Saba Capital Files 20th Amendment on BlackRock ESG Trust

TL;DR

**Saba Capital just filed another amendment on its BlackRock ESG Trust stake, signaling continued involvement.**

AI Summary

Saba Capital Management, L.P. filed an SC 13D/A Amendment No. 20 on February 20, 2024, regarding its holdings in BlackRock ESG Capital Allocation Term Trust. The filing indicates Saba Capital Management, L.P., along with group members Boaz R. Weinstein and Saba Capital Management GP, LLC, continues to report its beneficial ownership of Common Shares, $0.001 par value, of the Issuer. The filing updates previous disclosures without specifying new transaction details or changes in ownership percentage in the provided text.

Why It Matters

This filing signals continued activist interest or significant ownership by Saba Capital Management in BlackRock ESG Capital Allocation Term Trust, potentially influencing future corporate governance or strategic decisions.

Risk Assessment

Risk Level: medium — The filing is an amendment to a Schedule 13D, indicating ongoing disclosure of a significant stake, but the provided text does not detail new transactions or changes in ownership that would alter risk.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filing entity and beneficial owner
• BlackRock ESG Capital Allocation Term Trust (company) — Subject company (Issuer)
• Boaz R. Weinstein (person) — Group member
• Saba Capital Management GP, LLC (company) — Group member
• Michael D'Angelo (person) — Contact person for Saba Capital Management, L.P.
• $0.001 (dollar_amount) — Par value of Common Shares

FAQ

Key Financial Figures

• $0.001 — Trust (Name of Issuer) Common Shares, $0.001 par value (Title of Class of Securitie
• $397,655,218 — ported herein. A total of approximately $397,655,218 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 49KB
• exhibit4.htm (EX-4) — 16KB
• 0001062993-24-003554.txt ( ) — 67KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On February 16, 2024, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice of intent to nominate a slate of seven independent director candidates comprised of (i) Ilya Gurevich, Shavar Jeffries and Jennifer Raab to serve as Class II Nominees (the " Class II Nominees ") and (ii) Athanassios Diplas, David Littlewood, David Locala and Alex Vindman to serve as successors to the four members of the Board who are currently serving as Class I holdover trustees due to the Issuer not having held an annual shareholder meeting in 2023 (the " Class I Holdover Seat Nominees ", together with the Class II Nominees, the " Nominees "), for election to the Board at the Issuer's 2024 annual meeting of shareholders (the " Annual Meeting "). Each of the Nominees has entered into a nomination agreement (collectively, the " Nominee Agreement ") with Saba Capital substantially in the form attached as Exhibit 4 to this Schedule 13D/A, whereby such Nominees agreed to become members of a slate of nominees and stand for election as directors of the Issuer in connection with a proxy solicitation which may be conducted in respect of the Annual Meeting, and Saba Capital agreed to defend and indemnify such Nominees against, and with respect to, any losses that may be incurred by such Nominees in the event they become a party to litigation based on their nomination as candidates for election to the Board and the solicitation of proxies in support of their election. The foregoing summary of the Nominee Agreement is not complete and is qualified in its entirety by reference to the full text of the form of Nominee Agreement, a copy of which is attached as Exhibit 4 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 S

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: February 20, 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 Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 2/7/24. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 2/7/2024 Buy 98,842 16.75 2/8/2024 Buy 47,952 16.87 2/9/2024 Buy 67,852 16.95 2/12/2024 Buy 138,735 17.04 2/13/2024 Buy 184,717 16.76 2/14/2024 Buy 35,287 16.58 2/15/2024 Buy 65,034 16.68 2/16/2024 Buy 25,699 16.70

View Full Filing

View this SC 13D/A filing on SEC EDGAR