On March 6, 2024, Saba Capital Management, L.P. announced that it has nominated seven qualified and independent candidates for election to the Boards of BlackRock Funds Cynthia Egan, Frank Fabozzi, Robert Fairbairn, Lorenzo Flores, Stayce Harris, R. Glenn Hubbard, J. Phillip Holloman, W. Carl Kester, Catherine Lynch and John Perlowski as Defendants in the Lawsuit at the 2024 annual meetings of shareholders. Additionally, Saba filed a lawsuit in the United States District Court for the Southern District of New York against the Company, and all 10 incumbents to hold them accountable for adopting an illegal ?Entrenchment Bylaw? that deprives shareholders of their right to elect directors annually.

Notably, the directors were already found to have violated the Investment Company Act by enacting a separate bylaw targeted at entrenching themselves to protect the Company from being held accountable by shareholders.