BlackRock California Municipal Income Trust Annual Meeting Certified Results Show Full Sweep by Incumbent Trustees in Contested Election

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07/18/2023 - 05:35 PM

In Reelecting All Incumbent Trustees, Shareholders Reject Dissident Nominees

NEW YORK--(BUSINESS WIRE)-- BlackRock LLC (“BlackRock”) announced today that, based on the final certified voting results of the 2023 Annual Meeting of Shareholders (the “Annual Meeting”) of BlackRock California Municipal Income Trust (NYSE: BFZ) (the “Fund”), shareholders of the Fund’s common and preferred shares voted to reelect all four BFZ Board Nominees: R. Glenn Hubbard, W. Carl Kester, Lorenzo A. Flores and John M. Perlowski. Shareholders rejected nominees submitted by dissident shareholder, Saba Capital Management, L.P.

“The certified voting results reflect the will of shareholders and serve as a mandate for the Board to continue its stewardship of the Fund. Shareholders have spoken, and the Board looks forward to serving their best interests by ensuring the Fund continues to meet its long-term investment objective, provide for consistent tax-exempt distributions and deliver long-term value through shareholder friendly initiatives,” said R. Glenn Hubbard, Chair of the Board of BlackRock Closed-End Funds.

Final Certified Voting Results

Board Nominees	For	Withheld
R. Glenn Hubbard	7,741,048	2,264,469
Lorenzo A. Flores	9,113,759	891,757
John M. Perlowski	9,119,774	885,742
W. Carl Kester*	1,713	0

*Elected solely by preferred shares voting class

These voting results have been certified by First Coast Results, Inc., the independent Inspector of Election.

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Annual and Semi-Annual Reports and other regulatory filings of the Fund with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website atwww.blackrock.com, and may discuss these or other factors that affect the Fund. The information contained on BlackRock’s website is not a part of this press release.