Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 0

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 0
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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 Term 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 Term Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2024

Date of reporting period: 12/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

December 31, 2024

| 2024 Annual Report |

| BlackRock Capital Allocation     
 TermTrust                        
 (BCAT)                           |
| BlackRock ESG Capital Allocation 
 TermTrust                        
 (ECAT)                           |

| Not FDIC Insured • May Lose Value • No Bank Guarantee |

Supplemental Information (unaudited)

Section 19(a) Notices BlackRock Capital Allocation Term Trust ’ s (BCAT) and BlackRock ESG Capital Allocation Term Trust ’ s (ECAT) (collectively, the “Trusts” or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided 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 each Trust’s investment experience during its fiscal year and may be subject to changes based on tax regulations. Each 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. December 31, 2024

|            |     | Total Cumulative Distributionsfor the Fiscal Period |                                     |                                    |                     |                      | % Breakdown of the Total CumulativeDistributions for the Fiscal Period |                                     |                                    |                  |                      |
| Trust Name |     |                                           NetIncome | Net RealizedCapital GainsShort-Term | Net RealizedCapital GainsLong-Term | Return ofCapital(a