UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23564

Name of Fund: BlackRock Capital Allocation Trust (BCAT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Capital Allocation Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Capital Allocation Trust (BCAT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Capital Allocation Trust’s (BCAT) (the “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

June 30, 2021

	Total Cumulative Distributions for the Fiscal Period										% Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name	Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital (a)		Total Per Common Share		Net Income			Net Realized Capital Gains Short-Term			Net Realized Capital Gains Long-Term			Return of Capital			Total Per Common Share
BCAT	$	0.183384	$	0.112821	$	—	$	0.328395	$	0.624600		29	%		18	%		—	%		53	%		100	%
(a) The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share.

Section 19(a) notices for the Trust, as applicable, are available on the BlackRock website at blackrock.com.

Section 19(b) Disclosure

The Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Trust’s Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, the Trust currently distributes the following fixed amounts per share on a monthly basis:

Exchange Symbol	Amount Per Common Share
BCAT	$	0.1041

The fixed amounts distributed per share are subject to change at the discretion of the Trust’s Board. Under its Plan, the Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, the Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. The Trust’s total return performance is presented in its financial highlights table.

The Board may amend, suspend or terminate the Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code.

2 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.25%	40.79%
U.S. small cap equities (Russell 2000® Index)	17.54	62.03
International equities (MSCI Europe, Australasia, Far East Index)	8.83	32.35
Emerging market equities (MSCI Emerging Markets Index)	7.45	40.90
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.09
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.10)	(5.89)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.60)	(0.33)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	4.20
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.61	15.34
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE IS NOT PART OF YOUR FUND REPORT 3

Table of Contents

	Page
Supplemental Information		2
The Markets in Review		3
Semi-Annual Report:
The Benefits and Risks of Leveraging		5
Option Over-Writing Strategy		6
Derivative Financial Instruments		6
Trust Summary		7
Financial Statements:
Consolidated Schedule of Investments		10
Consolidated Statement of Assets and Liabilities		53
Consolidated Statement of Operations		55
Statements of Changes in Net Assets		56
Consolidated Statement of Cash Flows		57
Financial Highlights		59
Notes to Financial Statements		60
Additional Information		71
Glossary of Terms Used in this Report		74

4

The Benefits and Risks of Leveraging

The Trust may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, its common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume the Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Trust’s financing cost of leverage is significantly lower than the income earned on the Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trust had not used leverage. Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of the Trust’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trust’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of the Trust’s shares than if the Trust were not leveraged. In addition, the Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit the Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. The Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trust’s investment adviser will be higher than if the Trust did not use leverage.

The Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trust is permitted to issue debt up to 33 1/3% of its total managed assets. The Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act.

If the Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of the Trust’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

THE BENEFITS AND RISKS OF LEVERAGING 5

Option Over-Writing Strategy   BlackRock Capital Allocation Trust (BCAT)

Overview

In general, the goal of the Trust is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trust seeks to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance the Trust’s risk-adjusted return. The Trust’s objectives cannot be achieved in all market conditions.

The Trust primarily writes single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Option Over-Writing Strategy Illustration

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.

The Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to the Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.

Derivative Financial Instruments

The Trust may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trust’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trust’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

6 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trust Summary   as of June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Investment Objective

BlackRock Capital Allocation Trust’s (BCAT) (the “Trust”) investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust invests in a portfolio of equity and debt securities. Generally, the Trust’s portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Symbol on New York Stock Exchange	BCAT
Initial Offering Date	September 28, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2021 ($21.88)(a)	5.71%
Current Monthly Distribution per Common Share(b)	$0.1041
Current Annualized Distribution per Common Share(b)	$1.2492
Leverage as of June 30, 2021(c)	18%
(a) Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. (b) The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. (c)  Represents bank overdraft and reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Market Price	$	21.88	$	21.77		0.51	%	$	23.78	$	19.81
Net Asset Value		21.81		21.05		3.61			21.94		20.91

Market Price and Net Asset Value History Since Inception    

The Trust commenced operations on September 28, 2020.

TRUST SUMMARY 7

Trust Summary  as of June 30, 2021 (continued) BlackRock Capital Allocation Trust (BCAT)

Performance

Returns for the period ended June 30, 2021 were as follows:

				Total Returns
	6-month			Since Inception(a)
Trust at NAV(b)(c)		6.69	%		12.85	%
Trust at Market Price(b)(c)		3.50			13.21
MSCI World Index(d)		13.05			28.97
Bloomberg Barclays Global Aggregate Total Return Index (unhedged)(e)		(3.21	)		0.23
(a) The Trust commenced operations on September 28, 2020. (b) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. (c)  The Trust’s premium to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. (d) A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indexes. (e) The Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

The Trust’s performance is reviewed on an absolute return basis due to the nature of its mandate. The Trust has an unconstrained approach (i.e., flexibility to invest across all equity and fixed income asset classes, spanning public and private markets). As such, the Trust is not managed specifically to a benchmark. The index returns listed above are for reference purposes only. Performance information below is expressed on a contribution to return basis.

Global equity markets were positive for the period, albeit with bouts of market volatility driven by weaker-than-expected U.S. job growth, higher-than-expected inflation and statements by the Fed that that the Federal Funds rate would be raised sooner than expected. Market appreciation was mainly due to the recognition of the potential for robust economic growth in the second half of the period, coupled with a healthy U.S. consumer and the continuation of accommodative fiscal and monetary policies. Within fixed income, U.S. Treasuries posted a negative return over the period, driven by a rapid back-up in rates during the first half of the period amidst market expectations of a rapidly improving economy. Despite a backdrop of positive economic growth and surprisingly strong U.S. inflation data, bond markets rallied later in the period to partially offset some of these losses, with the recent decline in yields largely the result of market technicals and the immense amount of liquidity in the system. International sovereigns also declined over the period against a stronger U.S. dollar. Within U.S. credit, high yield bonds appreciated as spread compression continued across the asset class, while investment grade was slightly negative.

Over the period, most of the Trust’s positive return was driven by equity exposure. From a sector perspective, positioning in financials and information technology were the primary contributors. Within fixed income, positioning in high yield credit and securitized assets were the primary drivers of positive return.

The Trust uses derivatives, which may include options, futures, swaps and forward contracts both to seek to enhance returns of the Fund and to hedge (or protect) against adverse movements. During the period, the Fund’s use of derivatives, in aggregate, detracted from the Trust’s performance.

During the period, the Trust continued its initial ramp-up to become fully invested following its launch on September 28, 2020. The Trust increased its exposure to equities by 16% over the period, with the largest increases in financials, consumer discretionary, and information technology. The Trust slightly reduced exposure to health care and consumer staples during the period. Within fixed income, total exposure was increased by 15% with notable additions across a diversified basket of high yield credit and securitized assets.

During the period, the investment adviser invested the remaining cash balance in the Trust across both equity and fixed income markets, while employing a modest level of leverage to bring the total capital invested to 118% of net assets at period end. The use of leverage is to seek to enhance both the income and total return of the portfolio given the sustained low yield environment.

At period end, the Trust had a 54% weighting in equities. The Trust had exposure to all sectors, with the largest absolute weightings in information technology, financials and consumer discretionary. Within equities, the investment adviser used options as an additional source of income throughout the period. As of June 30, 2021, the investment adviser sold options on approximately 9.5% of the fundamental equity positions.

Within fixed income, the Trust finished the period with a weighting of 64%, comprised predominately of high yield credit, securitized assets and emerging market sovereign bonds, which exhibited the most attractive yield on offer within the asset class. The investment adviser continued to emphasize exposure in high yield credit and securitized assets not only for the attractive carry potential but also given each sector’s historical tendency to be less sensitive to interest rates, which could bode well in a rising rate environment.

At period end, private investments in the portfolio comprised close to 5.1% of total assets in the Trust.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

8 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trust Summary  as of June 30, 2021 (continued) BlackRock Capital Allocation Trust (BCAT)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security	Percent of Total Investments
SPDR Bloomberg Barclays High Yield Bond ETF		2	%
Microsoft Corp.		2
Bank of America Corp.		1
Alphabet, Inc		1
Johnson & Johnson		1
Mastercard, Inc.		1
UnitedHealth Group, Inc.		1
Enbridge, Inc		1
Amazon.com, Inc		1
Boston Scientific Corp.		1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	06/30/21			12/31/20
United States		59	%		61	%
Cayman Islands		7			6
Germany		3			2
France		3			3
United Kingdom		3			2
Netherlands		2			3
China		2			3
Mexico		2			2
Ireland		2			1
Italy		1			1
Canada		1			1
Luxembourg		1			1
India		1			1
Brazil		1			1
Colombia		1			1
Sweden		1			1
Japan		1			1
Egypt		1			1
Dominican Republic		1			—
Indonesia		1			1
Hong Kong		1			1
Argentina		1			—
Taiwan		1			1
Israel		1			—
Macau		1			—
Spain		1			—
Ukraine		—			1
Saudi Arabia		—			1
Panama		—			1
Chile		—			1
Switzerland		—			1
Other(a)		—			—

^(a)  Rounds to less than 1% of total investments.

TRUST SUMMARY 9

Consolidated Schedule of Investments  (unaudited) June 30, 2021 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	$	1,013,264
Cayman Islands — 4.8%
522 Funding CLO Ltd., Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 3.84%, 04/20/30(a)(b)	USD		1,950		1,951,103
AGL CLO 5 Ltd., Series 2020-5A, Class ER, (3 mo. LIBOR US + 6.45%), 6.60%, 07/20/34(a)(b)			3,000		3,000,000
AGL CLO 7 Ltd., Series 2020-7A, Class DR, (3 mo. LIBOR US + 3.10%), 1.00%, 07/15/34(a)(b)(c)			250		250,000
AGL CLO Ltd.
Series 2020-3A, Class D, (3 mo. LIBOR US + 3.30%), 3.48%, 01/15/33(a)(b)			550		550,149
Series 2020-9A, Class D, 1.00%, 07/15/34			250		250,000
Series 2020-9A, Class D, (3 mo. LIBOR US + 3.70%), 3.89%, 01/20/34(a)(b)			850		855,966
AIMCO CLO, 2017-AA, (3 mo. LIBOR US + 3.15%), 3.34%, 04/20/34(a)(b)			250		251,125
Allegany Park CLO Ltd., Series 2019-1A, Class D, (3 mo. LIBOR US + 3.70%), 3.89%, 01/20/33(a)(b)			600		604,239
Apidos CLO XXII, 2015-22A, (3 mo. LIBOR US + 2.95%), 3.14%, 04/20/31(a)(b)			250		250,012
Apidos CLO XXXIII, Series 2020-33A, Class E, (3 mo. LIBOR US + 7.52%), 7.70%, 07/24/31(a)(b)			1,000		1,002,611
Apidos CLO XXXIV, Series 2020-34A, Class E, (3 mo. LIBOR US + 7.25%), 7.49%, 01/20/33(a)(b)			3,000		3,011,104
Apidos CLO XXXV, Series 2021-35A, Class E, (3 mo. LIBOR US + 5.75%), 5.95%, 04/20/34(a)(b)(d)			375		372,900
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 4.43%, 10/15/28(a)(b)			3,000		3,000,887
Ares LV CLO Ltd.(a)(b)
Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 1.00%, 07/15/34(c)			1,500		1,500,000
Series 2020-55A, Class E, (3 mo. LIBOR US + 6.20%), 6.38%, 04/15/31			5,400		5,407,847
Series 2020-55A, Class ER, (3 mo. LIBOR US + 6.35%), 6.48%, 07/15/34(c)			5,400		5,400,000
Ares LVI CLO Ltd., Series 2020-56A, (3 mo. LIBOR US + 7.58%), 7.76%, 10/25/31(a)(b)			625		627,147
Ares LVII CLO Ltd., Series 2020-57A, Class D, (3 mo. LIBOR US + 4.35%), 4.53%, 10/25/31(a)(b)			4,000		4,019,854
Bain Capital Credit CLO Ltd., Series 2020-2A, Class E, (3 mo. LIBOR US + 6.83%), 7.02%, 07/21/31(a)(b)			500		504,910
Ballyrock CLO 2019-1 Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 1.00%, 07/15/32(a)(b)(c)			2,700		2,700,000
Ballyrock CLO Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.15%), 3.33%, 10/15/28(a)(b)			500		499,995
Birch Grove CLO Ltd.(a)(b)
Series 19A, Class D, (3 mo. LIBOR US + 3.90%), 4.02%, 06/15/31			1,250		1,250,637
Series 19A, Class DR, (3 mo. LIBOR US + 3.35%), 3.48%, 06/15/31(c)			1,250		1,250,000

Security		Par (000)		Value
Cayman Islands (continued)
BlueMountain CLO Ltd., Series 2016-2A, Class C1R, (3 mo. LIBOR US + 4.00%), 4.16%, 08/20/32(a)(b)	USD		1,000	$	1,001,302
BlueMountain CLO XXX Ltd.(a)(b)
Series 2020-30A, Class D, (3 mo. LIBOR US + 3.90%), 4.08%, 01/15/33			3,650		3,663,965
Series 2020-30A, Class E, (3 mo. LIBOR US + 7.73%), 7.91%, 01/15/33			800		803,326
Buckhorn Park CLO Ltd., Series 2019-1A, Class D, (3 mo. LIBOR US + 3.75%), 3.94%, 01/18/31(a)(b)			1,000		1,000,108
Buttermilk Park CLO Ltd., (3 mo. LIBOR US + 3.10%), 3.28%, 10/15/31(a)(b)			250		249,387
Canyon Capital CLO Ltd., Series 2021-2A, Class D, (3 mo. LIBOR US + 3.35%), 3.51%, 04/15/34(a)(b)			250		250,439
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.39%, 04/20/32(a)(b)(d)			1,425		1,430,557
Cedar Funding X CLO Ltd., Series 2019-10A, Class D, (3 mo. LIBOR US + 3.85%), 4.04%, 10/20/32(a)(b)			450		451,398
CIFC Funding Ltd.(a)(b)
Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 2.98%, 04/24/30			1,000		996,835
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.70%), 3.88%, 07/16/32			1,000		1,000,507
Crown City CLO, Series 2019-1AD, (3 mo. LIBOR US + 7.88%), 8.07%, 07/20/30(a)(b)			375		375,106
Crown City CLO III(a)(b)(c)
Series 2021-1A, Class C, (3 mo. LIBOR US + 3.30%), 1.00%, 07/20/34			1,000		1,000,000
Series 2021-1A, Class D, (3 mo. LIBOR US + 6.75%), 1.00%, 07/20/34			500		500,000
Dryden CLO Ltd.(a)(b)
Series 2019-80A, Class D1, (3 mo. LIBOR US + 4.10%), 4.29%, 01/17/33			250		251,721
Series 2020-85A, Class D, (3 mo. LIBOR US + 3.90%), 4.08%, 10/15/32			1,750		1,755,520
Elmwood CLO I Ltd.(a)(b)
Series 2019-1A, Class DR, (3 mo. LIBOR US + 4.40%), 4.59%, 10/20/33			5,750		5,864,654
Series 2019-1A, Class ER, (3 mo. LIBOR US + 7.71%), 7.90%, 10/20/33			2,375		2,408,804
Elmwood CLO II Ltd.(a)(b)
Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 6.99%, 04/20/34			2,250		2,257,644
Series 2019-2A, Class SUB, 0.00%, 04/20/34			1,000		893,637
Elmwood CLO V Ltd., Series 2020-2A, Class ER, (3 mo. LIBOR US + 6.10%), 1.00%, 10/20/34(a)(b)(c)			250		250,000
Flatiron CLO 19 Ltd., Series 2019-1A, Class D, (3 mo. LIBOR US + 3.90%), 4.06%, 11/16/32(a)(b)			700		702,806
Goldentree Loan Management US Clo 6 Ltd., Series 2019-6A, Class D, (3 mo. LIBOR US + 3.85%), 4.04%, 01/20/33(a)(b)			250		251,412
Goldentree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3 mo. LIBOR US + 3.05%), 3.24%, 07/20/31(a)(b)			750		750,078

10 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Cayman Islands (continued)
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 6.63%, 04/15/33(a)(b)	USD		1,250	$	1,241,459
Kayne CLO 9 Ltd., Series 2020-9A, Class E, (3 mo. LIBOR US + 7.59%), 7.83%, 01/15/34(a)(b)			5,000		5,043,760
Kayne CLO III Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 2.86%, 04/15/32(a)(b)(d)			250		250,025
Neuberger Berman CLO XXIII Ltd., Series 2016- 23A, Class ER, (3 mo. LIBOR US + 5.75%), 5.94%, 10/17/27(a)(b)			650		649,032
Niagara Park Clo Ltd., Series 2019-1A, Class ER, (3 mo. LIBOR US + 5.95%), 1.00%, 07/17/32(a)(b)(c)			1,000		1,000,000
Northwoods Capital 20 Ltd., Series 2019-20A, Class ER, (3 mo. LIBOR US + 7.85%), 8.03%, 01/25/32(a)(b)			1,250		1,252,487
Ocean Trails CLO IX, Series 2020-9A, Class E, (3 mo. LIBOR US + 6.80%), 6.98%, 10/15/29(a)(b)			250		249,436
OCP CLO 2015-10 Ltd., Series 2015-10A, Class E, (3 mo. LIBOR US + 7.50%), 7.68%, 10/26/27(a)(b)			1,000		1,006,469
OCP CLO 2020-18 Ltd., Series 2020-18A, Class DR, (3 mo. LIBOR US + 3.20%), 3.36%, 07/20/32(a)(b)(d)			500		499,250
OCP CLO Ltd.(a)(b)
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 6.54%, 04/10/33			750		744,359
Series 2020-20A, Class D1, (3 mo. LIBOR US + 3.95%), 4.14%, 10/09/33			3,500		3,537,427
Series 2020-20A, Class E, (3 mo. LIBOR US + 7.66%), 7.85%, 10/09/33			2,250		2,271,903
OZLM XXIV Ltd., Series 2019-24A, Class C1, (3 mo. LIBOR US + 4.05%), 4.24%, 07/20/32(a)(b)			250		251,241
Palmer Square CLO Ltd., Series 2021-2A, Class E, (3 mo. LIBOR US + 6.35%), 6.46%, 07/15/34(a)(b)			250		249,990
Palmer Square Loan Funding 2021-3 Ltd.(a)(b)(c)
Series 2021-3A, Class C, (3 mo. LIBOR US + 2.50%), 1.00%, 07/20/29			250		250,000
Series 2021-3A, Class D, (3 mo. LIBOR US + 5.00%), 1.00%, 07/20/29			250		250,000
Palmer Square Loan Funding Ltd.(a)(b)
Series 2018-4A, Class D, (3 mo. LIBOR US + 4.25%), 4.41%, 11/15/26			1,000		997,367
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 3.56%, 08/20/27			1,900		1,901,495
Series 2019-4A, Class D, (3 mo. LIBOR US + 5.90%), 6.08%, 10/24/27			600		598,046
Series 2020-3A, Class D, (3 mo. LIBOR US + 4.23%), 4.42%, 07/20/28			250		250,845
Series 2020-4A, Class C, (3 mo. LIBOR US + 3.60%), 3.75%, 11/25/28			1,000		1,003,419
Series 2021-1A, Class D, (3 mo. LIBOR US + 6.00%), 6.15%, 04/20/29			1,250		1,251,791
Park Avenue Institutional Advisers CLO Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 7.30%), 7.54%, 01/20/34(a)(b)			350		348,781

Security		Par (000)		Value
Cayman Islands (continued)
Pikes Peak CLO, Series 2019-4A, Class D, (3 mo. LIBOR US + 4.10%), 4.28%, 07/15/32(a)(b)	USD		1,000	$	1,000,684
Pikes Peak CLO 6, Series 2020-6A, Class ER2, (3 mo. LIBOR US + 6.43%), 6.59%, 05/18/34(a)(b)			500		499,965
Regatta XVII Funding Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 4.15%), 4.33%, 10/15/33(a)(b)			750		764,651
Romark CLO III Ltd., Series 2019-3A, Class C, (3 mo. LIBOR US + 3.90%), 4.08%, 07/15/32(a)(b)			250		250,323
Romark CLO IV Ltd., Series 2021-4A, Class D, (3 mo. LIBOR US + 6.95%), 7.10%, 07/10/34(a)(b)			750		749,896
RR 11 Ltd., Series 2020-11A, Class D, (3 mo. LIBOR US + 7.12%), 7.30%, 10/15/31(a)(b)			2,735		2,741,141
Sixth Street CLO XIX Ltd., Series 2021-19A, Class E, (3 mo. LIBOR US + 5.90%), 1.00%, 07/20/34(a)(b)(c)			3,750		3,750,000
Sixth Street CLO XVI Ltd., Series 2020-16A, Class E, (3 mo. LIBOR US + 7.32%), 7.51%, 10/20/32(a)(b)			1,480		1,481,497
Sound Point CLO Ltd., Series 2020-1A, 1.00%, 07/20/34			250		250,000
Symphony CLO Ltd., Series 2019-21A, 1.00%, 07/15/32			500		500,000
TCW CLO Ltd.(a)(b)
Series 2018-IIA, Class C, (3 mo. LIBOR US + 2.95%), 3.14%, 04/20/28			250		250,007
Series 2019-2A, Class D1, (3 mo. LIBOR US + 3.95%), 4.14%, 10/20/32			1,400		1,403,357
Series 2019-2A, Class D2A, (3 mo. LIBOR US + 4.89%), 5.08%, 10/20/32			750		754,266
TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 3.09%, 01/20/31(a)(b)			500		499,995
TICP CLO XI Ltd., Series 2018-11A, Class E, (3 mo. LIBOR US + 6.00%), 6.19%, 10/20/31(a)(b)			500		497,632
TICP CLO XV Ltd., Series 2020-15A, Class E, (3 mo. LIBOR US + 6.15%), 6.34%, 04/20/33(a)(b)			500		500,013
TRESTLES CLO II Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.10%, 04/25/32(a)(b)			500		498,071
Trimaran Cavu Ltd., Series 2019-1A, Class D, (3 mo. LIBOR US + 4.15%), 4.34%, 07/20/32(a)(b)			1,750		1,762,260
Trinitas CLO XVI Ltd., Series 2021-16A, Class E, (3 mo. LIBOR US + 7.00%), 1.00%, 07/20/34(a)(b)(c)			1,500		1,484,700
Venture 40 CLO Ltd., Series 2020-40A, Class D1, (3 mo. LIBOR US + 4.59%), 4.74%, 11/24/31(a)(b)			1,350		1,356,457
Voya CLO Ltd., Series 2020-2A, Class E, (3 mo. LIBOR US + 7.85%), 8.04%, 07/19/31(a)(b)			375		375,421
Whitebox Clo I Ltd., Series 2019-1A, Class D, (3 mo. LIBOR US + 7.45%), 7.63%, 07/24/32(a)(b)			500		499,901
York CLO Ltd., Series 2020-1A, Class D1, (3 mo. LIBOR US + 4.50%), 4.69%, 04/20/32(a)(b)			4,540		4,559,524
York CLO-8 Ltd., Series 2020-1A, Class E, (3 mo. LIBOR US + 7.88%), 8.07%, 04/20/32(a)(b)			800		802,363
					118,950,398
China — 0.3%
RRE 5 Loan Management DAC, Series 5A, Class D, (3 mo. EURIBOR + 6.30%), 6.30%, 10/15/33(a)(b)	EUR		6,000
					7,058,733

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Europe(b) — 0.2%
Ares European CLO VIII BV, Series 8X, Class DR, (3 mo. EURIBOR + 3.80%), 3.80%, 04/17/32	EUR		1,905	$	2,258,171
Ares European CLO XII BV, Series 12X, Class E, (3 mo. EURIBOR + 6.10%), 6.10%, 04/20/32			675		791,764
CIFC European Funding CLO III DAC, Series 3A, Class D, (3 mo. EURIBOR + 3.60%), 3.60%, 01/15/34(a)			700		837,701
					3,887,636
Ireland(b) — 1.3%
Anchorage Capital CLO Ltd., Series 4A, Class D, (3 mo. EURIBOR + 3.20%), 3.20%, 04/25/34(a)			2,000		2,386,964
Avoca CLO, (3 mo. EURIBOR + 3.90%), 3.90%, 07/15/32			1,150		1,365,625
Avoca CLO XXII DAC(a)(d)
Series 22A, Class D, (3 mo. EURIBOR + 2.90%), 2.90%, 04/15/35			1,500		1,764,224
Series 22A, Class E, (3 mo. EURIBOR + 5.23%), 5.23%, 04/15/35			1,500		1,731,388
Bain Capital Credit CLO Ltd., Series 2019-1X, Class C, (3 mo. EURIBOR + 2.40%), 2.40%, 04/15/32			1,000		1,192,422
BlueMountain CLO Ltd.(a)(d)
Series 2021-1A, Class D, (3 mo. EURIBOR + 3.20%), 3.20%, 04/15/34			2,600		3,085,170
Series 2021-1A, Class E, (3 mo. EURIBOR + 5.41%), 5.41%, 04/15/34			3,000		3,486,888
CVC Cordatus Loan Fund XIX DAC, Series 19A, Class D, (3 mo. EURIBOR + 3.80%), 3.80%, 12/23/33(a)			2,300		2,754,430
CVC Cordatus Loan Fund XV DAC, Series 15X, Class E, (3 mo. EURIBOR + 5.78%), 5.78%, 08/26/32			675		796,432
CVC Cordatus Loan Fund XVIII DAC, Series 18X, Class E, (3 mo. EURIBOR + 5.83%), 5.83%, 04/29/34			1,750		2,075,592
Dartry Park CLO DAC, Series 1A, Class CRR, (3 mo. EURIBOR + 3.35%), 3.35%, 01/28/34(a)			1,000		1,191,764
Goldentree Loan Management US CLO Ltd., Series 2X, Class E, (3 mo. EURIBOR + 5.25%), 5.25%, 01/20/32.			1,000		1,132,983
Henley CLO IV DAC, Series 4A, Class D, (3 mo. EURIBOR + 3.00%), 3.00%, 04/25/34(a)(d)			1,000		1,186,948
Invesco Euro CLO II DAC, (3 mo. EURIBOR + 3.80%), 3.80%, 01/15/34(a)(d)			3,150		3,748,298
Marino Park CLO DAC, (3 mo. EURIBOR + 3.55%), 3.55%, 01/16/34(a)(d)			1,500		1,775,957
Zinnia Finance DAC, (3 mo. EURIBOR + 5.75%), 5.75%, 10/15/31(a)			1,500		1,810,753
					31,485,838
Netherlands(b) — 0.2%
ALME Loan Funding BV, (3 mo. EURIBOR + 5.41%), 5.41%, 07/15/31(a)			2,250		2,634,292
Ares European CLO VII DAC, Series 7X, Class DR, (3 mo. EURIBOR + 5.26%), 5.26%, 10/15/30			500		584,055
Ares European CLO XII BV, (3 mo. EURIBOR + 3.90%), 3.90%, 04/20/32(a)			875		1,042,258
					4,260,605

Security		Par (000)		Value
United States — 4.2%
510 Loan Acquisition Trust, Series 2020-1, Class A, 5.11%, 09/25/60(a)	USD		5,614	$	5,648,534
Ajax Mortgage Loan Trust(a)
Series 2020-D, Class B, 5.00%, 06/25/60			525		525,761
Series 2020-D, Class C, 0.00%, 06/25/60			1,348		1,188,476
AMSR Trust, Series 2020-SFR5, Class G, 4.11%, 11/17/37(a)			2,899		2,916,754
Cayuga Park CLO Ltd., Series 2020-1A, Class E, (3 mo. LIBOR US + 7.33%), 7.52%, 07/17/31(a)(b)			500		500,135
Citigroup Mortgage Loan Trust(b)
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.20%), 0.29%, 05/25/37			5,352		4,276,584
Series 2007-AHL3, Class A3B, (1 mo. LIBOR US + 0.17%), 0.26%, 07/25/45			4,114		3,561,354
College Ave Student Loans LLC, Series 2021-A, Class D, 4.12%, 07/25/51(a)			310		313,929
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class R1, 0.00%, 04/25/43(a)(d)			5		3,664,740
CVC Cordatus Loan Fund XVIII DAC, Series 18A, Class E, (3 mo. EURIBOR + 5.83%), 5.83%, 04/29/34(a)(b)	EUR		1,575		1,868,033
Dunedin Park CLO DAC, Series 1A, Class D, (3 mo. EURIBOR + 6.24%), 6.24%, 10/22/32(a)(b)			3,000		3,521,152
Lending Funding Trust(a)
Series 2020-2A, Class C, 4.30%, 04/21/31	USD		980		1,028,489
Series 2020-2A, Class D, 6.77%, 04/21/31			2,830		3,167,905
Lendmark Funding Trust, Series 2021-1A, Class D, 5.05%, 11/20/31(a)			2,320		2,363,682
Litigation Fee Residual Funding Trust, 4.00%, 10/30/27(d)			4,488		4,420,680
Mariner Finance Issuance Trust, 5.40%, 03/20/36(a)			1,420		1,527,338
Navient Private Education Refi Loan Trust, Series 2021-DA, Class D, 4.00%, 04/15/60(a)(d)			1,340		1,302,522
Nelnet Student Loan Trust(a)
Series 2021-A, Class D, 4.93%, 04/20/62.			1,670		1,681,970
Series 2021-BA, Class D, 4.75%, 04/20/62			340		339,899
Ocean Beach Spc, Series 2020-1I, Class A, 4.00%, 09/26/22			2,926		3,158,162
OCP CLO Ltd., Series 2016-12A, Class CR, (3 mo. LIBOR US + 3.00%), 3.19%, 10/18/28(a)(b)			1,550		1,549,983
OneMain Financial Issuance Trust, Series 2019-1A, Class E, 5.69%, 02/14/31(a)			850		861,142
Oportun Issuance Trust, Series 2021-B, Class D, 5.41%, 05/08/31(a)			2,362		2,367,281
Progress Residential Trust(a)
4.25%, 04/19/38.			4,555		4,600,439
Class G, 5.46%, 08/17/35			2,750		2,762,776
Series 2018-SFR3, Class F, 5.37%, 10/17/35			1,825		1,845,854
Series 2018-SFR3, Class G, 5.62%, 10/17/35			3,650		3,672,885
Series 2021-SFR1, Class G, 3.86%, 04/17/38			4,826		4,813,951
Series 2021-SFR1, Class H, 5.00%, 04/17/38			750		759,383
Series 2021-SFR3, Class G, 4.25%, 05/17/26			3,190		3,212,108
Series 2021-SFR3, Class H, 4.75%, 05/17/26			1,140		1,135,571
Regional Management Issuance Trust, Series 2020-1, Class D, 6.77%, 10/15/30(a)			2,050		2,115,770
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(a)			5,110		5,311,810
SMB Private Education Loan Trust(a)
Series 2021-A, Class D1, 3.86%, 01/15/53			3,500		3,482,754
Series 2021-A, Class D2, 3.86%, 01/15/53			1,910		1,908,164
Series 2021-C, Class D, 3.93%, 01/15/53(d)			780		780,000

12 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
United States (continued)
SoFi Professional Loan Program 2015-d LLC, Series 2015-D, Class RC, 0.00%, 10/26/37(a)(d)(e)	USD		—		$	2,328,864
Sofi Professional Loan Program LLC, Series 2018-A, Class R1, 0.00%, 02/25/42(a)			115			4,065,665
SoFi Professional Loan Program LLC, Series 2017-A, Class R, 0.00%, 03/26/40(a)(d)			105			2,047,500
Structured Asset Securities Corp Mortgage Loan Trust, (1 mo. LIBOR US + 1.80%), 1.89%, 05/25/35(b)			182			172,196
Tricon American Homes Trust, Series 2017-SFR1, Class F, 5.15%, 09/17/34(a)			2,740			2,773,706
Whitebox Clo II Ltd., Series 2020-2A, Class D, (3 mo. LIBOR US + 4.15%), 4.33%, 10/24/31(a)(b)			2,750			2,756,393
						102,300,294
Total Asset-Backed Securities — 11.0% (Cost: $268,889,809)						268,956,768
		Shares
Common Stocks
Argentina — 0.5%
MercadoLibre, Inc.(f)			7,479			11,650,711
Canada — 1.0%
Enbridge, Inc.			514,769			20,609,863
Shopify, Inc., Class A(f)			2,739			4,001,624
						24,611,487
Cayman Islands(f) — 0.6%
Diversey Holdings Ltd.			629,761			11,279,020
Hedosophia European Growth			187,588			1,683,258
Hedosophia European Growth			2	(e)		23
Highland Transcend Partners I Corp.			114,071			1,142,991
						14,105,292
China — 1.0%
Alibaba Group Holding Ltd., ADR(f)			35,399			8,027,785
JD Health International, Inc.(a)(f)			338,500			4,834,798
Li Auto, Inc., ADR(f)			73,466			2,566,902
Tencent Holdings Ltd.			118,500			8,922,158
						24,351,643
Finland — 0.2%
Neste OYJ			72,084			4,421,780
France — 3.3%
Alstom SA(f)			251,845			12,724,655
Arkema SA			71,845			9,029,772
BNP Paribas SA			15,540			975,285
Cie de Saint-Gobain			69,238			4,569,421
Danone SA			219,779			15,462,530
LVMH Moet Hennessy Louis Vuitton SE			11,844			9,317,163
Safran SA			99,583			13,820,420
Sanofi			113,944			11,971,250
Societe Generale SA			58,323			1,725,275
						79,595,771
Germany — 3.2%
Adidas AG			30,473			11,371,231
Allianz SE, Registered Shares			61,054			15,236,438
Auto1 Group SE(a)(f)			181,514			7,974,281

Security	Shares		Value
Germany (continued)
Daimler AG, Registered Shares		126,430	$	11,297,607
Deutsche Telekom AG, Registered Shares		506,360		10,709,515
Puma SE		51,227		6,113,990
Siemens AG, Registered Shares		46,031		7,308,741
Vantage Towers AG(f)		224,398		7,226,732
				77,238,535
Hong Kong — 0.4%
AIA Group Ltd.		788,200		9,778,074
India — 0.4%
Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $5,113,105)(d)(g)		2,279		8,740,163
Ireland — 0.4%
Aptiv PLC(f)		47,176		7,422,200
Flutter Entertainment PLC(f)		2,074		377,464
Trane Technologies PLC		11,849		2,181,875
				9,981,539
Israel(f) — 0.3%
ION Acquisition Corp. 2 Ltd.		71,675		723,201
Playtika Holding Corp.		234,763		5,596,750
SimilarWeb Ltd.		34,316		676,025
				6,995,976
Italy — 1.4%
Assicurazioni Generali SpA		104,453		2,097,071
Atlantia SpA(f)		22,752		413,131
Banca Mediolanum SpA		44,109		429,587
Buzzi Unicem SpA		15,305		406,598
Enel SpA		1,635,526		15,198,728
Ferrari NV		5,923		1,222,781
FinecoBank Banca Fineco SpA(f)		25,267		440,942
Intesa Sanpaolo SpA		4,877,166		13,491,880
Nexi SpA(a)(f)		22,686		498,531
Poste Italiane SpA(a)		31,371		415,212
Prysmian SpA		13,016		467,093
Snam SpA		73,381		424,491
				35,506,045
Japan — 0.9%
Daifuku Co. Ltd.		3,500		317,548
Disco Corp.		1,500		456,073
FANUC Corp.		3,000		719,394
Hoya Corp.		58,600		7,751,042
Keyence Corp.		1,300		654,710
Kose Corp.		4,700		738,356
Oriental Land Co. Ltd.		4,600		655,342
Recruit Holdings Co. Ltd.		14,500		711,062
Shin-Etsu Chemical Co. Ltd.		46,400		7,760,894
Sony Group Corp.		8,100		785,434
Z Holdings Corp.		110,500		552,993
				21,102,848
Netherlands — 2.2%
Adyen NV(a)(f)		3,966		9,725,938
Akzo Nobel NV		61,487		7,613,370
ASML Holding NV		18,976		13,099,499
ING Groep NV(f)		1,136,142		15,081,547
NXP Semiconductors NV		43,675		8,984,821
				54,505,175

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.0%
LINK Mobility Group Holding ASA(f)		54,392	$	198,613
Poland — 0.0%
InPost SA(f)		59,760		1,199,384
Singapore — 0.1%
Sea Ltd., ADR(f)		4,817		1,322,748
South Korea — 0.1%
Amorepacific Corp.		14,195		3,175,829
Spain — 0.4%
Cellnex Telecom SA(a)		169,475		10,809,326
Sweden — 0.9%
Sandvik AB		269,568		6,892,757
Volvo AB, B Shares		657,124		15,836,311
				22,729,068
Switzerland — 0.1%
ABB Ltd., Registered Shares		52,864		1,796,036
Cie Financiere Richemont SA, Class A, Registered Shares		10,088		1,222,954
				3,018,990
Taiwan — 0.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		109,452		13,151,752
United Kingdom — 2.6%
10x Future Technologies Holdings Ltd., (Acquired 05/13/21, Cost: $4,334,124)(d)(g)		114,500		4,268,553
Alphawave IP Group PLC(f)		471,648		2,348,750
AstraZeneca PLC		118,125		14,192,025
BP PLC, ADR		131,112		3,463,979
Capri Holdings Ltd.(f)		55,731		3,187,256
Compass Group PLC(f)		256,885		5,412,030
Genius Sports Ltd.(f)		119,533		2,243,634
Lloyds Banking Group PLC		15,422,072		9,975,859
THG PLC(f)		308,451		2,602,750
Unilever PLC		219,484		12,825,228
Vodafone Group PLC		2,551,742		4,276,792
				64,796,856
United States — 35.6%
Abbott Laboratories		129,399		15,001,226
AbbVie, Inc.		136,709		15,398,902
ACV Auctions, Inc., Class A(f)		85,516		2,191,775
Advance Auto Parts, Inc.		12,765		2,618,612
Air Products & Chemicals, Inc.		37,411		10,762,396
Airbnb, Inc., Class A(f)		15,693		2,403,226
Alaska Air Group, Inc.(f)		9,376		565,467
Albemarle Corp.		26,880		4,528,205
Alkami Technology, Inc.(f)		8,103		289,034
Alnylam Pharmaceuticals, Inc.(f)		7,766		1,316,492
Alphabet, Inc., Class A(f)		244		595,797
Alphabet, Inc., Class C(f)		10,028		25,133,377
Amazon.com, Inc.(f)(h)		5,885		20,245,342
American Tower Corp.		55,092		14,882,553
Apple, Inc.		98,060		13,430,298
Applied Materials, Inc.		59,808		8,516,659
ASTRA SPACE PIPE, (Acquired 06/30/21, Cost: $2,055,190)(g)		205,519		2,055,190
Autodesk, Inc.(f)		34,704		10,130,098
Bank of America Corp.(h)		612,982		25,273,248
Boston Scientific Corp.(f)		405,531		17,340,506

Security	Shares		Value
United States (continued)
Bristol-Myers Squibb Co.		163,671	$	10,936,496
Cadence Design Systems, Inc.(f)		5,000		684,100
California Resources Corp.(f)		62,728		1,890,622
Cano Health, Inc., (Acquired 06/03/21, Cost: $2,773,110)(g)		277,311		3,324,705
Capital One Financial Corp.		85,485		13,223,675
CareMax, Inc., (Acquired 06/08/21, Cost: $607,500)(g)		60,750		762,342
Carrier Global Corp.		31,562		1,533,913
Charles Schwab Corp.		205,407		14,955,684
Charter Communications, Inc., Class A(f)		8,743		6,307,637
Citigroup, Inc.		10,095		714,221
Climate Real Impact Solutions II Acquisition Corp.(f)		47,791		483,645
Coinbase Global, Inc., Class A(f)		11,098		2,811,123
Comcast Corp., Class A		256,225		14,609,949
ConocoPhillips		159,020		9,684,318
Costco Wholesale Corp.		28,725		11,365,621
Crowdstrike Holdings, Inc., Class A(f)		3,000		753,930
Crown PropTech Acquisitions(f)		133,056		1,321,246
Crown Proptech Acquisitions Pvt Ltd.(d)		51,000		28,050
D.R. Horton, Inc.		36,176		3,269,225
Davidson Kempner Merchant Co-investment Fund, LP, (Acquired 04/01/21, Cost: $5,016,900)(d)(g)		5,016,900		5,016,900
Deere & Co.		8,558		3,018,492
Delta Air Lines, Inc.(f)		8,781		379,866
Devon Energy Corp.		46,248		1,349,979
Diamondback Energy, Inc.		8,683		815,247
DoubleVerify Holdings, Inc., Series A, (Acquired 11/18/20, Cost: $1,227,716), 11/18/20(g)		71,332		2,927,913
Edwards Lifesciences Corp.(f)		25,538		2,644,971
Energy Select Sector SPDR Fund.		9,460		509,610
Epic Games, Inc., (Acquired 03/29/21, Cost: $2,499,240), 07/02/20(d)(g)		2,824		2,524,374
EQT Corp.(f)		743,041		16,540,093
Exxon Mobil Corp.		5,838		368,261
FedEx Corp.		1,647		491,350
Fifth Wall Acquisition Corp. I(f)		178,795		2,200,966
Fortive Corp.		188,029		13,113,142
Freeport-McMoRan, Inc.		368,341		13,669,135
Frontier Communications Parent, Inc.(f)		22,883		604,111
Global Payments, Inc.		59,756		11,206,640
Green Plains, Inc.(f)		78,940		2,653,963
Hilton Worldwide Holdings, Inc.(f)		15,862		1,913,274
Home Depot, Inc.		23,239		7,410,685
International Flavors & Fragrances, Inc.		53,181		7,945,241
Intuitive Surgical, Inc.(f)		2,622		2,411,296
Israel Amplify Program Corp.(d)		64,193		279
Jaws Mustang Acquisition Corp.(f)		16,701		168,012
Johnson & Johnson		134,017		22,077,961
Johnson Controls International PLC		13,208		906,465
JPMorgan Chase & Co.		86,513		13,456,232
Khosla Ventures Acquisition Co.(f)		144,123		1,425,376
Kins Technology Group, Inc.(d)		97,759		74,297
KINS Technology Group, Inc.(f)		312,827		3,218,990
L Brands, Inc.		19,082		1,375,049
L3Harris Technologies, Inc.		43,412		9,383,504
Las Vegas Sands Corp.(f)		49,348		2,600,146
Latch Pipe, (Acquired 06/04/21, Cost: $1,778,410)(g)		177,841		2,161,500
Liberty Broadband Corp., Class C(f)		30,873		5,361,405
Liberty Media Acquisition Corp.(f)		279,322		2,958,020
Liberty Media Corp. - Liberty SiriusXM, Class C(f)		244,670		11,350,241

14 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lightning eMotors, Inc.		82,174	$	276,142
Lions Gate Entertainment Corp., Class A(f)		1,335		27,634
Lowe’s Cos., Inc.		42,403		8,224,910
Marqeta, Inc.(f)		36,004		1,010,632
Marsh & McLennan Cos., Inc.		69,674		9,801,738
Mastercard, Inc., Class A		60,001		21,905,765
McDonald’s Corp.		29,321		6,772,858
Medallia, Inc.(f)		251,932		8,502,705
Micron Technology, Inc.(f)		125,021		10,624,285
Microsoft Corp.		162,795		44,101,165
Monster Beverage Corp.(f)		18,770		1,714,639
Morgan Stanley		114,935		10,538,390
NextEra Energy, Inc.		180,956		13,260,456
Northern Genesis Acquisition Corp. II(f)		104,780		1,097,570
NVIDIA Corp.		440		352,044
Ovintiv, Inc.		24,262		763,525
Parker-Hannifin Corp.		14,773		4,536,936
PayPal Holdings, Inc.(f)		45,291		13,201,421
Penn National Gaming, Inc.(f)		8,048		615,592
Playstudios PIPE, (Acquired 06/17/21, Cost: $2,839,240)(g)		283,924		2,044,100
PPG Industries, Inc.		56,530		9,597,098
Proterra PIPE, (Acquired 06/14/21, Cost: $1,561,160)(g)		156,116		2,593,978
PTC, Inc.(f)		66,175		9,347,880
PubMatic, Inc., Class A(f)		16,124		629,965
PVH Corp.(f)		21,437		2,306,407
Quest Diagnostics, Inc.		9,962		1,314,685
Ralph Lauren Corp.		3,575		421,171
Reinvent Technology Partners Z(f)		58,445		600,815
Rotor Acquisition Corp.(f)		48,017		505,139
Rotor Acqusition Ltd.(d)		25,710		76,359
salesforce.com, Inc.(f)		63,927		15,615,448
Science Strategic Acquisition Corp. Alpha(f)		34,164		339,590
Sempra Energy		95,177		12,609,049
ServiceNow, Inc.(f)		20,182		11,091,018
Snorkel Al, Inc., (Acquired 06/30/21, Cost: $189,563)(d)(g)		12,621		206,606
SoFi PIPE Ltd., (Acquired 05/26/21, Cost: $520,000)(g)		52,000		981,610
Sonos, Inc.(f)		103,783		3,656,275
Southwest Airlines Co.(f)		37,261		1,978,186
SPDR Blackstone Senior Loan ETF		320,329		14,828,029
SPDR Euro Stoxx 50 ETF		8,477		396,978
Starwood Property Trust, Inc.		45,958		1,202,721
STEM, Inc.		45,635		1,643,316
Sun Country Airlines Hodings, Inc., (Acquired 03/17/21, Cost: $3,969,094)(g)		175,935		6,375,701
TABOOLA PIPE, (Acquired 06/30/21, Cost: $762,000)(g)		76,200		762,000
TE Connectivity Ltd.		32,572		4,404,060
Thermo Fisher Scientific, Inc.		23,469		11,839,406
Thimble Point Acquisition Corp.(f)		29,700		307,395
Tishman Speyer Innovation Corp. II(f)		212,535		2,135,977
TJX Cos., Inc.		97,087		6,545,606
Toll Brothers, Inc.		40,180		2,322,806
Twilio, Inc., Class A(f)		2,000		788,320
Union Pacific Corp.		32,168		7,074,708
United Parcel Service, Inc., Class B		80,647		16,772,157
United Rentals, Inc.(f)		2,643		843,143

Security		Shares		Value
United States (continued)
United States Steel Corp.			42,555	$	1,021,320
UnitedHealth Group, Inc.			52,975		21,213,309
Utilities Select Sector SPDR Fund			15,775		997,453
UWM Holdings Corp, (Acquired 01/20/21, Cost: $504,817), 01/20/21(g)			58,445		493,860
Valero Energy Corp.			60,434		4,718,687
Vertiv Holdings Co.			398,090		10,867,857
VMware, Inc., Class A(f)			88,387		14,139,268
Vulcan Materials Co.			63,811		11,107,581
Walmart, Inc.			53,340		7,522,007
Walt Disney Co.(f)			81,875		14,391,169
Wells Fargo & Co.			27,802		1,259,153
Western Digital Corp.(f)			11,815		840,874
Workday, Inc., Class A(f)			3,000		716,220
Wynn Resorts Ltd.(f)			23,003		2,813,267
					871,160,025
Total Common Stocks — 56.1% (Cost: $1,169,154,554)					1,374,147,630
		Par (000)
Corporate Bonds
Argentina — 0.1%
Genneia SA, 8.75%, 01/20/22(a)(i)	USD		1,941		1,878,888
Australia(a)(i) — 0.0%
FMG Resources August 2006 Pty Ltd.
5.13%, 05/15/24			304		330,980
4.50%, 09/15/27			216		234,900
					565,880
Austria — 0.1%
BRF GmbH, 4.35%, 09/29/26(i)			600		631,238
Klabin Austria GmbH, 3.20%, 01/12/31(a)(i)			1,270		1,249,108
Suzano Austria GmbH, 3.13%, 01/15/32(c)			1,355		1,341,992
					3,222,338
Bahamas — 0.0%
Intercorp Peru Ltd., 3.88%, 08/15/29(a)(i)			1,147		1,104,561
Bahrain — 0.1%
BBK BSC, 5.50%, 07/09/24			1,586		1,665,102
Oil and Gas Holding Co., 7.63%, 11/07/24			1,317		1,466,644
					3,131,746
Bermuda — 0.3%
Geopark Ltd., 5.50%, 01/17/27(a)(i)			920		931,385
Hopson Development Holdings Ltd., 7.50%, 06/27/22			1,200		1,215,600
Investment Energy Resources Ltd., 6.25%, 04/26/29(a)(i)			739		799,044
Luye Pharma Group Ltd., 1.50%, 07/09/24			1,185		1,227,660
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(a)(i)			2,643		2,905,318
					7,079,007
Brazil — 0.8%
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(i)			1,034		1,204,158
BRF SA, 4.88%, 01/24/30(i)			820		858,335

CONSOLIDATED SCHEDULE OF INVESTMENTS 15

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(a)(i)		USD    1,908	$	1,969,056
Embraer Netherlands Finance BV, 5.40%, 02/01/27(i)		1,807		1,918,835
Gol Finance SA, 7.00%, 01/31/25(a)(i)		2,123		2,031,711
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(a)(i)		1,680		1,774,815
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/30(a)(i)		442		494,324
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(j)		2,623		2,690,149
Petrobras Global Finance BV(i)
5.30%, 01/27/25		95		106,655
6.00%, 01/27/28		637		730,758
5.60%, 01/03/31		2,442		2,725,882
Rumo Luxembourg Sarl, 5.88%, 01/18/25(a)(i)		200		209,725
Suzano Austria GmbH, 3.75%, 01/15/31(i)		929		970,805
Usiminas International Sarl, 5.88%, 07/18/26(a)(i)		1,777		1,923,825
Vale Overseas Ltd., 3.75%, 07/08/30(i)		565		600,878
				20,209,911
Canada(a) — 0.2%
1011778 BC ULC/New Red Finance, Inc.(i)
5.75%, 04/15/25		180		190,577
3.88%, 01/15/28		268		271,350
4.38%, 01/15/28		268		271,685
Bausch Health Cos., Inc.(i)
7.00%, 01/15/28		1,256		1,293,680
4.88%, 06/01/28		465		475,928
Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 5.00%, 06/15/29(i)		531		534,982
Clarios Global LP, 6.75%, 05/15/25		85		90,523
GFL Environmental, Inc.(i)
4.25%, 06/01/25		163		169,771
5.13%, 12/15/26		163		172,441
Mattamy Group Corp.
5.25%, 12/15/27		95		99,275
4.63%, 03/01/30(i)		380		388,170
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25		73		75,144
				4,033,526
Cayman Islands — 2.3%
Agile Group Holdings Ltd. 5.75%, 01/02/25		800		806,000
(5 year CMT + 11.08%), 7.75%(b)(k)		1,600		1,617,300
(5 year CMT + 11.29%), 7.88%(b)(k)		200		204,038
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(l)		2,799		2,111,791
China Evergrande Group
8.25%, 03/23/22		400		341,075
10.50%, 04/11/24		400		286,700
China SCE Group Holdings Ltd., 7.00%, 05/02/25		2,000		2,026,660
Emaar Sukuk Ltd., 3.64%, 09/15/26(i)		200		205,413
Fantasia Holdings Group Co. Ltd.
6.95%, 12/17/21		320		307,860
9.25%, 07/28/23(i)		4,000		3,262,000
9.88%, 10/19/23		650		528,856
Jingrui Holdings Ltd., 12.75%, 03/11/22		1,450		1,423,537
Kaisa Group Holdings Ltd.
10.88%, 07/23/23		2,800		2,802,275
11.70%, 11/11/25		850		799,247
Logan Group Co. Ltd., 5.75%, 01/14/25		1,500		1,554,656

Security	Par (000)		Value
Cayman Islands (continued)
Melco Resorts Finance Ltd.(i)
4.88%, 06/06/25		USD    1,434	$	1,467,609
5.38%, 12/04/29(a)		996		1,047,232
Modern Land China Co. Ltd., 9.80%, 04/11/23		280		252,578
Oryx Funding Ltd., 5.80%, 02/03/31(a)(i)		1,308		1,378,305
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24		1,200		1,241,100
Redco Properties Group Ltd., 8.00%, 04/13/22		610		604,966
Redsun Properties Group Ltd.
9.70%, 04/16/23		1,200		1,217,625
7.30%, 01/13/25		870		804,369
Ronshine China Holdings Ltd., 7.35%, 12/15/23		2,400		2,268,450
Sable International Finance Ltd., 5.75%, 09/07/27		2,210		2,325,362
Shelf Drilling Holdings Ltd., 8.88%, 11/15/24(a)(i)		153		157,542
Shimao Group Holdings Ltd., 3.45%, 01/11/31(i)		860		799,800
Shui On Development Holding Ltd.
5.50%, 03/03/25		1,500		1,516,875
5.50%, 06/29/26		390		391,302
Sinic Holdings Group Co. Ltd., 8.50%, 01/24/22		1,100		1,000,984
Sitka Holdings LLC, (3 mo. LIBOR US + 4.50%), 4.64%, 07/06/26(a)(b)(c)		2,385		2,381,823
Sunac China Holdings Ltd.
5.95%, 04/26/24		680		666,400
7.00%, 07/09/25(i)		4,200		4,127,340
Times China Holdings Ltd.
6.75%, 07/08/25		1,200		1,217,100
5.75%, 01/14/27		2,230		2,118,500
Wynn Macau Ltd.(a)(i)
4.88%, 10/01/24		811		822,303
5.13%, 12/15/29		551		567,530
XP, Inc., 3.25%, 07/01/26(a)(c)		662		655,380
Yuzhou Group Holdings Co. Ltd.
6.00%, 01/25/22		200		195,100
6.00%, 10/25/23		200		175,225
8.30%, 05/27/25		200		169,913
7.38%, 01/13/26(i)		4,700		3,689,500
6.35%, 01/13/27		1,133		874,039
Zhenro Properties Group Ltd.
8.35%, 03/10/24		1,500		1,523,719
7.88%, 04/14/24		1,200		1,197,600
6.63%, 01/07/26		885		799,155
				55,932,134
Chile(i) — 0.3%
Celulosa Arauco y Constitucion SA, 4.20%, 01/29/30		1,760		1,902,230
Embotelladora Andina SA, 3.95%, 01/21/50(a)		150		158,888
GNL Quintero SA, 4.63%, 07/31/29		200		217,250
Kenbourne Invest SA, 6.88%, 11/26/24(a)		2,127		2,255,683
VTR Comunicaciones SpA(a)
5.13%, 01/15/28		1,627		1,694,602
4.38%, 04/15/29		1,285		1,283,265
				7,511,918
China — 1.3%
21Vianet Group, Inc., 7.88%, 10/15/21		1,200		1,199,100
Central China Real Estate Ltd., 7.25%, 08/13/24		1,200		1,029,600
China Aoyuan Group Ltd., 6.35%, 02/08/24		1,200		1,128,000
China Evergrande Group
9.50%, 04/11/22		550		468,634
11.50%, 01/22/23		750		596,156
China SCE Group Holdings Ltd., 7.25%, 04/19/23		1,200		1,232,475

16 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
China (continued)
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25		USD    1,500	$	1,586,531
Easy Tactic Ltd.
9.13%, 07/28/22		1,750		1,732,281
12.38%, 11/18/22		1,750		1,769,687
Fortune Star BVI Ltd.
6.85%, 07/02/24		1,500		1,598,906
5.05%, 01/27/27		2,800		2,815,400
Huarong Finance 2019 Co. Ltd., 2.50%, 02/24/23		200		152,000
Kaisa Group Holdings Ltd., 9.38%, 06/30/24		2,150		2,024,225
KWG Group Holdings Ltd., 7.88%, 09/01/23		1,500		1,534,875
New Metro Global Ltd., 6.50%, 05/20/22		5,000		5,087,500
RKPF Overseas Ltd.
Series 2019-A, 6.00%, 09/04/25		1,500		1,558,125
Series 2020-A, 5.20%, 01/12/26		1,300		1,306,500
Scenery Journey Ltd.
11.50%, 10/24/22		500		400,063
12.00%, 10/24/23		600		472,988
Seazen Group Ltd., 6.00%, 08/12/24		1,500		1,556,250
Wanda Group Overseas Ltd., 7.50%, 07/24/22		1,500		1,443,563
Wanda Properties Overseas Ltd.
6.95%, 12/05/22		750		750,141
6.88%, 07/23/23		750		740,531
				32,183,531
Colombia — 0.4%
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(a)(b)(i)		691		699,033
Ecopetrol SA
5.38%, 06/26/26		85		93,721
5.88%, 05/28/45(i)		2,478		2,644,336
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(a)(i)		2,624		2,590,872
Geopark Ltd., 6.50%, 09/21/24(a)(i)		763		787,225
Grupo Aval Ltd., 4.38%, 02/04/30(a)(i)		1,400		1,383,830
Millicom International Cellular SA, 5.13%, 01/15/28		2,117		2,216,422
SURA Asset Management SA, 4.88%, 04/17/24(a)(i)		100		107,750
				10,523,189
Cyprus — 0.0%
MHP SE, 7.75%, 05/10/24(a)(i)		423		459,484
Dominican Republic — 0.1%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(a)(i)		2,672		2,797,751
France(a) — 0.2%
Altice France SA(i)
7.38%, 05/01/26		781		812,185
5.50%, 01/15/28		1,558		1,616,737
Loxam SAS, 4.50%, 04/15/27		EUR    2,500		2,978,420
				5,407,342
Germany — 0.4%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24(a)		3,303		3,634,307
Douglas GmbH, 6.00%, 04/08/26(a)		1,517		1,796,535
Kirk Beauty SUN GmbH, (8.25% Cash or 9.00% PIK), 8.25%, 10/01/26(a)(j)		750		882,598
KME SE, 6.75%, 02/01/23		2,500		2,742,047
				9,055,487

Security	Par (000)		Value
Guatemala(a)(i) — 0.2%
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(b)		USD    1,665	$	1,733,993
Central American Bottling Corp., 5.75%, 01/31/27		2,008		2,089,324
Energuate Trust, 5.88%, 05/03/27		1,904		1,981,707
				5,805,024
Hong Kong — 0.2%
Yango Justice International Ltd.
10.00%, 02/12/23		1,200		1,209,600
7.50%, 04/15/24		2,000		1,923,500
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26		850		866,734
				3,999,834
India — 1.0%
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30(a)(i)		1,000		1,002,062
Delhi International Airport Ltd.
6.13%, 10/31/26		2,000		2,045,375
6.45%, 06/04/29		600		606,300
GMR Hyderabad International Airport Ltd.
5.38%, 04/10/24		2,000		2,070,375
4.25%, 10/27/27		600		582,863
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26		2,000		2,097,875
Manappuram Finance Ltd., 5.90%, 01/13/23		1,200		1,238,100
Muthoot Finance Ltd.(i)
6.13%, 10/31/22(a)		2,294		2,375,437
4.40%, 09/02/23		1,500		1,540,125
ReNew Power Pvt Ltd., 5.88%, 03/05/27(i)		3,800		4,046,525
Shriram Transport Finance Co. Ltd., 5.10%, 07/16/23(i)		5,000		5,065,000
Vedanta Resources Finance II PLC, 13.88%, 01/21/24		800		869,600
				23,539,637
Indonesia — 0.3%
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26(i)		4,000		4,355,750
Pertamina Persero PT, 3.65%, 07/30/29(i)		1,948		2,084,116
Theta Capital Pte Ltd., 8.13%, 01/22/25		1,800		1,857,713
				8,297,579
Ireland — 0.1%
C&W Senior Financing DAC, 6.88%, 09/15/27		1,294		1,380,892
Israel(a) — 0.2%
Energean Israel Finance Ltd.
4.50%, 03/30/24		57		58,466
4.88%, 03/30/26		1,140		1,168,500
Leviathan Bond Ltd., 5.75%, 06/30/23		3,510		3,658,684
				4,885,650
Italy(a) — 0.2%
Forno d’Asolo SpA, (3 mo. EURIBOR + 5.50%), 5.50%, 04/30/27(b)		EUR    3,040		3,399,934
Marcolin SpA, 6.13%, 11/15/26		928		1,119,633
				4,519,567
Japan — 0.0%
Takeda Pharmaceutical Co. Ltd., 3.18%, 07/09/50(i) .		USD    744		751,918
Kuwait — 0.0%
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(i)(k)		1,200		1,204,875

CONSOLIDATED SCHEDULE OF INVESTMENTS 17

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Luxembourg — 1.0%
Altice Financing SA(a)(i)
7.50%, 05/15/26	USD	1,049	$	1,092,324
5.00%, 01/15/28		1,710		1,676,091
Altice France Holding SA, 4.00%, 02/15/28	EUR	2,500		2,845,800
Atento Luxco 1 SA, 8.00%, 02/10/26(a)(i)	USD	415		450,742
FEL Energy VI Sarl, 5.75%, 12/01/40		1,250		1,323,919
Garfunkelux Holdco 3 SA(a)
6.75%, 11/01/25	EUR	2,286		2,823,138
7.75%, 11/01/25	GBP	3,885		5,594,459
Gol Finance SA, 8.00%, 06/30/26(a)(i)	USD	876		889,304
Herens Midco Sarl, 5.25%, 05/15/29(a)	EUR	1,006		1,167,380
Kenbourne Invest SA, 4.70%, 01/22/28(a)(i)	USD	540		543,375
MHP Lux SA, 6.25%, 09/19/29		2,205		2,192,321
Millicom International Cellular SA(a)(i)
5.13%, 01/15/28		180		188,471
4.50%, 04/27/31		1,616		1,680,943
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(a)		73		75,099
Picard Bondco SA, 5.38%, 07/01/27	EUR	750		889,313
Simpar Europe SA, 5.20%, 01/26/31(a)(i)	USD	1,330		1,359,925
				24,792,604
Macau — 0.5%
Champion Path Holdings Ltd.
4.50%, 01/27/26(i)		551		573,040
4.85%, 01/27/28		390		406,526
MGM China Holdings Ltd., 5.88%, 05/15/26(i)		5,000		5,238,438
Studio City Finance Ltd., 5.00%, 01/15/29(a)(i)		1,290		1,301,584
Wynn Macau Ltd., 5.50%, 01/15/26(i)		4,000		4,178,250
				11,697,838
Mauritius(i) — 0.2%
HTA Group Ltd., 7.00%, 12/18/25(a)		1,869		1,983,827
India Green Energy Holdings, 5.38%, 04/29/24(a)		1,152		1,206,360
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(b)(k)		2,450		2,615,375
				5,805,562
Mexico — 1.2%
Alfa SAB de CV, 6.88%, 03/25/44(i)		200		263,350
Alpek SAB de CV, 3.25%, 02/25/31(a)(i)		200		201,475
Axtel SAB de CV, 6.38%, 11/14/24(a)(i)		1,271		1,325,256
Cemex SAB de CV(i)
5.45%, 11/19/29		549		603,488
3.88%, 07/11/31(a)		700		708,050
Controladora Mabe SA de CV, 5.60%, 10/23/28(a)(i)		1,200		1,398,225
Cydsa SAB de CV, 6.25%, 10/04/27(a)(i)		2,020		2,128,979
Grupo Axo SAPI de CV, 5.75%, 06/08/26(a)(i)		1,439		1,433,964
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%(a)(b)(i)(k)		1,200		1,261,140
Grupo KUO SAB de CV, 5.75%, 07/07/27(a)(i)		1,200		1,252,350
Infraestructura Energetica Nova SAB de CV, 4.75%, 01/15/51(a)(i)		200		202,750
Mexico City Airport Trust(i)
4.25%, 10/31/26(a)		200		216,225
5.50%, 07/31/47		1,257		1,267,999
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(a)(i)		2,881		2,873,437
Orbia Advance Corp. SAB de C.V., 6.75%, 09/19/42(a)(i)		200		261,538
Orbia Advance Corp. SAB de CV(a)(i)
1.88%, 05/11/26		1,015		1,019,758
5.50%, 01/15/48		1,000		1,171,875

Security	Par (000)		Value
Mexico (continued)
Petroleos Mexicanos
6.88%, 08/04/26(i)		USD    2,533	$	2,759,070
6.50%, 03/13/27(i)		1,901		2,020,763
6.84%, 01/23/30		98		100,867
5.95%, 01/28/31(i)		1,397		1,351,947
5.63%, 01/23/46(i)		1,447		1,177,315
6.35%, 02/12/48(i)		1,362		1,153,886
7.69%, 01/23/50(i)		2,910		2,789,962
Trust Fibra Uno, 5.25%, 01/30/26(a)(i)		1,015		1,136,800
				30,080,469
Morocco — 0.1%
OCP SA, 3.75%, 06/23/31(a)(i)		1,220		1,233,725
MultiNational — 0.0%
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29(a)(i)		200		197,285
Netherlands — 0.5%
Alcoa Nederland Holding BV, 6.13%, 05/15/28(a)(i)		200		218,860
Embraer Netherlands Finance BV, 6.95%, 01/17/28(a)(i)		1,049		1,197,171
Equate Petrochemical BV, 2.63%, 04/28/28(a)(i)		851		859,244
Stars Group Holdings BV/Stars Group US Co- Borrower LLC, 7.00%, 07/15/26(a)(i)		188		194,588
United Group BV, 3.63%, 02/15/28		EUR 2,500		2,878,112
VEON Holdings BV, 4.00%, 04/09/25(a)(i)		USD 2,085		2,194,462
Vivo Energy Investments BV, 5.13%, 09/24/27(a)(i)		910		969,605
Ziggo Bond Co. BV, 6.00%, 01/15/27(a)(i)		589		615,505
Ziggo BV(a)(i)
5.50%, 01/15/27		795		826,005
4.88%, 01/15/30		1,074		1,100,850
				11,054,402
Oman — 0.1%
OQ SAOC, 5.13%, 05/06/28(a)(i)		1,529		1,539,321
Panama — 0.1%
Avianca Holdings SA, (10.00% Cash or 12.00% PIK), 12.15%, 11/10/21		410		409,872
Banistmo SA, 3.65%, 09/19/22		1,000		1,018,312
				1,428,184
Peru — 0.2%
Inkia Energy Ltd., 5.88%, 11/09/27		2,588		2,665,317
InRetail Consumer, 3.25%, 03/22/28(a)(i)		860		845,982
Kallpa Generacion SA, 4.88%, 05/24/26		200		210,100
Nexa Resources SA, 5.38%, 05/04/27(a)(i)		1,200		1,286,100
				5,007,499
Qatar — 0.0%
Qatar Petroleum, 3.64%, 07/12/51		200		200,000
S.Georgia/S.San — 0.1%
Credit Suisse Group Guernsey VII Ltd., Series AR, 3.00%, 11/12/21(a)(d)		CHF 1,200		1,463,475
Saudi Arabia(i) — 0.2%
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(a)		USD 2,275		2,410,789
Saudi Arabian Oil Co.
3.50%, 04/16/29		200		216,350
2.25%, 11/24/30(a)		3,380		3,315,949
				5,943,088

18 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Singapore — 0.3%
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(a)(i)	USD		1,767	$	1,809,298
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			2,000		2,082,900
Puma International Financing SA
5.13%, 10/06/24(a)			1,200		1,207,500
5.00%, 01/24/26			2,101		2,114,525
TML Holdings Pte Ltd., 4.35%, 06/09/26			700		702,625
					7,916,848
South Africa(i) — 0.2%
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(a)			1,200		1,305,600
Sasol Financing USA LLC, 6.50%, 09/27/28			2,456		2,763,000
					4,068,600
Switzerland — 0.1%
Credit Suisse Group AG, (SOFR + 1.73%), 3.09%, 05/14/32(a)(b)(i)			1,435		1,478,411
Turkey — 0.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28(a)(i)			747		747,934
United Arab Emirates — 0.2%
DP World Salaam, (5 year CMT + 5.75%), 6.00%(b)(k)			1,772		1,946,431
MAF Sukuk Ltd., 4.64%, 05/14/29			2,785		3,127,555
					5,073,986
United Kingdom — 0.6%
Deuce Finco PLC, 5.50%, 06/15/27(a)	GBP		1,308		1,809,356
Inspired Entertainment Financing PLC, 7.88%, 06/01/26(a)			675		957,071
International Game Technology PLC, 6.25%, 01/15/27(a)(i)	USD		820		934,800
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(a)(i)			1,652		1,684,524
Royalty Pharma PLC, 3.55%, 09/02/50(a)(i)			603		599,771
Vedanta Resources Finance II PLC
8.00%, 04/23/23			300		283,744
8.95%, 03/11/25(a)(i)			1,439		1,410,220
Vedanta Resources Ltd., 6.38%, 07/30/22			1,700		1,674,819
Virgin Media Finance PLC, 5.00%, 07/15/30(a)(i)			1,213		1,225,482
Virgin Media Secured Finance PLC(a)(i)
5.50%, 08/15/26			400		412,500
4.50%, 08/15/30			1,023		1,030,672
Vmed O2 UK Financing I PLC, 4.25%, 01/31/31(a)(i)			918		901,901
Vodafone Group PLC, 4.25%, 09/17/50(i)			527		615,539
					13,540,399
United States — 11.8%
7-Eleven, Inc., 2.80%, 02/10/51(a)(i)			634		591,445
AbbVie, Inc., 4.25%, 11/21/49(i)			421		504,575
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(a)(i)			243		253,430
ADT Security Corp., 4.88%, 07/15/32(a)(i)			552		581,664
AECOM, 5.13%, 03/15/27(i)			188		209,691
Affinity Gaming, 6.88%, 12/15/27(a)(i)			1,000		1,061,250
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)(i)
3.50%, 03/15/29			4,506		4,455,307
4.88%, 02/15/30			3,801		4,053,805
Allegiant Travel Co., 8.50%, 02/05/24(a)(i)			5,000		5,400,000
Altria Group, Inc.(i)
3.40%, 02/04/41			767		731,290

Security		Par (000)		Value
United States (continued)
Altria Group, Inc.(i) (continued)
3.70%, 02/04/51	USD		626	$	593,850
Amazon.com, Inc.(i)
2.50%, 06/03/50			640		604,737
3.10%, 05/12/51			1,288		1,352,958
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(a)(i)			133		136,286
American Tower Corp.(i)
3.10%, 06/15/50			772		754,231
2.95%, 01/15/51			648		618,676
AMN Healthcare, Inc., 4.00%, 04/15/29(a)(i)			224		225,583
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(i)			927		1,128,150
Anthem, Inc., 3.13%, 05/15/50(i)			742		753,326
Apple, Inc., 2.65%, 02/08/51(i)			628		613,917
Aramark Services, Inc., 5.00%, 02/01/28(a)(i)			1,700		1,780,240
Arconic Corp.(a)(i)
6.00%, 05/15/25			133		141,747
6.13%, 02/15/28			113		121,217
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/25(a)(i)			444		466,755
AT&T, Inc., 3.30%, 02/01/52(i)			634		616,823
Avaya, Inc., 6.13%, 09/15/28(a)			65		69,570
Azul Investments LLP
5.88%, 10/26/24			2,955		2,860,809
7.25%, 06/15/26(a)(i)			1,015		994,700
B&G Foods, Inc.(i)
5.25%, 04/01/25			131		134,550
5.25%, 09/15/27			167		173,937
Ball Corp., 2.88%, 08/15/30(i)			461		452,527
Bank of America Corp.(b)(i)
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51			632		755,187
(SOFR + 1.65%), 3.48%, 03/13/52			555		605,716
BAT Capital Corp., 3.98%, 09/25/50(i)			1,376		1,340,140
Bausch Health Americas, Inc., 9.25%, 04/01/26(a)(i)			533		579,744
Bausch Health Cos., Inc.(a)(i)
9.00%, 12/15/25			539		577,970
5.75%, 08/15/27			179		189,987
Berry Global, Inc., 4.88%, 07/15/26(a)(i)			451		477,230
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25(a)(i)			398		431,305
Bristow Group, Inc., 6.88%, 03/01/28(a)(i)			1,204		1,228,080
Broadcom, Inc., 3.75%, 02/15/51(a)(i)			1,328		1,386,311
Buckeye Partners LP, 4.15%, 07/01/23			95		98,206
Builders FirstSource, Inc., 6.75%, 06/01/27(a)(i)			137		146,761
Caesars Entertainment, Inc., 6.25%, 07/01/25(a)(i)			4,861		5,152,660
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(a)(i)			1,238		1,304,542
California Resources Corp., 7.13%, 02/01/26(a)(i)			583		613,503
Calpine Corp.(a)(i)
4.50%, 02/15/28			4,346		4,432,920
5.13%, 03/15/28			800		814,000
CCO Holdings LLC/CCO Holdings Capital Corp.(a)(i)
5.75%, 02/15/26			348		359,679
4.75%, 03/01/30			1,098		1,161,135
CDK Global, Inc., 5.25%, 05/15/29(a)(i)			149		162,620
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a)(i)			570		594,938

CONSOLIDATED SCHEDULE OF INVESTMENTS 19

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Centene Corp.
2.45%, 07/15/28(c)	USD		2,423	$	2,455,710
4.63%, 12/15/29(i)			1,263		1,389,010
Centennial Resource Production LLC, 5.38%, 01/15/26(a)(i)			150		147,000
Charles River Laboratories International, Inc., 4.25%, 05/01/28(a)			95		98,206
Charter Communications Operating LLC/Charter Communications Operating Capital(i)
3.50%, 06/01/41			601		605,069
3.70%, 04/01/51			764		755,647
Cheniere Energy Partners LP(i)
5.63%, 10/01/26			3,740		3,880,250
4.50%, 10/01/29			534		574,050
Cheniere Energy, Inc., 4.63%, 10/15/28(a)(i)			1,157		1,220,635
Chesapeake Energy Corp.(a)(i)
5.50%, 02/01/26			1,373		1,448,515
5.88%, 02/01/29			251		271,696
Churchill Downs, Inc., 4.75%, 01/15/28(a)			95		98,297
Cinemark Holdings, Inc., 4.50%, 08/15/25(a)			4,035		7,136,906
Citgo Holding, Inc., 9.25%, 08/01/24(a)(i)			1,275		1,300,500
Citigroup, Inc., (SOFR + 4.55%), 5.32%, 03/26/41(b)(i)			442		591,063
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(a)(i)			169		180,037
Clean Harbors, Inc., 4.88%, 07/15/27(a)(i)			103		107,893
CNX Resources Corp., 7.25%, 03/14/27(a)(i)			533		571,144
Compass Minerals International, Inc., 6.75%, 12/01/27(a)			95		102,125
Continental Resources, Inc., 4.38%, 01/15/28(i)			749		828,581
Crown Castle International Corp., 3.25%, 01/15/51(i)			509		505,987
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(i)			900		931,500
CSC Holdings LLC(a)(i)
5.75%, 01/15/30			1,959		2,034,911
4.63%, 12/01/30			800		784,888
CVS Health Corp., 5.05%, 03/25/48(i)			390		506,562
DAE Funding LLC, 3.38%, 03/20/28(a)(i)			1,960		2,006,550
Darling Ingredients, Inc., 5.25%, 04/15/27(a)			73		76,650
Dave & Buster’s, Inc., 7.63%, 11/01/25(a)(i)			308		331,485
DaVita, Inc., 4.63%, 06/01/30(a)(i)			595		611,791
DCP Midstream Operating LP(i)
5.38%, 07/15/25			210		233,877
5.13%, 05/15/29			278		307,190
Dell International LLC/EMC Corp., 8.35%, 07/15/46(i)			378		618,258
Devon Energy Corp.(a)(i)
5.25%, 10/15/27			116		125,034
4.50%, 01/15/30			707		777,274
DISH DBS Corp., 7.75%, 07/01/26(i)			2,223		2,517,547
Easy Tactic Ltd., 8.13%, 02/27/23			300		279,244
Elanco Animal Health, Inc., 5.90%, 08/28/28(i)			268		313,632
Encompass Health Corp., 4.50%, 02/01/28(i)			304		315,391
Endeavor Energy Resources LP/EER Finance, Inc.(a)(i)
6.63%, 07/15/25			738		789,660
5.75%, 01/30/28			1,223		1,304,024
Energizer Holdings, Inc., 4.38%, 03/31/29(a)(i)			344		344,354
Energy Transfer LP, 5.00%, 05/15/50(i)			557		643,788
EQT Corp., 3.00%, 10/01/22			27		27,574

Security		Par (000)		Value
United States (continued)
Equinix, Inc., 2.95%, 09/15/51(i)	USD		659	$	627,748
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(i)			3,917		4,137,135
Ford Motor Co.(i)
8.50%, 04/21/23			766		854,818
9.00%, 04/22/25			1,391		1,714,922
9.63%, 04/22/30			398		571,130
Ford Motor Credit Co. LLC(i)
3.09%, 01/09/23			1,526		1,556,520
4.13%, 08/17/27			2,243		2,379,324
5.11%, 05/03/29			2,695		3,016,999
Forestar Group, Inc.(a)(i)
3.85%, 05/15/26			504		508,561
5.00%, 03/01/28			5,651		5,848,785
Freeport-McMoRan, Inc.(i)
5.00%, 09/01/27			309		326,381
4.63%, 08/01/30			441		482,895
Fresh Market, Inc., 9.75%, 05/01/23(a)(i)			3,000		3,076,050
Frontier Communications Holdings LLC
5.88%, 10/15/27(a)(i)			828		886,995
6.75%, 05/01/29(a)(i)			171		181,819
5.88%, 11/01/29			65		65,933
Full House Resorts, Inc., 8.25%, 02/15/28(a)(i)			230		250,700
General Motors Co., 5.95%, 04/01/49(i)			820		1,116,253
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27(i)			455		478,034
Gilead Sciences, Inc., 2.80%, 10/01/50(i)			641		617,410
Gray Television, Inc., 7.00%, 05/15/27(a)(i)			360		389,250
Hanesbrands, Inc., 4.63%, 05/15/24(a)(i)			237		251,220
Harsco Corp., 5.75%, 07/31/27(a)(i)			325		340,330
HCA, Inc., 3.50%, 09/01/30(i)			959		1,021,690
Herc Holdings, Inc., 5.50%, 07/15/27(a)(i)			227		239,308
Hilton Domestic Operating Co., Inc.(i)
4.88%, 01/15/30			359		383,233
3.63%, 02/15/32(a)			3,977		3,927,287
Hologic, Inc., 3.25%, 02/15/29(a)(i)			178		176,443
Homes By West Bay LLC, 9.50%, 04/30/27(d)			5,256		5,150,880
Howard Hughes Corp.(a)(i)
5.38%, 08/01/28			441		468,179
4.13%, 02/01/29			1,002		1,002,020
4.38%, 02/01/31			1,102		1,098,011
Howmet Aerospace, Inc., 6.88%, 05/01/25(i)			3,749		4,363,761
iHeartCommunications, Inc.(i)
6.38%, 05/01/26			954		1,014,800
4.75%, 01/15/28(a)			586		602,847
International Business Machines Corp., 4.25%, 05/15/49(i)			499		616,177
IQVIA, Inc.(a)(i)
5.00%, 10/15/26			200		207,000
5.00%, 05/15/27			202		211,595
IRB Holding Corp., 7.00%, 06/15/25(a)(i)			492		531,370
Iron Mountain, Inc.(a)(i)
4.88%, 09/15/27			439		455,092
5.25%, 03/15/28			361		377,805
5.25%, 07/15/30			1,770		1,873,687
Jaguar Holding Co. II/PPD Development LP(a)
4.63%, 06/15/25			95		99,750
5.00%, 06/15/28(i)			133		144,161
JBS Investments II GmbH, 5.75%, 01/15/28(a)(i)			264		282,406

20 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(a)(i)	USD		1,916	$	2,095,625
JPMorgan Chase & Co., (SOFR + 2.44%), 3.11%, 04/22/51(b)(i)			585		603,548
Kaiser Aluminum Corp., 4.63%, 03/01/28(a)(i)			377		389,489
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a)(i)			269		281,441
Kinder Morgan, Inc., 3.60%, 02/15/51(i)			1,372		1,396,452
Kraft Heinz Foods Co., 3.88%, 05/15/27(i)			442		485,658
Kroger Co., 3.95%, 01/15/50(i)			652		741,924
Lamar Media Corp., 4.00%, 02/15/30(i)			154		155,865
Lamb Weston Holdings, Inc.(a)
4.63%, 11/01/24(i)			122		126,243
4.88%, 11/01/26(i)			157		162,299
4.88%, 05/15/28			95		105,094
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(a)(i)			122		127,185
Level 3 Financing, Inc.(i)
5.25%, 03/15/26			279		287,512
3.63%, 01/15/29(a)			300		289,500
Lightning eMotors, Inc., 7.50%, 05/15/24(a)			945		762,601
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(a)(i)			170		178,713
Lowe’s Cos., Inc., 3.00%, 10/15/50(i)			760		749,305
Lumen Technologies, Inc.(a)(i)
5.13%, 12/15/26			1,159		1,203,911
4.00%, 02/15/27			339		345,780
LYB International Finance III LLC, 3.63%, 04/01/51(i)			482		508,825
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(a)			95		101,028
Masonite International Corp., 5.38%, 02/01/28(a)			95		100,670
MasTec, Inc., 4.50%, 08/15/28(a)(i)			113		118,970
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(i)
4.63%, 06/15/25(a)			4,161		4,445,488
5.75%, 02/01/27			208		231,425
MGM Resorts International(i)
6.75%, 05/01/25			266		284,929
5.50%, 04/15/27			1,570		1,723,075
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(a)(i)			1,215		1,216,519
Molina Healthcare, Inc.(a)(i)
4.38%, 06/15/28			150		156,375
3.88%, 11/15/30			370		385,263
Morgan Stanley, (SOFR + 1.43%), 2.80%, 01/25/52(b)(i)			769		753,926
Motorola Solutions, Inc.(i)
2.75%, 05/24/31			1,796		1,833,156
5.50%, 09/01/44			475		618,694
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29(i)			400		428,184
MSCI, Inc., 3.88%, 02/15/31(a)(i)			379		393,311
Nationstar Mortgage Holdings, Inc., 5.13%, 12/15/30(a)(i)			453		450,735
New Home Co., Inc., 7.25%, 10/15/25(a)(i)			661		700,462
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(a)(i)			519		550,140
NextEra Energy Operating Partners LP(a)
4.25%, 09/15/24			16		16,880
4.50%, 09/15/27(i)			195		211,019

Security		Par (000)		Value
United States (continued)
NRG Energy, Inc.(i)
7.25%, 05/15/26	USD		361	$	374,214
5.25%, 06/15/29(a)			261		277,639
Oracle Corp., 3.95%, 03/25/51(i)			552		602,502
Outfront Media Capital LLC/Outfront Media Capital Corp.(a)(i)
5.00%, 08/15/27			373		386,200
4.63%, 03/15/30			368		373,520
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co. Issuer, 7.50%, 06/01/25(a)(i)			380		411,844
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 5.88%, 10/01/28(a)(i)			359		382,292
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(a)(i)			1,790		1,851,665
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28(a)(i)			1,275		1,341,937
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(a)(i)			5,448		5,851,152
PennyMac Financial Services, Inc., 5.38%, 10/15/25(a)(i)			379		398,898
Pilgrim’s Pride Corp., 5.88%, 09/30/27(a)(i)			159		169,335
Pitney Bowes, Inc.(a)(i)
6.88%, 03/15/27			525		554,531
7.25%, 03/15/29			445		472,813
Playtika Holding Corp., 4.25%, 03/15/29(a)(i)			575		574,603
Post Holdings, Inc., 4.63%, 04/15/30(a)(i)			1,399		1,422,545
Prime Security Services Borrower LLC/Prime Finance, Inc.(a)(i)
3.38%, 08/31/27			278		269,660
6.25%, 01/15/28			1,632		1,736,040
Quicken Loans LLC/Quicken Loans Co.Issuer, Inc., 3.88%, 03/01/31(a)(i)			4,489		4,522,623
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(a)(i)			169		174,915
Rattler Midstream LP, 5.63%, 07/15/25(a)(i)			450		473,063
Renewable Energy Group, Inc., 5.88%, 06/01/28(a)(i)			275		288,406
Rockies Express Pipeline LLC, 4.95%, 07/15/29(a)(i)			300		309,390
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25(i)			492		507,990
Sasol Financing USA LLC(i)
4.38%, 09/18/26			850		876,562
5.50%, 03/18/31			1,590		1,673,475
Scenery Journey Ltd., 13.00%, 11/06/22			650		530,075
Scientific Games International, Inc., 5.00%, 10/15/25(a)(i)			942		972,615
Select Medical Corp., 6.25%, 08/15/26(a)(i)			231		246,020
Service Properties Trust(i)
4.50%, 06/15/23			2,122		2,175,050
4.35%, 10/01/24			603		607,221
7.50%, 09/15/25			600		679,319
5.50%, 12/15/27			360		384,203
Sirius XM Radio, Inc.(a)(i)
4.63%, 07/15/24			552		566,573
5.38%, 07/15/26			368		379,960
5.50%, 07/01/29			3,689		4,019,903
4.13%, 07/01/30			552		556,902

CONSOLIDATED SCHEDULE OF INVESTMENTS 21

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(a)(i)	USD		137	$	147,645
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(a)(i)			451		472,294
Sprint Corp., 7.63%, 03/01/26(i)			410		500,200
SRS Distribution, Inc., 4.63%, 07/01/28(a)(i)			290		296,525
Standard Industries, Inc.(a)(i)
5.00%, 02/15/27			329		340,721
4.38%, 07/15/30			424		437,250
Steel Dynamics, Inc., 3.25%, 10/15/50(i)			611		608,832
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)(i)			214		227,360
Sunoco LP/Sunoco Finance Corp.(i)
5.50%, 02/15/26			4,710		4,853,655
4.50%, 05/15/29(a)			474		482,295
Talen Energy Supply LLC, 7.25%, 05/15/27(a)(i)			3,902		3,640,800
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(i)
5.88%, 04/15/26			5,600		5,881,736
5.50%, 03/01/30			1,354		1,488,940
4.00%, 01/15/32(a)			2,927		3,010,859
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(a)(i)			3,648		4,126,800
TEGNA, Inc.(i)
4.75%, 03/15/26(a)			105		111,825
4.63%, 03/15/28			757		785,387
Teleflex, Inc., 4.25%, 06/01/28(a)(i)			190		198,075
Tenet Healthcare Corp.(a)(i)
7.50%, 04/01/25			250		270,033
4.63%, 06/15/28			341		350,957
4.25%, 06/01/29			4,566		4,623,075
Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 4.65%, 09/30/24(a)(b)			3,800		3,800,478
T-Mobile USA, Inc.(i)
4.75%, 02/01/28			541		579,546
4.50%, 04/15/50			644		766,832
3.30%, 02/15/51			619		617,979
TransDigm, Inc.(i)
6.25%, 03/15/26(a)			1,572		1,658,460
6.38%, 06/15/26			1,184		1,226,588
Travel + Leisure Co., 6.63%, 07/31/26(a)(i)			799		905,267
TreeHouse Foods, Inc., 4.00%, 09/01/28(i)			152		150,860
U.S. Foods, Inc., 6.25%, 04/15/25(a)(i)			188		199,280
Under Armour, Inc., 3.25%, 06/15/26(i)			113		117,077
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(i)			5,203		5,772,789
United Rentals North America, Inc.(i)
5.88%, 09/15/26			360		372,524
3.88%, 02/15/31			1,897		1,930,197
United Shore Financial Services LLC, 5.50%, 11/15/25(a)(i)			4,698		4,864,920
UnitedHealth Group, Inc.(i)
2.90%, 05/15/50			745		752,503
3.13%, 05/15/60			591		609,659
Vail Resorts, Inc., 6.25%, 05/15/25(a)(i)			113		120,953
Valvoline, Inc., 4.25%, 02/15/30(a)(i)			113		116,670
VeriSign, Inc., 4.75%, 07/15/27(i)			105		111,431
Verizon Communications, Inc.(i)
2.88%, 11/20/50			775		736,186
3.55%, 03/22/51			902		963,667
ViacomCBS, Inc., 4.95%, 05/19/50(i)			486		613,672

Security		Par (000)		Value
United States (continued)
ViaSat, Inc., 5.63%, 04/15/27(a)(i)	USD		180	$	187,889
VICI Properties LP/VICI Note Co., Inc.(a)(i)
3.50%, 02/15/25			269		274,310
4.25%, 12/01/26			3,926		4,083,904
Vistra Operations Co. LLC(a)(i)
5.50%, 09/01/26			297		306,281
5.63%, 02/15/27			382		396,325
5.00%, 07/31/27			3,809		3,910,434
William Carter Co.(a)
5.50%, 05/15/25			73		77,235
5.63%, 03/15/27			95		99,959
Williams Scotsman International, Inc., 4.63%, 08/15/28(a)(i)			117		120,826
WMG Acquisition Corp., 3.88%, 07/15/30(a)(i)			100		100,990
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(a)(i)			715		742,320
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a)(i)			1,283		1,378,070
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(a)(i)
7.75%, 04/15/25			735		791,962
5.13%, 10/01/29			1,242		1,311,862
XHR LP(a)(i)
6.38%, 08/15/25			1,368		1,455,210
4.88%, 06/01/29			271		279,808
XPO Logistics, Inc., 6.75%, 08/15/24(a)(i)			286		297,083
Yum! Brands, Inc.(a)(i)
7.75%, 04/01/25			216		234,900
4.75%, 01/15/30			458		495,790
Zayo Group Holdings, Inc., 4.00%, 03/01/27(a)(i)			282		280,060
					288,706,793
Total Corporate Bonds — 26.2% (Cost: $631,015,940)					641,458,092
Floating Rate Loan Interests(b)
Canada — 0.1%
Great Canadian Gaming Corp., Term Loan, 11/01/26(m)			1,096		1,097,370
Cayman Islands — 0.2%
Vita Global Finco Ltd., Term Loan B, 0.00%, 04/23/27(d)	EUR		5,046		5,833,620
Luxembourg — 0.4%
Luxembourg Life Fund(d)
2021 1st Lien Term Loan, (3 mo. LIBOR + 9.25%), 9.25%, 05/27/26.	USD		2,954		2,924,460
2021 Term Loan, (3 mo. LIBOR + 9.25%), 9.43%, 04/01/23			2,896		2,867,040
Pronovias SL
EUR Term Loan B1, (EURIBOR + 4.50%), 4.50%, 10/02/24	EUR		1,473		1,230,021
EUR Term Loan B3, (EURIBOR + 4.50%), 4.50%, 10/02/24			3,720		3,105,299
					10,126,820
United States — 5.9%
ACProducts Holdings, Inc., 2021 Term Loan B, 05/17/28(m)	USD		5,266		5,235,931

22 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
American Rock Salt Company LLC, 2021 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 06/04/28	USD		1,241	$	1,241,521
Applied Systems, Inc., 2017 1st Lien Term Loan, (PRIME + 2.25%), 3.77%, 09/19/24			154		153,597
Athenahealth, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.41%, 02/11/26			1,343		1,345,575
Avantor Funding, Inc., 2020 Incremental Term Loan B4, (1 mo. LIBOR + 2.25%, 1.00% Floor), 3.25%, 11/06/27			2,905		2,904,180
Avaya, Inc.
2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.32%, 12/15/27			257		257,516
2021 Term Loan B2, (1 mo. LIBOR + 4.00%), 4.07%, 12/15/27			170		170,345
City Brewing Company LLC, Closing Date Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 04/05/28(d)			3,145		3,156,794
Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 05/14/28(d)			748		747,065
Conair Holdings LLC, Term Loan B, 05/17/28(m)			1,743		1,746,486
Cypher Bidco, (EURIBOR + 4.50%), 3.96%, 03/01/28(d)	EUR		1,828		2,004,623
DT Midstream, Inc, Term Loan B, 06/10/28(m)	USD		4,372		4,375,891
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.35%, 02/06/26			257		255,682
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28(d)			3,661		3,734,220
Flexera Software LLC, 2020 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 03/03/28			257		257,376
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			1,266		1,257,013
Galaxy Universal LLC, Term Loan, (3 mo. LIBOR + 7.00%), 7.15%, 12/29/26(d)			11,981		11,906,966
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 2.75%), 2.88%, 07/02/25			397		395,358
Granite Acquisition, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 03/24/28			1,439		1,435,403
Hilton Grand Vacations LLC, 2021 Term Loan, 05/19/28(m)			7,074		7,076,193
Informatica LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 02/25/27			683		678,407
IRB Holding Corp, 2020 Fourth Amendment Incremental Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/15/27			5,375		5,371,658
ITT Holdings LLC, 2021 Term Loan, 0.00%, 07/30/28(d)			1,693		1,688,768
J&J Ventures Gaming LLC, Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 04/07/28(d)			4,878		4,890,195
JO-ANN Stores, Inc, 2021 Term Loan, 06/30/28(d)(m)			2,840		2,832,900
LBM Acquisition LLC
2021 Incremental Delayed Draw Term Loan B2, 4.50%, 12/17/27			2,477		2,455,326
2021 Incremental Term Loan B2, 4.50%, 12/17/27			4,954		4,910,653
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			128		127,172

Security		Par (000)		Value
United States (continued)
LBM Acquisition LLC (continued)
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27	USD		865	$	858,410
Leslie’s Poolmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% FLoor), 3.25%, 03/04/28			4,003		3,985,475
LogMeIn, Inc., Term Loan B, (1 mo. LIBOR + 4.75%), 4.83%, 08/31/27			876		874,466
McAfee LLC, 2018 USD Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 09/30/24			257		256,471
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			871		871,173
Michaels Companies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 04/15/28			2,702		2,711,835
Organon Finance 1 LLC, USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/02/28			549		549,346
Park River Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 12/28/27			2,659		2,642,807
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 0.75%, 0.75% Floor), 8.50%, 02/01/29(d)			159		162,180
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			559		559,947
Playtika Holding Corp., 2021 Term Loan, 03/11/28(m)			6,595		6,561,040
Project Ruby Ultimate Parent Corp., 2021 Term Loan, 03/03/28(m)			931		927,466
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/22/28			604		601,886
Redstone Buyer LLC
2021 2nd Lien Delayed Draw Term Loan, 0.00%, 04/27/29			226		221,624
2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%), 8.50%, 04/27/29.			394		386,491
2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.50%, 04/27/28			818		815,168
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			8,064		8,097,500
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25			2,920		2,888,990
Shearer’s Foods, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/23/27			2,905		2,906,301
Signal Parent, Inc, Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 04/03/28(d)			3,940		3,866,125
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 06/08/28			1,179		1,183,284
SRS Distribution, Inc., 2021 Term Loan B, 06/02/28(m)			5,772		5,765,593
Surf Holdings, LLC, USD Term Loan, (3 mo. LIBOR + 3.50%), 3.63%, 03/05/27			527		523,534
The Enterprise Development Authority, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/18/28(d)			5,968		5,983,371
Tory Burch LLC, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 04/14/28			5,247		5,227,324
Triton Water Holdings, Inc, Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 03/31/28			4,132		4,126,257

CONSOLIDATED SCHEDULE OF INVESTMENTS 23

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Ultimate Software Group, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 05/03/26	USD		411	$	411,173
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 02/28/27			257		255,578
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.84%, 04/29/23			202		202,162
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			4,307		4,312,739
Woof Holdings, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/21/27			2,913		2,910,282
					144,258,812
Total Floating Rate Loan Interests — 6.6% (Cost: $161,306,878)					161,316,622
Foreign Agency Obligations
Bahrain — 0.2%
Bahrain Government International Bond
7.00%, 01/26/26(i)			620		704,591
4.25%, 01/25/28(a)(i)			200		199,938
6.75%, 09/20/29			1,750		1,918,766
5.63%, 09/30/31(a)(i)			1,183		1,194,682
5.25%, 01/25/33(a)(i)			825		803,344
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(i)			649		750,203
					5,571,524
Brazil — 0.4%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24(l)	BRL		54,542		8,671,641
Brazilian Government International Bond, 4.63%, 01/13/28(i)	USD		251		271,363
					8,943,004
Chile — 0.0%
Chile Government International Bond, 2.45%, 01/31/31(i)			283		288,182
Colombia(i) — 0.6%
Colombia Government International Bond
3.88%, 04/25/27			5,433		5,771,884
3.00%, 01/30/30			2,281		2,229,392
3.13%, 04/15/31			2,372		2,316,851
4.13%, 05/15/51			2,198		2,082,330
3.88%, 02/15/61			1,254		1,119,822
					13,520,279
Dominican Republic — 0.5%
Dominican Republic International Bond
5.95%, 01/25/27(i)			2,681		3,016,125
6.00%, 07/19/28(i)			700		792,750
4.50%, 01/30/30(a)(i)			4,057		4,140,168
4.88%, 09/23/32(a)(i)			2,733		2,814,990
6.50%, 02/15/48(a)(i)			779		849,500
6.40%, 06/05/49			1,620		1,743,829
					13,357,362
Egypt — 0.7%
Egypt Government International Bond
5.58%, 02/21/23(a)(i)			1,000		1,048,625
5.75%, 05/29/24(a)(i)			1,844		1,962,477
5.88%, 06/11/25			2,054		2,193,030

Security		Par (000)		Value
Egypt (continued)
Egypt Government International Bond (continued)
7.60%, 03/01/29(i)	USD		3,251	$	3,568,582
5.88%, 02/16/31(a)(i)			520		502,937
6.38%, 04/11/31(a)	EUR		1,987		2,453,716
8.50%, 01/31/47(a)(i)	USD		2,118		2,205,765
7.90%, 02/21/48			1,015		1,002,186
7.50%, 02/16/61(a)(i)			1,906		1,776,749
					16,714,067
Ghana(a)(i) — 0.2%
Ghana Government International Bond
7.75%, 04/07/29			1,901		1,940,802
8.63%, 04/07/34			2,280		2,347,688
					4,288,490
Indonesia(i) — 0.3%
Indonesia Government International Bond
3.50%, 01/11/28			1,000		1,090,500
4.10%, 04/24/28			1,668		1,884,110
3.40%, 09/18/29			2,212		2,390,757
5.35%, 02/11/49			1,466		1,904,701
					7,270,068
Israel — 0.0%
Israel Government International Bond, 2.75%, 07/03/30(i)			200		213,875
Mexico(i) — 0.5%
Mexico Government International Bond
4.15%, 03/28/27			200		226,138
4.50%, 04/22/29			2,974		3,363,036
2.66%, 05/24/31			6,959		6,795,029
4.75%, 03/08/44			200		221,475
4.35%, 01/15/47			200		209,225
3.77%, 05/24/61			1,132		1,052,972
					11,867,875
Mongolia — 0.1%
Mongolia Government International Bond, 8.75%, 03/09/24(i)			1,200		1,375,725
Morocco(a)(i) — 0.1%
Morocco Government International Bond
3.00%, 12/15/32			1,683		1,624,095
4.00%, 12/15/50			1,310		1,213,387
					2,837,482
Oman — 0.1%
Oman Government International Bond
6.50%, 03/08/47			1,464		1,428,132
6.75%, 01/17/48			1,464		1,455,124
					2,883,256
Pakistan — 0.1%
Pakistan Government International Bond
6.00%, 04/08/26			355		358,439
7.38%, 04/08/31			420		431,550
Pakistan Water & Power Development Authority, 7.50%, 06/04/31			730		727,263
					1,517,252
Panama(i) — 0.3%
Panama Government International Bond
3.88%, 03/17/28			600		659,737
9.38%, 04/01/29			982		1,455,815
3.16%, 01/23/30			1,800		1,886,400

24 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Panama (continued)
Panama Government International Bond (continued)
2.25%, 09/29/32	USD		200	$	191,725
6.70%, 01/26/36			1,219		1,656,926
4.50%, 05/15/47			200		227,038
4.50%, 04/16/50			2,041		2,312,453
					8,390,094
Paraguay(a)(i) — 0.2%
Paraguay Government International Bond
4.95%, 04/28/31			2,091		2,401,775
5.40%, 03/30/50			1,319		1,539,355
					3,941,130
Peru — 0.2%
Peruvian Government International Bond
2.39%, 01/23/26			69		71,169
4.13%, 08/25/27			85		95,136
2.78%, 01/23/31(i)			1,020		1,037,723
1.86%, 12/01/32(i)			1,742		1,621,475
3.30%, 03/11/41			45		45,518
5.63%, 11/18/50(i)			1,294		1,781,514
					4,652,535
Philippines — 0.0%
Philippine Government International Bond, 2.95%, 05/05/45(i)			200		193,100
Qatar(i) — 0.2%
Qatar Government International Bond
4.00%, 03/14/29(a)			1,791		2,061,441
6.40%, 01/20/40			1,606		2,349,578
4.40%, 04/16/50			1,111		1,352,642
					5,763,661
Romania — 0.1%
Romanian Government International Bond
3.00%, 02/14/31(a)(i)			2,516		2,609,249
4.00%, 02/14/51			48		50,499
					2,659,748
Russia — 0.2%
Russian Foreign Bond - Eurobond
4.75%, 05/27/26			1,000		1,137,375
4.25%, 06/23/27			3,000		3,347,063
12.75%, 06/24/28(i)			725		1,211,339
					5,695,777
Saudi Arabia(i) — 0.2%
Saudi Government International Bond
3.63%, 03/04/28			263		289,760
4.38%, 04/16/29(a)			1,556		1,796,013
4.50%, 04/17/30			1,003		1,181,534
3.25%, 10/22/30(a)			1,041		1,120,637
					4,387,944
Sri Lanka — 0.1%
Sri Lanka Government International Bond
5.75%, 04/18/23			1,240		922,870
6.85%, 03/14/24			1,100		756,112
6.35%, 06/28/24			1,100		751,988
7.85%, 03/14/29			1,100		695,956
7.55%, 03/28/30			835		528,033
					3,654,959

Security		Par (000)		Value
Ukraine — 0.4%
Ukraine Government International Bond
7.75%, 09/01/22	USD		746	$	782,927
7.75%, 09/01/23			750		808,125
8.99%, 02/01/24			1,623		1,799,907
7.75%, 09/01/24			2,140		2,334,339
7.75%, 09/01/25			2,118		2,319,210
7.75%, 09/01/27			179		196,710
7.25%, 03/15/33(a)(i)			2,235		2,324,120
					10,565,338
Uruguay — 0.1%
Uruguay Government International Bond
4.38%, 10/27/27			83		95,780
4.98%, 04/20/55(i)			1,444		1,864,063
					1,959,843
Total Foreign Agency Obligations — 5.8% (Cost: $143,785,663)					142,512,570
		Shares
Investment Companies
United States — 3.0%
Invesco Senior Loan ETF			665,437		14,739,430
iShares MSCI Brazil ETF(n)			29,089		1,179,268
iShares MSCI Japan ETF(n)			20,854		1,408,479
iShares Russell 2000 ETF(n)			9,800		2,247,826
SPDR Bloomberg Barclays High Yield Bond ETF(h)			457,891		50,349,694
SPDR S&P Oil & Gas Exploration & Production ETF .			19,873		1,921,520
VanEck Vectors Semiconductor ETF			2,681		703,066
Total Investment Companies — 3.0% (Cost: $70,371,583)					72,549,283
		Par (000)
Municipal Bonds
Illinois — 0.0%
Chicago Board of Education, GO, , 6.32%, 11/01/29	USD		445		545,984
Chicago Board of Education, GO, BAB, , 6.52%, 12/01/40			555		709,023
					1,255,007
Ohio — 0.1%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, , 5.00%, 06/01/55			1,990		2,327,584
Total Municipal Bonds — 0.1% (Cost: $3,426,498)					3,582,591
Non-Agency Mortgage-Backed Securities
United States — 10.0%
AJAX Mortgage Loan Trust(a)
Series 2020-C, Class A, 2.25%, 09/27/60			5,318		5,345,976
Series 2020-C, Class B, 5.00%, 09/27/60			375		375,543
Series 2020-C, Class C, 0.00%, 09/27/60			1,273		1,153,116

CONSOLIDATED SCHEDULE OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
AJAX Mortgage Loan Trust(a) (continued)
Series 2021-G, Class A, 1.98%, 06/25/61(b)	USD		6,910	$	6,866,879
Series 2021-G, Class B, 3.75%, 06/25/61(b)			718		712,691
Series 2021-G, Class C, 0.00%, 06/25/61			1,346		1,240,698
BAMLL Commercial Mortgage Securities Trust(a)(b) (1 mo. LIBOR US + 1.70%), 1.77%, 09/15/34			2,000		1,992,502
Series 2015-200P, Class F, 3.72%, 04/14/33			3,000		3,075,665
Series 2017-SCH, Class AL, (1 mo. LIBOR US + 0.90%), 0.97%, 11/15/32			2,000		1,962,223
Banc of America Commercial Mortgage Trust, Series 2007-4, Class H, 6.07%, 02/10/51(a)(b)			1,470		1,488,114
Bank, Series 2020-BN29, Class D, 2.50%, 11/15/53(a)			1,290		1,197,556
BFLD Trust, (1 mo. LIBOR US + 3.70%), 3.77%, 10/15/35(a)(b)			4,000		4,035,304
BX Commercial Mortgage Trust(a)(b) (1 mo. LIBOR US + 3.25%), 3.32%, 10/15/37			2,300		2,307,314
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.07%, 11/15/35			3,087		3,092,751
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 2.72%, 10/15/36			3,621		3,624,504
Series 2020-BXLP, Class G, (1 mo. LIBOR US + 2.50%), 2.57%, 12/15/36			4,852		4,849,528
Series 2020-FOX, Class F, (1 mo. LIBOR US + 4.25%), 4.32%, 11/15/32			3,930		3,951,820
Series 2020-VIVA, Class D, 3.67%, 03/11/44			2,006		2,069,006
Series 2021-VINO, Class G, (1 mo. LIBOR US + 3.95%), 4.03%, 05/15/38			450		455,639
BX Trust(a)(b)
Series 2021-LBA, Class GJV, (1 mo. LIBOR US + 3.00%), 3.07%, 02/15/36			1,320		1,322,503
Series 2021-LBA, Class GV, (1 mo. LIBOR US + 3.00%), 3.07%, 02/15/36			1,030		1,031,953
Series 2021-MFM1, Class F, (1 mo. LIBOR US + 3.00%), 3.07%, 01/15/34			750		754,665
Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 3.97%, 01/15/34			1,780		1,778,930
Series 2021-VIEW, Class E, (1 mo. LIBOR US + 3.60%), 3.75%, 06/15/23			2,455		2,454,994
CFCRE Commercial Mortgage Trust(a)
Series 2018-TAN, Class C, 5.29%, 02/15/33			1,500		1,557,856
Series 2018-TAN, Class E, 6.66%, 02/15/33(b)			1,100		1,135,906
CFMT LLC, Series 2020-HB4, Class M4, 4.95%, 12/26/30(a)(b)			4,020		4,019,790
Citigroup Commercial Mortgage Trust(b)
Series 2014-GC19, Class D, 5.26%, 03/10/47(a)			2,090		2,235,862
Series 2015-GC27, Class C, 4.57%, 02/10/48			1,000		1,058,958
Series 2016-C1, Class C, 5.11%, 05/10/49			1,735		1,922,230
Series 2019-PRM, Class E, 4.89%, 05/10/36(a)			2,000		2,056,310
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.57%, 11/15/37(a)(b)			3,932		3,973,857
COMM Mortgage Trust(b)
Series 2015-CR25, Class C, 4.68%, 08/10/48			2,000		2,149,310
Series 2019-GC44, Class 180B, 3.51%, 08/15/57(a)			1,900		1,852,008
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class F, (1 mo. LIBOR US + 2.65%), 2.72%, 05/15/36(a)(b)			4,400		4,408,381

Security		Par (000)		Value
United States (continued)
CSAIL Commercial Mortgage Securities Trust, Series 2018-CX12, Class C, 4.92%, 08/15/51(b)	USD		2,300	$	2,538,188
CSMC-FACT(a)(b)
Series 2020-FACT, Class E, (1 mo. LIBOR US + 4.86%), 4.94%, 10/15/37			1,000		1,016,449
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.23%, 10/15/37			1,700		1,729,576
CSMC-NET, Series 2020-NET, Class D, 3.83%, 08/15/37(a)(b)			1,275		1,338,672
Deephaven Residential Mortgage Trust, Series 2021-1, Class B2, 3.96%, 05/25/65(a)(b)			1,550		1,542,466
Freddie Mac(a)(b)(i)
(30 day SOFR + 6.00%), 6.02%, 08/25/33			4,560		5,116,269
Series 2020-DNA5, Class B1, (30 day SOFR + 4.80%), 4.82%, 10/25/50			2,500		2,654,299
Series 2020-DNA6, Class B2, (30 day SOFR + 5.65%), 5.67%, 12/25/50			2,000		2,080,034
Series 2021-DNA1, Class B2, (30 day SOFR + 4.75%), 4.77%, 01/25/51			4,560		4,674,838
Series 2021-HQA1, Class B2, (30 day SOFR + 5.00%), 5.02%, 08/25/33			4,342		4,385,491
Series 2021-HQA2, Class B2, (30 day SOFR + 5.45%), 5.47%, 12/25/33			2,400		2,429,994
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-HQA5, Class B1, (30 day SOFR + 4.00%), 4.02%, 11/25/50(a)(b)(i)			3,650		3,819,702
FREMF Mortgage Trust, 3.94%, 12/25/27(a)(b)			2,285		2,027,687
Grace Trust, Series 2020-GRCE, Class F, 2.77%, 12/10/40(a)(b)			2,000		1,779,585
GS Mortgage Securities Corp. Trust, Series 2020- TWN3, Class D, (1 mo. LIBOR US + 3.70%), 3.77%, 11/15/37(a)(b)			2,500		2,532,518
GSCG Trust, Series 2019-600C, Class F, 4.12%, 09/06/34(a)(b)			2,000		1,958,410
Imperial Fund Mortgage Trust, Series 2020-NQM1, Class B1, 4.00%, 10/25/55(a)(b)			3,603		3,630,723
InTown Hotel Portfolio Trust, Series 2018-STAY, Class E, (1 mo. LIBOR US + 3.35%), 3.42%, 01/15/33(a)(b)			1,790		1,797,418
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2017-FL10, Class e, (1 mo. LIBOR US + 3.90%), 3.97%, 06/15/32(a)(b)			2,400		2,389,604
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.00%), 3.07%, 07/15/36(a)(b)			2,320		2,293,531
JP Morgan Mortgage Trust(a)(b)
Series 2021-1, Class A3X, 0.50%, 06/25/51(d)			73,841		1,218,382
Series 2021-1, Class AX1, 0.19%, 06/25/51(d)(i)			299,647		1,707,988
Series 2021-1, Class AX4, 0.40%, 06/25/51(d)			19,135		252,581
Series 2021-1, Class B4, 3.09%, 06/25/51(d)			854		780,540
Series 2021-1, Class B5, 3.09%, 06/25/51(d)			1,024		847,214
Series 2021-1, Class B6, 2.98%, 06/25/51(d)			1,547		611,565
Series 2021-4, Class B4, 2.90%, 08/25/51			1,274		1,137,134
Series 2021-4, Class B5, 2.90%, 08/25/51(d)			956		788,571
Series 2021-4, Class B6, 2.90%, 08/25/51(d)			2,243		887,816
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. LIBOR US + 0.60%), 0.69%, 06/25/37(a)(b) .			2,735		2,254,544

26 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
United States (continued)
Mello Warehouse Securitization Trust(a)(b)
Series 2020-2, Class F, (1 mo. LIBOR US + 3.25%), 3.34%, 11/25/53		USD    2,280	$	2,282,300
Series 2020-2, Class G, (1 mo. LIBOR US + 4.75%), 4.84%, 11/25/53		1,370		1,371,386
Series 2021-1, Class G, (1 mo. LIBOR US + 4.38%), 4.48%, 02/25/55		4,560		4,559,204
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class C, 4.28%, 06/15/50		5,000		5,319,561
Series 2018-H4, Class C, 5.24%, 12/15/51		1,150		1,251,480
MSCG Trust, Series 2018-SELF, Class F, (1 mo. LIBOR US + 3.05%), 3.12%, 10/15/37(a)(b)		3,000		3,001,837
New Residential Mortgage Loan Trust(a)(b)
3.53%, 07/25/55		1,370		1,366,216
4.33%, 07/25/55		1,022		1,018,058
Series 2019-RPL2, Class B3, 4.01%, 02/25/59		9,329		8,779,715
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 2.82%, 01/15/26(a)(b)		630		637,077
Park Avenue Trust, Series 2017-245P, Class E, 3.78%, 06/05/37(a)(b)		2,000		1,947,815
Provident Funding Mortgage Warehouse Securitization Trust, (1 mo. LIBOR US + 5.50%), 5.59%, 02/25/55(a)(b)(d)		3,645		3,645,000
Residential Mortgage Loan Trust, Series 2020-1, Class B1, 3.95%, 02/25/24(a)(b)		400		414,472
Seasoned Credit Risk Transfer Trust, Series 2020-3, Class BXS, 8.59%, 05/25/60(a)(b)		7,668		5,265,963
Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1, 4.75%, 04/26/60(a)(b)(d)(i)		8,000		8,056,000
Seasoned Loans Structured Transaction Trust , Series 2020-2, Class M1, 4.75%, 09/25/60(a)(b)(i)		10,000		10,457,506
STAR Trust, 3.52%, 05/25/65(a)(b)		3,759		3,751,124
Starwood Mortgage Residential Trust(a)
Series 2020-INV, Class B1, 3.26%, 11/25/55		2,540		2,556,005
Series 2020-INV, Class B2, 4.26%, 11/25/55		1,225		1,225,716
TPGI Trust, Series 2021-DGWD, Class G, (1 mo. LIBOR US + 3.85%), 3.95%, 06/15/26(a)(b)		2,435		2,434,993
TVC DSCR, 2.38%, 02/01/51(d)		3,127		3,297,361
UBS Commercial Mortgage Trust, Series 2018-C11, Class C, 5.05%, 06/15/51(b)		671		710,453
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class D, 5.21%, 08/10/49(a)(b)		2,400		2,458,274
Verus Securitization Trust(a)(b)
3.25%, 02/25/64		2,735		2,758,714
Series 2020-5, Class B1, 3.71%, 05/25/65		2,400		2,428,396
Series 2020-5, Class B2, 4.71%, 05/25/65		1,400		1,418,246
WaMu Mortgage Pass-Through Certificates Trust, Series 2007-OA6, Class 1A, (12 mo. MTA + 0.81%), 0.93%, 07/25/47(b)		1,505		1,360,266
Wells Fargo Commercial Mortgage Trust(b) Series 2019-C50, Class XA, 1.58%, 05/15/52		25,587		2,211,051

Security	Par (000)		Value
United States (continued)
Wells Fargo Commercial Mortgage Trust(b) (continued)
Series 2021-FCMT, Class D, (1 mo. LIBOR US + 3.50%), 3.57%, 05/15/31(a)		USD    750	$	751,879
Western Alliance Bank, 5.65%, 12/28/24		12,230		12,230,000
Total Non-Agency Mortgage-Backed Securities — 10.0% (Cost: $236,818,314)				244,698,199
	Benefical Interest (000)
Other Interests
Canada — 0.2%
Sprott Private Resource Streaming and Royalty, LP(d)(o)		USD    4,640,000		5,746,176
Total Other Interests — 0.2% (Cost: $4,681,796)				5,746,176
	Par (000)
Preferred Securities
Capital Trusts — 0.3%(b)
Colombia — 0.0%
Banco Davivienda SA, 6.65%(a)(i)(k)		USD    855		893,475
Mexico — 0.2%
Banco Mercantil del Norte SA, 6.75%(a)(i)(k)		2,077		2,232,775
BBVA Bancomer SA, 5.13%, 01/18/33		1,000		1,040,625
Cemex SAB de CV, 5.13%(a)(i)(k)		1,580		1,627,874
				4,901,274
United Kingdom — 0.1%
Vodafone Group PLC, 7.00%, 04/04/79(i)		846		1,025,124
				6,819,873
	Shares
Preferred Stocks — 1.6%
Germany — 0.5%
Porsche Automobil Holding SE, Preference Shares		12,717		1,365,179
Volkswagen AG, Preference Shares		22,932		5,749,773
Volocopter GMBH, (Acquired 03/03/21, Cost: $4,145,649)(d)(g)		780		4,084,330
				11,199,282
United Kingdom(d)(g) — 0.1%
Exscientia Ltd.
Series C-1, (Acquired 02/24/21, Cost: $936,831)		535		1,873,661
Series D-1, (Acquired 04/29/21, Cost: $469,291)		134		469,291
				2,342,952
United States(g) — 1.0%
Arrival Ltd., (Acquired 03/23/21, Cost: $2,029,302)		279,863		4,284,347

CONSOLIDATED SCHEDULE OF INVESTMENTS 27

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT) (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $4,444,110)(d)		40,558	$	6,880,057
Cruise, Series G, (Acquired 03/25/21, Cost: $1,886,159)(d)		71,581		1,896,181
Databricks, Inc., Series G, (Acquired 02/01/21, Cost: $2,392,693)(d)		13,490		2,392,721
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,130,236)(d)		350,490		2,207,081
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $1,482,935)(d)		253,147		1,482,935
Jumpcloud, Inc., Series E-1, (Acquired 10/30/20, Cost: $2,052,443)(d)		1,125,428		2,025,770
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $560,518)(d)		81,588		584,170
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $945,402)(d)		36,048		945,539
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $814,688)(d)		35,677		814,506
SambaNova Systems, Inc., (Acquired 04/09/21, Cost: $1,250,247)(d)		13,158		1,250,273
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $678,934)(d)		45,203		678,934
				25,442,514
				38,984,748
Total Preferred Securities — 1.9% (Cost: $40,308,972)				45,804,621
	Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.1%
Uniform Mortgage-Backed Securities, Series 2020- DNA6, Class B1, (30 day SOFR + 3.00%), 3.02%, 12/25/50(a)(b)(i)	USD	2,000		2,015,009
Mortgage-Backed Securities — 0.1%
Uniform Mortgage-Backed Securities, 1.36%, 12/25/29		18,250		1,668,297
Total U.S. Government Sponsored Agency Securities — 0.2% (Cost: $3,615,419)				3,683,306
	Shares
Warrants
Cayman Islands — 0.0%
TPG Pace Beneficial Finance Corp., Class A, (Expires: 10/09/27)(f)		17,970		59,481
Luxembourg — 0.0%
Lakestar Spac I SE, (Expires: 12/31/25)(f)		12,393		13,225
United States — 0.0%
Cano Health, Inc. (Expires 06/03/2026), (Expires: 06/03/26)(f)		33,630		124,044

Security	Shares		Value
United States (continued)
Climate Change Crisis Real Impact I Acquisition Corp., Class A, (Expires: 09/15/25)(f)		40,220	$	164,094
Crown Proptech Acquisitions Pvt Ltd., (Expires: 02/01/26)(d)		74,120		42,990
Israel Amplify Program Corp., (Expires: 06/30/26)(d) .		74,067		111,841
Kins Private Placement(d)		184,016		108,570
Latch, Inc. (Expires 06/04/2026), (Expires: 06/04/26)(f)		10,196		35,686
Rotor Acqusition Ltd.(d)		27,280		24,006
Tortoise Acquisition Corp. II, (Expires: 06/14/27)(f)		41,430		89,903
				701,134
Total Warrants — 0.0% (Cost: $1,032,687)				773,840
Total Long-Term Investments — 121.1% (Cost: $2,734,408,113)				2,965,229,698
Options Purchased — 0.4% (Cost: $11,039,978)				9,331,402
Total Investments Before Options Written — 121.5% (Cost: $2,745,448,091)				2,974,561,100
Options Written — (0.2)% (Premiums Received: $(7,142,268))				(5,093,446	)
Total Investments, Net of Options Written — 121.3% (Cost: $2,738,305,823)				2,969,467,654
Liabilities in Excess of Other Assets — (21.3)%				(520,853,068	)
Net Assets — 100.0%			$	2,448,614,586

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

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

^(c)  When-issued security.

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

^(e)  Amount is less than 500.

^(f)  Non-income producing security.

^(g)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $77,109,291, representing 3.2% of its net assets as of period end, and an original cost of $61,970,607.

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

⁽ⁱ⁾  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

^(j)  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.

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

^(l)  Zero-coupon bond.

^(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⁾  Affiliate of the Trust.

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

28 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class(a)	$	226,446,562	$	—	$	(226,446,562	)(b)	$	—	$	—		$	—		—	$	3,268	$	—
iShares iBoxx $ High Yield Corporate Bond ETF(a)		24,455,960		10,812,280		(34,946,060	)		593,463		(915,643	)		—		—		261,099		—
iShares MSCI Brazil ETF		—		1,184,148		—			—		(4,880	)		1,179,268		29,089		18,212		—
iShares MSCI Japan ETF		—		1,415,349		—			—		(6,870	)		1,408,479		20,854		—		—
iShares Russell 2000 ETF		6,607,222		—		(5,018,841	)		290,811		368,634			2,247,826		9,800		7,304		—
								$	884,274	$	(558,759	)	$	4,835,573			$	289,883	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

BofA Securities, Inc.

0.28

%(b)

03/01/21

Open

$

5,731,220

$

5,736,614

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

03/18/21

Open

266,288

266,518

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

03/18/21

Open

191,056

191,249

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

03/18/21

Open

200,250

200,452

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

03/18/21

Open

1,100,400

1,101,512

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

03/18/21

Open

179,808

179,990

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

03/18/21

Open

2,188,910

2,191,439

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

03/30/21

Open

1,181,635

1,182,551

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

03/30/21

Open

1,831,297

1,832,953

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

03/30/21

Open

1,592,940

1,594,586

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

03/30/21

Open

2,204,178

2,206,456

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

2,060,437

2,062,833

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,633,269

1,635,168

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,829,465

1,831,592

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,362,799

1,364,366

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,798,260

1,800,350

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,073,737

1,074,985

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,624,831

1,626,719

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

03/30/21

Open

1,601,737

1,603,600

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.60

(b)

03/30/21

Open

1,356,394

1,358,474

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/05/21

Open

1,194,370

1,196,025

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

04/07/21

Open

3,122,275

3,124,461

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/07/21

Open

2,124,907

2,127,387

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/07/21

Open

1,430,485

1,432,154

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/07/21

Open

3,123,890

3,127,535

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/09/21

Open

1,287,364

1,288,848

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/09/21

Open

1,292,456

1,293,946

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/09/21

Open

1,186,537

1,187,905

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/09/21

Open

1,288,760

1,290,246

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/09/21

Open

1,317,470

1,318,989

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

549,315

549,695

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

541,819

542,193

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

546,033

546,410

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

551,363

551,744

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

548,410

548,789

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

540,898

541,272

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

555,326

555,710

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

548,800

549,180

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

542,446

542,821

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

550,285

550,666

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

858,027

858,621

Corporate Bonds

Open/Demand

CONSOLIDATED SCHEDULE OF INVESTMENTS 29

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

RBC Capital Markets LLC

0.30

%(b)

04/09/21

Open

$

1,357,875

$

1,358,814

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

558,256

558,642

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

537,510

537,882

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/09/21

Open

549,180

549,560

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.35

(b)

04/09/21

Open

199,147

199,307

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A

0.54

(b)

04/14/21

Open

1,378,830

1,380,423

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.54

(b)

04/14/21

Open

1,503,275

1,505,011

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.54

(b)

04/14/21

Open

1,509,120

1,510,863

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

1,517,625

1,519,508

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

2,122,439

2,125,072

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

1,728,641

1,730,786

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

1,853,704

1,856,003

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

435,779

436,319

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

305,100

305,478

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

2,644,469

2,647,749

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

1,409,642

1,411,391

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

1,225,110

1,226,630

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/14/21

Open

4,030,175

4,035,175

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.59

(b)

04/14/21

Open

303,503

303,885

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.59

(b)

04/14/21

Open

3,900,535

3,905,457

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.59

(b)

04/14/21

Open

3,948,382

3,953,365

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.60

(b)

04/14/21

Open

3,955,931

3,961,008

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/14/21

Open

3,128,160

3,131,171

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/14/21

Open

3,915,187

3,918,956

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/14/21

Open

340,000

340,327

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/14/21

Open

2,014,594

2,016,748

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/14/21

Open

1,484,587

1,486,016

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/14/21

Open

1,438,625

1,440,010

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.59

(b)

04/16/21

Open

4,056,975

4,061,829

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

04/21/21

Open

1,141,500

1,142,787

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

04/21/21

Open

1,696,500

1,697,655

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,227,091

1,228,046

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,924,455

1,925,952

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,190,615

1,191,541

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,150,155

1,151,050

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,326,207

1,327,239

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,100,622

1,101,479

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,989,215

1,990,762

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,104,877

1,105,737

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,249,120

1,250,092

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/21/21

Open

1,197,495

1,198,426

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

04/29/21

Open

1,733,863

1,735,416

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/29/21

Open

1,469,110

1,470,122

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/29/21

Open

1,619,887

1,621,003

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/29/21

Open

1,470,600

1,471,613

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

04/29/21

Open

1,803,552

1,804,795

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/29/21

Open

2,039,546

2,041,303

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/29/21

Open

1,412,250

1,413,466

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.53

(b)

04/30/21

Open

1,001,795

1,002,665

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.53

(b)

04/30/21

Open

1,142,044

1,143,036

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.53

(b)

04/30/21

Open

1,206,000

1,207,048

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.53

(b)

04/30/21

Open

1,129,432

1,130,413

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.53

(b)

04/30/21

Open

1,072,775

1,073,707

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

04/30/21

Open

915,987

916,738

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.35

(b)

04/30/21

Open

1,086,302

1,086,926

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

978,075

978,716

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

988,785

989,433

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

1,032,412

1,033,089

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

799,095

799,619

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

827,351

827,894

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

1,114,700

1,115,431

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

04/30/21

Open

1,059,424

1,060,118

Corporate Bonds

Open/Demand

30 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

RBC Capital Markets LLC

0.45

%(b)

04/30/21

Open

$

1,089,427

$

1,090,230

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

05/03/21

Open

743,902

744,610

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/03/21

Open

6,093,293

6,096,239

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/03/21

Open

1,874,950

1,875,856

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/03/21

Open

902,262

902,844

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/03/21

Open

2,848,689

2,850,525

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,585,000

3,587,888

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

4,093,750

4,097,048

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,243,000

3,245,612

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,070,000

3,072,473

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,415,000

3,417,751

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,528,000

3,530,842

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

4,312,500

4,315,974

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/03/21

Open

3,272,750

3,275,386

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/03/21

Open

1,621,794

1,622,970

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/07/21

Open

599,688

599,962

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/07/21

Open

488,025

488,249

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

484,575

484,871

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

450,051

450,326

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

519,675

519,993

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

487,628

487,925

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

543,045

543,377

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

498,075

498,379

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

455,831

456,110

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/07/21

Open

476,933

477,224

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

05/07/21

Open

589,028

589,279

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

309,558

309,761

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

286,440

286,628

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

305,599

305,799

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

321,835

322,046

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

322,200

322,412

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

318,834

319,043

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

277,875

278,058

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

309,638

309,841

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

302,400

302,599

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

312,300

312,505

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

314,719

314,925

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

243,458

243,617

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

310,338

310,541

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

312,439

312,644

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

254,980

255,148

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

248,366

248,529

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

317,886

318,095

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

312,550

312,755

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

274,340

274,520

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

236,625

236,780

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

249,750

249,914

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

263,809

263,982

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

339,150

339,373

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

266,420

266,595

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

308,660

308,863

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

305,045

305,245

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.43

(b)

05/07/21

Open

295,780

295,974

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

460,774

461,091

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

467,289

467,610

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

478,800

479,129

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

480,384

480,714

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

469,200

469,523

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

459,540

459,856

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

447,810

448,118

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

486,805

487,140

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

05/07/21

Open

447,750

448,058

Corporate Bonds

Open/Demand

CONSOLIDATED SCHEDULE OF INVESTMENTS 31

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

BNP Paribas S.A

0.34

%(b)

05/14/21

Open

$

1,216,545

$

1,217,062

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A

0.27

(b)

05/19/21

Open

1,194,620

1,194,925

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.28

(b)

05/19/21

Open

811,641

811,856

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.28

(b)

05/19/21

Open

681,290

681,470

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

05/19/21

Open

956,215

956,468

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

05/19/21

Open

546,081

546,226

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

05/19/21

Open

558,503

558,650

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/20/21

Open

881,081

881,595

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/20/21

Open

926,280

926,820

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/20/21

Open

1,581,912

1,582,835

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/20/21

Open

804,397

804,867

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

742,446

742,457

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

454,588

454,594

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

508,781

508,788

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

640,819

640,828

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

698,000

698,010

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

766,062

766,073

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

815,979

815,990

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

687,000

687,010

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

764,085

764,096

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

849,712

849,724

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

698,332

698,342

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

676,569

676,578

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

581,250

581,258

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

826,150

826,161

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

734,381

734,391

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/21/21

Open

813,375

813,386

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/24/21

Open

1,187,025

1,187,635

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/24/21

Open

1,877,680

1,878,645

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/24/21

Open

1,701,700

1,702,574

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

05/24/21

Open

1,462,680

1,463,462

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

05/24/21

Open

2,389,194

2,390,618

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.28

(b)

05/24/21

Open

1,665,790

1,666,269

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,608,910

1,609,571

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,475,651

1,476,258

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,685,647

1,686,340

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,308,750

1,309,288

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,792,650

1,793,387

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,772,975

1,773,704

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,776,250

1,776,980

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/24/21

Open

1,808,625

1,809,369

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/24/21

Open

901,440

901,903

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/24/21

Open

1,497,306

1,498,075

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

05/24/21

Open

1,376,240

1,376,947

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.32

(b)

05/25/21

Open

732,550

732,791

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

717,544

717,883

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

878,415

878,830

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

546,445

546,703

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

796,950

797,326

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

750,175

750,529

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

932,519

932,960

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

897,450

897,874

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

638,691

638,993

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

557,069

557,332

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

05/28/21

Open

565,440

565,707

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/28/21

Open

1,093,500

1,093,810

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

05/28/21

Open

2,646,304

2,647,054

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

05/28/21

Open

929,475

929,746

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/28/21

Open

1,052,940

1,053,338

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/28/21

Open

1,131,042

1,131,470

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/28/21

Open

1,008,844

1,009,225

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/28/21

Open

972,928

973,296

Corporate Bonds

Open/Demand

32 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

Credit Suisse Securities (USA) LLC

0.40

%(b)

05/28/21

Open

$

2,147,620

$

2,148,431

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

05/28/21

Open

1,010,040

1,010,422

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.32

(b)

06/03/21

Open

942,500

942,726

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.34

(b)

06/03/21

Open

2,202,227

2,202,789

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A

0.29

(b)

06/04/21

Open

675,156

675,287

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.29

(b)

06/04/21

Open

676,148

676,278

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.29

(b)

06/04/21

Open

673,043

673,173

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/04/21

Open

922,032

922,217

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/04/21

Open

656,813

656,944

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/04/21

Open

673,190

673,325

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/04/21

Open

455,813

455,904

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/04/21

Open

454,154

454,245

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.32

(b)

06/04/21

Open

451,738

451,834

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.32

(b)

06/04/21

Open

1,210,140

1,210,398

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.32

(b)

06/04/21

Open

1,004,500

1,004,714

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.34

(b)

06/04/21

Open

1,109,569

1,109,820

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A

0.58

(b)

06/04/21

Open

3,534,300

3,535,667

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

06/04/21

Open

3,475,712

3,477,056

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

06/04/21

Open

1,996,387

1,997,159

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.59

(b)

06/04/21

Open

3,572,660

3,574,106

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.62

(b)

06/04/21

Open

3,539,989

3,541,452

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/09/21

Open

1,631,855

1,632,188

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/09/21

Open

1,012,372

1,012,579

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/09/21

Open

2,069,064

2,069,486

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/09/21

Open

4,964,404

4,965,417

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/09/21

Open

2,149,665

2,150,104

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/09/21

Open

687,558

687,696

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/09/21

Open

109,910

109,932

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/11/21

Open

200,250

200,278

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/11/21

Open

706,260

706,360

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/11/21

Open

710,364

710,464

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/11/21

Open

1,630,925

1,631,156

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/11/21

Open

1,340,005

1,340,195

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

2,052,900

2,053,239

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

188,189

188,220

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

2,280,850

2,281,227

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

603,000

603,100

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,673,880

1,674,157

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,895,775

1,896,088

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,034,550

1,034,721

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,519,179

1,519,430

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

2,368,160

2,368,551

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,450,215

1,450,455

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

953,449

953,607

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,331,837

1,332,058

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

2,119,975

2,120,325

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

205,852

205,886

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

1,547,947

1,548,203

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/11/21

Open

3,058,015

3,058,521

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

949,142

949,322

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

594,965

595,077

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

1,008,537

1,008,727

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

2,057,160

2,057,549

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

222,606

222,648

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

231,863

231,907

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/11/21

Open

946,250

946,429

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

993,083

993,294

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

2,332,500

2,332,996

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

3,050,302

3,050,951

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

1,006,569

1,006,783

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

2,310,757

2,311,248

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/11/21

Open

3,061,870

3,062,521

Corporate Bonds

Open/Demand

CONSOLIDATED SCHEDULE OF INVESTMENTS 33

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

Credit Suisse Securities (USA) LLC

0.45

%(b)

06/11/21

Open

$

2,264,766

$

2,265,248

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/11/21

Open

4,768,031

4,768,932

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/11/21

Open

3,077,702

3,078,284

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

06/11/21

Open

1,755,955

1,756,287

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.40

(b)

06/21/21

Open

274,920

274,951

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/22/21

Open

569,566

569,606

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.28

(b)

06/23/21

Open

565,706

565,741

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

1,394,245

1,394,400

Capital Trusts

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

406,875

406,920

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

422,355

422,402

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

423,563

423,610

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

496,294

496,349

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

658,499

658,572

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/23/21

Open

449,820

449,870

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/23/21

Open

405,506

405,553

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/23/21

Open

473,156

473,211

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.55

(b)

06/23/21

Open

576,121

576,192

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.55

(b)

06/23/21

Open

819,612

819,713

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

664,197

664,249

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

684,000

684,053

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

387,400

387,430

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

604,133

604,179

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

635,325

635,374

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

828,022

828,087

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

919,575

919,647

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

609,469

609,516

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

345,803

345,829

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

599,909

599,955

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

656,308

656,359

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

415,125

415,157

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

1,084,534

1,084,618

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

715,300

715,356

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

375,148

375,177

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

801,250

801,312

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/23/21

Open

902,037

902,108

Foreign Agency Obligations

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

362,000

362,028

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

407,374

407,405

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

381,070

381,100

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

395,100

395,131

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

419,501

419,534

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/23/21

Open

494,618

494,656

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

361,683

361,715

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

490,360

490,404

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

450,023

450,062

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

494,358

494,401

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

898,750

898,830

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

485,875

485,918

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

3,869,685

3,870,029

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/23/21

Open

409,403

409,439

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.30

(b)

06/24/21

Open

1,777,531

1,777,620

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

251,333

251,358

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

294,880

294,910

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

254,430

254,456

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

210,600

210,621

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

255,028

255,053

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

246,971

246,996

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

243,125

243,150

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

222,338

222,360

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

213,030

213,052

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

272,788

272,815

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

209,820

209,841

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

639,159

639,224

Corporate Bonds

Open/Demand

34 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

BNP Paribas S.A

0.52

%(b)

06/24/21

Open

$

217,920

$

217,942

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

283,075

283,104

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

247,480

247,505

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.52

(b)

06/24/21

Open

182,369

182,387

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.54

(b)

06/24/21

Open

2,721,215

2,721,460

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A

0.55

(b)

06/24/21

Open

522,761

522,809

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.55

(b)

06/24/21

Open

573,000

573,053

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.55

(b)

06/24/21

Open

2,321,375

2,321,588

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.58

(b)

06/24/21

Open

1,266,000

1,266,122

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

156,500

156,511

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

232,268

232,283

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

149,500

149,510

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

161,000

161,011

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

347,563

347,586

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

176,750

176,762

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

211,838

211,852

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

702,214

702,255

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

239,794

239,808

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

1,175,880

1,175,949

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

160,500

160,511

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

189,525

189,538

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

222,058

222,073

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

151,750

151,760

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

173,250

173,262

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

249,844

249,861

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

152,250

152,260

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

189,600

189,613

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

164,000

164,011

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

159,075

159,086

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

578,925

578,959

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

196,000

196,011

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

198,886

198,898

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

166,000

166,010

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

1,028,604

1,028,664

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

657,900

657,938

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

484,218

484,246

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

608,438

608,473

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/24/21

Open

653,625

653,663

Foreign Agency Obligations

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/24/21

Open

197,950

197,963

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/24/21

Open

195,440

195,453

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/24/21

Open

235,505

235,521

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.35

(b)

06/24/21

Open

231,435

231,451

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

243,375

243,394

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

235,770

235,788

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

231,861

231,879

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

215,663

215,679

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

249,400

249,419

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/24/21

Open

228,470

228,488

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.46

(b)

06/24/21

Open

211,313

211,331

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/28/21

Open

152,575

152,578

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

1,073,002

1,073,010

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

1,286,560

1,286,569

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

712,500

712,505

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

584,955

584,959

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

1,408,094

1,408,104

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

572,531

572,535

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

572,850

572,854

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

594,540

594,544

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.25

(b)

06/29/21

Open

722,610

722,615

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/29/21

Open

1,491,847

1,491,861

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/29/21

Open

4,210,582

4,210,621

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/29/21

Open

518,363

518,367

Corporate Bonds

Open/Demand

CONSOLIDATED SCHEDULE OF INVESTMENTS 35

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

TD Securities (USA) LLC

0.33

%(b)

06/29/21

Open

$

1,299,840

$

1,299,852

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/29/21

Open

1,186,775

1,186,786

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/29/21

Open

5,096,000

5,096,047

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/29/21

Open

4,459,967

4,460,017

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/29/21

Open

1,231,120

1,231,134

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/29/21

Open

1,071,989

1,072,001

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/29/21

Open

4,575,000

4,575,051

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.48

(b)

06/29/21

Open

3,425,191

3,425,237

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.50

(b)

06/29/21

Open

4,821,480

4,821,547

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

06/30/21

07/07/21

1,558,161

1,558,196

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

1,393,000

1,393,050

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

2,676,618

2,676,715

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

2,949,180

2,949,286

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

3,153,409

3,153,523

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

3,082,560

3,082,671

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

1,592,500

1,592,557

Non-Agency Mortgage-Backed Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

1,391,000

1,391,050

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Capital, Inc.

1.30

06/30/21

07/14/21

1,578,000

1,578,057

Non-Agency Mortgage-Backed Securities

Up to 30 Days

BNP Paribas S.A

0.27

(b)

06/30/21

Open

106,838

106,839

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

130,174

130,176

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

109,751

109,753

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

106,324

106,325

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

147,188

147,190

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

128,511

128,513

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

188,663

188,666

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

105,090

105,091

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

114,375

114,377

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

151,050

151,052

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

156,251

156,253

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

112,850

112,852

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

105,655

105,656

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

137,813

137,815

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

181,655

181,658

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

178,838

178,840

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

133,000

133,002

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

154,213

154,215

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

128,063

128,065

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

99,750

99,751

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

191,290

191,293

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

134,558

134,560

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

122,649

122,651

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

90,375

90,376

Corporate Bonds

Open/Demand

BNP Paribas S.A

0.50

(b)

06/30/21

Open

160,645

160,647

Corporate Bonds

Open/Demand

BNP Paribas S.A

1.00

(b)

06/30/21

Open

6,720,000

6,720,187

Non-Agency Mortgage-Backed Securities

Open/Demand

BNP Paribas S.A

1.00

(b)

06/30/21

Open

8,320,000

8,320,251

Non-Agency Mortgage-Backed Securities

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/30/21

Open

150,870

150,871

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/30/21

Open

92,625

92,626

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/30/21

Open

145,457

145,458

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/30/21

Open

673,371

673,378

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

06/30/21

Open

97,875

97,876

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.50

(b)

06/30/21

Open

121,061

121,063

Corporate Bonds

Open/Demand

36 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity   Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements(a)

TD Securities (USA) LLC

0.33

%(b)

06/30/21

Open

$

145,885

$

145,886

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

141,736

141,738

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

101,135

101,136

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

119,368

119,369

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

165,351

165,353

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

95,146

95,147

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

148,126

148,128

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

126,896

126,897

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

165,825

165,827

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.33

(b)

06/30/21

Open

163,125

163,126

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/30/21

Open

148,004

148,005

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/30/21

Open

128,095

128,096

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/30/21

Open

152,311

152,313

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

0.40

(b)

06/30/21

Open

103,960

103,961

Corporate Bonds

Open/Demand

$

517,702,967

$

517,949,736

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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
Exchange Traded Bitcoin Futures		7		07/30/21	$	1,215	$	73,205
Euro Bund		60		09/08/21		12,280		77,493
DAX Index		22		09/17/21		10,127		(152,667	)
Euro Stoxx 50 Index		49		09/17/21		2,356		(48,615	)
FTSE 100 Index		8		09/17/21		772		(13,018	)
FTSE/MIB Index		28		09/17/21		4,151		(86,987	)
Russell 2000 E-Mini Index		29		09/17/21		3,346		(33,237	)
10-Year U.S. Treasury Note		51		09/21/21		6,754		16,223
U.S. Long Bond		116		09/21/21		18,625		410,324
5-Year U.S. Treasury Note		1,384		09/30/21		170,762		(344,242	)
								(101,521	)
Short Contracts
Euro BTP		116		09/08/21		20,826		(125,274	)
Euro OAT		58		09/08/21		10,938		(49,570	)
NASDAQ 100 E-Mini Index		285		09/17/21		82,929		(3,207,914	)
S&P 500 E-Mini Index		767		09/17/21		164,468		(1,858,239	)
10-Year U.S. Ultra Long Treasury Note		1,612		09/21/21		237,065		(2,965,028	)
Ultra U.S. Treasury Bond		123		09/21/21		23,678		(878,890	)
Long Gilt		113		09/28/21		20,024		(81,400	)
2-Year U.S. Treasury Note		762		09/30/21		167,884		10,573
								(9,155,742	)
							$	(9,257,263	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,688,653	EUR	3,017,708	Deutsche Bank AG		07/23/21	$	108,842
USD	7,392,906	EUR	6,047,367	Deutsche Bank AG		07/30/21		218,083
USD	4,931,233	EUR	4,033,168	Deutsche Bank AG		08/06/21		145,463

CONSOLIDATED SCHEDULE OF INVESTMENTS 37

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,933,028	EUR	4,851,293	Deutsche Bank AG		08/19/21	$	175,005
USD	10,706,896	EUR	8,740,000	BNP Paribas S.A.		09/03/21		330,286
USD	4,223,571	EUR	3,461,565	BNP Paribas S.A.		09/09/21		113,292
BRL	12,588,418	USD	2,450,000	Citibank N.A.		09/10/21		59,621
USD	2,110,636	EUR	1,728,200	BNP Paribas S.A.		09/16/21		58,260
MXN	46,596,741	USD	2,227,846	Citibank N.A.		09/17/21		87,454
MXN	4,009,753	USD	195,659	State Street Bank and Trust Co.		09/17/21		3,578
USD	17,891,412	CAD	21,886,788	Bank of America N.A.		09/17/21		235,651
USD	403,878	CHF	363,941	Bank of America N.A.		09/17/21		9,742
USD	4,841,020	CHF	4,374,366	Morgan Stanley & Co. International PLC		09/17/21		103,729
USD	2,407,613	EUR	1,999,000	Deutsche Bank AG		09/17/21		33,591
USD	314,694,858	EUR	261,312,676	Deutsche Bank AG		09/17/21		4,358,618
USD	2,024,291	EUR	1,668,254	Morgan Stanley & Co. International PLC		09/17/21		43,064
USD	3,586,384	EUR	2,951,307	State Street Bank and Trust Co.		09/17/21		81,397
USD	5,896,439	EUR	4,822,136	State Street Bank and Trust Co.		09/17/21		169,646
USD	63,924,073	GBP	45,613,302	Deutsche Bank AG		09/17/21		816,389
USD	1,028,305	GBP	737,943	HSBC Bank USA N.A.		09/17/21		7,334
USD	1,313,062	GBP	943,310	HSBC Bank USA N.A.		09/17/21		7,958
USD	126,577	GBP	91,410	Morgan Stanley & Co. International PLC		09/17/21		108
USD	18,902,046	HKD	146,716,073	BNP Paribas S.A.		09/17/21		3,036
USD	539,050	JPY	59,202,125	Deutsche Bank AG		09/17/21		5,810
USD	16,115,449	JPY	1,779,190,488	Deutsche Bank AG		09/17/21		90,080
USD	301,510	NOK	2,556,424	Morgan Stanley & Co. International PLC		09/17/21		4,509
USD	123,504	SEK	1,025,880	Bank of America N.A.		09/17/21		3,547
USD	741,484	SEK	6,121,318	Deutsche Bank AG		09/17/21		25,710
USD	1,558,813	SEK	13,285,805	Deutsche Bank AG		09/17/21		5,288
USD	16,281,838	SEK	137,332,599	Morgan Stanley & Co. International PLC		09/17/21		223,368
USD	737,014	SEK	6,135,088	State Street Bank and Trust Co.		09/17/21		19,631
USD	12,148,212	CNH	78,960,703	Deutsche Bank AG		09/24/21		9,359
USD	386,499	EUR	325,250	Bank of America N.A.		09/24/21		174
USD	6,222,637	EUR	5,221,169	Morgan Stanley & Co. International PLC		09/30/21		20,253
USD	12,186,136	EUR	10,186,960	Morgan Stanley & Co. International PLC		09/30/21		84,739
								7,662,615
EUR	3,005,725	USD	3,607,791	Bank of America N.A.		07/21/21		(42,340	)
EUR	3,017,708	USD	3,652,116	Morgan Stanley & Co. International PLC		07/23/21		(72,304	)
EUR	6,047,367	USD	7,338,258	Deutsche Bank AG		07/30/21		(163,434	)
GBP	5,201,655	USD	7,234,988	Barclays Bank PLC		08/05/21		(38,833	)
EUR	4,033,168	USD	4,849,985	UBS AG		08/06/21		(64,216	)
USD	2,450,000	BRL	12,450,900	Citibank N.A.		09/10/21		(32,206	)
CAD	365,357	USD	301,834	HSBC Bank USA N.A.		09/17/21		(7,106	)
EUR	2,284,135	USD	2,795,926	Bank of America N.A.		09/17/21		(83,277	)
EUR	563,736	USD	690,957	HSBC Bank USA N.A.		09/17/21		(21,462	)
EUR	941,755	USD	1,150,032	HSBC Bank USA N.A.		09/17/21		(31,599	)
GBP	217,839	USD	307,147	Bank of America N.A.		09/17/21		(5,759	)
GBP	457,491	USD	645,338	BNP Paribas S.A.		09/17/21		(12,382	)
GBP	115,184	USD	162,701	Deutsche Bank AG		09/17/21		(3,339	)
GBP	240,671	USD	338,883	Deutsche Bank AG		09/17/21		(5,906	)
GBP	413,971	USD	584,688	HSBC Bank USA N.A.		09/17/21		(11,943	)
GBP	468,376	USD	664,016	HSBC Bank USA N.A.		09/17/21		(16,000	)
GBP	634,470	USD	899,880	HSBC Bank USA N.A.		09/17/21		(22,067	)
GBP	919,750	USD	1,277,212	HSBC Bank USA N.A.		09/17/21		(4,704	)
GBP	501,921	USD	708,297	Morgan Stanley & Co. International PLC		09/17/21		(13,871	)
JPY	1,936,465	USD	17,530	Deutsche Bank AG		09/17/21		(88	)
JPY	119,774	USD	1,084	Morgan Stanley & Co. International PLC		09/17/21		(5	)
USD	277,836	CHF	256,731	Goldman Sachs International		09/17/21		(196	)
USD	156,081	SEK	1,335,500	Deutsche Bank AG		09/17/21		(81	)
USD	1,193,365	SEK	10,269,965	Deutsche Bank AG		09/17/21		(7,515	)

38 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	2,503,857	USD	2,992,357	State Street Bank and Trust Co.		09/30/21	$	(17,950	)
USD	363,354	EUR	306,104	HSBC Bank USA N.A.		09/30/21		(276	)
								(678,859	)
							$	6,983,756

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust		581		07/02/21	USD	427.00	USD	24,870	$	132,177
BP PLC		905		07/16/21	USD	29.00	USD	2,391		7,693
D.R. Horton, Inc.		265		07/16/21	USD	95.00	USD	2,395		14,840
FTSE/MIB Index		39		07/16/21	EUR	26,000.00	EUR	2,447		3,931
iShares MSCI Emerging Markets ETF		1,483		07/16/21	USD	57.00	USD	8,179		14,830
Johnson Controls International PLC		385		07/16/21	USD	67.50	USD	2,642		71,225
PulteGroup, Inc.		160		07/16/21	USD	60.00	USD	873		2,400
Ralph Lauren Corp.		116		07/16/21	USD	145.00	USD	1,367		1,740
Sandvik		321		07/16/21	SEK	237.83	SEK	7,095		833
SPDR S&P 500 ETF Trust		1,095		07/16/21	USD	427.00	USD	46,873		499,867
VanEck Vectors Semiconductor ETF		353		07/16/21	USD	260.00	USD	9,257		202,975
SPDR S&P 500 ETF Trust		1,374		07/30/21	USD	436.00	USD	58,815		258,999
Comcast Corp., Class A		131		08/20/21	USD	57.50	USD	747		21,419
ConocoPhillips		422		08/20/21	USD	65.00	USD	2,570		62,034
Daimler AG		263		08/20/21	EUR	85.00	EUR	1,982		14,033
Energy Select Sector SPDR Fund		2,103		08/20/21	USD	60.00	USD	11,329		121,974
L Brands, Inc.		383		08/20/21	USD	80.00	USD	2,760		90,388
Las Vegas Sands Corp.		69		08/20/21	USD	65.00	USD	364		3,278
salesforce.com, Inc.		71		08/20/21	USD	250.00	USD	1,734		47,747
SPDR S&P 500 ETF Trust		478		08/20/21	USD	440.00	USD	20,461		115,198
Trane Technologies PLC		26		08/20/21	USD	190.00	USD	479		10,400
Wells Fargo & Co.		570		08/20/21	USD	45.00	USD	2,582		124,260
Advance Auto Parts, Inc.		53		09/17/21	USD	210.00	USD	1,087		43,195
Carrier Global Corp.		338		09/17/21	USD	47.00	USD	1,643		111,540
Deere & Co.		18		09/17/21	USD	380.00	USD	635		13,410
FedEx Corp.		54		09/17/21	USD	310.00	USD	1,611		49,545
Freeport-McMoRan Copper & Gold, Inc.		222		09/17/21	USD	40.00	USD	824		44,178
Illinois Tool Works, Inc.		106		09/17/21	USD	250.00	USD	2,370		9,275
SPDR S&P 500 ETF Trust		1,912		09/17/21	USD	450.00	USD	81,845		377,620
SPDR S&P 500 ETF Trust		2,190		09/17/21	USD	440.00	USD	93,745		1,051,200
Vinci S.A		182		09/17/21	EUR	100.00	EUR	1,638		39,708
Wells Fargo & Co.		570		09/17/21	USD	45.00	USD	2,582		152,475
Nucor Corp.		139		10/15/21	USD	110.00	USD	1,333		45,175
TE Connectivity Ltd.		64		10/15/21	USD	145.00	USD	865		17,600
Parker-Hannifin Corp.		72		11/19/21	USD	340.00	USD	2,211		60,840
Diamondback Energy, Inc.		374		12/17/21	USD	90.00	USD	3,511		531,080
Diamondback Energy, Inc.		625		12/17/21	USD	115.00	USD	5,868		365,625
Devon Energy Corp.		1,335		01/21/22	USD	28.00	USD	3,897		597,412
Devon Energy Corp.		1,082		01/21/22	USD	35.00	USD	3,158		222,351
										5,554,470
Put
SPDR S&P 500 ETF Trust		676		07/02/21	USD	410.00	USD	28,937		2,366
InvesCo QQQ Trust		519		07/16/21	USD	325.00	USD	18,395		23,615
iShares iBoxx $ High Yield Corporate Bond ETF		4,545		09/17/21	USD	84.00	USD	40,014		172,710
90-Day Eurodollar Future		179		12/10/21	USD	99.37	USD	18		38,038
										236,729
									$	5,791,199

CONSOLIDATED SCHEDULE OF INVESTMENTS 39

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Safran SA	Barclays Bank PLC		9,500		07/16/21		EUR	125.00		EUR	1,111	$	5,967
USD Currency	Morgan Stanley & Co. International PLC		—		07/28/21		MXN	21.50		USD	14,887		12,937
Autodesk, Inc.	Nomura International Plc		15,000		09/17/21		USD	295.00		USD	4,379		171,557
United Rentals, Inc.	Credit Suisse International		4,510		09/17/21		USD	360.00		USD	1,439		33,600
USD Currency	Morgan Stanley & Co. International PLC		—		09/29/21		MXN	20.75		USD	14,887		181,264
Amazon.com, Inc.	Citibank N.A.		1,000		06/17/22		USD	4,150.00		USD	3,440		155,275
													560,600
Put
USD Currency	JPMorgan Chase Bank N.A.		—		07/27/21		RUB	72.25		USD	4,843		25,733
EUR Currency	Morgan Stanley & Co. International PLC		—		07/30/21		USD	1.19		EUR	26,032		180,510
EUR Currency	BNP Paribas S.A.		—		08/02/21		USD	1.19		EUR	18,170		179,516
iShares National Muni Bond ETF	Credit Suisse International		319		08/20/21		USD	113.00		USD	37		—
iShares National Muni Bond ETF	Credit Suisse International		320		08/20/21		USD	114.00		USD	38		—
USD Currency	Morgan Stanley & Co. International PLC		—		08/25/21		MXN	19.75		USD	8,990		79,731
USD Currency	Bank of America N.A.		—		08/26/21		RUB	72.50		USD	8,379		80,927
USD Currency	JPMorgan Chase Bank N.A.		—		08/26/21		ZAR	13.75		USD	6,622		31,671
													578,088
												$	1,138,688

OTC Dual Binary Options Purchased

Description(a)	Counterparty	Units		Expiration Date		Notional Amount (000)			Value
Call
SPX <= 4,567.729 and USSW10 >= 1.70	Goldman Sachs International		151		10/15/21		USD	690	$	60,332
SPX <= 4,567.729 and USSW10 >= 1.70	Goldman Sachs International		151		10/29/21		USD	690		70,762
									$	131,094

^(a)  Option only pays if both terms are met on the expiration date.

USD United States Dollar

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Call

10-Year Interest Rate Swap, 12/26/31

6-Month EURIBOR, (0.52%)

Semi-Annual

0.07%

Annual

Goldman Sachs International

12/24/21

0.07

%

EUR

9,317

$

81,115

30-Year Interest Rate Swap, 04/22/52

3-Month LIBOR, 0.15%

Quarterly

1.60%

Semi-Annual

Goldman Sachs International

04/20/22

1.60

USD

4,605

169,899

30-Year Interest Rate Swap, 04/22/52

3-Month LIBOR, 0.15%

Quarterly

1.60%

Semi-Annual

Goldman Sachs International

04/20/22

1.60

USD

4,604

169,867

10-Year Interest Rate Swap, 04/23/32

3-Month LIBOR, 0.15%

Quarterly

1.30%

Semi-Annual

Morgan Stanley & Co. International PLC

04/21/22

1.30

USD

9,779

114,198

1-Year Interest Rate Swap, 03/18/24

3-Month LIBOR, 0.15%

Quarterly

0.80%

Semi-Annual

Morgan Stanley & Co. International PLC

03/16/23

0.80

USD

124,708

300,766

835,845

Put

5-Year Interest Rate Swap, 07/10/26

1.37%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs International

07/08/21

1.37

USD

24,816

10

5-Year Interest Rate Swap, 07/10/26

1.37%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Goldman Sachs International

07/08/21

1.37

USD

6,204

3

30-Year Interest Rate Swap, 11/18/51

0.48%

Annual

6-Month EURIBOR, (0.52%)

Semi-Annual

JPMorgan Chase Bank N.A.

11/16/21

0.48

EUR

9,062

388,609

40 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Put (continued)

30-Year Interest Rate Swap, 11/26/51

0.49%

Annual

6-Month EURIBOR, (0.52%)

Semi-Annual

Goldman Sachs International

11/24/21

0.49

%

EUR

8,897

$

378,485

30-Year Interest Rate Swap, 12/11/51

0.52%

Annual

6-Month EURIBOR, (0.52%)

Semi-Annual

Goldman Sachs International

12/09/21

0.52

EUR

8,408

337,992

10-Year Interest Rate Swap, 12/31/31

1.79%

Semi-Annual

3-Month LIBOR, 0.00%

Quarterly

Goldman Sachs International

12/29/21

1.79

USD

11,646

114,601

1-Year Interest Rate Swap, 07/07/23

0.50%

Semi-Annual

3-Month LIBOR, 0.15%

Quarterly

Morgan Stanley & Co. International PLC

07/05/22

0.50

USD

133,380

214,876

1,434,576

$

2,270,421

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
iShares MSCI Emerging Markets ETF	1,483		07/16/21		USD	61.00		USD	8,179	$	(4,449	)
UWM Holdings Corp.	157		07/16/21		USD	11.00		USD	133		(1,178	)
UWM Holdings Corp.	97		07/16/21		USD	12.00		USD	82		(728	)
Albemarle Corp.	50		08/20/21		USD	190.00		USD	842		(15,375	)
Cadence Design Systems, Inc.	50		08/20/21		USD	150.00		USD	684		(7,750	)
Capital One Financial Corp.	112		08/20/21		USD	160.00		USD	1,733		(52,920	)
ConocoPhillips	422		08/20/21		USD	75.00		USD	2,570		(11,605	)
Crowdstrike Holdings, Inc., Class A	30		08/20/21		USD	300.00		USD	754		(8,475	)
Edwards Lifesciences Corp.	70		08/20/21		USD	115.00		USD	725		(6,125	)
Energy Select Sector SPDR Fund	3,154		08/20/21		USD	65.00		USD	16,991		(75,696	)
EQT Corp.	1,150		08/20/21		USD	24.00		USD	2,560		(117,875	)
Intuitive Surgical, Inc.	10		08/20/21		USD	1,000.00		USD	920		(10,250	)
Las Vegas Sands Corp.	100		08/20/21		USD	60.00		USD	527		(10,100	)
NXP Semiconductors NV	110		08/20/21		USD	225.00		USD	2,263		(36,520	)
Shopify, Inc., Class A	10		08/20/21		USD	1,720.00		USD	1,461		(26,900	)
Twilio, Inc., Class A	20		08/20/21		USD	460.00		USD	788		(21,250	)
UWM Holdings Corp.	53		08/20/21		USD	12.50		USD	45		(928	)
Workday, Inc., Class A	30		08/20/21		USD	270.00		USD	716		(5,730	)
Wynn Resorts Ltd.	40		08/20/21		USD	140.00		USD	489		(8,360	)
SPDR S&P 500 ETF Trust	1,912		09/17/21		USD	454.00		USD	81,845		(259,076	)
Wells Fargo & Co.	570		09/17/21		USD	52.50		USD	2,582		(31,065	)
Diamondback Energy, Inc.	374		12/17/21		USD	130.00		USD	3,511		(129,030	)
Diamondback Energy, Inc.	625		12/17/21		USD	135.00		USD	5,868		(179,687	)
SPDR S&P 500 ETF Trust	239		12/17/21		USD	455.00		USD	10,231		(128,940	)
Devon Energy Corp.	1,082		01/21/22		USD	40.00		USD	3,158		(129,299	)
Devon Energy Corp.	1,335		01/21/22		USD	38.00		USD	3,897		(198,915	)
											(1,478,226	)
Put
SPDR S&P 500 ETF Trust	676		07/02/21		USD	390.00		USD	28,937		(1,014	)
D.R. Horton, Inc.	265		07/16/21		USD	80.00		USD	2,395		(2,252	)
InvesCo QQQ Trust	519		07/16/21		USD	295.00		USD	18,395		(6,747	)
Johnson Controls International PLC	505		07/16/21		USD	60.00		USD	3,466		(2,525	)
PulteGroup, Inc.	160		07/16/21		USD	50.00		USD	873		(3,200	)
Ralph Lauren Corp.	116		07/16/21		USD	115.00		USD	1,367		(21,170	)
Sandvik	321		07/16/21		SEK	208.10		SEK	7,087		(6,251	)
Albemarle Corp.	50		08/20/21		USD	140.00		USD	842		(8,375	)
Cadence Design Systems, Inc.	50		08/20/21		USD	125.00		USD	684		(11,375	)
Comcast Corp., Class A	131		08/20/21		USD	52.50		USD	747		(9,563	)
Crowdstrike Holdings, Inc., Class A	30		08/20/21		USD	220.00		USD	754		(12,525	)
Daimler AG	263		08/20/21		EUR	70.00		EUR	1,980		(28,846	)
Edwards Lifesciences Corp.	70		08/20/21		USD	95.00		USD	725		(10,325	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 41

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Exchange-Traded Options Written (continued)

Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Put (continued)
EQT Corp.	1,150		08/20/21		USD	18.00		USD	2,560	$	(37,375	)
Intuitive Surgical, Inc.	10		08/20/21		USD	830.00		USD	920		(9,850	)
Las Vegas Sands Corp.	138		08/20/21		USD	50.00		USD	727		(26,289	)
Las Vegas Sands Corp.	100		08/20/21		USD	45.00		USD	527		(6,750	)
salesforce.com, Inc.	71		08/20/21		USD	220.00		USD	1,734		(13,348	)
Shopify, Inc., Class A	10		08/20/21		USD	1,275.00		USD	1,461		(29,650	)
Trane Technologies PLC	26		08/20/21		USD	170.00		USD	479		(4,225	)
Twilio, Inc., Class A	20		08/20/21		USD	340.00		USD	788		(17,350	)
Wells Fargo & Co.	570		08/20/21		USD	40.00		USD	2,582		(28,500	)
Workday, Inc., Class A	30		08/20/21		USD	220.00		USD	716		(10,050	)
Wynn Resorts Ltd.	40		08/20/21		USD	105.00		USD	489		(6,840	)
Advance Auto Parts, Inc.	53		09/17/21		USD	180.00		USD	1,087		(16,695	)
Alphabet Inc., Class C	12		09/17/21		USD	2,100.00		USD	3,008		(21,540	)
Amazon.com, Inc.	8		09/17/21		USD	3,000.00		USD	2,752		(28,960	)
Carrier Global Corp.	310		09/17/21		USD	43.00		USD	1,507		(18,600	)
Deere & Co.	18		09/17/21		USD	320.00		USD	635		(11,745	)
EQT Corp.	856		09/17/21		USD	17.00		USD	1,905		(29,960	)
FedEx Corp.	54		09/17/21		USD	270.00		USD	1,611		(24,975	)
Freeport-McMoRan Copper & Gold, Inc.	222		09/17/21		USD	32.00		USD	824		(23,976	)
Illinois Tool Works, Inc.	106		09/17/21		USD	200.00		USD	2,370		(21,465	)
iShares iBoxx $ High Yield Corporate Bond ETF	4,545		09/17/21		USD	81.00		USD	40,014		(109,080	)
Microsoft Corp.	102		09/17/21		USD	225.00		USD	2,763		(13,923	)
Vinci S.A.	182		09/17/21		EUR	85.00		EUR	1,638		(32,695	)
Wells Fargo & Co.	570		09/17/21		USD	40.00		USD	2,582		(45,885	)
Nucor Corp.	139		10/15/21		USD	92.50		USD	1,333		(86,180	)
TE Connectivity Ltd.	64		10/15/21		USD	125.00		USD	865		(21,600	)
Parker-Hannifin Corp.	72		11/19/21		USD	250.00		USD	2,211		(36,720	)
											(858,394	)
										$	(2,336,620)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Safran SA.	Barclays Bank PLC		9,500		07/16/21		EUR	140.00		EUR	1,111	$	(676	)
USD Currency.	Morgan Stanley & Co. International PLC		—		07/28/21		MXN	20.75		USD	14,887		(45,524	)
Hoya Corp.	JPMorgan Chase Bank N.A.		7,300		08/13/21		JPY	16,625.69		JPY	107,529		(3,337	)
Shin Etsu Chemical Ltd.	JPMorgan Chase Bank N.A.		5,800		08/13/21		JPY	20,481.09		JPY	107,764		(4,668	)
Autodesk, Inc.	Nomura International Plc		21,500		09/17/21		USD	325.00		USD	6,276		(99,310	)
USD Currency.	Morgan Stanley & Co. International PLC		—		09/29/21		MXN	21.50		USD	14,887		(88,801	)
													(242,316)
Put
Safran SA.	Barclays Bank PLC		9,500		07/16/21		EUR	110.00		EUR	1,111		(9,815	)
USD Currency.	JPMorgan Chase Bank N.A.		—		07/27/21		RUB	70.00		USD	4,843		(4,692	)
EUR Currency.	BNP Paribas S.A.		—		07/30/21		USD	1.16		EUR	26,032		(38,399	)
EUR Currency.	BNP Paribas S.A.		—		08/02/21		USD	1.15		EUR	27,255		(13,477	)
USD Currency.	Morgan Stanley & Co. International PLC		—		08/25/21		MXN	19.25		USD	13,485		(32,674	)
USD Currency.	Bank of America N.A.		—		08/26/21		RUB	70.00		USD	12,569		(20,613	)
USD Currency.	JPMorgan Chase Bank N.A.		—		08/26/21		ZAR	13.25		USD	9,932		(10,121	)
Autodesk, Inc.	Nomura International Plc		15,000		09/17/21		USD	250.00		USD	4,379		(48,634	)
United Rentals, Inc.	Credit Suisse International		4,510		09/17/21		USD	280.00		USD	1,439		(34,491	)
Amazon.com, Inc.	Citibank N.A.		500		06/17/22		USD	2,800.00		USD	1,720		(63,125	)
													(276,041	)
													$(518,357)

42 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

OTC Interest Rate Swaptions Written

Description	Paid by the Trust		Received by the Trust		Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
	Rate	Frequency	Rate	Frequency
Call
10-Year Interest Rate Swap, 08/26/31	0.02%	Annual	6-Month EURIBOR, 0.00%	Semi-Annual	Goldman Sachs International		08/24/21		0.02	%		EUR	9,317	$	(23,099	)
1-Year Interest Rate Swap, 03/18/24	0.40%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly	Morgan Stanley & Co. International PLC		03/16/23		0.40			USD	124,708		(93,432	)
1-Year Interest Rate Swap, 03/18/24	0.60%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly	Morgan Stanley & Co. International PLC		03/16/23		0.60			USD	124,708		(177,001	)
															(293,532	)
Put
10-Year Interest Rate Swap, 07/10/31	3-Month LIBOR, 0.15%	Quarterly	2.15%	Semi-Annual	Goldman Sachs International		07/08/21		2.15			USD	6,502		—
30-Year Interest Rate Swap, 07/10/51	3-Month LIBOR, 0.15%	Quarterly	2.53%	Semi-Annual	Goldman Sachs International		07/08/21		2.53			USD	2,482		—
30-Year Interest Rate Swap, 07/10/51	3-Month LIBOR, 0.15%	Quarterly	2.53%	Semi-Annual	Goldman Sachs International		07/08/21		2.53			USD	2,481		—
10-Year Interest Rate Swap, 07/28/31	3-Month LIBOR, 0.15%	Quarterly	1.73%	Semi-Annual	Goldman Sachs International		07/26/21		1.73			USD	16,267		(11,745	)
10-Year Interest Rate Swap, 08/26/31	3-Month LIBOR, 0.00%	Quarterly	1.72%	Semi-Annual	Goldman Sachs International		08/24/21		1.72			USD	11,646		(34,113	)
10-Year Interest Rate Swap, 09/02/31	3-Month LIBOR, 0.15%	Quarterly	1.75%	Semi-Annual	Goldman Sachs International		08/31/21		1.75			USD	17,940		(53,826	)
30-Year Interest Rate Swap, 09/02/51	3-Month LIBOR, 0.15%	Quarterly	2.19%	Semi-Annual	Goldman Sachs International		08/31/21		2.19			USD	8,970		(32,897	)
30-Year Interest Rate Swap, 11/18/51	6-Month EURIBOR, (0.52%)	Semi-Annual	0.78%	Annual	JPMorgan Chase Bank N.A.		11/16/21		0.78			EUR	9,062		(108,965	)
30-Year Interest Rate Swap, 11/26/51	6-Month EURIBOR, (0.52%)	Semi-Annual	0.79%	Annual	Goldman Sachs International		11/24/21		0.79			EUR	8,897		(109,695	)
10-Year Interest Rate Swap, 11/28/31	3-Month LIBOR, 0.15%	Quarterly	1.85%	Semi-Annual	Goldman Sachs International		11/26/21		1.85			USD	16,268		(109,460	)
30-Year Interest Rate Swap, 12/05/51	3-Month LIBOR, 0.15%	Quarterly	2.32%	Semi-Annual	Goldman Sachs International		12/03/21		2.32			USD	5,051		(46,096	)
30-Year Interest Rate Swap, 12/11/51	6-Month EURIBOR, (0.52%)	Semi-Annual	0.82%	Annual	Goldman Sachs International		12/09/21		0.82			EUR	8,408		(103,043	)
10-Year Interest Rate Swap, 01/28/32	3-Month LIBOR, 0.15%	Quarterly	1.76%	Semi-Annual	Goldman Sachs International		01/26/22		1.76			USD	11,916		(146,979	)
10-Year Interest Rate Swap, 01/28/32	3-Month LIBOR, 0.15%	Quarterly	1.76%	Semi-Annual	Goldman Sachs International		01/26/22		1.76			USD	23,832		(293,957	)
30-Year Interest Rate Swap, 04/22/52	3-Month LIBOR, 0.15%	Quarterly	2.60%	Semi-Annual	Goldman Sachs International		04/20/22		2.60			USD	4,605		(48,139	)
30-Year Interest Rate Swap, 04/22/52	3-Month LIBOR, 0.15%	Quarterly	2.60%	Semi-Annual	Goldman Sachs International		04/20/22		2.60			USD	4,604		(48,130	)
10-Year Interest Rate Swap, 04/23/32	3-Month LIBOR, 0.15%	Quarterly	2.30%	Semi-Annual	Morgan Stanley & Co. International PLC		04/21/22		2.30			USD	9,779		(58,505	)
5-Year Interest Rate Swap, 06/17/31	3-Month LIBOR, 0.15%	Quarterly	3.04%	Semi-Annual	Barclays Bank PLC		06/15/26		3.04			USD	19,270		(252,892	)
5-Year Interest Rate Swap, 06/17/31	3-Month LIBOR, 0.15%	Quarterly	3.04%	Semi-Annual	Barclays Bank PLC		06/15/26		3.04			USD	19,271		(252,901	)
5-Year Interest Rate Swap, 07/02/31	3-Month LIBOR, 0.00%	Quarterly	3.04%	Semi-Annual	Morgan Stanley & Co. International PLC		06/30/26		3.04			USD	17,717		(233,594	)
															(1,944,937	)
														$	(2,238,469	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 43

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Termination Date		Credit   Rating(a)		Notional   Amount (000)(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.34.V9		5.00	%		Quarterly		06/20/25		CCC		USD	20,240	$	2,030,443	$	804,101	$	1,226,342
CDX.NA.HY.35.V1		5.00			Quarterly		12/20/25		B+		USD	9,213		948,486		692,105		256,381
ITRAXX.XO.34.V1		5.00			Quarterly		12/20/25		B		EUR	34,106		5,230,493		4,343,019		887,474
ITRAXX.XO.35.V1		5.00			Quarterly		06/20/26		B		EUR	4,639		691,842		686,235		5,607
													$	8,901,264	$	6,525,460	$	2,375,804

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

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

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1-Month MXIBOR, 4.50%	Monthly	4.42%	Monthly		N/A			02/28/23	MXN	88,483	$	(109,461	)	$	15	$	(109,476	)
1-Month MXIBOR, 4.50%	Monthly	4.50%	Monthly		N/A			03/03/23	MXN	88,456		(104,361	)		16		(104,377	)
1-Month MXIBOR, 4.50%	Monthly	4.68%	Monthly		N/A			02/27/24	MXN	62,782		(121,540	)		12		(121,552	)
1-Month MXIBOR, 4.50%	Monthly	4.86%	Monthly		N/A			03/01/24	MXN	62,782		(108,157	)		12		(108,169	)
0.40%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			03/08/24	USD	79,575		98,584			547		98,037
0.57%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			06/28/24	USD	17,798		(2,266	)		137		(2,403	)
0.68%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/19/26	USD	15,214		123,950			130		123,820
0.70%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/22/26	USD	4,158		30,756			36		30,720
3-Month LIBOR, 0.15%	Quarterly	0.83%	Semi-Annual		N/A			03/08/26	USD	48,830		(62,885	)		422		(63,307	)
0.63%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/26/26	USD	70,700		1,069,420			645		1,068,775
0.64%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/27/26	USD	106,500		1,561,780			973		1,560,807
0.85%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/27/26	USD	35,500		152,309			325		151,984
3-Month LIBOR, 0.15%	Quarterly	0.98%	Semi-Annual		N/A			06/28/26	USD	10,679		5,587			99		5,488
1.17%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/31	USD	5,187		103,167			81		103,086
1.20%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/05/31	USD	3,049		54,240			47		54,193
3-Month LIBOR, 0.15%	Quarterly	1.40%	Semi-Annual		N/A			04/07/31	USD	22,642		(38,174	)		362		(38,536	)
3-Month LIBOR, 0.15%	Quarterly	1.42%	Semi-Annual		N/A			04/08/31	USD	13,011		2,363			208		2,155
1.57%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/27/31	USD	8,424		(102,148	)		136		(102,284	)
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/28/31	USD	1,495		(13,856	)		24		(13,880	)
2.18%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/17/26	(a)		06/17/31	USD	12,721		(111,827	)		118		(111,945	)
2.18%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/17/26	(a)		06/17/31	USD	12,910		(112,747	)		120		(112,867	)
2.16%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		06/18/26	(a)		06/18/31	USD	12,910		(102,369	)		120		(102,489	)
1.99%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		07/02/26	(a)		07/02/31	USD	5,315		(9,457	)		50		(9,507	)
1.99%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		07/02/26	(a)		07/02/31	USD	12,402		(24,348	)		115		(24,463	)
1.45%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			12/11/50	USD	2,193		180,133			68		180,065
1.45%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/07/51	USD	7,090		551,631			219		551,412
1.52%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/08/51	USD	2,422		143,830			75		143,755
1.63%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			01/25/51	USD	5,110		174,862			158		174,704
1.58%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/01/51	USD	5,275		246,907			163		246,744
1.66%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/04/51	USD	2,952		76,971			91		76,880
1.68%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/05/51	USD	3,049		64,647			94		64,553
1.91%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			02/22/51	USD	1,179		(41,381	)		36		(41,417	)
2.01%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/27/51	USD	4,357		(237,314	)		137		(237,451	)
1.97%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			05/28/51	USD	718		(32,605	)		23		(32,628	)
2.04%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A			06/07/51	USD	1,360		(81,719	)		43		(81,762	)
3-Month LIBOR, 0.15%	Quarterly	1.83%	Semi-Annual		N/A			06/22/51	USD	3,001		25,388			95		25,293
											$	3,249,910		$	5,952	$	3,243,958

^(a)  Forward Swap.

44 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

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)
CMBX.NA.9		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,000	$	(154,534	)	$	(456,633	)	$	302,099
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,000		(154,534	)		(445,776	)		291,242
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	1,500		(115,901	)		(170,183	)		54,282
													$	(424,969	)	$	(1,072,592	)	$	647,623

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

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

OTC 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
Financial Select Sector SPDR Fund	Quarterly	3-Month LIBOR, plus 0.30% 0.15%	Monthly		JPMorgan Chase Bank N.A.	N/A		09/16/21	USD	949	$	9,369		$	—		$	9,369
iShares iBoxx $ High Yield Corporate Bond ETF	Monthly	3-Month LIBOR, minus 1.80% 0.15%	Monthly		Citibank N.A.	N/A		09/17/21	USD	10,810		(76,442	)		—			(76,442	)
3-Month LIBOR, 0.15%	Quarterly	Markit iBoxx USD Liquid Leveraged Loan Index	Monthly		Goldman Sachs International	N/A		09/20/21	USD	43,179		(132,266	)		—			(132,266	)
3-Month LIBOR, 0.15%	Quarterly	Markit iBoxx USD Liquid Leveraged Loan Index	Monthly		Morgan Stanley & Co. International PLC	N/A		09/20/21	USD	28,786		(79,267	)		(12,237	)		(67,030	)
											$	(278,606	)	$	(12,237	)	$	(266,369	)

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)		02/24/23 - 10/11/23	$	4,586,480		$	(170,998	)(c)	$	4,418,257			0.4	%
	Monthly	JPMorgan Chase Bank N.A.(d)		11/15/21		(5,370,631	)		123,063	(e)		(5,213,020	)		0.2
								$	(47,935	)	$	(794,763	)

^(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 $(2,775) of net dividends and financing fees.

^(e)  Amount includes $(34,548) 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:	27-30 basis points	18 basis points
Benchmarks:	USD - 1M US Dollar LIBOR BBA	USD - 1D Overnight Bank Funding Rate (OBFR01)
	USD - 1W US Dollar LIBOR BBA

CONSOLIDATED SCHEDULE OF INVESTMENTS 45

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

OTC Total Return Swaps (continued)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates February 24, 2023 and October 11, 2023:
Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Italy
Leonardo SpA		764,722		$	6,187,647			140.0	%
Total Reference Entity — Long					6,187,647
Reference Entity — Short
Common Stocks
United States
Doordash, Inc., Class A		(9,922	)		(1,769,390	)		(40.0	)
Total Reference Entity — Short					(1,769,390	)
Net Value of Reference Entity — Citibank N.A.				$	4,418,257

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 November 15, 2021:
Security	Shares			Value			% of Basket Value
Reference Entity — Short
Common Stocks
Switzerland
Credit Suisse Group AG		(138,728	)	$	(1,452,194	)		27.9	%
United States
Walgreens Boots Alliance, Inc		(71,485	)		(3,760,826	)		72.1
					(5,213,020	)
Net Value of Reference Entity — JPMorgan Chase Bank N.A.				$	(5,213,020	)

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps	$	6,531,412	$	—		$	7,038,275	$	(1,418,513	)	$	—
OTC Swaps		—		(1,084,829	)		780,055		(446,736	)		—
Options Written		N/A		N/A			2,459,301		(410,479	)		(5,093,446	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	73,205	$	—	$	—	$	—	$	514,613	$	—	$	587,818
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		7,662,615		—		—		7,662,615
Options purchased
Investments at value — unaffiliated		—		—		6,119,560		772,289		2,308,459		131,094		9,331,402
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps		—		2,375,804		—		—		4,662,471		—		7,038,275
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		647,623		132,432		—		—		—		780,055
	$	73,205	$	3,023,427	$	6,251,992	$	8,434,904	$	7,485,543	$	131,094	$	25,400,165
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts	$	—	$	—	$	5,400,677	$	—	$	4,444,404	$	—	$	9,845,081
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		678,859		—		—		678,859
Options written
Options written at value		—		—		2,600,676		254,301		2,238,469		—		5,093,446

46 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps	$	—	$	—	$	—	$	—	$	1,418,513	$	—	$	1,418,513
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		1,072,592		247,440		—		211,533		—		1,531,565
	$	—	$	1,072,592	$	8,248,793	$	933,160	$	8,312,919	$	—	$	18,567,464

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(17,666,581	)	$	(441,457	)	$	(5,800,453	)	$	—		$	(23,908,491	)
Forward foreign currency exchange contracts		—		—		—			4,932,325			—			—			4,932,325
Options purchased		—		—		(14,134,120	)		(114,742	)		(3,198,804	)		—			(17,447,666	)
Options written.		—		—		8,987,851			134,229			1,245,147			—			10,367,227
Swaps		—		1,016,193		241,382			—			(499,473	)		—			758,102
	$	—	$	1,016,193	$	(22,571,468	)	$	4,510,355		$	(8,253,583	)	$	—		$	(25,298,503	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	73,205	$	—	$	(4,665,949	)	$	—		$	(3,935,555	)	$	—		$	(8,528,299	)
Forward foreign currency exchange contracts		—		—		—			6,554,167			—			—			6,554,167
Options purchased		—		—		(25,185	)		(199,195	)		923,292			(18,232	)		680,680
Options written.		—		—		1,458,320			217,281			823,974			—			2,499,575
Swaps		—		1,515,660		(655,258	)		—			3,067,888			—			3,928,290
	$	73,205	$	1,515,660	$	(3,888,072	)	$	6,572,253		$	879,599		$	(18,232	)	$	5,134,413

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	131,508,254
Average notional value of contracts — short	$	722,665,623
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	490,388,535
Average amounts sold — in USD	$	36,236,650
Options
Average value of option contracts purchased	$	6,838,108
Average value of option contracts written	$	3,146,445
Average notional value of swaption contracts purchased	$	386,262,791
Average notional value of swaption contracts written	$	461,955,531
Credit default swaps
Average notional value — sell protection	$	77,921,828
Interest rate swaps
Average notional value — pays fixed rate	$	288,007,645
Average notional value — receives fixed rate	$	88,483,993
Total return swaps
Average notional value.	$	79,993,129

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

CONSOLIDATED SCHEDULE OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	194,264		$	1,313,601
Forward foreign currency exchange contracts		7,662,615			678,859
Options		9,331,402	(a)		5,093,446
Swaps — centrally cleared		—			595,892
Swaps — OTC(b)		780,055			1,531,565
Total derivative assets and liabilities in the Statement of Assets and Liabilities		17,968,336			9,213,363
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(5,985,463	)		(4,246,113	)
Total derivative assets and liabilities subject to an MNA	$	11,982,873		$	4,967,250

^(a)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments.

^(b)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash   Collateral   Received(b)			Net Amount of Derivative Assets	(c)(d)
Bank of America N.A.	$	330,041	$	(151,989	)	$	—	$	—		$	178,052
Barclays Bank PLC		5,967		(5,967	)		—		—			—
BNP Paribas S.A.		684,390		(64,258	)		—		—			620,132
Citibank N.A.		302,350		(302,350	)		—		—			—
Credit Suisse International		33,600		(33,600	)		—		—			—
Deutsche Bank AG		5,992,238		(180,363	)		—		—			5,811,875
Goldman Sachs International		1,383,066		(1,193,641	)		—		—			189,425
HSBC Bank USA N.A.		15,292		(15,292	)		—		—			—
JPMorgan Chase Bank N.A.		578,445		(131,783	)		—		(446,662	)		—
Morgan Stanley & Co. International PLC		2,211,675		(1,967,570)			—		—			244,105
Nomura International Plc.		171,557		(147,944	)		—		—			23,613
State Street Bank and Trust Co.		274,252		(17,950	)		—		—			256,302
	$	11,982,873	$	(4,212,707	)	$	—	$	(446,662	)	$	7,323,504
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash   Collateral   Pledged(b)			Net Amount of Derivative Liabilities	(c)(d)
Bank of America N.A.	$	151,989	$	(151,989	)	$	—	$	—		$	—
Barclays Bank PLC		555,117		(5,967	)		—		(549,150	)		—
BNP Paribas S.A.		64,258		(64,258	)		—		—			—
Citibank N.A.		342,771		(302,350	)		—		(40,421	)		—
Credit Suisse International		34,491		(33,600	)		—		—			891
Deutsche Bank AG		180,363		(180,363	)		—		—			—
Goldman Sachs International		1,193,641		(1,193,641	)		—		—			—
HSBC Bank USA N.A.		115,157		(15,292	)		—		—			99,865
JPMorgan Chase Bank N.A.		131,783		(131,783	)		—		—			—
Morgan Stanley & Co. International PLC		1,967,570		(1,967,570)			—		—			—
Nomura International Plc.		147,944		(147,944	)		—		—			—

48 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(b)		Net Amount of Derivative Liabilities	(c)(d)
State Street Bank and Trust Co	$	17,950	$	(17,950	)	$	—	$	—		$	—
UBS AG		64,216		—			—		—			64,216
	$	4,967,250	$	(4,212,707	)	$	—	$	(589,571	)	$	164,972

^(a)  The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	235,080,857	$	33,875,911	$	268,956,768
Common Stocks
Argentina		11,650,711		—		—		11,650,711
Canada		24,611,487		—		—		24,611,487
Cayman Islands		14,105,292		—		—		14,105,292
China		10,594,687		13,756,956		—		24,351,643
Finland		—		4,421,780		—		4,421,780
France		—		79,595,771		—		79,595,771
Germany		15,201,013		62,037,522		—		77,238,535
Hong Kong		—		9,778,074		—		9,778,074
India		—		—		8,740,163		8,740,163
Ireland		9,604,075		377,464		—		9,981,539
Israel		6,995,976		—		—		6,995,976
Italy		—		35,506,045		—		35,506,045
Japan		—		21,102,848		—		21,102,848
Netherlands		8,984,821		45,520,354		—		54,505,175
Norway		198,613		—		—		198,613
Poland		1,199,384		—		—		1,199,384
Singapore		1,322,748		—		—		1,322,748
South Korea		—		3,175,829		—		3,175,829
Spain		—		10,809,326		—		10,809,326
Sweden		—		22,729,068		—		22,729,068
Switzerland		—		3,018,990		—		3,018,990
Taiwan		13,151,752		—		—		13,151,752
United Kingdom		13,846,369		46,681,934		4,268,553		64,796,856
United States		836,830,803		26,402,357		7,926,865		871,160,025
Corporate Bonds
Argentina		—		1,878,888		—		1,878,888
Australia		—		565,880		—		565,880
Austria		—		3,222,338		—		3,222,338
Bahamas		—		1,104,561		—		1,104,561
Bahrain		—		3,131,746		—		3,131,746
Bermuda		1,227,660		5,851,347		—		7,079,007
Brazil		—		20,209,911		—		20,209,911
Canada		—		4,033,526		—		4,033,526
Cayman Islands		—		55,932,134		—		55,932,134
Chile		—		7,511,918		—		7,511,918
China		—		32,183,531		—		32,183,531

CONSOLIDATED SCHEDULE OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Corporate Bonds (continued)
Colombia	$	—	$	10,523,189		$	—	$	10,523,189
Cyprus		—		459,484			—		459,484
Dominican Republic		—		2,797,751			—		2,797,751
France		—		5,407,342			—		5,407,342
Germany		—		9,055,487			—		9,055,487
Guatemala		—		5,805,024			—		5,805,024
Hong Kong		—		3,999,834			—		3,999,834
India		—		23,539,637			—		23,539,637
Indonesia		—		8,297,579			—		8,297,579
Ireland		—		1,380,892			—		1,380,892
Israel		—		4,885,650			—		4,885,650
Italy		—		4,519,567			—		4,519,567
Japan		—		751,918			—		751,918
Kuwait		—		1,204,875			—		1,204,875
Luxembourg		—		24,792,604			—		24,792,604
Macau		—		11,697,838			—		11,697,838
Mauritius		—		5,805,562			—		5,805,562
Mexico		—		30,080,469			—		30,080,469
Morocco		—		1,233,725			—		1,233,725
MultiNational		—		197,285			—		197,285
Netherlands		—		11,054,402			—		11,054,402
Oman		—		1,539,321			—		1,539,321
Panama		—		1,428,184			—		1,428,184
Peru		—		5,007,499			—		5,007,499
Qatar		—		200,000			—		200,000
S.Georgia/S.San		—		—			1,463,475		1,463,475
Saudi Arabia		—		5,943,088			—		5,943,088
Singapore		—		7,916,848			—		7,916,848
South Africa		—		4,068,600			—		4,068,600
Switzerland		—		1,478,411			—		1,478,411
Turkey		—		747,934			—		747,934
United Arab Emirates		—		5,073,986			—		5,073,986
United Kingdom		—		13,540,399			—		13,540,399
United States		—		283,555,913			5,150,880		288,706,793
Floating Rate Loan Interests		—		108,718,295			52,598,327		161,316,622
Foreign Agency Obligations		—		142,512,570			—		142,512,570
Investment Companies		72,549,283		—			—		72,549,283
Municipal Bonds		—		3,582,591			—		3,582,591
Non-Agency Mortgage-Backed Securities		—		222,605,181			22,093,018		244,698,199
Other Interests		—		—			5,746,176		5,746,176
Preferred Securities
Capital Trusts		—		6,819,873			—		6,819,873
Preferred Stocks		—		11,399,299			27,585,449		38,984,748
U.S. Government Sponsored Agency Securities		—		3,683,306			—		3,683,306
Warrants		486,433		—			287,407		773,840
Options Purchased
Equity Contracts		5,753,161		366,399			—		6,119,560
Foreign Currency Exchange Contracts		—		772,289			—		772,289
Interest Rate Contracts		38,038		2,270,421			—		2,308,459
Other Contracts		—		131,094			—		131,094
Unfunded Floating Rate Loan Interests(a)		—		147			—		147
Liabilities
Unfunded Floating Rate Loan Interests		—		(1,066	)		—		(1,066	)
	$	1,048,352,306	$	1,756,471,651		$	169,736,224	$	2,974,560,181
Derivative Financial Instruments(b)
Assets
Commodity Contracts.	$	73,205	$	—		$	—	$	73,205
Credit Contracts		—		3,023,427			—		3,023,427
Equity Contracts		—		132,432			—		132,432

50 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(b)
Foreign Currency Exchange Contracts.	$	—		$	7,662,615		$	—	$	7,662,615
Interest Rate Contracts		514,613			4,662,471			—		5,177,084
Liabilities
Equity Contracts		(7,700,777	)		(548,016	)		—		(8,248,793	)
Foreign Currency Exchange Contracts		—			(933,160	)		—		(933,160	)
Interest Rate Contracts		(4,444,404	)		(3,856,278	)		—		(8,300,682	)
	$	(11,557,363	)	$	10,143,491		$	—	$	(1,413,872	)

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

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

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments 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			Other Interests		Preferred Stocks			Warrants			Total
Assets
Opening balance, as of December 31, 2020	$	5,944,767		$	6,344,102		$	—	$	21,252,633		$	8,104,000		$	—	$	13,303,782		$	184,016		$	55,133,300
Transfers into Level 3		10,096,452			—			—		—			—			4,640,000		—			—			14,736,452
Transfers out of Level 3		(5,944,767	)		—			—		—			—			—		—			—			(5,944,767	)
Accrued discounts/premiums		4,543			—			2,089		3,035			(15,712	)		—		—			—			(6,045	)
Net realized gain (loss)		—			—			—		1,210,487			(213,239	)		—		19,144			—			1,016,392
Net change in unrealized appreciation (depreciation)(a)(b)		(839,436	)		3,750,487			147,397		(117,267	)		718,208			1,064,380		(1,401,758	)		(146,911	)		3,175,100
Purchases		24,614,352			12,068,707			6,464,869		52,452,117			13,522,671			41,796		17,693,583			250,302			127,108,397
Sales		—			(1,227,715	)		—		(22,202,678	)		(22,910	)		—		(2,029,302	)		—			(25,482,605	)
Closing balance, as of June 30, 2021	$	33,875,911		$	20,935,581		$	6,614,355	$	52,598,327		$	22,093,018		$	5,746,176	$	27,585,449		$	287,407		$	169,736,224
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b)	$	(839,436)		$	3,751,107		$	147,397	$	236,909		$	718,208		$	1,064,380	$	3,399,478		$	(146,911	)	$	8,331,132

^(a)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(b)  As of December 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2021, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global 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 $80,073,621. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

	Value		Valuation Approach		Unobservable Inputs	Range of   Unobservable   Inputs   Utilized(a)			Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Common Stocks	$	20,935,302		Market	EBITDA Multiple		22.72x			—
					Revenue Multiple		10.60x			—
					Volatility		44% - 65%			57%
					Time to Exit		1.2 - 2.6			2.1
					Recent Transactions		—			—
Asset Backed Securities		4,420,680		Income	Discount Rate		5	%		—
Corporate Bonds		5,150,880		Market	Recent Transactions		—			—
Floating Rate Loan Interests		25,536,709		Income	Discount Rate		6% - 10%			8%
				Market	Recent Transactions		—			—
Other Interests		5,746,176		Market	Discount Rate		5	%		—
Preferred Stocks(b)		27,585,449		Income	Discount Rate		27	%		—

CONSOLIDATED SCHEDULE OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Capital Allocation Trust (BCAT)

	Value		Valuation Approach		Unobservable Inputs	Range of   Unobservable   Inputs   Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
				Market	Revenue Multiple		7.47x - 46.84x		14.08x
					Time to Exit		2.6 - 4.0		3.7
					Volatility		54% - 79%		73%
					Recent Transactions		—		—
Warrants		287,407		Market	Time to Exit		0.3 - 1.7		1.1
					Volatility		34% - 71%		47%
					Recent Transactions		—		—
	$	89,662,603

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

^(b)  For the period end June 30, 2021, the valuation technique for investments classified as Preferred Stocks amounting to $8,905,828 changed to Curent Value. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to financial statements.

52 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities  (unaudited)

June 30, 2021

	BCAT
ASSETS
Investments, at value — unaffiliated(a)	$	2,969,725,527
Investments, at value — affiliated(b)		4,835,573
Cash pledged:
Collateral — OTC derivatives		1,331,000
Futures contracts		19,371,000
Centrally cleared swaps		16,035,000
Foreign currency, at value(c)		3,355,550
Receivables:
Investments sold		34,180,930
Options written		924,177
Swaps		219,081
Dividends — unaffiliated		1,435,991
Dividends — affiliated		84
Interest — unaffiliated		15,789,832
Variation margin on futures contracts		194,264
Unrealized appreciation on:
Forward foreign currency exchange contracts		7,662,615
OTC swaps		780,055
Unfunded floating rate loan interests		147
Total assets		3,075,840,826
LIABILITIES
Bank overdraft		1,957,497
Cash received:
Collateral — reverse repurchase agreements		1,596,105
Collateral — OTC derivatives		650,000
Options written, at value(d)		5,093,446
Reverse repurchase agreements, at value		517,949,736
Payables:
Investments purchased		90,862,102
Swaps		685,679
Investment advisory fees		2,503,794
Trustees’ and Officer’s fees		2,499
Options written		1,455,823
Other accrued expenses		348,576
Variation margin on futures contracts		1,313,601
Variation margin on centrally cleared swaps		595,892
Swap premiums received		1,084,829
Unrealized depreciation on:
Forward foreign currency exchange contracts		678,859
OTC swaps		446,736
Unfunded floating rate loan interests		1,066
Total liabilities		627,226,240
NET ASSETS	$	2,448,614,586

CONSOLIDATED FINANCIAL STATEMENTS 53

Consolidated Statement of Assets and Liabilities  (unaudited) (continued)

June 30, 2021

	BCAT
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)	$	2,246,142,261
Accumulated earnings		202,472,325
NET ASSETS	$	2,448,614,586
Net asset value	$	21.81
(a) Investments, at cost — unaffiliated	$	2,740,909,904
(b) Investments, at cost — affiliated	$	4,538,187
(c)  Foreign currency, at cost.	$	3,283,960
(d) Premiums received	$	7,142,268
(e) Shares outstanding.		112,264,259
(f)  Shares authorized		Unlimited
(g) Par value	$	0.001

See notes to financial statements.

54 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Operations  (unaudited)

Six Months Ended June 30, 2021

	BCAT
INVESTMENT INCOME
Dividends — unaffiliated	$	13,310,796
Dividends — affiliated		289,883
Interest — unaffiliated		31,516,393
Foreign taxes withheld		(972,733	)
Total investment income		44,144,339
EXPENSES
Investment advisory		14,891,641
Professional		127,332
Custodian		86,539
Accounting services		83,584
Trustees and Officer		70,792
Transfer agent		49,532
Rating agency		15,775
Printing and postage		8,452
Miscellaneous		49,360
Total expenses		15,383,007
Less:
Fees waived and/or reimbursed by the Manager		(120,917	)
Total expenses after fees waived and/or reimbursed		15,262,090
Net investment income		28,882,249
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		26,041,557
Investments — affiliated		884,274
Forward foreign currency exchange contracts		4,932,325
Foreign currency transactions		394,195
Futures contracts		(23,908,491	)
Options written		10,367,227
Swaps		758,102
		19,469,189
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		103,196,583
Investments — affiliated		(558,759	)
Forward foreign currency exchange contracts		6,554,167
Foreign currency translations		161,938
Futures contracts		(8,528,299	)
Options written		2,499,575
Swaps		3,928,290
Unfunded floating rate loan interests		(919	)
		107,252,576
Net realized and unrealized gain		126,721,765
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	155,604,014

See notes to financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets

	BCAT
		Six Months Ended 06/30/21 (unaudited)	(a)		Period from 09/28/20 to 12/31/20	(b)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	28,882,249		$	4,780,012
Net realized gain (loss)		19,469,189			(3,995,204	)
Net change in unrealized appreciation (depreciation)		107,252,576			127,643,333
Net increase in net assets resulting from operations		155,604,014			128,428,141
DISTRIBUTIONS TO SHAREHOLDERS(c)
Decrease in net assets resulting from distributions to shareholders.		(69,942,618	)(d)		(11,617,212	)
CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of shares		—			2,231,833,240
Reinvestment of distributions		11,258,310			2,950,711
Net increase in net assets derived from capital share transactions		11,258,310			2,234,783,951
NET ASSETS
Total increase in net assets		96,919,706			2,351,594,880
Beginning of period		2,351,694,880			100,000
End of period	$	2,448,614,586		$	2,351,694,880

^(a)  Consolidated Statement of Changes in Net Assets.

^(b)  Commencement of operations.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

56 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Cash Flows  (unaudited)

Six Months Ended June 30, 2021

	BCAT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	155,604,014
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities Proceeds from sales of long-term investments and principal paydowns/payups		882,250,867
Purchases of long-term investments		(1,625,840,108	)
Net proceeds from sales of short-term securities		224,556,295
Amortization of premium and accretion of discount on investments and other fees		855,581
Premiums paid on closing options written		(5,858,979	)
Premiums received from options written		20,387,774
Net realized gain on investments and options written		(38,718,051	)
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		(111,042,900	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		7,441
Dividends — unaffiliated		(496,126	)
Interest — unaffiliated		(4,809,734	)
Swaps		(219,081	)
Variation margin on futures contracts		(154,316	)
Prepaid expenses		12,823
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		1,596,105
Collateral — OTC derivatives		100,000
Payables
Swaps		685,679
Interest expense		246,769
Investment advisory fees		78,419
Trustees’ and Officer’s fees		1,176
Other accrued expenses		151,879
Variation margin on futures contracts		1,049,722
Variation margin on centrally cleared swaps		580,842
Swap premiums received		170,054
Net cash used for operating activities		(498,803,855	)
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(58,684,308	)
Increase in bank overdraft		1,957,497
Net borrowing of reverse repurchase agreements		517,702,967
Net cash provided by financing activities		460,976,156
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		61,878
CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency		(37,765,821	)
Restricted and unrestricted cash and foreign currency at beginning of period		77,858,371
Restricted and unrestricted cash and foreign currency at end of period	$	40,092,550
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense.	$	(246,769	)
NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to shareholders	$	11,258,310

CONSOLIDATED FINANCIAL STATEMENTS 57

Consolidated Statement of Cash Flows  (unaudited) (continued)

Six Months Ended June 30, 2021

	BCAT
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash pledged
Collateral — OTC derivatives	$	1,331,000
Futures contracts		19,371,000
Centrally cleared swaps		16,035,000
Foreign currency at value		3,355,550
	$	40,092,550

See notes to financial statements.

58 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	BCAT
		Six Months Ended 06/30/21 (unaudited	(a)   )		Period from 09/28/20 to 12/31/20	(b)
Net asset value, beginning of period	$	21.05		$	20.00
Net investment income(c)		0.26			0.04
Net realized and unrealized gain		1.12			1.11
Net increase from investment operations		1.38			1.15
Distributions(d)
From net investment income		(0.62	)(e)		(0.03	)
From net realized gain		—			(0.07	)
Total distributions		(0.62	)		(0.10	)
Net asset value, end of period	$	21.81		$	21.05
Market price, end of period	$	21.88		$	21.77
Total Return(f)(g)
Based on net asset value		6.69	%		5.77	%
Based on market price		3.50	%		9.39	%
Ratios to Average Net Assets(h)(i)
Total expenses		1.29	%		1.30	%
Total expenses after fees waived and/or reimbursed		1.28	%		1.26	%
Net investment income		2.42	%		0.84	%
Supplemental Data
Net assets, end of period (000)	$	2,448,615		$	2,351,695
Borrowings outstanding, end of period (000)	$	517,950		$	—
Portfolio turnover rate		35	%		13	%

^(a)  Consolidated Financial Highlights.

^(b)  Commencement of operations.

^(c)  Based on average shares outstanding.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Aggregate total return.

^(g)  Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited	(a)   )	Period from 09/28/20 to 12/31/20	(b)
Investments in underlying funds	0.02	%	0.08	%

⁽ⁱ⁾  Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

BlackRock Capital Allocation Trust (BCAT) (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is registered as a non-diversified, closed-end management investment company. The Trust is organized as a Maryland statutory trust. The Trust determines and makes available for publication the net asset values (“NAVs”) of its Common Shares on a daily basis.

The Board of Trustees of the Trust is collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trust determines and makes available for publication the NAV of its Common Shares on a daily basis.

The Trust, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of the Trust include the account of Cayman Capital Allocation Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of the Trust and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Trust to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Trust may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary as of period end were $6,209,089, which is 0.3% of The Trust’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to the Trust, except that the Subsidiary may invest without limitation in commodity-related instruments.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trust is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: The Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where the Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, the Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investment or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trust may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Trust are recorded on the ex-dividend dates. Subject to the Trust’s managed distribution plan, the Trust intends to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds the Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by the Trust’s Board, the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

60 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Trust until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, the Trust enters into contracts that contain a variety of representations that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to the Trust are charged to the Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Trust’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trust’s net assets. Each business day, the Trust uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements  (unaudited) (continued)

determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
	(ii)	recapitalizations and other transactions across the capital structure; and
	(iii)	market multiples of comparable issuers.
Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
	(ii)	quoted prices for similar investments or assets in active markets; and
	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach.	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
	(iii)	relevant news and other public sources; and
	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used, as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Trust could receive upon the sale of the investment.

Fair Value Hierarchy: 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 Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as

62 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trust may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations,

NOTES TO FINANCIAL STATEMENTS 63

Notes to Financial Statements  (unaudited) (continued)

is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Trust had the following unfunded floating rate loan interests:

Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BCAT	LBM Acquisition LLC	$	64,080	$	63,439	$	63,586	$	147
	Redstone Buyer LLC		320,108		320,108		319,042		(1,066	)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trust may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trust may be required to pay more at settlement than the security is worth. In addition, the Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate the Trust to make future cash payments. As of June 30, 2021, the Trust had outstanding commitments of $46,551,240. These commitments are not included in the net assets of the Trust as of June 30, 2021.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statement of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2021, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trust were $210,695,851 and 0.44%, respectively.

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of the Trust open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Counterparty	Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a)		Cash Collateral Pledged/Received		Net Amount
Barclays Capital, Inc	$	(19,375,105	)	$	19,375,105	$	—	$	—
BNP Paribas S.A		(151,421,744	)		151,421,744		—		—
BofA Securities, Inc		(5,736,614	)		5,736,614		—		—
Credit Suisse Securities (USA) LLC		(237,224,930	)		237,224,930		—		—
RBC Capital Markets LLC		(48,022,921	)		48,022,921		—		—
TD Securities (USA) LLC		(56,168,422	)		56,168,422		—		—
	$	(517,949,736	)	$	517,949,736	$	—	$	—

^(a)  Collateral with a value of $602,194,701 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

64 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Trust engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Trust and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk), foreign currencies (foreign currency exchange rate risk) or bitcoin (commodity risk).

Futures contracts are exchange-traded agreements between the Trust and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. The Trust may invest in cash-settled bitcoin futures that are traded on commodity exchanges registered with the CFTC. Upon entering into a futures contract, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trust are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

Options: The Trust may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trust writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Trust writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

• Swaptions — The Trust may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trust’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

• Barrier options – The Trust may purchase and write a variety of options with non-standard payout structures or other features (“barrier options”) that are generally traded OTC.

The Trust may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined

NOTES TO FINANCIAL STATEMENTS 65

Notes to Financial Statements  (unaudited) (continued)

barrier price levels prior to the option’s expiration date. One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

In purchasing and writing options, the Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trust purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trust and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trust’s counterparty on the swap. The Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trust may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trust will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trust will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trust receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Trust has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Trust and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Trust and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

66 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trust and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trust, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trust. Any additional required collateral is delivered to/pledged by the Trust on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trust from the counterparties are not fully collateralized, the Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trust has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trust does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust entered into an Investment Advisory Agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative services. The Manager is responsible for the management of the Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Trust.

For such services, the Trust pays the Manager a monthly fee at an annual rate equal to 1.25% of the average daily value of the Trust’s managed assets. For purposes of calculating this fee, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to the Trust, the Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BRS for services it provides for that portion of the Trust for which BRS acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Trust to the Manager.

Expense Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2021, the amount waived was $11,544.

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of the Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trust’s Independent Trustees. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the period ended June 30, 2021, the Manager waived $109,373 in investment advisory fees pursuant to these arrangements.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Trust reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

Other Transactions: The Trust may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Trust Name	Purchases		Sales		Net Realized Gain (Loss)
BCAT	$	2,798,794	$	3,709,164	$	69,889

NOTES TO FINANCIAL STATEMENTS 67

Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

	U.S. Government Securities				Other Securities
Trust Name	Purchases		Sales		Purchases		Sales
BCAT	$	17,109,641	$	49,785,742	$	1,628,368,970	$	855,589,923

8. INCOME TAX INFORMATION

It is the Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trust as of June 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trust’s financial statements.

As of June 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BCAT	$	2,745,852,296	$	274,988,467	$	(40,541,555	)	$	234,446,912

9. PRINCIPAL RISKS

In the normal course of business, the Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject the Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments. The Trust’s prospectus provides details of the risks to which the Trust is subject.

The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: The Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Trust to reinvest in lower yielding securities. The Trust may also be exposed to reinvestment risk, which is the risk that income from the Trust’s portfolio will decline if the Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Trust portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Trust may invest in illiquid investments. An illiquid investment is any investment that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Trust may lose value, regardless of the individual results of the securities and other instruments in which the Trust invests.

68 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trust’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, the Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trust should the counterparty fail to perform under the contracts. Options written by the Trust do not typically give rise to counterparty credit risk, as options written generally obligate the Trust, and not the counterparty, to perform. The Trust may be exposed to counterparty credit risk with respect to options written to the extent the Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and futures and centrally cleared swaps, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded options purchased and futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments.

The Trust invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

The Trust invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

The Trust invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Trust concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trust may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trust is uncertain.

NOTES TO FINANCIAL STATEMENTS 69

Notes to Financial Statements  (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Shares issued and outstanding for the period January 1, 2021, to June 30, 2021, increased by 527,421 as a result of dividend reinvestment.

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trust’s financial statements was completed through the date the financial statements were issued and the following items were noted:

On August 6, 2021, the Trust entered into a 179-day rolling line of credit facility with BNP Paribas Prime Brokerage International, Limited (“BNP”). BNP is required to provide 179 days’ notice of termination to the Trust absent a default or certain similar events. The Trust has granted a security interest in substantially all of its assets to BNP. The Trust can borrow up to $550,000,000 at any time, subject to asset coverage and other limitations as specified in the credit facility. Advances will be made by BNP to the Trust at the Overnight Bank Funding Rate plus 0.75%. In addition, the Trust pays a commitment fee on the daily unused amount if utilization is less than 80% of the committed line amount.

The Trust declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name	Declaration Date		Record Date		Payable/ Paid Date		Dividend Per Common Share
BCAT		07/01/21		07/15/21		07/30/21	$	0.104100
		08/02/21		08/16/21		08/31/21		0.104100

70 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Trust Certification

The Trust is listed for trading on the NYSE and has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trust filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

The Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, the Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trust.

The distributions paid by the Trust for any particular month may be more or less than the amount of net investment income earned by the Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed the Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trust does not make available copies of its Statement of Additional Information because the Trust’s shares are not continuously offered, which means that the Statement of Additional Information of the Trust has not been updated after completion of the Trust’s offerings and the information contained in the Trust’s Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since December 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Except if noted otherwise herein, there were no changes to the Trust’s charter or by-laws that would delay or prevent a change of control of the Trust that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, the Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trust may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.

ADDITIONAL INFORMATION 71

Additional Information  (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trust will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trust at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and information about how the Trust voted proxies relating to securities held in the Trust’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trust on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trust. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

72 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information  (continued)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock (Singapore) Limited

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

ADDITIONAL INFORMATION 73

Glossary of Terms Used in this Report

Currency Abbreviation
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
RUB	New Russian Ruble
SEK	Swedish Krona
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
ABS	Asset-Backed Security
ADR	American Depositary Receipt
BAB	Build America Bond
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FTSE	Financial Times Stock Exchange
GO	General Obligation Bonds
GOL	General Obligation Ltd.
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBOR	Mexico Interbank Offered Rate
PIK	Payment-in-Kind
RB	Revenue Bond
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipt
TAN	Tax Anticipation Notes

74 2021 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com    |    800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

BCAT-06/21-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers — Not Applicable due to no such purchases during the period covered by this report.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable to this semi-annual report

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) – Not Applicable

(b) Section  906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 2009¹

¹ The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Capital Allocation Trust

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Capital Allocation Trust

Date: September 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Capital Allocation Trust

Date: September 2, 2021

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Capital Allocation Trust

Date: September 2, 2021