Form NPORT-P/A - Monthly Portfolio Investments Report on Form N-PORT (Public): [Amend]

Consolidated Schedule of Investments (unaudited)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities

Canada — 0.0%
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39^(a)		CAD 1,270	$	861,598


Cayman Islands — 5.4%
522 Funding CLO Ltd., Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 8.46%, 04/20/30^(a)(b)		USD 1,950		1,766,843
AGL CLO 3 Ltd., Series 2020-3A, Class D, (3 mo. LIBOR US + 3.30%), 8.09%, 01/15/33^(a)(b)		550		515,108
AGL CLO 5 Ltd., Series 2020-5A, Class ER, (3 mo. LIBOR US + 6.45%), 11.26%, 07/20/34^(a)(b)		3,000		2,752,828
AGL CLO 7 Ltd., Series 2020-7A, Class DR, (3 mo. LIBOR US + 3.10%), 7.89%, 07/15/34^(a)(b)		250		230,816
AGL CLO 9 Ltd., Series 2020-9A, Class D, (3 mo. LIBOR US + 3.70%), 8.51%, 01/20/34^(a)(b)		850		799,263
AIG CLO LLC, Series 2020-1A, Class ER, (3 mo. LIBOR US + 6.30%), 11.09%, 04/15/34^(a)(b)		500		448,450
AIMCO CLO, Series 2017-AA, Class DR, (3 mo. LIBOR US + 3.15%), 7.96%, 04/20/34^(a)(b)		250		226,100
ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 10.79%, 10/15/29^(a)(b)		950		838,738
Apidos CLO XXII, Series 2015-22A, Class CR, (3 mo. LIBOR US + 2.95%), 7.76%, 04/20/31^(a)(b)		250		234,992
Apidos CLO XXXII, Series 2019-32A, Class D, (3 mo. LIBOR US + 3.50%), 8.31%, 01/20/33^(a)(b)		250		238,730
Apidos CLO XXXV, Series 2021-35A, Class E, (3 mo. LIBOR US + 5.75%), 10.56%, 04/20/34^(a)(b)		375		346,342
Apidos CLO XXXVII, Series 2021-37A, Class E, (3 mo. LIBOR US + 6.30%), 11.12%, 10/22/34^(a)(b)		250		233,347
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 9.04%, 10/15/28^(a)(b)		3,000		2,822,873
Ares LIX CLO Ltd., Series 2021-59A, Class E, (3 mo. LIBOR US + 6.25%), 11.07%, 04/25/34^(a)(b)		700		638,537
Ares Loan Funding I Ltd.^(a)(b)
Series 2021-ALFA, Class E, (3 mo. LIBOR US + 6.70%), 11.49%, 10/15/34		1,250		1,171,211
Series 2021-ALFA, Class SUB, 0.00%, 10/15/34		2,150		1,564,125
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 7.94%, 07/15/34^(a)(b)		1,500		1,376,063
Ares LVI CLO Ltd., Series 2020-56A, Class ER, (3 mo. LIBOR US + 6.50%), 11.32%, 10/25/34^(a)(b)		625		578,864
Atrium IX, Series 9A, Class CR2, (3 mo. LIBOR US + 2.00%), 6.95%, 05/28/30^(a)(b)		370		354,240
Ballyrock CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.84%, 07/15/32^(a)(b)		2,700		2,462,367
Bardot CLO Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.00%), 7.82%, 10/22/32^(a)(b)		250		232,968
Battalion CLO IX Ltd., Series 2015-9A, Class DR, (3 mo. LIBOR US + 3.25%), 8.04%, 07/15/31^(a)(b)		250		221,423
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class ER, (3 mo. LIBOR US + 6.75%), 11.54%, 07/15/34^(a)(b)		250		222,124
Birch Grove CLO 2 Ltd., Series 2021-2A, Class D1, (3 mo. LIBOR US + 3.30%), 8.10%, 10/19/34^(a)(b)		750		681,177
Birch Grove CLO Ltd., Series 19A, Class DR, (3 mo. LIBOR US + 3.35%), 8.22%, 06/15/31^(a)(b)		1,500		1,417,459
BlueMountain CLO Ltd., Series 2016-2A, Class C1R2, (3 mo. LIBOR US + 3.10%), 8.02%, 08/20/32^(a)(b)		1,000		925,587


Security	Par (000)		Value

Cayman Islands (continued)
Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 3.10%), 7.89%, 10/15/31^(a)(b)		USD 250	$	222,646
Canyon CLO Ltd., Series 2020-3A, Class E, (3 mo. LIBOR US + 7.25%), 12.04%, 01/15/34^(a)(b)		250		226,160
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 8.01%, 04/20/32^(a)(b)		1,425		1,296,703
CarVal CLO VC Ltd., Series 2021-2A, Class E, (3 mo. LIBOR US + 6.75%), 11.54%, 10/15/34^(a)(b)		500		440,182
CIFC Funding Ltd.^(a)(b)
Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 7.62%, 04/24/30		1,000		940,055
Series 2019-3A, Class CR, (3 mo. LIBOR US + 3.05%), 7.84%, 10/16/34		1,000		942,715
Crown City CLO III^(a)(b)
Series 2021-1A, Class C, (3 mo. LIBOR US + 3.30%), 8.11%, 07/20/34		1,250		1,085,449
Series 2021-1A, Class D, (3 mo. LIBOR US + 6.75%), 11.56%, 07/20/34		500		416,833
Crown Point CLO 9 Ltd., Series 2020-9A, Class DR, (3 mo. LIBOR US + 3.75%), 8.54%, 07/14/34^(a)(b)		500		450,374
Eaton Vance CLO Ltd., Series 2019-1A, Class ER, (3 mo. LIBOR US + 6.50%), 11.29%, 04/15/31^(a)(b)		500		450,677
Elmwood CLO I Ltd.^(a)(b)
Series 2019-1A, Class DR, (3 mo. LIBOR US + 4.40%), 9.21%, 10/20/33		5,750		5,461,015
Series 2019-1A, Class ER, (3 mo. LIBOR US + 7.71%), 12.52%, 10/20/33		2,375		2,246,137
Elmwood CLO II Ltd.^(a)(b)
Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 11.61%, 04/20/34		3,000		2,845,173
Series 2019-2A, Class SUB, 0.00%, 04/20/34		1,000		745,712
Elmwood CLO V Ltd., Series 2020-2A, Class ER, (3 mo. LIBOR US + 6.10%), 10.91%, 10/20/34^(a)(b)		250		230,230
Elmwood CLO VIII Ltd., Series 2021-1A, Class E1, (3 mo. LIBOR US + 6.00%), 10.81%, 01/20/34^(a)(b)		500		462,024
Elmwood CLO X Ltd., Series 2021-3A, Class E, (3 mo. LIBOR US + 5.85%), 10.66%, 10/20/34^(a)(b)		1,000		899,928
Flatiron CLO 19 Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.00%), 7.87%, 11/16/34^(a)(b)		700		652,871
GoldenTree Loan Management U.S. CLO 1 Ltd.,
Series 2021-9A, Class E, (3 mo. LIBOR US + 4.75%), 9.56%, 01/20/33^(a)(b)		1,000		831,037
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3 mo. LIBOR US + 3.05%), 7.86%, 07/20/31^(a)(b)		750		709,732
Golub Capital Partners CLO 53B Ltd., Series 2021- 53A, Class E, (3 mo. LIBOR US + 6.70%), 11.51%, 07/20/34^(a)(b)		250		220,878
Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 11.37%, 07/20/34^(a)(b)		1,000		891,067
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 11.24%, 04/15/33^(a)(b)		2,625		2,255,524
Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class D, (3 mo. Term SOFR + 6.85%), 11.48%, 07/15/35^(a)(b)		750		646,654
Madison Park Funding XLIX Ltd., Series 2021-49A, Class E, (3 mo. LIBOR US + 6.25%), 11.05%, 10/19/34^(a)(b)		250		237,317

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cayman Islands (continued)
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class C, (3 mo. LIBOR US + 2.00%), 7.27%, 04/19/33		USD 404	$	391,437
Madison Park Funding XVII Ltd., Series 2015-17A, Class CR2, (3 mo. LIBOR US + 1.90%), 7.16%, 07/21/30		708		680,686
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 10.49%, 10/18/30^(a)(b)		500		450,635
Niagara Park CLO Ltd., Series 2019-1A, Class ER, (3 mo. LIBOR US + 5.95%), 10.74%, 07/17/32^(a)(b)		1,000		903,409
OCP CLO Ltd.^(a)(b)
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 11.16%, 04/10/33		400		352,741
Series 2020-18A, Class DR, (3 mo. LIBOR US + 3.20%), 8.01%, 07/20/32		500		465,350
Series 2020-20A, Class D1, (3 mo. LIBOR US + 3.95%), 8.76%, 10/09/33		3,500		3,306,893
Series 2020-20A, Class E, (3 mo. LIBOR US + 7.66%), 12.47%, 10/09/33		2,250		2,104,461
Octagon 54 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.05%), 7.84%, 07/15/34^(a)(b)		250		227,906
OHA Credit Partners VII Ltd., Series 2012-7A, Class CR3, (3 mo. LIBOR US + 1.80%), 6.72%, 02/20/34		1,011		962,384
OSD CLO Ltd., Series 2021-23A, Class E, (3 mo. LIBOR US + 6.00%), 10.79%, 04/17/31^(a)(b)		250		224,253
Palmer Square CLO Ltd.^(a)(b)
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 10.43%, 07/16/31		250		224,095
Series 2021-2A, Class E, (3 mo. LIBOR US + 6.35%), 11.14%, 07/15/34		250		238,405
Palmer Square Loan Funding Ltd.^(a)(b)
Series 2020-1A, Class D, (3 mo. LIBOR US + 4.85%), 9.53%, 02/20/28		250		239,970
Series 2020-4A, Class C, (3 mo. LIBOR US + 3.60%), 8.56%, 11/25/28		1,000		991,829
Series 2021-1A, Class D, (3 mo. LIBOR US + 6.00%), 10.81%, 04/20/29		1,250		1,193,423
Series 2021-3A, Class C, (3 mo. LIBOR US + 2.50%), 7.31%, 07/20/29		250		237,193
Series 2021-3A, Class D, (3 mo. LIBOR US + 5.00%), 9.81%, 07/20/29		250		225,690
Series 2021-4A, Class D, (3 mo. LIBOR US + 5.00%), 9.79%, 10/15/29		750		674,748
Series 2021-4A, Class E, (3 mo. LIBOR US + 7.51%), 12.30%, 10/15/29		500		464,602
Park Avenue Institutional Advisers CLO Ltd.^(a)(b)
Series 2021-1A, Class D, (3 mo. LIBOR US + 7.30%), 12.11%, 01/20/34		600		535,118
Series 2021-2A, Class D, (3 mo. LIBOR US + 3.40%), 8.19%, 07/15/34		1,000		900,356
Pikes Peak CLO 4, Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.25%), 8.04%, 07/15/34^(a)(b)		1,000		873,563
Pikes Peak CLO 6, Series 2020-6A, Class ER2, (3 mo. LIBOR US + 6.43%), 11.35%, 05/18/34^(a)(b)		500		432,184
Post CLO Ltd.^(a)(b)
Series 2018-1A, Class D, (3 mo. LIBOR US + 2.95%), 7.74%, 04/16/31		500		467,518


Security	Par (000)		Value

Cayman Islands (continued)
Post CLO Ltd.^(a)(b)(continued)
Series 2021-1A, Class E, (3 mo. LIBOR US + 6.45%), 11.24%, 10/15/34		USD 750	$	651,044
Rad CLO 3 Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 7.54%, 04/15/32^(a)(b)		250		227,282
Rad CLO 9 Ltd., Series 2020-9A, Class E, (3 mo. LIBOR US + 7.59%), 12.38%, 01/15/34^(a)(b)		5,000		4,630,094
Regatta XVII Funding Ltd.^(a)(b)
Series 2020-1A, Class D, (3 mo. LIBOR US + 4.15%), 8.94%, 10/15/33		750		713,205
Series 2020-1A, Class E, (3 mo. LIBOR US + 7.61%), 12.40%, 10/15/33		250		234,938
Regatta XVIII Funding Ltd., Series 2021-1A, Class C, (3 mo. LIBOR US + 1.75%), 7.01%, 01/15/34		1,011		955,935
Regatta XX Funding Ltd., Series 2021-2A, Class D, (3 mo. LIBOR US + 3.10%), 7.89%, 10/15/34^(a)(b)		1,500		1,431,032
Regatta XXIV Funding Ltd., Series 2021-5A, Class E, (3 mo. LIBOR US + 6.80%), 11.61%, 01/20/35^(a)(b)		500		469,221
RR 19 Ltd., Series 2021-19A, Class D, (3 mo. LIBOR US + 6.50%), 11.29%, 10/15/35^(a)(b)		250		235,159
Sixth Street CLO XIX Ltd., Series 2021-19A, Class E, (3 mo. LIBOR US + 5.90%), 10.71%, 07/20/34^(a)(b)		3,750		3,454,915
Sixth Street CLO XVI Ltd., Series 2020-16A, Class E, (3 mo. LIBOR US + 7.32%), 12.13%, 10/20/32^(a)(b)		1,480		1,354,751
Sound Point CLO XII Ltd., Series 2016-2A, Class BR2, (3 mo. LIBOR US + 1.50%), 6.75%, 10/20/28		2,299		2,267,791
Sound Point CLO XXVI Ltd., Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.35%), 8.16%, 07/20/34^(a)(b)		250		216,160
Stratus CLO Ltd.^(a)(b)
Series 2021-1A, Class E, (3 mo. LIBOR US + 5.00%), 9.81%, 12/29/29		1,500		1,320,355
Series 2021-1A, Class SUB, 0.00%, 12/29/29		1,000		446,000
Series 2021-2A, Class E, (3 mo. LIBOR US + 5.75%), 10.56%, 12/28/29		1,000		909,505
Series 2021-3A, Class E, (3 mo. LIBOR US + 5.75%), 10.56%, 12/29/29		500		455,300
Symphony CLO XXI Ltd., Series 2019-21A, Class DR, (3 mo. LIBOR US + 3.30%), 8.09%, 07/15/32^(a)(b)		500		444,796
Symphony CLO XXIII Ltd., Series 2020-23A, Class ER, (3 mo. LIBOR US + 6.15%), 10.94%, 01/15/34^(a)(b)		500		445,980
TICP CLO I-2 Ltd., Series 2018-IA, Class B, (3 mo. LIBOR US + 2.20%), 7.02%, 04/26/28		566		565,490
TICP CLO II-2 Ltd., Series 2018-IIA, Class C, (3 mo. LIBOR US + 2.95%), 7.76%, 04/20/28^(a)(b)		250		250,000
TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 7.71%, 01/20/31^(a)(b)		500		473,727
TICP CLO XI Ltd.^(a)(b)
Series 2018-11A, Class D, (3 mo. LIBOR US + 3.05%), 7.86%, 10/20/31		250		239,413
Series 2018-11A, Class E, (3 mo. LIBOR US + 6.00%), 10.81%, 10/20/31		500		449,933
TICP CLO XV Ltd., Series 2020-15A, Class E, (3 mo. LIBOR US + 6.15%), 10.96%, 04/20/33^(a)(b)		500		452,643
Trestles CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 7.72%, 04/25/32^(a)(b)		500		448,074


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		2

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cayman Islands (continued)
Trimaran CAVU Ltd.
Series 2019-1A, Class D, (3 mo. LIBOR US + 4.15%), 8.96%, 07/20/32^(a)(b)		USD 1,750	$	1,620,319
Series 2021-1A, Class C, (3 mo. LIBOR US + 2.10%), 6.92%, 04/23/32		1,440		1,355,719
Voya CLO Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.60%), 11.41%, 07/20/32^(a)(b)		250		228,501
Whitebox CLO I Ltd.^(a)(b)
Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.87%, 07/24/32		250		231,174
Series 2019-1A, Class DR, (3 mo. LIBOR US + 6.40%), 11.22%, 07/24/32		1,300		1,175,430
Series 2019-1A, Class SUB, 0.00%, 07/24/32		1,000		543,300
Whitebox CLO II Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.35%), 8.17%, 10/24/34^(a)(b)		2,750		2,528,497
Whitebox CLO III Ltd.^(a)(b)
Series 2021-3A, Class D, (3 mo. LIBOR US + 3.35%), 8.14%, 10/15/34		500		449,163
Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 11.64%, 10/15/34		500		451,706


				99,203,069

Ireland^(a)(b)— 0.5%
Anchorage Capital Europe CLO DAC, Series 4A, Class D, (1 mo. EURIBOR + 3.20%), 5.65%, 04/25/34		EUR 868		842,805
CIFC European Funding CLO III DAC, Series 3A, Class D, (1 mo. EURIBOR + 3.60%), 5.89%, 01/15/34		700		680,265
CVC Cordatus Loan Fund XIX DAC, Series 19A, Class D, (1 mo. EURIBOR + 3.80%), 6.71%, 12/23/33		2,300		2,232,611
Henley CLO IV DAC, Series 4A, Class D, (1 mo. EURIBOR + 3.00%), 5.45%, 04/25/34		1,000		954,022
Invesco Euro CLO V DAC, Series D, Class 5A, (1 mo. EURIBOR + 3.80%), 6.09%, 01/15/34		3,150		3,084,162
Prodigy Finance DAC
Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 8.60%, 07/25/51		USD 340		336,698
Series 2021-1A, Class D, (1 mo. LIBOR US + 5.90%), 10.75%, 07/25/51		340		335,126

				8,465,689

Netherlands — 0.1%
Alme Loan Funding V DAC, Series ER, Class 5A, (1 mo. EURIBOR + 5.41%), 7.70%, 07/15/31^(a)(b)		EUR 2,250		2,173,352


United Kingdom — 0.0%
Ares European CLO XII DAC, Series 12A, Class DR, (1 mo. EURIBOR + 3.00%), 5.34%, 04/20/32^(a)(b)		875		846,350


United States — 3.2%
510 Loan Acquisition Trust, Series 2020-1, Class A, 5.11%, 09/25/60^(a)		USD 4,434		4,268,445
Ajax Mortgage Loan Trust^(a)
Series 2020-C, Class A, 2.25%, 09/27/60		172		168,899
Series 2020-C, Class B, 5.00%, 09/27/60		375		348,786
Series 2020-C, Class C, 6.50%, 09/27/60		1,177		998,188
Series 2020-D, Class B, 5.00%, 06/25/60		525		488,301
Series 2020-D, Class C, 6.50%, 06/25/60		1,239		1,072,860


Security	Par (000)		Value

United States (continued)
Ajax Mortgage Loan Trust^(a)(continued)
Series 2021-E, Class B3, 3.42%, 12/25/60^(b)		USD 955	$	354,674
Series 2021-E, Class SA, 0.00%, 12/25/60^(b)		14		6,615
Series 2021-E, Class XS, 0.00%, 12/25/60^(b)		13,863		555,860
AMSR Trust, Series 2020-SFR5, Class G, 4.11%, 11/17/37^(a)		2,899		2,666,059
Citigroup Mortgage Loan Trust^(b)
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.20%), 5.05%, 05/25/37		4,457		2,934,612
Series 2007-AHL3, Class A3B, (1 mo. LIBOR US + 0.17%), 5.02%, 07/25/45		3,334		2,332,457
College Ave Student Loans LLC, Series 2021-A, Class D, 4.12%, 07/25/51^(a)		310		278,176
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class R1, 6.00%, 04/25/43^(a)(c)		5		3,629,160
Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26^(a)		2,421		2,099,309
Lending Funding Trust^(a)
Series 2020-2A, Class C, 4.30%, 04/21/31		980		847,797
Series 2020-2A, Class D, 6.77%, 04/21/31		2,830		2,452,583
Lendmark Funding Trust, Series 2021-1A, Class D, 5.05%, 11/20/31^(a)		2,320		1,839,425
Litigation Fee Residual, 4.00%, 10/30/27^(c)		2,763		2,663,387
Mariner Finance Issuance Trust^(a)
Series 2021-BA, Class E, 4.68%, 11/20/36		540		414,466
Series 2022-AA, Class E, 5.40%, 03/20/36		1,420		1,126,760
Navient Private Education Refi Loan Trust, Series 2021-DA, Class D, 4.00%, 04/15/60^(a)		1,340		1,216,228
Nelnet Student Loan Trust^(a)
Series 2021-A, Class D, 4.93%, 04/20/62		1,670		1,421,011
Series 2021-BA, Class D, 4.75%, 04/20/62^(c)		340		293,046
Series 2021-CA, Class D, 4.44%, 04/20/62		110		90,022
Progress Residential^(a)
Series 2021-SFR1, Class H, 5.00%, 04/17/38		750		648,249
Series 2021-SFR3, Class H, 4.75%, 05/17/26		1,140		1,005,828
Regional Management Issuance Trust 3.88%, 10/17/33^(c)		4,780		4,152,864
Series 2020-1, Class D, 6.77%, 10/15/30^(a)		2,050		1,849,842
Republic Finance Issuance Trust^(a)
Series 2020-A, Class D, 7.00%, 11/20/30		5,110		4,689,043
Series 2021-A, Class D, 5.23%, 12/22/31		800		658,360
Residential Mortgage Loan Trust, Series 2020-1, Class B1, 3.95%, 01/26/60^(a)(b)		400		301,877
SMB Private Education Loan Trust^(a)
Series 2021-A, Class D1, 3.86%, 01/15/53		3,500		3,205,475
Series 2021-A, Class D2, 3.86%, 01/15/53		1,910		1,749,273
Series 2021-C, Class D, 3.93%, 01/15/53		780		715,047
SoFi Professional Loan Program LLC^(a)
Series 2017-A, Class R, 6.00%, 03/26/40		105		733,365
Series 2018-A, Class R1, 6.50%, 02/25/42		115		1,856,873
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF2, Class M8, (1 mo. LIBOR US + 1.80%), 6.65%, 05/25/35^(b)		182		170,775

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
Tricon Residential Trust^(a)
Series 2021-SFR1, Class F, 3.69%, 07/17/38		USD 1,375	$	1,211,732
Series 2021-SFR1, Class G, 4.13%, 07/17/38		887		773,862


				58,289,591


Total Asset-Backed Securities — 9.2% (Cost: $191,679,217)				169,839,649


	Shares

Common Stocks

Australia — 0.4%
Glencore PLC		1,193,449		6,867,362


Canada — 1.2%
Cameco Corp.		181,561		4,751,451
Enbridge, Inc.		367,004		13,993,131
Suncor Energy, Inc.		119,295		3,703,750


				22,448,332

Cayman Islands — 0.0%
Crown PropTech Acquisitions, Class A^(d)		29,568		296,567
Hedosophia European Growth^(d)		2		21
Salt Pay Co. Ltd., Series C, (Acquired 11/16/21, Cost: $2,398,802)^(c)(e)		1,235		904,675


				1,201,263

China — 0.4%
Kindstar Globalgene Technology, Inc.^(a)(d)		2,024,500		514,472
Meituan, Class B^(a)(d)		13,088		237,446
Tencent Holdings Ltd.		130,888		6,396,404


				7,148,322

France — 3.1%
BNP Paribas SA		170,232		10,165,834
Cie de Saint-Gobain		108,482		6,166,504
Danone SA		62,658		3,898,807
Hermes International		2,618		5,302,119
Kering SA		13,348		8,708,603
LVMH Moet Hennessy Louis Vuitton SE		16,632		15,266,651
Sanofi		25,646		2,782,045
TotalEnergies SE		79,651		4,696,515


				56,987,078

Germany — 2.1%
Bayer AG, Registered Shares		58,363		3,728,322
Commerzbank AG^(d)		119,690		1,260,124
Deutsche Telekom AG, Registered Shares		238,715		5,784,612
Mercedes-Benz Group AG, Registered Shares		103,840		7,985,582
SAP SE		92,426		11,670,674
SAP SE, ADR		7,100		898,505
Siemens AG, Registered Shares		42,531		6,890,188


				38,218,007

Hong Kong — 0.3%
AIA Group Ltd.		545,970		5,725,781


India — 0.2%
Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $5,113,105)^(c)(e)		2,279		4,043,471


Security	Shares		Value

Israel — 0.5%
Nice Ltd., ADR^(d)		38,347	$	8,777,245


Italy — 0.5%
Ariston Holding NV		476,063		5,244,292
Intesa Sanpaolo SpA		1,358,699		3,487,020


				8,731,312

Japan — 1.7%
FANUC Corp.		243,315		8,786,637
Hoya Corp.		35,186		3,888,483
Keyence Corp.		16,300		7,988,766
Kose Corp.		10,998		1,307,203
Mitsubishi UFJ Financial Group, Inc.		742,400		4,757,795
Sysmex Corp.		65,800		4,318,555


				31,047,439

Netherlands — 2.2%
Adyen NV^(a)(d)		3,814		6,077,334
ASML Holding NV		18,973		12,929,112
ING Groep NV, Series N^(d)		1,001,835		11,897,126
Shell PLC		325,019		9,312,140
Shell PLC, ADR		933		53,685


				40,269,397

South Korea — 0.4%
Amorepacific Corp.		28,737		3,033,073
LG Energy Solution Ltd.^(d)		9,583		4,317,647


				7,350,720

Spain — 0.6%
Cellnex Telecom SA^(a)		282,951		11,003,293


Switzerland — 1.5%
Alcon, Inc.		54,205		3,847,877
Nestle SA, Registered Shares		110,531		13,477,100
On Holding AG, Class A^(d)		104,674		3,248,034
Roche Holding AG		7,920		2,263,080
TE Connectivity Ltd.		45,118		5,917,226


				28,753,317

Taiwan — 0.3%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		69,341		6,450,100


United Kingdom — 2.7%
Alphawave IP Group PLC^(d)		400,901		582,565
AstraZeneca PLC		48,177		6,675,129
AstraZeneca PLC, ADR		58,044		4,028,834
BAE Systems PLC		348,202		4,211,894
BP PLC		73,129		462,213
BP PLC, ADR		4,783		181,467
Compass Group PLC		337,716		8,487,323
Exscientia PLC, ADR^(d)		100,350		531,855
Genius Sports Ltd.^(d)		186,939		930,956
Hedosophia European Growth^(d)		139,284		1,485,429
Lloyds Banking Group PLC		15,710,663		9,237,037
Unilever PLC		247,748		12,838,052


				49,652,754

United States — 31.6%
Abbott Laboratories^(f)		103,467		10,477,068
AbbVie, Inc.		28,521		4,545,392
Activision Blizzard, Inc.		35,291		3,020,557
ACV Auctions, Inc., Class A^(d)		203,406		2,625,973
Adobe, Inc.^(d)		1,504		579,596


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		4

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares			Value

United States (continued)
Advanced Micro Devices, Inc.^(d)		62,139		$	6,090,243
Air Products & Chemicals, Inc.		31,902			9,162,573
Albemarle Corp.		25,988			5,744,388
Alphabet, Inc., Class C^(d)		205,643			21,386,872
Amazon.com, Inc.^(d)(f)		220,550			22,780,609
American Tower Corp.		41,671			8,515,052
AmerisourceBergen Corp.		8,277			1,325,230
Amgen, Inc.		5,487			1,326,482
Apple, Inc.		34,894			5,754,021
Applied Materials, Inc.		45,247			5,557,689
Aptiv PLC^(d)		34,079			3,823,323
Archer-Daniels-Midland Co.		172,239			13,720,559
Astra Space, Inc.		205,519			87,346
Atlas Energy Solutions, Inc., Class A		22,504			383,243
Bank of America Corp.		26,226			750,064
Boston Scientific Corp.^(d)(f)		230,570			11,535,417
Bunge Ltd.		44,663			4,266,210
California Resources Corp.		47,698			1,836,373
Centene Corp.^(d)		10,766			680,519
CF Industries Holdings, Inc.		85,954			6,230,805
Charles Schwab Corp.^(f)		93,537			4,899,468
Charter Communications, Inc., Class A^(d)		9,297			3,324,700
Chesapeake Energy Corp.		13,724			1,043,573
Chipotle Mexican Grill, Inc.^(d)		639			1,091,597
Chubb Ltd.		45,664			8,867,036
Comcast Corp., Class A		57,932			2,196,202
ConocoPhillips		4,797			475,910
Constellation Brands, Inc., Class A		1,821			411,346
Costco Wholesale Corp.		18,784			9,333,206
Coterra Energy, Inc.		4,939			121,203
Crown PropTech Acquisitions^(c)		62,088			39,736
CVS Health Corp.		1,110			82,484
Datadog, Inc., Class A^(d)		2,278			165,519
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $908,457)^(e)(g)		—	^(h)		4,132,943
Deere & Co.		17,226			7,112,271
Delta Air Lines, Inc.^(d)		21,203			740,409
Devon Energy Corp.		3,021			152,893
Dexcom, Inc.^(d)		29,768			3,458,446
Domino’s Pizza, Inc.		4,508			1,487,054
Dynatrace, Inc.^(d)		3,965			167,719
Edwards Lifesciences Corp.^(d)		10,652			881,240
Element Solutions, Inc.		49,065			947,445
Eli Lilly and Co.		19,289			6,624,228
Energy Transfer LP		24,198			301,749
Enterprise Products Partners LP		328,803			8,515,998
Epic Games, Inc., (Acquired 03/29/21, Cost: $2,499,240)^(c)(e)		2,824			2,030,202
EQT Corp.^(f)		249,471			7,960,620
F5, Inc.^(d)		42,439			6,182,938
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $8,566,971)^(c)(e)		126,282			9,473,676
Fortive Corp.		152,788			10,415,558
Freeport-McMoRan, Inc.^(f)		170,071			6,957,605
General Motors Co.		19,008			697,213
Globalfoundries, Inc.^(d)		73,546			5,308,550
Green Plains, Inc.^(d)		46,023			1,426,253
Halliburton Co.		40,161			1,270,694
Hilton Worldwide Holdings, Inc.		26,899			3,789,262
Humana, Inc.		19,780			9,602,399
Informatica, Inc., Class A^(d)		41,280			676,992


Security	Shares		Value

United States (continued)
Intuit, Inc.		3,145	$	1,402,135
Intuitive Surgical, Inc.^(d)		15,934		4,070,659
Johnson & Johnson		41,371		6,412,505
JPMorgan Chase & Co.		25,694		3,348,185
KINS Technology Group, Inc.^(c)		35,193		51,030
KLA Corp.		6,833		2,727,529
Latch, Inc.		142,273		108,426
Liberty Broadband Corp., Class C^(d)		39,610		3,236,137
Liberty Media Corp.-Liberty SiriusXM, Class C^(d)		249,230		6,975,948
Lions Gate Entertainment Corp., Class A^(d)		44,712		494,962
Lockheed Martin Corp.		6,916		3,269,401
Lowe’s Cos., Inc.		2,802		560,316
LPL Financial Holdings, Inc.		51,105		10,343,652
LyondellBasell Industries NV, Class A		14,062		1,320,281
Marathon Oil Corp.		121,020		2,899,639
Marathon Petroleum Corp.		5,414		729,970
Marsh & McLennan Cos., Inc.		85,904		14,307,311
Masco Corp.		11,041		548,959
Mastercard, Inc., Class A		42,485		15,439,474
McDonald’s Corp.		7,384		2,064,640
McKesson Corp.		3,710		1,320,945
Merck & Co., Inc.		111,645		11,877,912
Micron Technology, Inc.		120,573		7,275,375
Microsoft Corp.		151,927		43,800,554
Mirion Technologies, Inc.		477,390		4,076,911
Mirion Technologies, Inc.^(d)		219,122		1,871,302
Morgan Stanley		4,400		386,320
Mr. Cooper Group, Inc.^(d)		15,882		650,686
NextEra Energy, Inc.^(f)		130,522		10,060,636
Northrop Grumman Corp.		26,668		12,313,149
Offerpad Solutions, Inc.		180,031		94,876
Park Hotels & Resorts, Inc.		35,866		443,304
Pfizer, Inc.		45,065		1,838,652
Phillips 66		11,986		1,215,141
Playstudios, Inc.		226,924		837,350
Proof Acquisition Corp.^(c)		29,114		23,000
Rockwell Automation, Inc.		8,330		2,444,438
Rotor Acquisition Corp.		23,869		9,786
RXO, Inc.^(d)		5,629		110,554
Salesforce, Inc.^(d)		14,375		2,871,837
Sarcos Technology and Robotics Corp.		964,459		457,829
Sarcos Technology and Robotics Corp.^(d)		45,102		21,410
Schlumberger NV		30,299		1,487,681
Sempra Energy		93,572		14,144,343
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $189,563)^(c)(e)		12,621		89,862
Sonder Holdings, Inc., Class A		223,319		169,075
SPDR S&P Biotech ETF^(d)		45,000		3,429,450
SPDR S&P Metals & Mining ETF		5,633		299,450
Starbucks Corp.		37,146		3,868,013
Sun Country Airlines Holdings, Inc.		175,935		3,606,667
Symbotic Corp., Class A		22,948		524,132
Symbotic, Inc.^(d)		2,105		48,078
Taboola.com Ltd.		64,770		176,174
Tesla, Inc.^(d)		27,918		5,791,868
Thermo Fisher Scientific, Inc.		19,916		11,478,985
TJX Cos., Inc.		60,008		4,702,227
Transocean Ltd.^(d)		168,799		1,073,562
Union Pacific Corp.		3,636		731,781
United Parcel Service, Inc., Class B		50,501		9,796,689
United Rentals, Inc.		1,045		413,569

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
UnitedHealth Group, Inc.^(f)		38,067	$	17,990,084
Valero Energy Corp.		26,840		3,746,864
Vertiv Holdings Co.		121,173		1,733,986
Visa, Inc., Class A		16,202		3,652,903
Vulcan Materials Co.		25,948		4,451,639
Walmart, Inc.		41,499		6,119,028
Walt Disney Co.^(d)		84,362		8,447,167
Wells Fargo & Co.		144,714		5,409,409
Zoetis, Inc.		12,652		2,105,799


				584,373,552


Total Common Stocks — 49.7% (Cost: $885,662,347)				919,048,745


	Par (000)

Corporate Bonds

Australia^(c)— 0.3%
Oceana Australian Fixed Income Trust 10.00%, 08/31/23		AUD 4,163		2,779,418
10.25%, 08/31/25		4,163		2,869,719
Oceana Australian Fixed Income Trust, A Note Upsize^(b)
8.00%, 01/21/24		810		533,323
8.00%, 03/28/26		100		65,762


				6,248,222

Austria — 0.1%
BRF GmbH, 4.35%, 09/29/26⁽ⁱ⁾		USD 200		176,865
Klabin Austria GmbH, 3.20%, 01/12/31^(a)		619		507,704
Suzano Austria GmbH, 3.13%, 01/15/32		200		163,000


				847,569

Bahamas — 0.0%
Intercorp Peru Ltd., 3.88%, 08/15/29^(a)		560		463,330


Belgium⁽ⁱ⁾— 0.0%
Anheuser-Busch InBev SA, 4.00%, 09/24/25		GBP 100		121,471
KBC Group NV, (1 year UK Government Bond + 0.92%), 1.25%, 09/21/27^(b)		100		106,368


				227,839

Bermuda — 0.0%
Geopark Ltd., 5.50%, 01/17/27^(a)		USD 448		369,600


Brazil — 0.1%
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(a)(b)		645		640,566
BRF SA, 4.88%, 01/24/30⁽ⁱ⁾		383		315,209


				955,775

Canada — 0.7%
First Quantum Minerals Ltd., 7.50%, 04/01/25^(a)		500		496,777
Garda World Security Corp., 7.75%, 02/15/28^(a)		238		234,573
HR Ottawa LP, 11.00%, 03/31/31		9,658		9,368,260
Rogers Communications, Inc., 3.80%, 03/15/32^(a)		2,675		2,400,680
Toronto-Dominion Bank, 2.88%, 04/05/27⁽ⁱ⁾		GBP 100		112,495


				12,612,785

Cayman Islands — 0.5%
ABRA Global Finance, 11.50%, 03/02/28		USD 1,577		1,230,828
China Evergrande Group, 8.25%, 03/23/22^(d)(i)(j)		500		37,500


Security	Par (000)		Value

Cayman Islands (continued)
Fantasia Holdings Group Co. Ltd.^(d)(i)(j)6.95%, 12/17/21		USD 320	$	32,800
9.25%, 07/28/23		1,200		123,000
IHS Holding Ltd. 5.63%, 11/29/26⁽ⁱ⁾		747		625,052
6.25%, 11/29/28^(a)		569		454,062
Jingrui Holdings Ltd.^(d)(i)(j)12.00%, 07/25/22		370		31,619
12.75%, 09/09/23		355		26,337
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31^(a)		458		430,177
MAF Sukuk Ltd., 3.93%, 02/28/30⁽ⁱ⁾		650		608,684
Melco Resorts Finance Ltd., 5.38%, 12/04/29⁽ⁱ⁾		250		204,375
Modern Land China Co. Ltd.^(d)(i)(j)(k)
8.00%, 12/30/24		278		18,821
9.00%, 12/30/27		290		18,986
(2.00% Cash or 2.00% PIK), 9.00%, 12/30/26		199		13,444
Oryx Funding Ltd., 5.80%, 02/03/31^(a)		324		310,392
Ronshine China Holdings Ltd.^(d)(i)(j)7.35%, 12/15/23		200		13,500
7.10%, 01/25/25		400		27,000
Seagate HDD Cayman, 9.63%, 12/01/32^(a)		550		616,367
Shelf Drilling Holdings Ltd., 8.88%, 11/15/24^(a)		96		95,358
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25^(a)		1,419		1,411,728
Sinic Holdings Group Co. Ltd.^(d)(j)8.50%, 01/24/22⁽ⁱ⁾		1,100		11,000
10.50%, 06/18/22		200		2,000
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(a)		424		436,326
Transocean, Inc., 8.75%, 02/15/30^(a)		450		459,000
Vantage Drilling International, 9.50%, 02/15/28^(a)		1,352		1,325,244


				8,563,600

Chile — 0.0%
Kenbourne Invest SA, 6.88%, 11/26/24^(a)		868		650,891


China⁽ⁱ⁾— 0.0%
China Aoyuan Group Ltd., 8.50%, 01/23/22^(d)(j)		359		32,310
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22^(d)(j)		520		53,300
Fortune Star BVI Ltd., 5.05%, 01/27/27		200		137,600
RKPF Overseas Ltd., Series 2020-A, 5.20%, 01/12/26		200		143,225


				366,435

Colombia — 0.3%
Ecopetrol SA 4.13%, 01/16/25		829		798,327
4.63%, 11/02/31		833		636,954
8.88%, 01/13/33		800		807,000
5.88%, 05/28/45		624		427,440
Grupo Aval Ltd., 4.38%, 02/04/30^(a)		702		530,466
Millicom International Cellular SA, 5.13%, 01/15/28⁽ⁱ⁾		615		547,884
SURA Asset Management SA, 4.88%, 04/17/24⁽ⁱ⁾		967		947,660


				4,695,731

Dominican Republic — 0.0%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(a)		791		768,753


France — 0.2%
BNP Paribas SA⁽ⁱ⁾
3.38%, 01/23/26		GBP 100		116,835


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		6

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

France (continued)
BNP Paribas SA ⁽ⁱ⁾(continued) 1.88%, 12/14/27		GBP 100	$	105,251
Sabena Technics Sas, (3 mo. EURIBOR + 5.00%), (Acquired 10/28/22, Cost: $2,350,610), 6.58%, 09/30/29^(c)(e)		EUR 2,397		2,599,546
Societe Generale SA, 1.88%, 10/03/24⁽ⁱ⁾		GBP 100		116,862
TotalEnergies Capital International SA, 1.66%, 07/22/26⁽ⁱ⁾		100		112,549


				3,051,043

Germany — 0.4%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24^(a)		EUR 3,303		3,001,803
APCOA Parking Holdings GmbH, (1 mo. EURIBOR + 5.00%), 7.29%, 01/15/27^(a)(b)		852		903,204
Douglas GmbH, 6.00%, 04/08/26^(a)		702		668,438
Kirk Beauty SUN GmbH, (8.25% Cash or 9.00% PIK), 8.25%, 10/01/26^(a)(k)		144		111,705
Project Champion, (6 mo. EURIBOR + 9.50%), 10.25%, 03/31/31^(c)		2,900		3,050,698


				7,735,848

Hong Kong^(d)(j)— 0.0%
Yango Justice International Ltd. 10.25%, 09/15/22		USD 1,200		24,000
7.50%, 04/15/24⁽ⁱ⁾		2,000		40,000


				64,000

India⁽ⁱ⁾— 0.0%
ReNew Power Pvt Ltd., 5.88%, 03/05/27		120		191,735
Vedanta Resources Finance II PLC, 13.88%, 01/21/24		200		160,163


				351,898

Indonesia⁽ⁱ⁾— 0.1%
Freeport Indonesia PT, 4.76%, 04/14/27		1,005		978,179
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26		300		286,500
Pertamina Persero PT, 3.65%, 07/30/29		645		598,308
Theta Capital Pte. Ltd., 8.13%, 01/22/25		200		160,663


				2,023,650

Isle of Man — 0.0%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30		300		260,494


Israel — 0.1%
Leviathan Bond Ltd., 5.75%, 06/30/23^(a)(i)		1,110		1,102,811


Italy^(a)— 0.4%
Fiber Bidco Spa 11.00%, 10/25/27		EUR 1,050		1,221,282
(1 mo. EURIBOR + 6.00%), 9.02%, 10/25/27^(b)		695		757,496
Forno d’Asolo SpA, (1 mo. EURIBOR + 5.50%), 8.52%, 04/30/27^(b)		3,040		2,868,285
Marcolin SpA, 6.13%, 11/15/26		928		844,383
Shiba Bidco SpA, 4.50%, 10/31/28		1,882		1,645,580


				7,337,026

Japan — 0.2%
Rakuten Group, Inc., 10.25%, 11/30/24^(a)		USD 605		574,750
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30		3,300		2,786,500


				3,361,250

Jersey — 0.1%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32		3,000		2,612,742


Luxembourg — 0.2%
Atento Luxco 1 SA, 8.00%, 02/10/26^(a)		202		58,580


Security	Par (000)		Value

Luxembourg (continued)
EIG Pearl Holdings SARL, 3.55%, 08/31/36^(a)		USD 872	$	744,470
FEL Energy VI SARL, 5.75%, 12/01/40		566		464,433
Herens Midco SARL, 5.25%, 05/15/29^(a)		EUR 1,006		723,337
Kenbourne Invest SA, 4.70%, 01/22/28^(a)		USD 340		195,670
MC Brazil Downstream Trading SARL 7.25%, 06/30/31^(a)		702		545,415
7.25%, 06/30/31⁽ⁱ⁾		193		150,252
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26^(a)		EUR 718		719,492


				3,601,649

Macau — 0.0%
MGM China Holdings Ltd., 5.88%, 05/15/26⁽ⁱ⁾		USD 250		235,281


Mauritius — 0.1%
CA Magnum Holdings, 5.38%, 10/31/26⁽ⁱ⁾		200		176,500
HTA Group Ltd., 7.00%, 12/18/25^(a)		828		786,082
India Green Energy Holdings, 5.38%, 04/29/24^(a)		281		271,165


				1,233,747

Mexico — 0.5%
Axtel SAB de CV, 6.38%, 11/14/24^(a)		620		549,397
Braskem Idesa SAPI, 6.99%, 02/20/32^(a)		668		497,660
Comision Federal de Electricidad, 4.88%, 01/15/24		983		967,825
Grupo Bimbo SAB de CV^(b)(l)
(5 year CMT + 3.28%), 5.95%⁽ⁱ⁾		1,019		1,013,778
(5 year CMT + 3.28%), 5.95%^(a)		585		582,002
Grupo KUO SAB De CV, 5.75%, 07/07/27^(a)		585		527,231
Mexico City Airport Trust, 5.50%, 07/31/47⁽ⁱ⁾		613		468,209
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(a)		1,475		708,277
Petroleos Mexicanos 6.50%, 03/13/27		997		900,889
8.75%, 06/02/29		972		898,517
5.95%, 01/28/31		1,189		904,710
6.70%, 02/16/32		1,116		884,765
6.38%, 01/23/45		155		98,270
Trust Fibra Uno, 5.25%, 01/30/26^(a)		495		468,023


				9,469,553

Morocco — 0.0%
OCP SA, 3.75%, 06/23/31⁽ⁱ⁾		541		444,972


MultiNational — 0.1%
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(a)		1,500		1,410,000


Netherlands — 0.4%
Braskem Netherlands Finance BV 4.50%, 01/31/30⁽ⁱ⁾		556		468,986
7.25%, 02/13/33^(a)		820		785,560
Cooperatieve Rabobank UA, (1 year UK Government Bond + 1.05%), 1.88%, 07/12/28^(b)(i)		GBP 100		107,098
Equate Petrochemical BV 4.25%, 11/03/26⁽ⁱ⁾		USD 297		288,053
2.63%, 04/28/28^(a)		405		357,362
ING Groep NV, 3.00%, 02/18/26⁽ⁱ⁾		GBP 100		115,549
Metinvest BV⁽ⁱ⁾8.50%, 04/23/26		USD 669		408,090
7.65%, 10/01/27		682		392,363
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30		3,260		2,921,367

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Netherlands (continued)
Vivo Energy Investments BV 5.13%, 09/24/27^(a)		USD 1,540	$	1,405,539
5.13%, 09/24/27⁽ⁱ⁾		913		833,284
Volkswagen Financial Services NV, 1.88%, 12/03/24⁽ⁱ⁾		GBP 100		116,267


				8,199,518

Oman — 0.0%
OQ SAOC, 5.13%, 05/06/28^(a)		USD 342		324,644


Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61^(a)		400		308,200
AES Panama Generation Holdings SRL, 4.38%, 05/31/30⁽ⁱ⁾		565		483,301


				791,501

Peru — 0.0%
Inkia Energy Ltd., 5.88%, 11/09/27⁽ⁱ⁾		438		403,179
Nexa Resources SA, 5.38%, 05/04/27^(a)		292		273,385


				676,564

Singapore — 0.1%
Puma International Financing SA 5.13%, 10/06/24^(a)		585		546,975
5.00%, 01/24/26⁽ⁱ⁾		719		639,820


				1,186,795

South Africa — 0.1%
Sasol Financing USA LLC, 6.50%, 09/27/28		1,198		1,118,483


Spain⁽ⁱ⁾— 0.1%
AI Candelaria Spain SA, 7.50%, 12/15/28		517		470,447
Banco Santander SA, (1 year UK Government Bond + 1.80%), 3.13%, 10/06/26^(b)		GBP 400		458,204
Telefonica Emisiones SA, 5.38%, 02/02/26		200		247,533


				1,176,184
Sweden — 0.1%
Swedbank AB, (1 year UK Government Bond + 1.00%), 1.38%, 12/08/27^(b)(i)		100		106,015
Verisure Holding AB 3.25%, 02/15/27⁽ⁱ⁾		EUR 751		720,797
7.13%, 02/01/28^(a)		414		448,197
Verisure Midholding AB, 5.25%, 02/15/29⁽ⁱ⁾		751		676,034


				1,951,043

Switzerland — 0.1%
UBS Group AG, (1 year CMT + 0.83%), 1.01%, 07/30/24^(a)(b)		USD 1,697		1,663,255


United Arab Emirates⁽ⁱ⁾— 0.1%
DP World Salaam, (5 year CMT + 5.75%), 6.00%^(b)(l)		1,060		1,054,038
MAF Sukuk Ltd., 4.64%, 05/14/29		527		517,876


				1,571,914

United Kingdom — 0.6%
Avianca Midco 2 PLC, 9.00%, 12/01/28^(a)		763		625,607
Barclays PLC⁽ⁱ⁾3.00%, 05/08/26		GBP 100		113,409
3.25%, 02/12/27		100		112,054
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28^(a)		2,355		2,469,357
BCP V Modular Services Finance PLC, 6.75%, 11/30/29^(a)		EUR 3,137		2,703,467
BG Energy Capital PLC, 5.13%, 12/01/25⁽ⁱ⁾		GBP 200		248,568


Security	Par (000)		Value

United Kingdom (continued)
Deuce Finco PLC, 5.50%, 06/15/27^(a)		GBP 1,634	$	1,676,761
HSBC Holdings PLC, (3 mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27^(b)		100		107,963
Informa PLC, 3.13%, 07/05/26⁽ⁱ⁾		100		114,433
Inspired Entertainment Financing PLC, 7.88%, 06/01/26^(a)		675		788,964
Kane Bidco Ltd.^(a)5.00%, 02/15/27		EUR 615		614,835
6.50%, 02/15/27		GBP 699		767,386
Lloyds Banking Group PLC, 2.25%, 10/16/24⁽ⁱ⁾		200		234,439
NatWest Group PLC^(b)(i)
(1 year GBP Swap + 1.49%), 2.88%, 09/19/26		100		114,804
(1 year GBP Swap + 2.01%), 3.13%, 03/28/27		100		113,731
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26⁽ⁱ⁾		100		116,438
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(a)		USD 1,348		822,280


				11,744,496

United States — 9.4%
AbbVie, Inc., 3.20%, 11/21/29		3,265		3,029,984
Affinity Interactive, 6.88%, 12/15/27^(a)		1,000		892,020
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/34		2,370		1,895,566
Allegiant Travel Co., 8.50%, 02/05/24^(a)		5,000		5,000,000
American Tower Corp., 2.70%, 04/15/31		3,010		2,524,305
Amgen, Inc. 5.50%, 12/07/26⁽ⁱ⁾		GBP 100		124,844
4.05%, 08/18/29		USD 3,355		3,236,999
Amkor Technology, Inc., 6.63%, 09/15/27^(a)		350		350,042
Anheuser-Busch InBev Worldwide, Inc., 3.50%, 06/01/30		3,045		2,870,891
AT&T, Inc. 2.90%, 12/04/26		GBP 200		228,681
5.50%, 03/15/27⁽ⁱ⁾		100		124,116
Bank of America Corp., (1 day SOFR + 1.53%), 1.90%, 07/23/31^(b)		USD 3,340		2,678,509
Bank of New York Mellon Corp., (1 day SOFR Index + 2.07%), 5.83%, 10/25/33^(b)		2,285		2,440,086
Baxter International, Inc., 2.54%, 02/01/32		2,830		2,304,041
Beeper CO, (6 mo. SOFR + 6.88%, 1.50% Floor), 8.38%, 12/21/27^(c)		3,362		3,328,380
Broadcom, Inc., 3.42%, 04/15/33^(a)		2,615		2,187,995
California Resources Corp., 7.13%, 02/01/26^(a)		583		590,188
Caresyntax, Inc., 15.00%, 12/31/24^(c)		200		214,963
Carrols Restaurant Group, Inc., 5.88%, 07/01/29^(a)		220		177,100
Cinemark Holdings, Inc., 4.50%, 08/15/25		4,035		5,116,221
Citigroup, Inc., 1.75%, 10/23/26		GBP 200		218,528
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29^(a)		USD 120		106,152
CVS Health Corp., 1.88%, 02/28/31		2,285		1,850,679
DAE Funding LLC, 1.55%, 08/01/24⁽ⁱ⁾		532		499,415
Ecolab, Inc., 4.80%, 03/24/30		2,000		2,036,447
Flyr Convertible Notes, 8.00%, 07/20/23^(c)		2,231		2,164,565
Flyr Secured Notes, (1 mo. SOFR + 5.00%, 0.50% Floor), 9.56%, 05/10/27^(c)		1,113		1,026,742
Forestar Group, Inc., 5.00%, 03/01/28^(a)		2,600		2,327,000
Freed Corp., 10.00%, 12/07/23^(c)		5,808		5,677,344
Freedom Mortgage Corp.^(a)8.13%, 11/15/24		1,409		1,356,162
8.25%, 04/15/25		1,295		1,196,256


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		8

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
FreeWire Technologies, Inc., (3 mo. SOFRTE CME + 9.00%), 14.91%, 03/31/25^(c)		USD 2,346	$	2,240,583
Frontier Communications Holdings LLC^(a)5.88%, 10/15/27		1,128		1,025,465
8.75%, 05/15/30		1,000		996,010
8.63%, 03/15/31		745		729,504
Frontier Florida LLC, Series E, 6.86%, 02/01/28		760		678,440
Full House Resorts, Inc., 8.25%, 02/15/28^(a)		230		209,300
Gen Digital, Inc.^(a)6.75%, 09/30/27		120		120,624
7.13%, 09/30/30		705		701,475
General Mills, Inc., 2.88%, 04/15/30		3,210		2,874,272
General Motors Co., 5.60%, 10/15/32		1,265		1,238,536
Goldman Sachs Group, Inc. 7.25%, 04/10/28		GBP 100		132,995
(1 day SOFR + 1.09%), 1.99%, 01/27/32^(b)		USD 3,150		2,516,296
GoTo Group, Inc., 5.50%, 09/01/27^(a)		1,675		857,139
HCA, Inc. 3.50%, 09/01/30		132		117,571
3.63%, 03/15/32^(a)		2,120		1,868,845
Home Depot, Inc., 1.38%, 03/15/31		3,020		2,416,493
Homes By West Bay LLC, 9.50%, 04/30/27^(c)		5,256		4,796,100
Howard Hughes Corp.^(a)4.13%, 02/01/29		1,002		848,624
4.38%, 02/01/31		1,102		887,110
Howmet Aerospace, Inc., 6.88%, 05/01/25		115		119,382
JPMorgan Chase & Co., (3 mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26^(b)(i)		GBP 200		225,145
Kraft Heinz Foods Co., 3.75%, 04/01/30		USD 3,150		2,978,990
Lessen, Inc., 9.31%, 01/04/28^(c)		1,902		1,825,913
Lightning eMotors, Inc., 7.50%, 05/15/24^(a)		945		519,750
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(a)		590		387,925
Lowe’s Cos., Inc., 2.63%, 04/01/31		2,960		2,529,912
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(a)		2,240		2,240,000
Maxar Technologies, Inc., 7.75%, 06/15/27^(a)		636		664,581
MCM Trust, 1.00%, 01/01/59^(c)		3,888		3,727,454
Merck & Co., Inc., 2.15%, 12/10/31		1,360		1,151,361
Morgan Stanley, (1 day SOFR + 1.02%), 1.93%, 04/28/32^(b)		3,055		2,403,382
Nationstar Mortgage Holdings, Inc.^(a)6.00%, 01/15/27		242		219,615
5.50%, 08/15/28		1,128		967,260
5.75%, 11/15/31		488		378,524
Newmont Corp., 2.60%, 07/15/32		2,720		2,276,601
NVIDIA Corp., 2.00%, 06/15/31		2,895		2,435,672
Oracle Corp., 6.15%, 11/09/29		750		798,846
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28^(a)		1,275		1,198,234
Pioneer Midco Notes, 10.50%, 11/18/30^(c)		3,903		3,824,940
Pitney Bowes, Inc., 6.88%, 03/15/27^(a)		2,080		1,647,298
Rand Parent LLC, 8.50%, 02/15/30^(a)		1,055		991,700
Regal Rexnord Corp., 6.05%, 02/15/26^(a)		355		356,556
Republic Services, Inc., 1.45%, 02/15/31		3,080		2,449,906
Sabre Global, Inc.^(a)9.25%, 04/15/25		1,071		1,008,882
7.38%, 09/01/25		405		361,865
11.25%, 12/15/27		750		698,880


Security	Par (000)		Value

United States (continued)
Sasol Financing USA LLC 4.38%, 09/18/26		USD 404	$	365,191
5.50%, 03/18/31		954		796,769
Service Properties Trust, 4.35%, 10/01/24		190		181,737
Sitio Royalties Corp., (3 mo. SOFR + 6.50%, 1.50% Floor), 11.40%, 09/21/26^(c)		7,751		7,625,680
Sonder Secured Notes, (13.50% PIK), 13.50%, 01/19/27^(b)(c)(k)		9,331		8,398,267
Stem, Inc., 0.50%, 12/01/28^(a)		200		112,990
Stillwater Mining Co., 4.00%, 11/16/26⁽ⁱ⁾		1,071		955,867
Tap Rock Resources LLC, 7.00%, 10/01/26^(a)		1,444		1,265,028
Tenet Healthcare Corp., 4.25%, 06/01/29		4,566		4,130,906
Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 9.66%, 09/30/24^(a)(b)		3,800		3,686,371
T-Mobile USA, Inc., 2.70%, 03/15/32		2,955		2,489,152
Topaz Solar Farms LLC, 5.75%, 09/30/39^(a)		74		69,779
Union Pacific Corp., 2.40%, 02/05/30		2,000		1,759,078
United Wholesale Mortgage LLC, 5.75%, 06/15/27^(a)		741		659,388
UnitedHealth Group, Inc., 4.20%, 05/15/32		2,430		2,381,702
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28^(a)		461		447,170
Verizon Communications, Inc. 1.13%, 11/03/28		GBP 100		100,551
2.55%, 03/21/31		USD 3,000		2,555,673
Viasat, Inc., 5.63%, 04/15/27^(a)		512		480,768
VICI Properties LP 5.13%, 05/15/32		1,885		1,775,934
5.63%, 05/15/52		689		620,424
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25^(a)		3,880		3,751,239
Walt Disney Co., 3.80%, 03/22/30		3,055		2,945,330
Waste Management, Inc., 4.15%, 04/15/32		1,875		1,817,222
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25^(a)		1,134		1,112,737
Xerox Holdings Corp., 5.00%, 08/15/25^(a)		2,080		1,962,428


				173,865,558


Total Corporate Bonds — 15.4% (Cost: $308,904,928)				285,336,449


Floating Rate Loan Interests^(b)

Belgium — 0.1%
Apollo Finco, 2021 EUR Term Loan B, (3 mo. EURIBOR + 4.85%), 7.60%, 10/01/28^(c)		EUR 3,264		2,406,781


Canada — 0.0%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE at 1.00% Floor + 6.00%), 11.02%, 12/22/26		USD 515		498,693


Jersey^(c)— 0.5%
Vita Global Finco Ltd.
EUR Term Loan B, (6 mo. EURIBOR + 7.00%), 9.44%, 07/06/27		EUR 4,945		4,994,425
GBP Incremental Term Loan, (1 day SONIA + 7.00%), 10.93%, 07/06/27		GBP 2,967		3,482,688


				8,477,113

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Luxembourg — 0.4%
Luxembourg Life Fund^(c)
2021 1st Lien Term Loan, (3 mo. LIBOR US + 9.25%), 13.98%, 05/27/26	USD	2,858		$	2,848,608
2021 Term Loan, (3 mo. LIBOR US + 9.25%), 14.41%, 04/01/23		1,888			1,888,517
Speed Midco 3 SARL, EUR Term Loan B1, 04/26/29^(m)	EUR	1,931			2,078,078

					6,815,203

Netherlands — 0.1%
Cypher Bidco, EUR Term Loan, (6 mo. EURIBOR + 4.50%), 6.61%, 03/01/28^(c)		1,828			1,838,405


United States — 5.6%
Altar Bidco, Inc.
2021 2nd Lien Term Loan, (12 mo. SOFR CME at 0.50% Floor + 5.60%), 10.49%, 02/01/30	USD	1,800			1,575,000
2021 Term Loan, (12 mo. SOFRTE + 3.10%), 6.61%, 02/01/29		—	⁽ⁿ⁾		222
American Auto Auction Group LLC, 2021 Term Loan B, (3 mo. SOFRTE at 0.75% Floor + 5.00%), 10.05%, 12/30/27		867			747,195
American Rock Salt Co. LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.84%, 06/09/28		427			410,124
AMF MF Portfolio, Term Loan, 0.00%, 11/01/28^(c)		2,975			2,945,531
Bally’s Corp., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.96%, 10/02/28		2,467			2,350,303
City Brewing Co. LLC, Closing Date Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.50%), 8.33%, 04/05/28		699			280,561
CML Hyatt Lost Pines, Term Loan, (1 mo. LIBOR US + 3.43%), 8.24%, 09/09/26^(c)		5,000			4,893,024
CML La Quinta Resort, Term Loan, (3 mo. LIBOR US + 3.20%), 8.07%, 12/09/26^(c)		6,800			6,578,302
CML ST Regis Aspen, Term Loan, (1 mo. LIBOR US at 1.00% Floor + 2.90%), 7.70%, 02/09/27^(c)		5,100			4,899,427
Conair Holdings LLC, Term Loan B, (3 mo. LIBOR US at 0.50% Floor + 3.75%), 8.91%, 05/17/28^(c)		419			381,061
ConnectWise LLC, 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.34%, 09/29/28		788			759,257
Digital Room Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 5.25%), 10.09%, 12/21/28		974			865,785
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 5.00%), 9.84%, 08/02/27		1,533			1,472,634
DS Parent, Inc., Term Loan, (3 mo. LIBOR US at 0.75% Floor + 5.75%), 10.79%, 12/10/28		1,476			1,421,514
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR US + 3.25%), 8.10%, 02/06/26		246			244,879
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28		3,991			3,953,535
EIS Group, Inc., Term Loan, (3 mo. SOFR CME + 7.00%), 11.85%, 05/01/28^(c)		3,734			3,668,357
Emerald Electronics Manufacturing Services, Term Loan, (1 mo. SOFRTE at 1.00% Floor + 6.25%), 11.16%, 12/29/27		1,152			1,083,303
Galaxy Universal LLC, 1st Lien Term Loan, (3 mo. LIBOR US at 1.00% Floor + 5.75%), 10.98%, 11/12/26^(c)		13,158			12,664,610


Security	Par (000)		Value

United States (continued)
GoTo Group, Inc., Term Loan B, (1 mo. LIBOR US + 4.75%), 9.59%, 08/31/27	USD	859	$	485,787
Green Plains Operating Co. LLC, Term Loan, (3 mo. LIBOR US + 8.00%), 10.51%, 07/20/26^(c)		7,098		7,053,992
Herschend Entertainment Co. LLC, 2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.75%), 8.63%, 08/27/28		389		385,809
Hydrofarm Holdings LLC, 2021 Term Loan, (1 mo. LIBOR US at -4.50% Floor + 5.50%), 10.35%, 09/27/28^(c)		1,912		1,663,266
Indy U.S. Holdco LLC, 2023 EUR Incremental Term Loan B, 03/06/28^(m)	EUR	5,784		5,692,518
IPS Corp.
2021 Delayed Draw Term Loan, 0.00%, 10/02/28		45		—
2021 Term Loan, (1 mo. LIBOR US at 0.50% Floor + 3.50%), 8.41%, 10/02/28	USD	253		236,203
J&J Ventures Gaming LLC, Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 9.16%, 04/26/28		1,429		1,380,056
Jack Ohio Finance LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 4.75%), 9.59%, 10/04/28		567		542,910
LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE at 0.50% Floor + 3.50%), 8.42%, 10/15/28		436		422,416
Maverick Gaming LLC, Term Loan B, (3 mo. LIBOR US at 1.00% Floor + 7.50%), 12.45%, 09/03/26		932		628,079
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. SOFR CME at 0.50% Floor + 7.00%), 11.99%, 11/01/29		1,052		952,060
Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 8.09%, 10/23/28		3,642		3,547,185
Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE at 0.50% Floor + 6.00%), 11.00%, 01/24/30		141		105,162
Opendoor GP II LLC, Mezzanine Term Loan, 0.00%, 01/23/26^(c)		3,554		3,351,176
Opendoor Mezz Commitment^(m)		3,337		3,336,739
OVG Business Services LLC, Initial Term Loan, (1 mo. LIBOR US at 1.00% Floor + 6.25%), 11.10%, 10/13/28^(c)		5,195		5,038,694
Park River Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.75% Floor + 3.25%), 8.00%, 12/28/27		1,437		1,318,479
Profrac Services LLC, 2022 Term Loan, (3 mo. SOFRTE at 1.00% Floor + 7.25%), 12.08%, 03/04/25		1,570		1,551,855
Redstone Holdco 2 LP
2021 2nd Lien Term Loan, (3 mo. LIBOR US at 0.75% Floor + 7.75%), 12.56%, 04/27/29		620		345,873
2021 Term Loan, (3 mo. LIBOR US at 0.75% Floor + 4.75%), 9.57%, 04/27/28		1,969		1,538,108
Roper Industrial Products Investment Co., USD Term Loan, (3 mo. SOFR CME + 4.50%), 9.40%, 11/22/29		1,893		1,876,096
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27		855		832,870
Signal Parent, Inc., Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 3.50%), 8.31%, 04/03/28		2,843		1,872,906


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		10

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.75% Floor + 4.00%), 8.75%, 10/06/28		USD 544	$	456,471
Talen Energy Supply LLC, 2022 DIP Term Loan, (3 mo. SOFR CME at 0.75% Floor + 4.75%), 9.52%, 11/10/23		4,613		4,609,540
Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 03/31/28		1,173		1,048,424
Ultimate Software Group, Inc., 2021 Term Loan, (3 mo. LIBOR US at 0.50% Floor + 3.25%), 8.03%, 05/04/26		405		393,838
Vaco Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 5.00%), 10.05%, 01/21/29		1,151		1,128,396
VS Buyer LLC, Term Loan B, (2 mo. LIBOR US + 3.00%), 7.70%, 02/28/27		252		249,209

				103,238,741


Floating Rate Loan Interests — 6.7% (Cost: $130,734,881)				123,274,936


Foreign Agency Obligations

Bahrain — 0.0%
Bahrain Government International Bond
5.63%, 09/30/31^(a)		321		296,524
5.45%, 09/16/32⁽ⁱ⁾		457		407,872

				704,396

Brazil — 0.5%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24^(o)		54,542		9,308,399


Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42		694		611,067


Colombia — 0.2%
Colombia Government International Bond 3.88%, 04/25/27		1,295		1,175,455
3.13%, 04/15/31		2,643		2,016,609
8.00%, 04/20/33		956		980,378

				4,172,442

Dominican Republic — 0.2%
Dominican Republic International Bond 5.95%, 01/25/27⁽ⁱ⁾		1,307		1,283,964
5.50%, 02/22/29^(a)		646		606,554
4.50%, 01/30/30^(a)		1,312		1,139,636
7.05%, 02/03/31^(a)		360		362,025
4.88%, 09/23/32^(a)		1,000		848,000

				4,240,179

Egypt^(a)— 0.0%
Egypt Government International Bond 5.75%, 05/29/24		572		516,516
8.50%, 01/31/47		400		231,700

				748,216

Guatemala — 0.1%
Guatemala Government Bond 5.25%, 08/10/29^(a)		477		463,525
5.38%, 04/24/32^(a)		735		711,021


Security	Par (000)		Value

Guatemala (continued)
Guatemala Government Bond (continued)
3.70%, 10/07/33⁽ⁱ⁾		596	$	494,419
4.65%, 10/07/41^(a)		551		448,996

				2,117,961

Hungary — 0.1%
Hungary Government International Bond 5.38%, 03/25/24		162		161,879
5.25%, 06/16/29^(a)		771		754,616

				916,495

Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28⁽ⁱ⁾		1,567		1,499,619


Mexico — 0.2%
Mexico Government International Bond 4.50%, 04/22/29		400		391,400
2.66%, 05/24/31		1,724		1,442,988
4.88%, 05/19/33		971		930,703
6.35%, 02/09/35		220		234,080

				2,999,171

Morocco — 0.1%
Kingdom of Morocco, 5.95%, 03/08/28		516		526,320
Morocco Government International Bond, 2.38%, 12/15/27^(a)		303		266,640

				792,960

Nigeria — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29^(a)		851		699,948


Oman⁽ⁱ⁾— 0.1%
Oman Government International Bond 6.50%, 03/08/47		909		838,553
6.75%, 01/17/48		1,130		1,069,262

				1,907,815

Panama — 0.2%
Panama Government International Bond 3.88%, 03/17/28		1,508		1,443,721
9.38%, 04/01/29		200		243,475
3.16%, 01/23/30		439		384,619
6.40%, 02/14/35		374		389,147
3.87%, 07/23/60		799		521,747

				2,982,709

Paraguay — 0.1%
Paraguay Government International Bond 5.60%, 03/13/48⁽ⁱ⁾		529		467,438
5.40%, 03/30/50^(a)		643		551,091
5.40%, 03/30/50⁽ⁱ⁾		554		474,812

				1,493,341

Peru — 0.1%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25⁽ⁱ⁾.		741		714,509
Peruvian Government International Bond 2.78%, 01/23/31		250		213,250
1.86%, 12/01/32		850		641,644
3.00%, 01/15/34		504		409,910

				1,979,313

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Poland — 0.1%
Republic of Poland Government International Bond 4.88%, 10/04/33^(p)		385	$	383,356
4.25%, 02/14/43⁽ⁱ⁾		440		462,736
5.50%, 04/04/53^(p)		589		594,154

				1,440,246

Romania — 0.2%
Romanian Government International Bond 5.25%, 11/25/27^(a)		414		407,272
2.88%, 03/11/29⁽ⁱ⁾		752		692,856
2.50%, 02/08/30⁽ⁱ⁾		790		683,262
2.12%, 07/16/31⁽ⁱ⁾		1,258		994,234

				2,777,624

Saudi Arabia — 0.1%
Saudi Government International Bond 4.75%, 01/18/28^(a)		300		303,600
2.25%, 02/02/33⁽ⁱ⁾		920		755,435
5.00%, 01/18/53^(a)		1,058		982,485

				2,041,520

Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33⁽ⁱ⁾		580		461,100


South Africa — 0.1%
Republic of South Africa Government International Bond
5.88%, 04/20/32		1,080		978,750
5.00%, 10/12/46		1,287		888,030

				1,866,780

Spain^(a)(i)— 2.3%
Spain Government Bond 0.50%, 10/31/31		1,487		1,292,282
2.55%, 10/31/32		17,348		17,713,291
3.15%, 04/30/33		14,633		15,623,510
3.90%, 07/30/39		2,343		2,604,556
2.90%, 10/31/46		2,252		2,134,076
3.45%, 07/30/66		2,440		2,417,254

				41,784,969

Sri Lanka — 0.0%
Sri Lanka Government International Bond, 5.75%, 04/18/23^(d)(i)(j)		300		105,431


Ukraine^(d)(j)— 0.0%
Ukraine Government International Bond 7.75%, 09/01/25⁽ⁱ⁾		515		102,453
8.99%, 02/01/26⁽ⁱ⁾		1,113		203,331
7.25%, 03/15/35^(a)		955		163,126

				468,910


Total Foreign Agency Obligations — 4.8% (Cost: $95,775,862)				88,120,611


	Shares

Investment Companies

United States — 1.8%
Invesco QQQ Trust, Series 1		11,800		3,786,974
iShares China Large-Cap ETF^(q)		3,285		97,006


Security	Shares		Value

United States (continued)
iShares iBoxx $ High Yield Corporate Bond ETF^(q)		52,660	$	3,978,463
iShares iBoxx $ Investment Grade Corporate Bond ETF^(q)		66,540		7,293,449
iShares JP Morgan USD Emerging Markets Bond ETF^(q)		131,768		11,368,943
iShares MSCI Brazil ETF^(q)		23,271		637,160
iShares Russell 2000 ETF^(q)		9,800		1,748,320
KraneShares CSI China Internet ETF^(d)		56,138		1,750,944
SPDR S&P 500 ETF Trust		2,700		1,105,353
VanEck Semiconductor ETF^(d)		2,681		705,613
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		20,352		513,888


Total Investment Companies — 1.8% (Cost: $33,478,200)				32,986,113


	Par (000)

Municipal Bonds

Puerto Rico^(b)— 0.1%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/43	USD	420		182,920
0.00%, 11/01/51		4,668		1,563,960
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51		1,977		629,629

Total Municipal Bonds — 0.1% (Cost: $2,973,196)				2,376,509


Non-Agency Mortgage-Backed Securities

United States — 6.1%
Ajax Mortgage Loan Trust^(a)
Series 2021-G, Class A, 1.88%, 06/25/61^(b)		4,989		4,587,272
Series 2021-G, Class B, 3.75%, 06/25/61^(b)		705		623,561
Series 2021-G, Class C, 12.00%, 06/25/61		1,274		1,263,876
BAMLL Commercial Mortgage Securities Trust^(a)(b)
Class D, (1 mo. LIBOR US + 1.70%), 6.39%, 09/15/34		2,000		1,899,504
Series 2017-SCH, Class AL, (1 mo. LIBOR US + 0.90%), 5.59%, 11/15/32		2,000		1,843,786
BFLD Trust, (1 mo. LIBOR US + 3.70%), 8.38%, 10/15/35^(a)(b)		790		578,430
BX Commercial Mortgage Trust^(a)(b)
Series 2019-XL, Class J, (1 mo. SOFR + 2.76%), 7.59%, 10/15/36		1,581		1,510,877
Series 2020-VIV3, Class B, 3.54%, 03/09/44		1,600		1,399,111
Series 2020-VKNG, Class G, (1 mo. SOFR + 3.36%), 8.19%, 10/15/37		1,610		1,497,370
Series 2021-MFM1, Class G, (1 mo. SOFR + 4.01%), 8.84%, 01/15/34		1,610		1,466,688
BX Trust^(a)(b)
Series 2021-LBA, Class GV, (1 mo. SOFR + 3.11%), 7.94%, 02/15/36		1,030		895,565
Series 2021-VIEW, Class E, (1 mo. LIBOR US + 3.60%), 8.28%, 06/15/36		897		815,301
CFMT LLC, Series 2020-HB4, Class M4, 4.95%, 12/26/30^(a)(b)		3,400		3,156,094


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		12

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

United States (continued)
Citigroup Commercial Mortgage Trust, Series 2016- C1, Class C, 4.94%, 05/10/49^(b)	USD	1,735	$	1,572,812
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 8.18%, 11/15/37^(a)(b)		3,932		3,792,582
Commercial Mortgage Trust^(b)
Series 2015-CR25, Class C, 4.52%, 08/10/48		2,000		1,812,254
Series 2019-GC44, Class 180B, 3.40%, 08/15/57^(a)		1,900		1,645,383
Credit Suisse Mortgage Capital Certificates Trust 4.61%, 02/15/27		3,400		3,327,891
Series 2019-ICE4, Class F, (1 mo. LIBOR US + 2.65%), 7.33%, 05/15/36^(a)(b)		4,389		4,266,990
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 10.84%, 10/15/37^(a)(b)		1,700		1,410,929
Series 2020-NET, Class D, 3.70%, 08/15/37^(a)(b)		1,275		1,139,882
Series 2021-980M, Class E, 3.54%, 07/15/31^(a)(b)		2,410		1,799,894
Series 2021-BHAR, Class E, (1 mo. LIBOR US + 3.50%), 8.19%, 11/15/38^(a)(b)		2,500		2,332,759
Csmc Trust, Series 2020-FACT, Class E, (1 mo. LIBOR US + 4.86%), 9.55%, 10/15/37^(a)(b)		1,000		892,379
Deephaven Residential Mortgage Trust, Series 2021-1, Class B2, 3.96%, 05/25/65^(a)(b)		1,550		1,188,748
FREMF 2018-KW05 Trust, Series 2018-W5FX, Class CFX, 3.42%, 04/25/28^(a)(b)		437		365,247
GS Mortgage Securities Corp. Trust, Series 2021-IP, Class E, (1 mo. LIBOR US + 3.55%), 8.23%, 10/15/36^(a)(b)		1,540		1,413,457
HONO Mortgage Trust, Series 2021-LULU, Class E, (1 mo. LIBOR US + 3.35%), 8.03%, 10/15/36^(a)(b)		1,080		984,340
Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/55^(a)(b)		3,603		2,960,243
JP Morgan Mortgage Trust^(a)(b)
Series 2021-1, Class A3X, 0.50%, 06/25/51		51,473		1,191,825
Series 2021-1, Class AX1, 0.13%, 06/25/51		208,877		1,062,789
Series 2021-1, Class AX4, 0.40%, 06/25/51		13,339		246,981
Series 2021-1, Class B4, 3.03%, 06/25/51		819		538,133
Series 2021-1, Class B5, 3.03%, 06/25/51		982		562,515
Series 2021-1, Class B6, 2.97%, 06/25/51		1,536		416,830
Series 2021-4, Class B4, 2.90%, 08/25/51		1,222		793,645
Series 2021-4, Class B5, 2.90%, 08/25/51		916		552,335
Series 2021-4, Class B6, 2.90%, 08/25/51		2,203		568,727
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR US + 0.60%), 5.45%, 06/25/37^(a)(b)		2,735		2,059,545
MCM Trust, 0.00%, 08/25/28^(c)		2,382		1,564,821
MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 9.94%, 11/15/38^(a)(b)		5,929		5,404,863
MSCG Trust, Series 2018-SELF, Class F, (1 mo. LIBOR US + 3.05%), 7.74%, 10/15/37^(a)(b)		2,742		2,542,140
New Residential Mortgage Loan Trust^(a)(b)
Series 2019-RPL2, Class B3, 3.99%, 02/25/59		9,329		9,151,314
Series 2021-NQ1R, Class B1, 3.53%, 07/25/55		1,370		995,688
Series 2021-NQ1R, Class B2, 4.33%, 07/25/55		1,022		732,573
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 7.43%, 01/15/36^(a)(b)		630		549,495
Seasoned Credit Risk Transfer Trust, Series 2020-3, Class BXS, 7.18%, 05/25/60^(a)(b)		7,641		3,342,372
Seasoned Loans Structured Transaction Trust^(a)(b)
Series 2020-2, Class M1, 4.75%, 09/25/60		5,000		4,775,878


Security	Par (000)		Value

United States (continued)
Seasoned Loans Structured Transaction Trust^(a)(b)(continued) Series 2020-3, Class M1, 4.75%, 04/26/60	USD	8,000	$	7,680,432
Starwood Mortgage Residential Trust, Series 2020-INV, Class B2, 4.26%, 11/25/55^(a)		1,225		940,060
TVC DSCR^(c)
0.00%, 02/01/51^(o)		1,323		1,153,833
2.38%, 02/01/51		5,291		4,924,971
Verus Securitization Trust^(a)(b)
Series 2020-5, Class B1, 3.71%, 05/25/65		2,400		1,926,294
Series 2020-5, Class B2, 4.71%, 05/25/65		1,400		1,119,734
Series 2021-R2, Class B1, 3.25%, 02/25/64		2,735		1,948,448
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA6, Class 1A, (12 mo. MTA + 0.81%), 3.95%, 07/25/47^(b)		1,187		927,887
Wells Fargo Commercial Mortgage Trust^(b)
Series 2019-C50, Class XA, 1.41%, 05/15/52		23,164		1,382,414
Series 2021-FCMT, Class D, (1 mo. LIBOR US + 3.50%), 8.18%, 05/15/31^(a)		750		656,250


Total Non-Agency Mortgage-Backed Securities — 6.1% (Cost: $122,098,332)				112,156,017


	Benefical Interest (000)

Other Interests

Canada — 0.3%
Sprott Private Resource Streaming^(c)(r)	USD	4,640		5,957,296


Total Other Interests — 0.3% (Cost: $4,681,796)				5,957,296


	Par (000)

Preferred Securities

Capital Trust — 0.0%

Mexico — 0.0%
Banco Mercantil del Norte SA, 6.75%^(a)(b)(l)	USD	913		865,524

				865,524

	Shares

Preferred Stocks — 3.8%

China — 0.3%
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$4,390,747)^(c)(e)		40,071		6,337,825


Finland — 0.2%
Aiven, Series D^(c)		37,890		3,033,094


Germany — 0.5%
Dr Ing hc F Porsche AG^(d)		40,630		5,214,826
Volocopter GmbH, (Acquired 03/03/21, Cost:
$4,145,649)^(c)(e)		780		4,955,399

				10,170,225

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Israel^(c)(e)— 0.3%
Deep Instinct Ltd.
Series D-2, (Acquired 03/19/21, Cost: $2,130,236)		350,490	$	2,470,955
Series D-4, (Acquired 09/20/22, Cost: $2,188,898)		310,467		2,188,792

				4,659,747

Sweden — 0.0%
Volta, Series C, (Acquired 02/22/22, Cost: $322,254)^(c)(e)		2,732		286,093


United Kingdom — 0.1%
10X Future Technologies Holdings Ltd., (Acquired 05/13/21, Cost: $4,334,124)^(c)(e)		114,500		1,464,733


United States^(c)— 2.4%
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $3,044,600)^(e)		5,637		1,701,810
Cap Hill Brands		1,185,824		1,802,453
Caresyntax, Inc.		7,084		455,147
Clarify Health		345,315		2,275,626
Cruise, Series GClass G, (Acquired 03/25/21, Cost: $1,886,159)^(e)		71,581		1,078,010
Databricks, Inc., Series G, (Acquired 02/01/21, Cost: $2,392,693)^(e)		40,470		2,206,424
Dream Finders Homes, Inc.		10,172		9,192,945
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $1,482,935)^(e)		253,147		711,343
Jumpcloud, Inc.^(e)
Series E-1, (Acquired 10/30/20, Cost: $2,052,443)		1,125,428		3,455,064
Series F, (Acquired 09/03/21, Cost: $443,302)		74,023		227,251
Lesson Nine GmbH
Series B,		489,075		6,333,521
Series C,		25,831		334,511
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $1,353,207)^(e)		58,924		570,974
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $560,518)^(e)		81,588		1
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $1,751,669)^(e)		196,272		1,044,167
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $945,402)^(e)		36,048		864,431
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $814,688)^(e)		35,677		590,454
SambaNova Systems, Inc., Series D, (Acquired 04/09/21, Cost: $1,250,247)^(e)		13,158		835,401
SCI PH Parent, Inc., (Acquired 02/10/23, Cost: $1,183,000)^(e)		1,183		1,192,630
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $678,934)^(e)		45,203		321,845
Ursa Major Technologies, Inc.^(e)
Series C, (Acquired 09/13/21, Cost: $1,732,297)		290,420		1,925,485
Series D, (Acquired 10/14/22, Cost: $235,803)		35,579		235,889
Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $1,626,608)^(e)		305,363		1,603,156


Security	Shares		Value

United States (continued)
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $4,906,958), 12.00%, 10/07/32^(e)		1,681,498	$	4,775,454
Zero Mass Water, Inc., Series D, (Acquired 07/05/22, Cost: $271,491)^(e)		6,628		266,180

				44,000,172

				69,951,889


Total Preferred Securities — 3.8% (Cost: $76,242,418)				70,817,413


	Par (000)

U.S. Government Sponsored Agency Securities

Mortgage-Backed Securities — 14.8%
Freddie Mac Multifamily Structured Pass Through Certificates, Series KL06, Class XFX, 1.36%, 12/25/29^(b)	USD	18,250		1,157,656
Uniform Mortgage-Backed Securities 3.00%, 02/25/52 - 04/13/53		15,657		14,053,856
3.50%, 03/25/52 - 04/13/53		170,462		158,443,117
4.50%, 04/13/53		102,150		100,086,072


Total U.S. Government Sponsored Agency Securities — 14.8% (Cost: $269,420,926)				273,740,701


	Shares

Warrants

Cayman Islands — 0.0%
Lavoro Ltd., Class A, (Issued 12/27/22, Exercisable 12/27/23, 1 Share for 1 Warrant, Expires 12/27/27, Strike Price USD 11.50)^(d)		25,681		16,271


Israel^(d)— 0.0%
Deep Instinct Ltd., (Acquired 09/20/22, Cost: $0), (1 Share for 1 Warrant, Expires 09/20/32) ^(c)(e)		21,889		130,458
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)		8,959		741

				131,199

United Kingdom — 0.0%
Hedosophia European Growth, (Issued 05/13/21, Exercisable 05/13/22, 1 Share for 1 Warrant, Expires 05/13/27, Strike Price EUR 11.50)^(d)		46,897		509


United States^(d)— 0.1%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50)		33,630		5,381
Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)^(c)		74,120		5,930
Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)		44,352		4,435


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		14

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
CXApp, Inc., Class A, (Issued/Exercisable 02/02/21, 1 Share for 1 Warrant, Expires 12/15/25, Strike Price USD 11.50)		156,413	$	6,913
Embark Technology, Inc., (Issued/Exercisable 12/28/20, 0.05 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 230.00)		34,926		657
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)		40,220		43,438
Flyr Warrants, (Issued 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)^(c)		5,990		94,402
FreeWire Technologies, Inc. Tranche A, (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)^(c)		252,094		123,526
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50)		11,689		652
KINS Private Placement, (Issued 10/16/20, 1 Share for 1 Warrant, Expires 12/31/25, Strike Price USD 11.50)^(c)		184,016		9,201
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)		10,196		607
Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 11.50)		82,174		5,058
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)		60,706		2,428
Pear Therapeutics, Inc., (Issued/Exercisable 03/23/21, 1 Share for 1 Warrant, Expires 12/01/26, Strike Price USD 11.50)		9,900		188
Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50)^(c)		72,784		4,367
Rotor Acquisition Corp., (Issued/Exercisable 01/14/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50)		25,291		2,023
Sarcos Technology and Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50)		68,671		7,478
Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price USD 12.50)^(c)		126,000		1


Security	Shares			Value

United States (continued)
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Expires 10/07/32) ^(c)(e)		207,248		$	553,352
Volta, Inc., Series C, (Issued/Exercisable 10/22/20, 1 Share for 1 Warrant, Expires 08/26/26, Strike Price USD 11.50)		41,430			8,908

					878,945


Total Warrants — 0.1% (Cost: $1,236,039)				1,026,924


Total Long-Term Investments — 112.8% (Cost: $2,122,888,142)				2,084,681,363


	Par (000)

Short-Term Securities

Certificates of Deposit — 0.2%

United States — 0.2%
Citibank N.A., 5.00%, 09/21/23	USD	2,940			2,933,379

					2,933,379


Commercial Paper — 0.0%

United States — 0.0%
Enel Finance America LLC, 5.27%, 09/06/23^(s)		780			758,166

					758,166


	Shares

Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%^(q)(t)		3,257,468			3,257,468


Total Short-Term Securities — 0.4% (Cost: $6,960,351)					6,949,013


Options Purchased — 0.5% (Cost: $10,192,301)					10,455,865


Total Investments Before TBA Sale Commitments and Options Written — 113.7% (Cost: $2,140,040,794)					2,102,086,241


	Par (000)

TBA Sale Commitments^(u)

United States — (6.0)%
Uniform Mortgage-Backed Securities 3.00%, 04/13/53	USD		(6,100)		(5,473,283	)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value
United States (continued)
Uniform Mortgage-Backed Securities (continued)
3.50%, 04/13/53	USD	(85,231	)	$	(79,194,924	)
4.50%, 04/13/53		(25,855	)		(25,332,621	)

Total TBA Sale Commitments — (6.0)% (Proceeds: $(109,207,184))					(110,000,828	)

Options Written — (0.4)% (Premiums Received: $(8,165,302))					(8,878,108	)

Total Investments, Net of TBA Sale Commitments and Options Written — 107.3% (Cost: $2,022,668,308)					1,983,207,305
Liabilities in Excess of Other Assets — (7.3)%					(135,582,902	)


Net Assets — 100.0%				$	1,847,624,403

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(d)	Non-income producing security.

^(e)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $65,267,951, representing 3.5% of its net assets as of period end, and an original cost of $68,151,610.

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

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

^(h)	Investment does not issue shares.

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

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

^(k)	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.

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

^(m)	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.

⁽ⁿ⁾	Rounds to less than 1,000.

^(o)	Zero-coupon bond.

^(p)	When-issued security.

^(q)	Affiliate of the Trust.

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

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

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

^(u)	Represents or includes a TBA transaction.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	49,048,882	$	—	$	(45,791,414	^(a)	$	—	$	—		$	3,257,468		3,257,468	$	255,421	$	—
iShares China Large-Cap ETF		903,534		421,399		(1,382,590	)		50,798		103,865			97,006		3,285		—		—
iShares iBoxx $ High Yield Corporate Bond ETF		3,877,356		—		—			—		101,107			3,978,463		52,660		43,082		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		25,713,893		(18,514,327	)		50,717		43,166			7,293,449		66,540		—		—
iShares JP Morgan USD Emerging Markets Bond ETF		8,837,878		2,423,503		—			—		107,562			11,368,943		131,768		90,996		—
iShares MSCI Brazil ETF		650,890		—		—			—		(13,730	)		637,160		23,271		—		—
iShares Russell 2000 ETF		1,708,728		—		—			—		39,592			1,748,320		9,800		6,181		—

								$	101,515	$	381,562		$	28,380,809			$	395,680	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Bund		454		06/08/23	$ 66,883	$	2,322,202
Euro OAT		30		06/08/23	4,237		140,130
Euro Stoxx Banks Index		47		06/16/23	253		(2,099	)
FTSE 100 Index		3		06/16/23	283		1,958
MSCI Emerging Markets Index		14		06/16/23	697		29,486
10-Year U.S. Treasury Note		22		06/21/23	2,531		(2,406	)
U.S. Long Bond		240		06/21/23	31,523		1,479,917
Ultra U.S. Treasury Bond		521		06/21/23	73,803		3,161,296


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		16

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
5-Year U.S. Treasury Note		676		06/30/23	$ 74,122	$	(97,322	)
3-Month SONIA Index		136		09/19/23	40,032		207,787

							7,240,949


Short Contracts
30-Year Euro Buxl Bond		21		06/08/23	3,208		(193,843	)
Euro BTP		381		06/08/23	47,662		(1,626,592	)
Euro-Schatz		91		06/08/23	10,431		(101,919	)
Euro Stoxx 50 Index		287		06/16/23	13,284		(682,069	)
NASDAQ 100 E-Mini Index		57		06/16/23	15,164		(1,353,616	)
Russell 2000 E-Mini Index		70		06/16/23	6,347		(151,994	)
S&P 500 E-Mini Index		70		06/16/23	14,482		(747,436	)
10-Year U.S. Ultra Long Treasury Note		2,229		06/21/23	270,301		(8,344,581	)
Long Gilt		44		06/28/23	5,610		(181,875	)
2-Year U.S. Treasury Note		932		06/30/23	192,553		(1,951,843	)

							(15,335,768	)

						$	(8,094,819	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	19,495,221	USD	3,692,263	HSBC Bank PLC		06/02/23	$	113,723
BRL	51,005,004	USD	9,773,826	Goldman Sachs International		06/15/23		158,570
CAD	772,633	USD	563,516	JPMorgan Chase Bank N.A.		06/15/23		8,837
CAD	1,174,797	USD	857,976	JPMorgan Chase Bank N.A.		06/15/23		12,291
CAD	316,784	USD	232,358	Morgan Stanley & Co. International PLC		06/15/23		2,310
CHF	178,682	USD	192,238	Bank of America N.A.		06/15/23		4,572
EUR	287,514	USD	310,916	Bank of America N.A.		06/15/23		2,158
EUR	1,677,282	USD	1,778,202	Bank of America N.A.		06/15/23		48,193
EUR	527,341	USD	569,597	Deutsche Bank AG		06/15/23		4,626
EUR	981,072	USD	1,059,009	Deutsche Bank AG		06/15/23		9,282
EUR	1,250,810	USD	1,335,786	Deutsche Bank AG		06/15/23		26,222
EUR	332,990	USD	358,691	Goldman Sachs International		06/15/23		3,902
EUR	991,992	USD	1,063,496	Goldman Sachs International		06/15/23		16,686
EUR	417,814	USD	450,308	JPMorgan Chase Bank N.A.		06/15/23		4,650
EUR	979,013	USD	1,060,693	JPMorgan Chase Bank N.A.		06/15/23		5,356
EUR	7,000,139	USD	7,446,735	State Street Bank and Trust Co.		06/15/23		175,728
GBP	431,173	USD	526,897	Bank of America N.A.		06/15/23		5,756
GBP	219,889	USD	267,435	JPMorgan Chase Bank N.A.		06/15/23		4,207
GBP	548,091	USD	659,474	JPMorgan Chase Bank N.A.		06/15/23		17,616
GBP	163,659	USD	200,844	Morgan Stanley & Co. International PLC		06/15/23		1,334
GBP	170,742	USD	205,519	State Street Bank and Trust Co.		06/15/23		5,409
JPY	604,943,175	USD	4,503,537	Morgan Stanley & Co. International PLC		06/15/23		100,636
MXN	86,569,730	USD	4,707,308	JPMorgan Chase Bank N.A.		06/15/23		30,259
MXN	3,463,652	USD	179,757	UBS AG		06/15/23		9,793
USD	739,668	CHF	667,107	Bank of America N.A.		06/15/23		4,882
USD	819,939	CHF	744,055	State Street Bank and Trust Co.		06/15/23		399
USD	1,146,373	CHF	1,037,429	State Street Bank and Trust Co.		06/15/23		3,696
USD	4,382,531	EUR	3,997,065	State Street Bank and Trust Co.		06/15/23		30,120
USD	360,331	JPY	47,185,369	Deutsche Bank AG		06/15/23		1,207
USD	506,543	JPY	65,691,158	Deutsche Bank AG		06/15/23		6,573
USD	531,087	JPY	69,591,776	Deutsche Bank AG		06/15/23		1,430
BRL	11,995,688	USD	2,243,233	HSBC Bank PLC		06/21/23		89,988
BRL	9,924,251	USD	1,900,000	JPMorgan Chase Bank N.A.		06/21/23		30,316
COP	10,807,443,780	USD	2,237,566	Morgan Stanley & Co. International PLC		06/21/23		46,998
HUF	813,828,190	USD	2,217,327	Bank of America N.A.		06/21/23		49,693

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	42,182,495	USD	2,240,056	Citibank N.A.		06/21/23	$	65,695
MXN	90,889,096	USD	4,780,391	Deutsche Bank AG		06/21/23		187,727
MXN	54,961,244	USD	3,000,000	JPMorgan Chase Bank N.A.		06/21/23		4,254
USD	2,294,373	EUR	2,105,818	UBS AG		06/21/23		584
USD	2,313,090	TWD	69,473,658	HSBC Bank PLC		06/21/23		19,660
ZAR	33,719,191	USD	1,800,000	Morgan Stanley & Co. International PLC		06/21/23		80,999

								1,396,337

USD	2,355,034	EUR	2,213,362	HSBC Bank PLC		06/14/23		(54,966	)
USD	692,020	EUR	638,131	Morgan Stanley & Co. International PLC		06/14/23		(2,804	)
EUR	1,201,746	USD	1,314,157	Morgan Stanley & Co. International PLC		06/15/23		(5,574	)
USD	6,364,350	AUD	9,599,792	Morgan Stanley & Co. International PLC		06/15/23		(69,404	)
USD	528,525	CAD	718,022	Bank of America N.A.		06/15/23		(3,372	)
USD	760,600	CAD	1,034,281	HSBC Bank PLC		06/15/23		(5,576	)
USD	752,457	CAD	1,021,423	Morgan Stanley & Co. International PLC		06/15/23		(4,193	)
USD	10,719,092	CAD	14,759,816	Morgan Stanley & Co. International PLC		06/15/23		(214,701	)
USD	545,539	CHF	500,358	Bank of America N.A.		06/15/23		(5,581	)
USD	752,525	CHF	698,663	Bank of America N.A.		06/15/23		(17,019	)
USD	957,124	CHF	871,477	Barclays Bank PLC		06/15/23		(2,765	)
USD	317,816	CHF	288,806	Deutsche Bank AG		06/15/23		(289	)
USD	509,246	CHF	464,476	Deutsche Bank AG		06/15/23		(2,352	)
USD	12,396,227	CHF	11,490,425	Deutsche Bank AG		06/15/23		(259,913	)
USD	732,889	CHF	668,380	Goldman Sachs International		06/15/23		(3,300	)
USD	640,613	CHF	584,585	State Street Bank and Trust Co.		06/15/23		(3,279	)
USD	819,613	CHF	746,234	State Street Bank and Trust Co.		06/15/23		(2,328	)
USD	22,947,700	CNH	159,078,048	Deutsche Bank AG		06/15/23		(332,298	)
USD	482,455	DKK	3,371,861	HSBC Bank PLC		06/15/23		(10,746	)
USD	427,098	EUR	400,433	Barclays Bank PLC		06/15/23		(8,934	)
USD	215,425,004	EUR	202,504,412	Barclays Bank PLC		06/15/23		(5,082,367	)
USD	251,873	EUR	231,361	BNP Paribas SA		06/15/23		(56	)
USD	253,964	EUR	238,946	Deutsche Bank AG		06/15/23		(6,224	)
USD	261,105	EUR	243,782	Deutsche Bank AG		06/15/23		(4,349	)
USD	600,894	EUR	563,742	Deutsche Bank AG		06/15/23		(12,965	)
USD	837,250	EUR	781,062	Deutsche Bank AG		06/15/23		(13,250	)
USD	882,212	EUR	827,586	Deutsche Bank AG		06/15/23		(18,948	)
USD	249,889	EUR	230,639	State Street Bank and Trust Co.		06/15/23		(1,254	)
USD	313,800	EUR	288,421	State Street Bank and Trust Co.		06/15/23		(261	)
USD	519,890	EUR	490,274	State Street Bank and Trust Co.		06/15/23		(13,970	)
USD	1,287,536	EUR	1,203,292	State Street Bank and Trust Co.		06/15/23		(22,731	)
USD	228,657	GBP	186,693	Bank of America N.A.		06/15/23		(1,976	)
USD	248,122	GBP	201,773	Deutsche Bank AG		06/15/23		(1,141	)
USD	481,409	GBP	390,654	Deutsche Bank AG		06/15/23		(1,189	)
USD	58,855,359	GBP	49,241,622	Deutsche Bank AG		06/15/23		(1,975,733	)
USD	315,209	GBP	263,760	JPMorgan Chase Bank N.A.		06/15/23		(10,630	)
USD	477,928	GBP	395,112	JPMorgan Chase Bank N.A.		06/15/23		(10,177	)
USD	617,029	GBP	499,549	JPMorgan Chase Bank N.A.		06/15/23		(93	)
USD	507,376	GBP	419,778	Morgan Stanley & Co. International PLC		06/15/23		(11,201	)
USD	435,490	GBP	352,982	State Street Bank and Trust Co.		06/15/23		(570	)
USD	15,904,789	HKD	124,464,631	State Street Bank and Trust Co.		06/15/23		(4,453	)
USD	803,533	JPY	107,933,648	Bank of America N.A.		06/15/23		(17,941	)
USD	25,285,795	JPY	3,396,400,596	Barclays Bank PLC		06/15/23		(563,931	)
USD	189,648	JPY	25,127,804	Deutsche Bank AG		06/15/23		(1,598	)
USD	1,120,334	JPY	147,530,579	HSBC Bank PLC		06/15/23		(2,509	)
USD	1,184,381	MXN	21,777,383	Deutsche Bank AG		06/15/23		(7,396	)
USD	177,632	NOK	1,881,150	HSBC Bank PLC		06/15/23		(2,627	)
USD	391,982	SEK	4,178,345	JPMorgan Chase Bank N.A.		06/15/23		(12,107	)
USD	1,827,426	BRL	9,782,211	Barclays Bank PLC		06/21/23		(75,263	)
USD	1,839,525	BRL	9,677,741	Citibank N.A.		06/21/23		(42,844	)
USD	904,393	BRL	4,874,398	JPMorgan Chase Bank N.A.		06/21/23		(43,702	)
USD	2,295,132	CNH	15,681,030	Goldman Sachs International		06/21/23		(820	)
USD	3,418,095	EUR	3,163,951	Deutsche Bank AG		06/21/23		(28,279	)
USD	2,230,049	EUR	2,081,000	JPMorgan Chase Bank N.A.		06/21/23		(36,707	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		18

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,287,965	EUR	2,152,000	JPMorgan Chase Bank N.A.		06/21/23	$	(56,129	)
USD	2,294,729	GBP	1,865,573	JPMorgan Chase Bank N.A.		06/21/23		(10,161	)
USD	1,827,426	MXN	35,176,123	Citibank N.A.		06/21/23		(95,347	)
USD	904,393	MXN	17,478,751	Goldman Sachs International		06/21/23		(51,019	)
USD	1,839,525	MXN	34,480,792	Goldman Sachs International		06/21/23		(45,240	)

								(9,296,552	)

							$	(7,900,215	)

Interest Rate Caps/Floors — Purchased


Description	Exercise Rate			Counterparty		Expiration Date	Notional Amount (000)		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Call
5Y-30Y CMS Index Cap		0.07	%		Goldman Sachs International	09/27/23		USD 120,008	$	152,160	$	210,014	$	(57,854	)

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		390		04/06/23		USD	407.00		USD	15,966	$	181,155
Advanced Micro Devices, Inc.		84		04/21/23		USD	85.00		USD	823		117,239
Advanced Micro Devices, Inc.		36		04/21/23		USD	95.00		USD	353		21,330
Advanced Micro Devices, Inc.		217		04/21/23		USD	90.00		USD	2,127		207,235
Alphabet Inc., Class C		250		04/21/23		USD	95.00		USD	2,600		242,500
Apple, Inc.		196		04/21/23		USD	155.00		USD	3,232		213,640
Bank of America Corp.		161		04/21/23		USD	36.00		USD	460		242
BNP Paribas SA		52		04/21/23		EUR	66.00		EUR	287		310
Bunge Ltd.		35		04/21/23		USD	100.00		USD	334		2,800
Charles Schwab Corp.		118		04/21/23		USD	82.50		USD	618		649
Chipotle Mexican Grill, Inc.		6		04/21/23		USD	1,550.00		USD	1,025		99,900
Chubb Ltd.		30		04/21/23		USD	220.00		USD	583		1,725
Constellation Brands, Inc., Class A		113		04/21/23		USD	240.00		USD	2,553		14,125
Costco Wholesale Corp.		14		04/21/23		USD	500.00		USD	696		11,865
Deere & Co.		11		04/21/23		USD	440.00		USD	454		1,177
EOG Resources, Inc.		80		04/21/23		USD	157.50		USD	917		89,976
Euro Stoxx 50		40		04/21/23		EUR	4,400.00		EUR	1,726		11,322
Intuit, Inc.		54		04/21/23		USD	430.00		USD	2,407		122,850
Invesco QQQ Trust, Series 1		280		04/21/23		USD	320.00		USD	8,986		207,200
Lowe’s Cos., Inc.		54		04/21/23		USD	230.00		USD	1,080		405
Mastercard, Inc., Class A		26		04/21/23		USD	370.00		USD	945		10,335
Microsoft Corp.		87		04/21/23		USD	280.00		USD	2,508		105,270
Microsoft Corp.		37		04/21/23		USD	260.00		USD	1,067		107,022
Morgan Stanley		31		04/21/23		USD	100.00		USD	272		295
NextEra Energy, Inc.		117		04/21/23		USD	75.00		USD	902		39,780
Nice Ltd.		25		04/21/23		USD	220.00		USD	572		29,375
Northrop Grumman Corp.		18		04/21/23		USD	490.00		USD	831		1,305
Rockwell Automation, Inc.		15		04/21/23		USD	290.00		USD	440		14,400
Shell PLC, ADR		344		04/21/23		USD	60.00		USD	1,979		17,200
Shell PLC, ADR		221		04/21/23		USD	62.50		USD	1,272		3,315
SPDR S&P 500 ETF Trust		236		04/21/23		USD	405.00		USD	9,662		231,870
Starbucks Corp.		47		04/21/23		USD	105.00		USD	489		8,625
Tesla, Inc.		83		04/21/23		USD	175.00		USD	1,722		293,820
Union Pacific Corp.		55		04/21/23		USD	220.00		USD	1,107		1,788
Walmart, Inc.		30		04/21/23		USD	145.00		USD	442		12,675
Walt Disney Co.		75		04/21/23		USD	105.00		USD	751		6,375
Wells Fargo & Co.		107		04/21/23		USD	50.00		USD	400		161
Xtrackers Harvest CSI 300 China A-Shares Fund		900		04/21/23		USD	33.00		USD	2,653		4,050

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Exchange-Traded Options Purchased (continued)


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Xtrackers Harvest CSI 300 China A-Shares Fund		593		04/21/23		USD	32.00		USD	1,748	$	3,262
Invesco QQQ Trust, Series 1		148		04/28/23		USD	310.00		USD	4,750		233,174
3-Month SOFR Future		246		05/12/23		USD	96.00		USD	59,341		324,412
Advanced Micro Devices, Inc.		178		05/19/23		USD	105.00		USD	1,745		76,985
Alphabet Inc., Class C		109		05/19/23		USD	100.00		USD	1,134		86,382
Amazon.com, Inc.		109		05/19/23		USD	100.00		USD	1,126		90,197
Apple, Inc.		87		05/19/23		USD	160.00		USD	1,435		84,607
Apple, Inc.		108		05/19/23		USD	170.00		USD	1,781		43,740
Charles Schwab Corp.		220		05/19/23		USD	70.00		USD	1,152		4,510
ConocoPhillips		344		05/19/23		USD	120.00		USD	3,413		10,320
ConocoPhillips		163		05/19/23		USD	110.00		USD	1,617		22,983
Delta Air Lines, Inc.		254		05/19/23		USD	35.00		USD	887		48,641
Euro Stoxx 50		23		05/19/23		EUR	4,100.00		EUR	992		55,449
Euro Stoxx Banks		154		05/19/23		EUR	102.00		EUR	785		31,315
General Dynamics Corp.		34		05/19/23		USD	230.00		USD	776		20,230
Lockheed Martin Corp.		17		05/19/23		USD	500.00		USD	804		7,310
Mercedes-Benz Group AG		244		05/19/23		EUR	76.00		EUR	1,727		17,862
Microsoft Corp.		54		05/19/23		USD	270.00		USD	1,557		132,030
Nestle SA		249		05/19/23		CHF	110.00		CHF	2,775		130,358
Nike, Inc., Class B		68		05/19/23		USD	125.00		USD	834		25,670
Northrop Grumman Corp.		6		05/19/23		USD	500.00		USD	277		2,025
NVIDIA Corp.		65		05/19/23		USD	295.00		USD	1,806		71,012
salesforce.com, Inc.		65		05/19/23		USD	200.00		USD	1,299		60,450
Tesla, Inc.		162		05/19/23		USD	180.00		USD	3,361		578,340
United Airlines Holdings, Inc.		127		05/19/23		USD	45.00		USD	562		32,830
Alphabet Inc., Class C		162		06/16/23		USD	110.00		USD	1,685		64,800
Charles Schwab Corp.		259		06/16/23		USD	65.00		USD	1,357		21,497
CVS Health Corp.		31		06/16/23		USD	85.00		USD	230		1,132
Delta Air Lines, Inc.		322		06/16/23		USD	35.00		USD	1,124		78,246
Health Care Select Sector SPDR Fund		79		06/16/23		USD	138.00		USD	1,023		5,293
Intuit, Inc.		46		06/16/23		USD	440.00		USD	2,051		153,870
JPMorgan Chase & Co.		216		06/16/23		USD	135.00		USD	2,815		89,640
salesforce.com, Inc.		62		06/16/23		USD	200.00		USD	1,239		84,320
Uber Technologies, Inc.		277		06/16/23		USD	40.00		USD	878		11,773
United Airlines Holdings, Inc.		323		06/16/23		USD	46.00		USD	1,429		90,601
Walt Disney Co.		162		06/16/23		USD	105.00		USD	1,622		63,990
Waste Management, Inc.		79		06/16/23		USD	165.00		USD	1,289		40,685
Kroger Co.		155		07/21/23		USD	50.00		USD	765		38,208
Tesla, Inc.		87		08/18/23		USD	210.00		USD	1,805		258,825

												5,632,280

Put
3-Month SOFR Future		286		04/14/23		USD	95.00		USD	68,014		32,175
3-Month SOFR Future		338		04/14/23		USD	95.81		USD	81,534		16,900
iShares iBoxx $ High Yield Corporate Bond ETF		1,333		04/21/23		USD	73.00		USD	10,071		29,326
iShares iBoxx $ High Yield Corporate Bond ETF		2,449		04/21/23		USD	72.00		USD	18,502		29,388
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,182		04/21/23		USD	105.00		USD	12,956		15,957
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,699		04/21/23		USD	104.00		USD	40,545		36,990
iShares Russell 2000 ETF		1,532		04/21/23		USD	155.00		USD	27,331		28,342
Lloyds Banking Group PLC		1,625		04/21/23		GBP	0.50		GBP	775		79,182
PulteGroup, Inc.		108		04/21/23		USD	50.00		USD	629		1,620
SPDR S&P 500 ETF Trust		428		04/21/23		USD	363.00		USD	17,522		13,482
SPDR S&P Regional Banking ETF		395		04/21/23		USD	45.00		USD	1,732		102,502
ConocoPhillips		217		05/19/23		USD	100.00		USD	2,153		117,722
iShares iBoxx $ High Yield Corporate Bond ETF		726		05/19/23		USD	72.00		USD	5,485		30,855
iShares Russell 2000 ETF		271		05/19/23		USD	168.00		USD	4,835		63,549
3-Month SOFR Future		197		03/15/24		USD	95.75		USD	47,346		249,944

												847,934

											$	6,480,214


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		20

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise Price

Barrier

Price/Range

Notional

Amount (000)

Value

Call

Euro Stoxx 50

Down-and-in

Citibank N.A.

384

04/21/23

EUR

4,100.00

EUR

3,971.00

EUR

1,575

799

EUR Currency

Up-and-out

HSBC Bank PLC

—

06/27/23

USD

1.09

USD

1.10

EUR

3,887

16,095

16,894

Put

GBP Currency

One Touch

JPMorgan
Chase Bank
N.A.

—

05/11/23

USD

1.00

USD

1.00

GBP

415

16,976

OTC Options Purchased


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
ING Groep NV	Goldman Sachs International		73,000		05/19/23		EUR	11.50		EUR	798	$	15,747
TOPIX Banks Index	BNP Paribas SA		378,103		07/14/23		JPY	218.87		JPY	71,083		9,062
TOPIX Banks Index	Goldman Sachs International		629,919		07/14/23		JPY	226.71		JPY	118,425		10,333
TOPIX Banks Index	JPMorgan Chase Bank N.A.		252,321		07/14/23		JPY	227.60		JPY	47,436		3,961

													39,103

Put
Financial Select Sector SPDR Fund	Citibank N.A.		218,100		04/21/23		USD	29.00		USD	7,012		19,629
USD Currency	Deutsche Bank AG		—		05/04/23		MXN	18.00		USD	3,824		38,032
USD Currency	Bank of America N.A.		—		05/25/23		MXN	18.25		USD	14,362		280,966
USD Currency	Bank of America N.A.		—		05/29/23		JPY	130.00		USD	9,740		137,652

													476,279

												$	515,382

OTC Dual Binary Options Purchased

Description^(a)

Counterparty

Units

Expiration
Date

Notional

Amount (000)

Value

Put

Payout at expiry if S&P 500 <= 3848.02 and 2-year swap >= 4.99^(b)

Citibank N.A.

395,402

05/19/23

USD

1,521,515

5,477

Payout at expiry if S&P 500 <= 3848.02 and 2-year swap >= 5.09^(b)

Citibank N.A.

395,402

05/19/23

USD

1,521,515

8,106

Payout at expiry if S&P 500 <= 3848.02 and 2-year swap >= 4.92^(b)

Citibank N.A.

395,402

06/16/23

USD

1,521,515

3,608

Payout at expiry if S&P 500 <= 3848.02 and 2-year swap >= 5.02^(b)

Citibank N.A.

395,402

06/16/23

USD

1,521,515

10,432

27,623

^(a)

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

^(b)

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

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

10-Year Interest Rate Swap, 08/09/33

1-Day SOFR,
4.80%

Quarterly

2.85%

Semi-Annual

Goldman Sachs International

08/07/23

2.85

USD

9,964

133,616

2-Year Interest Rate Swap, 08/24/23

1-Day SOFR,
4.80%

Quarterly

3.10%

Semi-Annual

Goldman Sachs International

08/22/23

3.10

USD

29,077

227,087

2-Year Interest Rate Swap, 09/07/23

1-Day SONIA,
4.18%

Quarterly

3.25%

Semi-Annual

Goldman Sachs International

09/05/23

3.25

USD

57,664

722,539

10-Year Interest Rate Swap, 09/23/33

1-Day SOFR,
4.80%

Quarterly

2.81%

Semi-Annual

Morgan Stanley & Co. International PLC

09/21/23

2.81

USD

7,177

112,632

10-Year Interest Rate Swap, 09/24/33

1-Day SOFR,
4.80%

Quarterly

2.80%

Semi-Annual

Morgan Stanley & Co. International PLC

09/22/23

2.80

USD

3,073

47,563

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

1-Day SOFR,
4.80%

Quarterly

3.05%

Semi-Annual

Citibank N.A.

10/24/23

3.05

USD

11,317

296,840

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Interest Rate Swaptions Purchased (continued)

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call (continued)

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

1-Day SOFR,
4.80%

Quarterly

2.90%

Semi-Annual

JPMorgan Chase Bank N.A.

10/30/23

2.90

USD

11,317

239,374

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

1-Day SOFR,
4.80%

Quarterly

2.82%

Semi-Annual

Goldman Sachs International

11/07/23

2.82

USD

4,692

89,615

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

1-Day SOFR,
4.80%

Quarterly

2.85%

Semi-Annual

Citibank N.A.

11/14/23

2.85

USD

3,571

176,356

2,045,622

Put

10-Year Interest Rate Swap, 04/05/33

3.80%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

JPMorgan Chase Bank N.A.

04/03/23

3.80

USD

9,594

—

1-Year Interest Rate Swap, 04/03/24

2.47%

Annual

1-Day SONIA,
4.18%

Annual

Goldman Sachs International

04/03/23

2.47

GBP

46,645

1,145,976

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

4.55%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Citibank N.A.

10/24/23

4.55

USD

11,317

27,016

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

4.40%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

4.40

USD

11,317

36,806

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

4.82%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Goldman Sachs International

11/07/23

4.82

USD

4,692

8,090

1,217,888

3,263,510

Interest Rate Caps/Floors Sold


Description	Excercise Rate			Counterparty		Expiration Date	Notional Amount (000)		Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Call
5Y-30Y CMS Index Cap		0.57	%		Goldman Sachs International	09/27/23		USD 120,008	$	(43,947	)	$	(61,641	)	$	17,694

Put
5Y-30Y CMS Index Floor		0.68	%		Goldman Sachs International	09/27/23		USD 120,008		(624,707	)		(120,008	)		(504,699	)

									$	(668,654	)	$	(181,649	)	$	(487,005	)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		390		04/06/23		USD	414.00		USD	15,966	$	(43,875	)
Advanced Micro Devices, Inc.		120		04/21/23		USD	110.00		USD	1,176		(7,320	)
Advanced Micro Devices, Inc.		326		04/21/23		USD	105.00		USD	3,195		(47,922	)
Alphabet Inc., Class C		250		04/21/23		USD	105.00		USD	2,600		(60,250	)
Bank of America Corp.		161		04/21/23		USD	40.00		USD	460		(161	)
Bunge Ltd.		46		04/21/23		USD	110.00		USD	774		(690	)
Charles Schwab Corp.		118		04/21/23		USD	90.00		USD	618		(295	)
Chipotle Mexican Grill, Inc.		6		04/21/23		USD	1,680.00		USD	1,025		(33,690	)
Chubb Ltd.		30		04/21/23		USD	240.00		USD	583		(14,400	)
Constellation Brands, Inc., Class A		22		04/21/23		USD	260.00		USD	497		(1,210	)
EOG Resources, Inc.		80		04/21/23		USD	177.50		USD	917		(800	)
Invesco QQQ Trust, Series 1		280		04/21/23		USD	335.00		USD	8,986		(40,880	)
Lloyds Banking Group PLC		1,625		04/21/23		GBP	0.58		GBP	775		(42,097	)
Mastercard, Inc., Class A		26		04/21/23		USD	400.00		USD	945		(312	)
Morgan Stanley		31		04/21/23		USD	110.00		USD	272		(78	)
NextEra Energy, Inc.		117		04/21/23		USD	80.00		USD	902		(8,775	)
Nice Ltd.		25		04/21/23		USD	240.00		USD	572		(4,688	)
Northrop Grumman Corp.		18		04/21/23		USD	540.00		USD	831		(7,740	)
Schlumberger Ltd.		164		04/21/23		USD	57.50		USD	805		(1,968	)
SPDR S&P 500 ETF Trust		236		04/21/23		USD	415.00		USD	9,662		(95,344	)
Starbucks Corp.		47		04/21/23		USD	115.00		USD	489		(494	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		22

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Tesla, Inc.		83		04/21/23	USD	208.33	USD	1,722	$	(102,090	)
Wells Fargo & Co.		107		04/21/23	USD	55.00	USD	400		(107	)
Xtrackers Harvest CSI 300 China A-Shares Fund		900		04/21/23	USD	37.00	USD	2,653		(5,400	)
Xtrackers Harvest CSI 300 China A-Shares Fund		593		04/21/23	USD	35.00	USD	1,748		(1,779	)
3-Month SOFR Future		246		05/12/23	USD	96.50	USD	59,341		(166,050	)
Advanced Micro Devices, Inc.		178		05/19/23	USD	120.00	USD	1,745		(19,580	)
Alphabet Inc., Class C		109		05/19/23	USD	110.00	USD	1,134		(31,991	)
Alphabet Inc., Class C		215		05/19/23	USD	115.00	USD	2,236		(33,540	)
Amazon.com, Inc.		109		05/19/23	USD	110.00	USD	1,126		(37,060	)
Apple, Inc.		87		05/19/23	USD	175.00	USD	1,435		(19,444	)
Bank of America Corp.		324		05/19/23	USD	31.00	USD	927		(15,714	)
CF Industries Holdings, Inc.		151		05/19/23	USD	80.00	USD	1,095		(21,517	)
Charles Schwab Corp.		439		05/19/23	USD	80.00	USD	2,299		(2,415	)
ConocoPhillips		70		05/19/23	USD	140.00	USD	694		(280	)
ConocoPhillips		163		05/19/23	USD	125.00	USD	1,617		(2,690	)
Dexcom, Inc.		81		05/19/23	USD	130.00	USD	941		(20,857	)
EQT Corp.		560		05/19/23	USD	35.00	USD	1,787		(67,760	)
Freeport-McMoRan, Inc.		323		05/19/23	USD	42.00	USD	1,321		(68,153	)
iShares iBoxx $ High Yield Corporate Bond ETF		726		05/19/23	USD	76.00	USD	5,485		(47,553	)
Marathon Oil Corp.		645		05/19/23	USD	26.00	USD	1,545		(46,117	)
Mercedes-Benz Group AG		244		05/19/23	EUR	82.00	EUR	1,727		(2,117	)
Microsoft Corp.		54		05/19/23	USD	290.00	USD	1,557		(61,965	)
Microsoft Corp.		108		05/19/23	USD	305.00	USD	3,114		(54,000	)
Nestle SA		249		05/19/23	CHF	116.00	CHF	2,775		(10,205	)
NVIDIA Corp.		65		05/19/23	USD	330.00	USD	1,806		(18,525	)
Starbucks Corp.		92		05/19/23	USD	105.00	USD	958		(36,340	)
Tesla, Inc.		162		05/19/23	USD	210.00	USD	3,361		(279,450	)
Alphabet Inc., Class C		162		06/16/23	USD	125.00	USD	1,685		(16,767	)
Charles Schwab Corp.		259		06/16/23	USD	75.00	USD	1,357		(5,439	)
CVS Health Corp.		31		06/16/23	USD	95.00	USD	230		(264	)
Delta Air Lines, Inc.		322		06/16/23	USD	40.00	USD	1,124		(20,125	)
Dexcom, Inc.		81		06/16/23	USD	130.00	USD	941		(30,780	)
Hilton Worldwide Holdings, Inc.		54		06/16/23	USD	155.00	USD	761		(12,420	)
Intuit, Inc.		46		06/16/23	USD	470.00	USD	2,051		(86,480	)
JPMorgan Chase & Co.		216		06/16/23	USD	150.00	USD	2,815		(14,472	)
salesforce.com, Inc.		62		06/16/23	USD	230.00	USD	1,239		(19,220	)
United Airlines Holdings, Inc.		323		06/16/23	USD	52.50	USD	1,429		(28,747	)
United Parcel Service, Inc., Class B		65		06/16/23	USD	210.00	USD	1,261		(18,297	)
Walt Disney Co.		162		06/16/23	USD	115.00	USD	1,622		(19,764	)
Tesla, Inc.		87		08/18/23	USD	260.00	USD	1,805		(111,142	)
SPDR S&P 500 ETF Trust		30		12/15/23	USD	420.00	USD	1,228		(75,881	)

										(2,045,486	)

Put
3-Month SOFR Future		451		04/14/23	USD	95.13	USD	108,792		(2,819	)
3-Month SOFR Future		429		04/14/23	USD	94.50	USD	102,022		(2,681	)
Apple, Inc.		167		04/21/23	USD	135.00	USD	2,754		(1,587	)
Apple, Inc.		93		04/21/23	USD	140.00	USD	1,534		(1,349	)
BNP Paribas SA		52		04/21/23	EUR	60.00	EUR	287		(27,943	)
Constellation Brands, Inc., Class A		96		04/21/23	USD	200.00	USD	2,169		(7,440	)
EOG Resources, Inc.		54		04/21/23	USD	112.50	USD	619		(14,580	)
Euro Stoxx 50		40		04/21/23	EUR	3,900.00	EUR	1,726		(3,015	)
Intuit, Inc.		37		04/21/23	USD	360.00	USD	1,650		(1,943	)
Invesco QQQ Trust, Series 1		417		04/21/23	USD	280.00	USD	13,383		(13,344	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,333		04/21/23	USD	69.00	USD	10,071		(9,331	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,182		04/21/23	USD	101.00	USD	12,956		(5,910	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,699		04/21/23	USD	100.00	USD	40,545		(14,796	)
Lloyds Banking Group PLC		1,625		04/21/23	GBP	0.44	GBP	775		(23,053	)
Lowe’s Cos., Inc.		37		04/21/23	USD	190.00	USD	740		(4,958	)
Microsoft Corp.		59		04/21/23	USD	230.00	USD	1,701		(1,121	)
PulteGroup, Inc.		108		04/21/23	USD	40.00	USD	629		(540	)
SPDR S&P 500 ETF Trust		126		04/21/23	USD	372.00	USD	5,158		(6,111	)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Exchange-Traded Options Written (continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put (continued)
SPDR S&P 500 ETF Trust		428		04/21/23	USD	345.00	USD	17,522	$	(6,634	)
SPDR S&P 500 ETF Trust		118		04/21/23	USD	365.00	USD	4,831		(4,071	)
SPDR S&P Regional Banking ETF		395		04/21/23	USD	40.00	USD	1,732		(29,230	)
Union Pacific Corp.		37		04/21/23	USD	195.00	USD	745		(9,435	)
Invesco QQQ Trust, Series 1		74		04/28/23	USD	280.00	USD	2,375		(4,218	)
3-Month SOFR Future		123		05/12/23	USD	95.25	USD	29,671		(6,150	)
Advanced Micro Devices, Inc.		178		05/19/23	USD	85.00	USD	1,745		(41,118	)
Alphabet Inc., Class C		37		05/19/23	USD	85.00	USD	385		(2,479	)
Amazon.com, Inc.		37		05/19/23	USD	85.00	USD	382		(3,682	)
Apple, Inc.		30		05/19/23	USD	140.00	USD	495		(2,745	)
Apple, Inc.		108		05/19/23	USD	145.00	USD	1,781		(14,580	)
ConocoPhillips		184		05/19/23	USD	85.00	USD	1,825		(19,872	)
ConocoPhillips		441		05/19/23	USD	90.00	USD	4,375		(83,349	)
Delta Air Lines, Inc.		254		05/19/23	USD	27.00	USD	887		(4,572	)
Euro Stoxx Banks		154		05/19/23	EUR	90.00	EUR	785		(12,317	)
iShares iBoxx $ High Yield Corporate Bond ETF		726		05/19/23	USD	68.00	USD	5,485		(7,986	)
iShares Russell 2000 ETF		271		05/19/23	USD	160.00	USD	4,835		(32,926	)
iShares Russell 2000 ETF		135		05/19/23	USD	152.00	USD	2,408		(8,505	)
Lockheed Martin Corp.		17		05/19/23	USD	420.00	USD	804		(3,570	)
Microsoft Corp.		19		05/19/23	USD	240.00	USD	548		(2,489	)
Nice Ltd.		37		05/19/23	USD	175.00	USD	847		(17,760	)
Nike, Inc., Class B		68		05/19/23	USD	105.00	USD	834		(4,216	)
Northrop Grumman Corp.		6		05/19/23	USD	400.00	USD	277		(1,620	)
NVIDIA Corp.		65		05/19/23	USD	220.00	USD	1,806		(16,477	)
Starbucks Corp.		92		05/19/23	USD	90.00	USD	958		(7,038	)
Tesla, Inc.		110		05/19/23	USD	120.00	USD	2,282		(6,985	)
United Airlines Holdings, Inc.		127		05/19/23	USD	38.00	USD	562		(10,604	)
Alphabet Inc., Class C		162		06/16/23	USD	90.00	USD	1,685		(27,378	)
Charles Schwab Corp.		130		06/16/23	USD	40.00	USD	681		(15,795	)
Delta Air Lines, Inc.		322		06/16/23	USD	27.00	USD	1,124		(10,626	)
Health Care Select Sector SPDR Fund		79		06/16/23	USD	120.00	USD	1,023		(8,058	)
JPMorgan Chase & Co.		108		06/16/23	USD	100.00	USD	1,407		(7,290	)
salesforce.com, Inc.		62		06/16/23	USD	160.00	USD	1,239		(11,904	)
Uber Technologies, Inc.		277		06/16/23	USD	30.00	USD	878		(50,137	)
United Airlines Holdings, Inc.		323		06/16/23	USD	36.00	USD	1,429		(28,424	)
Walt Disney Co.		162		06/16/23	USD	80.00	USD	1,622		(12,636	)
Waste Management, Inc.		79		06/16/23	USD	150.00	USD	1,289		(13,232	)
Kroger Co.		155		07/21/23	USD	40.00	USD	765		(5,193	)
Tesla, Inc.		46		08/18/23	USD	135.00	USD	954		(22,310	)
3-Month SOFR Future		296		03/15/24	USD	94.75	USD	71,140		(125,800	)

										(845,932	)

									$	(2,891,418	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)			Value
Call
ING Groep NV	Goldman Sachs International		73,000		05/19/23	EUR	12.50		EUR	798	$	(3,689	)
USD Currency	HSBC Bank PLC		—		06/14/23	TWD	30.58		TWD	2,313		(22,340	)
USD Currency	Goldman Sachs International		—		06/19/23	CNH	6.88		CNH	2,295		(20,103	)

												(46,132	)

Put
ING Groep NV	Goldman Sachs International		73,000		05/19/23	EUR	9.00		EUR	798		(12,754	)
USD Currency	Bank of America N.A.		—		05/25/23	MXN	17.75		MXN	19,149		(133,510	)
USD Currency	Bank of America N.A.		—		05/29/23	JPY	124.00		JPY	14,610		(60,411	)
USD Currency	HSBC Bank PLC		—		06/14/23	BRL	5.24		BRL	2,243		(96,560	)
USD Currency	Morgan Stanley &8 Co. International PLC		—		06/14/23	COP	4,815.00		COP	2,238		(96,546	)
EUR Currency	UBS AG		—		06/19/23	USD	1.08		USD	2,106		(23,493	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		24

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Options Written (continued)



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

Put (continued)
GBP Currency	JPMorgan Chase Bank N.A.		—		06/19/23		USD	1.22		USD	1,866	$	(27,106	)
USD Currency	Bank of America N.A.		—		06/19/23		HUF	362.05		HUF	2,217		(83,952	)
USD Currency	Citibank N.A.		—		06/19/23		MXN	18.67		MXN	2,240		(80,700	)
TOPIX Banks Index	BNP Paribas SA		378,103		07/14/23		JPY	175.10		JPY	71,083		(22,007	)
TOPIX Banks Index	Goldman Sachs International		629,919		07/14/23		JPY	181.37		JPY	118,425		(49,673	)
TOPIX Banks Index	JPMorgan Chase Bank N.A.		252,321		07/14/23		JPY	182.08		JPY	47,436		(20,544	)


													(707,256	)


												$	(753,388	)

OTC Interest Rate Swaptions Written

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

2-Year Interest Rate Swap, 06/01/25

3.30%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Morgan Stanley & Co. International PLC

05/30/23

3.30

USD

46,497

(89,075

)

5-Year Interest Rate Swap, 06/01/28

2.80%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

JPMorgan Chase Bank N.A.

05/30/23

2.80

USD

18,837

(65,408

)

5-Year Interest Rate Swap, 06/16/28

2.50%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Goldman Sachs International

06/14/23

2.50

USD

22,352

(51,100

)

10-Year Interest Rate Swap, 07/21/33

2.41%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Morgan Stanley & Co. International PLC

07/19/23

2.41

USD

24,382

(104,456

)

2-Year Interest Rate Swap, 08/24/23

2.70%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Goldman Sachs International

08/22/23

2.70

USD

29,077

(135,656

)

2-Year Interest Rate Swap, 09/08/27

2.95%

Annual

1-Day SOFR,
4.80%

Annual

Goldman Sachs International

09/05/23

2.95

USD

57,664

(530,681

)

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

3.09%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Citibank N.A.

10/24/23

3.09

USD

45,268

(259,907

)

2-Year Interest Rate Swap, 11/01/25

2.95%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

2.95

USD

45,268

(231,863

)

2-Year Interest Rate Swap, 11/09/25

3.26%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Goldman Sachs International

11/07/23

3.26

USD

18,770

(136,840

)

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

2.75%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Citibank N.A.

11/14/23

2.75

USD

35,707

(159,455

)

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

2.40%

Semi-Annual

1-Day SOFR,
4.80%

Quarterly

Morgan Stanley & Co. International PLC

12/14/23

2.40

USD

6,165

(66,879

)

(1,831,320

)

Put

1-Year Interest Rate Swap, 04/03/24

1-Day SONIA,
4.18%

Annual

3.22%

Annual

Goldman Sachs International

04/03/23

3.22

GBP

93,289

(1,464,477

)

10-Year Interest Rate Swap, 04/08/33

1-Day SOFR,
4.80%

Quarterly

3.40%

Semi-Annual

Morgan Stanley & Co. International PLC

04/06/23

3.40

USD

11,867

(8,926

)

10-Year Interest Rate Swap, 04/20/33

1-Day SOFR,
4.80%

Quarterly

3.45%

Semi-Annual

Morgan Stanley & Co. International PLC

04/18/23

3.45

USD

11,734

(27,898

)

5-Year Interest Rate Swap, 06/10/28

1-Day SOFR,
4.80%

Quarterly

4.00%

Semi-Annual

JPMorgan Chase Bank N.A.

06/08/23

4.00

USD

18,832

(36,190

)

5-Year Interest Rate Swap, 06/16/28

1-Day SOFR,
4.80%

Quarterly

3.90%

Semi-Annual

Goldman Sachs International

06/14/23

3.90

USD

22,352

(62,669

)

10-Year Interest Rate Swap, 07/05/33

1-Day SOFR,
4.80%

Quarterly

3.85%

Semi-Annual

JPMorgan Chase Bank N.A.

07/03/23

3.85

USD

9,594

(33,024

)

10-Year Interest Rate Swap, 07/21/33

1-Day SOFR,
4.80%

Quarterly

3.61%

Semi-Annual

Morgan Stanley & Co. International PLC

07/19/23

3.61

USD

24,382

(189,424

)

10-Year Interest Rate Swap, 08/09/33

1-Day SOFR,
4.80%

Quarterly

3.75%

Semi-Annual

Goldman Sachs International

08/07/23

3.75

USD

12,455

(80,316

)

2-Year Interest Rate Swap, 08/24/23

1-Day SOFR,
4.80%

Quarterly

3.75%

Semi-Annual

Goldman Sachs International

08/22/23

3.75

USD

14,538

(49,997

)

2-Year Interest Rate Swap, 09/07/23

1-Day SOFR,
4.80%

Quarterly

3.85%

Semi-Annual

Goldman Sachs International

09/05/23

3.85

USD

28,832

(65,783

)

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Interest Rate Swaptions Written (continued)

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Put (continued)

2-Year Interest Rate Swap, 09/23/25

1-Day SOFR,
4.80%

Quarterly

4.73%

Semi-Annual

Morgan Stanley & Co. International PLC

09/21/23

4.73

USD

70,836

(105,134

)

2-Year Interest Rate Swap, 09/24/25

1-Day SOFR,
4.80%

Quarterly

4.50%

Semi-Annual

Morgan Stanley & Co. International PLC

09/22/23

4.50

USD

35,389

(79,863

)

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

1-Day SOFR,
4.80%

Quarterly

3.93%

Semi-Annual

Goldman Sachs International

10/02/23

3.93

USD

12,168

(76,597

)

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

1-Day SOFR,
4.80%

Quarterly

4.75%

Semi-Annual

Citibank N.A.

11/14/23

4.75

USD

28,566

(46,201

)

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

1-Day SOFR,
4.80%

Quarterly

3.60%

Semi-Annual

Morgan Stanley & Co. International PLC

12/14/23

3.60

USD

6,165

(89,726

)

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

1-Day SOFR,
4.80%

Quarterly

3.79%

Semi-Annual

JPMorgan Chase Bank N.A.

03/27/24

3.79

USD

35,313

(317,103

)

(2,733,328

)

(4,564,648

)

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.V1		5.00	%		Quarterly		12/20/27	EUR	4,652	$	(188,651	)	$	88,694	$	(277,345	)

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Termination Date	Credit Rating^(a)	Notional Amount (000)	^(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
iTraxx.XO.34.V2	5.00	%	Quarterly	12/20/25	CC+	EUR 34,106		$	1,942,588	$	2,333,087	$	(390,499	)
iTraxx.XO.35.V1	5.00		Quarterly	06/20/26	CCC-	EUR 1,440			76,643		145,806		(69,163	)

								$	2,019,231	$	2,478,893	$	(459,662	)

^(a)

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

^(b)

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

Centrally Cleared Interest Rate Swaps


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3.75%	Monthly	1-Day SOFR, 4.80%	Monthly		N/A			02/13/24	USD	92,095	$	932,753		$	142		$	932,611
1-Day SOFR, 4.80%	Monthly	4.40%	Monthly		N/A			02/13/24	USD	184,191		(697,693	)		284			(697,977	)
28-Day MXIBTIIE, 11.52%	Monthly	4.68%	Monthly		N/A			02/27/24	MXN	62,782		(206,882	)		6			(206,888	)
28-Day MXIBTIIE, 11.52%	Monthly	4.86%	Monthly		N/A			03/01/24	MXN	62,782		(201,191	)		6			(201,197	)
1-Day SOFR, 4.80%	Annual	1.13%	Annual		N/A			03/07/24	USD	51,255		(1,815,337	)		106			(1,815,443	)
1-Day SOFR, 4.80%	Monthly	4.50%	Monthly		N/A			03/09/24	USD	92,494		(232,087	)		284			(232,371	)
1-Day SOFR, 4.80%	Annual	1.08%	Annual		N/A			03/18/24	USD	103,986		(3,694,871	)		224			(3,695,095	)
4.18%	Annual	1-Day SOFR, 4.80%	Annual		N/A			06/28/24	USD	16,487		57,444			(27,686	)		85,130
4.16%	Annual	1-Day SOFR, 4.80%	Annual		N/A			07/13/24	USD	14,859		54,132			(24,016	)		78,148
4.16%	Annual	1-Day SOFR, 4.80%	Annual		N/A			07/20/24	USD	21,852		77,706			(37,014	)		114,720
4.16%	Annual	1-Day SOFR, 4.80%	Annual		N/A			07/23/24	USD	28,619		101,399			(48,930	)		150,329
4.14%	Annual	1-Day SOFR, 4.80%	Annual		N/A			08/12/24	USD	21,139		77,001			(35,552	)		112,553
4.14%	Annual	1-Day SOFR, 4.80%	Annual		N/A			08/13/24	USD	13,774		49,973			(23,300	)		73,273
4.13%	Annual	1-Day SOFR, 4.80%	Annual		N/A			08/27/24	USD	33,815		122,194			(58,252	)		180,446
1-Day SONIA, 4.18%	Monthly	4.26%	Monthly		09/06/23	^(a)		09/06/24	GBP	25,649		(49,523	)		140			(49,663	)
28-Day MXIBTIIE, 11.52%	Monthly	9.78%	Monthly		N/A			02/04/25	MXN	48,743		(21,514	)		10			(21,524	)
28-Day MXIBTIIE, 11.52%	Monthly	9.79%	Monthly		N/A			02/04/25	MXN	24,371		(10,519	)		5			(10,524	)


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		26

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
28-Day MXIBTIIE, 11.52%	Monthly	9.80%	Monthly		N/A			02/04/25	MXN	24,371	$	(10,164	)	$	5		$	(10,169	)
28-Day MXIBTIIE, 11.52%	Monthly	9.95%	Monthly		N/A			02/07/25	MXN	550,963		(141,187	)		120			(141,307	)
2.00%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/17/25	USD	13,415		560,242			56			560,186
1-Day SOFR, 4.80%	Annual	2.60%	Annual		N/A			02/17/25	USD	47,688		(1,442,705	)		199			(1,442,904	)
1-Day SOFR, 4.80%	Annual	2.70%	Annual		N/A			02/17/25	USD	47,688		(1,351,225	)		199			(1,351,424	)
1-Day SOFR, 4.80%	Annual	4.03%	Annual		N/A			03/10/25	USD	93,515		(182,642	)		402			(183,044	)
1-Day SOFR, 4.80%	Annual	3.75%	Annual		N/A			12/15/25	USD	12,146		(39,357	)		84			(39,441	)
3.83%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/19/26	USD	13,259		(22,709	)		(69,699	)		46,990
3.82%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/22/26	USD	3,623		(5,595	)		(18,286	)		12,691
1-Day SOFR, 4.80%	Annual	3.82%	Annual		N/A			03/08/26	USD	42,033		92,819			224,106			(131,287	)
3.78%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/26/26	USD	61,194		(146,750	)		(339,147	)		192,397
3.78%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/27/26	USD	123,103		(298,302	)		(685,701	)		387,399
1-Day SOFR, 4.80%	Annual	3.77%	Annual		N/A			06/28/26	USD	9,810		27,082			57,339			(30,257	)
1-Day SOFR, 4.80%	Annual	3.76%	Annual		N/A			07/13/26	USD	8,779		23,563			50,670			(27,107	)
3.73%	Annual	1-Day SOFR, 4.80%	Annual		N/A			10/14/26	USD	13,157		(35,888	)		(83,719	)		47,831
3.73%	Annual	1-Day SOFR, 4.80%	Annual		N/A			11/10/26	USD	21,067		(64,372	)		(144,587	)		80,215
1-Day SOFR, 4.80%	Annual	3.71%	Annual		N/A			01/07/27	USD	34,517		149,799			250,913			(101,114	)
1-Day SOFR, 4.80%	Annual	3.71%	Annual		N/A			01/10/27	USD	14,027		62,391			102,805			(40,414	)
1-Day SOFR, 4.80%	Annual	3.71%	Annual		N/A			01/14/27	USD	5,077		23,654			37,554			(13,900	)
1-Day SOFR, 4.80%	Annual	3.70%	Annual		N/A			02/09/27	USD	45,774		246,251			342,359			(96,108	)
1-Day SOFR, 4.80%	Annual	1.56%	Annual		N/A			03/07/27	USD	25,628		(1,863,067	)		187			(1,863,254	)
1-Day SOFR, 4.80%	Annual	3.47%	Annual		03/10/25	^(a)		03/10/27	USD	9,910		108,586			44			108,542
1-Day SOFR, 4.80%	Annual	2.91%	Annual		N/A			10/06/27	USD	23,669		(633,813	)		197			(634,010	)
1-Day SONIA, 4.18%	Monthly	3.18%	Monthly		02/10/27	^(a)		02/10/28	GBP	85,657		(24,796	)		524			(25,320	)
3.51%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/04/31	USD	4,489		(83,290	)		(76,220	)		(7,070	)
3.51%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/05/31	USD	2,639		(48,985	)		(44,820	)		(4,165	)
1-Day SOFR, 4.80%	Annual	3.50%	Annual		N/A			04/07/31	USD	20,008		353,433			337,973			15,460
1-Day SOFR, 4.80%	Annual	3.50%	Annual		N/A			04/08/31	USD	11,489		203,116			195,732			7,384
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/27/31	USD	7,341		(133,113	)		(127,135	)		(5,978	)
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/28/31	USD	1,301		(23,601	)		(22,362	)		(1,239	)
0.02%	Annual	6-Month EURIBOR, 3.34%	Semi-Annual		N/A			08/26/31	EUR	9,317		2,212,550			163			2,212,387
1-Day SOFR, 4.80%	Annual	3.50%	Annual		N/A			10/14/31	USD	19,924		372,498			367,157			5,341
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A			10/12/31	USD	6,327		(118,421	)		(116,523	)		(1,898	)
1-Day SOFR, 4.80%	Annual	3.50%	Annual		N/A			11/19/31	USD	19,649		372,906			368,957			3,949
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A			11/26/31	USD	3,326		(63,565	)		(62,652	)		(913	)
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A			11/30/31	USD	2,298		(44,003	)		(43,327	)		(676	)
1-Day SOFR, 4.80%	Annual	3.50%	Annual		N/A			01/28/32	USD	31,646		663,544			618,607			44,937
2.38%	Annual	1-Day SOFR, 4.80%	Annual		N/A			04/08/32	USD	2,085		141,363			30			141,333
2.58%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/24/32	USD	14,246		762,596			(12,980	)		775,576
2.60%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/26/32	USD	2,456		127,478			36			127,442
1-Day SOFR, 4.80%	Annual	3.47%	Annual		N/A			10/04/32	USD	10,285		195,207			154			195,053
1-Day SOFR, 4.80%	Annual	3.42%	Annual		N/A			10/05/32	USD	4,848		70,245			75			70,170
1-Day SOFR, 4.80%	Annual	3.05%	Annual		N/A			10/28/32	USD	11,483		(198,272	)		178			(198,450	)
1-Day SOFR, 4.80%	Annual	2.88%	Annual		N/A			11/02/32	USD	11,632		(370,974	)		181			(371,155	)
1-Day SOFR, 4.80%	Annual	2.92%	Annual		N/A			11/04/32	USD	11,671		(331,796	)		181			(331,977	)
1-Day SOFR, 4.80%	Annual	2.90%	Annual		N/A			11/15/32	USD	18,790		(561,990	)		293			(562,283	)
1-Day SOFR, 4.80%	Annual	3.20%	Annual		N/A			11/28/32	USD	10,953		(42,381	)		171			(42,552	)
1-Day ESTR, 1,079.62%	Annual	2.34%	Annual		01/19/28	^(a)		01/19/33	EUR	7,414		(107,972	)		104			(108,076	)
3.24%	Annual	1-Day SOFR, 4.80%	Annual		08/09/23	^(a)		08/09/33	USD	6,094		(63,321	)		98			(63,419	)
3.45%	Annual	1-Day SOFR, 4.80%	Annual		N/A			11/26/41	USD	1,670		(61,798	)		(69,411	)		7,613
3.24%	Annual	1-Day SOFR, 4.80%	Annual		N/A			12/11/50	USD	1,632		(67,848	)		(86,451	)		18,603
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			01/07/51	USD	5,340		(218,332	)		(275,140	)		56,808
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			01/08/51	USD	1,844		(75,378	)		(94,990	)		19,612
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			01/25/51	USD	3,941		(163,932	)		(203,980	)		40,048
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/01/51	USD	4,033		(168,980	)		(209,114	)		40,134
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/04/51	USD	2,285		(96,313	)		(118,647	)		22,334
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/05/51	USD	2,366		(99,717	)		(122,838	)		23,121
3.23%	Annual	1-Day SOFR, 4.80%	Annual		N/A			02/22/51	USD	943		(40,533	)		(49,194	)		8,661
3.22%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/27/51	USD	3,534		(140,129	)		(184,176	)		44,047
3.22%	Annual	1-Day SOFR, 4.80%	Annual		N/A			05/28/51	USD	579		(22,957	)		(30,172	)		7,215
3.22%	Annual	1-Day SOFR, 4.80%	Annual		N/A			06/07/51	USD	1,105		(43,913	)		(57,700	)		13,787

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Trust		Received by the Trust		Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
1-Day SOFR, 4.80%	Annual	3.22%	Annual		N/A		06/22/51	USD	2,396	$	95,614		$	125,718		$	(30,104	)
3.22%	Annual	1-Day SOFR, 4.80%	Annual		N/A		08/23/51	USD	793		(32,186	)		(42,221	)		10,035
3.21%	Annual	1-Day SOFR, 4.80%	Annual		N/A		10/15/51	USD	1,158		(45,141	)		(60,386	)		15,245
3.21%	Annual	1-Day SOFR, 4.80%	Annual		N/A		10/18/51	USD	1,791		(69,843	)		(93,436	)		23,593
1-Day SOFR, 4.80%	Annual	3.21%	Annual		N/A		11/08/51	USD	1,943		76,350			102,101			(25,751	)
3.21%	Annual	1-Day SOFR, 4.80%	Annual		N/A		11/30/51	USD	757		(30,268	)		(40,004	)		9,736
3.21%	Annual	1-Day SOFR, 4.80%	Annual		N/A		01/21/52	USD	7,765		(327,804	)		(416,683	)		88,879

										$	(8,675,056	)	$	(1,069,572	)	$	(7,605,484	)

^(a)

Forward Swap.

Centrally Cleared Inflation Swaps

Paid by the Trust

Received by the Fund

Termination
Date

Notional

Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Reference

Frequency

Rate

Frequency

Eurostat Eurozone HICP Ex Tobacco Unrevised

Monthly

2.69%

Monthly

08/15/32

EUR

1,425

(15,943

)

(15,973

)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust	Payment Frequency	Counterparty	Termination Date	Credit Rating	^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Vistra Operations Company LLC	5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB		USD	1,286	$	12,147		$	9,233		$	2,914
Vistra Operations Company LLC	5.00	Quarterly	JPMorgan Chase Bank N.A.	12/20/25	BB		USD	642		38,045			30,952			7,093
			Morgan Stanley & Co.
CMBX.NA.9	3.00	Monthly	International PLC	09/17/58	N/R		USD	332		(81,769	)		(71,191	)		(10,578	)
			Morgan Stanley & Co.
CMBX.NA.15	3.00	Monthly	International PLC	11/18/64	N/R		USD	1,000		(285,042	)		(186,840	)		(98,202	)

									$	(316,619	)	$	(217,846	)	$	(98,773	)

^(a)

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

^(b)

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		28

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Interest Rate Swaps


Paid by the Trust		Received by the Trust				Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate			Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day BZDIOVER, 0.05%	Monthly		12.78	%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/25		BRL	143,166	$	344,186		$	—	$	344,186
1-Day BZDIOVER, 0.05%	Monthly		13.15	%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,385		27,077			—		27,077
1-Day BZDIOVER, 0.05%	Monthly		13.18	%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	7,381		27,803			—		27,803
1-Day BZDIOVER, 0.05%	Monthly		13.22	%	Monthly	Citibank N.A.		N/A		01/02/25		BRL	3,883		15,187			—		15,187
China Fixing Repo Rates 7-Day, 2.70%	Quarterly		2.60	%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26		CNY	157,107		(43,823	)		—		(43,823	)

														$	370,430		$	—	$	370,430

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Counterparty

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

iShares iBoxx $ High Yield Corporate Bond ETF

Quarterly

1-Day SOFR minus
2.50%, 4.80%

Quarterly

Goldman Sachs
International

N/A

06/16/23

USD

2,452

(55,968

)

—

(55,968

)

iShares iBoxx $ High Yield Corporate Bond ETF

Quarterly

1-Day SOFR minus
2.50%, 4.80%

Quarterly

Goldman Sachs
International

N/A

06/16/23

USD

1,226

(27,983

)

—

(27,983

)

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

1-Day SOFR minus
2.50%, 4.80%

Monthly

Goldman Sachs
International

N/A

06/16/23

USD

1,923

(55,474

)

109

(55,583

)

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

1-Day SOFR minus
2.20%, 4.80%

Monthly

BNP Paribas SA

N/A

06/16/23

USD

1,961

(45,494

)

—

(45,494

)

1-Day SOFR minus 1.75%, 4.80%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

BNP Paribas SA

N/A

06/16/23

USD

2,433

58,566

—

58,566

1-Day SOFR, 4.80%

Monthly

iShares iBoxx $ Investment Grade Corporate Bond ETF

Monthly

JPMorgan Chase
Bank N.A.

N/A

06/16/23

USD

17,975

241,289

2,272

239,017

1-Day SOFR minus 1.75%, 4.80%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

BNP Paribas SA

N/A

06/21/23

USD

1,217

29,027

—

29,027

143,963

2,381

141,582

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

OTC Total Return Swaps


Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Citibank N.A.^(b)		10/11/23	$	6,793,604		$	(131,886	)^(c)	$	6,693,461			0.4	%
	Monthly	JPMorgan Chase Bank N.A.^(d)		02/08/24		(844,178	)		(57,191	)^(e)		(903,890	)		0.0

								$	(189,077	)	$	5,789,571

^(a)

The Trust receives the total return on a portfolio of long positions underlying the total return swap. The Trust pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Trust pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $(31,743) of net dividends and financing fees.

^(e)

Amount includes $2,521 of net dividends and financing fees.

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


	(b)	(d)
Range:	26 basis points	25-26 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date October 11, 2023:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Italy
Leonardo SpA		570,746	$	6,693,461		100.0	%


Net Value of Reference Entity — Citibank N.A			$6,693,461

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2024:


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

France
Pernod Ricard SA		(2,748	)	$	(622,232	)		68.8	%


United Kingdom
Diageo PLC		(6,311	)		(281,658	)		31.2

					(903,890	)


Net Value of Reference Entity — JPMorgan Chase Bank N.A				$	(903,890	)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

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

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		30

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)

pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	159,101,192	$	10,738,457	$	169,839,649
Common Stocks
Australia		—		6,867,362		—		6,867,362
Canada		22,448,332		—		—		22,448,332
Cayman Islands		296,588		—		904,675		1,201,263
China		—		7,148,322		—		7,148,322
France		—		56,987,078		—		56,987,078
Germany		898,505		37,319,502		—		38,218,007
Hong Kong		—		5,725,781		—		5,725,781
India		—		—		4,043,471		4,043,471
Israel		8,777,245		—		—		8,777,245
Italy		—		8,731,312		—		8,731,312
Japan		—		31,047,439		—		31,047,439
Netherlands		53,685		40,215,712		—		40,269,397
South Korea		—		7,350,720		—		7,350,720
Spain		—		11,003,293		—		11,003,293
Switzerland		9,165,260		19,588,057		—		28,753,317
Taiwan		6,450,100		—		—		6,450,100
United Kingdom		5,673,112		43,979,642		—		49,652,754
United States		558,384,531		10,148,572		11,707,506		580,240,609
Corporate Bonds		—		228,587,052		56,749,397		285,336,449
Floating Rate Loan Interests		—		52,678,072		70,596,864		123,274,936
Foreign Agency Obligations		—		88,120,611		—		88,120,611
Investment Companies		32,986,113		—		—		32,986,113
Municipal Bonds		—		2,376,509		—		2,376,509
Non-Agency Mortgage-Backed Securities		—		104,512,392		7,643,625		112,156,017
Other Interests		—		—		5,957,296		5,957,296
Preferred Securities
Capital Trust		—		865,524		—		865,524
Preferred Stocks		—		5,214,826		64,737,063		69,951,889
U.S. Government Sponsored Agency Securities		—		273,740,701		—		273,740,701
Warrants
Cayman Islands		16,271		—		—		16,271
Israel		741		—		130,458		131,199
United Kingdom		509		—		—		509
United States		81,085		7,081		790,779		878,945
Short-Term Securities
Certificates of Deposit		—		2,933,379		—		2,933,379
Commercial Paper		—		758,166		—		758,166
Money Market Funds		3,257,468		—		—		3,257,468
Options Purchased
Equity Contracts		5,856,783		59,531		—		5,916,314
Foreign Currency Exchange Contracts		—		472,827		—		472,827
Interest Rate Contracts		623,431		3,415,670		—		4,039,101

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3			Total

Other Contracts	$	—		$	—		$	27,623		$	27,623
Unfunded Floating Rate Loan Interests^(a)		—			—			4,427			4,427
Liabilities
Investments
TBA Sale Commitments		—			(110,000,828	)		—			(110,000,828	)
Unfunded Floating Rate Loan Interests^(a)		—			(5,798	)		(4,466	)		(10,264	)

	$	654,969,759		$	1,098,949,699		$	234,027,175			1,987,946,633

Investments Valued at NAV^(b)											4,132,943

										$	1,992,079,576

Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	10,007		$	—		$	10,007
Equity Contracts		29,486			328,568			—			358,054
Foreign Currency Exchange Contracts		—			1,396,337			—			1,396,337
Interest Rate Contracts		7,311,332			7,626,217			—			14,937,549
Liabilities
Credit Contracts		—			(845,787	)		—			(845,787	)
Equity Contracts		(4,840,964	)		(1,166,940	)		—			(6,007,904	)
Foreign Currency Exchange Contracts		—			(9,941,273	)		—			(9,941,273	)
Interest Rate Contracts		(12,803,881	)		(20,094,573	)		—			(32,898,454	)
Other Contracts		—			(15,973	)		—			(15,973	)

	$	(10,304,027	)	$	(22,703,417	)	$	—		$	(33,007,444	)

^(a)

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

^(b)

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

^(c)

Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:



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

Assets/Liabilities
Opening balance, as of December 31, 2022	$	11,817,455		$	27,126,641		$	36,101,303		$	80,651,617		$	10,549,081		$	23,343		$	6,069,584
Transfers into Level 3		265,573			—			199,502			3,328,501			—			—			—
Transfers out of Level 3		(1,024,116	)		—			—			(2,184,857	)		(866,700	)		—			—
Other^(a)		—			(8,415,167	)		8,754,728			(8,754,728	)		—			—			—
Accrued discounts/premiums		1,642			—			54,018			47,934			20,015			—			—
Net realized gain (loss)		4,460			(297	)		3,708			(160,654	)		(202,487	)		(43,332	)		—
Net change in unrealized appreciation (depreciation)^(b)		61,008			(2,055,525	)		(124,534	)		65,426			(124,471	)		(110,549	)		(112,288	)
Purchases		—			—			12,374,570			—			—			158,161			—
Sales		(387,565	)		—			(613,898	)		(2,396,375	)		(1,731,813	)		—			—

Closing balance, as of March 31, 2023	$	10,738,457		$	16,655,652		$	56,749,397		$	70,596,864		$	7,643,625		$	27,623		$	5,957,296

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023^(b)	$	61,008		$	(2,055,525	)	$	(124,534	)	$	(7,979	)	$	(347,092	)	$	(130,538	)	$	(112,288	)



	Preferred Stocks		Unfunded Floating Rate Loan Interests		Warrants		Total

Assets/Liabilities
Opening balance, as of December 31, 2022	$	56,384,367	$	—	$	957,038	$	229,680,429
Transfers into Level 3		—		—		—		3,793,576
Transfers out of Level 3		—		—		—		(4,075,673	)
Other^(a)		8,415,167		—		—		—
Accrued discounts/premiums		—		—		—		123,609


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		32

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)


	Preferred Stocks			Unfunded Floating Rate Loan Interests			Warrants			Total
Net realized gain (loss)		—			—			—			(398,602	)
Net change in unrealized appreciation (depreciation)^(b)	$	(1,579,887	)	$	(39	)	$	(35,801	)	$	(4,016,660	)
Purchases		1,517,416			—			—			14,050,147
Sales		—			—			—			(5,129,651	)

Closing balance, as of March 31, 2023	$	64,737,063		$	(39	)	$	921,237		$	234,027,175

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023^(b)	$	(1,579,887	)	$	(39	)	$	(35,801	)	$	(4,332,675	)

^(a)

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

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $36,747,157. 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

16,655,652

Market

Revenue Multiple

3.85x - 6.00x

4.66x

Volatility

52% -75%

68%

Time to Exit

1.0 - 1.9 years

1.4 years

Market Adjustment Multiple

0.50x

—

Gross Profit Multiple

18.50x

—

Asset Backed Securities

6,816,251

Income

Discount Rate

8% - 9%

Corporate Bonds

42,817,927

Income

Discount Rate

8% - 35%

14%

Market

Revenue Multiple

5.00x

—

Volatility

65%

—

Time to Exit

2.8 years

—

Floating Rate Loan Interests

59,660,686

Income

Discount Rate

6% - 14%

11%

Credit Spread

394 - 819

464

Other Interests

5,957,296

Income

Discount Rate

6% - 7%

Preferred Stock

64,450,970

Market

Revenue Multiple

2.05x - 28.00x

10.91x

Volatility

46% - 90%

69%

Time to Exit

1.5 - 5.0 years

3.5 years

Market Adjustment Multiple

0.50x -0.95x

0.83x

EBITDA Multiple

15.00x

—

EBITDAR Multiple

6.75x

—

Recent Transactions

)

—

Gross Profit Multiple

5.76x

—

Income

Discount Rate

13% - 14%

13%

Warrants

921,236

Market

Revenue Multiple

9.25x -26.05x

12.19x

Volatility

49% - 75%

62%

Time to Exit

0.3 - 4.5 years

4.0 years

197,280,018

^(a)

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

^(b)

For the period end March 31, 2023, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value.

Consolidated Schedule of Investments (unaudited) (continued)

March 31, 2023

BlackRock Capital Allocation Trust (BCAT)



Currency Abbreviation

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNH		Chinese Yuan

CNY		Chinese Yuan

COP		Colombian Peso

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

HUF		Hungarian Forint

JPY		Japanese Yen

MXN		Mexican Peso

NOK		Norwegian Krone

SEK		Swedish Krona

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation

ABS		Asset-Backed Security

ADR		American Depositary Receipt

BZDIOVER		Overnight Brazil Interbank Deposit (CETIP)

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

DIP		Debtor-In-Possession

ESTR		Euro Short Term Rate

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FREMF		Freddie Mac Multifamily Securities

FTSE		Financial Times Stock Exchange

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

MTA		Month Treasury Average

MXIBTIIE		Mexico Interbank TIIE 28-Day

PIK		Payment-in-Kind

RB		Revenue Bond

S&P		Standard & Poor’s



Portfolio Abbreviation (continued)

SOFR		Secured Overnight Financing Rate

SOFR CME		Secured Overnight Financing Rate Chicago Mercantile Exchange

SOFRTE		Term Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

ST		Special Tax

TBA		To-Be-Announced


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		34

BlackRock Capital Alloca... (NYSE:BCAT)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

Click Here for more BlackRock Capital Alloca... Charts.

BlackRock Capital Alloca... (NYSE:BCAT)
Historical Stock Chart
Von Mai 2023 bis Mai 2024

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

BCAT BlackRock Capital Allocation Term Trust

News BlackRock Capital Allocation Term Trust

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen

Trends

Toplisten

Marktdaten

News

Werkzeuge

Märkte

Entdecken

Hot Features

Follow Feed

Optionen-Flow

Watchlist

BCAT BlackRock Capital Allocation Term Trust

News BlackRock Capital Allocation Term Trust

Kürzlich von Ihnen besucht

Unternehmen

Geschäft

Popular

App herunterladen