0001062993-23-022709.txt : 20231218 0001062993-23-022709.hdr.sgml : 20231218 20231218084950 ACCESSION NUMBER: 0001062993-23-022709 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20231218 DATE AS OF CHANGE: 20231218 GROUP MEMBERS: BOAZ R. WEINSTEIN GROUP MEMBERS: SABA CAPITAL MANAGEMENT GP, LLC SUBJECT COMPANY: 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: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84446 FILM NUMBER: 231492346 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 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Saba Capital Management, L.P. CENTRAL INDEX KEY: 0001510281 ORGANIZATION NAME: IRS NUMBER: 800361690 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 BUSINESS PHONE: 212-542-4635 MAIL ADDRESS: STREET 1: 405 LEXINGTON AVENUE STREET 2: 58TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10174 SC 13D/A 1 formsc13da.htm FORM SC 13D/A Saba Capital Management, L.P.: Form SC 13D/A - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 7)*

 

BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

(Name of Issuer)

 

Common Shares, $0.10 par value

(Title of Class of Securities)

 

09255G107

(CUSIP Number)

Saba Capital Management, L.P.

405 Lexington Avenue

58th Floor

New York, NY 10174

Attention: Michael D'Angelo

(212) 542-4635
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

December 14, 2023

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [  ]

(Page 1 of 7 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No.  09255G107 SCHEDULE 13D/A Page 2 of 7 Pages

1
NAME OF REPORTING PERSON
Saba Capital Management, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
  (b) ☐
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7
SOLE VOTING POWER
-0-
8
SHARED VOTING POWER
1,895,619
9
SOLE DISPOSITIVE POWER
-0-
10
SHARED DISPOSITIVE POWER
1,895,619
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,895,619
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.55%
14
TYPE OF REPORTING PERSON
PN; IA

The percentages used herein are calculated based upon 13,024,822 shares of common stock outstanding as of 7/31/23, as disclosed in the company's N-CSR filed 10/5/23


CUSIP No.  09255G107 SCHEDULE 13D/A Page 3 of 7 Pages

1
NAME OF REPORTING PERSON
Boaz R. Weinstein
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
  (b) ☐
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7
SOLE VOTING POWER
-0-
8
SHARED VOTING POWER
1,895,619
9
SOLE DISPOSITIVE POWER
-0-
10
SHARED DISPOSITIVE POWER
1,895,619
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,895,619
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.55%
14
TYPE OF REPORTING PERSON
IN

The percentages used herein are calculated based upon 13,024,822 shares of common stock outstanding as of 7/31/23, as disclosed in the company's N-CSR filed 10/5/23


CUSIP No.  09255G107 SCHEDULE 13D/A Page 4 of 7 Pages

1
NAME OF REPORTING PERSON
Saba Capital Management GP, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
  (b) ☐
3
SEC USE ONLY
 
4
SOURCE OF FUNDS
OO (see Item 3)
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7
SOLE VOTING POWER
-0-
8
SHARED VOTING POWER
1,895,619
9
SOLE DISPOSITIVE POWER
-0-
10
SHARED DISPOSITIVE POWER
1,895,619
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,895,619
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.55%
14
TYPE OF REPORTING PERSON
OO

The percentages used herein are calculated based upon 13,024,822 shares of common stock outstanding as of 7/31/23, as disclosed in the company's N-CSR filed 10/5/23


CUSIP No.  09255G107 SCHEDULE 13D/A Page 5 of 7 Pages

Item 1. SECURITY AND ISSUER
   
  This Amendment No. 7 amends and supplements the statement on Schedule 13D filed with the SEC on 1/30/23, as Amended by Amendment No. 1 filed 5/15/23, Amendment No 2 filed 5/24/23, Amendment No. 3 filed 6/8/23, Amendment No. 4 filed 8/30/23, Amendment No. 5 filed 9/28/23, and Amendment No. 6 filed 10/25/23; with respect to the common shares of BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND. This Amendment No. 7 amends Items 3, and 5, as set forth below.

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
  Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $21,185,116 was paid to acquire the Common Shares reported herein.

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
(a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 13,024,822 shares of common stock outstanding as of 7/31/23, as disclosed in the company's N-CSR filed 10/5/23
                    
(b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
   
(c) The transactions in the Common Shares effected since the Schedule 13D/A filing on 10/25/23 by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference
                   
(d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.
   
(e) Not applicable.


CUSIP No.  09255G107 SCHEDULE 13D/A Page 6 of 7 Pages

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date:  December 18, 2023

  SABA CAPITAL MANAGEMENT, L.P.
 
By:  /s/ Michael D'Angelo
  Name: Michael D'Angelo
Title: Chief Compliance Officer
   
   
  SABA CAPITAL MANAGEMENT GP, LLC
 
By:  /s/ Michael D'Angelo
Name: Michael D'Angelo
Title: Authorized Signatory
   
   
  BOAZ R. WEINSTEIN
 
By:  /s/ Michael D'Angelo
  Name: Michael D'Angelo
  Title: Attorney-in-fact*
 
 
* Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823
 


CUSIP No.  09255G107 SCHEDULE 13D/A Page 7 of 7 Pages

Schedule A

This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 10/25/23.  All transactions were effectuated in the open market through a broker.

Trade Date Buy/Sell Shares Price
10/30/2023 Buy 34,795 9.94
11/1/2023 Buy 2 10.34
11/3/2023 Buy 1,000 10.49
11/7/2023 Buy 3,581 10.40
11/7/2023 Buy 8,097 10.50
11/8/2023 Buy 4,524 10.56
11/9/2023 Buy 13,680 10.57
11/10/2023 Buy 21,098 10.63
11/30/2023 Buy 257 11.24
12/1/2023 Buy 2,392 11.39
12/7/2023 Buy 969 11.27
12/7/2023 Buy 23,056 11.35
12/8/2023 Buy 4,280 11.36
12/11/2023 Buy 53 11.35
12/13/2023 Buy 9,259 11.36
12/14/2023 Buy 13,778 11.54