Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material
June 30 2023 - 6:24AM
Edgar (US Regulatory)
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 ☐
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Check the appropriate box: |
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☐ Preliminary Proxy Statement |
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☐ Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2)) |
☐ Definitive Proxy Statement |
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☒ Definitive Additional
Materials |
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☐ 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):
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Fee paid previously with preliminary materials. |
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
14a-6(i)(1) and 0-11. |
BlackRock California Municipal Income Trust (NYSE: BFZ) Dear Valued Shareholder: Ahead of our Annual Meeting of Shareholders of BFZ on
July 11, 2023, we wanted to alert you that this is your final opportunity to vote for the future of your Fund by voting FOR the Boards Nominees on the WHITE proxy card. Your vote, no matter how many shares you own, is needed
to stop a predatory hedge fund managed by Saba Capital Management, L.P. (Saba) from taking control of your Fund and replacing the Funds independent, qualified and experienced Board members with its inexperienced and unqualified
nominees that are beholden to Saba. If elected, Sabas nominees may take actions that are harmful to the Fund and its shareholders, so that Saba may earn a profit at the expense of shareholders, like you, who rely on this Fund for consistent,
high current income and competitive returns. Sabas focus is on short-term profit and NOT on the interests of long-term shareholders. We urge you to reject Sabas self-serving agenda that could put your investment and the opportunity for
future returns at risk. Please vote to stop Saba! Vote FOR the Boards Nominees Lorenzo A. Flores, R. Glenn Hubbard, John M. Perlowski and W. Carl Kesterusing the WHITE proxy card. Please do NOT send back the gold proxy
card you may receive from Saba, as this will cancel your prior vote for the Boards Nominees. Only your latest dated proxy will count at the meeting. Your Boards qualifications and experience stand in direct contrast to Sabas three
nominees, who do not have the relevant industry or closed-end fund experience necessary to steward the Fund. We remain confident that under the leadership of the current Board members, the Fund is
well-positioned to execute its investment objective, which is to provide current income exempt from regular U.S. federal income and California income taxes. We ask that you consider the following when voting on the Boards Nominees: UNDER THE
BOARDS LEADERSHIP, YOUR FUND HAS DELIVERED STRONG PERFORMANCE AND PAYS MONTHLY TAX-EXEMPT INCOME 10.5% return year-to-date,
the top performing California Municipal fund 4.0% yield exempt from federal and California income taxes THE BOARD IS COMMITTED TO CREATING SUSTAINABLE VALUE FOR YOU AND ALL OF THE FUNDS SHAREHOLDERS $3 million in gains for shareholders
from $18 million in voluntary share repurchases since inception1 $180,000 in annual savings for shareholders via a contractual management fee reduction2
YOUR BEST-IN-CLASS BOARD NOMINEES ARE EXPERIENCED,
QUALIFIED AND DIVERSE Your Boards nominees represent a diverse slate of professionals, each with over 30 years of experience in finance, investment management or business leadership The Board is committed to ensuring that the Fund operates in
a responsible manner that protects and advances the interests of the Fund and all of its shareholders YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN VOTE ON THE WHITE PROXY CARD AND REJECT SABAS ATTEMPTED TAKEOVER TODAY. A VOTE FOR
SABAS NOMINEES COULD HAVE NEGATIVE CONSEQUENCES FOR YOUR FUND. How does the Board recommend that I vote? The Board, including the independent Board Members, unanimously recommends a vote FOR the Boards Nominees, who have
created value for all shareholders, using the WHITE proxy card. Please do NOT send back the gold proxy card you may receive from Saba, as this will cancel your prior vote for the Boards Nominees. Only your latest dated proxy will count at the
meeting. How do I vote? If you have any questions about the proposal to be voted, please feel free to contact Georgeson LLC (Georgeson), toll free at 1-866-328-5445. The proxy materials previously sent to you contain important information; please read them carefully. Copies of the Proxy Statement are available for free on the Securities and Exchange
Commissions website at www.sec.gov or by visiting WWW.PROXY-DIRECT.COM/BLK-33356 or by calling Georgeson, the Funds proxy solicitor, toll free at 1-866-328-5445. Source: Morningstar data as of April 30, 2023. (1) When BFZ repurchases its shares at a discount to NAV, those shares are retired and the Fund
keeps the difference between the NAV per share and purchase price per share, resulting in a higher NAV per share for shareholders. (2) Estimated based on managed assets as of April 30, 2023.
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