BFZ: Saba Capital Sells 73K Shares, Retains 4.1M Stake

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.

Rhea-AI Filing Summary

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.

Positive

• None.

Negative

• Insider selling: 10% owner Saba Capital disposed of 73,385 BFZ shares, a potential—but modest—negative signal.

Insights

Portfolio Manager

TL;DR: 10% holder Saba trims <1.8% of stake; sentiment modestly negative but not thesis-changing.

The sales are coded "S," indicating routine market disposals, not option exercises or automatic sales. Volumes equal roughly one day of BFZ’s average trading volume, limiting market impact. Saba retains >4 million shares, so its activist influence persists. While insider selling often raises caution, the magnitude is too small to imply a bearish turn. Impact on dividend yield or NAV dynamics for this closed-end muni fund is negligible.

Insider Trade Summary

Net Seller: 73,385 shares

Net Sell 2 txns

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

Role 10% Owner | 10% Owner

Sold 73,385 shs ($767K)

Type	Security	Shares	Price	Value
Sale	Common Stock	32,467	$10.49	$341K
Sale	Common Stock	40,918	$10.43	$427K

Holdings After Transaction: Common Stock — 4,133,118 shares (Indirect, -)

FAQ

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

How many BFZ shares did Saba Capital sell?

Saba sold 73,385 shares across two transactions on 7/31/25 and 8/01/25.

What prices were the BFZ shares sold at?

Shares were sold at $10.43 and $10.49 per share.

How many BFZ shares does Saba Capital still own?

Post-transactions, Saba owns 4,133,118 BFZ shares.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Despite the sales, its position still exceeds the 10 % threshold.

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

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Accepted by SEC EDGAR 08/04/2025 - 10:10 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)
07/31/2025

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	07/31/2025		S		40,918	D	$10.43	4,165,585	I	-
Common Stock	08/01/2025		S		32,467	D	$10.49	4,133,118	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	08/04/2025
	Boaz Weinstein	08/04/2025
	** 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.