Form 4: Harris Stayce D. reports multiple insider transactions in BFZ

Q: What net asset values were used to calculate the BFZ share exchange?

As of February 6, 2026, BlackRock California Municipal Income Trust reported a net asset value per share of $12.0395, while BlackRock MuniHoldings California Quality Fund, Inc. reported $11.7424 per share. These NAVs were used to determine the reorganization exchange terms and resulting share amounts.

Filing Impact

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Form Type

Rhea-AI Filing Summary

Harris Stayce D. reported multiple insider transaction types in a Form 4 filing for BFZ. The filing lists transactions totaling 11 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Harris Stayce D.

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	10.7715	$0.00	$0.00

Holdings After Transaction: Common Stock — 0 shares (Direct)

Footnotes (1)

F1. Effective as of February 9, 2026 BlackRock California Municipal Income Trust (the "Target Fund") was reorganized into BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund"). In the reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on February 6, 2026 less the costs of the reorganization. As of February 6, 2026, the Target Fund reported a NAV per share of $12.0395 and the Acquiring Fund reported a NAV per share of $11.7424. The conversion ratio for the Target Fund's common shares was 1.02530147. In the reorganization, Stayce D. Harris received 11 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 10.7715 common shares of the Target Fund.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/11/2026 - 05:46 PM

FAQ

What insider transaction did BlackRock California Municipal Income Trust (BFZ) report?

The filing reports an "other" transaction where director Stayce D. Harris exchanged 10.7715 common shares of BlackRock California Municipal Income Trust for 11 common shares of BlackRock MuniHoldings California Quality Fund, Inc. as part of a fund reorganization effective February 9, 2026.

How were BFZ shares converted in the BlackRock fund reorganization?

Common shareholders of BlackRock California Municipal Income Trust received BlackRock MuniHoldings California Quality Fund, Inc. common shares equal in value to their surrendered shares’ aggregate net asset value, calculated at February 6, 2026, less reorganization costs, using a conversion ratio of 1.02530147 for the Target Fund’s common shares.

What did director Stayce D. Harris receive in the BFZ reorganization?

Stayce D. Harris received 11 common shares of BlackRock MuniHoldings California Quality Fund, Inc. in exchange for 10.7715 common shares of BlackRock California Municipal Income Trust. She also received cash for any fractional shares, and her beneficial ownership of the Target Fund’s common shares became zero after the exchange.

When did the BlackRock California Municipal Income Trust reorganization take effect?

The reorganization became effective February 9, 2026, when BlackRock California Municipal Income Trust was reorganized into BlackRock MuniHoldings California Quality Fund, Inc. Shareholders of the Target Fund then held common shares of the Acquiring Fund based on the specified conversion ratio and NAV-based exchange formula.

How many BFZ shares did the director own after the reported transaction?

After the reported transaction, director Stayce D. Harris beneficially owned 0 common shares of BlackRock California Municipal Income Trust. Her 10.7715 Target Fund shares were fully exchanged for 11 common shares of BlackRock MuniHoldings California Quality Fund, Inc. in the reorganization described in the Form 4 footnote.

What transaction code was used in the BFZ Form 4 filing?

The transaction used code "J," which denotes an "other acquisition or disposition." In this case, it reflects the non-market exchange of 10.7715 BlackRock California Municipal Income Trust common shares for 11 BlackRock MuniHoldings California Quality Fund, Inc. shares through a fund reorganization, rather than a standard buy or sell.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Harris Stayce D.

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/09/2026		J⁽¹⁾		10.7715	D	⁽¹⁾	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Effective as of February 9, 2026 BlackRock California Municipal Income Trust (the "Target Fund") was reorganized into BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund"). In the reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on February 6, 2026 less the costs of the reorganization. As of February 6, 2026, the Target Fund reported a NAV per share of $12.0395 and the Acquiring Fund reported a NAV per share of $11.7424. The conversion ratio for the Target Fund's common shares was 1.02530147. In the reorganization, Stayce D. Harris received 11 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 10.7715 common shares of the Target Fund.

	/s/ Gladys Chang as Attorney-in-Fact	02/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR