# EDGAR Filing Document

**Accession Number:** 0001137391
**File Stem:** 0001193125-25-236295
**Filing Date:** 2025-10
**Character Count:** 6628
**Document Hash:** aca239ed3fce5c105016e11be958e0a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-236295.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001193125-25-236295

**CONFORMED SUBMISSION TYPE**: DEFA14A

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
- **CENTRAL INDEX KEY:** 0001137391

**ORGANIZATION NAME:**
- **EIN:** 510409109
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** DEFA14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-10331
- **FILM NUMBER:** 251386209

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-825-2257

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**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** 

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| | |
|:---|:---|
| Filed by the Registrant ☒ |  |
| Filed by a Party other than the Registrant ☐ | Filed by a Party other than the Registrant ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Preliminary Proxy Statement | ☐ Confidential, for Use of the Commission Only (as<br>permitted by Rule 14a-6(e)(2)) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Definitive Proxy Statement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Definitive Proxy Statement |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ Definitive Additional Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☒ Definitive Additional Materials |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Soliciting Material Pursuant to § 240.14a-12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Soliciting Material Pursuant to § 240.14a-12 |

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**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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| |
|:---|
| ☒ 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. |

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![LOGO](g47232dsp002.jpg)

October 2025 BlackRock California Municipal Income Trust (BFZ) BlackRock California Municipal Income Trust (BFZ)

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![LOGO](g47232dsp003.jpg)

Determining the Surviving Fund In determining the legal, accounting and performance survivor in an investment company combination, Fund management considers specific factors in accordance with the analysis outlined in the SEC no-action letter issued August 5, 1994 to North American Security Trust ("NAST"), specifically: Investment advisers (portfolio management) Investment objectives, policies and restrictions Portfolio composition Expense structure and ratios Asset size After careful consideration of these and other factors discussed in the Fund's proxy statement, the Fund management concluded that BlackRock MuniHoldings California Quality Fund (MUC) should be the surviving fund

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![LOGO](g47232dsp004.jpg)

Premium / Discount to Net Asset Value Over the period analyzed by ISS, MUC has traded at a higher or lower valuation relative to BFZ Notably, MUC traded at a premium to NAV in 2021 Additionally, if the Reorganization is approved by shareholders, effective upon the closing of the Reorganization, the Combined Fund will adopt a discount management program ("DMP") Under the DMP, the Combined Fund will, beginning in 2026, intend to offer to purchase a minimum of 5% of its outstanding common shares, subject to the Board's discretion, at a price equal to 98% of NAV per common share via annual tender offer if the Combined Fund's common shares trade at an average daily discount to NAV of more than 10.00% during a measurement period beginning on January 1st and concluding on September 30th of each calendar year Relative Premium / Discount (%) Higher valuation for MUC Lower valuation for MUC Source: Morningstar. Time period is from 6/8/2020 to 9/30/2025

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![LOGO](g47232dsp005.jpg)

Premium / Discount to Net Asset Value As illustrated in the chart below, BFZ's discount generally coincided with sales by the largest shareholder of the Fund, Saba Capital Management ("Saba") In 2024, ISS issued a proxy voting recommendation regarding certain shareholder proposals, which included a reference to Saba's acquisition of shares and the resultant impact on BFZ's discount to net asset value, as noted in the following observations: "Last year's analysis noted that the improvement since the unaffected date had likely been driven by the presence of the dissident more than to any action undertaken by the fund" "The dissident continued to acquire shares during the interim, and messaged its intent to continue its campaign at this AGM. For these and other reasons, it therefore appears likely that the dissident has continued to have an uplifting impact on the stock" We believe ISS should be consistent in their views on purchases and sales by large shareholders like Saba Source: Morningstar, SEC Filings. Time period is from 5/30/2025 to 9/30/2025

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![LOGO](g47232dsp006.jpg)

Net Asset Value Returns BFZ and MUC are managed by BlackRock's Municipal Bond Group, leveraging the same credit research and other resources Additionally, BFZ and MUC have substantially similar investment objectives and investment strategies The table below presents the net asset value return for the one-, three- and five-year periods ended June 6, 2025, and from the unaffected date through August 29, 2025 BFZ and MUC generally outperformed the Morningstar Group over each time period BFZ MUC Morningstar Group1 1 YR - 06/06/2025 -4.40 -4.52 -5.06 3 YR - 06/06/2025 -0.40 -1.22 -1.03 5 YR - 06/06/2025 -1.26 -1.74 -1.83 Unaffected – 08/29/2025 0.41 0.45 0.28 Source: Morningstar 1)Median for the Morningstar US CE Muni California Long category, excluding non-leveraged funds