BlackRock Capital Allocation Term Trust has released a presentation comparing the structure and performance of closed-end funds (CEFs) and mutual funds. The presentation outlines key differences, noting that CEFs issue a fixed number of shares through an initial public offering and trade on national stock exchanges, while mutual funds continuously offer new shares and must manage liquidity for daily redemptions. The analysis highlights that CEFs can invest in less liquid and private assets, and tend to use more leverage than mutual funds. Additionally, distribution rates for CEFs are shown to be higher across several categories, including high yield bond and multisector bond strategies, based on Morningstar data as of September 30, 2025. You can access the full presentation through the link below.