<SEC-DOCUMENT>0000902664-24-002240.txt : 20240306
<SEC-HEADER>0000902664-24-002240.hdr.sgml : 20240306
<ACCEPTANCE-DATETIME>20240306172522
ACCESSION NUMBER:		0000902664-24-002240
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240306
DATE AS OF CHANGE:		20240306

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137391
		ORGANIZATION NAME:           	
		IRS NUMBER:				510409109
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-10331
		FILM NUMBER:		24727148

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Saba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001510281
		ORGANIZATION NAME:           	
		IRS NUMBER:				800361690
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
		BUSINESS PHONE:		212-542-4635

	MAIL ADDRESS:	
		STREET 1:		405 LEXINGTON AVENUE
		STREET 2:		58TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p24-1133dfan14a.htm
<DESCRIPTION>BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
<TEXT>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">Preliminary Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">Definitive Proxy Statement</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">Definitive Additional Materials</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">Soliciting Material Under Rule 14a-12</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BlackRock California Municipal Income Trust</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Saba Capital Management, L.P.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)<BR STYLE="clear: both">
</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#254;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; line-height: 85%"><FONT STYLE="font-size: 10pt; line-height: 85%">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Saba Launches Campaign to Improve the Boards
of 10 Poorly Governed and Underperforming Closed-End Funds Managed by BlackRock</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Files Lawsuit Against BlackRock ESG Capital
Allocation Term Trust for Adopting an Illegal &ldquo;Entrenchment Bylaw&rdquo; that Strips Shareholders of the Opportunity to Elect New
Directors </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Intends to Hold BlackRock and Its Hand-Picked
Board Members Accountable for Destroying Billions in Shareholder Value</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Names Incumbent Board Members <U>Cynthia
Egan</U>, <U>Frank Fabozzi</U>, <U>Robert Fairbairn</U>, <U>Lorenzo Flores</U>, <U>Stayce Harris</U>, <U>R. Glenn Hubbard</U>, <U>J. Phillip
Holloman</U>, <U>W. Carl Kester</U>, <U>Catherine Lynch</U> and <U>John Perlowski</U> as Defendants in the Lawsuit</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Nominates Seven Board Candidates with Experience
in Corporate Governance, Credit Markets, Financial Services and Other Areas Required to Help Close the Funds&rsquo; Large Discounts to
NAV</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">NEW YORK--BUSINESS WIRE--Saba Capital Management,
L.P. (together with its affiliates, &ldquo;Saba&rdquo; or &ldquo;we&rdquo;) today announced that it has nominated seven highly qualified
and independent candidates for election to the Boards of Trustees (the &ldquo;Boards&rdquo;) of 10 BlackRock closed-end funds (collectively,
the &ldquo;BlackRock Funds&rdquo; or the &ldquo;CEFs&rdquo;) at their respective 2024 Annual Meetings of Shareholders (the &ldquo;2024
Annual Meetings&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Additionally, Saba filed a lawsuit today in
the United States District Court for the Southern District of New York (the &ldquo;Court&rdquo;) against the BlackRock ESG Capital Allocation
Term Trust (NYSE: ECAT), and all 10 incumbents to hold them accountable for adopting an illegal &ldquo;Entrenchment Bylaw&rdquo; that
deprives shareholders of their right to elect directors annually. It is notable that these directors were already found to have violated
the Investment Company Act by enacting a separate bylaw targeted at entrenching themselves in order to protect BlackRock from being held
accountable by shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Boaz Weinstein, Founder and Chief Investment
Officer of Saba, commented:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;BlackRock holds itself up as a leader
in corporate governance despite the fact that many of its funds, including the CEFs, entrench compromised trustees, hinder shareholders&rsquo;
rights and put up roadblocks when attempts are made to narrow persistent discounts to Net Asset Value (&lsquo;NAV&rsquo;). Last year,
a leading independent proxy advisory firm chastised BlackRock for its <I>&lsquo;<FONT STYLE="color: Blue"><U>abusive</U></FONT>&rsquo;
</I>governance. Saba&nbsp;also&nbsp;<FONT STYLE="color: Blue"><I><U>won a lawsuit</U></I></FONT>&nbsp;against BlackRock that should have
ended its illegal efforts to deprive shareholders of their right to vote all of their shares.&nbsp;Instead of following the Court&rsquo;s
order, BlackRock is pursuing a baseless appeal. Clearly, our work is not done.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="background-color: white">BlackRock
acts as if federal law does not apply to its CEFs by blatantly ignoring the Investment Company Act. Shareholders are repeatedly deprived
of their lawful voting rights, while directors avoid accountability for their own governance and performance failures.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Under the Entrenchment Bylaw, any share not
voted in a contested election is counted as a vote for BlackRock. <FONT STYLE="background-color: white">Dear reader, your eyes do not
deceive you &ndash; yes, that&rsquo;s how BlackRock believes elections ought to be decided when their directors are challenged. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The case for immediate change at the Blackrock
Funds is clear. This is why we have filed a lawsuit to protect shareholder rights and nominated slates of highly qualified and independent
candidates for election to the BlackRock Funds&rsquo; Boards at the 2024 Annual Meetings. Our nominees have a plan to enact changes that
will return the funds to their full NAV &ndash; just like we have successfully done in dozens of prior campaigns. We believe that executing
on our plan will deliver a staggering $1.3 billion gain from current prices across 10 CEFs for shareholders. Last year, I made a similar
comment about the value trapped within two of the 10 CEFs at an industry conference where BlackRock executives were in the audience.
From the dais, I challenged BlackRock to show me how the math wasn&rsquo;t 100% accurate. I followed up with a similar offer on Twitter/X
but BlackRock remains silent, because they know it&rsquo;s true.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">BlackRock must not stand in the way of shareholders
recouping their financial losses. All BlackRock has to do is put aside its greed and self-interest and offer shareholders an exit at NAV,
just as it offers daily for the trillions of dollars it holds in the same investments across BlackRock mutual funds and ETFs.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The BlackRock Funds for which Saba has nominated
Board candidates include: the BlackRock California Municipal Income Trust (NYSE: BFZ), BlackRock Capital Allocation Term Trust (NYSE:
BCAT), BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Innovation
and Growth Term Trust (NYSE: BIGZ), BlackRock MuniHoldings New York Quality Fund (NYSE: MHN), BlackRock MuniYield New York Quality Fund
(NYSE: MYN), BlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA), BlackRock New York Municipal Income Trust (NYSE: BNY) and BlackRock
Science and Technology Term Trust (NYSE: BSTZ).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Saba&rsquo;s slate:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Athanassios Diplas</B> possesses
significant expertise in credit markets &ndash; including swaps, derivatives, risk management and trading &ndash; having served in senior
leadership roles at Deutsche Bank (including Global Head of System Risk Management and Chief Risk Officer) and Goldman Sachs &amp; Co.
over the last decade. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ilya Gurevich</B> is a retirement
planner with more than 25 years of experience in the financial services industry. He has a deep understanding of the BlackRock Funds&rsquo;
shareholder base and received a recommendation from Institutional Shareholder Services Inc. for election to the ECAT and BIGZ boards in
2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shavar Jeffries</B> is the
CEO of the KIPP Foundation and is a corporate governance expert with a 24-year career in law who has served on boards including Pzena
Investment Management, the KIPP Foundation, New Classrooms and Duke University.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>David Littlewood</B> has more
than two decades of experience in capital markets, asset management and securities trading, as well as valuable expertise in debt securities
(credit product structuring and distribution) from his time serving as Global Head of Structured Credit Products at the Royal Bank of
Scotland.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>David Locala</B> is a former
M&amp;A banker with more than 30 years of experience working in the financial services industry at Citigroup Global Markets, Deutsche
Bank and Lazard, where he advised companies on M&amp;A across the technology sector.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Jennifer Raab</B> is an executive
of various private and nonprofit organizations, including as the CEO of the New York Stem Cell Foundation Research Institute, the former
Chairperson of the New York City Landmarks Preservation Commission and the President Emerita of Hunter College.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Aptos; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Alexander Vindman</B> is a
former member of the White House&rsquo;s National Security Council who has significant experience in high-ranking roles in political and
military affairs. He is renowned for upholding sound governance principles through ethical leadership and accountability, including as
Political-Military Affairs Officer for Russia for the Chairman of the Joint Chiefs of Staff.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>About Saba Capital</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Saba Capital Management, L.P. is a global alternative
asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein,
Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba is headquartered in New York City. Learn
more at&nbsp;<FONT STYLE="color: Blue"><U>www.sabacapital.com</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>IMPORTANT INFORMATION</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; text-align: justify">Saba Capital Management, L.P. (&ldquo;Saba
Capital&rdquo;), Saba Capital Master Fund, Ltd. (&ldquo;SCMF&rdquo;), Boaz R. Weinstein (&ldquo;Mr. Weinstein,&rdquo; and together with
Saba Capital and SCMF, &ldquo;Saba&rdquo;) and the Nominees (as defined below, and together with Saba, the &ldquo;Participants&rdquo;)
intend to file definitive proxy statements and accompanying forms of proxy with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
to be used in conjunction with the solicitation of proxies from the shareholders of each of BIGZ; BCAT; ECAT; BMEZ; BFZ; BSTZ; MPA; MYN;
BNY; and MHN and together, the &ldquo;BlackRock Funds&rdquo;). Shareholders of any BlackRock Fund are advised to read the definitive
proxy statement and other documents related to the solicitation of proxies with respect to such Fund by the Participants as they become
available because they will contain important information. They will be made available at no charge on the SEC&rsquo;s website, <FONT STYLE="color: Blue"><U>http://www.sec.gov/</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 12pt; text-align: justify">The &ldquo;Nominees&rdquo; refer to (i) with
respect to BIGZ, BCAT, ECAT, BMEZ, BSTZ and MPA, Mr. Gurevich, Mr. Jeffries, Ms. Raab, Mr. Diplas, Mr. Littlewood, Mr. Locala and Mr.
Vindman; (ii) with respect to BFZ, Mr. Gurevich and Mr. Jeffries; (iii) with respect to MYN, Ms. Raab and Mr. Vindman; (iv) with respect
to BNY, Mr. Gurevich and Ms. Raab; and (v) with respect to MHN, Mr. Jeffries and Ms. Raab.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Information about any direct or indirect interests
by security holdings or otherwise of the Participants is contained in Exhibit 1 to the Form DFAN14A filed with respect to each of the
BlackRock Funds by Saba Capital with the SEC on February 21, 2024. This document is available free of charge from the source indicated
above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Contacts</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Longacre Square Partners</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Greg Marose / Kate Sylvester, 646-386-0091</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>gmarose@longacresquare.com</U>&nbsp;/ <U>ksylvester@longacresquare.com</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Boaz Weinstein tweeted the following: &ldquo;We choose to go to the moon.
We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard, because that
goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept,
one we are unwilling to postpone, and one which we intend to win, and the others, too. @BlackRock&rdquo;</P>


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