SCHEDULE: Saba Capital Discloses 1.92% Stake in PIMCO Muni Fund

Saba Capital Management, L.P. and its affiliates have disclosed a 1.92% beneficial ownership stake in PIMCO California Municipal Income Fund.

Summary

• Saba Capital Management, L.P., Saba Capital Management GP, LLC, and Boaz R. Weinstein (collectively, the "Reporting Persons") have reported beneficial ownership of 1,079,027 common shares in PIMCO California Municipal Income Fund.
• This ownership represents 1.92% of the issuer's common stock outstanding.
• The percentage is calculated based on 56,136,824 shares of common stock outstanding as of October 16, 2025, as disclosed in the company's DEF 14A filed on November 4, 2025.
• The Reporting Persons hold shared voting power and shared dispositive power over all 1,079,027 shares, with no sole voting or dispositive power.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previously filed statement.
• The Reporting Persons certified that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 6

Explanation: The disclosure of a 1.92% passive stake by Saba Capital Management in PIMCO California Municipal Income Fund suggests an investment interest, which can be viewed as a minor positive signal. However, the stake is below the 5% threshold for more active engagement, and the filing itself is a routine ownership disclosure, limiting its immediate sentiment impact.

Positives

• An investment firm, Saba Capital Management, L.P., has taken a significant, albeit passive, stake in the fund, potentially indicating confidence in its value.
• The disclosure of a 1.92% stake by a known investment firm could draw attention to the PIMCO California Municipal Income Fund.

Negatives

• The filing itself does not contain explicit negative information regarding the issuer's performance or outlook.
• The stake is below the 5% threshold that typically triggers more activist interest, suggesting a passive investment approach by Saba Capital.

Risks

• The certification mentions "activities solely in connection with a nomination under Rule 14a-11," which, while standard for a 13G, indicates a potential for future engagement in director nominations, which could lead to governance challenges or proxy contests if the Reporting Persons' views diverge from current management.

Future Outlook

NA

Management Comments

• 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.
• 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.

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: Existing shareholders may view the disclosure of Saba Capital's stake as a positive signal of institutional interest, potentially leading to increased liquidity or attention for the fund.
• Management: Management of PIMCO California Municipal Income Fund will be aware of Saba Capital as a significant, though passive, shareholder, potentially influencing future communications or strategic considerations, especially given the mention of Rule 14a-11.

Key Dates

Recommendation

This filing is a routine disclosure of a passive ownership stake by an investment firm. While it indicates institutional interest, the 1.92% stake is not substantial enough to suggest an immediate catalyst for significant price movement or a change in the fund's strategic direction. Investors should continue to evaluate the fund based on its underlying performance, investment strategy, and market conditions rather than solely on this ownership disclosure.

Keywords

PIMCO California Municipal Income Fund, Saba Capital Management, Boaz R. Weinstein, Schedule 13G, beneficial ownership, common shares, municipal income fund, investment fund, passive investment, shareholder stake