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

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 11 filed by Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein discloses a 15.15% beneficial stake in BlackRock California Municipal Income Trust (ticker: BFZ). The reporting group controls 4,554,826 common shares out of 30,063,645 shares outstanding as of May 19 2025. All voting and dispositive power over these shares is reported as shared; none is held on a sole basis.

The aggregate cost of the position is approximately $49.86 million, funded through investor subscriptions, capital appreciation, and ordinary-course margin borrowings. Items 3, 5 and 7 of the original Schedule 13D have been amended to reflect updated share counts, percentage ownership, funding sources, and the inclusion of Schedule A (recent open-market transactions within 60 days of July 14 2025).

The filing is informational only; Item 4 (Purpose of Transaction) and Item 6 (Contracts/Arrangements) state “Not Applicable,” indicating no specific corporate actions or agreements are being announced at this time. All signatories certified the accuracy of the disclosure on July 15 2025 via Michael D’Angelo, General Counsel/Authorized Signatory.

Key takeaways for investors: (i) Saba Capital—an investment manager known for event-driven strategies—now holds a sizeable, potentially influential position in BFZ; (ii) the 15.15% stake exceeds the 5% SEC reporting threshold by a wide margin, signaling sustained interest; (iii) leverage is employed through margin accounts, introducing financing risk; and (iv) the amendment provides transparency on recent trades but does not outline an activist agenda.

Positive

• Saba Capital now holds 15.15% of BFZ, a sizeable block that can influence shareholder votes.
• $49.86 million invested demonstrates strong economic commitment by an experienced event-driven manager.
• Full shared voting and dispositive power across all held shares consolidates influence within one coordinated group.

Negative

• Position financed in part with margin borrowings, introducing leverage and potential liquidity risk if markets tighten.
• No stated strategic purpose under Item 4 leaves uncertainty about future actions or value-creation plans.

Insights

Closed-End Fund Analyst

TL;DR Saba Capital owns 15.15% of BFZ, implying significant influence but no stated action.

The amended 13D shows Saba Capital, GP affiliate, and founder Boaz Weinstein collectively hold 4.55 million BFZ shares. In the closed-end fund space, a stake above 10% often precedes proxy initiatives aimed at narrowing discounts or changing leverage policy. While Item 4 is blank, the size alone is material: control of >15% can sway shareholder votes in routine matters and board elections. The $49.9 million cost basis suggests an average purchase price near $10.95, given BFZ’s recent share count, providing a reference for investors assessing entry levels. Margin financing indicates tactical flexibility but introduces volatility if credit conditions tighten. Overall, the filing is moderately positive, as an experienced event-driven manager is economically incentivized to unlock value, though no plan is yet disclosed.

Governance & Activism Specialist

TL;DR Large 13D stake increases probability of future governance engagement.

With 4.55 million shares, Saba controls a block large enough to requisition meetings under most closed-end fund bylaws. Although the amendment omits purpose statements, historical patterns show Saba often seeks tender offers or conversions to open-end structures to reduce NAV discounts. The filing amends Items 3, 5, 7 only, meaning current activity focuses on transparency of ownership and recent trades, not yet on activism. Investors should monitor upcoming DEF 14A filings and board correspondence for any shift. Leverage disclosed underscores that Saba’s economic exposure is genuine, not derivative. Impact rating: positive for potential discount-narrowing catalysts, but timing remains uncertain.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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)

07/14/2025

(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 4,554,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,554,826.00

11

Aggregate amount beneficially owned by each reporting person

4,554,826.00

12

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

13

Percent of class represented by amount in Row (11)

15.15 %

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 5/19/25, as disclosed in the company's DEF 14A filed 5/22/25.

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 4,554,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,554,826.00

11

Aggregate amount beneficially owned by each reporting person

4,554,826.00

12

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

13

Percent of class represented by amount in Row (11)

15.15 %

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 5/19/25, as disclosed in the company's DEF 14A filed 5/22/25.

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 4,554,826.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,554,826.00

11

Aggregate amount beneficially owned by each reporting person

4,554,826.00

12

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

13

Percent of class represented by amount in Row (11)

15.15 %

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 5/19/25, as disclosed in the company's DEF 14A filed 5/22/25.

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. 11 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 $49,860,219 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	ggregate 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 5/19/25, as disclosed in the company's DEF 14A filed 5/22/25.
(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 by the Reporting Persons within the past sixty days prior to 7/14/25, 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.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 8 - 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:	07/15/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	07/15/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	07/15/2025

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

How many BFZ shares does Saba Capital own?

The filing reports 4,554,826 common shares beneficially owned.

What percentage of BFZ’s outstanding shares does this represent?

The stake equals 15.15% of BFZ’s 30,063,645 shares outstanding as of May 19 2025.

How much did Saba Capital pay for its BFZ position?

Approximately $49.86 million was spent acquiring the shares.

Does the filing disclose Saba Capital’s plans for BFZ?

Item 4 cites “Not Applicable,” so no specific plans or proposals are disclosed.

Is leverage used to finance the stake?

Yes. The position is partly held in margin accounts, with the shares pledged as collateral.

Who signed the Schedule 13D/A?

General Counsel Michael D’Angelo signed on behalf of Saba entities and Boaz Weinstein on July 15 2025.