<SEC-DOCUMENT>0001193125-23-182100.txt : 20230706
<SEC-HEADER>0001193125-23-182100.hdr.sgml : 20230706
<ACCEPTANCE-DATETIME>20230705183757
ACCESSION NUMBER:		0001193125-23-182100
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230706
DATE AS OF CHANGE:		20230705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		IRS NUMBER:				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:		231071412

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d495678ddefa14a.htm
<DESCRIPTION>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
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<TITLE>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp; &#9746;</TD>
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<TD VALIGN="top" COLSPAN="3">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp; &#9744;</TD></TR>
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<TD HEIGHT="6" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.50em; font-size:10pt; font-family:Times New Roman">Check the appropriate box:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.50em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8195;&#8194;&#8201;&#8201;Preliminary Proxy Statement</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&#9744;&#8195;&#8201;&#8201;Confidential, for Use of the Commission Only (as permitted
by Rule <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.50em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8195;&#8194;&#8201;&#8201;Definitive Proxy Statement</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.50em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">&#9746;&#8195;&#8194;&#8201;&#8201;Definitive Additional Materials</P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:6.50em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8195;&#8194;&#8201;&#8201;Soliciting Material Pursuant to &#167; <FONT
STYLE="white-space:nowrap">240.14a-12</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name of Registrant as Specified In Its Charter) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name of Person(s) Filing Proxy
Statement, if Other than the Registrant) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No fee required.</TD></TR>
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<TD VALIGN="top">Fee paid previously with preliminary materials.</TD></TR>
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<TD VALIGN="top">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules <FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></TD></TR>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Institutional Shareholder Services Recommends Preferred Shareholders Vote FOR ALL of BlackRock&#146;s </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Board Nominees for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund BFZ in Upcoming Contested Election </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>New York, July</B><B></B><B>&nbsp;5, 2023</B> &#150; BlackRock LLC (&#147;BlackRock&#148;) announced today that Institutional Shareholder Services (&#147;ISS&#148;),
a leading independent proxy advisory firm, recommended that preferred shareholders vote on the WHITE proxy card FOR ALL of the highly qualified Board Nominees of BlackRock California Municipal Income Trust (NYSE: BFZ) (the
&#147;Fund&#148;)&#151;Lorenzo A. Flores, R. Glenn Hubbard, W. Carl Kester and John M. Perlowski&#151;in connection with its upcoming annual meeting scheduled to be held on July&nbsp;11, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">In making its recommendation for the Fund&#146;s preferred shareholders to vote for the Fund Board&#146;s entire slate of Board Nominees, ISS rejected all the nominees
submitted by dissident shareholder, Saba Capital Management, L.P. (&#147;Saba&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">&#147;By endorsing BlackRock&#146;s
<FONT STYLE="white-space:nowrap">closed-end</FONT> fund&#146;s Board Nominees for BFZ, ISS recognizes the Board&#146;s continuous emphasis on and enhancements to shareholder value creation, including delivering competitive returns, consistent
dividends and fund peer outperformance. In making its voting recommendations, ISS also acknowledges that the dissident&#146;s proposed tactics would harm preferred shareholders over the long term. BFZ&#146;s directors are highly qualified and proven
stewards, and ISS&#146; voting recommendations underscore why they should be elected, in part to continue protecting the best interests of all shareholders,&#148; said R. Glenn Hubbard, Chair of the Board of BlackRock
<FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Important statements by ISS in issuing its voting recommendation FOR the Board Nominees of BFZ in lieu of
Saba&#146;s nominees include: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>The Fund Has Consistently Delivered Competitive Returns and Outperformed Peers </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;BFZ&#133; has delivered positive returns and simultaneously outperformed peers as well as the benchmark index since
the unaffected date.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133;the board does deserve credit for proactively attempting to manage the NAV discount&#133; BFZ did fare better
than peers over all measurement periods.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;Distributions have also remained competitive&#133; and there are no apparent concerns with the expense
structure.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;The quality of distributions has been strong over the past five fiscal years (and into 2023), in that they have
derived entirely from net investment income and net realized gain, rather than from a return of capital.&#148; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>The Board Has Taken Proactive
Measures to Create Value for All Fund Shareholders </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133;the board historically attempted to manage the NAV discount&#133; BFZ has also conducted regular share
repurchases&#133; the board deserves credit for these proactive measures&#133;&#148; </P></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133;BFZ&#146;s distribution yield has been comparable to the peer median for the past several years.&#148;
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Saba&#146;s Tactics Will Shrink the Fund and Disadvantage Shareholders Over the Long Term </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">1 </P>


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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133;the fund&#146;s preferred shareholders&#133; are likely to prioritize the fund&#146;s ability to continue to
pay dividends on the preferred shares, and may understandably be concerned about any actions taken in response to a dissident campaign that would have the effect of shrinking the fund&#146;s size and thereby reducing its capacity to continue making
such payments&#133; preferred shareholders could be disadvantaged.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;The above factors&#133; ultimately paint a picture that is arguably more positive than it is negative&#133; the
dissident is not considered to have established a case for change, and support for the incumbent directors is warranted.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>YOUR VOTE MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>VOTE FOR ALL BOARD
NOMINEES ON THE <U>WHITE</U> PROXY CARD TODAY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Please do NOT send back any gold proxy card you may receive from Saba as this will cancel your prior vote for the
Board Nominees. Please do NOT send back the gold card, even to vote AGAINST Saba&#146;s proposals for any of the contested elections. Only your latest dated proxy will count at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">If you have already sent back the gold proxy card you received from Saba, you can still change your vote by promptly completing, signing, dating and returning the
<B>WHITE</B> proxy card, which will replace the proxy card you previously completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">If you have any questions about the nominees or proposals to be voted on,
please call Georgeson LLC, the firm assisting us in the solicitation of proxies, toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-628-6023.</FONT></FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">The Fund&#146;s letters, proxy statements and proxy cards for the annual meeting of BFZ shareholders to be held on July&nbsp;11, 2023, is available at <FONT
STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0563c1"><U><FONT STYLE="white-space:nowrap">https://www.proxy-direct.com/blk-33356</FONT></U></FONT><FONT STYLE="font-family:ARIAL">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>About BlackRock </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">BlackRock&#146;s purpose is to help more and more people
experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For
additional information on BlackRock, please visit <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0563c1"><U>www.blackrock.com/corporate</U></FONT><FONT STYLE="font-family:ARIAL"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Availability of Fund Updates </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">BlackRock will update performance and certain
other data for the Funds on a monthly basis on its website in the <FONT STYLE="white-space:nowrap">&#147;Closed-end</FONT> Funds&#148; section of <FONT STYLE="font-family:ARIAL; font-size:11pt" COLOR="#0563c1"><U>www.blackrock.com</U></FONT><FONT
STYLE="font-family:ARIAL"> as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about
the Funds. This reference to BlackRock&#146;s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock&#146;s website in this release. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">This press release, and other statements that
BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">
Fund&#146;s or BlackRock&#146;s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as
&#147;trend,&#148; &#147;potential,&#148; &#147;opportunity,&#148; &#147;pipeline,&#148; &#147;believe,&#148; &#147;comfortable,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;current,&#148; &#147;intention,&#148; &#147;estimate,&#148;
&#147;position,&#148; &#147;assume,&#148; &#147;outlook,&#148; &#147;continue,&#148; &#147;remain,&#148; &#147;maintain,&#148; &#147;sustain,&#148; &#147;seek,&#148; &#147;achieve,&#148; and similar expressions, or future or conditional verbs such
as &#147;will,&#148; &#147;would,&#148; &#147;should,&#148; &#147;could,&#148; &#147;may&#148; or similar expressions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">BlackRock cautions that forward-looking
statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking
statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical
performance: (1)&nbsp;changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a
Fund&#146;s net asset value; (2)&nbsp;the relative and absolute investment performance of a Fund and its investments; (3)&nbsp;the impact of increased competition; (4)&nbsp;the unfavorable resolution of any legal proceedings; (5)&nbsp;the extent and
timing of any distributions or share repurchases; (6)&nbsp;the impact, extent and timing of technological changes; (7)&nbsp;the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of
government agencies relating to a Fund or BlackRock, as applicable; (8)&nbsp;terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local
financial and capital markets, specific industries or BlackRock; (9)&nbsp;BlackRock&#146;s ability to attract and retain highly talented professionals; (10)&nbsp;the impact of BlackRock electing to provide support to its products from time to time;
and (11)&nbsp;the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Annual and
Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (&#147;SEC&#148;) are accessible on the SEC&#146;s website
at<B>&nbsp;<FONT STYLE="font-family:ARIAL" COLOR="#0563c1"><U>www.sec.gov</U></FONT></B><B></B>&nbsp;and on BlackRock&#146;s website at<B>&nbsp;<FONT STYLE="font-family:ARIAL" COLOR="#0563c1"><U>www.blackrock.com</U></FONT></B>, and may discuss
these or other factors that affect the Funds. The information contained on BlackRock&#146;s website is not a part of this press release. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Source </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">BlackRock <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Contacts
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Office: +1 646 310 0852 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">GroupCorpCommsAMRS@blackrock.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right">3 </P>

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