[SCHEDULE 13D/A] BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST SEC Filing

Rhea-AI Filing Summary

Saba Capital and affiliated persons report a 9.7% stake in BlackRock California Municipal Income Trust (BFZ), totaling 2,917,268 common shares. The Schedule 13D/A (Amendment No. 16) shows the holdings are shared voting and dispositive power, funded from investor subscriptions, capital appreciation and margin borrowing, with approximately $31,934,397 paid to acquire the reported shares. The percentage is calculated using 30,063,645 shares outstanding as disclosed in the issuer's DEF 14A. This amendment updates Items 3, 5 and 7 and incorporates open-market transactions through 9/16/2025 by reference to Schedule A.

Positive

• Material disclosure of ownership: Reporting Persons openly disclose a 9.7% beneficial stake (2,917,268 shares), providing transparency to investors.
• Clear funding description: Purchase price (~$31,934,397) and source of funds (investor subscriptions, capital appreciation, margin) are explicitly stated.

Negative

• No stated intentions: The filing does not disclose any specific plans, proposals, or demands related to BFZ governance or operations.
• Shared rather than sole control: Reporting Persons report shared voting and dispositive power, which may limit unilateral influence.

Insights

Financial Analyst

TL;DR: A sizeable 9.7% stake by an activist hedge manager signals potential engagement but not an outright control bid.

Saba Capital, its GP and Boaz Weinstein collectively report shared voting and dispositive power over 2,917,268 BFZ shares representing 9.7% of the class. The acquisition cost reported is approximately $31.9 million, funded by investor subscriptions and margin facilities. For investors, a near-10% stake from a fund known for active strategies is material: it may presage proposals, board engagement or changes in capital allocation, though the filing contains no explicit strategic demands.

Corporate Governance Expert

TL;DR: Ownership disclosure is material; shared voting power implies coordinated influence without sole control.

The Schedule 13D/A indicates shared voting and dispositive power rather than sole control, which suggests coordinated decision-making among the Reporting Persons. The amendment updates prior disclosures and incorporates recent open-market trades by reference. There is no disclosure in this filing of negotiations, director nominations or formal proposals, so governance actions remain speculative based on this record alone.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 16)

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)

09/16/2025

(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 2,917,268.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,917,268.00

11

Aggregate amount beneficially owned by each reporting person

2,917,268.00

12

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

13

Percent of class represented by amount in Row (11)

9.7 %

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 2,917,268.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,917,268.00

11

Aggregate amount beneficially owned by each reporting person

2,917,268.00

12

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

13

Percent of class represented by amount in Row (11)

9.7 %

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 2,917,268.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,917,268.00

11

Aggregate amount beneficially owned by each reporting person

2,917,268.00

12

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

13

Percent of class represented by amount in Row (11)

9.7 %

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. 16 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 $31,934,397 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 9/8/25 by the Reporting Persons to 9/16/25, 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 13 - 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:	09/19/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/19/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/19/2025

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 report owning?

The Reporting Persons disclose beneficial ownership of 2,917,268 shares, equal to 9.7% of outstanding common stock.

What cost did Saba Capital report for the BFZ position?

The filing states approximately $31,934,397 was paid to acquire the reported shares.

What type of power do the Reporting Persons have over BFZ shares?

They report shared voting power and shared dispositive power for the 2,917,268 shares; no sole power is reported.

What period do the transactions cover?

Transactions effected from the Schedule 13D/A filed on 9/8/2025 through the event date 9/16/2025 are included and incorporated by reference in Schedule A.

How was the outstanding share count determined for the percentage?

The percentage uses 30,063,645 shares outstanding as disclosed in BFZ's DEF 14A filed 9/8/2025.