On July 1, 2024, Saba Capital Management, L.P. issued a statement regarding its campaign to improve the Boards of Trustees of 10 poorly governed and underperforming closed-end funds managed by BlackRock Advisors, LLC and BlackRock?s intentionally false and misleading press release issued on June 28, 2024. In the statement, Saba Capital Management stated that BlackRock materially misled stakeholders by announcing results that exclude all of Saba Capital Management's votes and other supportive shareholders. Saba Capital Management also stated that shareholders voted for each of Saba Capital Management?s nominees by wide margin in two of BlackRock?s Funds ?

BlackRock Innovation and Growth Term Trust and BlackRock ESG Capital Allocation Term Trust ? and potentially other funds that have yet to be tallied. Saba Capital Management added that BlackRock?s outrageous behavior follows the Court reaffirming that BlackRock violated federal law and the Court permitting Saba Capital Management?s lawsuit to overturn the Manager?s rigged election system to proceed to trial.