07:00 AM EDT, 06/26/2024 (MT Newswires) -- BlackRock ( BLK ) retained board seats at six closed-end funds after Saba Capital Management failed to secure enough votes to replace directors or dismiss the fund manager, multiple media outlets reported Wednesday, citing a BlackRock ( BLK ) statement.

"Preliminary results from last week's shareholder meetings show that shareholders rejected both Saba's nominees and their attempt to replace BlackRock ( BLK ) as the investment advisor," a BlackRock ( BLK ) spokesperson was quoted by media outlets as saying.

Shareholder votes took place at BlackRock MuniYield New York Quality Fund ( MYN ) , BlackRock New York Municipal Income Trust ( BNY ) , BlackRock California Municipal Income Trust ( BFZ ) , BlackRock MuniHoldings New York Quality Fund ( MHN ) , BlackRock Science and Technology Term Trust ( BSTZ ) , and BlackRock MuniYield Pennsylvania Quality Fund ( MPA ) last week.

Votes for four more funds, the BlackRock Innovation and Growth Term Trust ( BIGZ ) , BlackRock Health Sciences Term Trust ( BMEZ ) , BlackRock ESG Capital Allocation Term Trust ( ECAT ) , and BlackRock Capital Allocation Term Trust ( BCAT ) are scheduled for this week.

On Tuesday, US District Judge Margaret Garnet rejected Saba's request for a preliminary injunction to prevent BlackRock ( BLK ) from using a bylaw that mandates that challengers for board seats must secure the votes of a majority of shareholders, whereas incumbent trustees running unopposed need only a plurality of votes cast in the election, Bloomberg reported Wednesday.

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