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

Rhea-AI Filing Summary

Insider activity: Saba Capital Management, L.P. and founder Boaz Weinstein, both >10% beneficial owners of BlackRock California Municipal Income Trust (NYSE: BFZ), disclosed two small open-market sales.

• 07-10-2025: 14,116 shares sold at $10.86.
• 07-11-2025: 14,505 shares sold at $10.78.
• Total sold: 28,621 shares (≈0.6 % of prior stake).
• Remaining position: 4,601,211 shares held indirectly after the transactions.

No derivative securities were reported and Saba Capital remains above the 10 % ownership threshold. The filing offers no commentary on the rationale, suggesting routine portfolio rebalancing rather than a strategic exit.

Positive

• None.

Negative

• Insider Sale: A 10 % owner reduced its stake, which can be interpreted as a slight negative signal despite the small size of the sale.

Insights

Securities Analyst

TL;DR: Very small insider sale; Saba Capital still owns 4.6 M BFZ shares—unlikely to move the stock materially.

The reported disposal of 28,621 BFZ shares is immaterial relative to Saba’s 4.6 million-share holding. At the reported prices, the sale value is roughly $310k, a negligible fraction of BFZ’s market capitalization and Saba’s position size. The continued >10 % stake indicates no near-term liquidation risk. Insider sales can send modestly negative signals, yet the scale here suggests routine liquidity management. I view the impact on valuation or float dynamics as neutral.

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)
07/10/2025

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	07/10/2025		S		14,116	D	$10.86	4,615,716	I	-
Common Stock	07/11/2025		S		14,505	D	$10.78	4,601,211	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	07/14/2025
	Boaz Weinstein	07/14/2025
	** 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

How many BFZ shares did Saba Capital sell in July 2025?

Saba Capital sold 28,621 BFZ common shares over two days.

At what prices were the BFZ shares sold?

Shares were sold at $10.86 on 07-10-2025 and $10.78 on 07-11-2025.

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

The firm remains an indirect holder of 4,601,211 BFZ shares.

Does Saba Capital remain a 10 % owner of BFZ after the sale?

Yes. Despite the sale, its 4.6 million-share position keeps it above 10 % ownership.

What does transaction code “S” mean in Form 4 filings?

Code “S” designates an open-market or private sale of the issuer’s equity securities.

Were any derivative securities involved in this Form 4?

No. Table II shows zero derivative transactions for the reporting persons.