Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 11

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 11
---
VESTMENT ECAT commenced operations on September 27, 2021. (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 (65%) and Bloomberg U.S. Aggregate Bond Index (35%). 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.

Trust Summary 9

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

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)                  |                       14.55% |             6.82% |
| Trust at Market Price(b)(c)         |                        19.72 |              4.61 |
| Custom Reference Benchmark          |                        12.34 |              4.04 |
| MSCI World Index                    |                        18.67 |              7.34 |
| Bloomberg U.S. Aggregate Bond Index |                         1.25 |             -2.30 |
| MSCI ACWI                           |                        17.49 |              6.23 |

| (a) | ECAT commenced operations on September 27, 2021.                                                                                                                 |
|:----|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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. |

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