Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 2

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 2
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-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”). Shareholders should not draw any conclusions about a Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table. The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust ’ s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code.

2 2024 BlackRock Annual Report to Shareholders

Table of Contents

Page

| Supplemental Information                                |   2 |
| AnnualReport:                                           |     |
| The Benefits and Risks of Leveraging                    |   4 |
| Option Over-Writing Strategy                            |   5 |
| Derivative Financial Instruments                        |   5 |
| Trust Summary                                           |   6 |
| Financial Statements:                                   |     |
| Consolidated Schedules of Investments                   |  12 |
| Consolidated Statements                                 
 of Assets and Liabilities                               |  68 |
| Consolidated Statements of Operations                   |  70 |
| Consolidated Statements                                 
 of Changes in Net Assets                                |  71 |
| Consolidated Statements of Cash Flows                   |  72 |
| Financial Highlights                                    |  74 |
| Notes to Consolidated Financial Statements              |  76 |
| Report of Independent Registered Public Accounting Firm |  91 |
| Important Tax Information                               |  92 |
| Investment Objectives, Policies and Risks               |  93 |
| Automatic Dividend Reinvestment Plan                    | 107 |