On March 22, 2023, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital Management, L.P., submitted to BlackRock Capital Allocation Trust a notice of intent informing the Company of its intention to nominate a slate of 4 independent trustee candidates, Ravi Bhasin, Ilya Gurevich, Richard Thiemann, and Emmanuel Werthenschlag, for election to the Board at the Company's 2023 annual meeting of shareholders. Saba Capital also notified the Company of its intent to present 5 advisory proposals at the annual meeting asking the Board of Trustees to (1) give shareholders the right to amend the Company's bylaws, (2) declassify the Board so that all trustees are elected on an annual basis, (3) adopt a plurality voting standard in contested elections, (4) commit to not, now or at any time in the future, adopt any ‘control share' or similar provision that strips voting rights from any shareholders, and (5) conduct quarterly tender offers for a minimum of 10% of the outstanding common stock shares of the Company, if the stock's trading discount to net asset value exceeded 10% in the previous quarter.