[Form 4] BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST Insider Trading Activity

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported sales of shares in BlackRock California Municipal Income Trust (BFZ). The filing shows an indirect disposition of 36,969 common shares on 09/11/2025 at $10.96 per share and 23,604 common shares on 09/12/2025 at $10.95 per share, totaling 60,573 shares sold. After these transactions, the reporting person beneficially owned 2,997,865 shares indirectly. The Form 4 is signed by representatives of Saba Capital and Boaz Weinstein on 09/15/2025, indicating the disclosure of these insider sales.

Positive

• Disclosed insider transactions in compliance with Section 16 reporting requirements
• Form 4 is signed by reporting representatives, indicating proper execution of the filing

Negative

• Indirect holder sold a total of 60,573 BFZ shares on 09/11/2025 and 09/12/2025
• Beneficial ownership decreased to 2,997,865 shares following the reported sales

Insights

Financial Analyst

TL;DR: Insider group sold 60,573 BFZ shares across two days at about $10.95, leaving ~3.0M shares held indirectly.

The transaction appears to be routine insider selling by an indirect holder, with two small block sales executed over consecutive days at nearly identical prices. The remaining indirect holding of 2,997,865 shares is substantial in absolute terms but the filing does not disclose percentage ownership of outstanding shares or any company-specific reason for the sales. There are no derivative transactions reported. Based solely on this Form 4, the sale is a disclosed change in beneficial ownership without other contextual signals.

Corporate Governance Expert

TL;DR: Reported insider dispositions are documented; nothing in the filing indicates governance issues.

The Form 4 provides transparent reporting of two dispositions by an indirect reporting person. The filing is properly executed and signed, meeting disclosure obligations. The record does not include affiliated agreements, Rule 10b5-1 plan indications, or other governance actions. Absent additional information on intent or subsequent filings, this is a standard insider sale disclosure.

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)
09/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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	09/11/2025		S		36,969	D	$10.96	3,021,469	I	-
Common Stock	09/12/2025		S		23,604	D	$10.95	2,997,865	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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/15/2025
	Boaz Weinstein	09/15/2025
	** 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 insider transactions were reported for BFZ?

The Form 4 reports indirect dispositions of 36,969 shares on 09/11/2025 at $10.96 and 23,604 shares on 09/12/2025 at $10.95, totaling 60,573 shares sold.

Who filed the Form 4 for BFZ?

The filing was submitted by Saba Capital Management, L.P. and is signed by representatives including Boaz Weinstein and Zachary Gindes on 09/15/2025.

How many BFZ shares does the reporting person own after the sales?

After the reported transactions the filing shows beneficial ownership of 2,997,865 shares, held indirectly.

Did the Form 4 report any derivative or option transactions for BFZ?

No. Table II for derivative securities contains no reported transactions; only common stock dispositions are listed.