Form 4: Wells Fargo Subsidiary Disposes of BlackRock California Municipal Income Trust Shares in Redemption

Wells Fargo Municipal Capital Strategies, LLC, a subsidiary of Wells Fargo & Company, disposed of 1,713 variable rate muni term preferred shares of BlackRock California Municipal Income Trust due to a redemption by the issuer.

Summary

• Wells Fargo & Company, along with its subsidiary Wells Fargo Municipal Capital Strategies, LLC, filed a Form 4 with the SEC.
• The filing reports the disposition of 1,713 variable rate muni term preferred shares (VMTP Shares) of BlackRock California Municipal Income Trust (BFZ) by Wells Fargo Municipal Capital Strategies, LLC.
• The shares were disposed of on September 27, 2024, as a result of a redemption by the issuer.
• The redemption price was $100,303.25137 per share, which includes a liquidation preference of $100,000.00 per share and accrued dividends of $303.25137 per share.
• Wells Fargo holds an indirect interest in the securities through its ownership of Wells Fargo Municipal Capital Strategies, LLC.

Sentiment

Score: 5

Explanation: The document reports a standard transaction (redemption of shares). It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Industry Context

This announcement reflects routine transactions related to investment portfolio management within the municipal bond market. Redemptions are a normal part of the lifecycle of closed-end funds like BlackRock California Municipal Income Trust.

Stakeholder Impact

• The redemption may have a minor impact on the fund's asset base, potentially affecting shareholders through slight changes in net asset value.

Key Dates