Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 8

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 8
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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. |
| (d) | A Customized Reference Benchmark comprised of MSCI World Index (Net) (65%) and Bloomberg U.S. Aggregate Bond Index (35%).                                        |
| (e) | A broad global equity index that captures large- and mid-cap representation across certain developed markets countries.                                          |
| (f) | A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.                                    |

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., the flexibility to invest across all equity and fixed-income asset classes, spanning public and private markets) with ESG considerations. 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.

8 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock ESG Capital Allocation Term Trust (ECAT) In equities, positioning in information technology, financials, communication services, and industrials were the primary contributors to the Trust’s absolute return. In fixed income, positioning in credit—particularly high yield bonds—contributed, as did interest rate derivatives used to manage portfolio duration (interest rate sensitivity). Holdings in securitized assets contributed, as well. An allocation to commodities was an additional contributor. Positioning