On May 17, 2023, Saba Capital Management, L.P announced that it has filed a preliminary proxy statement with the Securities and Exchange Commission, requesting shareholders of BlackRock Innovation and Growth Term Trust to vote for the election of Saba Capital?s slate of 4 nominees Ravi Bhasin, Ilya Gurevich, Richard Thiemann and Emmanuel Werthenschlag and to vote for 5 advisory proposals at the annual meeting asking board to (i) give shareholders the right to amend the Company's bylaws, (ii) declassify the board so that all trustees are elected on an annual basis, (iii) amend the appropriate governing documents of the Fund to provide that a plurality be the voting standard to elect trustees in any contested election, (iv) amend the Agreement and Declaration of Trust of the Fund (the ?Charter?) to remove the provision of the Charter meant to have the effect of opting into the Maryland Control Share Acquisition Act, and (v) conduct quarterly tender offers for a minimum of 10% of the outstanding shares of common stock of the Fund at or close to NAV if in any quarter, starting with the quarterly period ended September 30, 2023, the average daily discount to NAV at which the Common Shares traded was greater than 10%.