BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

Regulatory Filings • May 20, 2024

DEFA14A 1 d842460ddefa14a.htm BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

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Securities Exchange Act of 1934

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BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

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Your vote matters BlackRock California Municipal Income Trust (NYSE: BFZ) Dear Shareholder, We are reaching out to notify you of an important announcement that benefits you as a shareholder. On May 20, 2024, BlackRock California Municipal Income Trust (NYSE: BFZ): announced a distribution rate increase to 5.5% of net asset value, payable monthly (+16% relative to the prior distribution rate); and implemented a voluntary management fee waiver that will reduce fees for YOU as a shareholder and increase YOUR tax-exempt income. “We have taken these steps to support shareholders of these Funds, consistent with our goal of delivering long-term value. We are focused on enhancing returns for our closed-end fund shareholders and helping them plan for their financial futures,” said R. Glenn Hubbard, Chair of the Board of BlackRock Closed-End Funds. Defend YOUR Fund, Save YOUR Income At BFZ’s upcoming annual meeting on June 17, activist hedge fund Saba Capital Management (“Saba”) is putting your dependable, income-paying investment in jeopardy by attempting to install its own hand-picked Board nominees and fire BlackRock, the largest closed-end fund manager, as manager of the Fund. If Saba prevails, your Fund—and the consistent monthly income you rely on— will be at risk. BlackRock is fighting for YOU. Vote today on the enclosed WHITE proxy card: “FOR” the BlackRock Board nominees “AGAINST” Saba’s proposal to terminate the Fund’s investment management agreement with BlackRock Visit www.blackrock.com/defend to learn more © 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.