[SCHEDULE 13D/A] BLACKROCK CA MUNICIPAL INC TR SEC Filing

Rhea-AI Filing Summary

Saba Capital and affiliated filers reported a 10.79% stake in BlackRock California Municipal Income Trust (BFZ), beneficially owning 3,243,450 common shares. The position is held with shared voting and dispositive power only; no sole voting or dispositive power is reported. The Reporting Persons state approximately $35,505,007 was paid to acquire these shares, funded from investor subscriptions, capital appreciation and margin borrowings. This amendment (No. 15) updates Items 3, 5 and 7 and references open-market transactions through 9/5/2025. The filing cites 30,063,645 shares outstanding as the basis for the 10.79% calculation.

Positive

• Material 10.79% ownership (3,243,450 shares) clearly disclosed, establishing a significant investment position in BFZ
• Detailed funding disclosure indicating approximately $35,505,007 invested, which quantifies the economic commitment
• Active position management shown by open-market transactions through 9/5/2025 and an updated amendment filing

Negative

• No sole voting power is reported, which limits unilateral control despite the large ownership stake
• Use of margin borrowings to finance purchases introduces leverage-related risk for the position

Insights

Financial Analyst

TL;DR: A concentrated 10.79% position by Saba signals a material activist or investment stake with potential influence but without sole voting control.

The reported 3,243,450-share holding, representing 10.79% of BFZ, is large enough to be material to investors and could prompt engagement with management or board dialogue. The use of margin and fund capital (approximately $35.5M invested) indicates a leveraged, conviction position managed through pooled funds. Shared voting/dispositive power suggests coordination among affiliated entities rather than direct, unilateral control.

Corporate Governance Expert

TL;DR: Ownership at this level is likely to attract regulator and market attention and may influence governance discussions.

A 10.79% beneficial stake typically warrants monitoring for any proposals, requests for board engagement, or public activism. The filing discloses no sole voting power, which may limit immediate unilateral governance actions, but shared power across Saba entities can still be effective in collective engagement. The amendment updates prior disclosures and incorporates recent open-market trades, showing active position management.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)

Blackrock California Municipal Income Trust

(Name of Issuer)

Common Shares, $0.001 par value

(Title of Class of Securities)

09248E102

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/05/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09248E102

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,243,450.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,243,450.00

11

Aggregate amount beneficially owned by each reporting person

3,243,450.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.79 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 30,063,645 shares of common stock outstanding as of 8/18/25, as disclosed in the company's DEF 14A filed 9/8/25.

SCHEDULE 13D

CUSIP No. 09248E102

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,243,450.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,243,450.00

11

Aggregate amount beneficially owned by each reporting person

3,243,450.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.79 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 30,063,645 shares of common stock outstanding as of 8/18/25, as disclosed in the company's DEF 14A filed 9/8/25.

SCHEDULE 13D

CUSIP No. 09248E102

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,243,450.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,243,450.00

11

Aggregate amount beneficially owned by each reporting person

3,243,450.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.79 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 30,063,645 shares of common stock outstanding as of 8/18/25, as disclosed in the company's DEF 14A filed 9/8/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.001 par value
(b)	Name of Issuer: Blackrock California Municipal Income Trust
(c)	Address of Issuer's Principal Executive Offices: 100 Bellevue Parkway, Wilmington, DELAWARE , 19809.
Item 1 Comment: This Amendment No. 15 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $35,505,007 was paid to acquire the Common Shares reported herein.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 30,063,645 shares of common stock outstanding as of 8/18/25, as disclosed in the company's DEF 14A filed 9/8/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 9/4/25 by the Reporting Persons to 9/5/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 12 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	09/08/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/08/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/08/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

What stake did Saba Capital report in BlackRock California Municipal Income Trust (BFZ)?

The Reporting Persons disclosed beneficial ownership of 3,243,450 shares, representing 10.79% of BFZ based on 30,063,645 shares outstanding.

How much did Saba Capital pay for the BFZ shares?

The filing states approximately $35,505,007 was paid to acquire the reported shares.

Does Saba Capital have voting control over the BFZ shares?

The filing reports 0 sole voting power and 3,243,450 shares of shared voting power, indicating no unilateral voting control.

What type of funds were used to buy the BFZ shares?

Funds came from subscription proceeds from investors, capital appreciation and margin account borrowings as disclosed in Item 3.

When were the transactions that triggered this amendment executed?

The amendment incorporates open-market transactions effected from the prior Schedule 13D/A filed 9/4/2025 through 9/5/2025.