Saba Capital Management Amends BlackRock Trust Filing

TL;DR

Saba Capital Management just updated its 13D filing for BlackRock Innovation & Growth Term Trust. Watch this space.

AI Summary

Saba Capital Management, L.P. filed an amendment (No. 21) to its Schedule 13D on October 11, 2024, regarding its holdings in BlackRock Innovation & Growth Term Trust. The filing indicates a change in the reporting person's beneficial ownership, though specific new holdings or changes in percentage are not detailed in this excerpt. Saba Capital Management, L.P. is a significant shareholder in the issuer.

Why It Matters

This filing signals potential shifts in strategy or holdings by a major activist investor in the BlackRock Innovation & Growth Term Trust, which could impact the trust's future performance and shareholder value.

Risk Assessment

Risk Level: medium — Filings from activist investors like Saba Capital can signal potential corporate actions or disputes that may introduce volatility.

Key Players & Entities

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

FAQ

Key Financial Figures

• $0.001 — rust (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securiti
• $409,093,258 — ported herein. A total of approximately $409,093,258 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 82KB
• exhibit99-6.htm (EX-99.6) — 10KB
• 0001062993-24-017609.txt ( ) — 93KB

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 6 and is incorporated by reference herein. CUSIP No. 09260Q108 SCHEDULE 13D/A Page 6 of 8 Pages 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 7/15/24, as disclosed in the company's SC TO-I filed 7/22/24. (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. (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. Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 6: Mana

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. 09260Q108 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 in the last sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 8/19/2024 Buy 36,418 7.22 8/20/2024 Buy 22,782 7.24 8/21/2024 Buy 83,524 7.27 8/22/2024 Buy 252,777 7.30 8/23/2024 Buy 30,643 7.32 9/16/2024 Buy 31,631 7.33 9/17/2024 Buy 58,485 7.42 9/17/2024 Buy 92,439 7.44 9/18/2024 Buy 120,382 7.42 9/18/2024 Buy 194,692 7.51 9/19/2024 Buy 59,299 7.58 9/19/2024 Buy 168,956 7.59 9/23/2024 Buy 84,815 7.50 9/23/2024 Buy 34,064 7.53 9/24/2024 Buy 9,482 7.54 9/25/2024 Buy 31,988 7.52 9/26/2024 Buy 24,177 7.57 9/27/2024 Buy 23,267 7.61 9/30/2024 Buy 19,386 7.57 10/1/2024 Buy 25,228 7.54 10/3/2024 Buy 5,581 7.53 10/4/2024 Buy 29,895 7.59 10/7/2024 Buy 23,490 7.53 10/8/2024 Buy 29,482 7.56 10/9/2024 Buy 79,992 7.60 10/10/2024 Buy 62,652 7.62

View Full Filing

View this SC 13D/A filing on SEC EDGAR