Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 52

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 52
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 shareholders will be able to sell all of the shares that they desire to sell in such tender offer and there can be no assurance as to the effect that the Program will have on the market for a Trust’s shares or the discount at which a Trust’s shares may trade relative to its NAV. As of June 30, 2025, BlackRock Financial Management, Inc., an affiliate of the Trusts, owned 5,000 shares of each of BCAT and ECAT. 12. FOREIGN WITHHOLDINGS TAX CLAIMS The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which ECAT is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by ECAT. Certain of the outstanding foreign tax reclaims are not deemed by ECAT to meet the recognition criteria under U.S. GAAP as of June 30, 2025, and have not been recorded in ECAT ’ s net asset value. The recognition by ECAT of these amounts would have a positive impact on ECAT ’ s performance. If ECAT receives a tax refund that has not been previously recorded, investors in ECAT at the time the claim is successful will benefit from any resulting increase in ECAT ’ s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase. 13. SUBSEQUENT EVENTS Management’s evaluation of the impact of all subsequent events on the Trusts ’ consolidated financial statements was completed through the date the consolidated financial statements were issued and the following items were noted: The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

| Trust Name | DeclarationDate | RecordDate | Payable/Paid Date |     | Dividend PerCommon Share |
| BCAT       | 07/01/25        | 07/15/25   | 07/31/25          |     |                $0.275480 |
|            | 08/01/25        | 08/15/25   | 08/29/25          |     |                 0.272350