BlackRock Advisors, LLC (“BlackRock”) announced today the final certified voting results of the 2024 Annual Meetings of Shareholders (the “Annual Meetings”) of the ten closed-end funds contested by Saba Capital Management, L.P. (“Saba”):
- BlackRock Capital Allocation Term Trust (NYSE: BCAT)
- BlackRock California Municipal Income Trust (NYSE: BFZ)
- BlackRock Innovation and Growth Term Trust (NYSE: BIGZ)
- BlackRock Health Sciences Term Trust (NYSE: BMEZ)
- BlackRock New York Municipal Income Trust (NYSE: BNY)
- BlackRock Science and Technology Term Trust (NYSE: BSTZ)
- BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT)
- BlackRock MuniHoldings New York Quality Fund, Inc. (NYSE: MHN)
- BlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA)
- BlackRock MuniYield New York Quality Fund, Inc. (NYSE: MYN)
The certified final results of the Annual Meetings confirm that the Boards’ nominees at all ten funds will remain in place, and that BlackRock will continue as investment adviser at all six funds where Saba had put forth a termination proposal.
The previously adjourned meetings for BNY and BSTZ reached quorum and were held on July 16, 2024, and the results have been certified as final. At BNY, the incumbent Board members were reelected over Saba’s nominees. At BSTZ, BlackRock will continue as investment adviser, and the incumbent Board members will remain in place.
At MPA, shareholders reelected the full incumbent Board over Saba’s nominees. At BFZ, the Board’s nominees were reelected, and Saba's termination proposal did not pass.
The final voting results have been certified by First Coast Results, Inc., the independent Inspector of Election, and will be included in the funds’ next annual or semi-annual report to shareholders, as applicable.
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Availability of Fund Updates
BlackRock will update performance and certain other data for the funds on a monthly basis on their website in the “Closed-end Funds” section of www.blackrock.com, as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the funds and does not, and is not intended to, incorporate BlackRock’s website in this release.
Forward-Looking Statements
This press release, and other statements that BlackRock or the funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the funds’ or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
With respect to the funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the funds or in the funds’ net asset value; (2) the relative and absolute investment performance of the funds and their investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to the funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.
Annual and Semi-Annual Reports and other regulatory filings of the funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the funds. The information contained on BlackRock’s website is not a part of this press release.
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