09:51 AM EDT, 05/20/2024 (MT Newswires) -- BlackRock ( BLK ) activist shareholder Saba Capital on Monday released a presentation detailing its plans to change certain governance issues in 10 closed-end BlackRock ( BLK ) funds.

Saba said it would support a tender offer for five of the funds -- Innovation and Growth Term Trust, Health Sciences Term Trust, ESG Capital Allocation Term Trust, Capital Allocation Term Trust and Science and Technology Term Trust -- which would be fair given their "horrendous performance."

The investor had previously proposed to terminate BlackRock's ( BLK ) investment management agreement at the five funds and the California Municipal Income Trust. If the termination follows through, Saba said its board nominees have a "credible plan" to find a new manager for the funds.

Additionally, shareholders of the funds should be given one vote per share, Saba said. It noted that, currently, not voting in seven out of the 10 funds would automatically count for BlackRock ( BLK ).

Separately, BlackRock ( BLK ) said Monday it increased the distribution for the MuniYield Pennsylvania Quality Fund by 38% to $0.066 per share and for the California Municipal Income Trust by 16% to $0.059 apiece. "We have taken this step to support shareholders of these funds, consistent with our goal of delivering long-term value," said R. Glenn Hubbard, BlackRock's ( BLK ) chair for closed-end funds.