Saba Capital and Boaz Weinstein Report 5.18% Holding in Eaton Vance (CEV)

Rhea-AI Filing Summary

Eaton Vance California Municipal Income Trust (CEV) is the subject of Amendment No. 9 to a Schedule 13D/A filed by Saba Capital Management, Saba Capital Management GP, LLC and Boaz R. Weinstein. The Reporting Persons jointly disclose beneficial ownership of 364,458 common shares, equal to 5.18% of the class based on 7,033,575 shares outstanding as disclosed by the issuer. The filing states approximately $3,941,144 was paid to acquire the reported shares, with funds coming from investor subscriptions, capital appreciation and margin borrowings. The Reporting Persons report shared voting and dispositive power over the shares and list Item 4 (purpose) as Not Applicable. The amendment updates Items 3, 5 and 7 and incorporates open-market transactions in Schedule A.

Positive

• Material stake disclosed: Reporting Persons beneficially own 364,458 shares, representing 5.18% of the outstanding common shares.
• Purchase detail provided: The filing reports approximately $3,941,144 paid to acquire the reported shares and discloses sources of funds.

Negative

• No stated purpose: Item 4 is listed as Not Applicable, so the Reporting Persons did not disclose any strategic intent or plans regarding the position.
• Shared, not sole, authority: The Reporting Persons report shared voting and dispositive power and no sole voting or dispositive power, limiting clear control.

Insights

Financial Analyst

TL;DR: Saba and affiliates report a material 5.18% stake (364,458 shares) in CEV, but no stated strategic purpose limits interpretation.

The reported position of 364,458 shares, representing 5.18% of the outstanding common shares, is a material disclosure because it crosses the 5% threshold reported in this Schedule 13D/A. The filing quantifies purchase cost (~$3.94M) and discloses sources of funds including investor subscriptions and margin borrowings. All voting and dispositive authority is reported as shared rather than sole, which constrains unilateral influence. The statement that Item 4 is "Not Applicable" means the Reporting Persons did not identify a stated purpose in the filing, limiting clarity on whether this is a passive holding or the precursor to further action. Schedule A is referenced for recent open-market trades.

Corporate Governance Expert

TL;DR: Joint ownership with shared voting and no disclosed purpose provides limited governance signal despite material stake.

The filing documents shared voting and dispositive power for the 364,458 shares and explicitly lists no contracts, arrangements or purposes related to the securities. Item 6 is marked not applicable, and Item 4 is listed as Not Applicable, indicating no declared governance intent, board proposals, or strategic demands in this amendment. From a governance perspective, the combination of a >5% holding and absence of a stated engagement plan creates uncertainty about future activism or collaborative governance efforts. The filing’s Schedule A records the open-market acquisition activity that produced the current position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Eaton Vance California Municipal Income Trust

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

27826F101

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/08/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 27826F101

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 364,458.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 364,458.00

11

Aggregate amount beneficially owned by each reporting person

364,458.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.18 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,033,575 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/28/25.

SCHEDULE 13D

CUSIP No. 27826F101

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 364,458.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 364,458.00

11

Aggregate amount beneficially owned by each reporting person

364,458.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.18 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,033,575 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/28/25.

SCHEDULE 13D

CUSIP No. 27826F101

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 364,458.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 364,458.00

11

Aggregate amount beneficially owned by each reporting person

364,458.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.18 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,033,575 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/28/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value
(b)	Name of Issuer: Eaton Vance California Municipal Income Trust
(c)	Address of Issuer's Principal Executive Offices: One Post Office Square, Boston, MASSACHUSETTS , 02109.
Item 1 Comment: This Amendment No. 9 amends Items 3, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $3,941,144 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	Not Applicable.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 7,033,575 shares of common stock outstanding as of 5/31/25, as disclosed in the company's N-CSRS filed 7/28/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Common Shares effected from the filing of the Schedule 13D/A on 8/5/25 by the Reporting Persons to 8/8/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not Applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 4 - Schedule A

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	08/11/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	08/11/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	08/11/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823

FAQ

How many CEV shares does Saba Capital report owning?

The Reporting Persons report ownership of 364,458 shares of CEV common stock.

What percentage of CEV does the reported position represent?

The reported position represents 5.18% of the common shares based on 7,033,575 shares outstanding as disclosed in the filing.

How much was paid to acquire the reported CEV shares?

The filing states approximately $3,941,144 was paid to acquire the shares reported in the Schedule 13D/A.

Did the Reporting Persons disclose a purpose for acquiring CEV shares?

No. Item 4 of the Schedule 13D/A is listed as Not Applicable, so no purpose was disclosed in this amendment.

What voting and dispositive powers do the Reporting Persons have over the CEV shares?

The Reporting Persons report 0 sole voting power and 364,458 shared voting power, and 0 sole dispositive power with 364,458 shared dispositive power.