Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 8

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 8
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 on closing market                                                                                 
 price, currentmonthly distribution per Common Share, and current annualized                                                                                                                                                                     
 distribution per Common Share do not reflect the new distribution rate.  The new distribution rate is not constant and issubject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|                      | 12/31/24 | 12/31/23 | Change |   High |    Low |
| Closing Market Price |   $15.15 |   $14.95 |  1.34% | $17.00 | $14.83 |
| Net Asset Value      |    16.43 |    17.25 |  -4.75 |  17.93 |  16.38 |

GROWTH OF $10,000 INVESTMENT BCAT commenced operations on September 28, 2020. (a) Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. (b) Effective June 30, 2024, the Trust changed its reporting benchmarks from MSCI ACWI and Bloomberg U.S. Aggregate Bond Index to a customized reference benchmark consisting of MSCI World Index (50%) and Bloomberg U.S. Aggregate Bond Index (50%). The investment adviser believes the new benchmark represents a more appropriate reporting benchmark for the Trust. (c) A broad global equity index that captures large- and mid-cap representation across certain developed markets countries. (d) A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. (e) An index that captures large- and mid-cap representation across certain developed and emerging markets.

6 2024 BlackRock Annual Report to Shareholders

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

Performance Returns for the period ended December 31, 2024 were as follows:

|                                     | Average Annual Total Returns |                   |
|                                     |                       1 Year | SinceInception(a) |
| Trust at NAV(b)(c)                  |                       11.92% |             5.09% |
| Trust at Market Price(b)(c)         |                        19.08 |              3.11 |
| Custom Reference Benchmark          |                         9.70 |              5.41 |
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