3.8%

China — 0.4%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $4,390,747)^(d)(f)		40,071		6,568,097


Security	Shares		Value

Finland — 0.1%
Aiven, Series D^(d)		37,890	$	2,773,927


Germany — 0.5%
Dr Ing hc F Porsche AG^(a)		40,630		3,812,194
Volocopter GmbH, Series D-2, (Acquired 03/03/21, Cost: $4,145,649)^(d)(f)		780		4,871,675

				8,683,869


Israel^(d)(f)— 0.3%
Deep Instinct Ltd.
Series D-2, (Acquired 03/19/21, Cost: $2,130,236)		350,490		2,509,508
Series D-4, (Acquired 09/20/22, Cost: $2,188,898)		310,467		2,222,944

				4,732,452

Sweden — 0.0%
Volta, Series C, (Acquired 02/22/22, Cost: $322,254)^(d)(f)		2,732		262,498


United Kingdom — 0.1%
10X Future Technologies Holdings Ltd., Series D, (Acquired 05/13/21, Cost: $4,334,124)^(d)(f)		114,500		1,793,767


United States^(d)— 2.4%
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $3,044,600)^(f)		5,637		1,680,221
Cap Hill Brands		1,185,824		320,173
Caresyntax, Inc.
Series C-2		12,214		1,166,681
Series C-3		1,759		140,966
Clarify Health		345,315		2,527,706
Databricks, Inc., Series G, (Acquired 02/01/21, Cost: $2,392,693)^(f)		40,470		2,974,545
Dream Finders Homes, Inc., 9.00%, 12/31/49		10,172		9,396,385
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $1,482,935)^(f)		253,147		612,616
GM Cruise Holdings LLC, Series G, (Acquired 03/25/21, Cost: $1,886,159)^(f)		71,581		1,510,359
Jumpcloud, Inc.^(f)
Series E-1, (Acquired 10/30/20, Cost: $2,052,443)		1,125,428		3,128,690
Series F, (Acquired 09/03/21, Cost: $443,302)		74,023		205,784
Lessen Nine GmbH
Series B		489,075		4,377,221
Series C		25,831		231,188
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $1,353,207)^(f)		58,924		562,724
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $1,751,669)^(f)		196,272		993,136
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $945,402)^(f)		36,048		1,010,425
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $814,688)^(f)		35,677		566,194
SambaNova Systems, Inc., Series D, (Acquired 04/09/21, Cost: $1,250,247)^(f)		13,158		994,613
SCI PH Parent, Inc., Series F, (Acquired 02/10/23, Cost: $1,183,000), 12/31/79^(f)		1,183		1,087,094
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $678,934)^(f)		45,203		393,266
Ursa Major Technologies, Inc.^(f) Series C, (Acquired 09/13/21, Cost: $1,732,297)		290,420		926,440

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Ursa Major Technologies, Inc.^(f)(continued)
Series D, (Acquired 10/14/22, Cost: $235,803)		35,579	$	117,767
Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $1,626,608)^(f)		305,363		1,972,645
Versa Networks, Inc., Series D, (Acquired 10/14/22, Cost: $4,906,958), 10/07/32^(f)		1,681,498		5,330,349
Zero Mass Water, Inc., Series D, (Acquired 07/05/22, Cost: $271,491)^(f)		6,628		220,712

				42,447,900

				67,262,510


Total Preferred Securities — 3.8% (Cost: $76,085,535)				67,746,601


	Par (000)

U.S. Government Sponsored Agency Securities

Commercial Mortgage-Backed Securities — 0.1%
Freddie Mac Multifamily Structured Pass-Through Certificates, Series KL06, Class XFX, 1.47%, 12/25/29^(b)		USD 18,250		1,033,038


Mortgage-Backed Securities^(u)— 9.1%
Uniform Mortgage-Backed Securities 4.50%, 10/13/52		76,295		70,048,282
3.00%, 10/12/53		9,557		7,901,089
3.50%, 10/12/53		85,231		73,292,011
5.50%, 10/12/53		11,500		11,113,222


				162,354,604


Total U.S. Government Sponsored Agency Securities — 9.2%
(Cost: $167,670,431)				163,387,642


	Shares

Warrants

Cayman Islands — 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)^(e)		25,681		17,977


Israel^(e)— 0.0%
Deep Instinct Ltd., (Acquired 09/20/22, Cost: $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, Expires 09/20/32)^(d)(f)		21,889		132,647
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)		8,959		494

				133,141

United States^(e)— 0.1%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50)		33,630		1,682


Security	Shares		Value

United States (continued)
Caresyntax, (Exercisable 06/30/23, 1 Share for 1 Warrant, Expires 06/21/33, Strike Price USD 0.01)^(d)		1,386	$	132,363
Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)^(d)		74,120		1,482
Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)		44,352		1,109
CXApp, Inc., Class A, (Issued/Exercisable 02/02/21, 1 Share for 1 Warrant, Expires 12/15/25, Strike Price USD 11.50)		340,429		34,111
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)		40,220		14,881
Flyr Warrants, (Issued/Exercisable 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)^(d)		5,990		82,003
FreeWire Technologies, Inc., Tranche A, (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)^(d)		252,094		42,856
FreeWire Technologies, Inc., Tranche B unvest, (Exercisable 06/03/23, 1 Share for 1 Warrant, Expires 04/26/29, Strike Price USD 3.35)^(d)		239,489		2
FreeWire Technologies, Inc., Tranche B vested, (Issued 05/02/22, Exercisable 05/03/23, 1 Share for 1Warrant, Expires 04/26/27, Strike Price USD 3.35)^(d)		12,605		2,143
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 0.01)^(d)		182,784		824,356
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 11.17))^(d)		20,771		47,773
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50)		11,689		222
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)		10,196		—
Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 11.50)		82,174		189
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)		60,706		710
Pear Therapeutics, Inc., (Issued/Exercisable 03/23/21, 1 Share for 1 Warrant, Expires 12/03/26, Strike Price USD 11.50)		9,900		1
Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50) ^(d)		72,784		6,551
Sarcos Technology & Robotics Corp., (Issued 01/15/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 69.00)		25,291		506


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		14

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50)		68,671	$	1,174
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)^(d)		126,000		1
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Exercisable 10/14/22, Expires 10/07/32, Strike Price USD 0.01)^(d)(f)		207,248		586,512


				1,780,627


Total Warrants — 0.1% (Cost: $1,014,083)			1,931,745


Total Long-Term Investments — 103.5% (Cost: $1,879,665,879)			1,844,015,498


Short-Term Securities

Money Market Funds — 3.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%^(r)(v)		57,930,035		57,930,035


	Par (000)

U.S. Treasury Obligations — 0.0%
U.S. Treasury Bills, 5.42%, 11/14/23^(s)		USD 309		307,049


Total Short-Term Securities — 3.3% (Cost: $58,237,006)				58,237,084


Options Purchased — 0.2% (Cost: $7,113,191)				3,803,742


Total Investments Before Options Written — 107.0% (Cost: $1,945,016,076)				1,906,056,324


Options Written — (0.5)% (Premiums Received: $(4,849,875))				(8,318,743	)


Total Investments, Net of Options Written — 106.5% (Cost: $1,940,166,201)				1,897,737,581
Liabilities in Excess of Other Assets — (6.5)%				(115,304,983	)


Net Assets — 100.0%			$	1,782,432,598

^(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)	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.

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

^(e)	Non-income producing security.

^(f)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $67,428,187, representing 3.8% of its net assets as of period end, and an original cost of $71,862,806.

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

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

⁽ⁱ⁾	Investment does not issue shares.

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

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

^(l)	Perpetual security with no stated maturity date.

^(m)	When-issued security.

⁽ⁿ⁾	Convertible security.

^(o)	Zero-coupon bond.

^(p)	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.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	49,048,882	$	8,881,153	^(a)	$	—		$	—	$	—	$	57,930,035		57,930,035	$	1,740,756	$	—
iShares China Large-Cap ETF^(b)		903,534		3,077,547			(4,235,052	)		169,652		84,319		—		—		—		—

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)


Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
iShares iBoxx $ High Yield Corporate Bond ETF^(b)	$	3,877,356	$	—	$	(3,947,978	)	$	82,471		$	(11,849	)	$	—		—	$	61,077	$	—
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		25,713,894		(21,521,222	)		(99,813	)		(257,519	)		3,835,340		37,594		132,525		—
iShares JP Morgan USD Emerging Markets Bond ETF		8,837,878		2,423,502		(3,116,514	)		(167,044	)		(148,902	)		7,828,920		94,873		369,940		—
iShares MSCI Brazil ETF		650,890		—		—			—			62,832			713,722		23,271		17,598		—
iShares Russell 2000 ETF		1,708,728		—		—			—			23,324			1,732,052		9,800		19,289		—
iShares Russell Mid-Cap Growth ETF		—		380,073		—			—			(15,952	)		364,121		3,986		718		—

								$	(14,734	)	$	(263,747	)	$	72,404,190			$	2,341,903	$	—

^(a)

Represents net amount purchased (sold).

^(b)

As of period end, the entity is no longer held.

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		168		12/07/23	$ 20,559	$	(261,264	)
Euro Bund		520		12/07/23	70,722		(1,743,293	)
Euro OAT		30		12/07/23	3,908		(112,944	)
Euro Stoxx Banks Index		100		12/15/23	590		11,248
MSCI Emerging Markets Index		14		12/15/23	669		(21,459	)
U.S. Long Bond		231		12/19/23	26,298		(1,486,753	)
Ultra U.S. Treasury Bond		46		12/19/23	5,468		(63,592	)
Long Gilt		28		12/27/23	3,217		(12,680	)
5-Year U.S. Treasury Note		2,400		12/29/23	252,788		(1,660,086	)

							(5,350,823	)


Short Contracts
30-Year Euro Buxl Bond		21		12/07/23	2,717		210,457
Euro BTP		276		12/07/23	32,019		1,447,062
Euro-Schatz		70		12/07/23	7,770		34,345
10-Year Japanese Government Treasury Bonds		40		12/13/23	38,801		267,673
Euro Stoxx 50 Index		124		12/15/23	5,492		96,175
NASDAQ 100 E-Mini Index		80		12/15/23	23,786		1,013,592
Russell 2000 E-Mini Index		57		12/15/23	5,126		212,877
S&P 500 E-Mini Index		236		12/15/23	51,041		552,814
10-Year U.S. Treasury Note		365		12/19/23	39,426		541,635
10-Year U.S. Ultra Long Treasury Note		2,406		12/19/23	268,344		7,424,878
2-Year U.S. Treasury Note		784		12/29/23	158,913		76,021

							11,877,529

						$	6,526,706

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

USD

143,372

EUR

133,078

JPMorgan Chase Bank N.A.

12/14/23

2,215

USD

687,494

EUR

638,131

JPMorgan Chase Bank N.A.

12/14/23

10,621

USD

2,384,577

EUR

2,213,362

JPMorgan Chase Bank N.A.

12/14/23

36,838

USD

110,036

EUR

102,038

State Street Bank and Trust Co.

12/14/23

1,803

USD

6,003,392

AUD

9,307,685

HSBC Bank PLC

12/20/23

2,933

USD

3,601,420

BRL

17,901,506

Citibank N.A.

12/20/23

74,247


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		16

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	10,992,472	CAD	14,844,416	HSBC Bank PLC		12/20/23	$	49,888
USD	27,350,092	CHF	24,154,945	Citibank N.A.		12/20/23		730,099
USD	11,043,321	CNH	80,002,465	State Street Bank and Trust Co.		12/20/23		47,808
USD	488,147	DKK	3,371,861	Citibank N.A.		12/20/23		8,012
USD	3,413,819	EUR	3,163,951	JPMorgan Chase Bank N.A.		12/20/23		56,467
USD	22,422,043	EUR	20,781,099	JPMorgan Chase Bank N.A.		12/20/23		370,674
USD	220,125,573	EUR	203,999,041	JPMorgan Chase Bank N.A.		12/20/23		3,656,843
USD	603,469	GBP	486,982	Barclays Bank PLC		12/20/23		8,979
USD	329,603	GBP	263,760	HSBC Bank PLC		12/20/23		7,615
USD	61,983,083	GBP	49,596,846	JPMorgan Chase Bank N.A.		12/20/23		1,437,065
USD	18,964,878	HKD	148,126,807	Bank of America N.A.		12/20/23		17,860
USD	3,754,377	IDR	57,749,532,470	HSBC Bank PLC		12/20/23		27,516
USD	787,576	JPY	114,628,854	Deutsche Bank AG		12/20/23		10,623
USD	4,532,797	JPY	658,259,458	JPMorgan Chase Bank N.A.		12/20/23		71,121
USD	54,308,004	JPY	7,885,562,838	JPMorgan Chase Bank N.A.		12/20/23		859,746
USD	1,019,885	JPY	147,827,415	State Street Bank and Trust Co.		12/20/23		17,913
USD	176,465	NOK	1,881,150	Citibank N.A.		12/20/23		219

								7,507,105

EUR	143,413	USD	153,896	Morgan Stanley & Co. International PLC		12/14/23		(1,776	)
EUR	249,814	USD	268,050	Barclays Bank PLC		12/20/23		(2,966	)
EUR	1,117,467	USD	1,187,762	HSBC Bank PLC		12/20/23		(1,989	)
EUR	230,025	USD	248,244	Morgan Stanley & Co. International PLC		12/20/23		(4,158	)
EUR	225,600	USD	241,346	State Street Bank and Trust Co.		12/20/23		(1,956	)
EUR	335,107	USD	360,108	State Street Bank and Trust Co.		12/20/23		(4,517	)
EUR	1,039,783	USD	1,121,002	State Street Bank and Trust Co.		12/20/23		(17,661	)
EUR	177,774	USD	191,627	UBS AG		12/20/23		(2,987	)
EUR	2,053,137	USD	2,184,869	UBS AG		12/20/23		(6,231	)
GBP	367,166	USD	450,959	Deutsche Bank AG		12/20/23		(2,736	)
GBP	154,459	USD	191,374	HSBC Bank PLC		12/20/23		(2,815	)
GBP	154,530	USD	189,709	HSBC Bank PLC		12/20/23		(1,065	)
GBP	512,022	USD	625,147	HSBC Bank PLC		12/20/23		(89	)
GBP	179,019	USD	223,493	State Street Bank and Trust Co.		12/20/23		(4,954	)
GBP	227,367	USD	282,098	State Street Bank and Trust Co.		12/20/23		(4,536	)
MXN	23,997,316	USD	1,378,824	Morgan Stanley & Co. International PLC		12/20/23		(19,767	)
MXN	31,694,838	USD	1,820,852	Morgan Stanley & Co. International PLC		12/20/23		(25,856	)
USD	219,773	EUR	207,657	Morgan Stanley & Co. International PLC		12/20/23		(577	)
USD	208,995	MXN	3,741,448	JPMorgan Chase Bank N.A.		12/20/23		(2,897	)
USD	190,235	MXN	3,360,693	State Street Bank and Trust Co.		12/20/23		(93	)
USD	377,581	SEK	4,178,345	Goldman Sachs International		12/20/23		(6,348	)
ZAR	33,715,234	USD	1,781,504	State Street Bank and Trust Co.		12/20/23		(13,043	)

								(129,017	)

							$	7,378,088

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		308		10/13/23		USD	435.00		USD	13,166	$	69,146
SPX Volatility Index		93		10/18/23		USD	25.00		USD	163		3,860
Alibaba Group Holding Ltd., ADR		548		10/20/23		USD	110.00		USD	4,753		4,110
Alphabet, Inc., Class C		316		10/20/23		USD	135.00		USD	4,166		65,412
Amazon.com, Inc.		430		10/20/23		USD	145.00		USD	5,466		7,525
Apple, Inc.		63		10/20/23		USD	180.00		USD	1,079		5,261
Apple, Inc.		32		10/20/23		USD	185.00		USD	548		784
Apple, Inc.		126		10/20/23		USD	195.00		USD	2,157		441
Bunge Ltd.		105		10/20/23		USD	105.00		USD	1,137		50,925
Comcast Corp., Class A		410		10/20/23		USD	47.50		USD	1,818		4,100
ConocoPhillips		316		10/20/23		USD	125.00		USD	3,786		39,026

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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)
Eli Lilly & Co.		26		10/20/23		USD	610.00		USD	1,397	$	1,157
Freeport-McMoRan, Inc.		316		10/20/23		USD	45.00		USD	1,178		1,738
MGM Resorts International		129		10/20/23		USD	50.00		USD	474		258
Micron Technology, Inc.		181		10/20/23		USD	70.00		USD	1,231		24,073
Microsoft Corp.		63		10/20/23		USD	340.00		USD	1,989		4,032
Rockwell Automation, Inc.		52		10/20/23		USD	320.00		USD	1,487		1,820
SPDR S&P 500 ETF Trust		334		10/20/23		USD	463.00		USD	14,278		835
Uber Technologies, Inc.		314		10/20/23		USD	50.00		USD	1,444		9,577
UnitedHealth Group, Inc.		42		10/20/23		USD	530.00		USD	2,118		12,411
Valero Energy Corp.		83		10/20/23		USD	145.00		USD	1,176		25,107
Adobe, Inc.		21		11/17/23		USD	590.00		USD	1,071		4,830
Advanced Micro Devices, Inc.		157		11/17/23		USD	105.00		USD	1,614		101,657
Alphabet, Inc., Class C		126		11/17/23		USD	140.00		USD	1,661		34,965
Alphabet, Inc., Class C		95		11/17/23		USD	135.00		USD	1,253		45,600
Amazon.com, Inc.		91		11/17/23		USD	150.00		USD	1,157		8,691
Amazon.com, Inc.		137		11/17/23		USD	140.00		USD	1,742		34,798
Amazon.com, Inc.		64		11/17/23		USD	155.00		USD	814		3,808
Amazon.com, Inc.		101		11/17/23		USD	135.00		USD	1,284		40,400
Apple, Inc.		173		11/17/23		USD	180.00		USD	2,962		54,495
Broadcom, Inc.		7		11/17/23		USD	900.00		USD	581		9,065
ConocoPhillips		91		11/17/23		USD	130.00		USD	1,090		13,741
ConocoPhillips		127		11/17/23		USD	125.00		USD	1,521		37,211
Devon Energy Corp.		182		11/17/23		USD	52.50		USD	868		17,017
Eli Lilly & Co.		42		11/17/23		USD	620.00		USD	2,256		9,849
Humana, Inc.		32		11/17/23		USD	520.00		USD	1,557		20,960
Humana, Inc.		32		11/17/23		USD	515.00		USD	1,557		25,280
Humana, Inc.		21		11/17/23		USD	490.00		USD	1,022		38,640
Humana, Inc.		37		11/17/23		USD	525.00		USD	1,800		19,795
Kenvue, Inc.		543		11/17/23		USD	25.00		USD	1,090		4,073
Lennar Corp., Class A		34		11/17/23		USD	135.00		USD	382		680
Lockheed Martin Corp.		66		11/17/23		USD	435.00		USD	2,699		20,460
Mastercard, Inc., Class A		42		11/17/23		USD	420.00		USD	1,663		16,065
Micron Technology, Inc.		164		11/17/23		USD	77.50		USD	1,116		8,692
Microsoft Corp.		94		11/17/23		USD	330.00		USD	2,968		66,035
NVIDIA Corp.		84		11/17/23		USD	480.00		USD	3,654		86,940
NVIDIA Corp.		35		11/17/23		USD	440.00		USD	1,522		86,187
Salesforce, Inc.		47		11/17/23		USD	220.00		USD	953		10,457
Salesforce, Inc.		32		11/17/23		USD	210.00		USD	649		16,560
SPDR S&P 500 ETF Trust		467		11/17/23		USD	460.00		USD	19,963		28,487
Tesla, Inc.		57		11/17/23		USD	260.00		USD	1,426		85,500
T-Mobile U.S., Inc.		86		11/17/23		USD	140.00		USD	1,204		46,225
Uber Technologies, Inc.		137		11/17/23		USD	52.50		USD	630		11,645
Uber Technologies, Inc.		136		11/17/23		USD	47.50		USD	625		32,640
Valero Energy Corp.		107		11/17/23		USD	155.00		USD	1,516		24,289
Walmart, Inc.		91		11/17/23		USD	170.00		USD	1,455		9,737
Delta Air Lines, Inc.		666		12/15/23		USD	45.00		USD	2,464		16,650
Delta Air Lines, Inc.		137		12/15/23		USD	42.00		USD	507		8,837
Intel Corp.		272		12/15/23		USD	38.00		USD	967		41,344
NVIDIA Corp.		53		12/15/23		USD	440.00		USD	2,305		192,257
United Airlines Holdings, Inc.		137		12/15/23		USD	48.00		USD	580		14,590
Freeport-McMoRan, Inc.		228		01/19/24		USD	45.00		USD	850		18,354
Pfizer, Inc.		321		01/19/24		USD	47.00		USD	1,065		1,124
Pfizer, Inc.		534		01/19/24		USD	50.00		USD	1,771		1,335
Sabre Corp.		81		01/19/24		USD	6.00		USD	36		2,349
Sabre Corp.		72		01/19/24		USD	7.00		USD	32		1,296

												1,705,208

Put
iShares iBoxx $ High Yield Corporate Bond ETF		64		10/20/23		USD	71.00		USD	472		4,768
Netflix, Inc.		14		10/20/23		USD	350.00		USD	529		9,940
Seagate Technology Holdings PLC		47		10/20/23		USD	60.00		USD	310		1,669
Stellantis NV		72		10/20/23		USD	16.00		USD	138		540


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		18

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

Exchange-Traded Options Purchased (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put (continued)
Frontier Communications Parent, Inc.		53		11/17/23		USD	12.50		USD	83	$	2,385
SPDR S&P 500 ETF Trust		133		11/17/23		USD	435.00		USD	5,685		157,538
Ford Motor Co.		140		12/15/23		USD	10.00		USD	174		1,890
Stellantis NV		73		12/15/23		USD	14.00		USD	140		730

												179,460

											$	1,884,668

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise

Price

Barrier

Price/Range

Notional
Amount (000)

Value

Call

S&P 500 Index

Down-and-in

Citibank N.A.
Morgan Stanley & Co.

3,150

12/15/23

USD

4,432.61

USD

4,215.33

USD

13,963

11,141

USD Currency

Up-and-in

International PLC

—

03/07/24

CNH

7.70

CNH

8.25

USD

23,928

27,661

38,802

Put

EUR Currency

One Touch

Morgan Stanley & Co.
International PLC

—

10/20/23

USD

1.06

USD

1.06

EUR

361

201,008

239,810

OTC Options Purchased


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Morgan Stanley & Co. International PLC		—		11/13/23		HKD	7.81		USD	10,331	$	26,374
Mitsubishi UFJ Financial Group, Inc.	Citibank N.A.		111,400		12/08/23		JPY	1,378.02		JPY	141,311		15,394
TOPIX Banks Index	BNP Paribas SA		576,720		01/12/24		JPY	286.63		JPY	150,945		25,501
TOPIX Banks Index	Goldman Sachs International		960,816		01/12/24		JPY	286.49		JPY	251,474		26,779
TOPIX Banks Index	JPMorgan Chase Bank N.A.		384,864		01/12/24		JPY	286.56		JPY	100,730		10,693
USD Currency	HSBC Bank PLC		—		08/21/24		CNH	8.50		USD	51,043		45,633

													150,374

Put
EUR Currency	JPMorgan Chase Bank N.A.		—		11/22/23		USD	1.05		EUR	18,377		154,460
GBP Currency	Bank of America N.A.		—		11/22/23		CHF	1.10		GBP	8,210		49,706
USD Currency	Barclays Bank PLC		—		11/22/23		MXN	17.25		USD	6,158		56,539

													260,705

												$	411,079

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

OTC Credit Default Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Credit

Rating^(a)

Exercise

Price

Notional
Amount (000)^(b)

Value

Rate/Reference

Frequency

Put

Bought Protection 5-Year Credit Default Swap, 10/20/28

1.00%

CDX.NA.IG.41.V1

Quarterly

BNP Paribas SA

10/18/23

N/R

USD 77.50

USD

9,035

6,325

Bought Protection 5-Year Credit Default Swap, 10/20/28

5.00%

CDX.NA.HY.40.V1

Quarterly

Bank of America N.A.

10/18/23

N/R

USD 100.50

USD

2,100

6,838

Bought Protection 5-Year Credit Default Swap, 10/20/28

5.00%

CDX.NA.HY.41.V1

Quarterly

JPMorgan Chase Bank N.A.

10/18/23

N/R

USD 99.50

USD

2,540

7,855

Bought Protection 5-Year Credit Default Swap, 11/17/28

5.00%

CDX.NA.HY.41.V1

Quarterly

Barclays Bank PLC

11/15/23

N/R

USD 96.00

USD

1,730

3,979

24,997

^(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 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

2-Year Interest Rate Swap, 10/21/25

1-Day
SOFR,
5.31%

Quarterly

2.75%

Semi-Annual

Goldman Sachs International

10/19/23

2.75

USD

14,072

10-Year Interest Rate Swap, 10/26/33

1-Day
SOFR,
5.31%

Quarterly

3.05%

Semi-Annual

Citibank N.A.

10/24/23

3.05

USD

11,317

10-Year Interest Rate Swap, 11/01/33

1-Day
SOFR,
5.31%

Quarterly

2.90%

Semi-Annual

JPMorgan Chase Bank N.A.

10/30/23

2.90

USD

11,317

10-Year Interest Rate Swap, 11/09/33

1-Day
SOFR,
5.31%

Quarterly

2.82%

Semi-Annual

Goldman Sachs International

11/07/23

2.82

USD

4,692

30-Year Interest Rate Swap, 11/16/53

1-Day
SOFR,
5.31%

Quarterly

2.85%

Semi-Annual

Citibank N.A.

11/14/23

2.85

USD

3,571

351

1-Year Interest Rate Swap, 02/14/25

1-Day
SOFR,
5.31%

Quarterly

4.45%

Semi-Annual

Citibank N.A.

02/12/24

4.45

USD

208,377

148,440

5-Year Interest Rate Swap, 03/03/29

6-mo.
EURIBOR,
4.13%

Semi-Annual

3.00%

Annual

JPMorgan Chase Bank N.A.

03/01/24

3.00

EUR

15,660

95,941

10-Year Interest Rate Swap, 03/20/34

1-Day
SOFR,
5.31%

Quarterly

3.65%

Semi-Annual

Nomura International, Inc.

03/18/24

3.65

USD

10,148

93,965

5-Year Interest Rate Swap, 03/20/29

6-mo.
EURIBOR,
4.13%

Semi-Annual

3.18%

Annual

JPMorgan Chase Bank N.A.

03/18/24

3.18

EUR

12,926

129,401

2-Year Interest Rate Swap, 03/30/26

1-Day
SOFR,
5.31%

Quarterly

4.20%

Semi-Annual

JPMorgan Chase Bank N.A.

03/28/24

4.20

USD

75,842

301,893

770,078

Put

10-Year Interest Rate Swap, 10/26/33

4.55%

Semi-Annual

1-Day
SOFR,
5.31%

Quarterly

Citibank N.A.

10/24/23

4.55

USD

11,317

33,640

10-Year Interest Rate Swap, 11/01/33

4.40%

Semi-Annual

1-Day
SOFR,
5.31%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

4.40

USD

11,317

80,663

30-Year Interest Rate Swap, 11/03/53

3.65%

Semi-Annual

1-Day
SOFR,
5.31%

Quarterly

Citibank N.A.

11/01/23

3.65

USD

5,251

350,932

10-Year Interest Rate Swap, 11/09/33

4.82%

Semi-Annual

1-Day
SOFR,
5.31%

Quarterly

Goldman Sachs International

11/07/23

4.82

USD

4,693

7,875

473,110

1,243,188

Exchange-Traded Options Written

Description

Number of
Contracts

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

SPX Volatility Index

10/18/23

USD

40.00

USD

163

(1,302

)


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		20

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Alibaba Group Holding Ltd., ADR		548		10/20/23		USD	130.00		USD	4,753	$	(1,096)
Alphabet, Inc., Class C		316		10/20/23		USD	145.00		USD	4,166		(6,004)
Amazon.com, Inc.		178		10/20/23		USD	155.00		USD	2,263		(979)
Bunge Ltd.		105		10/20/23		USD	120.00		USD	1,137		(2,100)
ConocoPhillips		316		10/20/23		USD	135.00		USD	3,786		(2,844)
Eli Lilly & Co.		26		10/20/23		USD	640.00		USD	1,397		(663)
Microsoft Corp.		63		10/20/23		USD	365.00		USD	1,989		(347)
Advanced Micro Devices, Inc.		157		11/17/23		USD	120.00		USD	1,614		(30,929)
Eli Lilly & Co.		21		11/17/23		USD	670.00		USD	1,128		(1,533)
NVIDIA Corp.		84		11/17/23		USD	540.00		USD	3,654		(18,774)
Delta Air Lines, Inc.		666		12/15/23		USD	50.00		USD	2,464		(4,329)
NVIDIA Corp.		53		12/15/23		USD	530.00		USD	2,305		(52,867)
SPDR S&P 500 ETF Trust		30		12/15/23		USD	420.00		USD	1,282		(60,660)
Freeport-McMoRan, Inc.		228		01/19/24		USD	50.00		USD	850		(6,954)

												(191,381	)

Put
Amazon.com, Inc.		252		10/20/23		USD	120.00		USD	3,203		(31,248	)
Apple, Inc.		63		10/20/23		USD	170.00		USD	1,079		(18,301	)
Comcast Corp., Class A		410		10/20/23		USD	42.50		USD	1,818		(14,145	)
Eli Lilly & Co.		26		10/20/23		USD	560.00		USD	1,397		(68,185	)
Freeport-McMoRan, Inc.		211		10/20/23		USD	38.00		USD	787		(37,874	)
MGM Resorts International		64		10/20/23		USD	40.00		USD	235		(21,760	)
Micron Technology, Inc.		181		10/20/23		USD	52.50		USD	1,231		(1,086	)
Microsoft Corp.		32		10/20/23		USD	305.00		USD	1,010		(9,840	)
Netflix, Inc.		14		10/20/23		USD	300.00		USD	529		(1,400	)
Rockwell Automation, Inc.		52		10/20/23		USD	270.00		USD	1,487		(9,100	)
Seagate Technology Holdings PLC		47		10/20/23		USD	55.00		USD	310		(329	)
UnitedHealth Group, Inc.		42		10/20/23		USD	450.00		USD	2,118		(4,011	)
Adobe, Inc.		21		11/17/23		USD	510.00		USD	1,071		(43,260	)
Advanced Micro Devices, Inc.		157		11/17/23		USD	85.00		USD	1,614		(20,017	)
Alphabet, Inc., Class C		126		11/17/23		USD	120.00		USD	1,661		(23,625	)
Amazon.com, Inc.		91		11/17/23		USD	115.00		USD	1,157		(21,976	)
Amazon.com, Inc.		64		11/17/23		USD	125.00		USD	814		(35,680	)
Amazon.com, Inc.		178		11/17/23		USD	130.00		USD	2,263		(141,955	)
Amazon.com, Inc.		137		11/17/23		USD	120.00		USD	1,742		(51,375	)
Apple, Inc.		105		11/17/23		USD	155.00		USD	1,798		(17,903	)
Broadcom, Inc.		7		11/17/23		USD	760.00		USD	581		(8,085	)
ConocoPhillips		169		11/17/23		USD	110.00		USD	2,025		(28,392	)
Devon Energy Corp.		182		11/17/23		USD	45.00		USD	868		(24,570	)
Eli Lilly & Co.		21		11/17/23		USD	540.00		USD	1,128		(48,457	)
Humana, Inc.		53		11/17/23		USD	440.00		USD	2,579		(22,790	)
Humana, Inc.		37		11/17/23		USD	450.00		USD	1,800		(21,645	)
Kenvue, Inc.		364		11/17/23		USD	20.00		USD	731		(25,480	)
Lennar Corp., Class A		34		11/17/23		USD	115.00		USD	382		(21,250	)
Lockheed Martin Corp.		41		11/17/23		USD	370.00		USD	1,677		(8,508	)
Mastercard, Inc., Class A		42		11/17/23		USD	360.00		USD	1,663		(12,390	)
Micron Technology, Inc.		164		11/17/23		USD	57.50		USD	1,116		(7,216	)
Microsoft Corp.		52		11/17/23		USD	285.00		USD	1,642		(16,510	)
NextEra Energy, Inc.		118		11/17/23		USD	65.00		USD	676		(91,450	)
NVIDIA Corp.		84		11/17/23		USD	400.00		USD	3,654		(86,310	)
NVIDIA Corp.		19		11/17/23		USD	380.00		USD	826		(11,258	)
Pfizer, Inc.		359		11/17/23		USD	30.00		USD	1,191		(11,668	)
Salesforce, Inc.		47		11/17/23		USD	185.00		USD	953		(9,847	)
Tesla, Inc.		31		11/17/23		USD	220.00		USD	776		(20,925	)
Uber Technologies, Inc.		137		11/17/23		USD	42.50		USD	630		(19,591	)
Uber Technologies, Inc.		136		11/17/23		USD	37.50		USD	625		(5,984	)
Valero Energy Corp.		107		11/17/23		USD	120.00		USD	1,516		(11,021	)
Walmart, Inc.		91		11/17/23		USD	150.00		USD	1,455		(12,103	)
Delta Air Lines, Inc.		137		12/15/23		USD	35.00		USD	507		(18,358	)
Intel Corp.		272		12/15/23		USD	30.00		USD	967		(15,776	)
NVIDIA Corp.		53		12/15/23		USD	310.00		USD	2,305		(12,720	)

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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)
United Airlines Holdings, Inc.		137		12/15/23		USD	41.00		USD	580	$	(29,866	)
Freeport-McMoRan, Inc.		228		01/19/24		USD	38.00		USD	850		(74,100	)


												(1,249,340	)


											$	(1,440,721	)

OTC Barrier Options Written

Description

Type of Option

Counterparty

Expiration
Date

Exercise Price

Barrier

Price/Range

Notional

Amount (000)

Value

Put

EUR Currency

Down-and-in

Citibank N.A.

10/20/23

USD

1.05

USD

1.04

EUR

8,034

(27,969

)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Barclays Bank PLC		—		11/22/23		MXN	18.25		MXN	6,157	$	(52,432	)
Mitsubishi UFJ Financial Group, Inc.	Citibank N.A.		222,900		12/08/23		JPY	1,509.26		JPY	282,749		(7,601	)
TOPIX Banks Index	BNP Paribas SA		576,720		01/12/24		JPY	313.92		JPY	150,945		(3,827	)
TOPIX Banks Index	Goldman Sachs International		960,816		01/12/24		JPY	313.77		JPY	251,474		(6,430	)
TOPIX Banks Index	JPMorgan Chase Bank N.A.		384,864		01/12/24		JPY	313.85		JPY	100,730		(2,565	)

													(72,855	)

Put
EUR Currency	JPMorgan Chase Bank N.A.		—		11/22/23		USD	1.03		USD	18,377		(57,840	)
GBP Currency	Bank of America N.A.		—		11/22/23		CHF	1.07		CHF	10,263		(19,759	)
USD Currency	Barclays Bank PLC		—		11/22/23		MXN	16.80		MXN	6,157		(15,037	)

													(92,636	)

												$	(165,491	)

OTC Credit Default Swaptions Written

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Credit

Rating^(a)

Exercise
Price

Notional
Amount (000)^(b)

Value

Rate/Reference

Frequency

Put

Sold Protection 5-Year Credit Default Swap, 10/20/28

CDX.NA.IG.41.V1

1.00%

Quarterly

BNP Paribas SA

10/18/23

N/R

USD 95.00

USD

9,035

(904

)

Sold Protection 5-Year Credit Default Swap, 10/20/28

CDX.NA.HY.40.V1

5.00%

Quarterly

Bank of America N.A.

10/18/23

N/R

USD 98.50

USD

2,100

(2,009

)

Sold Protection 5-Year Credit Default Swap, 10/20/28

CDX.NA.HY.41.V1

5.00%

Quarterly

JPMorgan Chase Bank N.A.

10/18/23

N/R

USD 96.00

USD

2,540

(1,579

)

(4,492

)

^(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.


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		22

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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

2-Year Interest Rate Swap, 10/21/25

2.45%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Goldman Sachs International

10/19/23

2.45

USD

14,072

—

2-Year Interest Rate Swap, 10/26/25

3.09%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Citibank N.A.

10/24/23

3.09

USD

45,268

)

2-Year Interest Rate Swap, 11/16/25

2.75%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Citibank N.A.

11/14/23

2.75

USD

35,707

(100

)

10-Year Interest Rate Swap, 12/16/33

2.40%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Morgan Stanley & Co. International PLC

12/14/23

2.40

USD

6,165

(280

)

1-Year Interest Rate Swap, 02/14/25

3.75%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Citibank N.A.

02/12/24

3.75

USD

156,283

(38,008

)

5-Year Interest Rate Swap, 03/03/29

2.50%

Annual

6-mo.
EURIBOR,
4.13%

Semi-Annual

JPMorgan Chase Bank N.A.

03/01/24

2.50

EUR

15,660

(29,610

)

10-Year Interest Rate Swap, 03/20/34

3.15%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

Nomura International, Inc.

03/18/24

3.15

USD

10,148

(32,251

)

5-Year Interest Rate Swap, 03/20/29

2.68%

Annual

6-mo.
EURIBOR,
4.13%

Semi-Annual

JPMorgan Chase Bank N.A.

03/18/24

2.68

EUR

12,926

(44,295

)

2-Year Interest Rate Swap, 03/30/26

3.80%

Semi-Annual

1-Day SOFR,
5.31%

Quarterly

JPMorgan Chase Bank N.A.

03/28/24

3.80

USD

75,842

(177,672

)

(322,220

)

Put

10-Year Interest Rate Swap, 10/04/33

1-Day SOFR,
5.31%

Quarterly

3.93%

Semi-Annual

Goldman Sachs International

10/02/23

3.93

USD

12,168

(358,992

)

2-Year Interest Rate Swap, 10/08/25

1-Day SOFR,
5.31%

Quarterly

5.10%

Semi-Annual

Citibank N.A.

10/06/23

5.10

USD

78,638

(19,689

)

10-Year Interest Rate Swap, 10/15/33

1-Day SOFR,
5.31%

Quarterly

3.50%

Semi-Annual

Goldman Sachs International

10/13/23

3.50

USD

16,914

(1,073,549

)

2-Year Interest Rate Swap, 10/15/25

1-Day SOFR,
5.31%

Quarterly

4.25%

Semi-Annual

Citibank N.A.

10/13/23

4.25

USD

73,294

(964,620

)

2-Year Interest Rate Swap, 10/18/25

1-Day SOFR,
5.31%

Quarterly

4.05%

Semi-Annual

Goldman Sachs International

10/16/23

4.05

USD

37,711

(636,186

)

2-Year Interest Rate Swap, 10/19/25

1-Day SOFR,
5.31%

Quarterly

4.25%

Semi-Annual

Citibank N.A.

10/17/23

4.25

USD

33,730

(441,859

)

2-Year Interest Rate Swap, 10/21/23

1-Day SOFR,
5.31%

Quarterly

3.30%

Semi-Annual

Goldman Sachs International

10/19/23

3.30

USD

7,036

(77,704

)

5-Year Interest Rate Swap, 10/29/28

1-Day SOFR,
5.31%

Quarterly

4.40%

Semi-Annual

Goldman Sachs International

10/27/23

4.40

USD

13,192

(70,779

)

2-Year Interest Rate Swap, 11/03/25

1-Day SOFR,
5.31%

Quarterly

5.00%

Semi-Annual

Citibank N.A.

11/01/23

5.00

USD

26,254

(45,164

)

30-Year Interest Rate Swap, 11/03/53

1-Day SOFR,
5.31%

Quarterly

4.00%

Semi-Annual

Goldman Sachs International

11/01/23

4.00

USD

5,251

(129,028

)

2-Year Interest Rate Swap, 11/10/25

1-Day SOFR,
5.31%

Quarterly

4.80%

Semi-Annual

Goldman Sachs International

11/08/23

4.80

USD

105,377

(415,331

)

2-Year Interest Rate Swap, 11/12/25

1-Day SOFR,
5.31%

Quarterly

4.85%

Semi-Annual

JPMorgan Chase Bank N.A.

11/10/23

4.85

USD

78,891

(264,382

)

2-Year Interest Rate Swap, 11/16/25

1-Day SOFR,
5.31%

Quarterly

4.75%

Semi-Annual

Citibank N.A.

11/14/23

4.75

USD

14,283

(66,470

)

10-Year Interest Rate Swap, 12/16/33

1-Day SOFR,
5.31%

Quarterly

3.60%

Semi-Annual

Morgan Stanley & Co. International PLC

12/14/23

3.60

USD

6,165

(342,947

)

5-Year Interest Rate Swap, 01/07/29

1-Day SOFR,
5.31%

Quarterly

4.50%

Semi-Annual

Citibank N.A.

01/05/24

4.50

USD

13,161

(104,832

)

5-Year Interest Rate Swap, 03/03/29

6-mo.
EURIBOR,
4.13%

Semi-Annual

3.45%

Annual

JPMorgan Chase Bank N.A.

03/01/24

3.45

EUR

15,660

(143,038

)

2-Year Interest Rate Swap, 03/20/26

6-mo.
EURIBOR,
4.13%

Semi-Annual

4.05%

Annual

BNP Paribas SA

03/18/24

4.05

EUR

36,242

(54,495

)

5-Year Interest Rate Swap, 03/20/29

6-mo.
EURIBOR,
4.13%

Semi-Annual

3.58%

Annual

JPMorgan Chase Bank N.A.

03/18/24

3.58

EUR

12,926

(96,867

)

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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, 03/29/29

1-Day SOFR,
5.31%

Quarterly

3.79%

Semi-Annual

JPMorgan Chase Bank N.A.

03/27/24

3.79

USD

35,313

(962,968

)

2-Year Interest Rate Swap, 03/30/26

1-Day SOFR,
5.31%

Quarterly

5.20%

Semi-Annual

JPMorgan Chase Bank N.A.

03/28/24

5.20

USD

37,921

(88,950

)

(6,357,850

)

(6,680,070

)

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	$	(290,157)	$	77,120	$	(367,277	)

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		$	2,214,263	$	1,836,491	$	377,772
iTraxx.XO.35.V2	5.00		Quarterly	06/20/26	CCC-	EUR 1,421			93,972		124,920		(30,948	)

								$	2,308,235	$	1,961,411	$	346,824

^(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)
28-Day MXIBTIIE, 11.50%	Monthly	4.68%	Monthly		N/A			02/27/24	MXN	62,783	$	(113,732	)	$	3		$	(113,735	)
28-Day MXIBTIIE, 11.50%	Monthly	4.86%	Monthly		N/A			03/01/24	MXN	62,782		(110,701	)		3			(110,704	)
2.47%	Monthly	1-Day SONIA, 5.19%	Monthly		N/A			04/03/24	GBP	46,645		1,522,393			(1,286	)		1,523,679
1-Day SONIA, 5.19%	Monthly	3.22%	Monthly		N/A			04/03/24	GBP	93,289		(2,193,514	)		1,601			(2,195,115	)
1-Day SONIA, 5.19%	Monthly	4.26%	Monthly		N/A			09/06/24	GBP	25,649		(356,521	)		130			(356,651	)
1-Day SOFR, 5.31%	Monthly	5.45%	Monthly		N/A			10/02/24	USD	174,570		9,214			7,292			1,922
28-Day MXIBTIIE, 11.50%	Monthly	9.78%	Monthly		N/A			02/04/25	MXN	48,743		(48,327	)		7			(48,334	)
28-Day MXIBTIIE, 11.50%	Monthly	9.79%	Monthly		N/A			02/04/25	MXN	24,371		(23,982	)		3			(23,985	)
28-Day MXIBTIIE, 11.50%	Monthly	9.80%	Monthly		N/A			02/04/25	MXN	24,371		(23,710	)		3			(23,713	)
28-Day MXIBTIIE, 11.50%	Monthly	9.95%	Monthly		N/A			02/07/25	MXN	550,963		(470,211	)		86			(470,297	)
1-Day SOFR, 5.31%	Annual	5.00%	Annual		N/A			10/02/25	USD	169,290		123,659			28,318			95,341
4.69%	Annual	1-Day SOFR, 5.31%	Annual		N/A			10/02/26	USD	115,533		(149,625	)		(24,556	)		(125,069	)
1-Day SOFR, 5.31%	Annual	3.47%	Annual		03/10/25	^(a)		03/10/27	USD	9,910		(97,639	)		44			(97,683	)
1-Day SONIA, 5.19%	Monthly	3.18%	Monthly		02/10/27	^(a)		02/10/28	GBP	85,657		(784,852	)		524			(785,376	)
1-Day SONIA, 5.19%	Annual	4.86%	Annual		N/A			06/20/28	GBP	6,480		65,194			(16	)		65,210
28-Day MXIBTIIE, 11.50%	Monthly	9.13%	Monthly		N/A			08/15/28	MXN	104,580		(115,692	)		56			(115,748	)
1-Day SOFR, 5.31%	Annual	4.42%	Annual		N/A			10/02/28	USD	81,301		118,084			19,312			98,772
0.02%	Annual	6-mo. EURIBOR, 4.13%	Semi-Annual		N/A			08/26/31	EUR	9,317		2,297,099			155			2,296,944
1-Day ESTR, 1,099.27%	Annual	2.34%	Annual		01/19/28	^(a)		01/19/33	EUR	7,414		(256,960	)		104			(257,064	)
1-Day SOFR, 5.31%	Annual	3.14%	Annual		05/12/28	^(a)		05/12/33	USD	13,769		(504,474	)		127			(504,601	)
1-Day SOFR, 5.31%	Annual	4.31%	Annual		N/A			09/29/33	USD	121,626		270,000			10,546			259,454


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		24

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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)
4.25%	Annual	1-Day SOFR, 5.31%	Annual		N/A		09/29/43	USD	1,467	$	(3,350	)	$	1,003	$	(4,353	)
4.03%	Annual	1-Day SOFR, 5.31%	Annual		N/A		09/29/53	USD	30,617		(59,219	)		9,694		(68,913	)

										$	(906,866	)	$	53,153	$	(960,019	)

^(a)

Forward Swap.

Centrally Cleared Inflation Swaps

Paid by the Trust

Received by the Trust

Termination
Date

Notional

Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Reference

Frequency

Rate

Frequency

Eurostat Eurozone HICP Ex Tobacco Unrevised

Monthly

2.69%

Monthly

08/15/32

EUR

1,425

(28,808

)

(28,838

)

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)
UBS Group AG	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/28	EUR	3,700	$	(31,633	)	$	125,489	$	(157,122	)
UBS Group AG	1.00	Quarterly	JPMorgan Chase Bank N.A.	06/20/28	EUR	2,160		(18,467	)		70,788		(89,255	)

							$	(50,100	)	$	196,277	$	(246,377	)

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	BB		USD	642	$	43,855		$	25,558		$	18,297
			Morgan Stanley & Co.
CMBX.NA.9	3.00	Monthly	International PLC	09/17/58	N/R		USD	332		(71,629	)		(70,383	)		(1,246	)
			Morgan Stanley & Co.
CMBX.NA.15	3.00	Monthly	International PLC	11/18/64	N/R		USD	1,000		(238,250	)		(185,737	)		(52,513	)

									$	(266,024	)	$	(230,562	)	$	(35,462	)

^(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

1-Day BZDIOVER, 0.05%

Monthly

12.78

Monthly

Morgan Stanley & Co.

International PLC

N/A

01/02/25

BRL

143,165

562,141

—

562,141

1-Day BZDIOVER, 0.05%

Monthly

13.15

Monthly

JPMorgan Chase Bank N.A.

N/A

01/02/25

BRL

7,385

39,040

—

39,040

1-Day BZDIOVER, 0.05%

Monthly

13.18

Monthly

JPMorgan Chase Bank N.A.

N/A

01/02/25

BRL

7,381

39,851

—

39,851

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

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, 0.05%	Monthly		13.22%	Monthly	Citibank N.A.		N/A		01/02/25		BRL	3,883	$	21,548		$	—	$	21,548
China Fixing Repo Rates 7-Day, 2.20%	Quarterly		2.60%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26		CNY	157,107		251,645			—		251,645
1-Day BZDIOVER, 0.05%	Monthly		10.03%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/04/27		BRL	14,158		(71,582	)		—		(71,582	)
1-Day BZDIOVER, 0.05%	Monthly		10.03%	Monthly	BNP Paribas SA		N/A		01/04/27		BRL	12,635		(68,430	)		—		(68,430	)
1-Day BZDIOVER, 0.05%	Monthly		10.05%	Monthly	Goldman Sachs International		N/A		01/04/27		BRL	35,907		(190,450	)		—		(190,450	)
1-Day BZDIOVER, 0.05%	Monthly		10.10%	Monthly	Bank of America N.A.		N/A		01/04/27		BRL	13,441		(67,368	)		—		(67,368	)
1-Day BZDIOVER, 0.05%	Monthly		10.12%	Monthly	Bank of America N.A.		N/A		01/04/27		BRL	17,910		(87,469	)		—		(87,469	)
1-Day BZDIOVER, 0.05%	Monthly		10.12%	Monthly	BNP Paribas SA		N/A		01/04/27		BRL	96		(468	)		—		(468	)
1-Day BZDIOVER, 0.05%	Monthly		10.12%	Monthly	BNP Paribas SA		N/A		01/04/27		BRL	17,183		(83,646	)		—		(83,646	)
1-Day BZDIOVER, 0.05%	Monthly		10.32%	Monthly	Barclays Bank PLC		N/A		01/04/27		BRL	29,050		(90,581	)		—		(90,581	)
1-Day BZDIOVER, 0.05%	Monthly		9.95%	Monthly	Citibank N.A.		N/A		01/04/27		BRL	14,191		(78,394	)		—		(78,394	)
1-Day BZDIOVER, 0.05%	Monthly		9.97%	Monthly	Bank of America N.A.		N/A		01/04/27		BRL	14,578		(79,169	)		—		(79,169	)
1-Day BZDIOVER, 0.05%	Monthly		9.99%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/04/27		BRL	14,173		(74,758	)		—		(74,758	)

													$	21,910		$	—	$	21,910

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

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

1-Day SOFR minus 1.50%, 5.31%

Monthly

BNP Paribas SA

N/A

12/15/23

USD

1,313

17,849

—

17,849


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		26

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

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)		10/25/23	$	6,726,052		$	(82,953	)^(c)	$	6,681,363			0.4	%
	Monthly	JPMorgan Chase Bank N.A.^(d)		02/08/24		(9,547,791	)		138,084	^(e)		(9,430,642	)		0.5

								$	55,131		$	(2,749,279	)

^(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 $(38,264) of net dividends and financing fees.

^(e)

Amount includes $20,935 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	15-280 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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 October 25, 2023:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Italy
Leonardo SpA		463,859	$	6,681,363		100.0	%


Net Value of Reference Entity — Citibank N.A			$6,681,363

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 February 8, 2024:


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

United States
Banc of California, Inc.	6,001 $				74,292			(0.8	)%


Total Reference Entity — Long					74,292


Reference Entity — Short

Common Stocks

United States
Air Transport Services Group, Inc.		(309	)		(6,449	)		0.1
Bank of America Corp.		(3,516	)		(96,268	)		1.0
Bank of Hawaii Corp.		(2,684	)		(133,368	)		1.4
BankUnited, Inc.		(2,798	)		(63,515	)		0.7


Security	Shares			Value			% of Basket Value

United States (continued)
Banner Corp.		(2,044	)	$	(86,625	)		0.9	%
Charles Schwab Corp.		(3,907	)		(214,494	)		2.3
Cloudflare Inc., Class A		(19,376	)		(1,221,463	)		12.9
Community Bank System, Inc.		(4,120	)		(173,905	)		1.8
FB Financial Corp.		(3,640	)		(103,230	)		1.1
Glacier Bancorp, Inc.		(3,312	)		(94,392	)		1.0
Independent Bank Group, Inc.		(2,755	)		(108,960	)		1.2
Morgan Stanley		(999	)		(81,588	)		0.9
OceanFirst Financial Corp.		(3,487	)		(50,457	)		0.5
Pacific Premier Bancorp, Inc.		(2,642	)		(57,490	)		0.6
PacWest Bancorp		(9,135	)		(72,258	)		0.8
Palantir Technologies, Inc., Class A		(55,046	)		(880,736	)		9.3
Prosperity Bancshares, Inc.		(1,544	)		(84,272	)		0.9
Sabre Corp.		(7,741	)		(34,757	)		0.4
Simmons First National Corp., Class A		(5,707	)		(96,791	)		1.0
Snowflake, Inc., Class A		(4,071	)		(621,927	)		6.6
Truist Financial Corp.		(6,669	)		(190,800	)		2.0
Valley National Bancorp		(22,756	)		(194,791	)		2.1
Washington Federal, Inc.		(3,633	)		(93,077	)		1.0
Western Alliance Bancorp		(3,453	)		(158,734	)		1.7
Zions Bancorp NA		(1,137	)		(39,670	)		0.4

					(4,960,017	)

Investment Companies

United States
iShares iBoxx $ Investment Grade Corporate Bond ETF		(15,900	)		(1,622,118	)		17.2
Vanguard Intermediate-Term Corporate Bond ETF		(38,468	)		(2,922,799	)		31.0

					(4,544,917	)


Total Reference Entity — Short					(9,504,934	)


Net Value of Reference Entity — JPMorgan Chase Bank N.A				$	(9,430,642	)

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

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

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

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

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	145,457,486	$	9,503,050	$	154,960,536
Common Stocks
Australia		—		6,086,428		—		6,086,428
Canada		24,489,355		—		—		24,489,355
Cayman Islands		310,464		—		—		310,464
China		408,470		8,483,080		—		8,891,550
France		—		47,222,985		—		47,222,985
Germany		918,172		27,501,486		—		28,419,658
Hong Kong		—		4,111,260		—		4,111,260
India		—		—		1,716,547		1,716,547
Israel		6,935,320		—		—		6,935,320
Italy		3,102,953		5,965,562		—		9,068,515
Japan		—		57,222,518		—		57,222,518
Netherlands		613,735		39,346,302		—		39,960,037
South Korea		—		5,652,696		—		5,652,696
Spain		—		9,841,601		—		9,841,601
Switzerland		8,485,457		25,146,697		—		33,632,154
Taiwan		6,025,733		—		—		6,025,733
United Kingdom		3,751,573		37,366,066		648,066		41,765,705
United States		552,269,185		7,311,773		18,646,490		578,227,448
Corporate Bonds		—		190,404,718		51,113,392		241,518,110
Fixed Rate Loan Interests		—		—		6,293,936		6,293,936
Floating Rate Loan Interests		—		21,856,173		69,558,665		91,414,838
Foreign Agency Obligations		—		72,119,692		—		72,119,692
Investment Companies		17,342,120		—		—		17,342,120
Municipal Bonds		—		2,800,080		—		2,800,080
Non-Agency Mortgage-Backed Securities		—		89,828,648		16,299,692		106,128,340
Other Interests		—		—		4,334,224		4,334,224
Preferred Securities
Capital Trust		—		484,091		—		484,091
Preferred Stocks		—		3,812,194		63,450,316		67,262,510


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		28

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3			Total

U.S. Government Sponsored Agency Securities	$	—		$	163,387,642		$	—		$	163,387,642
Warrants
Cayman Islands		17,977			—			—			17,977
Israel		494			—			132,647			133,141
United States		53,890			695			1,726,042			1,780,627
Short-Term Securities
Money Market Funds		57,930,035			—			—			57,930,035
U.S. Treasury Obligations		—			307,049			—			307,049
Options Purchased
Credit Contracts		—			24,997			—			24,997
Equity Contracts		1,884,668			89,508			—			1,974,176
Foreign Currency Exchange Contracts		—			561,381			—			561,381
Interest Rate Contracts		—			1,243,188			—			1,243,188
Liabilities
Unfunded Floating Rate Loan Interests^(a)		—			—			(124,374	)		(124,374	)

	$	684,539,601		$	973,635,996		$	243,298,693			1,901,474,290

Investments Valued at NAV^(b)											4,457,660

										$	1,905,931,950

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	396,069		$	—		$	396,069
Equity Contracts		1,779,283			263,356			—			2,042,639
Foreign Currency Exchange Contracts		—			7,507,105			—			7,507,105
Interest Rate Contracts		10,002,071			5,255,547			—			15,257,618
Liabilities
Credit Contracts		—			(702,853	)		—			(702,853	)
Equity Contracts		(1,462,180	)		(103,376	)		—			(1,565,556	)
Foreign Currency Exchange Contracts		—			(302,054	)		—			(302,054	)
Interest Rate Contracts		(5,340,612	)		(12,873,726	)		—			(18,214,338	)
Other Contracts		—			(28,838	)		—			(28,838	)

	$	4,978,562		$	(588,770	)	$	—		$	4,389,792

^(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			Options Purchased

Assets
Opening balance, as of December 31, 2022	$	11,817,455		$	27,126,641		$	36,101,303		$	—		$	80,651,617		$	10,549,081		$	23,343
Transfers into Level 3		—			—			—			—			1,090,247			3,324,346			—
Transfers out of Level 3		(1,024,116	)		—			(7,801,335	)		—			(1,629,113	)		(866,700	)		—
Other^(a)		—			(8,397,218	)		4,657,185			7,083,981			(15,838,709	)		4,097,543			—
Accrued discounts/premiums		4,171			—			144,570			30,226			117,006			76,212			—
Net realized gain (loss)		12,840			(298	)		(748,001	)		26,780			(19,476	)		(202,487	)		(43,332	)
Net change in unrealized appreciation (depreciation)^(b)		26,678			(5,964,337	)		(344,845	)		41,384			288,115			(433,376	)		19,989
Purchases		—			8,246,443			25,271,012			—			16,791,913			2,827,558			—
Sales		(1,333,978	)		(128	)		(6,166,497	)		(888,435	)		(11,892,935	)		(3,072,485	)		—

Closing balance, as of September 30, 2023	$	9,503,050		$	21,011,103		$	51,113,392		$	6,293,936		$	69,558,665		$	16,299,692		$	—

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023^(b)	$	26,678		$	(5,853,317	)	$	(720,494	)	$	41,384		$	(96,825	)	$	(655,998	)	$	—

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)


	Other Interests			Preferred Stocks			Unfunded Floating Rate Loan Interests			Warrants			Total
Assets
Opening balance, as of December 31, 2022	$	6,069,584		$	56,384,367		$	—		$	957,038		$	229,680,429
Transfers into Level 3		—			—			—			—			4,414,593
Transfers out of Level 3		—			—			—			—			(11,321,264	)
Other^(a)		—			8,397,218			—			—			—
Accrued discounts/premiums		—			—			—			—			372,185
Net realized gain (loss)		—			—			—			—			(973,974	)
Net change in unrealized appreciation (depreciation)^(b)		(1,735,360	)		(3,671,371	)		(124,374	)		1,085,669			(10,811,828	)
Purchases		—			2,340,102			—			—			55,477,028
Sales		—			—			—			(184,018	)		(23,538,476	)

Closing balance, as of September 30, 2023	$	4,334,224		$	63,450,316		$	(124,374	)	$	1,858,689		$	243,298,693

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023^(b)	$	(1,735,360	)	$	(3,671,371	)$		(124,374	)$		909,013		$	(11,880,664	)

^(a)

Certain Level 3 investments were re-classified between Common Stocks, Corporate Bonds, Fixed Rate Loan Interests, Floating Rate Loan Interests, Non-Agency Mortgage-Backed Securities and Preferred Stocks.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023 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 $31,750,597. 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

20,950,576

Market

Revenue Multiple

1.80x - 16.00x

6.44x

Volatility

44% - 80%

78%

Time to Exit

1.2 - 3.0 years

2.9 years

EBITDA Multiple

10.59x

—

Gross Profit Multiple

14.25x

—

Asset Backed Securities

6,087,370

Income

Discount Rate

9% - 9%

Non-Agency Mortgage-Backed Securities

3,054,911

Income

Credit Spread

517

—

Corporate Bonds

47,044,786

Income

Discount Rate

8% - 48%

16%

Floating Rate Loan Interests

58,473,294

Income

Discount Rate

7% - 15%

12%

Credit Spread

399 - 421

408

Market

EBITDA Multiple

6.25x

—

Fixed Rate Loan Interests

6,293,936

Income

Credit Spread

819

—

Discount Rate

14%

—

Other Interests

4,334,224

Income

Discount Rate

8% - 10%

Preferred Stock

63,450,313

Market

Revenue Multiple

0.16x - 33.75x

12.90x

Volatility

50% - 90%

67%

Time to Exit

0.3 - 5.0 years

3.2 years

EBITDA Multiple

7.00x - 8.00x

7.77x

Market Adjustment Multiple

1.20x

—

EBITDAR Multiple

7.25x

—

Gross Profit Multiple

6.75x

—

Income

Discount Rate

12% - 16%

12%

Warrants

1,858,686

Market

Revenue Multiple

3.25x - 33.75x

10.86x

Volatility

35% - 80%

73%

Time to Exit

0.3 - 8.6 years

3.4 years

211,548,096

^(a)

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


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		30

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Capital Allocation Term Trust (BCAT)


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

JPY		Japanese Yen

MXN		Mexican Peso

NOK		Norwegian Krone

SEK		Swedish Krona

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

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International



Portfolio Abbreviation (continued)

MTA		Month Treasury Average

MXIBTIIE		Mexico Interbank TIIE 28-Day

PCL		Public Company Limited

PIK		Payment-in-Kind

RB		Revenue Bond

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

ST		Special Tax

Grafico Azioni BlackRock Capital Alloca... (NYSE:BCAT)
Storico
Da Apr 2024 a Mag 2024

Clicca qui per i Grafici di BlackRock Capital Alloca...

Grafico Azioni BlackRock Capital Alloca... (NYSE:BCAT)
Storico
Da Mag 2023 a Mag 2024

BCAT BlackRock Capital Allocation Term Trust

Notizie BlackRock Capital Allocation Term Trust - BCAT

La tua Cronologia

Più Attivi

Toplist

BCAT BlackRock Capital Allocation Term Trust

Notizie BlackRock Capital Allocation Term Trust - BCAT

La tua Cronologia