BlackRock Capital Appreciation Fund, Inc

0001193125-13-054783.txt : 20130213 0001193125-13-054783.hdr.sgml : 20130213 20130213150010 ACCESSION NUMBER: 0001193125-13-054783 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130213 DATE AS OF CHANGE: 20130213 EFFECTIVENESS DATE: 20130213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Capital Appreciation Fund, Inc. CENTRAL INDEX KEY: 0000887509 IRS NUMBER: 223186366 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-47875 FILM NUMBER: 13602320 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FUNDAMENTAL GROWTH FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FUNDAMENTAL GROWTH FUND INC DATE OF NAME CHANGE: 19920929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Capital Appreciation Fund, Inc. CENTRAL INDEX KEY: 0000887509 IRS NUMBER: 223186366 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06669 FILM NUMBER: 13602321 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FUNDAMENTAL GROWTH FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FUNDAMENTAL GROWTH FUND INC DATE OF NAME CHANGE: 19920929

0000887509 S000002520 BLACKROCK CAPITAL APPRECIATION FUND, INC.

C000006952 Investor A

C000006953 Investor B

C000006954 Investor C

C000006955 Institutional

C000006956 Class R

C000088417 BlackRock Shares

485BPOS 1 d475461d485bpos.htm BLACKROCK CAPITAL APPRECIATION FUND, INC BlackRock Capital Appreciation Fund, Inc

As filed with the U.S. Securities and Exchange Commission on February 13, 2013

Securities Act File No. 33-47875

Investment Company Act File No. 811-06669

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT


		*UNDER*
		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 29		x
		and/or
		REGISTRATION STATEMENT
		*UNDER*
		*THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 30

(Check appropriate box or boxes)

BlackRock Capital Appreciation Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

100 Bellevue Parkway

Wilmington, Delaware 19809

(Address of Principal Executive Office)

Registrant’s Telephone Number, including Area Code (800) 441-7762

John M. Perlowski

BlackRock Capital Appreciation Fund, Inc.

55 East 52^nd Street, New York, New York 10055

(Name and Address of Agent for Service)

Copies to:

Counsel for the Fund:

Margery K. Neale, Esq.

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019-6099

Benjamin Archibald, Esq.

BlackRock Advisors, LLC

55 East 52^nd Street

New York, New York 10055

Continuous

(Approximate Date of Proposed Offering)

It is proposed that this filing will become effective:

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

60 days after filing pursuant to paragraph (a)(1)

on (date) pursuant to paragraph (a)(1)

75 days after filing pursuant to paragraph (a)(2)

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Common Stock, par value, $0.10 per share.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for the effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and it has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on February 13, 2013.


		BlackRock Capital Appreciation Fund, Inc.
		(Registrant)

By:		/s/ JOHN M. PERLOWSKI
		(John M. Perlowski,
		President and Chief Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


Signature	Title	Date

/s/ JOHN M. PERLOWSKI	President and Chief Executive Officer	February 13, 2013
John M. Perlowski	(Principal Executive Officer)

/s/ NEAL J. ANDREWS	Chief Financial Officer (Principal	February 13, 2013
Neal J. Andrews	Financial and Accounting Officer)

JAMES H. BODURTHA*	Director
(James H. Bodurtha)

BRUCE R. BOND*	Director
(Bruce R. Bond)

DONALD W. BURTON*	Director
(Donald W. Burton)

STUART E. EIZENSTAT*	Director
(Stuart E. Eizenstat)

KENNETH A. FROOT*	Director
(Kenneth A. Froot)

ROBERT M. HERNANDEZ*	Director
(Robert M. Hernandez)


JOHN F. O’BRIEN*		Director
(John F. O’Brien)

ROBERTA COOPER RAMO*		Director
(Roberta Cooper Ramo)

DAVID H. WALSH*		Director
(David H. Walsh)

FRED G. WEISS*		Director
(Fred G. Weiss)

PAUL L. AUDET*		Director
(Paul L. Audet)

LAURENCE D. FINK*		Director
(Laurence D. Fink)

HENRY GABBAY*		Director
(Henry Gabbay)

*By:	/s/ BEN ARCHIBALD		February 13, 2013
	Ben Archibald (Attorney-in-Fact)

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 3 bcafi-20130128.xml XBRL INSTANCE DOCUMENT 0000887509 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember bcafi:C000088417Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:C000006953Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:C000006954Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:C000006955Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:C000006952Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:C000006956Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember rr:AfterTaxesOnDistributionsMember bcafi:C000088417Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember rr:AfterTaxesOnDistributionsAndSalesMember bcafi:C000088417Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember bcafi:RussellOneThousandGrowthIndexMember 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:BlackrockMember bcafi:StandardAndPoorsFiveHundredIndexMember 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:RussellOneThousandGrowthIndexMember 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember rr:AfterTaxesOnDistributionsAndSalesMember bcafi:C000006952Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember rr:AfterTaxesOnDistributionsMember bcafi:C000006952Member 2012-01-29 2013-01-28 0000887509 bcafi:S000002520Member bcafi:InvestorInstitutionalAndClassRSharesMember bcafi:StandardAndPoorsFiveHundredIndexMember 2012-01-29 2013-01-28 pure iso4217:USD false 2012-09-30 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKCAPITALAPPRECIATIONFUND,INC.BlackRockShares column period compact * ~</div> 485BPOS BlackRock Capital Appreciation Fund, Inc. 2013-01-28 0000887509 2013-01-28 2013-01-28 The investment objective of the BlackRock Capital Appreciation Fund, Inc. (the “Fund”) is to seek long-term growth of capital. This table describes the fees and expenses that you may pay if you buy and hold BlackRock Shares of the Fund. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Fund Overview Key Facts about BlackRock Capital Appreciation Fund, Inc. Investment Objective Fees and Expenses of the Fund Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: Example: Principal Investment Strategies of the Fund Principal Risks of Investing in the Fund Performance Information BlackRock Shares ANNUAL TOTAL RETURNS BlackRock Capital Appreciation Fund As of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 16.64% (quarter ended September 30, 2009) and the lowest return for a quarter was –22.85% (quarter ended December 31, 2008). As of 12/31/12 Average Annual Total Returns The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio. The Fund will seek to achieve its investment objective by investing primarily in a diversified portfolio consisting primarily of common stock of U.S. companies that Fund management believes have exhibited above-average growth rates in earnings over the long term. In other words, Fund management tries to choose investments that will increase in value over the long term. The Fund will generally invest at least 65% of its total assets in the following equity securities:<ul type="square"><li style="margin-left: -20px">Common stock;</li></ul><ul type="square"><li style="margin-left: -20px">Convertible preferred stock;</li></ul><ul type="square"><li style="margin-left: -20px">Securities convertible into common stock; and</li></ul><ul type="square"><li style="margin-left: -20px">Rights to subscribe to common stock.</li></ul>Of these securities the Fund generally seeks to invest primarily in common stock. The Fund may invest in companies of any size but emphasizes investments in companies that have medium to large stock market capitalizations (currently, approximately $2 billion or more). Convertible securities generally are debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A convertible’s value usually reflects both the stream of current income payments and the market value of the underlying common stock. The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s existing shareholders to purchase additional common stock at a price substantially below the market price of the shares. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left: -20px">Convertible Securities Risk — The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</li></ul><ul type="square"><li style="margin-left: -20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left: -20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left: -20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li style="margin-left: -20px">Mid Cap Securities Risk — The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</li></ul> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective June 28, 2010, the Fund reorganized with the BlackRock Capital Appreciation Portfolio (the “Predecessor Fund”), a series of BlackRock FundsSM (the “Reorganization”), and the Predecessor Fund’s performance and financial history has been adopted by the Fund from the date of the Reorganization. The performance of BlackRock Shares of the Fund is based off of the performance of Institutional Shares of the Predecessor Fund, with no adjustments. On January 31, 2005, the Predecessor Fund reorganized with the State Street Research Legacy Fund (the “SSR Fund”), which had investment goals and strategies substantially similar to the Fund. For periods prior to January 31, 2005, the chart and table show performance information for the SSR Fund. The table compares the Fund’s performance to that of the Russell 1000® Growth Index and the S&P 500® Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. February 1, 2023 0.77 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio. <a name="e48735_1toc3"></a>Principal Investment Strategies of the Fund 74 230 401 894 0.2926 0 0 0 0.0525 0 0.1002 0.0674 0.041 0.1884 -0.3621 0.3687 0 0.045 0.01 0 0 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKCAPITALAPPRECIATIONFUND,INC.BlackRockShares column period compact * ~</div> 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.01 0.01 0 0.005 0.0023 0.0043 0.0031 0.0023 0.0028 0.0109 0.0204 0.0192 0.0084 0.0139 0.0109 0.0204 0.0192 0.0084 0.0139 -0.0878 0.1429 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKCAPITALAPPRECIATIONFUND,INC.BlackRockSharesBarChart column period compact * ~</div> highest return 2009-09-30 0.1664 lowest return 2008-12-31 -0.2285 630 657 295 86 142 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKCAPITALAPPRECIATIONFUND,INC.BlackRockShares column period compact * ~</div> 0.1429 0.1417 0.0946 853 0.1526 990 0.16 603 268 440 0.0172 0.0169 0.0147 0.0312 0.0166 0.0742 0.074 0.0656 0.0752 0.071 0.1967 1094 1298 1037 466 761 1784 2124 2243 1037 1669 207 195 640 603 1098 1037 2124 2243 0.1526 0.1353 0.1415 0.1193 0.0823 0.052 0.079 0.0793 0.0019 0.0018 0.0016 -0.0001 0.0052 0.0159 0.0093 0.0312 0.0642 0.0642 0.0566 0.0632 0.0622 0.0725 0.0752 0.0654 0.16 0.0166 0.071 0.1393 -0.0914 0.1913 0.3618 -0.3656 0.1825 0.0366 0.0647 0.289 0.0968 <a name="e48735_1toc1"></a>Investment Objective The investment objective of the BlackRock Capital Appreciation Fund, Inc. (the “Fund”) is to seek long-term growth of capital. <a name="e48735_1toc2"></a>Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 18 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Effective June 28, 2010, the Fund reorganized with the BlackRock Capital Appreciation Portfolio (the “Predecessor Fund”), a series of BlackRock FundsSM (the “Reorganization”), and the Predecessor Fund’s performance and financial history has been adopted by the Fund from the date of the Reorganization. The performance of Investor A, Investor B and Investor C Shares of the Fund is based off of the performance of those same share classes of the Predecessor Fund, with no adjustments. The performance of Class R and Institutional Shares of the Fund, is based off of the performance of Institutional Shares of the Predecessor Fund, adjusted to reflect the distribution and service (12b-1 fees) and other fees, if any, that are applicable to such class of shares. On January 31, 2005, the Predecessor Fund reorganized with the State Street Research Legacy Fund (the “SSR Fund”), which had investment goals and strategies substantially similar to the Fund. For periods prior to January 31, 2005, the chart and table show performance information for the SSR Fund. The table compares the Fund’s performance to that of the Russell 1000® Growth Index and the S&P 500® Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategy. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. Principal Risks of Investing in the Fund Performance Information Investor A Shares ANNUAL TOTAL RETURNS BlackRock Capital Appreciation Fund As of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 16.61% (quarter ended September 30, 2009) and the lowest return for a quarter was –22.93% (quarter ended December 31, 2008). As of 12/31/12 Average Annual Total Returns Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.77 February 1, 2023 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The Fund will seek to achieve its investment objective by investing primarily in a diversified portfolio consisting primarily of common stock of U.S. companies that Fund management believes have exhibited above-average growth rates in earnings over the long term. In other words, Fund management tries to choose investments that will increase in value over the long term. The Fund will generally invest at least 65% of its total assets in the following equity securities:<ul type="square"><li style="margin-left: -20px">Common stock;</li></ul><ul type="square"><li style="margin-left: -20px">Convertible preferred stock;</li></ul><ul type="square"><li style="margin-left: -20px">Securities convertible into common stock; and</li></ul><ul type="square"><li style="margin-left: -20px">Rights to subscribe to common stock.</li></ul>Of these securities the Fund generally seeks to invest primarily in common stock. The Fund may invest in companies of any size but emphasizes investments in companies that have medium to large stock market capitalizations (currently, approximately $2 billion or more). Convertible securities generally are debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A convertible’s value usually reflects both the stream of current income payments and the market value of the underlying common stock. The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s existing shareholders to purchase additional common stock at a price substantially below the market price of the shares. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left: -20px">Convertible Securities Risk — The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.</li></ul><ul type="square"><li style="margin-left: -20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left: -20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left: -20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li style="margin-left: -20px">Mid Cap Securities Risk — The securities of mid cap companies generally trade in lower volumes and are generally subject to greater and less predictable price changes than the securities of larger capitalization companies.</li></ul> highest return 2009-09-30 0.1661 lowest return 2008-12-31 -0.2293 As with all such investments, past performance (before and after taxes) is not an indication of future results. <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBLACKROCKCAPITALAPPRECIATIONFUND,INC. column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBLACKROCKCAPITALAPPRECIATIONFUND,INC. column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBLACKROCKCAPITALAPPRECIATIONFUND,INC. column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBLACKROCKCAPITALAPPRECIATIONFUND,INC.BarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKROCKCAPITALAPPRECIATIONFUND,INC. column period compact * ~</div> 0.0061 0 0.0016 0.0077 -0.0005 0.0072 Fund Overview Key Facts about BlackRock Capital Appreciation Fund, Inc. You would pay the following expenses if you did not redeem your shares: <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKCAPITALAPPRECIATIONFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBLACKROCKCAPITALAPPRECIATIONFUNDINCBlackRockShares column period compact * ~</div> A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details about the Share Classes - Investor B Shares" in the Fund's prospectus for the complete schedule of CDSCs.) There is no CDSC on Investor C Shares after one year. As described in the "Management of the Fund" section of the Fund's prospectus on page 33, BlackRock has contractually agreed to waive fees and/or reimburse expenses in order to limit the Fund's Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Investor C Shares to 1.94% of average daily net assets until February 1, 2023. On February 1 of each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a perpetual ten year term. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the "Management of the Fund" section of the Fund's prospectus on page 19, BlackRock has contractually agreed to waive fees and/or reimburse expenses in order to limit the Fund's Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for BlackRock Shares to 0.72% of average daily net assets until February 1, 2023. On February 1 of each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a perpetual ten year term. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. 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