04:48 PM EDT, 06/28/2024 (MT Newswires) -- BlackRock (BLK) BlackRock Advisors unit said Friday it will continue as the investment adviser for five closed-end funds despite a termination proposal from Saba Capital Management.

The current board members will remain in charge of the eight funds against Saba's nominees, based on preliminary voting results from the 2024 annual meetings of shareholders.

Shareholders voted against Saba's proposal to remove BlackRock ( BLK ) at BlackRock Capital Allocation Term Trust (BCAT), BlackRock California Municipal Income Trust (BFZ), BlackRock Innovation and Growth Term Trust (BIGZ), BlackRock Health Sciences Term Trust (BMEZ), and BlackRock ESG Capital Allocation Term Trust (ECAT).

BlackRock ( BLK ) nominees were selected against Saba's contenders at BlackRock MuniYield Pennsylvania Quality Fund (MPA), BlackRock California Municipal Income Trust, BlackRock MuniHoldings New York Quality Fund (MHN) and BlackRock MuniYield New York Quality Fund (MYN).

The vote count is subject to final certification and results will be included in the next report.