Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 15

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 15
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 (j) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.32% and 
 1.31%, respectively.                                                                                                                                                 |
| (k) | Proxy costs were not annualized in the calculation of the expense ratios. If this expenses were annualized, the total expenses and total expenses after fees waived  
 and/or reimbursed wouldhave been 1.51% and 1.50%, respectively.                                                                                                      |
| (l) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.34% and 
 1.31%, respectively.                                                                                                                                                 |
| (m) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.31% and 
 1.27%, respectively.                                                                                                                                                 |
| (n) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:                                         |

|                                          | Six Months Ended06/30/25(unaudited)(a) | Year Ended12/31/24(a) | Year Ended12/31/23(a) | Year Ended12/31/22 | Period from09/27/21(b)to 12/31/21 |
| Portfolio turnover rate (excluding MDRs) | 73%                                    | 138%                  | 152%                  | 95%                | 15%                               |

See notes to consolidated financial statements.

Financial Highlights 83

Notes to Consolidated Financial Statements (unaudited)

1. ORGANIZATION The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

| Trust Name                                 | Herein Referred To As | Organized | DiversificationClassification |
| BlackRock Capital Allocation TermTrust     | BCAT                  | Maryland  | Diversified                   |
| BlackRock ESG Capital Allocation TermTrust | ECAT                  | Maryland  | Non-diversified               |

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trust