[SCHEDULE 13D/A] BlackRock Capital Allocation Term Trust SEC Filing

Rhea-AI Filing Summary

Saba Capital Management, L.P., its general partner Saba Capital Management GP, LLC, and founder Boaz R. Weinstein have filed Amendment No. 19 to Schedule 13D disclosing a materially higher position in BlackRock Capital Allocation Term Trust (BCAT). As of the event date 27 June 2025, the group beneficially owns 7,802,473–7,802,474 common shares, equal to 7.45 % of BCAT’s outstanding 104,775,271 shares. The holding is entirely shared voting and dispositive power; no shares are held with sole authority.

The filing indicates that approximately $114.3 million of investor capital and margin borrowings were deployed to build the position. Items 3, 5 and 7 of the original 13D have been amended, primarily to update the source of funds and current ownership. The “Purpose of Transaction” section remains “Not Applicable,” meaning the group has not publicly outlined an activist plan at this stage. Nonetheless, Saba’s track record of pushing for tender offers, buy-backs and governance changes in closed-end funds suggests the 7.45 % stake could become influential if the position grows toward the 10 % threshold that often triggers additional disclosure and leverage.

• Reporting persons: Saba Capital Management, L.P.; Saba Capital Management GP, LLC; Boaz R. Weinstein.
• Event date: 27 Jun 2025; filing signed 30 Jun 2025.
• Shares owned: 7,802,473–7,802,474 (shared power).
• Ownership percentage: 7.45 % of BCAT common shares.
• Total cost basis disclosed: approx. $114.3 million.

The amendment is therefore noteworthy for investors monitoring potential catalysts in BCAT, but immediate operational or strategic changes are not yet signalled.

Positive

• Sizable 7.45 % stake by an experienced closed-end fund activist increases probability of future value-enhancing actions.
• $114.3 million commitment signals strong conviction in BCAT’s investment thesis and discount-to-NAV opportunity.

Negative

• No activist plan disclosed under Item 4, limiting immediate strategic impact.
• Stake below 10 % leaves Saba short of thresholds that typically confer stronger influence or mandatory additional filings.

Insights

Closed-End Fund Analyst

TL;DR — Saba now owns 7.45 % of BCAT; no plan disclosed, but history suggests possible activism.

Saba Capital, led by Boaz Weinstein, has quietly accumulated just over 7.8 million BCAT shares, bringing its stake to 7.45 %. The amendment updates funding details and confirms shared voting authority, leaving purpose blank. While legally passive for now, Saba is the most prolific activist in the U.S. closed-end fund space, often seeking NAV-accretive actions such as tender offers or fund liquidations. The cost basis (~$114 million) and sizable holding give the firm economic incentive to press for value-unlocking moves if the discount to NAV widens. Impact is moderately positive for shareholders looking for a catalyst, but timing and certainty remain unclear.

Corporate Governance Specialist

TL;DR — Filing is informational; lack of stated intent tempers near-term impact.

The 13D/A refreshes ownership numbers but expressly lists the purpose as “Not Applicable.” That wording reduces immediate governance impact compared with filings that outline board or policy changes. Nevertheless, the consolidation of all voting rights under Saba elevates the firm’s influence in any shareholder vote. If Saba surpasses 10 % or submits a proxy proposal, monitoring intensity should rise. Until then, disclosure is neutral from a governance standpoint.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 19)

BlackRock Capital Allocation Term Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

09260U109

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/27/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09260U109

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,802,473.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,802,473.00

11

Aggregate amount beneficially owned by each reporting person

7,802,473.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.45 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 104,775,271 shares of common stock outstanding as of 5/19/25, as disclosed in the company's DEF 14A filed with the Securities and Exchange Commission on 5/22/25.

SCHEDULE 13D

CUSIP No. 09260U109

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,802,474.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,802,474.00

11

Aggregate amount beneficially owned by each reporting person

7,802,474.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.45 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 104,775,271 shares of common stock outstanding as of 5/19/25, as disclosed in the company's DEF 14A filed with the Securities and Exchange Commission on 5/22/25.

SCHEDULE 13D

CUSIP No. 09260U109

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,802,473.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,802,473.00

11

Aggregate amount beneficially owned by each reporting person

7,802,473.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.45 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 104,775,271 shares of common stock outstanding as of 5/19/25, as disclosed in the company's DEF 14A filed with the Securities and Exchange Commission on 5/22/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: BlackRock Capital Allocation Term Trust
(c)	Address of Issuer's Principal Executive Offices: 100 Bellevue Parkway, Wilmington, DELAWARE , 19809.
Item 1 Comment: This Amendment No. 19 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $114,311,822 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 104,775,271 shares of common stock outstanding as of 5/19/25, as disclosed in the company's DEF 14A filed with the Securities and Exchange Commission on 5/22/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 6/11/25 by the Reporting Persons to 6/27/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 12 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	06/30/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	06/30/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	06/30/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many BCAT shares does Saba Capital own according to the June 2025 13D/A?

The filing reports 7,802,473 – 7,802,474 common shares under shared voting and dispositive power.

What percentage of BCAT does Saba Capital currently control?

Saba Capital and affiliates control 7.45 % of BCAT’s outstanding shares.

How much did Saba Capital spend to build its BCAT position?

Approximately $114,311,822 of investor capital and margin borrowings were used.

Does the 13D/A state any activist intentions for BCAT?

No. Item 4 lists the purpose as “Not Applicable”, so no specific strategy is disclosed.

Who are the reporting persons in this 13D/A filing?

The reporting persons are Saba Capital Management, L.P.; Saba Capital Management GP, LLC; and Boaz R. Weinstein.

When did the event triggering this filing occur?

The event date is 27 June 2025, with the filing signed on 30 June 2025.