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AI brief of an SEC Form 8-K · Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ)

Eaton Vance ETJ fund board exempts share purchases from control share by-law

Neutral Impact 3 of 5 legal/regulatory Written later

On January 26, 2023, the fund's Board of Trustees voted to exempt, until further notice, all prior and new purchases of fund shares that might otherwise be deemed control share acquisitions under the fund's by-laws. The move follows a January 23, 2023 Massachusetts Superior Court ruling in litigation brought by Saba Capital Master Fund, which held that the control share by-law violates Section 18(i) of the Investment Company Act of 1940. For shareholders, the exemption removes the by-law's limit on voting rights for shares acquired in such transactions, and the litigation remains ongoing.

Key points

  • Board vote dated January 26, 2023 exempts all prior and new control share acquisitions of fund shares until further notice
  • Massachusetts Superior Court ruling on January 23, 2023 found the control share by-law violates Section 18(i) of the Investment Company Act of 1940
  • Court granted summary judgment on Saba's claim for rescission of the by-law; the litigation is ongoing
  • Announcement (Exhibit 99.1) applies to the Eaton Vance closed-end funds listed in it, including ETJ

The filing

CompanyEaton Vance Risk-Managed Diversified Equity Income Fund (ETJ)
Form8-K, current report
Filed with the SECFeb 1, 2023, 4:18 PM ET
Accession number0000940394-23-000236

Items reported: 8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 01, 2023.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.