Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 9

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 9
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 in the healthcare and consumer discretionary sectors in the equity portfolio detracted. The Trust used derivatives, which may include options, futures, swaps, and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. In the aggregate, the use of derivatives contributed to performance. The Trust’s cash position had no material impact on performance. Private investments comprised approximately 5.7% of the Trust’s total assets at the close of the period. The Trust’s holdings in this area detracted modestly, driven by private equity. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. Describe recent portfolio activity. The Trust’s allocation to equities increased by 1.5 percentage points, with the largest additions in industrials, financials and utilities. Its weightings in consumer discretionary, healthcare, and materials decreased. The allocation to fixed income rose by 4.5 percentage points, with the largest increases in high yield bonds and developed-market sovereign debt. The Trust’s weighting in emerging-market sovereigns and investment-grade corporates decreased. As a result of these changes, the Trust’s allocation to cash fell. Describe portfolio positioning at period end. The Trust had a 72% weighting in equities at the close of the period. It had holdings across all sectors, with the largest absolute weightings in information technology, financials, healthcare, and industrials. The Trust used options as an additional source of income. As of June 30, 2025, the team had sold options on approximately 12% of its equity positions. The Trust finished the period with a weighting of 35% in fixed income, comprised predominately of high yield bonds, investment-grade corporates, agency MBS, and securitized assets. 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. Overview of the Trust’s Total Investments

| TEN LARGEST HOLDINGS                                |                                |
| Security                                            | Percent of TotalInvestments(a) |
| Uniform Mortgage-Backed Securities, 4.50%, 07/15/54 |                           4.4% |
| Microsoft Corp.                                     |                            3.5 |
| NVIDIA Corp.                                        |                            3.3 |
| Uniform Mortgage-Backed Securities,