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

Consolidated Schedule of Investments (unaudited)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities

Cayman Islands^(a)(b)— 1.6%
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.58%, 10/15/29	USD		325	$	325,429
Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.18%, 07/20/34			250		250,203
Ares LVI CLO Ltd., Series 2020-56A, Class ER, (3-mo. CME Term SOFR + 6.76%), 12.09%, 10/25/34			250		249,975
Battalion CLO IX Ltd., Series 2015-9A, Class DR, (3-mo. CME Term SOFR + 3.51%), 8.83%, 07/15/31			250		246,775
Birch Grove CLO Ltd.
Series 19A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.94%, 06/15/31			500		499,064
Series 2021-3A, Class D1, (3-mo. CME Term SOFR + 3.46%), 8.77%, 01/19/35			500		498,478
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.76%, 10/22/30			143		143,163
Carlyle U.S. CLO Ltd., Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.38%, 01/20/31			500		499,250
CarVal CLO VC Ltd.
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.83%, 10/15/34			250		248,936
Series 2021-2A, Class E, (3-mo. CME Term SOFR + 7.01%), 12.33%, 10/15/34			250		248,027
Cedar Funding IX CLO Ltd., Series 2018-9A, Class D, (3-mo. CME Term SOFR + 2.86%), 8.18%, 04/20/31			250		249,185
Cedar Funding XIV CLO Ltd.
Series 2021-14A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.18%, 07/15/33			500		497,715
Series 2021-14A, Class E, (3-mo. CME Term SOFR + 6.60%), 11.92%, 07/15/33			250		244,670
CIFC Funding Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 9.13%, 07/16/30			500		500,152
Elmwood CLO I Ltd, Series 19-1A, Class 1RR, (3-mo. CME Term SOFR + 1.52%), 6.83%, 04/20/37			250		250,627
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.38%, 04/20/34			750		751,393
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.28%, 04/15/33			500		500,807
Elmwood CLO VII Ltd., Series 2020-4A, Class SUB, 0.00%, 01/17/34			1,000		657,800
Generate CLO Ltd., Series 6A, Class DR, (3-mo. CME Term SOFR + 3.76%), 9.08%, 01/22/35			750		741,474
GoldenTree Loan Management U.S. CLO Ltd.
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.13%, 10/20/32			250		250,184
Series 2021-11A, Class E, (3-mo. CME Term SOFR + 5.61%), 10.93%, 10/20/34			1,500		1,448,577
Series 2021-9A, Class E, (3-mo. CME Term SOFR + 5.01%), 10.33%, 01/20/33			750		724,956
Golub Capital Partners CLO Ltd.
Series 2021-53A, Class E, (3-mo. CME Term SOFR + 6.96%), 12.28%, 07/20/34			250		250,711


Security		Par (000)		Value

Cayman Islands (continued)
Golub Capital Partners CLO Ltd. (continued)
Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.14%, 07/20/34	USD		250	$	248,886
Madison Park Funding XLIX Ltd., Series 2021-49A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.82%, 10/19/34			500		503,215
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.26%, 10/18/30			250		250,519
Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3-mo. CME Term SOFR + 3.61%), 8.94%, 04/25/32			250		250,500
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.23%, 07/17/34			500		500,314
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 9.23%, 01/22/35			250		249,239
Myers Park CLO Ltd., Series 2018-1A, Class E, (3-mo. CME Term SOFR + 5.76%), 11.08%, 10/20/30			250		249,805
Neuberger Berman CLO XIV Ltd., Series 2012-14A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 6.61%, 01/28/30			181		181,494
Neuberger Berman Loan Advisers CLO Ltd., Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.23%, 01/20/36			250		250,277
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/15/34			1,500		1,487,272
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.28%, 10/25/34			250		250,578
OHA Loan Funding Ltd., Series 2013-2A, Class AR, (3-mo. CME Term SOFR + 1.30%), 6.62%, 05/23/31			492		492,215
Palmer Square CLO Ltd.
Series 2013-2A, Class A2R3, (3-mo. CME Term SOFR + 1.76%), 7.08%, 10/17/31			250		249,726
Series 2020-3ARR, Class A2R2, (3-mo. CME Term SOFR + 2.30%), 7.61%, 11/15/36			500		500,999
Palmer Square Loan Funding Ltd., Series 2021-4A, Class E, (3-mo. CME Term SOFR + 7.77%), 13.09%, 10/15/29			500		502,208
Park Avenue Institutional Advisers CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.66%), 8.98%, 07/15/34			1,650		1,620,403
Pikes Peak CLO, Series 2021-11A, Class A1, (3-mo. CME Term SOFR + 1.95%), 7.27%, 07/25/34			1,500		1,509,373
Rad CLO Ltd., Series 2021-15A, Class E, (3-mo. CME Term SOFR + 6.46%), 11.78%, 01/20/34			250		247,397
Regatta XVII Funding Ltd., Series 2020-1A, Class E, (3-mo. CME Term SOFR + 7.87%), 13.19%, 10/15/33			250		250,618
Regatta XXIV Funding Ltd.
Series 2021-5A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.68%, 01/20/35			250		248,585
Series 2021-5A, Class E, (3-mo. CME Term SOFR + 7.06%), 12.38%, 01/20/35			250		248,857
RR Ltd., Series 2024-28R, Class A1R, (3-mo. CME Term SOFR + 1.55%), 6.84%, 04/15/37			500		502,092


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
RRX Ltd., Series 2022-7A, Class D, (3-mo. CME Term SOFR + 6.85%), 12.17%, 07/15/35	USD		250	$	254,067
Sixth Street CLO XVII Ltd., Series 2021-17A, Class E, (3-mo. CME Term SOFR + 6.46%), 11.78%, 01/20/34			750		741,856
Stratus CLO Ltd.
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 5.26%), 10.58%, 12/29/29			1,250		1,226,514
Series 2021-1A, Class SUB, 0.00%, 12/29/29			1,250		777,512
Series 2021-2A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.33%, 12/28/29			300		300,017
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 6.01%), 11.33%, 12/29/29			250		250,296
Symphony CLO XXIII Ltd., Series 2020-23A, Class ER, (3-mo. CME Term SOFR + 6.41%), 11.73%, 01/15/34			500		501,073
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.48%, 01/20/31			250		251,535
TICP CLO XIV Ltd., Series 2019-14A, Class DR, (3-mo. CME Term SOFR + 6.96%), 12.28%, 10/20/32			500		503,393
Trestles CLO V Ltd., Series 2021-5A, Class E, (3-mo. CME Term SOFR + 6.61%), 11.93%, 10/20/34			1,000		990,011
Trimaran CAVU Ltd.
Series 2019-1A, Class E, (3-mo. CME Term SOFR + 7.30%), 12.62%, 07/20/32			500		497,913
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.84%, 10/25/34			550		543,572
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.23%, 10/17/32			250		249,834
Whitebox CLO II Ltd., Series 2020-2A, Class ER, (3-mo. CME Term SOFR + 7.36%), 12.68%, 10/24/34			250		251,683
Whitebox CLO III Ltd.
Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.93%, 10/15/34			1,000		992,475
Series 2021-3A, Class E, (3-mo. CME Term SOFR + 7.11%), 12.43%, 10/15/34			1,250		1,254,989


					30,658,863

United States^(b)— 1.8%
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39			3,000		2,885,710
Home Partners of America Trust
Series 2021-2, Class F, 3.80%, 12/17/26			2,404		2,149,015
Series 2021-3, Class F, 4.24%, 01/17/41			3,661		3,077,630
Mariner Finance Issuance Trust, Series 2021-BA, Class E, 4.68%, 11/20/36			470		395,401
Mill City Solar Loan Ltd.
Series 2019-1A, Class C, 5.92%, 03/20/43			1,209		993,778
Series 2019-1A, Class D, 7.14%, 03/20/43			1,849		1,254,838
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44			341		287,356
New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39			3,000		2,637,372
Progress Residential Trust
Series 2021-SFR10, Class F, 4.61%, 12/17/40			2,956		2,611,126
Series 2021-SFR11, Class G, 4.69%, 01/17/39			3,000		2,587,189
Series 2021-SFR9, Class F, 4.05%, 11/17/40			2,400		2,075,276
Series 2022-SFR1, Class F, 4.88%, 02/17/41			2,000		1,756,757
Series 2022-SFR1, Class G, 5.52%, 02/17/41			2,000		1,709,474


Security		Par (000)		Value

United States (continued)
Progress Residential Trust (continued)
Series 2022-SFR3, Class E1, 5.20%, 04/17/39	USD		2,700	$	2,580,944
Republic Finance Issuance Trust
Series 2020-A, Class D, 7.00%, 11/20/30			600		576,654
Series 2021-A, Class D, 5.23%, 12/22/31			800		725,272
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, 4.70%, 11/25/31^(a)			3,500		2,977,459
Tricon Residential Trust
Series 2021-SFR1, Class F, 3.69%, 07/17/38			1,375		1,255,914
Series 2021-SFR1, Class G, 4.13%, 07/17/38			887		795,935
Series 2022-SFR1, Class E2, 5.74%, 04/17/39			1,200		1,158,296


					34,491,396


Total Asset-Backed Securities — 3.4% (Cost: $70,508,599)					65,150,259


		Shares

Common Stocks

Canada — 0.5%
Cameco Corp.			214,469		9,290,796
Enbridge, Inc.			22,000		795,024


					10,085,820

China — 0.8%
BYD Co. Ltd., Class H			448,376		11,480,688
Contemporary Amperex Technology Co. Ltd., Class A			128,000		3,330,513


					14,811,201

Denmark — 0.1%
Novo Nordisk A/S, Class B			7,685		985,781


Finland — 0.4%
Neste OYJ			281,730		7,639,166


France — 2.8%
Accor SA			81,858		3,821,656
BNP Paribas SA			87,264		6,212,750
Cie de Saint-Gobain SA			228,168		17,708,963
EssilorLuxottica SA			15,113		3,418,735
Hermes International SCA			1,133		2,895,699
LVMH Moet Hennessy Louis Vuitton SE			16,373		14,732,360
TotalEnergies SE			38,467		2,646,121
TotalEnergies SE, ADR			44,000		3,028,520


					54,464,804

Germany — 1.5%
Adidas AG, Class N			24,144		5,394,462
Bayerische Motoren Werke AG			995		114,802
Mercedes-Benz Group AG, Class N			184,109		14,661,874
Siemens AG, Class N, Registered Shares			40,494		7,731,878


					27,903,016

Hong Kong — 0.2%
AIA Group Ltd.			464,200		3,122,475


Israel — 0.3%
Nice Ltd., ADR ^(c)(d)			22,760		5,931,711


Italy — 1.0%
Ariston Holding NV			450,912		2,532,057

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Italy (continued)
Intesa Sanpaolo SpA		2,922,891	$	10,611,655
UniCredit SpA		175,605		6,669,352


				19,813,064

Japan — 2.8%
Daikin Industries Ltd.		34,100		4,656,036
FANUC Corp.		201,100		5,609,979
Honda Motor Co. Ltd.		496,000		6,137,349
Japan Airlines Co. Ltd.		290,200		5,510,232
Keyence Corp.		17,500		8,124,564
Komatsu Ltd.		302,700		8,957,126
Mitsubishi UFJ Financial Group, Inc.		300,200		3,054,263
Sysmex Corp.		232,500		4,148,937
Toyota Motor Corp.		320,000		8,087,985


				54,286,471

Netherlands — 1.6%
ASML Holding NV		32,037		31,058,622


Norway — 0.0%
Equinor ASA, ADR		24,000		648,720


South Korea — 0.5%
Samsung SDI Co. Ltd.		11,213		3,976,734
SK Hynix, Inc.		42,401		5,763,701


				9,740,435

Spain — 0.4%
Cellnex Telecom SA ^(b)		232,687		8,231,233


Sweden — 0.2%
Volta Trucks, Series C, (Acquired 02/22/22, Cost: $293,944) ^(c)(e)(f)		2,492		—
Volvo AB, Class B		125,246		3,394,348


				3,394,348

Switzerland — 0.7%
UBS Group AG, Registered Shares		427,531		13,164,074


Taiwan — 0.8%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		114,856		15,626,159


United Kingdom — 1.6%
AstraZeneca PLC		4,000		537,375
AstraZeneca PLC, ADR		147,038		9,961,825
Compass Group PLC		75,759		2,222,211
RELX PLC		221,926		9,570,653
Teya Services Ltd., (Acquired 11/16/21, Cost: $1,099,370) ^(c)(e)(f)		566		256,624
Unilever PLC		172,351		8,652,331


				31,201,019

United States — 42.7%
Abbott Laboratories ^(g)		41,918		4,764,400
AbbVie, Inc.		24,409		4,444,880
Adobe, Inc. ^(c)		23,935		12,077,601
Advanced Micro Devices, Inc. ^(c)		57,310		10,343,882
Alphabet, Inc., Class C ^(c)		164,692		25,076,004
Amazon.com, Inc. ^(c)		109,518		19,754,857
American Tower Corp. ^(g)		83,710		16,540,259
Amkor Technology, Inc.		1,785		57,548
Apple, Inc.		74,867		12,838,193
Applied Materials, Inc.		122,387		25,239,871
Boston Scientific Corp. ^(c)		445,580		30,517,774
Bunge Global SA		47,047		4,823,259
Cadence Design Systems, Inc. ^(c)		27,770		8,644,246
Cencora, Inc.		9,469		2,300,872


Security	Shares		Value

United States (continued)
CF Industries Holdings, Inc.		77,002	$	6,407,336
Chubb Ltd.		4,000		1,036,520
Comcast Corp., Class A		129,963		5,633,896
Confluent, Inc., Class A ^(c)		206,863		6,313,459
Costco Wholesale Corp.		13,315		9,754,969
CRH PLC		115,333		9,954,388
Crowdstrike Holdings, Inc., Class A ^(c)		849		272,181
Danaher Corp.		11,338		2,831,325
Deckers Outdoor Corp. ^(c)		277		260,729
Delta Air Lines, Inc.		134,100		6,419,367
Dexcom, Inc. ^(c)		33,634		4,665,036
Dynatrace, Inc. ^(c)		8,600		399,384
Eli Lilly & Co.		49,001		38,120,818
Ford Motor Co.		28,873		383,434
Fortive Corp.		54,170		4,659,703
Freewire Equity ^(c)(e)		63		255,780
General Motors Co.		9,924		450,053
Goldman Sachs Group, Inc.		14,271		5,960,854
Hilton Worldwide Holdings, Inc.		15,713		3,351,740
HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost: $2,660,000) ^(c)(e)(f)		2,660,000		2,660,000
Humana, Inc.		17,195		5,961,850
Informatica, Inc., Class A ^(c)		25,707		899,745
Ingersoll Rand, Inc.		125,308		11,897,995
Intel Corp.		15,071		665,686
Intuit, Inc.		9,539		6,200,350
Intuitive Surgical, Inc. ^(c)		51,844		20,690,422
Invesco S&P 500 Equal Weight ETF		19,501		3,302,884
Johnson Controls International PLC		81,791		5,342,588
JPMorgan Chase & Co.		90,369		18,100,911
Lam Research Corp.		1,050		1,020,149
Landsea Homes Corp. ^(c)		43,028		625,197
Linde PLC		16,438		7,632,492
Lions Gate Entertainment Corp., Class A ^(c)		18,500		184,075
Lions Gate Entertainment Corp., Class B ^(c)		1,391		12,950
LKQ Corp.		260,232		13,898,991
LPL Financial Holdings, Inc.		45,232		11,950,294
M/I Homes, Inc. ^(c)		4,220		575,144
Marsh & McLennan Cos., Inc.		161,931		33,354,547
Mastercard, Inc., Class A		81,043		39,027,878
McDonald’s Corp.		3,598		1,014,456
McKesson Corp.		4,870		2,614,460
Merck & Co., Inc.		176,482		23,286,800
Meta Platforms, Inc., Class A		9,526		4,625,635
Micron Technology, Inc.		82,387		9,712,603
Microsoft Corp. ^(g)		151,073		63,559,433
Mr. Cooper Group, Inc. ^(c)		9,172		714,957
Nestle SA, Class N, Registered Shares		65,173		6,924,629
NextEra Energy, Inc. ^(g)		206,914		13,223,874
NVIDIA Corp.		50,728		45,835,792
Oracle Corp.		112,638		14,148,459
Palo Alto Networks, Inc. ^(c)		22,970		6,526,466
PNC Financial Services Group, Inc.		12,727		2,056,683
Progressive Corp.		56,614		11,708,908
RXO, Inc. ^(c)		5,166		112,980
Salesforce, Inc.		94,929		28,590,716
Sanofi SA		48,172		4,686,385
Schlumberger NV		31,346		1,718,074
Schneider Electric SE		60,975		13,785,008
Screaming Eagle Acquisition Corp., Class A ^(c)		29,949		320,454
ServiceNow, Inc. ^(c)(g)		7,883		6,009,999
Smith Douglas Homes Corp., Class A ^(c)		27,051		803,415


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Shares		Value

United States (continued)
SPDR S&P Biotech ETF ^(d)			40,000	$	3,795,600
Thermo Fisher Scientific, Inc. ^(g)			41,334		24,023,734
United Parcel Service, Inc., Class B			22,163		3,294,087
UnitedHealth Group, Inc.			32,002		15,831,389
Veralto Corp.			94,779		8,403,106
Vertex Pharmaceuticals, Inc. ^(c)			3,804		1,590,110
Visa, Inc., Class A			22,505		6,280,695
Volato Group, Inc., Class A Lock Up, (Acquired 12/03/23, Cost: $83) ^(c)(e)(f)			16,564		46,379
Walmart, Inc.			192,969		11,610,945
Walt Disney Co.			121,901		14,915,806
Zoetis, Inc., Class A			17,451		2,952,884


					823,283,687

Zambia — 0.0%
First Quantum Minerals Ltd.			15,992		171,897


Total Common Stocks — 58.9% (Cost: $908,826,732)					1,135,563,703


		Par (000)

Corporate Bonds

Australia^(e)— 0.3%
Oceana Australian Fixed Income Trust, A Note Upsize 12.00%, 07/31/25	AUD		1,682		1,098,158
12.50%, 07/31/26			2,524		1,655,127
12.50%, 07/31/27			4,206		2,771,812


					5,525,097

Belgium — 0.0%
Anheuser-Busch InBev SA, 4.00%, 09/24/25^(h)	GBP		100		124,475


Canada — 0.0%
Mattamy Group Corp., 5.25%, 12/15/27^(b)	USD		703		681,596


France^(h)— 0.0%
BNP Paribas SA 3.38%, 01/23/26	GBP		100		122,251
1.88%, 12/14/27			100		113,412
Societe Generale SA, 1.88%, 10/03/24			100		124,004
TotalEnergies Capital International SA, 1.66%, 07/22/26			100		118,297


					477,964

Germany — 0.2%
Adler Pelzer Holding GmbH, 9.50%, 04/01/27^(b)	EUR		1,668		1,825,168
Lanxess AG, (13.63% PIK), 13.63%, 03/31/31^(e)(i)			2,778		2,809,705


					4,634,873

Hong Kong — 0.3%
FWD Group Holdings Ltd., 8.40%, 04/05/29^(b)(j)	USD		4,735		4,900,725


Japan — 0.1%
Mizuho Financial Group, Inc., (1-year CMT + 1.25%), 3.26%, 05/22/30^(a)			2,040		1,862,063


Netherlands — 0.2%
Cooperatieve Rabobank UA, (1-year UK Government Bond + 1.05%), 1.88%, 07/12/28^(a)(h)	GBP		100		114,539


Security		Par (000)		Value

Netherlands (continued)
ING Groep NV, 3.00%, 02/18/26^(h)	GBP		100	$	121,492
Sigma Holdco BV, 5.75%, 05/15/26^(h)	EUR		374		379,741
Trivium Packaging Finance BV, 5.50%, 08/15/26^(b)	USD		2,654		2,616,784


					3,232,556

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


					533,715

Sweden — 0.0%
Swedbank AB, (1-year UK Government Bond + 1.00%), 1.38%, 12/08/27^(a)(h)			100		114,381


United Kingdom — 0.1%
Barclays PLC, 3.00%, 05/08/26^(h)			100		120,528
BG Energy Capital PLC, 5.13%, 12/01/25^(h)			133		168,147
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)	USD		1,050		1,029,289
Deuce Finco PLC, 5.50%, 06/15/27^(b)	GBP		337		402,419
HSBC Holdings PLC, (3-mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27^(a)			100		116,458
Informa PLC, 3.13%, 07/05/26^(h)			100		120,476
Lloyds Banking Group PLC, 2.25%, 10/16/24^(h)			100		123,986
NatWest Group PLC, (1-year GBP Swap + 1.49%), 2.88%, 09/19/26^(a)(h)			100		121,629
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26^(h)			100		122,570


					2,325,502

United States — 8.7%
AbbVie, Inc. 3.20%, 11/21/29	USD		2,810		2,589,407
5.05%, 03/15/34			1,569		1,588,447
Acadia Healthcare Co., Inc., 5.00%, 04/15/29^(b)			2,176		2,067,630
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27^(b)			431		417,119
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/34			792		650,641
Allegiant Travel Co., 7.25%, 08/15/27^(b)			635		631,619
Amgen, Inc. 5.50%, 12/07/26^(h)	GBP		100		128,386
2.45%, 02/21/30	USD		2,080		1,818,818
3.00%, 01/15/52			2,590		1,753,837
2.77%, 09/01/53			2,025		1,254,073
Aon North America, Inc., 5.30%, 03/01/31			3,795		3,823,357
Ashton Woods USA LLC/Ashton Woods Finance Co., Series B, 4.63%, 08/01/29^(b)			1,996		1,841,137
AT&T, Inc. 2.90%, 12/04/26	GBP		100		119,702
5.50%, 03/15/27^(h)			50		63,806
Bank of America Corp.^(a)
(1-day SOFR + 1.37%), 1.92%, 10/24/31	USD		119		96,964
(1-day SOFR + 1.65%), 5.47%, 01/23/35			740		744,823
Broadcom, Inc.^(b)1.95%, 02/15/28			2,124		1,893,994
2.45%, 02/15/31			2,010		1,694,471
Calpine Corp., 4.50%, 02/15/28^(b)			860		815,687
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 06/01/29^(b)			1,245		1,139,733
Citigroup, Inc. 1.75%, 10/23/26	GBP		100		116,560

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Citigroup, Inc. (continued)
(1-day SOFR + 1.36%), 5.17%, 02/13/30^(a)	USD		1,114	$	1,108,802
Cloud Software Group, Inc., 6.50%, 03/31/29^(b)			2,073		1,967,197
Comcast Corp., 4.65%, 02/15/33			2,331		2,287,524
Commercial Metals Co., 4.38%, 03/15/32			1,987		1,790,343
Covanta Holding Corp., 4.88%, 12/01/29^(b)			2,623		2,350,865
CSC Holdings LLC^(b)5.38%, 02/01/28			1,294		1,112,999
7.50%, 04/01/28			1,264		852,001
Dana, Inc. 5.63%, 06/15/28			1,309		1,277,443
4.25%, 09/01/30			287		253,604
Dell International LLC/EMC Corp., 5.30%, 10/01/29			1,500		1,518,411
Duke Energy Florida LLC, 2.40%, 12/15/31			1,500		1,258,191
Elevance Health, Inc. 2.25%, 05/15/30			2,500		2,138,039
2.55%, 03/15/31			3,625		3,096,980
Equinix, Inc., 1.55%, 03/15/28			2,377		2,061,728
Flyr Convertible Notes, (8.00% PIK), 8.00%, 08/10/27^(e)(i)(j)			2,251		2,592,610
Flyr Secured Notes, (10.32% PIK), 10.32%, 05/10/27^(e)(i)			1,062		1,010,086
Ford Motor Co. 3.25%, 02/12/32			1,888		1,570,449
6.10%, 08/19/32			2,250		2,279,959
Freed Corp., 12.00%, 11/30/28^(e)			4,337		4,266,741
Freewire Technology Notes, (6.00% PIK) , 6.00%, 02/20/28^(e)(i)			3,639		2,624,482
Frontier Communications Holdings LLC^(b)8.75%, 05/15/30			1,250		1,279,028
8.63%, 03/15/31			395		403,425
Frontier Florida LLC, Series E, 6.86%, 02/01/28			500		485,128
Gen Digital, Inc., 6.75%, 09/30/27^(b)			1,394		1,413,962
Goldman Sachs Group, Inc. 7.25%, 04/10/28	GBP		50		68,223
(1-day SOFR + 0.80%), 1.43%, 03/09/27^(a)	USD		2,500		2,315,224
GoTo Group, Inc., 5.50%, 05/01/28^(b)			377		263,275
HCA, Inc., 5.88%, 02/01/29			2,605		2,663,452
Healthpeak OP LLC, 5.25%, 12/15/32			3,000		2,975,526
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc^(b)5.00%, 06/01/29			865		806,700
4.88%, 07/01/31			1,335		1,195,272
Insight M, Inc., 7.00%, 01/25/29^(e)			974		992,333
JPMorgan Chase & Co.^(a)
(1-day SOFR + 1.62%), 5.34%, 01/23/35			547		549,137
(3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26^(h)	GBP		100		120,688
KB Home, 4.80%, 11/15/29	USD		2,081		1,986,194
Kraft Heinz Foods Co., 4.25%, 03/01/31			3,000		2,868,252
Landsea Homes Corp., 11.00%, 07/17/28^(e)			9,092		8,921,980
Lessen, Inc., 13.83%, 01/05/28^(e)			1,862		1,701,468
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)			1,171		895,858
Lowe’s Cos., Inc. 1.70%, 10/15/30			2,014		1,645,630
3.00%, 10/15/50			1,740		1,139,697
Marriott Ownership Resorts, Inc. 4.75%, 01/15/28			1,294		1,212,778
4.50%, 06/15/29^(b)			888		812,300


Security		Par (000)		Value

United States (continued)
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(b)	USD		2,105	$	2,144,471
Medline Borrower LP, 3.88%, 04/01/29^(b)			1,641		1,493,649
Morgan Stanley^(a)
(1-day SOFR + 1.03%), 1.79%, 02/13/32			119		95,126
(1-day SOFR + 1.14%), 2.70%, 01/22/31			2,500		2,184,212
(1-day SOFR + 1.73%), 5.47%, 01/18/35			437		440,906
Nationstar Mortgage Holdings, Inc.^(b)6.00%, 01/15/27			168		165,617
5.50%, 08/15/28			1,440		1,378,197
5.13%, 12/15/30			721		654,150
5.75%, 11/15/31			340		313,599
NCR Atleos Corp., 9.50%, 04/01/29^(b)			295		315,535
Northern States Power Co., 2.90%, 03/01/50			1,225		815,463
NRG Energy, Inc., 3.38%, 02/15/29^(b)			1,391		1,235,801
Olympus Water U.S. Holding Corp.^(b)7.13%, 10/01/27			505		510,114
9.75%, 11/15/28			4,020		4,282,171
Oncor Electric Delivery Co. LLC, 2.75%, 05/15/30			2,025		1,797,455
Oracle Corp., 3.60%, 04/01/50			2,135		1,542,486
Paramount Global, 7.88%, 07/30/30			180		188,042
Pitney Bowes, Inc., 6.88%, 03/15/27^(b)			1,290		1,177,915
PNC Financial Services Group, Inc., (1-day SOFR Index + 1.09%), 4.76%, 01/26/27^(a)			2,427		2,404,298
Prologis LP, 2.25%, 01/15/32			119		98,143
Public Service Electric and Gas Co., 4.65%, 03/15/33			2,650		2,582,910
Rand Parent LLC, 8.50%, 02/15/30^(b)			500		495,130
Republic Services, Inc. 1.45%, 02/15/31			4,119		3,279,662
1.75%, 02/15/32			1,375		1,087,694
RingCentral, Inc., 8.50%, 08/15/30^(b)			365		379,503
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26^(b)			2,062		1,905,129
Sabre GLBL, Inc.^(b)8.63%, 06/01/27			140		122,853
11.25%, 12/15/27			900		844,658
Seagate HDD Cayman, 8.25%, 12/15/29^(b)			383		411,520
Sonder Secured Notes, (14.35% PIK), 14.35%, 01/19/27^(a)(e)(i)			5,477		4,833,663
Steel Dynamics, Inc., 3.45%, 04/15/30			3,060		2,807,229
Stem, Inc., 0.50%, 12/01/28^(b)(k)			275		134,048
Taylor Morrison Communities, Inc., 5.88%, 06/15/27^(b)			1,643		1,641,102
T-Mobile U.S., Inc. 3.75%, 04/15/27			2,750		2,648,544
3.38%, 04/15/29			3,930		3,634,584
3.40%, 10/15/52			1,360		964,640
Travel & Leisure Co., 4.63%, 03/01/30^(b)			440		401,746
Truist Financial Corp., (1-day SOFR + 1.62%), 5.44%, 01/24/30^(a)			454		453,470
Uber Technologies, Inc., Series 2028, 0.88%, 12/01/28^(b)(k)			743		919,091
United Wholesale Mortgage LLC, 5.75%, 06/15/27^(b)			1,346		1,308,680
UnitedHealth Group, Inc., 5.35%, 02/15/33			1,075		1,105,940
Verizon Communications, Inc., 1.13%, 11/03/28	GBP		100		108,673
Viasat, Inc., 5.63%, 04/15/27^(b)	USD		360		340,902
Westbay 4A2, 11.00%, 02/06/30^(e)			9,276		9,113,670


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Xerox Holdings Corp.^(b)5.00%, 08/15/25	USD		96	$	94,727
8.88%, 11/30/29			104		105,951
Xylem, Inc./New York, 2.25%, 01/30/31			3,000		2,528,333


					166,875,597


Total Corporate Bonds — 9.9% (Cost: $193,749,930)					191,288,544


Fixed Rate Loan Interests

United States — 0.2%
AMF MF Portfolio, Term Loan, 6.67%, 11/01/28^(e)			4,075		4,077,499


Total Fixed Rate Loan Interests — 0.2% (Cost: $4,025,995)					4,077,499


Floating Rate Loan Interests^(a)

Ireland — 0.2%
Promontoria Beech Designated Activity Co., EUR Term Loan, (1-mo. EURIBOR + 3.75%), 7.61%, 05/17/27^(e)	EUR		3,131		3,369,619


Luxembourg — 0.1%
Speed Midco 3 S.a r.l., EUR Term Loan B1, (3-mo. EURIBOR + 6.40%), 10.30%, 05/16/29			2,488		2,731,134


Netherlands — 0.1%
Upfield BV, 2023 GBP Term Loan B8, (1-day SONIA + 5.75%), 10.98%, 01/03/28	GBP		1,358		1,695,248


United States — 1.4%
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-mo. CME Term SOFR at 0.50% Floor + 5.60%), 10.40%, 02/01/30	USD		1,637		1,613,199
American Auto Auction Group, LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.15%), 10.46%, 12/30/27			425		421,366
Coreweave Compute Acquisition Co. II, LLC, Delayed Draw Term Loan, (3-mo. CME Term SOFR + 8.75%), 14.06%, 06/30/28^(e)			7,259		7,227,956
Cotiviti, Inc., 2024 Term Loan, 02/21/31^(l)			370		369,075
EIS Buyer, Inc., Revolver, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 12.33%, 07/10/28^(e)			341		332,115
EIS Group, Inc., Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.33%, 05/01/28^(e)			3,406		3,321,152
Galaxy Universal LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.15%), 11.46%, 11/12/26^(e)			6,146		6,046,979
GoTo Group, Inc.
2024 Second Out Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.17%, 04/30/28			112		85,011
2024 New Money Term Loan, (1-mo. CME Term SOFR + 4.85%), 10.17%, 04/30/28			128		121,963
Helios Service Partners LLC^(e)
2023 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.82%, 03/19/27			872		867,517
2023 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 6.51%), 11.81%, 03/19/27			606		602,792


Security		Par (000)		Value

United States (continued)
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at -4.50% Floor + 5.61%), 10.83%, 10/25/28^(e)	USD		1,095	$	881,672
Orion Group Holdco, LLC^(e)
2022 1st Amendment Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27			115		115,123
2022 First A&R Amendment Incremental DDTL, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27			516		516,158
Delayed Draw Term Loan, (3-mo. CME Term SOFR + 6.26%), 11.56%, 03/19/27			195		192,533
First Lien Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27			1,154		1,153,725
First Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27			99		98,692
Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27			19		19,233
Project Montage^(e)
PIK Revolver, (Prime + 5.00%), 13.50%, 02/16/29			66		65,769
PIK Term Loan, (Prime + 5.00%), 12.00%, 02/16/29			1,184		1,183,846
Redstone Holdco 2 LP, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 10.19%, 04/27/28			1,133		932,129
Signal Parent, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 8.93%, 04/03/28			746		705,336


					26,873,341


Total Floating Rate Loan Interests — 1.8% (Cost: $34,669,471)					34,669,342


Foreign Agency Obligations

United Kingdom — 0.2%
United Kingdom Gilt^(h)3.75%, 10/22/53	GBP		943		1,061,790
0.50%, 10/22/61			5,221		2,043,292


Total Foreign Agency Obligations — 0.2% (Cost: $3,149,856)					3,105,082


		Shares

Investment Companies

United States — 0.6%
iShares iBoxx $ Investment Grade Corporate Bond ETF ^(m)			35,863		3,906,198
iShares JP Morgan USD Emerging Markets Bond ETF ^(m)			66,207		5,936,782
iShares Russell 2000 ETF ^(m)			100		21,030
iShares Russell Mid-Cap Growth ETF ^(m)			3,916		446,972
VanEck J. P. Morgan EM Local Currency Bond ETF			84,550		2,072,320


Total Investment Companies — 0.6% (Cost: $12,149,087)					12,383,302

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Municipal Bonds

Puerto Rico^(a)— 0.1%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/51	USD		4,125		1,950,364
Series A-1, 0.00%, 11/01/43			361		208,062
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			1,767		713,310


Total Municipal Bonds — 0.1% (Cost: $2,621,456)					2,871,736


Non-Agency Mortgage-Backed Securities

Bermuda — 0.1%
RIAL Issuer Ltd., Series 2022-FL8, Class A, (1-mo. Term SOFR + 2.25%), 7.58%, 01/19/37^(a)(b)			2,315		2,306,319


United States^(a)(b)— 1.7%
Barclays Mortgage Loan Trust, Series 2021-NQM1, Class B1, 4.38%, 09/25/51			2,047		1,616,035
CHNGE Mortgage Trust
Series 2022-1, Class M1, 3.99%, 01/25/67			2,000		1,641,391
Series 2022-2, Class M1, 4.61%, 03/25/67			5,000		4,299,014
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34			1,470		1,128,832
FREMF Trust, Series 2018-W5FX, Class CFX, 3.54%, 04/25/28			1,923		1,649,597
Grace Trust, Series 2020-GRCE, Class D, 2.68%, 12/10/40			2,000		1,518,066
GS Mortgage Securities Corp. Trust
Series 2021-DM, Class E, (1-mo. Term SOFR + 3.05%), 8.38%, 11/15/36			2,150		2,101,109
Series 2021-DM, Class F, (1-mo. Term SOFR + 3.55%), 8.88%, 11/15/36			2,150		2,069,218
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 2.94%, 12/10/41			2,000		1,460,122
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2021-MHC, Class E, (1-mo. Term SOFR + 2.56%), 7.89%, 04/15/38			2,270		2,246,251
Series 2021-NYAH, Class E, (1-mo. Term SOFR + 1.95%), 7.28%, 06/15/38			2,000		1,719,327
Series 2022-NLP, Class F, (1-mo. Term SOFR + 3.54%), 8.86%, 04/15/37			1,953		1,581,943
Series 2022-OPO, Class D, 3.45%, 01/05/39			860		619,580
MFRA Trust, Series 2022-CHM1, Class M1, 4.57%, 09/25/56			4,000		3,478,921
MHC Commercial Mortgage Trust, Series 2021- MHC, Class F, (1-mo. Term SOFR + 2.72%), 8.04%, 04/15/38			850		841,288
SUMIT Mortgage Trust, Series 2022-BVUE, Class D, 2.89%, 02/12/41			650		445,245


Security		Par (000)		Value

United States (continued)
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. Term SOFR + 2.19%), 7.51%, 05/15/37	USD		2,410	$	2,428,075
Velocity Commercial Capital Loan Trust, Series 2021-4, Class M4, 4.48%, 12/26/51			2,710		2,030,714


					32,874,728


Total Non-Agency Mortgage-Backed Securities — 1.8% (Cost: $40,079,100)					35,181,047


Preferred Securities

Capital Trust — 0.1%

United States — 0.1%
Paramount Global, 6.38%, 03/30/62^(a)			760		702,220


					702,220

		Shares

Preferred Stocks — 1.3%^(e)

Finland — 0.1%
Aiven, Series D			35,053		2,415,502


Israel — 0.1%
Deep Instinct Ltd., Series D-4, (Acquired 09/20/22, Cost: $3,691,502)^(c)(f)			523,592		2,837,869


United States — 1.1%
Bright Machines, Series C			1,457,950		3,990,017
Cap Hill Brands			1,088,268		261,184
Clarify Health			318,926		2,012,423
Insight M, Inc., Series D^(c)			2,854,422		978,496
Lessen Holdings, Inc., Preference Shares^(c)			480,897		3,010,415
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $1,239,070)^(c)(f)			53,954		726,760
RapidSOS, Series C-1			1,707,127		1,604,699
Verge Genomics, Inc.^(c)(f)
Series B, (Acquired 11/05/21, Cost: $1,437,421)			269,847		1,745,910
Series C, (Acquired 09/06/23, Cost: $345,314)			48,019		345,737
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $4,623,422), 10/07/32^(c)(f)(i)			1,584,337		5,671,926
Zero Mass Water, Inc., Series D, (Acquired 07/05/22, Cost: $249,208)^(c)(f)			6,084		136,282


					20,483,849


					25,737,220


Total Preferred Securities — 1.4% (Cost: $33,248,743)					26,439,440


		Par (000)

U.S. Government Sponsored Agency Securities

Mortgage-Backed Securities — 6.3%
Uniform Mortgage-Backed Securities⁽ⁿ⁾3.50%, 04/11/54	USD		18,006		16,113,487


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities⁽ⁿ⁾(continued)
4.50%, 04/11/54	USD		76,345	$	72,697,442
5.50%, 04/11/54			32,500		32,338,679


Total U.S. Government Sponsored Agency Securities — 6.3% (Cost: $121,492,119)					121,149,608


U.S. Treasury Obligations
U.S. Treasury Notes, 4.63%, 09/30/28^(o)(p)			6,777		6,874,684


Total U.S. Treasury Obligations — 0.4% (Cost: $6,711,877)					6,874,684


		Shares

Warrants

Israel — 0.0%
Deep Instinct Ltd., Series C, (Acquired 09/20/22, Cost: $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, Expires 09/20/32, Strike Price USD 0.01)^(c)(e)(f)			36,915		5,537


United States^(c)(e)— 0.1%
Flyr Warrants, (Issued/Exercisable 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)			5,576		29,664
RapidSOS, (Expires 12/13/33, Strike Price USD 0.01)			946,544		880,286
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)			75,255		1
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (Exercisable 10/14/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01)^(f)			195,273		593,630
Volato Group, Inc., (Acquired 12/03/23, Cost: $41,409), (Expires 12/03/28, Strike Price USD 11.50)^(f)			41,409		4,555


					1,508,136


Total Warrants — 0.1% (Cost: $41,409)					1,513,673


Total Long-Term Investments — 85.1% (Cost: $1,431,274,374)					1,640,267,919


Security	Shares		Value

Short-Term Securities

Money Market Funds — 19.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(m)(q)(r)		5,877,719	$	5,880,070
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%^(m)(q)		369,479,694		369,479,694


Total Short-Term Securities — 19.5% (Cost: $375,360,352)				375,359,764


Options Purchased — 0.3% (Cost: $5,827,072)				5,441,397


Total Investments Before Options Written — 104.9% (Cost: $1,812,461,798)				2,021,069,080


Options Written — (0.2)% (Premiums Received: $(2,818,405))				(2,779,114	)


Total Investments, Net of Options Written — 104.7% (Cost: $1,809,643,393)				2,018,289,966
Liabilities in Excess of Other Assets — (4.7)%				(89,960,159	)


Net Assets — 100.0%			$	1,928,329,807

^(a)	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.

^(b)	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.

^(c)	Non-income producing security.

^(d)	All or a portion of this security is on loan.

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

^(f)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $15,031,209, representing 0.8% of its net assets as of period end, and an original cost of $15,680,743.

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

⁽ⁱ⁾	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.

^(j)	When-issued security.

^(k)	Convertible security.

^(l)	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.

^(m)	Affiliate of the Trust.

⁽ⁿ⁾	Represents or includes a TBA transaction.

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

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

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

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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Affiliates

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



Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	5,881,604	^(a)	$	—		$	(946	)	$	(588	)	$	5,880,070		5,877,719	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		378,536,662		—			(9,056,968	)^(a)		—			—			369,479,694		369,479,694		5,096,698			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,968,600		—			—			—			(62,402	)		3,906,198		35,863		28,038			—
iShares JP Morgan USD Emerging Markets Bond ETF		5,896,395		—			—			—			40,387			5,936,782		66,207		49,852			—
iShares Russell 2000 ETF		20,071		—			—			—			959			21,030		100		52			—
iShares Russell Mid-Cap Growth ETF		409,065		—			—			—			37,907			446,972		3,916		462			—
SL Liquidity Series, LLC, Money Market Series^(b)		3,509,133		—			(3,506,956	)^(a)		(2,212	)		35			—		—		1,929	^(c)		—


									$	(3,158	)	$	16,298		$	385,670,746			$	5,177,031		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

^(c)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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		387		06/06/24	$	49,371	$	162,434
Euro Bund		21		06/06/24		3,022		21,275
Euro-Schatz		83		06/06/24		9,465		(1,415	)
OSE Nikkei 225		49		06/13/24		13,069		177,155
U.S. Long Bond		36		06/18/24		4,336		83,131
Euro Stoxx 50 Index		124		06/21/24		6,757		157,961
Euro Stoxx Banks Index		93		06/21/24		680		51,762
MSCI Emerging Markets Index		4		06/21/24		210		(2,025	)
NASDAQ 100 E-Mini Index		269		06/21/24		99,396		1,383,413
S&P 500 E-Mini Index		172		06/21/24		45,653		612,768
Long Gilt		43		06/26/24		5,424		104,879
5-Year U.S. Treasury Note		2,035		06/28/24		217,777		55,577
Carbon Emissions^(a)		9		12/16/24		600		(87,162	)


								2,719,753

Short Contracts
Euro OAT		24		06/06/24		3,319		(19,181	)
10-Year Japanese Government Treasury Bonds		18		06/13/24		17,346		(42,122	)
10-Year U.S. Treasury Note		263		06/18/24		29,140		(76,916	)
10-Year U.S. Ultra Long Treasury Note		309		06/18/24		35,414		(192,001	)
Ultra U.S. Treasury Bond		180		06/18/24		23,220		(460,077	)
E-mini Russell 2000 Index		67		06/21/24		7,189		(170,631	)
2-Year U.S. Treasury Note		357		06/28/24		73,001		(7,695	)


								(968,623	)


							$	1,751,130

^(a)

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


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CHF	278,594		USD	311,323	Citibank N.A.		06/20/24	$	273
CHF	247,973		USD	276,000	Deutsche Bank AG		06/20/24		1,347
JPY	50,667,379		USD	338,517	JPMorgan Chase Bank N.A.		06/20/24		252
MXN	110,084,154		USD	6,470,781	Barclays Bank PLC		06/20/24		69,310
MXN	29,450,378		USD	1,724,226	The Bank of New York Mellon		06/20/24		25,419
USD	5,422,247		AUD	8,192,592	JPMorgan Chase Bank N.A.		06/20/24		71,834
USD	452,073		CAD	609,404	Citibank N.A.		06/20/24		1,669
USD	8,930,129		CHF	7,757,132	Deutsche Bank AG		06/20/24		254,094
USD	32,473,015		CHF	28,227,902	Deutsche Bank AG		06/20/24		901,261
USD	1,017,086		DKK	6,908,854	JPMorgan Chase Bank N.A.		06/20/24		13,840
USD	69,306,714		EUR	63,192,308	Citibank N.A.		06/20/24		916,464
USD	665,690		EUR	606,897	The Bank of New York Mellon		06/20/24		8,872
USD	101,534,093		EUR	92,593,522	The Bank of New York Mellon		06/20/24		1,324,206
USD	844,483		EUR	770,397	UBS AG		06/20/24		10,716
USD	2,686,874		GBP	2,100,000	Barclays Bank PLC		06/20/24		35,265
USD	32,893,903		GBP	25,713,931	The Bank of New York Mellon		06/20/24		425,666
USD	16,944,621		HKD	132,208,949	Citibank N.A.		06/20/24		14,903
USD	828,849		JPY	120,690,463	Deutsche Bank AG		06/20/24		21,897
USD	3,269,545		JPY	475,591,202	JPMorgan Chase Bank N.A.		06/20/24		89,681
USD	47,396,659		JPY	6,896,234,316	JPMorgan Chase Bank N.A.		06/20/24		1,287,556
USD	309,234		JPY	45,027,520	Morgan Stanley & Co. International PLC		06/20/24		8,174
USD	504,646		JPY	73,054,056	Morgan Stanley & Co. International PLC		06/20/24		16,197
USD	707,248		JPY	102,924,531	Westpac Banking Corp.		06/20/24		19,081
USD	1,133,732		JPY	165,141,446	Westpac Banking Corp.		06/20/24		29,575
USD	10,765,017		KRW	14,092,161,000	BNP Paribas SA		06/20/24		278,869
USD	2,023,485		SEK	20,635,404	Barclays Bank PLC		06/20/24		89,433


									5,915,854

BRL	38,277,353		USD	7,626,794	Goldman Sachs International		06/20/24		(51,323	)
CHF	745,986		USD	838,891	Citibank N.A.		06/20/24		(4,537	)
CHF	1,453,608		USD	1,659,646	Citibank N.A.		06/20/24		(33,845	)
CHF	1,708,008		USD	1,966,027	Deutsche Bank AG		06/20/24		(55,690	)
CHF	200,453		USD	227,069	JPMorgan Chase Bank N.A.		06/20/24		(2,870	)
CHF	429,868		USD	483,418	Morgan Stanley & Co. International PLC		06/20/24		(2,628	)
CHF	635,697		USD	729,088	Morgan Stanley & Co. International PLC		06/20/24		(18,087	)
CHF	956,050		USD	1,101,443	Morgan Stanley & Co. International PLC		06/20/24		(32,140	)
CHF	993,298		USD	1,116,589	Morgan Stanley & Co. International PLC		06/20/24		(5,626	)
CHF	192,501		USD	219,051	UBS AG		06/20/24		(3,746	)
CHF	1,112,297		USD	1,278,206	UBS AG		06/20/24		(34,147	)
CHF	289,135		USD	330,693	Westpac Banking Corp.		06/20/24		(7,307	)
EUR	212,844		USD	232,707	Deutsche Bank AG		06/20/24		(2,355	)
EUR	198,450		USD	215,394	Morgan Stanley & Co. International PLC		06/20/24		(620	)
EUR	203,957		USD	221,736	UBS AG		06/20/24		(1,003	)
EUR	2,880,734		USD	3,158,653	UBS AG		06/20/24		(40,961	)
GBP	152,477		USD	195,211	BNP Paribas SA		06/20/24		(2,682	)
IDR	27,983,053,770		USD	1,795,621	BNP Paribas SA		06/20/24		(36,459	)
INR	148,563,276		USD	1,788,449	BNP Paribas SA		06/20/24		(11,079	)
JPY	122,634,463		USD	847,978	Morgan Stanley & Co. International PLC		06/20/24		(28,028	)
JPY	168,641,288		USD	1,130,114	Morgan Stanley & Co. International PLC		06/20/24		(2,557	)
ZAR	33,712,048		USD	1,791,185	Deutsche Bank AG		06/20/24		(22,653	)


									(400,343	)

								$	5,515,511

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

SPDR S&P 500 ETF Trust

505

04/05/24

USD

529.00

USD

26,415

40,905

SPDR S&P 500 ETF Trust

413

04/05/24

USD

527.00

USD

21,603

57,407

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Exchange-Traded Options Purchased (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Call (continued)
SPDR S&P 500 ETF Trust		504		04/05/24	USD	530.00	USD	26,363	$	30,240
SPDR S&P 500 ETF Trust		413		04/12/24	USD	528.00	USD	21,603		105,108
SPX Volatility Index		227		04/17/24	USD	20.00	USD	295		4,994
Adobe, Inc.		50		04/19/24	USD	590.00	USD	2,523		1,450
Amazon.com, Inc.		299		04/19/24	USD	180.00	USD	5,393		129,317
Amazon.com, Inc.		218		04/19/24	USD	185.00	USD	3,932		47,415
AstraZeneca PLC		298		04/19/24	USD	67.50	USD	2,019		43,806
BMW AG		136		04/19/24	EUR	110.00	EUR	1,454		16,433
Costco Wholesale Corp.		27		04/19/24	USD	735.00	USD	1,978		28,890
Daimler AG		216		04/19/24	EUR	75.00	EUR	1,594		21,089
Deckers Outdoor Corp.		5		04/19/24	USD	900.00	USD	471		26,300
Deckers Outdoor Corp.		12		04/19/24	USD	960.00	USD	1,130		19,320
Delta Air Lines, Inc.		312		04/19/24	USD	45.00	USD	1,494		109,200
Merck & Co., Inc.		124		04/19/24	USD	125.00	USD	1,636		93,000
Merck & Co., Inc.		176		04/19/24	USD	130.00	USD	2,322		59,400
Micron Technology, Inc.		99		04/19/24	USD	95.00	USD	1,167		228,937
Microsoft Corp.		92		04/19/24	USD	440.00	USD	3,871		13,386
Microsoft Corp.		50		04/19/24	USD	425.00	USD	2,104		27,125
Norfolk Southern Corp.		40		04/19/24	USD	270.00	USD	1,019		3,600
Novo Nordisk A/S, ADR, Class B		200		04/19/24	USD	140.00	USD	2,568		8,300
NVIDIA Corp.		89		04/19/24	USD	840.00	USD	8,042		698,205
NVIDIA Corp.		59		04/19/24	USD	820.00	USD	5,331		556,075
NVIDIA Corp.		90		04/19/24	USD	900.00	USD	8,132		369,675
Paramount Global, Class B		140		04/19/24	USD	15.00	USD	165		1,260
PNC Financial Services Group, Inc.		108		04/19/24	USD	160.00	USD	1,745		52,920
Salesforce, Inc.		80		04/19/24	USD	320.00	USD	2,409		11,440
Salesforce, Inc.		36		04/19/24	USD	330.00	USD	1,084		2,052
Uber Technologies, Inc.		298		04/19/24	USD	80.00	USD	2,294		38,889
Wells Fargo & Co.		880		04/19/24	USD	60.00	USD	5,100		65,560
Adobe, Inc.		15		05/17/24	USD	600.00	USD	757		1,778
Adobe, Inc.		29		05/17/24	USD	540.00	USD	1,463		24,578
Advanced Micro Devices, Inc.		46		05/17/24	USD	200.00	USD	830		31,625
Amazon.com, Inc.		297		05/17/24	USD	190.00	USD	5,357		158,895
Bank of America Corp.		321		05/17/24	USD	39.00	USD	1,217		29,211
Caterpillar, Inc.		64		05/17/24	USD	380.00	USD	2,345		59,360
CF Industries Holdings, Inc.		196		05/17/24	USD	92.50	USD	1,631		15,190
Costco Wholesale Corp.		14		05/17/24	USD	825.00	USD	1,026		1,589
D.R. Horton, Inc.		62		05/17/24	USD	165.00	USD	1,020		48,980
D.R. Horton, Inc.		36		05/17/24	USD	155.00	USD	592		49,860
Danaher Corp.		59		05/17/24	USD	270.00	USD	1,473		13,275
Dexcom, Inc.		99		05/17/24	USD	120.00	USD	1,373		200,475
Edwards Lifesciences Corp.		149		05/17/24	USD	100.00	USD	1,424		39,485
Eli Lilly & Co.		30		05/17/24	USD	760.00	USD	2,334		148,725
Eli Lilly & Co.		7		05/17/24	USD	820.00	USD	545		15,803
Freeport-McMoRan, Inc.		394		05/17/24	USD	48.00	USD	1,853		87,665
Oracle Corp.		149		05/17/24	USD	135.00	USD	1,872		14,379
Paramount Global, Class B		80		05/17/24	USD	16.00	USD	94		1,960
Salesforce, Inc.		80		05/17/24	USD	330.00	USD	2,409		20,880
Shell PLC		27		05/17/24	GBP	26.25	GBP	709		26,581
Walt Disney Co.		528		05/17/24	USD	130.00	USD	6,461		147,840
Nikkei 225 Index		27		06/14/24	JPY	41,500.00	JPY	1,084,538		137,336
Crowdstrike Holdings, Inc., Class A		23		06/21/24	USD	360.00	USD	737		34,557
Edwards Lifesciences Corp.		147		06/21/24	USD	100.00	USD	1,405		55,125
JPMorgan Chase & Co.		551		06/21/24	USD	210.00	USD	11,037		214,890
Lam Research Corp.		9		06/21/24	USD	1,060.00	USD	874		34,672
Novo Nordisk A/S, ADR		201		06/21/24	USD	130.00	USD	2,581		154,267
Walmart, Inc.		143		06/21/24	USD	65.00	USD	860		7,365
Sabre Corp.		174		07/19/24	USD	4.50	USD	42		1,044
Sabre Corp.		139		07/19/24	USD	3.50	USD	34		1,877
Apple, Inc.		501		08/16/24	USD	220.00	USD	8,591		30,311


										4,721,276


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Exchange-Traded Options Purchased (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Put
Alphabet, Inc., Class C		239		04/19/24	USD	130.00	USD	3,639	$	2,390
iShares Russell 2000 ETF		52		04/19/24	USD	198.00	USD	1,094		2,756
SPDR S&P 500 ETF Trust		744		04/19/24	USD	485.00	USD	38,916		27,900
Tesla, Inc.		108		04/19/24	USD	170.00	USD	1,899		71,550
3-Month SOFR Future		949		05/10/24	USD	94.75	USD	225,043		35,587
Abbott Laboratories		177		05/17/24	USD	105.00	USD	2,012		15,311
DAX Index		104		05/17/24	EUR	17,300.00	EUR	9,616		28,892
Tesla, Inc.		41		05/17/24	USD	190.00	USD	721		87,535
iShares iBoxx $ High Yield Corporate Bond ETF		260		06/21/24	USD	76.00	USD	2,021		69,810


										341,731


									$	5,063,007

OTC Credit Default Swaptions Purchased

Paid by the Trust

Received by the Trust

Frequency

Counterparty

Expiration

Date

Credit

Rating

Exercise

Price

Notional

Amount (000)^(a)

Value

Description

Rate/Reference

Put

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

5.00%

iTraxx.XO.41.V1

Quarterly

Morgan Stanley & Co. International PLC

04/17/24

—

EUR 337.50

EUR

1,790

1,869

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

5.00%

CDX.NA.HY.41.V2

Quarterly

BNP Paribas SA

04/17/24

—

USD 105.00

USD

1,960

728

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

5.00%

CDX.NA.HY.41.V2

Quarterly

Goldman Sachs International

04/17/24

—

USD 105.00

USD

1,570

584

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

5.00%

iTraxx.XO.41.V1

Quarterly

Morgan Stanley & Co. International PLC

05/15/24

—

EUR 350.00

EUR

2,185

6,387

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

5.00%

iTraxx.XO.41.V1

Quarterly

Goldman Sachs International

05/15/24

—

EUR 350.00

EUR

1,795

5,247

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

5.00%

CDX.NA.HY.41.V2

Quarterly

Goldman Sachs International

05/15/24

—

USD 104.50

USD

1,585

2,137

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

1.00%

iTraxx.EUR.40.V1

Quarterly

Deutsche Bank AG

06/19/24

—

EUR 67.50

EUR

5,960

3,981

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

5.00%

iTraxx.XO.40.V1

Quarterly

Deutsche Bank AG

06/19/24

—

EUR 400.00

EUR

1,986

6,788

27,721

^(a)

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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration

Date

Exercise

Rate

Notional

Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

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

1-Day SOFR,
5.34%

Annual

3.67%

Annual

Citibank N.A.

05/28/24

3.67

USD

6,303

40,834

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

1-Day SOFR,
5.34%

Semi-Annual

3.65%

Semi-Annual

Goldman Sachs International

05/28/24

3.65

USD

15,272

37,454

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

6-mo.
EURIBOR,
3.85%

Semi-Annual

2.85%

Annual

JPMorgan Chase Bank N.A.

05/28/24

2.85

EUR

12,304

13,334

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

1-Day SOFR,
5.34%

Semi-Annual

3.60%

Semi-Annual

Goldman Sachs International

05/29/24

3.60

USD

15,272

33,014

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

6-mo.
EURIBOR,
3.85%

Semi-Annual

2.85%

Annual

Goldman Sachs International

06/03/24

2.85

EUR

12,385

15,965

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

1-Day SOFR,
5.34%

Annual

4.00%

Annual

JPMorgan Chase Bank N.A.

10/24/24

4.00

USD

19,216

105,472

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

1-Day SOFR,
5.34%

Annual

3.00%

Annual

Goldman Sachs International

01/23/25

3.00

USD

12,685

104,596

350,669

Exchange-Traded Options Written



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Call
SPDR S&P 500 ETF Trust		413		04/05/24	USD	535.00	USD	21,603	$	(3,924	)
SPDR S&P 500 ETF Trust		505		04/05/24	USD	536.00	USD	26,415		(3,283	)
SPDR S&P 500 ETF Trust		413		04/12/24	USD	538.00	USD	21,603		(15,281	)
SPX Volatility Index		227		04/17/24	USD	35.00	USD	295		(1,589	)
Advanced Micro Devices, Inc.		100		04/19/24	USD	250.00	USD	1,805		(750	)
Eli Lilly & Co.		6		04/19/24	USD	700.00	USD	467		(49,500	)
Merck & Co., Inc.		176		04/19/24	USD	135.00	USD	2,322		(15,312	)
Micron Technology, Inc.		198		04/19/24	USD	105.00	USD	2,334		(264,825	)
NVIDIA Corp.		119		04/19/24	USD	980.00	USD	10,752		(170,170	)
NVIDIA Corp.		80		04/19/24	USD	850.00	USD	7,228		(569,800	)
NVIDIA Corp.		90		04/19/24	USD	1,050.00	USD	8,132		(49,275	)
Uber Technologies, Inc.		298		04/19/24	USD	95.00	USD	2,294		(1,341	)
Caterpillar, Inc.		64		05/17/24	USD	410.00	USD	2,345		(15,904	)
CF Industries Holdings, Inc.		196		05/17/24	USD	100.00	USD	1,631		(3,920	)
Dexcom, Inc.		99		05/17/24	USD	135.00	USD	1,373		(105,435	)
Eli Lilly & Co.		30		05/17/24	USD	840.00	USD	2,334		(50,625	)
Freeport-McMoRan, Inc.		394		05/17/24	USD	55.00	USD	1,853		(21,276	)
NVIDIA Corp.		69		05/17/24	USD	1,100.00	USD	6,235		(89,355	)
Nikkei 225 Index		27		06/14/24	JPY	44,000.00	JPY	1,084,538		(38,347	)
JPMorgan Chase & Co.		551		06/21/24	USD	230.00	USD	11,037		(37,192	)


										(1,507,104	)

Put
Adobe, Inc.		50		04/19/24	USD	500.00	USD	2,523		(46,125	)
BMW AG		136		04/19/24	EUR	100.00	EUR	1,454		(3,521	)
Daimler AG		54		04/19/24	EUR	65.00	EUR	399		(320	)
Deckers Outdoor Corp.		5		04/19/24	USD	800.00	USD	471		(588	)
Deckers Outdoor Corp.		12		04/19/24	USD	850.00	USD	1,130		(3,060	)
iShares Russell 2000 ETF		52		04/19/24	USD	180.00	USD	1,094		(546	)
Norfolk Southern Corp.		40		04/19/24	USD	240.00	USD	1,019		(4,900	)
PNC Financial Services Group, Inc.		108		04/19/24	USD	130.00	USD	1,745		(1,080	)
Salesforce, Inc.		36		04/19/24	USD	290.00	USD	1,084		(8,892	)
SPDR S&P 500 ETF Trust		744		04/19/24	USD	475.00	USD	38,916		(21,204	)
Tesla, Inc.		108		04/19/24	USD	145.00	USD	1,899		(11,502	)
Wells Fargo & Co.		176		04/19/24	USD	55.00	USD	1,020		(8,184	)
Adobe, Inc.		15		05/17/24	USD	520.00	USD	757		(39,937	)
Adobe, Inc.		29		05/17/24	USD	450.00	USD	1,463		(8,947	)
Advanced Micro Devices, Inc.		46		05/17/24	USD	170.00	USD	830		(35,535	)


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value

Put (continued)
Amazon.com, Inc.		237		05/17/24	USD	150.00	USD	4,275	$	(21,448	)
Bank of America Corp.		321		05/17/24	USD	34.00	USD	1,217		(6,099	)
Caterpillar, Inc.		64		05/17/24	USD	310.00	USD	2,345		(8,288	)
Costco Wholesale Corp.		14		05/17/24	USD	725.00	USD	1,026		(18,550	)
D.R. Horton, Inc.		62		05/17/24	USD	135.00	USD	1,020		(2,790	)
D.R. Horton, Inc.		36		05/17/24	USD	125.00	USD	592		(1,260	)
Danaher Corp.		118		05/17/24	USD	230.00	USD	2,947		(26,550	)
DAX Index		104		05/17/24	EUR	16,300.00	EUR	9,616		(13,380	)
Edwards Lifesciences Corp.		75		05/17/24	USD	80.00	USD	717		(2,438	)
Eli Lilly & Co.		7		05/17/24	USD	720.00	USD	545		(9,992	)
Freeport-McMoRan, Inc.		197		05/17/24	USD	40.00	USD	926		(6,797	)
Oracle Corp.		90		05/17/24	USD	115.00	USD	1,130		(6,030	)
Salesforce, Inc.		80		05/17/24	USD	270.00	USD	2,409		(13,600	)
Walt Disney Co.		264		05/17/24	USD	110.00	USD	3,230		(31,416	)
Nikkei 225 Index		27		06/14/24	JPY	37,000.00	JPY	1,084,538		(73,127	)
Crowdstrike Holdings, Inc., Class A		23		06/21/24	USD	290.00	USD	737		(29,555	)
Edwards Lifesciences Corp.		147		06/21/24	USD	80.00	USD	1,405		(9,555	)
iShares iBoxx $ High Yield Corporate Bond ETF		520		06/21/24	USD	74.00	USD	4,042		(9,100	)
Lam Research Corp.		9		06/21/24	USD	820.00	USD	874		(12,802	)
Walmart, Inc.		143		06/21/24	USD	55.00	USD	860		(5,792	)


										(502,910	)


									$	(2,010,014	)

OTC Credit Default Swaptions Written

Paid by the Trust

Received by the Trust

Expiration

Date

Credit

Rating^(a)

Exercise

Price

Notional

Amount (000)^(b)

Description

Rate/Reference

Frequency

Counterparty

Value

Put

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

iTraxx.XO.41.V1

5.00%

Quarterly

Morgan Stanley & Co. International PLC

04/17/24

N/R

EUR 400.00

EUR

1,790

(743

)

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

iTraxx.XO.41.V1

5.00%

Quarterly

Goldman Sachs International

05/15/24

N/R

EUR 450.00

EUR

1,795

(1,664

)

(2,407

)

^(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 Written

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

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

3.40%

Semi-Annual

1-Day SOFR,
5.34%

Semi-Annual

Goldman Sachs International

05/28/24

3.40

USD

15,272

(18,175

)

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

2.30%

Annual

6-mo.
EURIBOR,
3.85%

Semi-Annual

JPMorgan Chase Bank N.A.

05/28/24

2.30

EUR

12,304

(980

)

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

3.25%

Semi-Annual

1-Day SOFR,
5.34%

Semi-Annual

Goldman Sachs International

05/29/24

3.25

USD

15,272

(11,758

)

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

2.30%

Annual

6-mo.
EURIBOR,
3.85%

Semi-Annual

Goldman Sachs International

06/03/24

2.30

EUR

12,384

(1,388

)

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

3.30%

Annual

1-Day SOFR,
5.34%

Annual

JPMorgan Chase Bank N.A.

10/24/24

3.30

USD

19,216

(37,682

)

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

2.25%

Annual

1-Day SOFR,
5.34%

Annual

Goldman Sachs International

01/23/25

2.25

USD

12,685

(24,084

)

(94,067

)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

OTC Interest Rate Swaptions Written (continued)



Description	Paid by the Trust			Received by the Trust		Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Description	Rate		Frequency	Rate	Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Put
2-Year Interest Rate Swap, 04/06/26		1-Day SOFR, 5.34%	Annual	4.40%	Annual	Citibank N.A.		04/04/24		4.40	%		USD	15,980	$	(44,878	)
2-Year Interest Rate Swap, 04/06/26		1-Day SOFR, 5.34%	Annual	4.40%	Annual	Citibank N.A.		04/04/24		4.40			USD	5,845		(16,415	)
5-Year Interest Rate Swap, 04/06/29		1-Day SOFR, 5.34%	Annual	4.00%	Annual	Citibank N.A.		04/04/24		4.00			USD	7,990		(17,439	)
5-Year Interest Rate Swap, 04/06/29		1-Day SOFR, 5.34%	Annual	4.00%	Annual	Citibank N.A.		04/04/24		4.00			USD	2,572		(5,613	)
2-Year Interest Rate Swap, 04/07/26		1-Day SOFR, 5.34%	Annual	4.45%	Annual	Goldman Sachs International		04/05/24		4.45			USD	7,990		(16,500	)
5-Year Interest Rate Swap, 04/07/29		1-Day SOFR, 5.34%	Annual	4.05%	Annual	Goldman Sachs International		04/05/24		4.05			USD	7,990		(11,274	)
2-Year Interest Rate Swap, 04/18/26		1-Day SOFR, 5.34%	Annual	4.05%	Annual	Deutsche Bank AG		04/16/24		4.05			USD	12,580		(110,533	)
5-Year Interest Rate Swap, 04/18/29		1-Day SOFR, 5.34%	Annual	4.00%	Annual	Deutsche Bank AG		04/16/24		4.00			USD	12,579		(43,731	)
2-Year Interest Rate Swap, 04/24/26		1-Day SOFR, 5.34%	Annual	4.30%	Annual	Deutsche Bank AG		04/22/24		4.30			USD	15,182		(66,698	)
5-Year Interest Rate Swap, 04/24/29		1-Day SOFR, 5.34%	Annual	4.00%	Annual	Deutsche Bank AG		04/22/24		4.00			USD	6,326		(24,744	)
5-Year Interest Rate Swap, 04/28/29		6-mo. EURIBOR, 3.85%	Semi-Annual	2.90%	Annual	JPMorgan Chase Bank N.A.		04/26/24		2.90			EUR	8,865		(4,299	)
5-Year Interest Rate Swap, 05/04/29		1-Day SOFR, 5.34%	Annual	4.00%	Annual	Deutsche Bank AG		05/02/24		4.00			USD	12,652		(56,429	)
2-Year Interest Rate Swap, 05/08/26		1-Day SOFR, 5.34%	Annual	4.50%	Annual	Goldman Sachs International		05/06/24		4.50			USD	12,488		(25,166	)
2-Year Interest Rate Swap, 05/24/26		1-Day SOFR, 5.34%	Annual	4.75%	Annual	Deutsche Bank AG		05/22/24		4.75			USD	25,946		(17,673	)
1-Year Interest Rate Swap, 05/30/25		1-Day SOFR, 5.34%	Semi-Annual	4.15%	Semi-Annual	Goldman Sachs International		05/28/24		4.15			USD	15,272		(13,469	)
2-Year Interest Rate Swap, 05/30/26		6-mo. EURIBOR, 3.85%	Semi-Annual	3.50%	Annual	JPMorgan Chase Bank N.A.		05/28/24		3.50			EUR	12,304		(1,463	)
1-Year Interest Rate Swap, 05/30/25		1-Day SOFR, 5.34%	Semi-Annual	4.10%	Semi-Annual	Goldman Sachs International		05/29/24		4.10			USD	15,272		(16,733	)
2-Year Interest Rate Swap, 06/05/26		6-mo. EURIBOR, 3.85%	Semi-Annual	3.50%	Annual	Goldman Sachs International		06/03/24		3.50			EUR	12,384		(1,776	)
5-Year Interest Rate Swap, 06/09/29		6-mo. EURIBOR, 3.85%	Semi-Annual	2.87%	Annual	Goldman Sachs International		06/07/24		2.87			EUR	6,519		(12,179	)
2-Year Interest Rate Swap, 07/20/26		1-Day SOFR, 5.34%	Annual	4.37%	Annual	Deutsche Bank AG		07/18/24		4.37			USD	24,757		(90,795	)
5-Year Interest Rate Swap, 07/20/29		1-Day SOFR, 5.34%	Annual	4.17%	Annual	Citibank N.A.		07/18/24		4.17			USD	8,826		(44,257	)
2-Year Interest Rate Swap, 11/23/26		1-Day SOFR, 5.34%	Annual	5.00%	Annual	JPMorgan Chase Bank N.A.		11/21/24		5.00			USD	24,755		(30,562	)


																(672,626	)

															$	(766,693	)

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	831	$	(86,096	)	$	(10,446	)	$	(75,650	)


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Centrally Cleared Credit Default Swaps — Buy Protection (continued)



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.EUR.40.V1		1.00	%		Quarterly		12/20/28		EUR	166	$	(3,948	)	$	(3,346	)	$	(602	)

iTraxx.XO.40.V1		5.00			Quarterly		12/20/28		EUR	6,951		(584,352	)		(536,916	)		(47,436	)


											$	(674,396	)	$	(550,708	)	$	(123,688	)

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)

CDX.NA.HY.41.V2

5.00

Quarterly

12/20/28

USD

3,316

249,682

95,805

153,877

^(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)
1-Day SOFR, 5.34%	At Termination	5.45%	At Termination		N/A			10/02/24	USD	187,577	$	111,274		$	3,939		$	107,335
28-Day MXIBTIIE, 11.25%	Monthly	9.78%	Monthly		N/A			02/04/25	MXN	46,651		(26,928	)		3			(26,931	)
28-Day MXIBTIIE, 11.25%	Monthly	9.79%	Monthly		N/A			02/04/25	MXN	23,326		(13,338	)		1			(13,339	)
28-Day MXIBTIIE, 11.25%	Monthly	9.80%	Monthly		N/A			02/04/25	MXN	23,326		(13,148	)		1			(13,149	)
28-Day MXIBTIIE, 11.25%	Monthly	9.95%	Monthly		N/A			02/07/25	MXN	510,185		(243,019	)		46			(243,065	)
1-Day SOFR, 5.34%	Annual	5.00%	Annual		N/A			10/02/25	USD	84,698		90,760			10,735			80,025
0.28%	Annual	Tokyo Overnight Average Rate, 0.07%	Annual		N/A			03/09/26	JPY	2,930,801		1,719			90			1,629
1-Day SOFR, 5.34%	At Termination	4.17%	At Termination		10/23/25	^(a)		10/23/26	USD	9,509		38,002			17			37,985
1-Day SOFR, 5.34%	At Termination	4.21%	At Termination		10/27/25	^(a)		10/27/26	USD	18,989		83,850			35			83,815
1-Day SOFR, 5.34%	Annual	3.47%	Annual		03/10/25	^(a)		03/10/27	USD	4,700		(33,033	)		21			(33,054	)
1-Day MIBOR, 7.90%	Semi-Annual	6.34%	Semi-Annual		N/A			03/20/27	INR	602,249		(11,712	)		48			(11,760	)
1-Day SOFR, 5.34%	Annual	3.30%	Annual		10/23/25	^(a)		10/23/27	USD	3,403		(20,985	)		15			(21,000	)
1-Day SOFR, 5.34%	Annual	4.20%	Annual		10/23/25	^(a)		10/23/27	USD	4,949		49,073			23			49,050
1-Day SOFR, 5.34%	Annual	3.92%	Annual		11/03/25	^(a)		11/03/27	USD	2,364		11,975			11			11,964
1-Day SOFR, 5.34%	Annual	3.95%	Annual		11/03/25	^(a)		11/03/27	USD	2,364		13,238			11			13,227
1-Day SOFR, 5.34%	Annual	3.99%	Annual		11/03/25	^(a)		11/03/27	USD	4,728		29,425			22			29,403
1-Day SOFR, 5.34%	Annual	4.07%	Annual		11/03/25	^(a)		11/03/27	USD	9,541		73,859			43			73,816
1-Day SOFR, 5.34%	Annual	3.86%	Annual		11/10/25	^(a)		11/10/27	USD	9,919		40,622			45			40,577
1-Day SOFR, 5.34%	Annual	3.48%	Annual		01/23/26	^(a)		01/23/28	USD	13,665		(29,218	)		59			(29,277	)
3.45%	Annual	1-Day SOFR, 5.34%	Annual		N/A			01/26/28	USD	11,825		32,355			51			32,304
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/26/28	USD	11,825		82,563			51			82,512
3.27%	Annual	1-Day SOFR, 5.34%	Annual		02/05/26	^(a)		02/05/28	USD	11,932		69,146			52			69,094
1-Day SOFR, 5.34%	Annual	3.87%	Annual		02/05/26	^(a)		02/05/28	USD	11,933		57,564			52			57,512
1-Day SONIA, 5.19%	Annual	4.86%	Annual		N/A			06/20/28	GBP	6,370		267,140			(15	)		267,155
28-Day MXIBTIIE, 11.25%	Monthly	9.13%	Monthly		N/A			08/15/28	MXN	104,580		38,901			51			38,850
1-Day SOFR, 5.34%	Annual	4.42%	Annual		N/A			10/02/28	USD	135,611		1,490,030			29,280			1,460,750
1-Day SOFR, 5.34%	Annual	4.40%	Annual		N/A			10/31/28	USD	6,490		73,975			57			73,918
1-Day SONIA, 5.19%	Annual	4.12%	Annual		N/A			11/17/28	GBP	3,004		25,941			135			25,806
1-Day SONIA, 5.19%	Annual	4.12%	Annual		N/A			11/21/28	GBP	3,004		26,869			136			26,733
1-Day SOFR, 5.34%	Annual	3.25%	Annual		12/15/26	^(a)		12/15/28	USD	21,108		(106,085	)		96			(106,181	)
6-mo. EURIBOR, 3.85%	Semi-Annual	3.00%	Annual		N/A			03/05/29	EUR	7,713		114,136			81			114,055
1-Day MIBOR, 7.90%	Semi-Annual	6.26%	Semi-Annual		N/A			03/20/29	INR	172,172		(7,472	)		23			(7,495	)
1-Day MIBOR, 7.90%	Semi-Annual	6.30%	Semi-Annual		N/A			03/20/29	INR	210,432		(5,103	)		28			(5,131	)
1-Day SOFR, 5.34%	Annual	3.79%	Annual		N/A			03/29/29	USD	17,015		(148,526	)		154			(148,680	)
1-Day SOFR, 5.34%	Annual	3.14%	Annual		05/12/28	^(a)		05/12/33	USD	6,701		(124,710	)		62			(124,772	)
1-Day SOFR, 5.34%	Annual	4.31%	Annual		N/A			09/29/33	USD	26,166		825,500			2,175			823,325
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/12/34	USD	4,817		49,169			75			49,094

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			01/17/34	USD	1,389	$	14,483		$	22	$	14,461
1-Day MIBOR, 7.90%	Semi-Annual	6.34%	Semi-Annual		N/A			03/20/34	INR	110,771		(6,278	)		23		(6,301	)
1-Day MIBOR, 7.90%	Semi-Annual	6.35%	Semi-Annual		N/A			03/20/34	INR	110,771		(5,313	)		23		(5,336	)
3.46%	Annual	1-Day SOFR, 5.34%	Annual		12/15/26	^(a)		12/15/36	USD	4,824		71,732			80		71,652
3.65%	Annual	1-Day SOFR, 5.34%	Annual		N/A			11/03/53	USD	2,577		(877	)		82		(959	)
1-Day SOFR, 5.34%	Annual	4.00%	Annual		N/A			11/03/53	USD	2,577		165,269			82		165,187


											$	3,152,825		$	48,021	$	3,104,804

^(a)

Forward Swap.

OTC Credit Default Swaps — Buy Protection



Reference Obligations/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Amount Notional (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Paramount Global Class B		1.00	%		Quarterly		Goldman Sachs International		12/20/28		USD	155	$	8,069	$	7,116	$	953
Paramount Global Class B		1.00			Quarterly		JPMorgan Chase Bank N.A.		12/20/28		USD	255		13,275		17,350		(4,075	)
Paramount Global Class B		1.00			Quarterly		JPMorgan Chase Bank N.A.		12/20/28		USD	255		13,276		17,824		(4,548	)

													$	34,620	$	42,290	$	(7,670	)

OTC Interest Rate Swaps


Paid by the Trust		Received by the Trust			Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day BZDIOVER, 0.04%	At Termination		12.81%	At Termination	Morgan Stanley & Co. International PLC		N/A		01/02/25		BRL	136,435	$	635,387		$	—	$	635,387
1-Day BZDIOVER, 0.04%	At Termination		13.18%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,068		43,873			—		43,873
1-Day BZDIOVER, 0.04%	At Termination		13.21%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,065		44,693			—		44,693
1-Day BZDIOVER, 0.04%	At Termination		13.25%	At Termination	Citibank N.A.		N/A		01/02/25		BRL	3,716		24,101			—		24,101
1-Day BZDIOVER, 0.04%	At Termination		10.06%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/04/27		BRL	14,158		(36,961	)		—		(36,961	)
1-Day BZDIOVER, 0.04%	At Termination		10.35%	At Termination	Barclays Bank PLC		N/A		01/04/27		BRL	29,050		(15,896	)		—		(15,896	)
1-Day BZDIOVER, 0.04%	At Termination		9.99%	At Termination	Citibank N.A.		N/A		01/04/27		BRL	14,191		(44,146	)		—		(44,146	)
1-Day BZDIOVER, 0.04%	At Termination		10.00%	At Termination	Bank of America N.A.		N/A		01/04/27		BRL	14,578		(43,894	)		—		(43,894	)
1-Day BZDIOVER, 0.04%	At Termination		10.03%	At Termination	Morgan Stanley & Co. International PLC		N/A		01/04/27		BRL	14,173		(40,311	)		—		(40,311	)


													$	566,846		$	—	$	566,846


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Counterparty

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

1-Day SOFR minus 0.30%, 5.34%

At Termination

iShares iBoxx $ High Yield Corporate Bond ETF

At Termination

BNP Paribas SA

N/A

06/17/24

USD

4,884

32,964

—

32,964

1-Day SOFR minus 0.30%, 5.34%

At Termination

iShares iBoxx $ High Yield Corporate Bond ETF

At Termination

JPMorgan
Chase Bank
N.A.

N/A

06/17/24

USD

5,491

37,059

—

37,059

70,023

—

70,023

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.

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	$	—	$	65,150,259	$	—	$	65,150,259
Common Stocks
Canada		10,085,820		—		—		10,085,820
China		—		14,811,201		—		14,811,201
Denmark		—		985,781		—		985,781
Finland		—		7,639,166		—		7,639,166
France		3,028,520		51,436,284		—		54,464,804
Germany		—		27,903,016		—		27,903,016
Hong Kong		—		3,122,475		—		3,122,475
Israel		5,931,711		—		—		5,931,711
Italy		2,532,057		17,281,007		—		19,813,064
Japan		—		54,286,471		—		54,286,471
Netherlands		—		31,058,622		—		31,058,622
Norway		648,720		—		—		648,720
South Korea		5,763,701		3,976,734		—		9,740,435
Spain		—		8,231,233		—		8,231,233
Sweden		—		3,394,348		—		3,394,348
Switzerland		—		13,164,074		—		13,164,074
Taiwan		15,626,159		—		—		15,626,159
United Kingdom		9,961,825		20,982,570		256,624		31,201,019

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
United States	$	784,971,118		$	35,350,410		$	2,962,159	$	823,283,687
Zambia		171,897			—			—		171,897
Corporate Bonds		—			146,896,709			44,391,835		191,288,544
Fixed Rate Loan Interests		—			—			4,077,499		4,077,499
Floating Rate Loan Interests		—			8,674,461			25,994,881		34,669,342
Foreign Agency Obligations		—			3,105,082			—		3,105,082
Investment Companies		12,383,302			—			—		12,383,302
Municipal Bonds		—			2,871,736			—		2,871,736
Non-Agency Mortgage-Backed Securities		—			35,181,047			—		35,181,047
Preferred Securities
Capital Trust		—			702,220			—		702,220
Preferred Stocks		—			—			25,737,220		25,737,220
U.S. Government Sponsored Agency Securities		—			121,149,608			—		121,149,608
U.S. Treasury Obligations		—			6,874,684			—		6,874,684
Warrants		—			—			1,513,673		1,513,673
Short-Term Securities
Money Market Funds		375,359,764			—			—		375,359,764
Options Purchased
Credit Contracts		—			27,721			—		27,721
Equity Contracts		5,027,420			—			—		5,027,420
Interest Rate Contracts		35,587			350,669			—		386,256
Unfunded Floating Rate Loan Interests^(a)		—			—			520		520


	$	1,231,527,601		$	684,607,588		$	104,934,411	$	2,021,069,600

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—		$	154,830		$	—	$	154,830
Equity Contracts		1,996,181			456,901			—		2,453,082
Foreign Currency Exchange Contracts		—			5,915,854			—		5,915,854
Interest Rate Contracts		427,296			4,649,288			—		5,076,584
Liabilities
Commodity Contracts		(87,162	)		—			—		(87,162	)
Credit Contracts		—			(134,718	)		—		(134,718	)
Equity Contracts		(2,182,670	)		—			—		(2,182,670	)
Foreign Currency Exchange Contracts		—			(400,343	)		—		(400,343	)
Interest Rate Contracts		(799,407	)		(1,744,331	)		—		(2,543,738	)


	$	(645,762	)	$	8,897,481		$	—	$	8,251,719

^(a)

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

^(b)

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			Preferred Stocks			Unfunded Floating Rate Loan Interest
Assets
Opening balance, as of December 31, 2023	$	500,050		$	3,472,508		$	34,946,485		$	4,062,028	$	24,747,984		$	16,583,496		$	(44,834	)
Transfers into Level 3		—			—			—			—		—			2,487,113			—
Transfers out of Level 3		(500,050	)		—			—			—		(2,787,809	)		—			—
Other^(a)		—			(3,128,485	)		—			—		—			3,128,485			—
Accrued discounts/premiums		—			—			60,483			2,298		13,436			—			—
Net realized gain (loss)		—			(41	)		(743,171	)		—		(3,725	)		—			—
Net change in unrealized appreciation (depreciation)^(b)		—			(40,978	)		(174,151	)		13,173		849			(1,426,390	)		45,354


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

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)



	Asset-Backed Securities		Common Stocks			Corporate Bonds			Fixed Rate Loan Interests		Floating Rate Loan Interests			Preferred Stocks			Unfunded Floating Rate Loan Interest
Purchases	$	—	$	2,915,779		$	17,389,341		$	—	$	4,942,671		$	4,964,516		$	—
Sales		—		—			(7,087,152	)		—		(918,525	)		—			—

Closing balance, as of March 31, 2024	$	—	$	3,218,783		$	44,391,835		$	4,077,499	$	25,994,881		$	25,737,220		$	520

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024^(b)	$	—	$	(40,978	)	$	29,797		$	13,173	$	849		$	(1,426,390	)	$	(1,943	)



	Warrants			Total
Assets
Opening balance, as of December 31, 2023	$	715,474		$	84,983,191
Transfers into Level 3		—			2,487,113
Transfers out of Level 3		—			(3,287,859	)
Other^(a)		—			—
Accrued discounts/premiums		—			76,217
Net realized gain (loss)		(20,397	)		(767,334	)
Net change in unrealized appreciation (depreciation)^(b)		818,596			(763,547	)
Purchases		—			30,212,307
Sales		—			(8,005,677	)


Closing balance, as of March 31, 2024	$	1,513,673		$	104,934,411


Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024^(b)	$	840,960		$	(584,532)

^(a)

Certain Level 3 investments were re-classified between Common Stock 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 March 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $4,872,209. 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

3,218,783

Market

Gross Profit Multiple

15.75x

—

Revenue Multiple

1.88x

—

Time to Exit

0.1 years

—

Volatility

88%

—

EBITDA

12.40x

—

Corporate Bonds

44,391,835

Income

Discount Rate

8%- 26%

Floating Rate Loan Interests

25,113,209

Income

Discount Rate

7%- 15%

Fixed Rate Loan Interests

4,077,499

Income

Credit Spread

—

Preferred Stocks

21,747,203

Market

Revenue Multiple

2.95x - 17.50x

10.91x

Time to Exit

0.5 - 3.0 years

2.2 years

Volatility

34% - 90%

Market Adjustment
Multiple

1.00x

—

EBITDA

7.25x

—

Direct Profit Multiple

4.50x

—

Warrants

1,513,673

Market

Revenue Multiple

6.28x -10.25x

7.89x

Volatility

38% - 88%

Time to Exit

0.1 - 3.0 years

3.0 years

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock ESG Capital Allocation Term Trust (ECAT)

Value

Valuation
Approach

Unobservable
Inputs

Range of
Unobservable
Inputs

Utilized

^(a)

Weighted
Average of
Unobservable
Inputs Based

on Fair Value

Income

Discount Rate

26%

—

100,062,202

^(a)

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


Currency Abbreviation

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

SEK		Swedish Krona

USD		United States Dollar

ZAR		South African Rand


Portfolio Abbreviation

ADR		American Depositary Receipt

BZDIOVER		Overnight Brazil Interbank Deposit (CETIP)

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FREMF		Freddie Mac Multifamily Securities

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MIBOR		Mumbai InterBank Overnight Rate

MSCI		Morgan Stanley Capital International

MXIBTIIE		Mexico Interbank TIIE 28-Day

PIK		Payment-in-Kind

RB		Revenue Bond

S&P		Standard & Poor’s


Portfolio Abbreviation (continued)

SCA		Societe en Commandite par Actions

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt


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

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