Blackrock Muni New York Intermediate Duration Fund
Filed: 14 Jun 19, 5:20pm
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the Registranto
Filed by a Party other than the Registrantx
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| o | Preliminary Proxy Statement |
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| o | Definitive Proxy Statement |
| x | Definitive Additional Materials |
| o | Soliciting Material Under Rule 14a-12 |
BlackRock Muni New York Intermediate Duration Fund, Inc.
(Name of Registrant as Specified In Its Charter)
Saba Capital Management, L.P.
Boaz R. Weinstein
David Basile
Stephen J. Flanagan
Frederic Gabriel
Christopher A. Klepps
Thomas H. McGlade
Jassen Trenkow
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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June 14, 2019
SHAREHOLDERS OF THE BLACKROCK MUNI NEW YORK INTERMEDIATE DURATION FUND:
IT IS TIME TO HOLD YOUR FUND ACCOUNTABLE FOR POOR PERFORMANCE1 AND HIGH FEES!
IT IS EXTREMELY IMPORTANT THAT YOU COMPLETE, SIGN, AND RETURN YOUR FUND’S ENCLOSEDGOLDPROXY CARD.
In recent weeks, you may have noticed BlackRock Muni New York Intermediate Duration Fund ("MNE" or the "Fund") sending you letters alleging that we at Saba Capital Management, L.P. ("Saba," "we' or "us") are working towards something other than the betterment of ALL of our fellow shareholders. This is simply not the case. In fighting our proxy campaign, we believe that the board of trustees of the Fund (the "Board") is merely fighting for their own interests.
We also want to point out that the Fund’sTotal Expense Ratio was 2.41%in 2018. If you are hesitant to believe the number is really this high then go to Morningstar.com and see for yourself.2 Add to this the fact that as a result of such high expenses, the Fund only generated 3.44% of net investment income for shareholders in 2018.3
For the past five years MNE has traded at price that is on average 10% less than the actual value of its holding.4 There are simple actions MNE or its advisor, BlackRock Advisors, LLC, could take to generate a significant return for all shareholders.
We strongly believe your vote for Saba's nominees (Proposal 1) and its precatory proposal to tender for shares (Proposal 2) may allow us to fight for lower fees and better performance.
Please take a few minutes to sign, date and mail theGOLD proxy card following the instructions on the enclosed card. Please vote FOR ALL on “Proposal 1” and FOR on “Proposal 2” Your vote will help allow us to get you the value you deserve for your investment.
Sincerely,
Saba Capital Management,L.P.
Information About the Participants
Saba Capital Management, L.P. (“Saba Capital”), Boaz R. Weinstein (“Mr. Weinstein,” and together with Saba Capital, “Saba”), David Basile (“Mr. Basile), Christopher A. Klepps (“Mr. Klepps”), Thomas H. McGlade (“Mr. McGlade”), Frederic Gabriel (“Mr. Gabriel”), Jassen Trenkow (“Mr. Trenkow”) and Stephen J. Flanagan (“Mr. Flanagan,” and together with Messrs. Klepps, Basile, McGlade, Gabriel and Trenkow, the “Nominees,” and together with Saba, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of proxy to be used in connection with the solicitation of proxies from the shareholders of BlackRock New York Municipal Bond Trust(the “Fund”). All shareholders of the Fund are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying proxy card is being furnished to some or all of the Fund’s shareholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement on Schedule 14A filed by Saba with the SEC on May 28, 2019. This document is available free of charge from the sources indicated above.
_______________________
1CEF Advisors classifies 19 funds as NY Municipal Bond Funds; the 52 week average discount of these funds is 8.9% as of 6/13/2019. MNE’s 52-week average discount is -13.4%.
2 "The asset-weighted average expense ratio for active funds fell to 0.67% in 2018 from 0.71% in 2017." Morningstar. U.S. Fund-Fee Study, April 2019.
3Seethe Fund's semi-annual report, filed on May 3, 2019 with the SEC.
4Calculated based on the Fund’s daily published NAV and the closing price of its Common Shares on its primary exchange. Source: Bloomberg.