# BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST — merger/definitive [pending]
Source: SEC API (secapi.ai) · situation sit_1745cc31c1d7a445cc6c · retrieved 2026-08-11T16:10:48.135Z

## Overview
BlackRock California Municipal Income Trust is a closed-end municipal bond fund that invests in California municipal securities.

BlackRock Advisors, LLC announced the completion of the reorganization of BlackRock California Municipal Income Trust (BFZ) with and into BlackRock MuniHoldings California Quality Fund, Inc. (MUC). Common shareholders of BFZ received an amount of MUC's common shares equal to the aggregate NAV of their BFZ holdings as determined at the close of business on February 6, 2026, based on a share conversion ratio of 1.02530147. Preferred shareholders of BFZ received on a one-for-one basis MUC preferred shares in an amount equal to the aggregate preferred share liquidation preference held immediately prior to the reorganization. The reorganization is expected to be a non-taxable event. Additionally, MUC adopted a Discount Management Program for 2026 under which the fund intends to offer to repurchase a minimum of 5% of its outstanding common shares via tender offer at 98% of NAV if the fund's common shares trade at an average daily discount to NAV of greater than 10.00% during the measurement period of January 1, 2026 through September 30, 2026.

## Terms
- Counterparty: BlackRock MuniHoldings California Quality Fund, Inc. · Consideration: stock

## Key dates
- Announced 2026-02-10 · Expiry 2026-09-30

## Timeline
- 2026-02-10 · 425 (0001193125-26-043117): 425 - BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST — *BlackRock California Municipal Income Trust is a closed-end municipal bond fund that invests in California municipal securities.* BlackRock Advisors, LLC announced the completion of the reorganization of BlackRock California Municipal Income Trust (BFZ) with and into BlackRock MuniHoldings California Quality Fund, Inc. (MUC). Common shareholders of BFZ received an amount of MUC's common shares equal to the aggregate NAV of their BFZ holdings as determined at the close of business on February 6, 2026, based on a share conversion ratio of 1.02530147. Preferred shareholders of BFZ received on a one-for-one basis MUC preferred shares in an amount equal to the aggregate preferred share liquidation preference held immediately prior to the reorganization. The reorganization is expected to be a non-taxable event. Additionally, MUC adopted a Discount Management Program for 2026 under which the fund intends to offer to repurchase a minimum of 5% of its outstanding common shares via tender offer at 98% of NAV if the fund's common shares trade at an average daily discount to NAV of greater than 10.00% during the measurement period of January 1, 2026 through September 30, 2026.
  https://www.sec.gov/Archives/edgar/data/1137391/0001193125-26-043117.txt

## Citations
- 0001193125-26-043117 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526043117