Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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- Peter Lynch
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 4)
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Eaton Vance California Municipal Bond Fund
( EVM )
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
27828A100
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(CUSIP Number)
Paul E. Rasmussen
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402-4130
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(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 24, 2024
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(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 which is the subject of this Schedule 13D, and is filing this
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
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).
CUSIP No. 27828A100
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1 NAME OF REPORTING PERSON
Sit Investment Associates, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,763,585 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
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10 SHARED DISPOSITIVE POWER
2,763,585 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,763,585 Shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.20%
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14 TYPE OF REPORTING PERSON (See Instructions)
IA
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CUSIP No. 27828A100
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1 NAME OF REPORTING PERSON
Sit Fixed Income Advisors II, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
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7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 2,763,585 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
2,763,585 Shares
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,763,585 Shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.20%
14 TYPE OF REPORTING PERSON (See Instructions)
IA
EXPLANATORY NOTE
This Amendment No. 4 ("Amendment") amends and supplements the
statement on Schedule 13D filed on October 6, 2023, as most
recently amended by Amendment No. 3 filed on December 28, 2023
(collectively, the "Original Schedule 13D" and, as amended
by this Amendment, the "Schedule 13D"), relating to the shares
of Common Stock ("Shares)" of the Eaton Vance California
Municipal Bond Fund(the "Issuer"). Except as specifically
provided herein, each Item of the Original Schedule 13D remains
unchanged. Capitalized terms used but not otherwise defined
herein have the meanings set forth in the Original Schedule 13D.
ITEM 4 Purpose of Transaction
Item 4 of the Original Schedule 13D is hereby amended to add the following:
On January 24, 2024, the Sit Entities delivered a letter to the Issuer
expressing concern about the persistently high Net Asset Value ("NAV")
discount (the share price relative to net asset value) for the Issuer. The
Sit Entities believe that the NAV discount is the result of the Issuer's
significant underperformance versus the benchmark, increased volatility
versus the benchmark, and considerable reduction in the size of the Issuer's
monthly dividends. The Sit Entities believe that the overuse of leverage is
the primary driver of these two factors.
The Sit Entities requested that the Issuer take corrective action, including
proactive measures to reduce the NAV discount. Such action should include
providing shareholders with the opportunity to redeem shares at the Fund's
NAV. The investment adviser should refund to the Issuer any management fees
collected which were based on the value of the borrowed assets during the
periods in which the cost of borrowing exceeded the return on the Issuer's
holdings.
ITEM 5 Interest in Securities of the Issuer
Item 5 of the Original Schedule 13D is hereby amended to read as follows:
a) and b)
The aggregate percentage of Shares reported owned by Sit Entities herein
is based upon 24,672,940 Shares outstanding as of January 24, 2024, which
is the total number of Shares outstanding as reported on the Issuer's
website. As of the date hereof, the Sit Entities may be deemed to be the
beneficial owner of 2,763,585 Shares held in client accounts which
represent 11.20% of the Issuer's outstanding Shares. Each of the Sit
Entities may be deemed to have shared power to vote and dispose of such
Shares. However, none of SIA's or SFI's directors or executive officers
own Shares directly.
c) Transactions in Shares by the Sit Entities in the last 60 days are set
forth in Exhibit A.
d) The clients of SIA and SFI have the right to participate in the receipt of
dividends from, or proceeds from the sales of, the Shares held for their
respective accounts.
e) Not applicable
ITEM 7 Materials to be Filed as Exhibits
Item 7 of the Original Schedule 13D is hereby amended to add the following
exhibit:
Exhibit B: Letter from the Sit Entities to the Issuer, dated January 23,
2024.
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.
January 24, 2024
By: Sit Investment Associates, Inc.
/s/ Roger J. Sit
-----------------------------------
Name/Title: Roger J. Sit, Chairman & CEO
By: Sit Fixed Income Advisors II, LLC
/s/ Roger J. Sit
-----------------------------------
Name/Title: Roger J. Sit, Chairman & CEO
EXHIBIT A
Schedule of Transactions in Shares by Sit Entities in the last 60 days:
------------------ ------------------ ------------------ ------------------
Shares of Common
Date of Transaction Stock Purchased Price
Transaction Type /(Sold) Per Share ($)
------------------ ------------------ ------------------ ------------------
11/29/2023 BUY 14,000.00 8.7303
11/29/2023 BUY 13,406.00 8.7303
11/30/2023 BUY 20,280.00 8.7988
11/30/2023 BUY 19,400.00 8.7988
12/04/2023 BUY 8,869.00 8.8500
12/05/2023 BUY 2,100.00 8.8698
12/05/2023 BUY 12,900.00 8.8698
12/05/2023 BUY 8,200.00 8.8698
12/05/2023 BUY 8,166.00 8.8698
12/05/2023 BUY 2,000.00 8.8698
12/06/2023 BUY 500.00 8.9101
12/06/2023 BUY 6,900.00 8.9101
12/06/2023 BUY 11,117.00 8.9101
12/06/2023 BUY 29,500.00 8.9101
12/07/2023 BUY 1,800.00 8.9200
12/07/2023 BUY 11,000.00 8.9200
12/08/2023 BUY 37,572.00 8.9648
12/12/2023 BUY 99,000.00 8.9797
12/13/2023 BUY 1,700.00 9.0092
12/13/2023 BUY 1,200.00 9.0092
12/13/2023 BUY 32,100.00 9.0092
12/13/2023 BUY 26,000.00 9.0092
12/13/2023 BUY 1,000.00 9.0092
12/13/2023 BUY 15,500.00 9.0092
12/13/2023 BUY 7,700.00 9.0092
12/13/2023 BUY 600.00 9.0092
12/13/2023 BUY 4,900.00 9.0092
12/13/2023 BUY 1,500.00 9.0092
12/13/2023 BUY 6,000.00 9.0092
12/13/2023 BUY 900.00 9.0092
12/13/2023 BUY 900.00 9.0092
12/14/2023 BUY 2,200.00 9.0700
12/14/2023 BUY 1,800.00 9.0700
12/15/2023 BUY 27,700.00 9.1242
12/15/2023 BUY 22,300.00 9.1242
12/18/2023 BUY 10,969.00 9.0400
12/19/2023 BUY 50,000.00 9.1074
12/20/2023 BUY 600.00 9.0873
12/20/2023 BUY 20,900.00 9.0873
12/20/2023 BUY 12,700.00 9.0873
12/20/2023 BUY 15,800.00 9.0873
12/21/2023 BUY 1,900.00 9.0691
12/21/2023 BUY 2,821.00 9.0691
12/21/2023 BUY 10,500.00 9.0691
12/21/2023 BUY 10,000.00 9.0691
12/22/2023 BUY 8,900.00 9.1497
12/22/2023 BUY 4,000.00 9.1497
12/22/2023 BUY 16,500.00 9.1497
12/22/2023 BUY 16,200.00 9.1497
12/22/2023 BUY 4,400.00 9.1497
12/26/2023 BUY 82,339.00 9.0876
12/27/2023 BUY 25,000.00 9.1300
12/28/2023 BUY 13,900.00 9.1417
12/28/2023 BUY 27,300.00 9.1417
1/2/2024 BUY 10,000.00 9.121
1/9/2024 BUY 1,362.00 9.2798
1/9/2024 BUY 500.00 9.2798
1/9/2024 BUY 3,800.00 9.2798
1/10/2024 BUY 3,304.00 9.2482
1/10/2024 BUY 1,000.00 9.2482
1/10/2024 BUY 3,400.00 9.2482
1/11/2024 BUY 1,000.00 9.2775
1/11/2024 BUY 1,000.00 9.2775
1/11/2024 BUY 18,774.00 9.2775
1/12/2024 BUY 2,000.00 9.3040
1/12/2024 BUY 500.00 9.3040
1/12/2024 BUY 15,000.00 9.3040
1/12/2024 BUY 10,257.00 9.3040
1/16/2024 BUY 6,400.00 9.2260
1/16/2024 BUY 3,600.00 9.2260
1/16/2024 BUY 9,196.00 9.2260
1/17/2024 BUY 2,027.00 9.1200
1/18/2024 BUY 14,042.00 9.1100
1/19/2024 BUY 500.00 9.0645
1/19/2024 BUY 500.00 9.0645
1/19/2024 BUY 3,347.00 9.0645
1/22/2024 BUY 8,972.00 9.1967
1/23/2024 BUY 3,600.00 9.1594
1/23/2024 BUY 1,400.00 9.1594