UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
| Filed by the Registrant ☒ | ||
| Filed by a Party other than the Registrant ☐ | ||
| Check the appropriate box: |
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| ☐ Preliminary Proxy Statement
☐ Definitive Proxy Statement |
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| ☒ Definitive Additional Materials | ||
| ☐ Soliciting Material Pursuant to § 240.14a-12 | ||
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| ☒ | No fee required. | |
| ☐ | Fee paid previously with preliminary materials. | |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. | |
Your vote matters BlackRock California Municipal Income Trust (NYSE: BFZ) Outperformance1 #1 Performing Municipal closed-end fund in 2023 16% Return on market price (approximate) in 2023, outperforming 100% of all municipal closed-end funds—including all California municipal funds Monthly Tax-Exempt Income2 10.4% Tax equivalent yield 50% Increase in monthly distributions since January 2023 The future of your long-term investment depends on you At this year’s upcoming Annual Meeting on June 17, we are asking all BFZ shareholders to make their voices heard and protect their investment. An activist hedge fund, Saba Capital Management L.P. (“Saba”), is trying to fire BlackRock as your Fund’s investment advisor and install its own Board members, which may potentially change your Fund’s strategy and its ability to deliver the consistent, stable income you rely on. Vote on the enclosed white proxy card today: “FOR” BlackRock Board nominees “AGAINST” Saba’s proposal to terminate the investment management agreement BlackRock brings best-in-class expertise and deep experience as investment advisor BlackRock is a leader in Municipal bond investing with $185 billion in Municipal Assets Under Management, including $20 billion in closed-end Municipal funds. BlackRock Municipal CEFs leverage a team of 53 dedicated Municipal professionals with an average 23+ years of investment experience4 Management fee ranks in the 1st quartile relative to peers3 Voluntarily repurchased over $21 million of shares, adding over $3.3 million to BFZ’s net asset value since inception4 1. Morningstar data as of March 31, 2024. 2. Morningstar data as of March 31, 2024. Assumes a federal tax rate of 37.00% and a California tax rate of 13.30% for a total combined rate of 50.30% 3. Broadridge data as of 12/31/2023. Peer group reflects Broadridge Expense Group for BFZ 4. BlackRock data as of March 31, 2024 Blackrock®
Your Board is under attack by a self-serving activist hedge fund. Protect your long-term investment by voting for your board-recommended nominees on the enclosed white card Your BlackRock Board nominees up for election J. Phillip Holloman Former President and Chief Operating Officer of Cintas Corporation and director of PulteGroup, Inc. and Rockwell Automation Inc. Catherine A. Lynch, CFA Former Chief Executive Officer and Chief Investment Officer of the National Railroad Retirement Investment. Board Director for PennyMac Mortgage Investment Trust Arthur P. Steinmetz Former Chairman, Chief Executive Officer and President of the Oppenheimer Funds, Inc. Former Director of ScotiaBank (U.S.) Your Board delivers: Experience Actions to protect all shareholders Business & governance expertise Execution for the long term Diversity Blackrock®
Vote for your Trustees on the enclosed white proxy card BlackRock California Municipal Income Trust (NYSE: BFZ) Please do NOT send back any proxy card you may receive from Saba We ask that all shareholders vote on the enclosed white proxy card to preserve your Fund: “FOR” BlackRock Board nominees “AGAINST” Saba’s proposal to terminate the investment management agreement with BlackRock How do I vote? Vote online Using the website provided on your enclosed white proxy card and following the simple instructions www.proxyvote.com Vote by phone By calling the toll-free number on your enclosed white proxy card and following the simple instructions Vote by mail By completing and returning your enclosed white proxy card in the postage paid envelope provided. If you have any questions about the proposal to be voted, please feel free to contact Georgeson LLC (“Georgeson”), toll free at 1-866-529-0071. Blackrock®
Important information about the Fund
This material
is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock California
Municipal Income Trust (BFZ). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by
BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities.
Common shares
for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions. The information for
this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.
Performance results reflect
past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund’s
shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.
© 2024 BlackRock, Inc. or its
affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners.
May
2024 | BlackRock California Municipal Income Trust (BFZ)
Not FDIC Insured • May Lose Value • No Bank Guarantee
BFZ_2024_FL1
Blackrock®