Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 7

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 7
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 the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts ’ 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 a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts ’ investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

Option Over-Writing Strategy / Derivative Financial Instruments 5

Trust Summary as of December 31, 2024 BlackRock Capital Allocation Term Trust (BCAT)

Investment Objective BlackRock Capital Allocation Term 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                                                     
 Initial Offering Date                                                                 
 Current Distribution Rate on Closing Market Price as of December 31, 2024 ($15.15)(a) |               BCAT 
 September 28, 2020 
             22.91% |
|:--------------------------------------------------------------------------------------|-------------------:|
| Current Monthly Distribution per Common                                               
 Share(b)                                                                              |          $0.289190 |
| Current Annualized Distribution per Common Share(b)                                   |          $3.470280 |

| (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 mayconsist of income, net realized gains and/or a return of                                                                                                                                                                   
 capital. Past performance is not an indication of future results.                                                                                                                                                                               |
| (b) | The monthly distribution per Common Share, declared on February 3, 2025, was decreased to $0.288220 per share.  The current distribution rate