0001809541 2026-09-28 2026-09-28 0001809541 bcatt:CommonSharesMember 2026-09-28 2026-09-28 iso4217:USD pure 0001809541 false 424B2 BLACKROCK CAPITAL ALLOCATION TERM TRUST 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. <div style="margin-top:12pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;text-align:justify;">The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our Common Shares as a percentage of net assets attributable to Common Shares. Amounts are for the current fiscal year after giving effect to anticipated net proceeds of the Rights offering. </div> <table cellpadding="0" cellspacing="0" id="table900783" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;font-weight:bold;">Shareholder Transaction Expenses</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table685504" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Sales load (as a percentage of offering price)<sup style="font-size:75%;vertical-align:top">(1)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">None</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table403519" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Offering expenses borne by the Trust (as a percentage of offering price)<sup style="font-size:75%;vertical-align:top">(1)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">None</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table406241" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Dividend reinvestment plan fees</div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> <br/></td> <td style="vertical-align: bottom; text-align: right; width: 0%;">$0.02 per share for open‑market<br/>purchases of common shares<sup style="font-size:75%;vertical-align:top">(2)</sup></td> <td style="vertical-align: bottom; width: 0%;"> <br/> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table299824" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Dividend reinvestment plan sale transaction fee</div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">$2.50<sup style="font-size:75%;vertical-align:top">(2)</sup></td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table322273" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(1)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Total offering expenses, which will be borne by the Advisor and not the Trust or Common Shareholders, are estimated to be $517,000 in the aggregate, or approximately 0.18% of the estimated Subscription Price, which assumes that the Rights offering is fully subscribed. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table972289" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(2)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Computershare Trust Company, N.A.’s (in such capacity, the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. </div></td> </tr></table> as a percentage of offering price 0 as a percentage of offering price 0 0.02 2.50 <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table759854" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="font-size:1pt"> <td style="height: 6pt; width: 66%;"></td> <td colspan="4" style="height: 6pt; width: 3000%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Estimated Annual Expenses </span>(as a percentage of net assets attributable to Common Shares)</div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"></td> <td style="vertical-align: bottom; width: 0%;"></td> <td style="vertical-align: bottom; width: 0%;"></td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table214666" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Management fees<sup style="font-size:75%;vertical-align:top">(3)(4)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.25%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table327009" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Other Expenses</div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.14%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table141585" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:5.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Miscellaneous Other Expenses<sup style="font-size:75%;vertical-align:top">(5)(7)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.05%     </td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table299509" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: bottom; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:5.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Interest Expense<sup style="font-size:75%;vertical-align:top">(6)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.09%     </td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table394695" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Acquired Fund Fees and Expenses</div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">0.01%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table543642" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Total Trust Operating Annual Expenses<sup style="font-size:75%;vertical-align:top">(7)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.40%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table915147" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:3.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Fee Waivers and/or Expense Reimbursements<sup style="font-size:75%;vertical-align:top">(4)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">(0.01)%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="tableHighlight" id="table721458" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 66%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 3%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="font-size:1px"> <td style="vertical-align: bottom; width: 66%;"></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div></td> <td style="vertical-align: bottom; width: 0%;"> <div style="margin-top:0pt;margin-bottom:0pt;border-top:1.00px solid #000000;"> </div></td> <td style="width: 0%;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align: top; width: 66%;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Total Annual Trust Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup style="font-size:75%;vertical-align:top">(4)</sup></div></td> <td style="vertical-align: bottom; width: 3%;">  </td> <td style="vertical-align: bottom; width: 0%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 0%;">1.39%</td> <td style="vertical-align: bottom; width: 0%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table164349" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(3)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Trust currently pays the Advisor a monthly management fee in arrears at an annual rate equal to 1.25% of the average daily value of the Trust’s Managed Assets. For purposes of calculating these fees, “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). The Trust may use leverage in the form of a credit facility, reverse repurchase agreements, or derivative instruments with leverage embedded in them. When the Trust uses leverage, its net assets attributable to common shares are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common shares are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Trust’s use of leverage in the form of higher fees as a percentage of the Trust’s net assets attributable to common shares than if the Trust did not use leverage. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table129896" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(4)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table664491" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; padding-top: 0px; padding-bottom: 0px;"> </td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:justify;"> waive its management fees by the amount of management fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust) or a majority of the outstanding voting securities of the Trust, upon 90 days’ written notice by the Trust to the Advisor. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table220770" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(5)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">Miscellaneous Other Expenses are based on estimated amounts for the current fiscal year. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table549178" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(6)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">As of September 24, 2026, BCAT did not have any borrowings outstanding under its credit facility. The Trust has access to a credit facility with BNP Paribas Prime Brokerage International, Limited under which the Trust can borrow up to $550,000,000, subject to asset coverage and other limitations. If leverage is utilized in the future, interest expense borne by the Trust will vary over time in accordance with the level of the Trust’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. </div></td> </tr></table> <table cellpadding="0" cellspacing="0" id="table573804" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">(7)</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The total annual expenses do not correlate to the ratios of expenses to average net assets shown in the Trust’s most recent annual report, which does not include the Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses based on estimated amounts for the current fiscal year. </div></td> </tr></table> as a percentage of net assets attributable to Common Shares 0.0125 0.0014 0.0005 0.0009 0.0001 0.0140 -0.0001 0.0139 Computershare Trust Company, N.A.’s (in such capacity, the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. <div style="margin-top:18pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">Example </div><div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;text-align:justify;">The following example illustrates the expenses that you would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.39% of net assets attributable to common shares and (ii) a 5% annual return: </div> <table cellpadding="0" cellspacing="0" id="table478904" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 8pt; width: 92%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 67%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 6%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">1 Year</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">3 Years</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">5 Years</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">10 Years</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Total expenses incurred</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">14</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">44</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">76</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">168</td> <td style="vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table893234" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">*</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. </div></td> </tr></table> 14 44 76 168 The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Trust’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. <div id="prosupp461400_6" style="margin-top:24pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">CAPITALIZATION </div><div style="margin-top:12pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;text-align:justify;">The following table sets forth the unaudited capitalization of the Trust as of June 30, 2026, and its adjusted capitalization assuming the Common Shares available in the rights offering discussed in this Prospectus Supplement had been issued. </div> <table cellpadding="0" cellspacing="0" id="table838816" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; border-spacing: 0px; margin-right: auto; margin-left: auto; table-layout: fixed; outline: none; outline-offset: 0px;"> <tr> <td style="width: 70%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 2%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="vertical-align: bottom; width: 2%; padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> <td style="padding-top: 0px; padding-bottom: 0px;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Actual as of<br/>June 30, 2026</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><span style="font-weight:bold">As Adjusted</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:8pt"> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">(unaudited)</span></td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">(unaudited)</span></td> <td style="vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Shareholders’ equity applicable to Common Shares:</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> <td style="vertical-align:bottom;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Common Shares</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">105,845,249</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">127,100,449</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Paid‑in Capital*</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">1,424,966,446</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">1,715,099,926</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Distributions in excess of net investment income, net realized gain on investments, futures contracts, and foreign currency transactions</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">0</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">0</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Accumulated Gain/(Loss)</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">120,118,767</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">120,118,767</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net depreciation</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">31,637,435</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">31,637,435</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Assets applicable to Common Shares</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">1,576,722,648</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">1,866,856,128</td> <td style="vertical-align: bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:10pt;font-family:times new roman;">Net Asset Value</div></td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">14.90</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align:bottom;">  </td> <td style="vertical-align:bottom;">$</td> <td style="vertical-align:bottom;text-align:right;">14.69</td> <td style="vertical-align: bottom;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="table762565" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px; width: 100%; outline: none; outline-offset: 0px;"> <tr style="page-break-inside:avoid"> <td style="width: 4%; vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;">*</td> <td style="vertical-align: top; text-align: left; padding-top: 0px; padding-bottom: 0px;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">As adjusted paid‑in surplus reflects the issuance of 21,255,200 Common Shares issued in the primary subscription at the estimated Subscription Price of $13.65. </div></td> </tr></table> The Trust and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Trust’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2028. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of management fees the Trust pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2028. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of the Trust) or a majority of the outstanding voting securities of the Trust, upon 90 days’ written notice by the Trust to the Advisor. Total offering expenses, which will be borne by the Advisor and not the Trust or Common Shareholders, are estimated to be $517,000 in the aggregate, or approximately 0.18% of the estimated Subscription Price, which assumes that the Rights offering is fully subscribed. Miscellaneous Other Expenses are based on estimated amounts for the current fiscal year. The total annual expenses do not correlate to the ratios of expenses to average net assets shown in the Trust’s most recent annual report, which does not include the Acquired Fund Fees and Expenses and the restatement of Miscellaneous Other Expenses based on estimated amounts for the current fiscal year. As of September 24, 2026, BCAT did not have any borrowings outstanding under its credit facility. The Trust has access to a credit facility with BNP Paribas Prime Brokerage International, Limited under which the Trust can borrow up to $550,000,000, subject to asset coverage and other limitations. If leverage is utilized in the future, interest expense borne by the Trust will vary over time in accordance with the level of the Trust’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. Computershare Trust Company, N.A.’s (in such capacity, the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Trust. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your Common Shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. The Trust currently pays the Advisor a monthly management fee in arrears at an annual rate equal to 1.25% of the average daily value of the Trust’s Managed Assets. For purposes of calculating these fees, “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). The Trust may use leverage in the form of a credit facility, reverse repurchase agreements, or derivative instruments with leverage embedded in them. When the Trust uses leverage, its net assets attributable to common shares are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common shares are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Trust’s use of leverage in the form of higher fees as a percentage of the Trust’s net assets attributable to common shares than if the Trust did not use leverage.