Saba Capital Management, L.P. → BlackRock Capital Allocation Term Trust BCAT

Item 4 is hereby amended and supplemented as follows: On January 20, 2025, Saba Capital Management, L.P. entered into a standstill agreement (the "Agreement") with respect to the Issuer. The Agreement provides for customary standstill provisions during the period from the date of the Agreement through the date that is the day following the completion of the Issuer's 2027 annual meeting of shareholders or August 31, 2027, whichever is earlier. In connection with the Agreement, Saba Capital withdrew the shareholder proposal it had previously submitted to the Issuer, pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, on October 9, 2024. The foregoing summary of the Agreement shall not be deemed complete and is qualified in its entirety by reference to the full text of the Agreement, the form of which is attached hereto as Exhibit 6 to this Schedule 13D/A and incorporated by reference herein.