On March 22, 2023, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital Management, L.P., submitted to Blackrock Innovation & Growth 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 Management also notified the Company of its intent to present 5 advisory proposals at the annual meeting asking the Board 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) eliminate a control share provision in its organizational documents that strips certain voting rights from shareholders owning 10% or more of the Company's stock, 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.