Consolidated Schedule of Investments (unaudited)
September 30, 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) — 1.2%
Apidos CLO XXXVI, Series 2021-36A, Class B, (3-
mo. CME Term SOFR + 1.86%), 7.14%, 07/20/34
USD
250
$ 251,006
Ares LVI CLO Ltd., Series 2020-56A, Class ER, (3-
mo. CME Term SOFR + 6.76%), 12.05%, 10/25/34
 
250
250,052
Battalion CLO IX Ltd., Series 2015-9A, Class DR,
(3-mo. CME Term SOFR + 3.51%), 8.81%,
07/15/31
 
250
248,846
Birch Grove CLO Ltd., Series 2021-3A, Class D1,
(3-mo. CME Term SOFR + 3.46%), 8.74%,
01/19/35
 
500
493,328
BlueMountain CLO Ltd., Series 2013-2A, Class A1R,
(3-mo. CME Term SOFR + 1.44%), 6.72%,
10/22/30
 
70
69,895
CarVal CLO VC Ltd.
 
Series 2021-2A, Class D, (3-mo. CME Term SOFR
+ 3.51%), 8.81%, 10/15/34
 
250
250,712
Series 2021-2A, Class E, (3-mo. CME Term SOFR
+ 7.01%), 12.31%, 10/15/34
 
250
249,494
Cedar Funding XIV CLO Ltd.
 
Series 2021-14A, Class B, (3-mo. CME Term
SOFR + 1.86%), 7.16%, 07/15/33
 
500
499,796
Series 2021-14A, Class E, (3-mo. CME Term
SOFR + 6.60%), 11.90%, 07/15/33
 
250
244,517
CIFC Funding Ltd., Series 2013-1A, Class CR, (3-mo.
CME Term SOFR + 3.81%), 9.10%, 07/16/30
 
500
510,361
Elmwood CLO I Ltd, Series 19-1A, Class 1RR, (3-mo.
CME Term SOFR + 1.52%), 6.80%, 04/20/37
 
250
250,625
Elmwood CLO II Ltd., Series 2019-2A, Class ER,
(3-mo. CME Term SOFR + 7.06%), 12.34%,
04/20/34
 
750
750,866
Elmwood CLO VII Ltd., Series 2020-4A, Class SUB,
0.00%, 01/17/34
 
1,000
634,800
Generate CLO Ltd., Series 6A, Class DR, (3-mo.
CME Term SOFR + 3.76%), 9.04%, 01/22/35
 
750
754,090
GoldenTree Loan Management U.S. CLO Ltd.,
Series 2021-11A, Class E, (3-mo. CME Term
SOFR + 5.61%), 10.89%, 10/20/34
 
1,500
1,502,961
Golub Capital Partners CLO Ltd.
 
Series 2021-53A, Class E, (3-mo. CME Term
SOFR + 6.96%), 12.24%, 07/20/34
 
250
250,808
Series 2021-55A, Class E, (3-mo. CME Term
SOFR + 6.82%), 12.10%, 07/20/34
 
250
250,711
Madison Park Funding XLIX Ltd., Series 2021-49A,
Class E, (3-mo. CME Term SOFR + 6.51%),
11.79%, 10/19/34
 
500
500,205
Madison Park Funding XXIX Ltd., Series 2018-29A,
Class E, (3-mo. CME Term SOFR + 5.96%),
11.24%, 10/18/30
 
250
250,709
Madison Park Funding XXXVIII Ltd., Series 2021-
38A, Class B, (3-mo. CME Term SOFR + 1.91%),
7.20%, 07/17/34
 
500
501,630
Marble Point CLO XXIII Ltd., Series 2021-4A,
Class D1, (3-mo. CME Term SOFR + 3.91%),
9.19%, 01/22/35
 
250
251,740
Myers Park CLO Ltd., Series 2018-1A, Class E, (3-
mo. CME Term SOFR + 5.76%), 11.04%, 10/20/30
 
250
249,621
Security
 
Par
(000)
Value
Cayman Islands (continued)
Neuberger Berman CLO XIV Ltd., Series 2012-14A,
Class AR2, (3-mo. CME Term SOFR + 1.29%),
6.56%, 01/28/30
USD
107
$ 107,163
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021-46A, Class B, (3-mo. CME Term
SOFR + 1.91%), 7.19%, 01/20/36
 
250
250,933
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo.
CME Term SOFR + 3.31%), 8.61%, 07/15/34
 
1,500
1,500,977
OHA Loan Funding Ltd., Series 2013-2A, Class AR,
(3-mo. CME Term SOFR + 1.30%), 6.40%,
05/23/31
 
413
413,725
Palmer Square CLO Ltd.
 
Series 2013-2A, Class A2R3, (3-mo. CME Term
SOFR + 1.76%), 7.05%, 10/17/31
 
250
250,606
Series 2020-3ARR, Class A2R2, (3-mo. CME Term
SOFR + 2.30%), 7.42%, 11/15/36
 
500
502,203
Palmer Square Loan Funding Ltd., Series 2021-4A,
Class E, (3-mo. CME Term SOFR + 7.77%),
13.07%, 10/15/29
 
500
501,883
Park Avenue Institutional Advisers CLO Ltd.,
Series 2021-2A, Class D, (3-mo. CME Term SOFR
+ 3.66%), 8.96%, 07/15/34
 
1,650
1,654,495
Rad CLO Ltd., Series 2021-15A, Class E, (3-mo.
CME Term SOFR + 6.46%), 11.74%, 01/20/34
 
250
248,268
Regatta XVII Funding Ltd., Series 2020-1A, Class E,
(3-mo. CME Term SOFR + 7.87%), 13.17%,
10/15/33
 
250
250,284
Regatta XXIV Funding Ltd.
 
Series 2021-5A, Class D, (3-mo. CME Term SOFR
+ 3.36%), 8.64%, 01/20/35
 
250
250,299
Series 2021-5A, Class E, (3-mo. CME Term SOFR
+ 7.06%), 12.34%, 01/20/35
 
250
250,478
RR Ltd., Series 2024-28R, Class A1R, (3-mo. CME
Term SOFR + 1.55%), 6.85%, 04/15/37
 
500
501,311
RRX Ltd., Series 2022-7A, Class D, (3-mo. CME
Term SOFR + 6.85%), 12.15%, 07/15/35
 
250
250,856
Sixth Street CLO XVII Ltd., Series 2021-17A, Class E,
(3-mo. CME Term SOFR + 6.46%), 11.74%,
01/20/34
 
750
747,862
Stratus CLO Ltd., Series 2021-1A, Class SUB, 0.00%,
12/29/29
 
1,250
2,663
Symphony CLO XXIII Ltd., Series 2020-23A,
Class ER, (3-mo. CME Term SOFR + 6.41%),
11.71%, 01/15/34
 
500
501,637
TICP CLO XIV Ltd., Series 2019-14A, Class DR, (3-
mo. CME Term SOFR + 6.96%), 12.24%, 10/20/32
 
500
505,934
Trestles CLO V Ltd., Series 2021-5A, Class E, (3-mo.
CME Term SOFR + 6.61%), 11.89%, 10/20/34
 
1,000
1,001,327
Trimaran CAVU Ltd.
 
Series 2019-1A, Class E, (3-mo. CME Term SOFR
+ 7.30%), 12.58%, 07/20/32
 
500
496,546
Series 2021-2A, Class D1, (3-mo. CME Term
SOFR + 3.51%), 8.80%, 10/25/34
 
550
551,305
Voya CLO Ltd., Series 2019-3A, Class BR, (3-mo.
CME Term SOFR + 1.91%), 7.20%, 10/17/32
 
250
250,486
Consolidated Schedule of Investments
1
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Cayman Islands (continued)
Whitebox CLO II Ltd., Series 2020-2A, Class ER,
(3-mo. CME Term SOFR + 7.36%), 12.64%,
10/24/34
USD
250
$ 250,086
Whitebox CLO III Ltd.
 
Series 2021-3A, Class D, (3-mo. CME Term SOFR
+ 3.61%), 8.91%, 10/15/34
 
1,000
987,731
Series 2021-3A, Class E, (3-mo. CME Term SOFR
+ 7.11%), 12.41%, 10/15/34
 
1,250
1,247,987
 
 
22,693,818
Ireland(a)(c) — 0.2%
AB Carval Euro CLO II-C DAC, Series 2X, Class D,
(3-mo. EURIBOR + 3.75%), 7.28%, 02/15/37
EUR
270
299,931
Arbour CLO VI DAC, Series 6X, Class DR,
11/15/37(d)
 
300
332,275
Capital Four CLO VIII DAC, Series 8X, Class D,
10/25/37(d)
 
350
389,602
Harvest CLO XXXII DAC, Series 2032X, Class D,
(3-mo. EURIBOR + 3.60%), 7.30%, 07/25/37
 
230
256,380
Jubilee CLO, Series 2024-29X, Class D, 01/15/39(d)
 
370
411,865
Palmer Square European Loan Funding DAC,
Series 2024-2X, Class D, (3-mo. EURIBOR +
3.15%), 3.46%, 05/15/34
 
270
300,525
Penta CLO DAC, Series 2024-17X, Class D, (3-mo.
EURIBOR + 3.25%), 6.81%, 08/15/38
 
253
282,131
Providus CLO II DAC, Series 2X, Class DRR,
10/15/38(d)
 
238
264,930
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo.
EURIBOR + 3.25%), 6.41%, 04/20/37
 
470
521,566
Tikehau CLO XII DAC, Series 2012X, Class D, (3-mo.
EURIBOR + 3.25%), 6.62%, 10/20/38
 
380
423,519
 
 
3,482,724
United Kingdom — 0.0%
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(c)
GBP
20
27,510
United States(b) — 2.0%
FirstKey Homes Trust, Series 2022-SFR1, Class E1,
5.00%, 05/19/39
USD
3,000
2,937,087
Home Partners of America Trust
 
Series 2021-2, Class F, 3.80%, 12/17/26
 
2,402
2,247,952
Series 2021-3, Class F, 4.24%, 01/17/41
 
3,642
3,243,532
Mariner Finance Issuance Trust, Series 2021-BA,
Class E, 4.68%, 11/20/36
 
470
422,192
Mill City Solar Loan Ltd.
 
Series 2019-1A, Class C, 5.92%, 03/20/43
 
1,133
944,463
Series 2019-1A, Class D, 7.14%, 03/20/43
 
1,798
1,259,309
Mosaic Solar Loan Trust, Series 2018-2GS, Class C,
5.97%, 02/22/44
 
315
268,676
New Residential Mortgage Loan Trust, Series 2022-
SFR1, Class F, 4.44%, 02/17/39
 
3,000
2,729,654
Progress Residential Trust
 
Series 2021-SFR10, Class F, 4.61%, 12/17/40
 
2,840
2,664,530
Series 2021-SFR11, Class G, 4.69%, 01/17/39
 
3,000
2,731,783
Series 2021-SFR9, Class F, 4.05%, 11/17/40
 
2,400
2,201,735
Series 2022-SFR1, Class F, 4.88%, 02/17/41
 
2,000
1,847,398
Series 2022-SFR1, Class G, 5.52%, 02/17/41
 
2,000
1,803,660
Series 2022-SFR3, Class E1, 5.20%, 04/17/39
 
2,700
2,650,759
Republic Finance Issuance Trust
 
Series 2020-A, Class D, 7.00%, 11/20/30
 
600
600,536
Series 2021-A, Class D, 5.23%, 12/22/31
 
800
769,897
Security
 
Par
(000)
Value
United States (continued)
RMF Buyout Issuance Trust, Series 2021-HB1,
Class M4, 4.70%, 11/25/31(a)
USD
3,500
$ 3,261,744
Tricon Residential Trust
 
Series 2021-SFR1, Class F, 3.69%, 07/17/38
 
1,375
1,296,190
Series 2021-SFR1, Class G, 4.13%, 07/17/38
 
887
829,790
Series 2022-SFR1, Class E2, 5.74%, 04/17/39
 
1,200
1,195,858
 
 
35,906,745
Total Asset-Backed Securities — 3.4%
(Cost: $66,398,225)
62,110,797
 
 
 
 
Shares
 
Common Stocks
Canada — 0.7%
Cameco Corp.
 
238,818
11,405,948
Enbridge, Inc.
 
22,000
893,696
Lionsgate Studios Corp.(e)
 
44,651
319,255
 
 
12,618,899
China — 1.1%
BYD Co. Ltd., Class H(f)
 
431,500
15,395,028
Contemporary Amperex Technology Co. Ltd., Class A
 
128,000
4,504,436
 
 
19,899,464
Denmark — 0.2%
Novo Nordisk A/S, Class B
 
28,883
3,425,857
Finland — 0.3%
Neste OYJ
 
281,730
5,473,466
France — 2.7%
Accor SA
 
81,858
3,558,357
Cie de Saint-Gobain SA
 
228,168
20,809,480
EssilorLuxottica SA
 
4,888
1,158,085
Hermes International SCA
 
1,133
2,789,846
LVMH Moet Hennessy Louis Vuitton SE
 
21,923
16,812,211
TotalEnergies SE
 
24,776
1,608,836
TotalEnergies SE, ADR
 
44,000
2,843,280
 
 
49,580,095
Germany — 0.7%
adidas AG, Class N
 
29,908
7,925,213
Mercedes-Benz Group AG, Class N
 
86,303
5,592,360
 
 
13,517,573
Hong Kong — 0.2%
AIA Group Ltd.
 
377,800
3,299,274
Italy — 1.4%
Ariston Holding NV
 
450,912
2,201,097
Intesa Sanpaolo SpA
 
3,391,588
14,518,350
UniCredit SpA
 
197,961
8,690,803
 
 
25,410,250
Japan — 1.4%
Hoya Corp.
 
90,000
12,465,318
Keyence Corp.
 
18,700
8,962,199
Mitsubishi UFJ Financial Group, Inc.
 
203,000
2,084,524
Toyota Motor Corp.
 
119,400
2,146,097
 
 
25,658,138
2
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Netherlands — 1.4%
ASML Holding NV
 
27,378
$ 22,774,659
ING Groep NV
 
166,696
3,024,365
 
 
25,799,024
Norway — 0.0%
Equinor ASA, ADR
 
24,000
607,920
South Korea — 0.4%
Samsung SDI Co. Ltd.
 
11,213
3,237,589
SK Hynix, Inc.
 
35,168
4,706,771
 
 
7,944,360
Spain — 0.5%
Cellnex Telecom SA(b)
 
249,921
10,132,484
Sweden — 0.2%
Volta Trucks, Series C, (Acquired 02/22/22, Cost:
$293,944)(e)(g)(h)
 
2,492
—
Volvo AB, Class B
 
125,246
3,313,030
 
 
3,313,030
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 
117,020
20,322,863
United Kingdom — 1.6%
AstraZeneca PLC
 
4,000
623,146
AstraZeneca PLC, ADR
 
22,579
1,759,130
Compass Group PLC
 
177,982
5,706,047
National Grid PLC
 
536,236
7,412,389
RELX PLC
 
293,249
13,846,137
Teya Services Ltd., (Acquired 11/16/21, Cost:
$1,099,370)(e)(g)(h)
 
566
160,065
 
 
29,506,914
United States — 45.2%
Adobe, Inc.(e)
 
34,615
17,922,955
Alphabet, Inc., Class C
 
159,797
26,716,460
Amazon.com, Inc.(e)
 
91,053
16,965,905
American Tower Corp.(i)
 
85,423
19,865,973
Apple, Inc.
 
73,936
17,227,088
Applied Materials, Inc.
 
87,891
17,758,377
Autodesk, Inc.(e)
 
25,680
7,074,326
Bank of America Corp.
 
287,475
11,407,008
Boston Scientific Corp.(e)
 
339,449
28,445,826
Broadcom, Inc.
 
56,999
9,832,328
Bunge Global SA
 
47,047
4,546,622
Cadence Design Systems, Inc.(e)
 
27,770
7,526,503
CF Industries Holdings, Inc.
 
77,002
6,606,772
Charles Schwab Corp.
 
95,687
6,201,474
Chipotle Mexican Grill, Inc.(e)
 
63,505
3,659,158
Confluent, Inc., Class A(e)
 
342,172
6,973,465
Constellium SE, Class A(e)
 
124,657
2,026,923
Costco Wholesale Corp.
 
15,221
13,493,721
CRH PLC
 
177,253
16,438,443
D.R. Horton, Inc.
 
13,002
2,480,392
Danaher Corp.
 
34,785
9,670,926
Delta Air Lines, Inc.
 
135,598
6,887,022
Eaton Corp. PLC
 
9,194
3,047,259
Edwards Lifesciences Corp.(e)
 
54,647
3,606,156
Eli Lilly & Co.
 
22,200
19,667,868
Flyr AS, Series D(e)(g)
 
392,187
2,796,293
Freeport-McMoRan, Inc.
 
42,448
2,119,004
Freewire Equity(e)(g)
 
63
—
Goldman Sachs Group, Inc.
 
22,154
10,968,667
Security
 
 
Shares
Value
United States (continued)
HNG Hospitality Offshore LP, (Acquired 02/16/24,
Cost: $2,660,000)(e)(g)(h)
 
2,660,000
$ 2,660,000
Home Depot, Inc.
 
8,393
3,400,844
Ingersoll Rand, Inc.(f)
 
54,571
5,356,689
Intuit, Inc.
 
9,539
5,923,719
Intuitive Surgical, Inc.(e)
 
46,567
22,876,970
Invesco S&P 500 Equal Weight ETF
 
7,312
1,310,018
Johnson Controls International PLC
 
81,791
6,347,800
JPMorgan Chase & Co.
 
57,808
12,189,395
Lam Research Corp.
 
857
699,381
Landsea Homes Corp.(e)
 
43,028
531,396
Linde PLC
 
16,438
7,838,625
Lineage, Inc.
 
13,151
1,030,775
Lions Gate Entertainment Corp., Class A(e)
 
19,569
153,225
Lions Gate Entertainment Corp., Class B(e)
 
2,821
19,521
Live Nation Entertainment, Inc.(e)(f)
 
28,571
3,128,239
LKQ Corp.
 
232,251
9,271,460
Lumen Technologies, Inc.(e)
 
75,206
533,963
Marsh & McLennan Cos., Inc.
 
151,806
33,866,401
Mastercard, Inc., Class A
 
76,415
37,733,727
Merck & Co., Inc.
 
184,141
20,911,052
Meta Platforms, Inc., Class A
 
24,269
13,892,546
Micron Technology, Inc.
 
59,690
6,190,450
Microsoft Corp.(i)
 
143,667
61,819,910
NextEra Energy, Inc.
 
240,160
20,300,725
NRG Energy, Inc.
 
9,708
884,399
NVIDIA Corp.
 
384,506
46,694,409
Oracle Corp.
 
94,040
16,024,416
Palo Alto Networks, Inc.(e)(f)
 
22,970
7,851,146
Progressive Corp.
 
80,842
20,514,466
RXO, Inc.(e)
 
5,166
144,648
Salesforce, Inc.
 
33,743
9,235,797
Sanofi SA
 
48,479
5,581,831
Schneider Electric SE
 
60,975
16,073,477
Screaming Eagle Acquisition Crop., Pipe, (Acquired
05/14/24, Cost: $1,168,975)(e)(h)
 
115,000
822,250
ServiceNow, Inc.(e)
 
14,367
12,849,701
SPDR S&P Homebuilders ETF
 
4,200
523,152
Stryker Corp.
 
24,857
8,979,840
Tesla, Inc.(e)
 
9,878
2,584,381
Thermo Fisher Scientific, Inc.
 
36,241
22,417,595
TJX Cos., Inc.
 
42,472
4,992,159
Toll Brothers, Inc.
 
21,413
3,308,094
Trane Technologies PLC
 
40,607
15,785,159
Union Pacific Corp.
 
15,484
3,816,496
UnitedHealth Group, Inc.
 
46,252
27,042,619
Visa, Inc., Class A
 
22,796
6,267,760
Walmart, Inc.
 
206,929
16,709,517
Walt Disney Co.
 
78,934
7,592,661
 
 
836,615,718
Zambia — 0.0%
First Quantum Minerals Ltd.
 
7,235
98,646
Total Common Stocks — 59.1%
(Cost: $844,425,379)
1,093,223,975
 
Consolidated Schedule of Investments
3
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Corporate Bonds
Australia(g) — 0.3%
Oceana Australian Fixed Income Trust, A Note Upsize
 
12.00%, 07/31/25
AUD
1,682
$ 1,170,875
12.50%, 07/31/26
 
2,524
1,759,102
12.50%, 07/31/27
 
4,206
2,955,216
 
 
5,885,193
Belgium — 0.0%
Anheuser-Busch InBev SA/NV, 4.00%, 09/24/25(c)
GBP
100
132,675
Azelis Finance NV, 4.75%, 09/25/29(c)
EUR
119
134,723
Telenet Finance Luxembourg Notes SARL, 5.50%,
03/01/28(b)
USD
200
195,500
 
 
462,898
Canada — 0.0%
Mattamy Group Corp., 5.25%, 12/15/27(b)
 
703
698,863
France(c) — 0.2%
Afflelou SAS, 6.00%, 07/25/29
EUR
299
342,101
Atos SE(e)(j)
 
0.00%, 11/06/24
 
100
7,235
1.75%, 05/07/25
 
100
9,302
2.50%, 11/07/28
 
100
8,041
1.00%, 11/12/29
 
200
17,142
Bertrand Franchise Finance SAS, (3-mo. EURIBOR +
3.75%), 7.49%, 07/18/30(a)
 
337
377,804
BNP Paribas SA
 
3.38%, 01/23/26
GBP
100
131,079
1.88%, 12/14/27
 
100
121,904
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%),
6.95%, 07/01/29(a)
EUR
168
187,944
Paprec Holding SA, 7.25%, 11/17/29
 
473
559,322
Picard Groupe SAS, 6.38%, 07/01/29
 
177
202,830
RCI Banque SA, (5-year EURIBOR ICE Swap +
2.75%), 5.50%, 10/09/34(a)
 
500
568,485
Societe Generale SA, 1.88%, 10/03/24
GBP
100
133,682
TotalEnergies Capital International SA, 1.66%,
07/22/26
 
100
127,425
Worldline SA/France, 0.00%, 07/30/26(k)
EUR
121
122,636
 
 
2,916,932
Germany — 0.4%
Adler Pelzer Holding GmbH, 9.50%, 04/01/27(b)
 
839
882,846
ADLER Real Estate AG, 3.00%, 04/27/26(c)
 
200
212,002
APCOA Group GmbH, 04/15/31(a)(c)(d)
 
246
273,791
Aroundtown Finance SARL, (5-year EURIBOR ICE
Swap + 4.51%), 7.13%(a)(l)
 
274
283,653
Commerzbank AG(a)(c)(l)
 
(5-year EUR Swap + 4.39%), 4.25%
 
200
207,224
(5-year EURIBOR ICE Swap + 5.13%), 7.88%
 
200
237,844
Deutsche Bank AG(a)(c)(l)
 
(5-year EURIBOR ICE Swap + 4.55%), 4.50%
 
200
204,680
(5-year USD ICE Swap + 4.36%), 4.79%
USD
400
387,800
Dynamo Newco II GmbH, 6.25%, 10/15/31(c)
EUR
121
135,533
Lanxess AG, (12.66% PIK), 12.66%, 04/01/31(g)(m)
 
2,979
3,030,131
PCF GmbH(c)
 
4.75%, 04/15/29
 
101
96,801
(3-mo. EURIBOR + 4.75%), 8.44%, 04/15/29(a)
 
131
126,542
Security
 
Par
(000)
Value
Germany (continued)
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%),
7.46%, 07/01/29(a)(c)
EUR
138
$ 155,535
Tele Columbus AG, (10.00% PIK), 10.00%,
01/01/29(c)(m)
 
394
345,367
 
 
6,579,749
Greece — 0.0%
National Bank of Greece SA, (5-year EURIBOR ICE
Swap + 3.15%), 5.88%, 06/28/35(a)(c)
 
246
285,180
Ireland — 0.0%
AIB Group PLC, (5-year EUR Swap + 6.63%),
6.25%(a)(c)(l)
 
218
245,015
Bank of Ireland Group PLC, (5-year EUR Swap +
6.43%), 6.00%(a)(c)(l)
 
293
328,664
Perrigo Finance Unlimited Co., 5.38%, 09/30/32
 
107
121,191
 
 
694,870
Italy(c) — 0.3%
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%),
5.00%(a)(l)
 
200
227,071
Bubbles Bidco SpA(d)
 
09/30/31
 
241
268,435
09/30/31(a)
 
235
260,936
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%),
7.80%, 07/15/31(a)
 
305
342,736
Engineering - Ingegneria Informatica - SpA, 11.13%,
05/15/28
 
456
515,210
Fiber Bidco SpA, 6.13%, 06/15/31
 
222
245,884
Fiber Midco SpA, (10.00% PIK), 10.00%, 06/15/29(m)
 
197
225,360
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27
 
363
403,103
IMA Industria Macchine Automatiche SpA, (3-mo.
EURIBOR + 3.75%), 7.44%, 04/15/29(a)
 
189
212,773
Intesa Sanpaolo SpA
 
8.51%, 09/20/32
GBP
200
298,913
(5-year EUR Swap + 5.85%), 5.50%(a)(l)
EUR
250
276,896
Nexi SpA, 0.00%, 02/24/28(k)
 
200
193,694
Pachelbel Bidco SpA
 
7.13%, 05/17/31
 
137
162,483
(3-mo. EURIBOR + 4.25%), 8.07%, 05/17/31(a)
 
125
140,048
Rossini SARL
 
6.75%, 12/31/29
 
149
174,401
(3-mo. EURIBOR + 3.88%), 7.22%, 12/31/29(a)
 
212
238,000
TeamSystem SpA, (3-mo. EURIBOR + 3.50%),
7.13%, 07/31/31(a)
 
222
248,191
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34
 
100
113,624
 
 
4,547,758
Japan — 0.2%
Mizuho Financial Group, Inc., (1-year CMT + 1.25%),
3.26%, 05/22/30(a)
USD
2,040
1,938,624
SoftBank Group Corp.(c)
 
5.38%, 01/08/29
EUR
539
610,487
3.38%, 07/06/29
 
100
104,347
5.75%, 07/08/32
 
537
606,782
 
 
3,260,240
Jersey — 0.0%
Aston Martin Capital Holdings Ltd., 10.38%,
03/31/29(c)
GBP
396
527,023
Luxembourg — 0.1%
Cidron Aida Finco SARL, 6.25%, 04/01/28(c)
 
416
527,946
4
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Luxembourg (continued)
Herens Holdco SARL, 4.75%, 05/15/28(b)
USD
200
$ 174,555
Kleopatra Finco SARL, 4.25%, 03/01/26(c)
EUR
207
216,124
Lune Holdings SARL, 5.63%, 11/15/28(c)
 
100
97,580
Opus-Chartered Issuances SA, 2.50%, 07/04/25(a)(g)
 
110
122,936
 
 
1,139,141
Netherlands — 0.2%
Cooperatieve Rabobank UA, (1-year UK Government
Bond + 1.05%), 1.88%, 07/12/28(a)(c)
GBP
100
124,174
ING Groep NV, 3.00%, 02/18/26(c)
 
100
130,445
Nobian Finance BV, 3.63%, 07/15/26(c)
EUR
100
110,207
Q-Park Holding I BV, 5.13%, 02/15/30(c)
 
463
525,696
Sigma Holdco BV, 5.75%, 05/15/26(c)
 
214
235,279
Sunrise FinCo I BV, 4.88%, 07/15/31(b)
USD
380
359,548
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)
 
2,654
2,643,661
 
 
4,129,010
Portugal — 0.0%
EDP SA, (5-year EURIBOR ICE Swap + 2.40%),
4.63%, 09/16/54(a)(c)
EUR
200
223,190
Spain(c) — 0.1%
Banco Bilbao Vizcaya Argentaria SA(a)(l)
 
(5-year EUR Swap + 4.27%), 6.88%
 
200
228,474
(5-year EURIBOR ICE Swap + 5.54%), 8.38%
 
200
242,789
Banco de Credito Social Cooperativo SA, (1-year
EURIBOR ICE Swap + 1.70%), 4.13%, 09/03/30(a)
 
100
112,772
Banco Santander SA, (1-year UK Government Bond
+ 1.80%), 3.13%, 10/06/26(a)
GBP
300
393,178
Bankinter SA, (5-year EURIBOR ICE Swap + 4.71%),
7.38%(a)(l)
EUR
200
233,517
Kaixo Bondco Telecom SA, 5.13%, 09/30/29
 
190
211,234
Telefonica Emisiones SA, 5.38%, 02/02/26
GBP
133
178,788
 
 
1,600,752
Sweden(c) — 0.0%
Intrum AB, 3.00%, 09/15/27
EUR
370
310,958
Swedbank AB, (1-year UK Government Bond +
1.00%), 1.38%, 12/08/27(a)
GBP
100
124,581
 
 
435,539
United Kingdom — 0.2%
Amber Finco PLC, 6.63%, 07/15/29(c)
EUR
315
366,859
Barclays PLC, 3.00%, 05/08/26(c)
GBP
100
129,827
CPUK Finance Ltd., 7.88%, 08/28/29(c)
 
111
151,982
Deuce Finco PLC, 5.50%, 06/15/27(b)
 
337
442,161
Global Switch Finance BV, 1.38%, 10/07/30(c)
EUR
325
331,968
HSBC Holdings PLC, (3-mo. LIBOR GBP + 1.31%),
1.75%, 07/24/27(a)
GBP
100
126,368
Informa PLC, 3.13%, 07/05/26(c)
 
100
129,389
Lloyds Banking Group PLC, 2.25%, 10/16/24(c)
 
100
133,520
Mobico Group PLC, (5-year UK Government Bond +
4.14%), 4.25%(a)(c)(l)
 
165
200,280
Motion Finco SARL, 7.38%, 06/15/30(c)
EUR
204
229,773
Nationwide Building Society, (5-year UK Government
Bond + 5.63%), 5.75%(a)(c)(l)
GBP
200
258,227
NatWest Group PLC, (1-year GBP Swap + 1.49%),
2.88%, 09/19/26(a)(c)
 
100
130,777
Santander U.K. Group Holdings PLC, 3.63%,
01/14/26(c)
 
100
131,755
Stonegate Pub Co. Financing PLC(c)
 
10.75%, 07/31/29
 
173
239,098
Security
 
Par
(000)
Value
United Kingdom (continued)
Stonegate Pub Co. Financing PLC(c) (continued)
 
(3-mo. EURIBOR + 6.63%), 10.17%, 07/31/29(a)
EUR
125
$ 141,961
Vodafone Group PLC, (5-year CMT + 2.77%), 4.13%,
06/04/81(a)
USD
60
54,388
Zegona Finance PLC, 6.75%, 07/15/29(c)
EUR
329
382,249
 
 
3,580,582
United States — 8.7%
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(b)
USD
2,176
2,072,184
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC, 4.63%, 01/15/27(b)
 
431
419,303
Allegiant Travel Co., 7.25%, 08/15/27(b)
 
635
629,598
American Express Co., (1-day SOFR + 1.00%),
4.99%, 05/01/26(a)
 
1,870
1,871,934
Amgen, Inc.
 
3.13%, 05/01/25
 
950
941,384
5.50%, 12/07/26(c)
GBP
100
136,168
3.00%, 01/15/52
USD
2,590
1,829,982
2.77%, 09/01/53
 
2,025
1,315,838
Aon North America, Inc., 5.30%, 03/01/31
 
3,795
3,959,200
Ashton Woods USA LLC/Ashton Woods Finance Co.,
4.63%, 08/01/29(b)
 
1,996
1,916,041
AT&T, Inc.
 
2.90%, 12/04/26
GBP
100
128,893
5.50%, 03/15/27(c)
 
50
67,886
Bank of America Corp.(a)
 
(1-day SOFR + 1.01%), 1.20%, 10/24/26
USD
1,000
965,035
(1-day SOFR + 1.37%), 1.92%, 10/24/31
 
119
102,535
BG Energy Capital PLC, 5.13%, 12/01/25(c)
GBP
133
178,071
Calpine Corp., 4.50%, 02/15/28(b)
USD
860
839,695
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%, 06/01/29(b)
 
1,245
1,199,798
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.91%,
07/23/25
 
433
432,292
Citigroup, Inc.
 
1.75%, 10/23/26
GBP
100
126,297
(3-mo. CME Term SOFR + 1.65%), 3.67%,
07/24/28(a)
USD
1,000
982,187
Cloud Software Group, Inc.(b)
 
6.50%, 03/31/29
 
2,073
2,062,565
9.00%, 09/30/29
 
45
45,793
Commercial Metals Co., 4.38%, 03/15/32
 
1,987
1,888,694
Constellium SE, 5.38%, 08/15/32(c)
EUR
240
274,903
CSC Holdings LLC(b)
 
5.38%, 02/01/28
USD
1,294
1,090,023
7.50%, 04/01/28
 
1,264
844,926
Dana, Inc.
 
5.63%, 06/15/28
 
1,309
1,283,436
4.25%, 09/01/30
 
287
257,693
Dell International LLC/EMC Corp., 5.30%, 10/01/29
 
1,500
1,562,358
Duke Energy Florida LLC, 2.40%, 12/15/31
 
1,500
1,314,069
Flyr Secured Notes, (10.34% PIK), 10.34%,
05/10/27(g)(m)
 
1,076
1,038,290
Ford Motor Co.
 
3.25%, 02/12/32
 
1,888
1,607,868
6.10%, 08/19/32
 
2,250
2,306,184
Ford Motor Credit Co. LLC, 4.54%, 08/01/26
 
1,915
1,898,713
Freed Corp., 12.00%, 11/30/28(g)
 
4,382
4,453,728
Consolidated Schedule of Investments
5
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
United States (continued)
FreeWire Technologies, Inc., (6.00% PIK), 6.00%,
02/20/28(g)(m)
USD
3,878
$ —
Frontier Communications Holdings LLC(b)
 
6.75%, 05/01/29
 
525
528,701
8.75%, 05/15/30
 
1,250
1,332,080
8.63%, 03/15/31
 
350
377,332
Frontier Florida LLC, Series E, 6.86%, 02/01/28
 
500
518,148
Gen Digital, Inc., 6.75%, 09/30/27(b)
 
1,394
1,432,299
General Motors Financial Co., Inc., 5.55%, 07/15/29
 
2,575
2,655,351
Gilead Sciences, Inc., 3.65%, 03/01/26
 
2,860
2,836,908
Goldman Sachs Group, Inc.
 
7.25%, 04/10/28
GBP
50
72,158
(1-day SOFR + 0.80%), 1.43%, 03/09/27(a)
USD
2,500
2,391,288
Goodyear Europe BV, 2.75%, 08/15/28(c)
EUR
163
164,214
GoTo Group, Inc., 5.50%, 05/01/28(b)
USD
327
100,037
HCA, Inc., 5.88%, 02/01/29
 
2,605
2,730,129
Healthpeak OP LLC, 5.25%, 12/15/32
 
3,000
3,090,372
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Esc(b)
 
5.00%, 06/01/29
 
865
821,797
4.88%, 07/01/31
 
1,335
1,211,713
JPMorgan Chase & Co.(a)
 
(1-day SOFR + 1.32%), 4.08%, 04/26/26
 
3,765
3,746,253
(1-day SOFR + 1.62%), 5.34%, 01/23/35
 
547
571,751
(3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26(c)
GBP
100
130,502
KB Home, 4.80%, 11/15/29
USD
2,081
2,053,284
Kronos International, Inc., 9.50%, 03/15/29(c)
EUR
100
121,053
Landsea Homes Corp., 11.00%, 07/17/28(g)
USD
9,092
9,933,010
Lessen, Inc., 13.09%, 01/05/28(g)
 
1,918
1,791,509
Lions Gate Capital Holdings 1, Inc., 5.50%,
04/15/29(b)
 
1,171
1,051,225
Lowe’s Cos., Inc., 3.00%, 10/15/50
 
1,740
1,182,841
Marriott Ownership Resorts, Inc.
 
4.75%, 01/15/28
 
1,294
1,243,390
4.50%, 06/15/29(b)
 
888
835,322
Mauser Packaging Solutions Holding Co., 7.88%,
04/15/27(b)
 
537
554,816
Medline Borrower LP, 3.88%, 04/01/29(b)
 
1,641
1,553,641
Morgan Stanley(a)
 
(1-day SOFR + 1.03%), 1.79%, 02/13/32
 
119
100,730
(1-day SOFR + 1.14%), 2.70%, 01/22/31
 
2,500
2,289,729
(1-day SOFR + 1.99%), 2.19%, 04/28/26
 
1,920
1,889,933
Nationstar Mortgage Holdings, Inc.(b)
 
6.00%, 01/15/27
 
168
168,019
5.50%, 08/15/28
 
1,440
1,425,496
5.13%, 12/15/30
 
721
691,655
5.75%, 11/15/31
 
340
333,054
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
295
324,756
Northern States Power Co., 2.90%, 03/01/50
 
1,225
856,620
NRG Energy, Inc., 3.38%, 02/15/29(b)
 
1,391
1,296,670
Olympus Water U.S. Holding Corp.(b)
 
7.13%, 10/01/27
 
505
515,397
9.75%, 11/15/28
 
1,591
1,698,009
Oncor Electric Delivery Co. LLC, 0.55%, 10/01/25
 
1,000
963,581
Oracle Corp.
 
2.95%, 05/15/25
 
1,900
1,879,108
3.60%, 04/01/50
 
2,135
1,625,381
Paramount Global, 7.88%, 07/30/30
 
545
595,244
Security
 
Par
(000)
Value
United States (continued)
Pitney Bowes, Inc., 6.88%, 03/15/27(b)
USD
1,460
$ 1,451,099
PNC Financial Services Group, Inc., (1-day SOFR
Index + 1.09%), 4.76%, 01/26/27(a)
 
2,427
2,435,794
Prologis LP, 2.25%, 01/15/32
 
119
102,324
Public Service Electric and Gas Co., 4.65%, 03/15/33
 
2,650
2,687,534
Rand Parent LLC, 8.50%, 02/15/30(b)
 
225
229,465
Republic Services, Inc., 1.45%, 02/15/31
 
4,000
3,352,560
Reworld Holding Corp., 4.88%, 12/01/29(b)
 
2,623
2,469,135
RingCentral, Inc., 8.50%, 08/15/30(b)
 
1,115
1,192,879
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer,
Inc., 2.88%, 10/15/26(b)
 
2,062
1,979,679
Ryder System, Inc., 3.35%, 09/01/25
 
1,300
1,284,894
Sabre GLBL, Inc.(b)
 
8.63%, 06/01/27
 
140
137,707
11.25%, 12/15/27
 
1,080
1,120,668
Seagate HDD Cayman, 8.25%, 12/15/29
 
423
459,191
Sonder Bridge Notes, (14.36% PIK), 14.36%,
12/10/27(g)(m)
 
788
782,691
Sonder Secured Notes, (14.33% PIK), 14.33%,
12/10/26(a)(g)(m)
 
5,889
5,535,375
Steel Dynamics, Inc., 3.45%, 04/15/30
 
3,060
2,899,830
Stem, Inc., 0.50%, 12/01/28(b)(n)
 
275
76,313
Taylor Morrison Communities, Inc., 5.88%,
06/15/27(b)
 
1,643
1,677,166
T-Mobile U.S., Inc.
 
3.75%, 04/15/27
 
2,750
2,716,952
3.38%, 04/15/29
 
3,930
3,771,854
Travel & Leisure Co., 4.63%, 03/01/30(b)
 
440
411,662
United Wholesale Mortgage LLC, 5.75%, 06/15/27(b)
 
1,346
1,337,246
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital
LLC, 10.50%, 02/15/28(b)
 
630
672,466
Univision Communications, Inc.(b)
 
8.00%, 08/15/28
 
145
148,257
07/31/31(d)
 
155
155,346
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%,
09/01/25(b)
 
30
28,144
Verizon Communications, Inc.
 
1.13%, 11/03/28
GBP
100
117,062
3.88%, 02/08/29
USD
1,500
1,479,819
Wells Fargo & Co., (1-day SOFR + 1.32%), 3.91%,
04/25/26(a)
 
1,880
1,868,086
Welltower OP LLC, 4.00%, 06/01/25
 
2,825
2,808,189
Westbay, 11.00%, 02/06/30(g)
 
9,276
9,484,710
Xylem, Inc./New York, 2.25%, 01/30/31
 
3,000
2,635,209
 
 
161,237,376
Total Corporate Bonds — 10.7%
(Cost: $197,728,445)
198,204,296
Fixed Rate Loan Interests
United States — 0.2%
AMF MF Portfolio, Term Loan, 6.67%, 11/01/28(g)
 
4,075
4,137,710
Total Fixed Rate Loan Interests — 0.2%
(Cost: $4,030,607)
4,137,710
6
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Floating Rate Loan Interests(a)
Belgium — 0.0%
Finco Utilitas BV, EUR Term Loan B, 09/26/30(o)
EUR
520
$ 602,076
Finland — 0.1%
Mehilainen Yhtiot Oy
 
2024 EUR 1st Lien Term Loan B5A, (3-mo.
EURIBOR at 0.00% Floor + 4.00%), 7.35%,
08/05/31
 
561
625,420
2024 EUR New Money Term Loan B5B, (3-mo.
EURIBOR at 0.00% Floor + 4.00%), 7.35%,
08/05/31
 
1,072
1,192,076
 
 
1,817,496
France(o) — 0.3%
Hestiafloor 2, 02/28/30
 
588
588,018
HomeVi SASU, 2024 EUR Term Loan B, 10/31/29
 
1,000
1,085,900
Obol France 3 SAS, 2024 EUR Term Loan B,
12/29/28
 
1,000
1,066,854
Parts Europe SA, EUR Term Loan B, 02/03/31
 
1,000
1,114,752
Ramsay Generale de Sante SA, 2024 EUR Term
Loan B4, 08/13/31
 
900
1,034,091
 
 
4,889,615
Germany — 0.4%
Aenova Holding GmbH, 2024 EUR Term Loan B,
(6-mo. EURIBOR at 0.00% Floor + 3.75%), 7.14%,
08/22/31
 
1,132
1,262,640
Apleona Holding GmbH, 2024 EUR Term Loan B3,
(3-mo. EURIBOR at 0.00% Floor + 3.75%), 7.39%,
04/28/28
 
1,200
1,340,008
IFCO Management GmbH, 2024 EUR Term Loan B,
11/29/29(o)
 
1,000
1,114,775
Nidda Healthcare Holding GmbH, 2024 EUR Term
Loan B3, 02/21/30(o)
 
1,440
1,601,426
TK Elevator Midco GmbH, EUR Term Loan B,
04/30/30(o)
 
1,000
1,115,932
 
 
6,434,781
Ireland — 0.1%
Promontoria Beech Designated Activity Co., 1st Lien
Term Loan, (1-mo. EURIBOR + 3.75%), 7.19%,
05/17/27(g)
 
2,291
2,546,894
Luxembourg — 0.3%
Atlas Luxco 4 SARL, 2021 EUR Term Loan, (1-mo.
EURIBOR at 0.00% Floor + 3.75%), 7.13%,
05/12/28
 
997
1,103,548
INEOS Finance PLC, 2024 EUR 1st Lien Term Loan
B, 06/23/31(o)
 
1,000
1,107,706
Speed Midco 3 SARL, 2024 EUR Term Loan B2, (6-
mo. EURIBOR at 0.00% Floor + 4.95%), 8.11%,
06/05/31(g)
 
2,488
2,755,650
 
 
4,966,904
Netherlands — 0.3%
Flora Food Management BV, 2024 GBP Term Loan
B11, (1-day SONIA at 0.00% Floor + 5.79%),
10.95%, 01/03/28
GBP
1,358
1,805,647
Security
 
Par
(000)
Value
Netherlands (continued)
Median BV, 2021 EUR Term Loan B, (3-mo.
EURIBOR at 0.00% Floor + 4.93%), 8.27%,
10/14/27
EUR
982
$ 1,083,347
Peer Holding III BV, 2024 EUR Term Loan B6, (3-mo.
EURIBOR at 0.00% Floor + 3.25%), 6.60%,
07/01/31
 
1,400
1,558,550
Pegasus BidCo BV, 2024 EUR Term Loan B2, (3-mo.
EURIBOR at 0.00% Floor + 3.50%), 7.04%,
07/12/29
 
1,333
1,483,457
 
 
5,931,001
Norway — 0.0%
Sector Alarm Holding AS, 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor + 4.25%), 7.76%,
06/14/29
 
407
454,376
Spain — 0.2%
Aernnova Aerospace SAU, 2024 EUR Term Loan B,
(3-mo. EURIBOR at 0.00% Floor + 4.00%), 7.71%,
02/27/30
 
1,303
1,449,732
Cervantes Bidco SL, 2024 EUR 1st Lien Term Loan
B, 06/13/31(o)
 
742
827,748
PAX Holdco Spain SL, 2024 EUR Term Loan B3,
12/31/29(o)
 
1,000
1,110,233
 
 
3,387,713
Sweden(o) — 0.1%
Platea BC Bidco AB
 
EUR Delayed Draw Term Loan, 04/03/31
 
167
186,046
EUR Term Loan, 04/03/31
 
833
930,231
 
 
1,116,277
United Kingdom(o) — 0.2%
CD&R Firefly Bidco PLC, 2024 GBP Term Loan B6,
06/21/28
GBP
1,000
1,334,022
Froneri Lux FinCo SARL, 2024 EUR Term Loan,
09/17/31
EUR
1,000
1,112,103
Lorca Finco PLC, 2024 EUR Term Loan B3, 03/25/31
 
1,000
1,113,183
 
 
3,559,308
United States — 1.6%
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 5.60%),
10.40%, 02/01/30
USD
3,107
2,994,812
American Auto Auction Group, LLC, 2021 Term Loan
B, (3-mo. CME Term SOFR at 0.75% Floor +
5.15%), 9.75%, 12/30/27
 
423
424,234
Boxer Parent Co., Inc., 2024 EUR Term Loan B, (3-
mo. EURIBOR at 0.00% Floor + 4.00%), 7.66%,
07/30/31
EUR
1,496
1,661,857
Coreweave Compute Acquisition Co. II, LLC(g)
 
2024 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 6.00%), 11.05%,
05/16/29
USD
98
96,898
Delayed Draw Term Loan, (3-mo. CME Term SOFR
at 0.00% Floor + 9.62%), 14.65%, 07/30/28
 
6,896
6,887,775
EIS Buyer, Inc., Revolver, (1-mo. CME Term SOFR at
0.75% Floor + 7.00%), 11.85%, 07/10/28(g)
 
341
335,522
EIS Group, Inc., Term Loan, (1-mo. CME Term SOFR
+ 0.75% Floor + 7.00%), 11.85%, 07/08/28(g)
 
3,406
3,355,215
Consolidated Schedule of Investments
7
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
United States (continued)
Galaxy Universal LLC, 1st Lien Term Loan, (6-mo.
CME Term SOFR at 1.00% Floor + 6.50%),
11.79%, 11/12/26(g)
USD
6,115
$ 6,053,962
GoTo Group, Inc.
 
2024 First Out Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.85%), 9.97%,
04/28/28
 
128
105,229
2024 Second Out Term Loan, (1-mo. CME Term
SOFR + 4.85%), 9.97%, 04/28/28
 
111
37,256
Helios Service Partners LLC, 2023 Term Loan B,
(3-mo. CME Term SOFR at 1.00% Floor + 6.51%),
10.87%, 03/19/27(g)
 
603
602,775
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 5.61%),
10.46%, 10/25/28(g)
 
1,084
867,319
Indy U.S. Holdco LLC, 2024 EUR Term Loan B, (1-
mo. EURIBOR at 0.00% Floor + 4.75%), 8.13%,
03/06/28
EUR
1,000
1,111,157
Montage Hotels & Resorts LLC, Term Loan, (3-mo.
CME Term SOFR + 6.00%), 10.66%, 02/16/29(g)
USD
1,207
1,207,124
Orion Group Holdco LLC(g)
 
2022 1st Amendment Term Loan, (3-mo. CME
Term SOFR at 1.00% Floor + 6.76%), 11.37%,
03/19/27
 
115
115,114
2022 First A&R Amendment Incremental DDTL,
(3-mo. CME Term SOFR at 1.00% Floor +
6.76%), 11.37%, 03/19/27
 
514
516,136
2023 Delayed Draw Term Loan, (3-mo. CME Term
SOFR at 1.00% Floor + 6.26%), 10.87%,
03/19/27
 
923
923,085
Delayed Draw Term Loan, (3-mo. CME Term SOFR
+ 6.00%), 10.87%, 03/19/27
 
194
193,002
First Lien Delayed Draw Term Loan, (3-mo. CME
Term SOFR at 1.00% Floor + 6.26%), 10.87%,
03/19/27
 
1,148
1,153,608
First Lien Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 6.26%), 10.87%, 03/19/27
 
98
98,680
Term Loan, (3-mo. CME Term SOFR at 1.00%
Floor + 6.26%), 10.87%, 03/19/27
 
19
19,280
Project Montage, PIK Revolver, (Prime + 6.00%),
14.00%, 02/16/29(g)
 
68
68,024
Redstone Holdco 2 LP, 2021 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 5.01%), 10.26%,
04/27/28
 
1,203
914,059
Verifone Systems, Inc., 2018 1st Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 4.26%),
9.33%, 08/20/25
 
553
505,840
Veritas U.S., Inc., 2021 USD Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 5.11%), 9.96%,
09/01/25
 
75
69,918
 
 
30,317,881
Total Floating Rate Loan Interests — 3.6%
(Cost: $64,945,098)
66,024,322
Security
 
Par
(000)
Value
Foreign Agency Obligations
United Kingdom — 0.2%
United Kingdom Gilt(c)
 
3.75%, 10/22/53
GBP
943
$ 1,093,695
0.50%, 10/22/61
 
5,221
2,130,356
Total Foreign Agency Obligations — 0.2%
(Cost: $3,177,453)
3,224,051
 
 
 
 
Shares
 
Investment Companies
United States — 0.7%
iShares Biotechnology ETF(p)
 
7,000
1,019,200
iShares JP Morgan USD Emerging Markets Bond
ETF(f)(p)
 
66,207
6,195,651
iShares Russell 2000 ETF(p)
 
100
22,089
iShares Russell Mid-Cap Growth ETF(p)
 
1,958
229,654
SPDR S&P Biotech ETF(f)
 
40,000
3,952,000
VanEck J. P. Morgan EM Local Currency Bond ETF
 
84,550
2,147,570
Total Investment Companies — 0.7%
(Cost: $12,430,680)
13,566,164
 
 
 
Par
(000)
 
Municipal Bonds
Florida — 0.0%
Florida Development Finance Corp., Refunding RB,
AMT, 12.00%, 07/15/32(a)(b)
USD
250
265,732
Puerto Rico — 0.1%
Commonwealth of Puerto Rico, RB, 0.00%,
11/01/51(a)(e)(j)
 
4,425
2,416,912
Total Municipal Bonds — 0.1%
(Cost: $2,292,828)
2,682,644
Non-Agency Mortgage-Backed Securities
Bermuda — 0.1%
RIAL Issuer Ltd., Series 2022-FL8, Class A, (1-mo.
Term SOFR + 2.25%), 7.35%, 01/19/37(a)(b)
 
2,315
2,313,553
United States(a)(b) — 1.9%
Barclays Mortgage Loan Trust, Series 2021-NQM1,
Class B1, 4.38%, 09/25/51
 
2,047
1,764,891
CHNGE Mortgage Trust
 
Series 2022-1, Class M1, 3.99%, 01/25/67
 
2,000
1,781,033
Series 2022-2, Class M1, 4.61%, 03/25/67
 
5,000
4,450,600
DBUBS Mortgage Trust, Series 2017-BRBK, Class F,
3.65%, 10/10/34
 
1,470
1,427,687
FREMF Trust, Series 2018-W5FX, Class CFX,
3.79%, 04/25/28
 
1,923
1,739,400
Grace Trust, Series 2020-GRCE, Class D, 2.77%,
12/10/40
 
2,000
1,642,248
GS Mortgage Securities Corp. Trust
 
Series 2021-DM, Class E, (1-mo. Term SOFR +
3.05%), 8.15%, 11/15/36
 
2,150
2,094,690
Series 2021-DM, Class F, (1-mo. Term SOFR +
3.55%), 8.65%, 11/15/36
 
2,150
2,078,427
8
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
United States (continued)
Hudson Yards Mortgage Trust, Series 2019-55HY,
Class F, 3.04%, 12/10/41
USD
2,000
$ 1,503,979
JP Morgan Chase Commercial Mortgage Securities
Trust
 
Series 2021-MHC, Class E, (1-mo. Term SOFR +
2.81%), 7.91%, 04/15/38
 
2,270
2,258,650
Series 2021-NYAH, Class E, (1-mo. Term SOFR +
2.20%), 7.30%, 06/15/38
 
2,000
1,759,140
Series 2022-NLP, Class F, (1-mo. Term SOFR +
3.54%), 8.64%, 04/15/37
 
1,730
1,476,216
Series 2022-OPO, Class D, 3.56%, 01/05/39
 
860
657,900
MFRA Trust, Series 2022-CHM1, Class M1, 4.57%,
09/25/56
 
4,000
3,648,345
MHC Commercial Mortgage Trust, Series 2021-MHC,
Class F, (1-mo. Term SOFR + 2.72%), 7.81%,
04/15/38
 
850
844,471
SUMIT Mortgage Trust, Series 2022-BVUE, Class D,
2.99%, 02/12/41
 
650
466,027
Taubman Centers Commercial Mortgage Trust,
Series 2022-DPM, Class A, (1-mo. Term SOFR +
2.19%), 7.28%, 05/15/37
 
2,410
2,416,025
Velocity Commercial Capital Loan Trust,
Series 2021-4, Class M4, 4.48%, 12/26/51
 
2,411
1,883,062
 
 
33,892,791
Total Non-Agency Mortgage-Backed Securities — 2.0%
(Cost: $39,604,647)
36,206,344
Preferred Securities
Capital Trusts — 0.2%(a)
France(c)(l) — 0.1%
Accor SA, 4.88%
EUR
100
112,551
Alstom SA, 5.87%
 
100
114,906
Electricite de France SA
 
3.38%
 
200
202,838
5.13%
 
200
223,642
5.63%
 
200
225,652
7.38%
GBP
100
136,571
 
 
1,016,160
Germany(c) — 0.0%
Bayer AG
 
5.38%, 03/25/82
EUR
100
110,354
Series NC5, 6.63%, 09/25/83
 
100
115,964
Commerzbank AG, 6.50%(l)
 
400
451,845
 
 
678,163
Italy — 0.0%
Snam SpA, 4.50%(c)(l)
 
100
112,484
Netherlands(l) — 0.0%
ING Groep NV
 
3.88%
USD
200
180,300
7.25%(c)
 
300
309,780
 
 
490,080
Spain — 0.0%
CaixaBank SA, 5.88%(c)(l)
EUR
200
223,743
Switzerland — 0.0%
UBS Group AG, 6.85%(b)(l)
USD
500
505,954
Security
 
Par
(000)
Value
United Kingdom(c) — 0.1%
Centrica PLC, 6.50%, 05/21/55
GBP
125
$ 171,338
HSBC Holdings PLC, 4.75%(l)
EUR
308
334,716
Nationwide Building Society, 7.50%(l)
GBP
200
268,727
 
 
774,781
United States — 0.0%
Paramount Global, 6.38%, 03/30/62
USD
760
702,990
 
 
4,504,355
 
 
 
 
Shares
 
Preferred Stocks — 1.9%(e)(g)
Finland — 0.1%
Aiven, Series D
 
35,053
1,929,317
Israel — 0.2%
Deep Instinct Ltd., Series D-4, (Acquired 09/20/22,
Cost: $3,691,502)(h)
 
523,592
2,691,263
United States — 1.6%
Bright Machines
 
Series C
 
472,895
1,607,843
Series C-1
 
985,055
2,383,834
Cap Hill Brands
 
1,088,268
228,536
Clarify Health
 
318,926
1,868,906
Coreweave, Inc., 10.00%, 03/25/49
 
1,594,000
1,960,620
Davidson Homes LLC, 12.00%, 04/01/49
 
7,258
6,796,536
Insight M, Inc., Series D
 
2,854,422
925,404
Lessen Holdings, Inc.
 
480,897
2,087,093
MNTN Digital, Inc., Series D, (Acquired 11/05/21,
Cost: $1,239,070)(h)
 
53,954
796,361
RapidSOS, Series C-1
 
1,707,127
1,655,913
Source Global PBC(h)
 
Series D-2, (Acquired 05/16/24, Cost: $—)
 
4,323
28,964
Series D-3, (Acquired 05/15/24, Cost: $229,929)
 
6,315
97,630
Verge Genomics, Inc.(h)
 
Series B, (Acquired 11/05/21, Cost: $1,437,421)
 
269,847
1,751,307
Series C PRVT, (Acquired 09/06/23, Cost:
$345,314)
 
48,019
347,177
Versa Networks, Inc., Series E CONV Preferred,
(Acquired 10/14/22, Cost: $4,623,422), 12.00%,
10/07/32(h)
 
1,584,337
7,636,504
Zero Mass Water, Inc., Series D Preferred, (Acquired
07/05/22, Cost: $249,208)(h)
 
6,084
105,801
 
 
30,278,429
 
 
34,899,009
Total Preferred Securities — 2.1%
(Cost: $45,850,181)
39,403,364
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 7.6%
Uniform Mortgage-Backed Securities(q)
 
3.50%, 10/15/54
USD
18,006
16,766,939
Consolidated Schedule of Investments
9
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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(q) (continued)
 
4.50%, 10/15/54 - 11/14/54
USD
91,645
$ 90,096,713
5.50%, 10/15/54
 
32,500
32,876,333
Total U.S. Government Sponsored Agency Securities — 7.6%
(Cost: $140,308,769)
139,739,985
U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Notes, 2.13%,
04/15/29
 
4,601
4,728,106
U.S. Treasury Notes, 4.63%, 09/30/28(r)
 
6,777
7,040,138
Total U.S. Treasury Obligations — 0.6%
(Cost: $11,353,900)
11,768,244
 
 
 
 
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)(e)(g)(h)
 
36,915
4,061
United States(e) — 0.2%
Davidson Homes LLC, (Issued 05/16/24, Expires
05/16/34, Strike Price USD 8.47)(g)
 
50,374
553,610
Flyr Warrants, (Issued/Exercisable 05/10/22, 1 Share
for 1 Warrant, Expires 05/10/32, Strike Price USD
3.95)(g)
 
5,576
27,322
Insight M, Inc., (Issued 01/31/24, Strike Price USD
0.34)(g)
 
2,957,679
361,133
RapidSOS, (Issued 12/13/23, Expires 12/13/33, Strike
Price USD 0.01)(g)
 
946,544
908,682
Sonder Holdings Inc., (Expires 12/31/49)(g)
 
15,727
73,760
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)(g)(h)
 
195,273
796,714
Volato Group, Inc., (Acquired 12/03/23, Cost:
$41,409), (Issued 12/04/23, Expires 12/03/28,
Strike Price USD 11.50)(h)
 
41,409
750
 
 
2,721,971
Total Warrants — 0.2%
(Cost: $41,411)
2,726,032
Total Long-Term Investments — 90.5%
(Cost: $1,432,587,623)
1,673,017,928
Short-Term Securities
Money Market Funds — 16.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.05%(p)(s)(t)
 
8,245,485
8,252,906
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.83%(p)(s)
 
298,079,556
298,079,556
Total Short-Term Securities — 16.6%
(Cost: $306,328,958)
306,332,462
Options Purchased — 0.4%
(Cost: $7,305,706)
7,233,959
Total Investments Before TBA Sale Commitments and
Options Written — 107.5%
(Cost: $1,746,222,287)
1,986,584,349
Security
 
 
Shares
Value
Investments Sold Short
Investment Companies
United States — (0.3)%
iShares iBoxx $ High Yield Corporate Bond ETF(p)
USD
(55,449
)
$    (4,343,785
)
Total Investments Sold Short — (0.3)%
(Proceeds: $(4,430,375))
(4,343,785
)
 
 
 
Par
(000)
 
TBA Sale Commitments
United States — (0.8)%
Uniform Mortgage-Backed Securities, 4.50%,
10/15/54(q)
USD
(15,300
)
(15,040,314
)
Total TBA Sale Commitments — (0.8)%
(Proceeds: $(15,118,312))
(15,040,314
)
Options Written — (0.2)%
(Premiums Received: $(3,964,244))
(3,741,874
)
Total Investments, Net of TBA Sale Commitments and
Options Written — 106.2%
(Cost: $1,722,709,356)
1,963,458,376
Liabilities in Excess of Other Assets — (6.2)%
(114,740,224
)
Net Assets — 100.0%
$ 1,848,718,152
 
(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)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(d)
When-issued security.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan.
(g)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(h)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $17,898,847, representing 1.0% of its net assets as of
period end, and an original cost of $17,079,564.
(i)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(j)
Issuer filed for bankruptcy and/or is in default.
(k)
Zero-coupon bond.
(l)
Perpetual security with no stated maturity date.
(m)
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.
(n)
Convertible security.
(o)
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.
(p)
Affiliate of the Trust.
(q)
Represents or includes a TBA transaction.
(r)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(s)
Annualized 7-day yield as of period end.
(t)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
10
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$ —
$ 8,248,950
(a)
$ —
$ 452
$ 3,504
$ 8,252,906
8,245,485
$ 25,622
(b)
$ —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
378,536,662
—
(80,457,106
)(a)
—
—
298,079,556
298,079,556
13,950,699
—
iShares Biotechnology ETF
—
1,001,591
—
—
17,609
1,019,200
7,000
1,403
—
iShares iBoxx $ High Yield Corporate Bond
ETF
—
6,389,791
(10,761,940
)
(58,226
)
86,590
(4,343,785
)
(55,449
)
41,126
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF(c)
3,968,600
—
(4,045,951
)
141,546
(64,195
)
—
—
114,241
—
iShares JP Morgan USD Emerging Markets
Bond ETF
5,896,395
—
—
—
299,256
6,195,651
66,207
197,446
—
iShares Russell 2000 ETF
20,071
—
—
—
2,018
22,089
100
184
—
iShares Russell Mid-Cap Growth ETF
409,065
—
(207,288
)
20,588
7,289
229,654
1,958
1,198
—
SL Liquidity Series, LLC, Money Market
Series(c)
3,509,133
—
(3,507,579
)(a)
(1,589
)
35
—
—
—
—
 
$ 102,771
$ 352,106
$ 309,455,271
$ 14,331,919
$ —
 
(a)
Represents net amount purchased (sold).
(b)
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.
(c)
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
354
12/06/24
$ 47,306
$ 417,307
Euro Bund
40
12/06/24
6,007
(5,947
)
Euro-Schatz
64
12/06/24
7,635
38,413
Nikkei 225 Index
69
12/12/24
18,379
1,107,834
10-Year Australian Treasury Bonds
68
12/16/24
5,472
(60,028
)
Carbon Emissions(a)
12
12/16/24
826
(43,397
)
10-Year U.S. Treasury Note
111
12/19/24
12,696
5,850
U.S. Long Bond
33
12/19/24
4,103
(12,606
)
Euro Stoxx 50 Index
109
12/20/24
6,113
179,531
Euro Stoxx Banks Index
93
12/20/24
750
6,699
MSCI Emerging Markets Index
3
12/20/24
176
10,275
NASDAQ 100 E-Mini Index
239
12/20/24
96,849
2,838,752
S&P 500 E-Mini Index
24
12/20/24
6,977
101,756
Long Gilt
39
12/27/24
5,132
(31,781
)
5-Year U.S. Treasury Note
3,000
12/31/24
329,859
229,619
 
4,782,277
Short Contracts 
Euro OAT
23
12/06/24
3,247
(18,198
)
10-Year Japanese Government Treasury Bonds
16
12/13/24
16,103
(47,963
)
10-Year U.S. Ultra Long Treasury Note
179
12/19/24
21,203
1,389
Ultra U.S. Treasury Bond
272
12/19/24
36,253
146,750
Consolidated Schedule of Investments
11
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts (continued)
E-mini Russell 2000 Index
17
12/20/24
$ 1,912
$ (33,721
)
2-Year U.S. Treasury Note
1,382
12/31/24
287,834
(669,895
)
 
(621,638
)
 
$ 4,160,639
 
(a)
All or a portion of the security is held by a wholly-owned subsidiary.
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
BRL
38,277,353
USD
6,691,406
Bank of America N.A.
12/18/24
$ 272,050
CHF
4,634,416
USD
5,517,000
Societe Generale
12/18/24
5,432
EUR
2,880,734
USD
3,189,280
The Bank of New York Mellon
12/18/24
27,420
EUR
249,208
USD
276,309
UBS AG
12/18/24
1,963
EUR
397,958
USD
440,748
UBS AG
12/18/24
3,621
GBP
145,611
USD
190,406
The Bank of New York Mellon
12/18/24
4,236
IDR
27,983,053,770
USD
1,803,032
JPMorgan Chase Bank N.A.
12/18/24
33,935
INR
148,563,276
USD
1,762,222
Citibank N.A.
12/18/24
4,176
JPY
1,318,316,944
USD
9,200,000
JPMorgan Chase Bank N.A.
12/18/24
66,727
MXN
25,986,266
USD
1,275,453
Morgan Stanley & Co. International PLC
12/18/24
28,912
MXN
110,084,154
USD
5,403,264
Morgan Stanley & Co. International PLC
12/18/24
122,345
USD
1,177,690
CHF
985,967
UBS AG
12/18/24
2,799
USD
3,919,522
CHF
3,281,443
UBS AG
12/18/24
9,311
USD
7,382,642
EUR
6,608,000
JPMorgan Chase Bank N.A.
12/18/24
3,984
USD
294,114
GBP
219,351
UBS AG
12/18/24
902
USD
822,364
GBP
614,407
UBS AG
12/18/24
1,072
USD
3,386,007
JPY
475,591,202
JPMorgan Chase Bank N.A.
12/18/24
42,977
USD
308,231
JPY
43,321,269
Morgan Stanley & Co. International PLC
12/18/24
3,717
USD
751,486
JPY
106,156,694
UBS AG
12/18/24
5,289
USD
24,265,545
JPY
3,408,064,281
UBS AG
12/18/24
309,546
ZAR
33,712,048
USD
1,864,067
Citibank N.A.
12/18/24
74,510
 
 
 
 
 
 
1,024,924
CAD
699,773
USD
519,047
JPMorgan Chase Bank N.A.
12/18/24
(611
)
CAD
1,148,184
USD
854,806
JPMorgan Chase Bank N.A.
12/18/24
(4,160
)
EUR
1,162,749
USD
1,299,721
BNP Paribas SA
12/18/24
(1,367
)
EUR
194,270
USD
217,841
Morgan Stanley & Co. International PLC
12/18/24
(914
)
EUR
512,154
USD
573,724
Morgan Stanley & Co. International PLC
12/18/24
(1,840
)
EUR
3,895,314
USD
4,351,623
Morgan Stanley & Co. International PLC
12/18/24
(2,018
)
EUR
617,924
USD
692,489
UBS AG
12/18/24
(2,500
)
JPY
79,492,659
USD
561,836
Bank of America N.A.
12/18/24
(3,065
)
JPY
67,786,124
USD
479,296
BNP Paribas SA
12/18/24
(2,814
)
JPY
86,749,149
USD
609,816
JPMorgan Chase Bank N.A.
12/18/24
(38
)
JPY
237,779,840
USD
1,688,168
Morgan Stanley & Co. International PLC
12/18/24
(16,764
)
JPY
234,333,632
USD
1,658,824
The Bank of New York Mellon
12/18/24
(11,644
)
JPY
53,061,019
USD
382,868
Westpac Banking Corp.
12/18/24
(9,891
)
USD
4,883,205
AUD
7,322,432
Morgan Stanley & Co. International PLC
12/18/24
(183,162
)
USD
1,741,858
CAD
2,363,075
Deutsche Bank AG
12/18/24
(8,857
)
USD
2,954,411
DKK
19,890,030
Goldman Sachs International
12/18/24
(27,550
)
USD
296,025
EUR
265,240
BNP Paribas SA
12/18/24
(148
)
USD
731,950
EUR
655,905
Deutsche Bank AG
12/18/24
(450
)
USD
1,390,584
EUR
1,245,469
Deutsche Bank AG
12/18/24
(137
)
USD
69,960,261
EUR
63,192,308
Deutsche Bank AG
12/18/24
(601,846
)
USD
564,909
EUR
506,565
JPMorgan Chase Bank N.A.
12/18/24
(735
)
USD
120,484,682
EUR
108,841,641
JPMorgan Chase Bank N.A.
12/18/24
(1,050,609
)
USD
381,709
EUR
341,854
Standard Chartered Bank
12/18/24
(14
)
USD
276,066
GBP
209,119
Deutsche Bank AG
12/18/24
(3,468
)
12
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
2,748,207
GBP
2,100,000
Deutsche Bank AG
12/18/24
$ (58,916
)
USD
561,548
GBP
420,572
JPMorgan Chase Bank N.A.
12/18/24
(641
)
USD
34,634,215
GBP
26,521,630
Morgan Stanley & Co. International PLC
12/18/24
(817,910
)
USD
592,848
GBP
447,392
The Bank of New York Mellon
12/18/24
(5,192
)
USD
15,761,212
HKD
122,486,128
BNP Paribas SA
12/18/24
(11,216
)
USD
10,545,420
KRW
14,092,161,000
Bank of America N.A.
12/18/24
(179,324
)
USD
1,814,485
SEK
18,723,925
Goldman Sachs International
12/18/24
(36,176
)
 
 
 
 
 
 
(3,043,977
)
 
$ (2,019,053
)
Exchange-Traded Options Purchased 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
NVIDIA Corp.
436
10/11/24
USD
125.00
USD
5,295
$ 98,754
SPX Volatility Index
106
10/16/24
USD
25.00
USD
177
5,883
Alphabet, Inc., Class C
85
10/18/24
USD
170.00
USD
1,421
20,868
Amazon.com, Inc.
165
10/18/24
USD
185.00
USD
3,074
89,100
Amazon.com, Inc.
245
10/18/24
USD
180.00
USD
4,565
214,987
Apple, Inc.
193
10/18/24
USD
230.00
USD
4,497
124,485
Apple, Inc.
140
10/18/24
USD
225.00
USD
3,262
142,450
Apple, Inc.
495
10/18/24
USD
235.00
USD
11,534
178,200
Broadcom, Inc.
74
10/18/24
USD
180.00
USD
1,277
23,014
JPMorgan Chase & Co.
222
10/18/24
USD
220.00
USD
4,681
31,635
JPMorgan Chase & Co.
108
10/18/24
USD
230.00
USD
2,277
2,592
LVMH Moet Hennessy Louis Vuitton SE
44
10/18/24
EUR
690.00
EUR
3,031
54,856
Microsoft Corp.
83
10/18/24
USD
440.00
USD
3,571
31,540
NVIDIA Corp.
216
10/18/24
USD
115.00
USD
2,623
191,700
Shell PLC
180
10/18/24
EUR
32.00
EUR
532
5,410
SPDR S&P 500 ETF Trust
721
10/18/24
USD
575.00
USD
41,368
466,126
Tesla, Inc.
215
10/18/24
USD
275.00
USD
5,625
267,137
Walmart, Inc.
305
10/18/24
USD
80.00
USD
2,463
57,645
Walt Disney Co.
223
10/18/24
USD
110.00
USD
2,145
1,673
Western Digital Corp.
55
10/18/24
USD
75.00
USD
376
2,035
Apple, Inc.
484
10/25/24
USD
240.00
USD
11,277
117,854
SPDR S&P 500 ETF Trust
1,088
10/25/24
USD
580.00
USD
62,425
553,248
SPDR S&P 500 ETF Trust
323
11/01/24
USD
580.00
USD
18,532
210,596
Apple, Inc.
455
11/15/24
USD
225.00
USD
10,602
643,825
Boston Scientific Corp.
148
11/15/24
USD
85.00
USD
1,240
39,220
D.R. Horton, Inc.
80
11/15/24
USD
200.00
USD
1,526
50,400
Edwards Lifesciences Corp.
224
11/15/24
USD
72.50
USD
1,478
38,640
Fifth Third Bancorp.
122
11/15/24
USD
43.00
USD
523
24,400
Freeport-McMoRan, Inc.
404
11/15/24
USD
55.00
USD
2,017
41,410
Hewlett Packard Enterprise Co.
97
11/15/24
USD
22.00
USD
198
5,093
Home Depot, Inc.
18
11/15/24
USD
390.00
USD
729
43,875
Humana, Inc.
48
11/15/24
USD
395.00
USD
1,520
18,720
JPMorgan Chase & Co.
73
11/15/24
USD
215.00
USD
1,539
43,070
Mastercard, Inc., Class A
40
11/15/24
USD
510.00
USD
1,975
36,200
Meta Platforms, Inc., Class A
135
11/15/24
USD
590.00
USD
7,728
365,175
Micron Technology, Inc.
539
11/15/24
USD
115.00
USD
5,590
150,650
Oracle Corp.
163
11/15/24
USD
180.00
USD
2,778
37,979
Trane Technologies PLC
49
11/15/24
USD
400.00
USD
1,905
60,270
Unit Group, Inc.
82
11/15/24
USD
7.00
USD
46
1,435
Walmart, Inc.
320
11/15/24
USD
80.00
USD
2,584
96,800
Western Digital Corp.
58
11/15/24
USD
82.50
USD
396
4,089
Bank of America Corp.
91
12/20/24
USD
41.00
USD
361
13,104
Capital One Financial Corp.
48
12/20/24
USD
155.00
USD
719
35,280
Carrier Global Corp.
340
12/20/24
USD
85.00
USD
2,737
95,200
Costco Wholesale Corp.
22
12/20/24
USD
940.00
USD
1,950
46,860
Consolidated Schedule of Investments
13
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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)
 
 
Home Depot, Inc.
32
12/20/24
USD
400.00
USD
1,297
$ 68,800
iShares China Large-Cap ETF
554
12/20/24
USD
34.00
USD
1,761
71,189
Meta Platforms, Inc., Class A
150
12/20/24
USD
600.00
USD
8,587
444,000
NVIDIA Corp.
216
12/20/24
USD
120.00
USD
2,623
288,360
NVIDIA Corp.
61
12/20/24
USD
130.00
USD
741
54,900
Paramount Global, Class B
81
12/20/24
USD
15.00
USD
86
162
Fifth Third Bancorp.
162
01/17/25
USD
45.00
USD
694
29,565
Paramount Global, Class B
81
01/17/25
USD
15.00
USD
86
284
Sabre Corp.
142
01/17/25
USD
5.00
USD
52
2,556
 
 
 
5,743,299
Put 
 
 
Alphabet, Inc., Class C
264
10/18/24
USD
155.00
USD
4,414
13,596
Merck & Co., Inc.
332
10/18/24
USD
110.00
USD
3,770
22,244
SPDR S&P 500 ETF Trust
211
10/18/24
USD
550.00
USD
12,106
33,549
SPDR S&P 500 ETF Trust
42
10/18/24
USD
555.00
USD
2,410
8,694
SPDR S&P 500 ETF Trust
96
10/18/24
USD
545.00
USD
5,508
11,904
SPDR S&P 500 ETF Trust
213
11/15/24
USD
560.00
USD
12,221
153,040
 
 
 
243,027
 
 
 
$ 5,986,326
OTC Options Purchased 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Put 
 
 
S&P 500 Index
UBS AG
1,018
10/18/24
USD
5,400.00
USD
5,866
$ 8,559
S&P 500 Index
UBS AG
317
11/15/24
USD
5,450.00
USD
1,827
13,451
 
 
 
$ 22,010
OTC Credit Default Swaptions Purchased 
 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
Exercise
Price
Notional
Amount (000)(a)
Value
Put
 
 
 
 
 
 
 
 
 
Bought Protection on 5-Year Credit
Default Swap,
5.00%
 
ITRAXX.XO.41.V1
Quarterly
Citibank N.A.
10/16/24
—
EUR 325.00
EUR
10,541
$ 9,484
 
(a)
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.
14
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
OTC Interest Rate Swaptions Purchased 
 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
10-Year Interest Rate Swap,
10/10/34
1-Day SOFR,
4.96%
Annual
3.66%
Annual
Morgan Stanley & Co.
International PLC
10/08/24
3.66
% 
USD
4,339
$ 120,443
5-Year Interest Rate Swap, 10/10/29
1-Day SOFR,
4.96%
Annual
3.66%
Annual
Morgan Stanley & Co.
International PLC
10/08/24
3.66
USD
6,443
117,117
10-Year Interest Rate Swap,
10/25/34
1-Day SOFR,
4.96%
Annual
3.75%
Annual
Citibank N.A.
10/23/24
3.75
USD
9,678
350,079
2-Year Interest Rate Swap, 10/26/26
1-Day SOFR,
4.96%
Annual
4.00%
Annual
JPMorgan Chase
Bank N.A.
10/24/24
4.00
USD
19,216
223,572
5-Year Interest Rate Swap, 12/19/29
6-mo.
EURIBOR,
3.11%
Semi-Annual
2.05%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
2.05
EUR
5,922
28,917
5-Year Interest Rate Swap, 12/19/29
1-Day SOFR,
4.96%
Annual
3.60%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
3.60
USD
6,331
131,915
5-Year Interest Rate Swap, 12/19/29
1-Day SOFR,
4.96%
Annual
3.60%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
3.60
USD
6,354
132,387
10-Year Interest Rate Swap,
01/25/35
1-Day SOFR,
4.96%
Annual
3.00%
Annual
Goldman Sachs
International
01/23/25
3.00
USD
12,685
111,709
 
 
 
 
 
 
 
 
$ 1,216,139
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
NVIDIA Corp.
436
10/11/24
USD
140.00
USD
5,295
$ (5,886
)
SPX Volatility Index
106
10/16/24
USD
40.00
USD
177
(2,650
)
Adobe, Inc.
20
10/18/24
USD
560.00
USD
1,036
(2,260
)
Alphabet, Inc., Class C
111
10/18/24
USD
175.00
USD
1,856
(11,100
)
Amazon.com, Inc.
94
10/18/24
USD
205.00
USD
1,752
(2,256
)
Amazon.com, Inc.
129
10/18/24
USD
200.00
USD
2,404
(7,611
)
Apple, Inc.
80
10/18/24
USD
240.00
USD
1,864
(13,800
)
Applied Materials, Inc.
50
10/18/24
USD
210.00
USD
1,010
(22,000
)
Autodesk, Inc.
35
10/18/24
USD
290.00
USD
964
(3,850
)
Autodesk, Inc.
23
10/18/24
USD
285.00
USD
634
(4,773
)
Bank of America Corp.
463
10/18/24
USD
42.00
USD
1,837
(12,732
)
Broadcom, Inc.
56
10/18/24
USD
190.00
USD
966
(5,432
)
Charles Schwab Corp.
148
10/18/24
USD
70.00
USD
959
(9,842
)
Charles Schwab Corp.
92
10/18/24
USD
72.50
USD
596
(2,852
)
Costco Wholesale Corp.
10
10/18/24
USD
990.00
USD
887
(525
)
Costco Wholesale Corp.
9
10/18/24
USD
1,000.00
USD
798
(432
)
Danaher Corp.
33
10/18/24
USD
290.00
USD
917
(4,373
)
Delta Air Lines, Inc.
203
10/18/24
USD
50.00
USD
1,031
(44,964
)
Eli Lilly & Co.
10
10/18/24
USD
1,000.00
USD
886
(830
)
Eli Lilly & Co.
7
10/18/24
USD
990.00
USD
620
(872
)
Freeport-McMoRan, Inc.
54
10/18/24
USD
50.00
USD
270
(7,749
)
Freeport-McMoRan, Inc.
215
10/18/24
USD
47.00
USD
1,073
(84,925
)
Goldman Sachs Group, Inc.
21
10/18/24
USD
525.00
USD
1,040
(6,258
)
Goldman Sachs Group, Inc.
21
10/18/24
USD
535.00
USD
1,040
(3,570
)
Intuitive Surgical, Inc.
19
10/18/24
USD
540.00
USD
933
(5,035
)
Intuitive Surgical, Inc.
11
10/18/24
USD
535.00
USD
540
(3,300
)
JPMorgan Chase & Co.
53
10/18/24
USD
225.00
USD
1,118
(3,313
)
Meta Platforms, Inc., Class A
16
10/18/24
USD
620.00
USD
916
(2,744
)
Microsoft Corp.
87
10/18/24
USD
460.00
USD
3,744
(4,307
)
Oracle Corp.
74
10/18/24
USD
175.00
USD
1,261
(10,508
)
ServiceNow, Inc.
10
10/18/24
USD
960.00
USD
894
(3,475
)
ServiceNow, Inc.
6
10/18/24
USD
1,000.00
USD
537
(435
)
Tesla, Inc.
215
10/18/24
USD
305.00
USD
5,625
(106,425
)
Thermo Fisher Scientific, Inc.
15
10/18/24
USD
650.00
USD
928
(3,488
)
Trane Technologies PLC
25
10/18/24
USD
400.00
USD
972
(10,000
)
Consolidated Schedule of Investments
15
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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
Call (continued)
 
 
UnitedHealth Group, Inc.
28
10/18/24
USD
620.00
USD
1,637
$ (11,970
)
UnitedHealth Group, Inc.
28
10/18/24
USD
640.00
USD
1,637
(5,852
)
Walt Disney Co.
101
10/18/24
USD
100.00
USD
972
(7,272
)
Apple, Inc.
484
10/25/24
USD
260.00
USD
11,277
(6,776
)
Adobe, Inc.
11
11/15/24
USD
570.00
USD
570
(4,620
)
Alphabet, Inc., Class C
56
11/15/24
USD
180.00
USD
936
(15,652
)
Amazon.com, Inc.
245
11/15/24
USD
205.00
USD
4,565
(74,725
)
Amazon.com, Inc.
64
11/15/24
USD
215.00
USD
1,193
(9,088
)
Apple, Inc.
455
11/15/24
USD
245.00
USD
10,602
(179,725
)
Apple, Inc.
41
11/15/24
USD
250.00
USD
955
(10,701
)
Autodesk, Inc.
11
11/15/24
USD
290.00
USD
303
(4,950
)
Bank of America Corp.
114
11/15/24
USD
44.00
USD
452
(3,648
)
Broadcom, Inc.
28
11/15/24
USD
210.00
USD
483
(3,248
)
Costco Wholesale Corp.
5
11/15/24
USD
1,000.00
USD
443
(1,260
)
Danaher Corp.
12
11/15/24
USD
290.00
USD
334
(7,320
)
Delta Air Lines, Inc.
46
11/15/24
USD
55.00
USD
234
(5,681
)
Edwards Lifesciences Corp.
224
11/15/24
USD
80.00
USD
1,478
(12,880
)
Eli Lilly & Co.
3
11/15/24
USD
1,060.00
USD
266
(1,620
)
Goldman Sachs Group, Inc.
11
11/15/24
USD
540.00
USD
545
(6,243
)
JPMorgan Chase & Co.
27
11/15/24
USD
230.00
USD
569
(4,388
)
Meta Platforms, Inc., Class A
135
11/15/24
USD
680.00
USD
7,728
(68,850
)
Meta Platforms, Inc., Class A
8
11/15/24
USD
650.00
USD
458
(7,460
)
Micron Technology, Inc.
539
11/15/24
USD
140.00
USD
5,590
(18,595
)
Microsoft Corp.
32
11/15/24
USD
475.00
USD
1,377
(9,440
)
NVIDIA Corp.
479
11/15/24
USD
155.00
USD
5,817
(37,841
)
NVIDIA Corp.
216
11/15/24
USD
135.00
USD
2,623
(78,840
)
NVIDIA Corp.
112
11/15/24
USD
150.00
USD
1,360
(13,048
)
NVIDIA Corp.
158
11/15/24
USD
145.00
USD
1,919
(27,808
)
Oracle Corp.
36
11/15/24
USD
185.00
USD
613
(4,788
)
ServiceNow, Inc.
3
11/15/24
USD
1,020.00
USD
268
(3,120
)
Thermo Fisher Scientific, Inc.
4
11/15/24
USD
660.00
USD
247
(3,080
)
Trane Technologies PLC
12
11/15/24
USD
440.00
USD
466
(2,190
)
UnitedHealth Group, Inc.
14
11/15/24
USD
640.00
USD
819
(10,185
)
Walmart, Inc.
320
11/15/24
USD
85.00
USD
2,584
(29,600
)
Walt Disney Co.
23
11/15/24
USD
105.00
USD
221
(3,818
)
Adobe, Inc.
21
12/20/24
USD
605.00
USD
1,087
(12,547
)
Alphabet, Inc., Class C
111
12/20/24
USD
190.00
USD
1,856
(23,199
)
Amazon.com, Inc.
95
12/20/24
USD
220.00
USD
1,770
(18,192
)
Amazon.com, Inc.
76
12/20/24
USD
215.00
USD
1,416
(19,836
)
Apple, Inc.
81
12/20/24
USD
255.00
USD
1,887
(24,583
)
Autodesk, Inc.
23
12/20/24
USD
310.00
USD
634
(8,970
)
Bank of America Corp.
226
12/20/24
USD
45.00
USD
897
(8,136
)
Broadcom, Inc.
56
12/20/24
USD
210.00
USD
966
(17,920
)
Cameco Corp.
125
12/20/24
USD
60.00
USD
597
(10,750
)
Charles Schwab Corp.
93
12/20/24
USD
75.00
USD
603
(7,440
)
Costco Wholesale Corp.
9
12/20/24
USD
1,040.00
USD
798
(3,780
)
Danaher Corp.
23
12/20/24
USD
310.00
USD
639
(6,095
)
Delta Air Lines, Inc.
95
12/20/24
USD
55.00
USD
483
(18,430
)
Eli Lilly & Co.
6
12/20/24
USD
1,060.00
USD
532
(7,500
)
Goldman Sachs Group, Inc.
21
12/20/24
USD
570.00
USD
1,040
(7,298
)
iShares China Large-Cap ETF
554
12/20/24
USD
38.00
USD
1,761
(26,869
)
JPMorgan Chase & Co.
53
12/20/24
USD
240.00
USD
1,118
(6,387
)
Mastercard, Inc., Class A
26
12/20/24
USD
540.00
USD
1,284
(10,660
)
Meta Platforms, Inc., Class A
16
12/20/24
USD
650.00
USD
916
(22,960
)
Meta Platforms, Inc., Class A
135
12/20/24
USD
700.00
USD
7,728
(86,400
)
Microsoft Corp.
43
12/20/24
USD
480.00
USD
1,850
(18,275
)
NextEra Energy, Inc.
111
12/20/24
USD
95.00
USD
938
(14,985
)
NVIDIA Corp.
151
12/20/24
USD
150.00
USD
1,834
(55,115
)
Oracle Corp.
73
12/20/24
USD
190.00
USD
1,244
(22,812
)
Progressive Corp.
60
12/20/24
USD
290.00
USD
1,523
(13,500
)
ServiceNow, Inc.
6
12/20/24
USD
1,060.00
USD
537
(7,380
)
Thermo Fisher Scientific, Inc.
9
12/20/24
USD
680.00
USD
557
(6,570
)
16
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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
Call (continued)
 
 
Trane Technologies PLC
24
12/20/24
USD
440.00
USD
933
$ (11,280
)
UnitedHealth Group, Inc.
28
12/20/24
USD
640.00
USD
1,637
(31,850
)
Walmart, Inc.
167
12/20/24
USD
90.00
USD
1,349
(13,694
)
Walt Disney Co.
45
12/20/24
USD
105.00
USD
433
(10,170
)
 
 
 
(1,664,437
)
Put 
 
 
JPMorgan Chase & Co.
275
10/18/24
USD
190.00
USD
5,799
(14,575
)
LVMH Moet Hennessy Louis Vuitton SE
20
10/18/24
EUR
590.00
EUR
1,378
(2,048
)
Shell PLC
180
10/18/24
EUR
30.00
EUR
532
(6,812
)
SPDR S&P 500 ETF Trust
42
10/18/24
USD
510.00
USD
2,410
(1,617
)
SPDR S&P 500 ETF Trust
96
10/18/24
USD
505.00
USD
5,508
(3,360
)
Walt Disney Co.
223
10/18/24
USD
90.00
USD
2,145
(6,802
)
Apple, Inc.
323
10/25/24
USD
195.00
USD
7,526
(7,590
)
Boston Scientific Corp.
148
11/15/24
USD
72.50
USD
1,240
(5,180
)
D.R. Horton, Inc.
80
11/15/24
USD
170.00
USD
1,526
(22,800
)
Edwards Lifesciences Corp.
224
11/15/24
USD
60.00
USD
1,478
(26,880
)
Fifth Third Bancorp.
122
11/15/24
USD
37.00
USD
523
(4,880
)
Home Depot, Inc.
18
11/15/24
USD
350.00
USD
729
(3,186
)
JPMorgan Chase & Co.
73
11/15/24
USD
185.00
USD
1,539
(9,563
)
Meta Platforms, Inc., Class A
135
11/15/24
USD
480.00
USD
7,728
(74,587
)
Micron Technology, Inc.
539
11/15/24
USD
95.00
USD
5,590
(149,303
)
SPDR S&P 500 ETF Trust
427
11/15/24
USD
480.00
USD
24,500
(40,138
)
SPDR S&P 500 ETF Trust
162
11/15/24
USD
500.00
USD
9,295
(22,680
)
Trane Technologies PLC
49
11/15/24
USD
350.00
USD
1,905
(20,580
)
Bank of America Corp.
91
12/20/24
USD
36.00
USD
361
(6,143
)
Capital One Financial Corp.
48
12/20/24
USD
130.00
USD
719
(12,960
)
Carrier Global Corp.
170
12/20/24
USD
67.50
USD
1,368
(11,900
)
Costco Wholesale Corp.
22
12/20/24
USD
820.00
USD
1,950
(30,360
)
Home Depot, Inc.
32
12/20/24
USD
345.00
USD
1,297
(6,864
)
iShares China Large-Cap ETF
554
12/20/24
USD
28.00
USD
1,761
(32,686
)
Meta Platforms, Inc., Class A
150
12/20/24
USD
470.00
USD
8,587
(104,250
)
NVIDIA Corp.
61
12/20/24
USD
100.00
USD
741
(20,892
)
Fifth Third Bancorp.
162
01/17/25
USD
37.00
USD
694
(12,150
)
Humana, Inc.
48
01/17/25
USD
310.00
USD
1,520
(116,160
)
 
 
 
(776,946
)
 
 
 
$ (2,441,383
)
OTC Credit Default Swaptions Written 
 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating(a)
Exercise
Price
Notional
Amount (000)(b)
Value
Put
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year Credit
Default Swap,
1-Day SOFR
 
4.00%
Quarterly
Citibank N.A.
10/16/24
N/R
EUR 400.00
EUR
10,541
$ (3,835
)
 
(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
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 10/10/34
3.16%
Annual
1-Day SOFR,
4.96%
Annual
Morgan Stanley & Co.
International PLC
10/08/24
3.16
% 
USD
4,339
$ (2,301
)
5-Year Interest Rate Swap, 10/10/29
3.16%
Annual
1-Day SOFR,
4.96%
Annual
Morgan Stanley & Co.
International PLC
10/08/24
3.16
USD
6,443
(6,500
)
Consolidated Schedule of Investments
17
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 10/25/34
3.15%
Annual
1-Day SOFR,
4.96%
Annual
Citibank N.A.
10/23/24
3.15
% 
USD
9,678
$ (23,755
)
2-Year Interest Rate Swap, 10/26/26
3.30%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
10/24/24
3.30
USD
19,216
(27,135
)
5-Year Interest Rate Swap, 10/27/29
3.30%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
10/25/24
3.30
USD
7,307
(45,123
)
2-Year Interest Rate Swap, 11/08/26
3.05%
Annual
1-Day SOFR,
4.96%
Annual
Citibank N.A.
11/06/24
3.05
USD
11,478
(9,527
)
5-Year Interest Rate Swap, 11/08/29
2.80%
Annual
1-Day SOFR,
4.96%
Annual
Citibank N.A.
11/06/24
2.80
USD
5,739
(4,786
)
5-Year Interest Rate Swap, 11/27/29
2.65%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
11/25/24
2.65
USD
11,029
(11,166
)
5-Year Interest Rate Swap, 12/05/29
2.90%
Annual
1-Day SOFR,
4.96%
Annual
Bank of America N.A.
12/03/24
2.90
USD
5,944
(18,428
)
5-Year Interest Rate Swap, 12/06/29
2.90%
Annual
1-Day SOFR,
4.96%
Annual
Deutsche Bank AG
12/04/24
2.90
USD
3,023
(9,568
)
2-Year Interest Rate Swap, 12/19/26
2.60%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
2.60
USD
11,844
(9,239
)
5-Year Interest Rate Swap, 12/19/29
3.20%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
3.20
USD
6,331
(56,872
)
5-Year Interest Rate Swap, 12/19/29
3.20%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
12/17/24
3.20
USD
6,354
(57,076
)
2-Year Interest Rate Swap, 01/18/27
3.20%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
01/16/25
3.20
USD
12,731
(58,755
)
2-Year Interest Rate Swap, 01/18/27
3.20%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
01/16/25
3.20
USD
5,949
(27,455
)
2-Year Interest Rate Swap, 01/18/27
3.20%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
01/16/25
3.20
USD
5,949
(27,455
)
5-Year Interest Rate Swap, 01/18/30
3.00%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
01/16/25
3.00
USD
6,366
(45,735
)
5-Year Interest Rate Swap, 01/18/30
3.00%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
01/16/25
3.00
USD
3,094
(22,228
)
5-Year Interest Rate Swap, 01/18/30
3.00%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
01/16/25
3.00
USD
3,094
(22,228
)
10-Year Interest Rate Swap, 01/25/35
2.25%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
01/23/25
2.25
USD
12,685
(11,790
)
5-Year Interest Rate Swap, 01/26/30
3.15%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
01/24/25
3.15
USD
7,519
(78,320
)
1-Year Interest Rate Swap, 02/12/26
3.15%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
02/10/25
3.15
USD
33,827
(66,405
)
5-Year Interest Rate Swap, 02/16/30
3.23%
Annual
1-Day SOFR,
4.96%
Annual
Goldman Sachs
International
02/14/25
3.23
USD
7,173
(94,271
)
5-Year Interest Rate Swap, 02/22/30
2.70%
Annual
1-Day SOFR,
4.96%
Annual
Deutsche Bank AG
02/20/25
2.70
USD
49,118
(228,126
)
10-Year Interest Rate Swap, 03/27/35
2.75%
Annual
1-Day SOFR,
4.96%
Annual
JPMorgan Chase
Bank N.A.
03/25/25
2.75
USD
5,561
(38,674
)
 
 
 
 
 
 
 
 
(1,002,918
)
Put 
 
 
 
 
 
 
 
5-Year Interest Rate Swap, 11/09/29
1-Day SOFR,
4.96%
Annual
3.90%
Annual
Deutsche Bank AG
11/07/24
3.90
USD
8,417
(1,283
)
10-Year Interest Rate Swap, 12/25/34
1-Day SOFR,
4.96%
Annual
3.67%
Annual
Deutsche Bank AG
12/23/24
3.67
USD
5,797
(30,708
)
10-Year Interest Rate Swap, 12/25/34
1-Day SOFR,
4.96%
Annual
3.67%
Annual
Deutsche Bank AG
12/23/24
3.67
USD
2,799
(14,827
)
2-Year Interest Rate Swap, 01/19/27
1-Day SOFR,
4.96%
Annual
4.30%
Annual
Deutsche Bank AG
01/17/25
4.30
USD
12,657
(2,418
)
5-Year Interest Rate Swap, 01/19/30
1-Day SOFR,
4.96%
Annual
4.00%
Annual
Deutsche Bank AG
01/17/25
4.00
USD
5,560
(6,706
)
5-Year Interest Rate Swap, 02/16/30
1-Day SOFR,
4.96%
Annual
3.23%
Annual
Goldman Sachs
International
02/14/25
3.22
USD
7,173
(75,015
)
18
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put (continued)
 
 
 
 
 
 
 
5-Year Interest Rate Swap, 02/22/30
1-Day SOFR,
4.96%
Annual
3.90%
Annual
Deutsche Bank AG
02/20/25
3.90
% 
USD
24,559
$ (56,135
)
10-Year Interest Rate Swap, 03/26/35
1-Day SOFR,
4.96%
Annual
3.75%
Annual
Deutsche Bank AG
03/24/25
3.75
USD
2,799
(25,181
)
10-Year Interest Rate Swap, 03/27/35
1-Day SOFR,
4.96%
Annual
3.75%
Annual
JPMorgan Chase
Bank N.A.
03/25/25
3.75
USD
5,561
(50,263
)
2-Year Interest Rate Swap, 06/15/27
1-Day SOFR,
4.96%
Annual
4.60%
Annual
Morgan Stanley & Co.
International PLC
06/13/25
4.60
USD
12,479
(6,207
)
5-Year Interest Rate Swap, 06/22/30
1-Day SOFR,
4.96%
Annual
4.40%
Annual
Goldman Sachs
International
06/20/25
4.40
USD
6,478
(12,764
)
5-Year Interest Rate Swap, 06/29/30
1-Day SOFR,
4.96%
Annual
4.55%
Annual
Morgan Stanley & Co.
International PLC
06/27/25
4.55
USD
7,632
(12,231
)
 
 
 
 
 
 
 
 
(293,738
)
 
 
 
 
 
 
 
 
$ (1,296,656
)
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
$ (84,581
)
$ (9,049
)
$ (75,532
)
iTraxx.EUR.40.V1
1.00
Quarterly
12/20/28
EUR
166
(3,823
)
(3,023
)
(800
)
iTraxx.XO.40.V1
5.00
Quarterly
12/20/28
EUR
4,866
(427,312
)
(340,757
)
(86,555
)
CDX.NA.HY.42.V1
5.00
Quarterly
06/20/29
USD
195
(15,438
)
(12,032
)
(3,406
)
 
 
$ (531,154
)
$ (364,861
)
$ (166,293
)
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
B-
USD
3,316
$ 260,986
$ 86,648
$ 174,338
iTraxx.XO.41.V1
5.00
Quarterly
06/20/29
B
EUR
1,400
145,732
93,997
51,735
 
 
 
 
 
$ 406,718
$ 180,645
$ 226,073
 
(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
1-Day SOFR, 4.96%
At Termination
5.45%
At Termination
N/A
10/02/24
USD
187,577
$ (10,592
)
$ 21
$ (10,613
)
28-Day MXIBTIIE, 10.74%
Monthly
9.78%
Monthly
N/A
02/04/25
MXN
46,651
(7,167
)
—
(7,167
)
28-Day MXIBTIIE, 10.74%
Monthly
9.79%
Monthly
N/A
02/04/25
MXN
23,326
(3,538
)
—
(3,538
)
28-Day MXIBTIIE, 10.74%
Monthly
9.80%
Monthly
N/A
02/04/25
MXN
23,326
(3,470
)
(1
)
(3,469
)
28-Day MXIBTIIE, 10.74%
Monthly
9.95%
Monthly
N/A
02/07/25
MXN
510,185
(58,663
)
14
(58,677
)
1-Day SOFR, 4.96%
Annual
5.00%
Annual
N/A
10/02/25
USD
84,698
562,230
7,283
554,947
0.28%
Annual
Tokyo Overnight Average
Rate, 0.23%
Annual
N/A
03/09/26
JPY
2,930,801
19,390
68
19,322
1-Day SOFR, 4.96%
Annual
4.40%
Annual
N/A
04/08/26
USD
21,824
152,492
75
152,417
1-Day SOFR, 4.96%
Annual
4.45%
Annual
N/A
04/09/26
USD
7,990
64,163
27
64,136
1-Day SOFR, 4.96%
Annual
4.05%
Annual
N/A
04/18/26
USD
12,579
10,889
44
10,845
Consolidated Schedule of Investments
19
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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
1-Day SOFR, 4.96%
Annual
4.30%
Annual
N/A
04/24/26
USD
15,182
$ 92,491
$ 53
$ 92,438
1-Day SOFR, 4.96%
Annual
4.50%
Annual
N/A
05/08/26
USD
12,488
136,340
45
136,295
1-Day SOFR, 4.96%
Annual
4.35%
Annual
N/A
07/22/26
USD
5,619
72,678
23
72,655
1-Day SOFR, 4.96%
At Termination
4.17%
At Termination
10/23/25
(a)
10/23/26
USD
9,509
104,048
17
104,031
1-Day SOFR, 4.96%
At Termination
4.21%
At Termination
10/27/25
(a)
10/27/26
USD
18,989
215,523
35
215,488
1-Day SOFR, 4.96%
Annual
3.47%
Annual
03/10/25
(a)
03/10/27
USD
4,700
30,270
21
30,249
1-Day MIBOR, 6.76%
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/27
INR
602,249
46,021
48
45,973
1-Day SOFR, 4.96%
Annual
4.10%
Annual
05/30/25
(a)
05/30/27
USD
15,272
296,563
68
296,495
1-Day SOFR, 4.96%
Annual
4.15%
Annual
05/30/25
(a)
05/30/27
USD
15,272
310,913
73
310,840
1-Day SOFR, 4.96%
Annual
3.30%
Annual
10/23/25
(a)
10/23/27
USD
3,403
16,861
15
16,846
1-Day SOFR, 4.96%
Annual
4.20%
Annual
10/23/25
(a)
10/23/27
USD
4,949
107,607
23
107,584
1-Day SOFR, 4.96%
Annual
3.92%
Annual
11/03/25
(a)
11/03/27
USD
2,364
39,093
11
39,082
1-Day SOFR, 4.96%
Annual
3.95%
Annual
11/03/25
(a)
11/03/27
USD
2,364
40,412
11
40,401
1-Day SOFR, 4.96%
Annual
3.99%
Annual
11/03/25
(a)
11/03/27
USD
4,728
83,901
22
83,879
1-Day SOFR, 4.96%
Annual
4.07%
Annual
11/03/25
(a)
11/03/27
USD
9,541
184,430
43
184,387
1-Day SOFR, 4.96%
Annual
3.86%
Annual
11/10/25
(a)
11/10/27
USD
9,919
153,232
45
153,187
1-Day SOFR, 4.96%
Annual
3.48%
Annual
01/23/26
(a)
01/23/28
USD
13,665
112,190
59
112,131
3.45%
Annual
1-Day SOFR, 4.96%
Annual
N/A
01/26/28
USD
11,825
(89,238
)
51
(89,289
)
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
01/26/28
USD
11,825
209,345
51
209,294
3.27%
Annual
1-Day SOFR, 4.96%
Annual
02/05/26
(a)
02/05/28
USD
11,933
(51,096
)
52
(51,148
)
1-Day SOFR, 4.96%
Annual
3.87%
Annual
02/05/26
(a)
02/05/28
USD
11,933
183,541
50
183,491
1-Day SONIA, 4.95%
Annual
4.86%
Annual
N/A
06/20/28
GBP
6,370
332,231
(13
)
332,244
28-Day MXIBTIIE, 10.74%
Monthly
9.13%
Monthly
N/A
08/15/28
MXN
104,580
87,334
45
87,289
1-Day SOFR, 4.96%
Annual
4.42%
Annual
N/A
10/02/28
USD
135,611
4,434,276
26,332
4,407,944
1-Day SOFR, 4.96%
Annual
4.40%
Annual
N/A
10/31/28
USD
6,490
216,742
51
216,691
1-Day SONIA, 4.95%
Annual
4.12%
Annual
N/A
11/17/28
GBP
3,004
30,334
121
30,213
1-Day SONIA, 4.95%
Annual
4.12%
Annual
N/A
11/21/28
GBP
3,004
31,261
122
31,139
1-Day SOFR, 4.96%
Annual
3.25%
Annual
12/15/26
(a)
12/15/28
USD
21,108
60,326
96
60,230
6-mo. EURIBOR, 3.11%
Semi-Annual
3.00%
Annual
N/A
03/05/29
EUR
7,713
401,736
74
401,662
1-Day MIBOR, 6.76%
Semi-Annual
6.26%
Semi-Annual
N/A
03/20/29
INR
172,172
18,783
23
18,760
1-Day MIBOR, 6.76%
Semi-Annual
6.30%
Semi-Annual
N/A
03/20/29
INR
210,432
26,651
28
26,623
1-Day SOFR, 4.96%
Annual
3.79%
Annual
N/A
03/29/29
USD
17,015
234,807
139
234,668
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
04/08/29
USD
10,561
255,963
90
255,873
1-Day SOFR, 4.96%
Annual
4.05%
Annual
N/A
04/09/29
USD
7,990
212,623
68
212,555
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
04/18/29
USD
12,579
312,187
107
312,080
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
04/24/29
USD
6,326
159,255
54
159,201
6-mo. EURIBOR, 3.11%
Semi-Annual
2.90%
Annual
N/A
04/30/29
EUR
8,865
292,821
86
292,735
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
05/06/29
USD
12,652
327,808
109
327,699
6-mo. EURIBOR, 3.11%
Semi-Annual
2.87%
Annual
N/A
06/11/29
EUR
6,519
187,734
66
187,668
1-Day SOFR, 4.96%
Annual
3.14%
Annual
05/12/28
(a)
05/12/33
USD
6,701
(43,052
)
62
(43,114
)
1-Day SOFR, 4.96%
Annual
4.31%
Annual
N/A
09/29/33
USD
26,166
2,064,191
2,082
2,062,109
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
01/12/34
USD
4,817
218,148
72
218,076
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
01/17/34
USD
1,389
63,240
21
63,219
1-Day MIBOR, 6.76%
Semi-Annual
6.34%
Semi-Annual
N/A
03/20/34
INR
110,771
23,728
23
23,705
1-Day MIBOR, 6.76%
Semi-Annual
6.35%
Semi-Annual
N/A
03/20/34
INR
110,771
24,663
23
24,640
3.46%
Annual
1-Day SOFR, 4.96%
Annual
12/15/26
(a)
12/15/36
USD
4,824
(42,855
)
80
(42,935
)
3.65%
Annual
1-Day SOFR, 4.96%
Annual
N/A
11/03/53
USD
2,577
(121,662
)
82
(121,744
)
1-Day SOFR, 4.96%
Annual
4.00%
Annual
N/A
11/03/53
USD
2,577
296,917
82
296,835
 
 
$ 13,127,049
$ 38,472
$ 13,088,577
 
(a)
Forward Swap.
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)
TIM S.p.A.
1.00
% 
Quarterly
Goldman Sachs International
12/20/29
EUR
380
$ 17,414
$ 19,466
$ (2,052
)
20
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
OTC Interest Rate Swaps 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
 
 
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
$ 456,632
$ —
$ 456,632
1-Day
BZDIOVER,
0.04%
At Termination
13.18%
At Termination
JPMorgan Chase Bank N.A.
N/A
01/02/25
BRL
7,068
34,152
—
34,152
1-Day
BZDIOVER,
0.04%
At Termination
13.21%
At Termination
JPMorgan Chase Bank N.A.
N/A
01/02/25
BRL
7,065
34,943
—
34,943
1-Day
BZDIOVER,
0.04%
At Termination
13.25%
At Termination
Citibank N.A.
N/A
01/02/25
BRL
3,716
18,949
—
18,949
1-Day
BZDIOVER,
0.04%
At Termination
10.06%
At Termination
JPMorgan Chase Bank N.A.
N/A
01/04/27
BRL
14,158
(174,805
)
—
(174,805
)
1-Day
BZDIOVER,
0.04%
At Termination
10.35%
At Termination
Barclays Bank PLC
N/A
01/04/27
BRL
29,050
(302,814
)
—
(302,814
)
1-Day
BZDIOVER,
0.04%
At Termination
9.99%
At Termination
Citibank N.A.
N/A
01/04/27
BRL
14,191
(181,740
)
—
(181,740
)
1-Day
BZDIOVER,
0.04%
At Termination
10.00%
At Termination
Bank of America N.A.
N/A
01/04/27
BRL
14,578
(181,847
)
—
(181,847
)
1-Day
BZDIOVER,
0.04%
At Termination
10.03%
At Termination
Morgan Stanley & Co.
International PLC
N/A
01/04/27
BRL
14,173
(178,038
)
—
(178,038
)
 
 
$ (474,568
)
$ —
$ (474,568
)
OTC Total Return Swaps 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares iBoxx $
Investment Grade
Corporate Bond
ETF
At Termination
1-Day SOFR minus
0.60%, 4.96%
At Termination
Goldman Sachs
International
N/A
12/20/24
USD
3,813
$ 19,397
$ —
$ 19,397
iShares iBoxx $
Investment Grade
Corporate Bond
ETF
At Termination
1-Day SOFR minus
0.60%, 4.96%
At Termination
JPMorgan Chase
Bank N.A.
N/A
12/20/24
USD
10,180
51,789
—
51,789
1-Day SOFR plus
0.40%, 4.96%
At Termination
iShares Broad USD
High Yield
Corporate Bond
ETF
At Termination
BNP Paribas SA
N/A
12/20/24
USD
2,189
(4,090
)
—
(4,090
)
 
 
 
 
 
 
 
$ 67,096
$ —
$ 67,096
Consolidated Schedule of Investments
21
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by 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
$ —
$ 62,110,797
$ —
$ 62,110,797
Common Stocks 
Canada
12,618,899
—
—
12,618,899
China
—
19,899,464
—
19,899,464
Denmark
—
3,425,857
—
3,425,857
Finland
—
5,473,466
—
5,473,466
France
2,843,280
46,736,815
—
49,580,095
Germany
—
13,517,573
—
13,517,573
Hong Kong
—
3,299,274
—
3,299,274
Italy
—
25,410,250
—
25,410,250
Japan
—
25,658,138
—
25,658,138
Netherlands
—
25,799,024
—
25,799,024
Norway
607,920
—
—
607,920
South Korea
—
7,944,360
—
7,944,360
Spain
—
10,132,484
—
10,132,484
Sweden
—
3,313,030
—
3,313,030
Taiwan
20,322,863
—
—
20,322,863
United Kingdom
1,759,130
27,587,719
160,065
29,506,914
United States
808,681,867
22,477,558
5,456,293
836,615,718
Zambia
98,646
—
—
98,646
Corporate Bonds 
Australia
—
—
5,885,193
5,885,193
Belgium
—
462,898
—
462,898
Canada
—
698,863
—
698,863
France
129,871
2,787,061
—
2,916,932
Germany
—
3,549,618
3,030,131
6,579,749
Greece
—
285,180
—
285,180
Ireland
—
694,870
—
694,870
Italy
193,694
4,354,064
—
4,547,758
Japan
—
3,260,240
—
3,260,240
Jersey
—
527,023
—
527,023
Luxembourg
—
1,016,205
122,936
1,139,141
Netherlands
—
4,129,010
—
4,129,010
Portugal
—
223,190
—
223,190
Spain
—
1,600,752
—
1,600,752
Sweden
—
435,539
—
435,539
United Kingdom
—
3,580,582
—
3,580,582
22
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Corporate Bonds (continued)
United States
$ —
$ 128,218,063
$ 33,019,313
$ 161,237,376
Fixed Rate Loan Interests
—
—
4,137,710
4,137,710
Floating Rate Loan Interests
—
38,228,259
27,796,063
66,024,322
Foreign Agency Obligations
—
3,224,051
—
3,224,051
Investment Companies
13,566,164
—
—
13,566,164
Municipal Bonds
—
2,682,644
—
2,682,644
Non-Agency Mortgage-Backed Securities
—
36,206,344
—
36,206,344
Preferred Securities
Capital Trusts
—
4,504,355
—
4,504,355
Preferred Stocks
—
—
34,899,009
34,899,009
U.S. Government Sponsored Agency Securities
—
139,739,985
—
139,739,985
U.S. Treasury Obligations
—
11,768,244
—
11,768,244
Warrants
—
750
2,725,282
2,726,032
Short-Term Securities 
Money Market Funds
306,332,462
—
—
306,332,462
Options Purchased 
Credit Contracts
—
9,484
—
9,484
Equity Contracts
5,986,326
22,010
—
6,008,336
Interest Rate Contracts
—
1,216,139
—
1,216,139
Unfunded Floating Rate Loan Interests(a)
—
7,036
1,270
8,306
Liabilities
Investments 
Investments Sold Short 
Investment Companies
(4,343,785
)
—
—
(4,343,785
)
TBA Sale Commitments
—
(15,040,314
)
—
(15,040,314
)
Unfunded Floating Rate Loan Interests(a)
—
—
(10,240
)
(10,240
)
 
$ 1,168,797,337
$ 681,177,954
$ 117,223,025
$ 1,967,198,316
Derivative Financial Instruments(b)
Assets
Credit Contracts
$ —
$ 226,073
$ —
$ 226,073
Equity Contracts
2,950,783
1,365,250
—
4,316,033
Foreign Currency Exchange Contracts
—
1,024,924
—
1,024,924
Interest Rate Contracts
839,328
14,064,947
—
14,904,275
Liabilities
Commodity Contracts
(43,397
)
—
—
(43,397
)
Credit Contracts
—
(172,180
)
—
(172,180
)
Equity Contracts
(2,475,104
)
(4,090
)
—
(2,479,194
)
Foreign Currency Exchange Contracts
—
(3,043,977
)
—
(3,043,977
)
Interest Rate Contracts
(846,418
)
(2,747,594
)
—
(3,594,012
)
 
$ 425,192
$ 10,713,353
$ —
$ 11,138,545
 
(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
Floating
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
)
—
—
—
—
—
—
Other(a)
—
(3,128,485
)
—
—
—
3,128,485
—
Accrued discounts/premiums
—
—
238,243
6,910
39,372
—
—
Net realized gain (loss)
—
9,609
(758,753
)
—
(5,805
)
—
—
Consolidated Schedule of Investments
23
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock ESG Capital Allocation Term Trust (ECAT)
 
 
Asset-Backed
Securities
Common
Stocks
Corporate
Bonds
Floating
Rate Loan
Interests
Floating
Rate Loan
Interests
Preferred
Stocks
Unfunded
Floating
Rate Loan
Interest
Net change in unrealized appreciation (depreciation)(b)
$ —
$ 57,451
$ (1,314,495
)
$ 68,772
$ 149,160
$ (1,201,370
)
$ 35,864
Purchases
—
5,215,007
18,405,004
—
7,292,950
13,901,285
—
Sales
—
(9,732
)
(9,458,911
)
—
(4,427,598
)
—
—
Closing balance, as of September 30, 2024
$ —
$ 5,616,358
$ 42,057,573
$ 4,137,710
$ 27,796,063
$ 34,899,009
$ (8,970
)
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2024(b)
$ —
$ 156,957
$ (798,931
)
$ 68,772
$ 252,813
$ (1,201,370
)
$ (11,434
)
 
 
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
(5,593
)
(505,643
)
Other(a)
—
—
Accrued discounts/premiums
—
284,525
Net realized gain (loss)
(1
)
(754,950
)
Net change in unrealized appreciation (depreciation)(b)
2,015,400
(189,218
)
Purchases
2
44,814,248
Sales
—
(13,896,241
)
Closing balance, as of September 30, 2024
$ 2,725,282
$ 117,223,025
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2024(b)
$ 2,037,765
$ 504,572
 
(a)
Certain Level 3 investments were re-classified between Common Stocks 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, 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 $3,736,935. 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
$5,616,358
Market
Revenue Multiple
8.50x -9.00x
8.97x
 
 
EBITDA
12.38x
—
 
 
 
 
 
Corporate Bonds
41,934,637
Income
Discount Rate
8%- 16%
11%
 
 
 
 
 
Floating Rate Loan Interests
24,173,094
Income
Discount Rate
6%- 13%
10%
 
 
 
 
 
Fixed Rate Loan Interests
4,137,710
Income
Discount Rate
8%
—
 
 
 
 
 
Preferred Stocks(b)
34,899,009
Market
Revenue Multiple
3.25x - 14.00x
8.21x
 
 
Time to Exit
0.5 - 3.0 years
2.2 years
 
 
Volatility
36% - 90%
68%
 
 
EBITDA
7.00x
—
 
Income
Discount Rate
14%
—
 
 
 
 
 
Warrants
2,725,282
Market
Revenue Multiple
3.25x -10.25x
7.38x
 
 
Volatility
39% - 70%
59%
 
 
Time to Exit
0.5 - 9.3 years
3.7 years
 
Income
Discount Rate
16%
—
24
Consolidated Schedule of Investments (unaudited)(continued)
September 30, 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
 
 
 
 
 
 
 
 
 
 
 
$113,486,090
 
 
 
 
 
(a)
A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
(b)
The fund valued certain of its Level 3 Preferred Stocks and Warrants  using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using
recent prior transaction prices, for which inputs are unobservable, is $2,034,380 as of September 30, 2024.
 
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
AMT
 Alternative Minimum Tax
BZDIOVER
 Overnight Brazil Interbank Deposit (CETIP)
CLO
 Collateralized Loan Obligation
CMT
 Constant Maturity Treasury
CR
 Custodian Receipt
DAC
 Designated Activity Company
ETF
 Exchange-Traded Fund
EURIBOR
 Euro Interbank Offered Rate
FREMF
 Freddie Mac Multifamily Securities
LIBOR
 London Interbank Offered Rate
MIBOR
 Mumbai Interbank Offered Rate
MSCI
 Morgan Stanley Capital International
MXIBTIIE
 Mexico Interbank TIIE 28-Day
PIK
 Payment-in-Kind
Portfolio Abbreviation (continued)
PIPE
 Private Investment in Public Equity
RB
 Revenue Bond
S&P
 Standard & Poor’s
SCA
 Societe en Commandite par Actions
SOFR
 Secured Overnight Financing Rate
SONIA
 Sterling Overnight Interbank Average Rate
SPDR
 Standard & Poor’s Depository Receipt
TBA
 To-Be-Announced
Consolidated Schedule of Investments
25
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