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

Rhea-AI Filing Summary

Insiders sold shares of BlackRock California Municipal Income Trust (BFZ). Saba Capital Management, L.P. and Boaz Weinstein reported sales on 08/19/2025 and 08/20/2025 that together disposed of 59,626 common shares at prices of $10.38 and $10.35. Following these transactions the reporting persons’ indirect beneficial ownership is reported as 3,705,677 shares, down from 3,714,061 after the first sale. The filings identify the reporting parties as directors and 10% owners and show the transactions were sales (code S).

Positive

• None.

Negative

• Reporting persons disposed of 59,626 common shares across two transactions on 08/19/2025 and 08/20/2025 at prices of $10.38 and $10.35 respectively
• Indirect beneficial ownership decreased from 3,714,061 shares to 3,705,677 following the reported sales

Insights

Financial Analyst

TL;DR: Directors/10% owners made modest open-market sales totaling 59,626 shares, slightly reducing indirect holdings.

The Form 4 discloses two sales executed on 08/19/2025 and 08/20/2025 for 51,242 and 8,384 shares respectively at about $10.35–$10.38 per share. These are reported as indirect holdings by Saba Capital Management, L.P. and Boaz Weinstein, consistent with portfolio rebalancing or liquidity needs rather than an ownership change to another counterparty. The remaining indirect position is reported at 3,705,677 shares after the transactions. No derivatives, option exercises, or additional transactions are reported.

Corporate Governance Expert

TL;DR: Insiders who are directors and 10% owners disclosed routine sales; disclosure appears complete for the reported transactions.

The filing lists the reporting persons as both directors and 10% owners and provides signatures from Saba Capital Management and Boaz Weinstein dated 08/21/2025. Transactions are coded as sales and show the change in indirect beneficial ownership. The Form 4 does not indicate any related-party transfers, Rule 10b5-1 plans, or amendments. Based solely on the filing, there is no additional governance red flag beyond the disclosed sales.

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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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)
08/19/2025

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	08/19/2025		S		51,242	D	$10.38	3,714,061	I	-
Common Stock	08/20/2025		S		8,384	D	$10.35	3,705,677	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	08/21/2025
	Boaz Weinstein	08/21/2025
	** 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

What transactions were reported for BFZ in this Form 4?

The Form 4 reports two sales: 51,242 shares on 08/19/2025 at $10.38 and 8,384 shares on 08/20/2025 at $10.35.

Who filed the Form 4 for BFZ?

The reporting parties are Saba Capital Management, L.P. and Boaz Weinstein, each identified as a director and 10% owner.

What was the reported beneficial ownership after these transactions?

After the reported sales the filing shows 3,705,677 shares beneficially owned indirectly by the reporting persons.

Were any derivative securities or option transactions reported?

No. Table II for derivative securities contains no entries in this filing.

Are there signatures or dates on the Form 4?

Yes. The form is signed by representatives of Saba Capital Management and Boaz Weinstein with signature dates of 08/21/2025.