BlackRock CA Muni Income Trust Insider Trims Position, Still 10% Owner

Rhea-AI Filing Summary

Form 4 filing (BFZ) — insider activity

Saba Capital Management, L.P. and founder Boaz Weinstein, both classified as 10% owners of BlackRock California Municipal Income Trust, reported two open-market sales totalling 107,686 common shares.

• 22 Jul 2025: 44,878 shares sold at $10.48
• 23 Jul 2025: 62,808 shares sold at $10.44

After the dispositions, the reporting persons retain 4,392,640 shares, implying the divestiture reduced their stake by roughly 2.4 %.

No derivative securities were involved and the group remains a significant (>10 %) holder. The transactions may reflect routine portfolio rebalancing rather than a fundamental shift, but investors often monitor such insider sales for sentiment clues.

Positive

• None.

Negative

• Insider sales: A 10 % owner trimmed 107,686 shares, potentially signaling reduced confidence or liquidity needs.

Insights

Portfolio Manager

TL;DR: Activist Saba trims ~2.4 % of BFZ stake; still >10 % holder—signal mildly negative but not thesis-changing.

Saba Capital and Boaz Weinstein pared 107.7k BFZ shares at ~$10.46, bringing holdings to 4.39 m. The reduction is immaterial to NAV and does not alter control status; however, insider sales from a high-profile activist can pressure sentiment in thinly traded closed-end funds. The modest size suggests liquidity management rather than exit. Impact to existing holders: limited unless sales continue.

Corporate Governance Analyst

TL;DR: Insider sales by 10 % owner warrant monitoring; corporate control unchanged.

The filing shows compliance with Section 16 and confirms Saba remains above the 10 % threshold, preserving its ability to influence governance matters. No red flags on disclosure quality. Investors should watch future Forms 4 for pattern shifts that could foreshadow proxy activity or an eventual exit.

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).

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)
07/22/2025

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	07/22/2025		S		44,878	D	$10.48	4,455,448	I	-
Common Stock	07/23/2025		S		62,808	D	$10.44	4,392,640	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	07/24/2025
	Boaz Weinstein	07/24/2025
	** 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.

FAQ

How many BFZ shares did Saba Capital sell?

The Form 4 reports 107,686 shares sold over 22–23 July 2025.

At what prices were the BFZ shares sold?

Sales occurred at $10.48 and $10.44 per share.

What is Saba Capital's remaining BFZ position after the sales?

Post-transaction, Saba still holds 4,392,640 shares indirectly.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Despite the sales, the firm remains above the 10 % ownership threshold.

Were any derivative securities involved in the transaction?

No; only common shares were reported, with no derivatives listed in Table II.