Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 9

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 9
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 MSCI World Index                    |                        18.67 |             12.82 |
| Bloomberg U.S. Aggregate Bond Index |                         1.25 |             -1.92 |
| MSCI ACWI                           |                        17.49 |             11.63 |

| (a) | BCAT commenced operations on September 28, 2020.                                                                                                                 |
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| (b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if    
 any.                                                                                                                                                             |
| (c) | TheTrust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

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. The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance. 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: What factors influenced performance? Due to the nature of the Trust’s mandate, performance is reviewed on an absolute return basis. 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. In equities, positioning in the information technology, financials, communication services, and industrials sectors were the primary contributors to the Trust’s absolute return. In fixed-income, positioning in corporate bonds and securitized assets, notably asset-backed securities, contributed positively. Positioning in index-related equity futures (used mainly as a risk-management strategy during periods of heightened market volatility) was the primary detractor from absolute returns in equities. Duration management via interest-rate derivatives detracted in fixed-income, as did holdings in agency mortgage-backed securities (MBS) and developed-market government bonds. (Duration is a measure of interest rate sensitivity.) The Trust used derivatives, which may