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

Rhea-AI Filing Summary

On 4 Aug 2025, Saba Capital Management, L.P. and its founder Boaz Weinstein, both deemed 10 % owners of BlackRock California Municipal Income Trust (BFZ), filed a Form 4 reporting two open-market sales.

• 31 Jul 2025: 40,918 shares sold at $10.43
• 1 Aug 2025: 32,467 shares sold at $10.49

The combined 73,385 shares represent roughly 1.8 % of their prior stake and generated about $0.77 million in proceeds. Their indirect ownership declined from 4,206,503 to 4,133,118 shares, leaving them well above the 10 % threshold. No derivative activity was disclosed. While the sale size is modest relative to their remaining position, any insider disposition can be interpreted as a slight negative signal for sentiment.

Positive

• None.

Negative

• Insider selling: 10 % owner Saba Capital disposed of 73,385 shares, trimming its position by ~1.8 %.

Insights

Portfolio Manager

TL;DR: Minor trim by large holder—negative sentiment but limited impact.

The transaction equals less than 2 % of Saba’s BFZ position, suggesting routine portfolio management rather than a major vote of no confidence. With over 4.1 M shares still held, Saba remains a strategic owner capable of influencing closed-end-fund actions. The ~$10.4 sale price aligns with recent market quotes, implying no urgency to exit. Impact on liquidity is negligible given BFZ’s 3-month average volume (~150 k shares/day), but headline risk could pressure the discount-to-NAV in the short term.

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
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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).
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FAQ

How many BFZ shares did Saba Capital sell?

Saba sold 73,385 BFZ common shares across two days.

What prices were the BFZ insider sales executed at?

The shares were sold at $10.43 on 31 Jul 2025 and $10.49 on 1 Aug 2025.

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

They beneficially own 4,133,118 shares following the transactions.

Does Saba Capital remain a 10% owner of BFZ?

Yes. Even after the sale, its 4.1 M-share stake exceeds 10 % of BFZ’s outstanding shares.

Were any derivative securities involved in this Form 4?

No. The filing reports no derivative transactions; only common stock sales are listed.