BCAT - BlackRock Capital Allocation Term Trust

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. June 12, 2026

   The fund said it may sell new shares.

   Original document →

2. Aug 7, 2025

   Saba sold down below 5% and stopped reporting.

   Original document →

3. July 28, 2025

   Saba cut its stake to 5.1% (from 6.3%). It has said it may push for changes.

   Original document →

4. July 14, 2025

   Saba cut its stake to 6.3% (from 7.5%). It has said it may push for changes.

   Original document →

5. June 30, 2025

   Saba cut its stake to 7.5% (from 8.6%). It has said it may push for changes.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $1.57 billion of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 15% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 1.4% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $3.32 a share. $0.35 of that was income; $2.97 was your own money back, not income. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $15.23. The shares traded at $14.16, about 7% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap ranged from 2.2% below to 12.5% above. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 10.1% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: +17.5%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +15.6%. How the share price did: the shares returned +16.5% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2020.

What the fund holds

Mostly shares (61%), the rest mortgage bonds, bonds and loans. About 77% issued in the U.S.

The fund also sells options on its holdings to raise income.

1.1% of holdings are in default.

1. Umbs, TBA, Uniform Mortgage-Backed Security, TBA - 11%
2. Micron Technology - 3%
3. Nvidia - 2.5%
4. Alphabet - 2.5%
5. Spacex Class A Com Lock Up class A shares - 2.3%
6. Apple - 2.3%
7. Amazon.com - 2%
8. Cash and short-term - 2%
9. Taiwan Semiconductor Manufacturing - 1.8%
10. SPDR Gold - 1.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →