Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 7

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 7
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-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., flexibility to invest across all equity and fixed- income asset classes, spanning public and private markets). 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.

6 2025 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2025 (continued) BlackRock Capital Allocation Term Trust (BCAT) In equities, positioning in the financials, information technology, industrials, and communication services sectors 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 in the healthcare and consumer discretionary sectors in the equity portfolio detracted from absolute performance. 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. The Trust also used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. In the aggregate, the Trust’s use of derivatives contributed to performance. Private investments comprised approximately 13.3% of the Trust’s total assets at the close of the period. The Trust’s holdings in this area made a small contribution, driven by private credit. 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