Saba Capital Management Amends 13D Filing for BlackRock Innovation & Growth Term Trust

TL;DR

Saba Capital Management filed an update on their stake in BIGT. Keep an eye on this.

AI Summary

Saba Capital Management, L.P. filed an amendment (No. 19) to its Schedule 13D on May 21, 2024, regarding BlackRock Innovation & Growth Term Trust. Saba Capital Management, L.P. is reporting beneficial ownership of common shares, though the specific number of shares and percentage of ownership are not detailed in this excerpt. The filing indicates a change in reporting as of May 21, 2024.

Why It Matters

This filing indicates ongoing activity and potential strategic interest from Saba Capital Management in BlackRock Innovation & Growth Term Trust, which could influence the trust's future operations or shareholder value.

Risk Assessment

Risk Level: medium — Schedule 13D filings often signal activist investor intent or significant changes in beneficial ownership, which can introduce volatility.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filing entity
• BlackRock Innovation & Growth Term Trust (company) — Subject company
• Michael D'Angelo (person) — Contact person for Saba Capital Management

FAQ

Key Financial Figures

• $0.001 — rust (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securiti
• $379,935,686 — ported herein. A total of approximately $379,935,686 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 45KB
• 0001062993-24-010856.txt ( ) — 47KB

SECURITY AND ISSUER

Item 1. SECURITY AND ISSUER This Amendment No. 19 amends and supplements the statement on Schedule 13D filed with the SEC on 3/16/23, as amended by Amendment No. 1 filed 3/24/23, Amendment No. 2 filed 4/28/23, Amendment No. 3 filed 6/1/23, Amendment No. 4 filed 6/30/23, Amendment No. 5 filed 8/25/23, Amendment No. 6 filed 9/26/23, Amendment No. 7 filed 10/11/23, Amendment No. 8 filed 10/23/23, Amendment No. 9 filed 11/2/23, Amendment No. 10 filed 11/13/23, Amendment No. 11 filed 11/22/23, Amendment No. 12 filed 12/5/23, Amendment No. 13 filed 12/11/23, Amendment No. 14 filed 12/12/23, Amendment No. 15 filed 12/26/23, Amendment No. 16 filed 2/2/24,Amendment No. 17 filed 2/20/24, and Amendment No. 18 filed 3/11/24; with respect to the common shares of BlackRock Innovation & Growth Term Trust. This Amendment No. 19 amends Items 3, 4, 5 and 7 as set forth below.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION

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 $379,935,686 was paid to acquire the Common Shares reported herein.

PURPOSE OF TRANSACTION

Item 4. PURPOSE OF TRANSACTION

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: The Reporting Persons issued the investor presentation (the "Investor Presentation") attached hereto as Exhibit 5 to shareholders (such exhibit to be deemed incorporated by reference in its entirety into this Item 4) providing their views on the Issuer and its Board, including value-unlocking steps it believes the Issuer should take.

INTEREST IN SECURITIES OF THE ISSUER

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 224,418,826 shares of common stock outstanding as of 12/31/23, as disclosed in the company's N-CSR filed 3/6/24 (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. CUSIP No. 09260Q108 SCHEDULE 13D/A Page 6 of 7 Pages (c) The transactions in the Common Shares effected in the last 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.

MATERIAL TO BE FILED AS EXHIBITS

Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 5: Investor Presentation, incorporated herein by reference to the DFAN14A filed with the Securities and Exchange Commission on May 20, 2024.

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: May 21, 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. 09260Q108 SCHEDULE 13D/A Page 7 of 7 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital in the last sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 3/22/2024 Buy 100,000 7.97 3/25/2024 Buy 152,676 7.98 3/26/2024 Buy 100,100 8.02 3/27/2024 Buy 185,987 8.06 3/28/2024 Buy 106,263 8.15 4/1/2024 Buy 139,326 8.10

View Full Filing

View this SC 13D/A filing on SEC EDGAR