<SEC-DOCUMENT>0001193125-24-139597.txt : 20250212
<SEC-HEADER>0001193125-24-139597.hdr.sgml : 20250212
<ACCEPTANCE-DATETIME>20240515184327
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-139597
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		ORGANIZATION NAME:           	
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
		CENTRAL INDEX KEY:			0000891038
		ORGANIZATION NAME:           	
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
		DATE OF NAME CHANGE:	20080620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD INSURED PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS NEW YORK QUALITY FUND, INC.
		CENTRAL INDEX KEY:			0001038186
		ORGANIZATION NAME:           	
		IRS NUMBER:				223536490
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIHOLDINGS NEW YORK IQUALITY FUND, INC.
		DATE OF NAME CHANGE:	20101109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIHOLDINGS NEW YORK INSURED FUND, INC.
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIHOLDINGS NEW YORK INSURED FUND INC
		DATE OF NAME CHANGE:	19970519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		ORGANIZATION NAME:           	
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock ESG Capital Allocation Term Trust
		CENTRAL INDEX KEY:			0001864843
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		(800) 882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock ESG Capital Allocation Trust
		DATE OF NAME CHANGE:	20210527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD NEW YORK QUALITY FUND, INC.
		CENTRAL INDEX KEY:			0000882150
		ORGANIZATION NAME:           	
		IRS NUMBER:				223144223
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD NEW YORK INSURED FUND, INC.
		DATE OF NAME CHANGE:	20070612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD NEW YORK INSURED FUND INC
		DATE OF NAME CHANGE:	19920717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW YORK MUNIYIELD FUND INC
		DATE OF NAME CHANGE:	19600201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Health Sciences Term Trust
		CENTRAL INDEX KEY:			0001785971
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800 882 0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Health Sciences Trust II
		DATE OF NAME CHANGE:	20190820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Capital Allocation Term Trust
		CENTRAL INDEX KEY:			0001809541
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800 882 0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Capital Allocation Trust
		DATE OF NAME CHANGE:	20200414

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Innovation & Growth Term Trust
		CENTRAL INDEX KEY:			0001836057
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808
		BUSINESS PHONE:		800 882 0052

	MAIL ADDRESS:	
		STREET 1:		BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Innovation & Growth Trust
		DATE OF NAME CHANGE:	20201210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Science & Technology Term Trust
		CENTRAL INDEX KEY:			0001768666
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800 882 0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Science & Technology Trust II
		DATE OF NAME CHANGE:	20190227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Science & technology Trust II
		DATE OF NAME CHANGE:	20190221
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>DEFC14A CORRESP</TITLE>
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<IMG SRC="g826113g0515062310213.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">787&nbsp;Seventh&nbsp;Avenue&#8195;&#8195;&#8195;&#8201;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">New York, NY 10019-6099&#8201;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Tel:&nbsp;&#8201;212&nbsp;728&nbsp;8000&#8195;&#8195;&#8195;&#8201;&#8201;&#8194;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">Fax: 212 728 8111&#8195;&#8195;&#8195;&#8201;&#8201;&#8194;</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">May&nbsp;15, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">David L.
Orlic, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Division of
Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="left"><B>BlackRock California Municipal Income Trust </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock Capital Allocation Term Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock ESG Capital Allocation Term Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock Health Sciences Term Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock Innovation and Growth Term Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock MuniHoldings New York Quality Fund, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock MuniYield New York Quality Fund, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock MuniYield Pennsylvania Quality Fund </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock New York Municipal Income Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>BlackRock Science and Technology Term Trust </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:11pt; font-family:Times New Roman"><B>Violations of the Proxy Rules under the Securities Exchange Act of 1934 (the &#147;<U>Exchange Act</U>&#148;) &#150; May&nbsp;14, 2024
Interview of Mr.&nbsp;Boaz Weinstein on CNBC Squawk Box </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">On behalf of our clients BlackRock California Municipal Income Trust (&#147;<U>BFZ</U>&#148;), BlackRock Capital Allocation
Term Trust (&#147;<U>BCAT</U>&#148;), BlackRock ESG Capital Allocation Term Trust (&#147;<U>ECAT</U>&#148;), BlackRock Health Sciences Term Trust (&#147;<U>BMEZ</U>&#148;), BlackRock Innovation and Growth Term Trust (&#147;<U>BIGZ</U>&#148;),
BlackRock MuniHoldings New York Quality Fund, Inc. (&#147;<U>MHN</U>&#148;), BlackRock MuniYield New York Quality Fund, Inc. (&#147;<U>MYN</U>&#148;), BlackRock MuniYield Pennsylvania Quality Fund (&#147;<U>MPA</U>&#148;), BlackRock New York
Municipal Income Trust (&#147;<U>BNY</U>&#148;) and BlackRock Science and Technology Term Trust (&#147;<U>BSTZ</U>,&#148; and collectively with BFZ, BCAT, ECAT, BMEZ, BIGZ, MHN, MYN, MPA and BNY, the &#147;<U>Funds</U>&#148;), we respectfully bring
to the attention of the staff (the &#147;<U>Staff</U>&#148;) of the Division of Investment Management of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) material violations of Rule
<FONT STYLE="white-space:nowrap">14a-9</FONT> under the Exchange Act made in an interview of Mr.&nbsp;Boaz Weinstein, Founder and Chief Investment Officer of Saba Capital Management, L.P. (&#147;<U>Saba Capital</U>,&#148; and with its affiliates,
&#147;<U>Saba</U>&#148;), on CNBC Squawk Box on Tuesday, May&nbsp;14, 2024 (the &#147;<U>Squawk Box Interview</U>&#148;). Each of Saba Capital and Mr.&nbsp;Weinstein, the Managing Member of the general partner of Saba Capital, is a &#147;participant
in a solicitation&#148; (as defined in Rule <FONT STYLE="white-space:nowrap">14a-101</FONT> under the Exchange Act) with respect to each Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">As described below, certain statements made by Mr. Weinstein during the Squawk Box Interview violate Rule <FONT
STYLE="white-space:nowrap">14a-9.</FONT> Additionally, as detailed in our letter dated May&nbsp;13, 2024, Saba Capital and Mr. Weinstein have made numerous other public statements on X.com and on their website,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">B<SMALL>RUSSELS&#8195;</SMALL>C<SMALL>HICAGO&#8195;</SMALL>D<SMALL>ALLAS&#8195;</SMALL>F<SMALL>RANKFURT&#8195;</SMALL>H<SMALL>OUSTON&#8195;</SMALL>L<SMALL>ONDON&#8195;
</SMALL>L<SMALL>OS</SMALL> A<SMALL>NGELES&#8195;</SMALL>M<SMALL>ILAN</SMALL> </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">M<SMALL>UNICH&#8195;</SMALL>N<SMALL>EW</SMALL>
Y<SMALL>ORK&#8195;</SMALL>P<SMALL>ALO</SMALL> A<SMALL>LTO&#8195;</SMALL>P<SMALL>ARIS&#8195;</SMALL>R<SMALL>OME&#8195;</SMALL>S<SMALL>AN</SMALL> F<SMALL>RANCISCO&#8195;</SMALL>W<SMALL>ASHINGTON</SMALL> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 15, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">
&#147;heyblackrock.com,&#148; that violate Rule <FONT STYLE="white-space:nowrap">14a-9.</FONT> We respectfully request that the Staff take action to protect the Funds&#146; shareholders from the
negative impact of such violations and false, misleading, unsubstantiated, incomplete and inaccurate information put forth by Mr.&nbsp;Weinstein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Below, we set out in italicized typeface (certain text <B>bolded</B> for emphasis) examples of relevant statements made by
Mr.&nbsp;Weinstein during the Squawk Box Interview that violate <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-9.</FONT> We have also included explanations of how such statements violate Rule <FONT STYLE="white-space:nowrap">14a-9.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify">&#147;<I>. . . a lot of the viewers will recognize the Grayscale Bitcoin Trust is a very famous <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund. It was at a discount for years, a very deep discount, and when it converted into an ETF, the discount disappeared. Investors made something like 80 or 90% from that discount going away. On the New
York and London Stock Exchanges, there are over 700 of these <FONT STYLE="white-space:nowrap">closed-end</FONT> funds. They&#146;re portfolios of assets managed by venerable managers like BlackRock and sometimes, unlike ETFs, unlike mutual funds,
they trade at deep discounts to their objective value and that discount can be corrected with the press of a button and that&#146;s what we&#146;re here to do. . . Right. So there are periods when there are at discounts. In fact, there are many
today that are at premium, but why did the BlackRock ones trade at discounts and why in general, do they? It&#146;s because there isn&#146;t really a sophisticated investor base who wants to own these products, they have high fees. And so at fair
value, you could say I&#146;d rather be in an ETF that does the exact same thing, so I&#146;m not going to buy it unless it&#146;s at a discount and until it gets to double digit discounts, there aren&#146;t really investors like myself that will
take up the effort of buying them.</I>&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;A billion four hangs in the balance. . . A
billion four can be made literally </I><B><I>if it became one of their ETFs</I></B><I> or mutual funds or if they did a tender.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Mr.&nbsp;Weinstein&#146;s comparison of the Funds to the Grayscale Bitcoin Trust and his suggestion that the Funds should
convert to a mutual fund or ETF similar to the Grayscale Bitcoin Trust&#146;s conversion to an exchange-traded product are extremely misleading to investors and shareholders. The above statements indicate that exchange-listed <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds registered under the Investment Company Act of 1940 (the &#147;<U>1940 Act</U>&#148;), such as the Funds, are comparable to the Grayscale Bitcoin Trust, which was and is not a 1940 <FONT
STYLE="white-space:nowrap">Act-registered</FONT> <FONT STYLE="white-space:nowrap">closed-end</FONT> fund. The Grayscale Bitcoin Trust was initially structured as a <FONT STYLE="white-space:nowrap">closed-end</FONT> vehicle because the Commission had
not, at the time of its formation, declared effective registration statements for Bitcoin exchange-traded products, not because the Grayscale Bitcoin Trust&#146;s strategy and holdings were inconsistent with an
<FONT STYLE="white-space:nowrap">open-end,</FONT> exchange-traded product structure.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> The Funds, on the other hand, are structured as 1940 <FONT STYLE="white-space:nowrap">Act-registered</FONT> <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds, as opposed to ETFs or mutual funds, specifically because their respective strategies, holdings and/or use of leverage would be impermissible in an <FONT STYLE="white-space:nowrap">open-end</FONT>
fund structure under the 1940 Act. If the Funds were to seek to convert to ETFs, they would first be required to make changes to their strategies, sell certain illiquid investment holdings at potentially inopportune times and/or reduce or change
their employment of leverage. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;. . .[BlackRock is] actually blocking [Saba] from speaking to shareholders . . .&#148;</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;BlackRock is not giving us the names of the people who asked to be contacted, which is also
unusual&#133;&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">These statements are patently false. Neither BlackRock nor the Funds have ever
&#147;blocked&#148; Saba from speaking to shareholders. The Funds have provided or are in the process of providing, in a timely </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP> Following the Commission&#146;s recent declarations of effectiveness for various Bitcoin exchange-traded
products, the Grayscale Bitcoin Trust was able to transition to an exchange-traded fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 15, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">
manner, Saba and Mr.&nbsp;Weinstein with all shareholder records required to be provided under the Funds&#146; governing documents and/or applicable law in response to proper requests from Saba
and/or Mr.&nbsp;Weinstein.&#8195; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;These 10 funds that we&#146;ve nominated people to the board of, if BlackRock pressed a button like
we&#146;ve done before six dozen times and allowed investors to get out just at fair value, </I><I>&#133;</I><I>the number is staggering Andrew, it&#146;s </I><B><I>$1.4</I></B><B><I></I></B><B><I>&nbsp;billion</I></B><I>.&#148;</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;</I><B><I>$1.4</I></B><I></I><B><I></I></B><I></I><B><I>&nbsp;billion</I></B><I> would be
made if these funds traded as well as [BlackRock&#146;s] ETFs.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;. . . and so we gave them the gain
that we&#146;re asking BlackRock to give to make this </I><B><I>$1.4</I></B><I></I><B><I></I></B><I></I><B><I>&nbsp;billion</I></B><I>.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;</I><B><I>A billion four</I></B><I> hangs in the balance. . . </I><B><I>A billion four</I></B><I> can be made
literally if it became one of their ETFs or mutual funds or if they did a tender.&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Contrary to
Mr.&nbsp;Weinstein&#146;s false and misleading statement, $1.4&nbsp;billion is not &#147;on the table&#148; or &#147;would be made&#148; for shareholders if the Funds were to liquidate. The above statements, the first of which was made in response
to the question &#147;How much money do you think is on the table here if you&#146;re successful, for shareholders?&#148;, indicates that shareholders would realize the full amount of the Funds&#146; discounts to net asset value if the Funds were to
liquidate, which is false and misleading. As <FONT STYLE="white-space:nowrap">closed-end</FONT> funds, the Funds are not limited in the amount of illiquid investments they may hold. Many of the Funds hold a significant portion of their assets in
illiquid investments. If these Funds were to liquidate and distribute cash to shareholders, they would be required to sell a large portion of their portfolio holdings at potentially inopportune times and disadvantageous prices.<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> The Funds would also bear significant transaction costs in a forced liquidation of portfolio holdings and in connection with the redemption of their preferred shares and unwinding of tender option
bonds. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;They&#146;re portfolios of assets managed by venerable managers like BlackRock and sometimes,
unlike ETFs, unlike mutual funds, they trade at deep discounts to their objective value and </I><B><I>that discount can be corrected with the press of a button</I></B><I> and that&#146;s what we&#146;re here to do.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:14%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><I>&#147;These 10 funds that we&#146;ve nominated people to the board of, </I><B><I>if BlackRock pressed a button</I></B><I>
like we&#146;ve done before six dozen times and allowed investors to get out just at fair value, &#133;the number is staggering Andrew, it&#146;s $1.4&nbsp;billion.&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Through these statements, Mr.&nbsp;Weinstein wrongfully attempts to create an impression that collapsing the Funds&#146;
discounts to net asset value is a simple maneuver that can be effected instantaneously, like &#147;the press of a button.&#148; This is false and misleading. There is no single &#147;button&#148; that BlackRock or any other person could press to
make the $1.4&nbsp;billion that Mr.&nbsp;Weinstein is promising to investors appear. Even if the proposal put out by Mr.&nbsp;Weinstein to liquidate the Funds or to <FONT STYLE="white-space:nowrap">open-end</FONT> the Funds was pursued, the Funds
would need to successfully traverse multiple layers of contingencies, including board approval, shareholder approval and other regulatory processes. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;There isn&#146;t one word [BlackRock] said that&#146;s at all accurate.&#148;</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This statement, provided in response to a statement of BlackRock read by the interviewer, is false, as
well as misleading as it impugns BlackRock&#146;s &#147;character, integrity [and] personal reputation&#148; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> <I>See </I>Note (a)&nbsp;to Rule <FONT STYLE="white-space:nowrap">14a-9</FONT> of the Proxy Rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 15, 2024 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">
&#147;makes charges concerning improper, illegal or immoral conduct or associations, without factual foundation.&#148;<SUP STYLE="font-size:75%; vertical-align:top">3</SUP> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;The vote that BlackRock will take next month, is to count people who don&#146;t vote as if they
were BlackRock votes.&#148;</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This statement is patently false. Certain of the Funds&#146; bylaws
contain a provision that requires a majority of outstanding shares to elect trustees in a contested election. As disclosed in the applicable definitive proxy statements filed with the Commission on April&nbsp;25, 2024, abstentions and <FONT
STYLE="white-space:nowrap">broker&nbsp;non-votes,&nbsp;if</FONT> any, with respect to the election of trustees at each of these fund&#146;s 2024 annual meeting of shareholders will have the same effect as a vote against a nominee, not for an
incumbent board nominee as Mr.&nbsp;Weinstein claims. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;They&#146;re treating their shareholders in their stock versus shareholders in their <FONT
STYLE="white-space:nowrap">closed-end</FONT> fund stock like second class citizens compared to BLK.&#148;</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This statement is false, as well as misleading as it impugns BlackRock&#146;s &#147;character, integrity [and] personal
reputation&#148; and &#147;makes charges concerning improper, illegal or immoral conduct or associations, without factual foundation.&#148;<SUP STYLE="font-size:75%; vertical-align:top">4</SUP> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman; " ALIGN="justify"><I>&#147;[Larry Fink&#146;s] employees own these funds. They are rooting for the discount to go
away.&#148;</I> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">This statement is unsubstantiated and misleading. Saba provides no support for the
assertion regarding the sentiment of BlackRock employees who own shares of the Funds. Additionally, Saba&#146;s statement that &#147;[Larry Fink&#146;s] employees own these funds&#148; misleadingly makes it appear as if the Funds are owned solely by
BlackRock employees, rather than by thousands of retail investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Funds respectfully request that the Staff require Mr.&nbsp;Weinstein and Saba to: (1)&nbsp;fully comply with Rule <FONT
STYLE="white-space:nowrap">14a-9</FONT> under the Exchange Act with respect to its solicitation activities for the Funds&#146; upcoming annual meetings; and (2)&nbsp;cease making such violations of Rule <FONT STYLE="white-space:nowrap">14a-9</FONT>
in the future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">The Funds thank the Staff for their attention to this matter. Please direct any questions that you may
have with respect to the foregoing or any requests for supplemental information to Elliot J. Gluck at (212) <FONT STYLE="white-space:nowrap">728-8138.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Very truly yours, <U> </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><U>/s/ Elliot Gluck </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Elliot Gluck </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:21%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:75%; vertical-align:top">3</SUP> <I>See </I>Note (b)&nbsp;to Rule <FONT STYLE="white-space:nowrap">14a-9</FONT> of the Proxy Rules. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:75%; vertical-align:top">4</SUP> <I>Id</I>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
