Saba Capital Management Reduces Stake in BlackRock ESG Capital Allocation Term Trust to 21.49%

Saba Capital Management, L.P., along with Saba Capital Management GP, LLC and Boaz R. Weinstein, filed Amendment No. 32 to their Schedule 13D for BlackRock ESG Capital Allocation Term Trust (ECAT). The filing, dated April 27, 2026, reports a reduction in their position following a series of open-market sales conducted between March 25, 2026, and April 24, 2026. During this period, the reporting persons sold a total of 1,111,366 shares at prices ranging from $13.52 to $14.69 per share. Following these transactions, the reporting persons beneficially own 21,379,945 common shares, representing approximately 21.49% of the shares outstanding. The funds used for the initial acquisitions were derived from investor subscription proceeds and margin account borrowings. The reporting persons maintain shared voting and dispositive power over the reported shares. This amendment serves to update Items 3, 5, and 7 of the previous Schedule 13D filings to reflect the recent disposal of shares.