Saba Capital Amends BlackRock Term Trust Filing

TL;DR

Saba Capital just updated its stake in BlackRock Capital Allocation Term Trust. Keep an eye on this.

AI Summary

Saba Capital Management, L.P. filed an amendment (No. 12) to its Schedule 13D on October 11, 2024, regarding BlackRock Capital Allocation Term Trust. The filing indicates a change in beneficial ownership, with Saba Capital Management, L.P. and its group members, including Boaz R. Weinstein, being the filers. The specific details of the ownership change and the total number of shares held are not explicitly stated in this excerpt, but it signifies an ongoing active stake by Saba Capital.

Why It Matters

This filing indicates continued activity and potential influence by Saba Capital Management on BlackRock Capital Allocation Term Trust, which could impact the trust's strategy or shareholder value.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often signal changes in activist investor positions, which can lead to increased volatility or strategic shifts for the target company.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filer of the Schedule 13D/A
• BlackRock Capital Allocation Term Trust (company) — Subject company
• Boaz R. Weinstein (person) — Group member of the filer
• Michael D'Angelo (person) — Contact person for Saba Capital Management

FAQ

Key Financial Figures

• $0.01 — rust (Name of Issuer) Common Shares, $0.01 par value (Title of Class of Securiti
• $224,344,785 — ported herein. A total of approximately $224,344,785 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 79KB
• exhibit5.htm (EX-5) — 9KB
• 0001062993-24-017612.txt ( ) — 90KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On October 9, 2024, Saba Capital, on behalf of Saba Capital Master Fund, Ltd., sent a letter to the Issuer containing a shareholder proposal under Rule 14a-8, for presentation to the Issuer's shareholders at the Issuer's 2025 annual meeting of shareholders, to terminate the management agreement, and any other advisory agreements, between the Issuer and BlackRock Advisors, LLC (such letter, the " Management Agreement Termination Proposal Letter "). The foregoing summary of the Management Agreement Termination Proposal Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Management Agreement Termination Proposal Letter, a copy of which is attached as Exhibit 5 and is incorporated by reference herein. Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) See rows (11) and (13) of the cover pages to 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 107,461,816 shares of common stock outstanding as of 6/30/24, as disclosed in the company's N-CSRS filed with the Securities and Exchange Commission on 9/5/24. CUSIP No. 09260U109 SCHEDULE 13D/A Page 6 of 8 Pages (b) See rows (7) through (10) of the cover pages to 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 within the past sixty days by the Reporting Persons, 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 from and proceeds of sales from the Common Shares. (e) Not applicable. Item 7. MAT

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: October 11, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * 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 CUSIP No. 09260U109 SCHEDULE 13D/A Page 8 of 8 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital during the past sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 9/17/2024 Sell 15,894 16.41 9/19/2024 Sell 14,973 16.41 9/20/2024 Sell 84,059 16.39 9/23/2024 Sell 32,480 16.44 9/23/2024 Sell 729 16.44 9/24/2024 Sell 17,008 16.45 9/25/2024 Sell 8,800 16.44 9/30/2024 Sell 44,884 16.48 10/1/2024 Sell 317,294 16.52 10/2/2024 Sell 75,831 16.48 10/3/2024 Sell 100 16.44 10/4/2024 Sell 52,067 16.47 10/7/2024 Sell 66,481 16.48 10/8/2024 Sell 77,174 16.46 10/9/2024 Sell 72,094 16.45 10/10/2024 Sell 140,844 16.45

View Full Filing

View this SC 13D/A filing on SEC EDGAR