BlackRock CA Municipal Income SEC Filings

SEC Form 4 disclosure by Saba Capital Management, L.P. and reporting person Boaz Weinstein reports a transaction in BlackRock California Municipal Income Trust (BFZ) common stock coded "S". The record shows an amount "51,268" and a price of $10.59. Following the reported transaction the filing lists 3,829,150 shares beneficially owned indirectly. The reporting parties are identified as a director and a 10% owner and the form is filed by more than one reporting person.

Form 4 summary: Saba Capital Management, L.P. and Boaz Weinstein reported a sale of 21,777 shares of BlackRock California Municipal Income Trust (BFZ) on 08/11/2025 at a price of $10.59 per share. The filing shows beneficial ownership of 3,880,418 shares and identifies the reporting persons as Director and 10% owner.

Reporting persons Saba Capital, Saba GP and Boaz R. Weinstein together report beneficial ownership of 3,929,645 common shares of BlackRock California Municipal Income Trust, representing 13.07% of the outstanding common stock based on 30,063,645 shares. The filing states approximately $43,016,563 was paid to acquire these shares, funded from investor subscription proceeds, capital appreciation and ordinary margin borrowings. The reporting group discloses shared voting and dispositive power over the full position and retains rights to receive dividends and sale proceeds. The amendment updates Items 3, 5 and 7 and incorporates open-market transactions in Schedule A. No specific transaction purpose is disclosed.

Saba Capital Management, L.P. and individual reporting person Boaz Weinstein filed a Form 4 disclosing non-derivative sales of BlackRock California Municipal Income Trust common stock. The filings show a sale of 72,550 shares on 08/07/2025 at $10.61 and a sale of 27,450 shares on 08/08/2025 at $10.58. After these transactions the reporting persons are shown as indirectly beneficially owning 3,902,195 shares.

BFZ Form 4: On 5-6 Aug 2025, 10% owner Saba Capital Management LP, led by Boaz Weinstein, sold 32,498 and 67,985 BlackRock California Municipal Income Trust common shares at average prices of $10.56 and $10.59. The 100,483-share sale trims Saba’s position by about 2.5%, leaving 4,002,195 shares still held indirectly, enough to maintain 10%-plus ownership. No derivative securities were involved.

SEC Form 4 filed 08/05/2025 shows that 10% owner Saba Capital Management, L.P. (controlled by Boaz Weinstein) sold 30,440 BFZ common shares on 08/04/2025 at $10.56. After the sale the filer still indirectly holds 4,102,678 shares of BlackRock California Municipal Income Trust. No derivative security activity or other transactions were reported. The filing is a joint submission by Saba Capital and Weinstein.

Saba Capital Management, L.P., together with its GP and founder Boaz R. Weinstein, filed Amendment No. 12 to Schedule 13D disclosing a 14.1 % stake (4,239,487 common shares) in BlackRock California Municipal Income Trust (BFZ). The position, worth roughly $46.4 million, was accumulated with investor capital and ordinary-course margin borrowings. All shares are held with shared voting and dispositive power; none are held solely by the reporting parties.

The percentage ownership is based on 30,063,645 shares outstanding as stated in BFZ’s 5/22/25 proxy. Transactions occurred in the open market between the last amendment (7/15/25) and the event date (7/29/25); details are incorporated by reference in Schedule A.

Key implications for investors:

• The 14 % stake positions Saba—an activist closed-end fund specialist—to influence BFZ’s strategy, distribution policy or discount-management initiatives.
• No immediate plans or proposals were disclosed, but the size of the holding surpasses the 10 % threshold often associated with activist engagement.
• Financing via margin accounts indicates normal trading leverage, not a control transaction.

Form 4 filings dated 8/4/2025 disclose that activist investor Saba Capital Management, L.P. and its principal Boaz Weinstein—both 10% owners of BlackRock California Municipal Income Trust (BFZ)—sold shares in two open-market transactions.

• 7/31/2025: 40,918 shares sold at $10.43; post-sale holding: 4,165,585 shares.
• 8/01/2025: 32,467 shares sold at $10.49; post-sale holding: 4,133,118 shares.

The combined disposal of 73,385 shares represents roughly 1.7 % of Saba’s prior position, leaving the group with more than 4.1 million shares and continued 10 %-plus ownership. No derivative transactions were reported. The filing signals modest portfolio trimming rather than a strategic exit.