BFZ: Saba Capital Sells 32,984 Shares, Retains 4.2M Stake

Form 4 filing for BlackRock California Municipal Income Trust (BFZ) reports a small insider sale by 10% owner Saba Capital Management, L.P., controlled by portfolio manager Boaz Weinstein.

Rhea-AI Filing Summary

Form 4 filing for BlackRock California Municipal Income Trust (BFZ) reports a small insider sale by 10% owner Saba Capital Management, L.P., controlled by portfolio manager Boaz Weinstein.

• Transaction: On 07/30/2025 the fund sold 32,984 common shares at $10.39.
• Remaining stake: 4,206,503 shares held indirectly after the sale; the reported block represents <1% of Saba’s position, so the firm retains its >10% ownership status.
• Filers: Saba Capital Management, L.P. and Boaz Weinstein (both checked as 10% owners); filing signed 07/31/2025 by Zachary Gindes for Saba and Weinstein individually.

No derivative positions were disclosed. The filing indicates routine portfolio adjustment rather than a large divestiture.

Positive

• None.

Negative

• Insider selling: A 10% owner trimmed its stake, which can be perceived negatively even though the amount is small.

Insights

Equity Analyst

TL;DR: Minor insider sale; neutral impact given size vs. position.

The 32.9k-share disposal equals roughly 0.8% of Saba’s 4.21 million-share stake. Because the fund manager remains a >10% holder, strategic intent appears unchanged. Closed-end fund discounts and activist pressure from Saba have historically driven pricing, so a token trim is unlikely to alter market perception. I view the event as housekeeping rather than a signal of deteriorating outlook for BFZ’s muni portfolio.

Portfolio Manager

TL;DR: Transaction immaterial; monitor if selling accelerates.

This trade frees only about $343k in proceeds—insufficient to suggest a thesis shift. Still, insider directionality matters for sentiment; sustained selling could widen BFZ’s discount. For now, the position size and >10% ownership status indicate continued engagement by Saba, who has historically sought distribution increases or buybacks in similar CEFs. I assign a neutral impact but will watch subsequent filings closely.

Insider Trade Summary

Net Seller: 32,984 shares

Net Sell 1 txn

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

Role 10% Owner | 10% Owner

Sold 32,984 shs ($343K)

Type	Security	Shares	Price	Value
Sale	Common Stock	32,984	$10.39	$343K

Holdings After Transaction: Common Stock — 4,206,503 shares (Indirect, -)

FAQ

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

How many BFZ shares did Saba Capital sell on 07/30/2025?

Saba Capital sold 32,984 shares.

What price did the insider receive for the BFZ shares?

The reported sale price was $10.39 per share.

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

The firm still indirectly holds 4,206,503 shares.

Does Saba Capital remain a 10% owner of BFZ after this transaction?

Yes, it remains above the 10% ownership threshold.

Were any derivative securities involved in the filing?

No derivative transactions or positions were reported.

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

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Accepted by SEC EDGAR 07/31/2025 - 01:47 PM 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)
07/30/2025

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	07/30/2025		S		32,984	D	$10.39	4,206,503	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	07/31/2025
	Boaz Weinstein	07/31/2025
	** 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.