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  4. [Form 4] BLACKROCK CA MUNICIPAL INC TR Insider Trading Activity

Minor BFZ Insider Sale: Saba Capital Trims Position by 0.07 %

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

On 07/07/2025, Saba Capital Management, L.P. and its principal, Boaz Weinstein, each classified as a 10% owner of BlackRock California Municipal Income Trust (BFZ), filed a Form 4 disclosing the sale of 3,054 common shares at $10.87 per share (transaction code S). After the trade, the group continues to hold 4,655,681 shares indirectly, leaving its overall economic exposure largely intact; the sale represents roughly 0.07 % of the reported position.

No derivative transactions were reported, and all other ownership details remain unchanged. The filing was executed on 07/08/2025 by Zachary Gindes on behalf of Saba Capital and separately by Boaz Weinstein.

Positive

  • Stake largely unchanged: Insider still holds 4,655,681 shares, signalling ongoing commitment despite minor sale.

Negative

  • Insider selling event: Even though small, any disposition by a 10 % owner can raise questions about near-term outlook.

Insights

TL;DR Tiny sale (0.07 %) by a 10 % holder; overall stake and strategy appear unchanged—market impact minimal.

The Form 4 reveals a nominal disposition of 3,054 BFZ shares at $10.87 by Saba Capital and Boaz Weinstein. Post-trade ownership of 4.66 million shares suggests continued conviction. Given the scale of the trust (not provided here) versus the modest share sale, the filing is best interpreted as routine portfolio housekeeping rather than a strategic shift. Absent additional insider selling or accompanying commentary, I classify the news as neutral in valuation terms.

TL;DR De-minimis insider sale; position still >4.6 M shares, so no immediate signal for portfolio reallocation.

The reported transaction trim is immaterial relative to Saba’s remaining exposure and does not alter insider classification. Liquidity in municipal-income CEFs is thin, so even small insider trades can flag sentiment changes, yet the scale here is too minor to infer bearishness. I consider the filing not impactful for tactical positioning and will monitor only if sales accelerate.

Insider Saba Capital Management, L.P., Weinstein Boaz
Role 10% Owner | 10% Owner
Sold 3,054 shs ($33K)
Type Security Shares Price Value
Sale Common Stock 3,054 $10.87 $33K
Holdings After Transaction: Common Stock — 4,655,681 shares (Indirect, -)
Footnotes (1)
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Saba Capital Management, L.P.
(Last) (First) (Middle)
405 LEXINGTON AVENUE
58TH FLOOR
(Street)
NEW YORK NY 10174
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/07/2025 S 3,054 D $10.87 4,655,681 I -
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Saba Capital Management, L.P.
(Last) (First) (Middle)
405 LEXINGTON AVENUE
58TH FLOOR
(Street)
NEW YORK NY 10174
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Weinstein Boaz
(Last) (First) (Middle)
405 LEXINGTON AVENUE
58TH FLOOR
(Street)
NEW YORK NY 10174
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
Saba Capital Management, L.P. By: Zachary Gindes 07/08/2025
Boaz Weinstein 07/08/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many BFZ shares did Saba Capital sell on 07/07/2025?

The Form 4 shows a sale of 3,054 common shares.

What price did the insider receive for the BFZ shares?

Shares were sold at $10.87 each.

How many BFZ shares does Saba Capital own after the transaction?

Post-sale, the insider reports indirect beneficial ownership of 4,655,681 shares.

Does the filing report any derivative transactions?

No. No derivative securities were acquired or disposed of in this filing.

Why is Saba Capital considered a 10 % owner of BFZ?

Their reported holdings exceed the 10 % ownership threshold defined by SEC rules, classifying them as an insider.