BFZ: Saba Capital Trims 46k Shares, Retains 4.55M – Form 4 Insight

Form 4 filed on 07/15/2025 shows that 10 % owner Saba Capital Management, L.P., represented by Boaz Weinstein, sold 46,385 common shares of BlackRock California Municipal Income Trust (BFZ) on 07/14/2025 at $10.83 per share.

Rhea-AI Filing Summary

Form 4 filed on 07/15/2025 shows that 10 % owner Saba Capital Management, L.P., represented by Boaz Weinstein, sold 46,385 common shares of BlackRock California Municipal Income Trust (BFZ) on 07/14/2025 at $10.83 per share. Following the sale, the reporting group still controls 4,554,826 shares, held indirectly, and therefore remains a >10 % beneficial owner. No derivative securities were reported. The disposition represents roughly 1 % of the filer’s prior position, indicating a modest portfolio adjustment rather than a strategic exit.

Positive

• Continued large ownership: Saba retains 4,554,826 shares, evidencing ongoing commitment and alignment with other shareholders.

Negative

• Insider share sale: Disposition of 46,385 shares may be perceived as incremental negative sentiment, albeit small in scale.

Insights

Portfolio Manager

TL;DR: Minor insider trim; >99 % stake retained—market impact likely small.

The sale equates to about 1 % of Saba’s BFZ position. Given that the fund still owns over 4.5 million shares and maintains 10 %-plus ownership, the transaction looks like routine liquidity management rather than a vote of diminished confidence. Closed-end funds often trade around NAV discounts, and activist investors such as Saba frequently adjust size without signaling major thesis changes. I view the filing as neutral for valuation.

Corporate Governance Analyst

TL;DR: Insider selling is watch-worthy but small relative to total holdings.

While insider dispositions can flag governance concerns, the magnitude here is limited. Saba and Boaz Weinstein remain aligned with shareholders through a substantial residual stake, thereby preserving incentive continuity. No accompanying narrative, 10b5-1 indication, or derivatives suggest the sale was opportunistic rather than strategic. The event does not materially alter control dynamics or raise red flags.

Insider Trade Summary

Net Seller: 46,385 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P., Weinstein Boaz

Role 10% Owner | 10% Owner

Sold 46,385 shs ($502K)

Type	Security	Shares	Price	Value
Sale	Common Stock	46,385	$10.83	$502K

Holdings After Transaction: Common Stock — 4,554,826 shares (Indirect, -)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BFZ shares did Saba Capital sell on 07/14/2025?

The Form 4 reports a sale of 46,385 common shares.

What price did the insider receive for BFZ shares?

Shares were sold at $10.83 per share.

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

The filer reports continued indirect beneficial ownership of 4,554,826 shares.

Does the sale affect Saba Capital’s 10 % owner status in BFZ?

No. Despite the sale, Saba’s holdings remain above the 10 % threshold.

Were any derivative securities involved in the insider transaction?

No derivative securities were reported in Table II of the Form 4.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/15/2025 - 10:30 AM Learn about SEC filing dates

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)
07/14/2025

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	07/14/2025		S		46,385	D	$10.83	4,554,826	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	07/15/2025
	Boaz Weinstein	07/15/2025
	** 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.