Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 45

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 45
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764 | $1,006,649,264 |
| ECAT       |    723,563,273 |    724,020,297 |

8. INCOME TAX INFORMATION It is each Trust ’ s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

94 2025 BlackRock Semi-Annual Report to Shareholders

Notes to Consolidated Financial Statements (unaudited) (continued)

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust ’ s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust ’ s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts ’ consolidated financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Trusts ’ NAV. As of December 31, 2024, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

| Trust Name | Non-ExpiringCapital LossCarryforwards |
| BCAT       |                        $(161,649,968) |
| ECAT       |                           -60,389,406 |

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

| Trust Name |       Tax Cost | Gross UnrealizedAppreciation | Gross UnrealizedDepreciation | Net UnrealizedAppreciation(Depreciation) |
| BCAT       | $1,522,053,682 |                 $379,277,978 |               $(123,446,278) |                             $255,831,700 |
| ECAT       |  1,449,492,