BlackRock Capital Allocation Trust (Trust) is a non-diversified, closed-end management investment company. The Trust’s 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. Equity securities in which the Trust invests include common stock, preferred stock, securities convertible into common stock, rights and warrants or securities or other instruments whose price is linked to the value of common stock. The Trust also buys debt securities of varying maturities, debt securities paying a fixed or fluctuating rate of interest, and debt securities of any kind. The Trust’s investment adviser is BlackRock Advisors, LLC.