BlackRock Capital Allocation Term Trust (NYSE:BCAT) is a closed-end fund that provides investors exposure to a diversified portfolio. The CEF invests in both fixed income and equities as a multi-asset fund, and the managers have the flexibility to invest where and how they want based on their outlook. The generally popular Rick Rieder heads this fund. As market volatility has heated up more recently, so has the fund's discount. Saba Capital remains heavily engaged with this fund as well and has become even more aggressive.