Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 6

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 6
---
 of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts ’ investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

Option Over-Writing Strategy / Derivative Financial Instruments 5

Trust Summary as of June 30, 2025 BlackRock Capital Allocation Term Trust (BCAT)

Investment Objective BlackRock Capital Allocation Term Trust ’ s ( BCAT ) (the “ Trust ”) investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust invests in a portfolio of equity and debt securities. Generally, the Trust’s portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. No assurance can be given that the Trust’s investment objective will be achieved. Trust Information

| Symbol on New York Stock Exchange                                                 
 Initial Offering Date                                                             
 Current Distribution Rate on Closing Market Price as of June 30, 2025 ($15.14)(a) |               BCAT 
 September 28, 2020 
             22.05% |
|:----------------------------------------------------------------------------------|-------------------:|
| Current Monthly Distribution per Common                                           
 Share(b)                                                                          |          $0.278200 |
| Current Annualized Distribution per Common Share(b)                               |          $3.338400 |

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current                                                                             
 distribution rate mayconsist of income, net realized gains and/or a return of                                                                                                                                                                  
 capital. Past performance is not an indication of future results.                                                                                                                                                                              |
| (b) | The monthly distribution per Common Share, declared on August 1, 2025, was decreased to $0.272350 per share. The current distribution rate on closing market price,                                                                            
 current monthlydistribution per Common Share, and current annualized                                                                                                                                                                           
 distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not