PIMCO California Municipal Income Fund (PCQ) gets 1.92% stake filing by Saba

Rhea-AI Filing Summary

Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein filed an amended Schedule 13G reporting beneficial ownership in PIMCO California Municipal Income Fund. They report holding 1,079,027 common shares, representing 1.92% of the fund’s common shares, based on 56,136,824 shares outstanding as of 10/16/25. The filing notes that the securities were not acquired and are not held for the purpose of changing or influencing control of the fund, but instead under a passive ownership certification.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PIMCO California Municipal Income Fund

(Name of Issuer)

Common Shares, $0.00001 par value

(Title of Class of Securities)

72200N106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 72200N106

1

Names of Reporting Persons

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

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,079,027.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,079,027.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,079,027.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.92 %

12

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 56,136,824 shares of common stock outstanding as of 10/16/25, as disclosed in the company's DEF 14A filed 11/4/25.

SCHEDULE 13G

CUSIP No. 72200N106

1

Names of Reporting Persons

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,079,027.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,079,027.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,079,027.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.92 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 56,136,824 shares of common stock outstanding as of 10/16/25, as disclosed in the company's DEF 14A filed 11/4/25.

SCHEDULE 13G

CUSIP No. 72200N106

1

Names of Reporting Persons

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

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,079,027.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,079,027.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,079,027.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.92 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages used herein are calculated based upon 56,136,824 shares of common stock outstanding as of 10/16/25, as disclosed in the company's DEF 14A filed 11/4/25.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PIMCO California Municipal Income Fund
(b)	Address of issuer's principal executive offices: 1633 Broadway, New York, NEW YORK 10019
Item 2.
(a)	Name of person filing: Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"), Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"), and Mr. Boaz R. Weinstein (together, the "Reporting Persons"). The Reporting Persons have entered into a Joint Filing Agreement, dated August 8, 2025, pursuant to which the Reporting Persons have agreed to file this statement and any subsequent amendments hereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. 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 of the forgoing persons or the Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	Citizenship: 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.
(d)	Title of class of securities: Common Shares, $0.00001 par value
(e)	CUSIP No.: 72200N106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Items 4(a) - (c) is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(b)	Percent of class: Not Applicable
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Not Applicable
	(ii) Shared power to vote or to direct the vote: Not Applicable
	(iii) Sole power to dispose or to direct the disposition of: Not Applicable
	(iv) Shared power to dispose or to direct the disposition of: Not Applicable
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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:	01/12/2026

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	01/12/2026

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	01/12/2026

Comments accompanying signature: * Pursuant to a Power of Attorney dated as of November 16, 2015

FAQ

What does the Schedule 13G/A filing for PCQ disclose about Saba Capital's stake?

The filing shows that Saba Capital Management, L.P., its general partner and Boaz R. Weinstein beneficially own 1,079,027 common shares of PIMCO California Municipal Income Fund (PCQ), equal to 1.92% of the fund’s outstanding common shares.

How large is Saba Capital’s percentage ownership in PIMCO California Municipal Income Fund (PCQ)?

The reporting persons state that they beneficially own 1.92% of PCQ’s common shares, calculated using 56,136,824 shares outstanding as of 10/16/25, as referenced from the fund’s DEF 14A.

Who are the reporting persons in this PCQ Schedule 13G/A filing?

The reporting persons are Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein. They entered into a Joint Filing Agreement to file this Schedule 13G and any amendments jointly.

Is Saba Capital’s position in PCQ reported as passive or for control purposes?

The certification states that the securities were not acquired and are not held for the purpose or effect of changing or influencing control of the issuer, and are not part of a control-related transaction, other than activities solely in connection with a nomination under Rule 14a-11.

What class of securities in PCQ is reported in this Schedule 13G/A?

The filing covers Common Shares of PIMCO California Municipal Income Fund, with a par value of $0.00001 per share and CUSIP 72200N106.

What is the event date that triggered this amended Schedule 13G filing for PCQ?

The date of the event requiring this statement is listed as 09/30/2025.

How is voting and dispositive power over PCQ shares allocated among the reporting persons?

Each reporting person reports 0 sole voting and dispositive power and 1,079,027 shared voting and shared dispositive power over the common shares of PCQ.