CEV: Saba Capital files 13D/A showing major 8 % ownership

Rhea-AI Filing Summary

Amendment No. 7 to Schedule 13D filed on 06/30/2025 reveals that Saba Capital Management, L.P., its general partner Saba Capital Management GP, LLC, and portfolio manager Boaz R. Weinstein (together, the “Reporting Persons”) now beneficially own 565,481 common shares of Eaton Vance California Municipal Income Trust (ticker CEV), representing 8.04 % of the fund’s outstanding shares (7,033,575 as of 12/30/24).

• Voting/Dispositive power: All shares are held with shared voting and shared dispositive power; none are held solely.
• Cost basis: Approximately $6.11 million was paid to acquire the position, funded through investor subscriptions, capital appreciation and ordinary-course margin borrowings.
• Amended items: The filing updates Items 3 (Source of Funds), 5 (Interest in Securities) and 7 (Exhibits).

The Reporting Persons have not stated a specific purpose for the investment (Item 4 marked “Not Applicable”) and report no related contracts, arrangements or legal proceedings. Transactions executed within the 60-day window preceding 06/27/2025 are detailed in Schedule A (not included in the excerpt).

This 13D (rather than a passive 13G) formally discloses an ownership level above the 5 % threshold, giving Saba Capital the status of an “insider” under Section 13 of the Exchange Act and providing it the ability to influence corporate actions subject to future disclosures.

Positive

• Institutional accumulation: Saba Capital’s 8.04 % stake signals meaningful outside interest in CEV.
• Capital commitment: Roughly $6.1 million invested, providing liquidity and potential support for the share price.

Negative

• Unclear intentions: Item 4 lists no purpose, leaving investors without guidance on Saba’s strategic objectives.

Insights

Financial Analyst

TL;DR: Saba Capital now holds 8.0 % of CEV; $6.1 m invested, no stated agenda, but 13D filing may indicate potential activism.

Impact assessment: The disclosure is potentially impactful because ownership above 5 %—especially via a 13D—gives the holder leverage to influence distribution policy, leverage levels or possible tender offers that could narrow the fund’s discount to NAV. The stake cost of roughly $6.1 m suggests an average price near $10.80 per share, implying Saba accumulated shares in size without sole control. However, the absence of an articulated purpose tempers immediate conclusions. Investors should monitor subsequent filings or public statements for indication of strategy, as further action (e.g., proxy proposals) would materially affect valuation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

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)

06/27/2025

(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 565,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 565,481.00

11

Aggregate amount beneficially owned by each reporting person

565,481.00

12

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

13

Percent of class represented by amount in Row (11)

8.04 %

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 12/30/24, as disclosed in the company's DEF 14A filed 1/27/25.

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 565,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 565,481.00

11

Aggregate amount beneficially owned by each reporting person

565,481.00

12

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

13

Percent of class represented by amount in Row (11)

8.04 %

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 12/30/24, as disclosed in the company's DEF 14A filed 1/27/25.

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 565,481.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 565,481.00

11

Aggregate amount beneficially owned by each reporting person

565,481.00

12

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

13

Percent of class represented by amount in Row (11)

8.04 %

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 12/30/24, as disclosed in the company's DEF 14A filed 1/27/25.

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. 7 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 $6,114,949 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 12/30/24, as disclosed in the company's DEF 14A filed 1/27/25.
(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 by the Reporting Persons within the past sixty days prior to 6/27/25, 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 2 - 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:	06/30/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	06/30/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	06/30/2025

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 now own?

The filing states 565,481 common shares are beneficially owned.

What percentage of CEV’s outstanding shares does this represent?

The stake equals 8.04 % of the 7,033,575 shares outstanding as of 12/30/24.

How much did Saba Capital spend to acquire its CEV position?

Approximately $6,114,949 was paid in total.

Does the Schedule 13D disclose Saba Capital’s plans for CEV?

No. Item 4 is marked “Not Applicable,” providing no specific strategic purpose at this time.

Who are the reporting persons in this filing?

They are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein.