Eaton Vance ETO Fund Board exempts share purchases from control share by-law
On January 26, 2023, the Fund's Board of Trustees voted to exempt, on a going forward basis, all prior and new purchases of Fund shares that might otherwise be deemed Control Share Acquisitions under the Fund's By-Laws. The decision followed a January 23, 2023 Massachusetts Superior Court ruling in litigation brought by Saba Capital Master Fund, Ltd., which held that the Control Share By-Law violates Section 18(i) of the Investment Company Act of 1940; the litigation is ongoing.
Key points
- Board vote dated January 26, 2023 exempts prior and new purchases of Fund shares that might otherwise be deemed Control Share Acquisitions, until further notice
- Massachusetts Superior Court ruling dated January 23, 2023 held 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 Control Share By-Law; remaining issues continue to be litigated in the Massachusetts Superior Court
- The Board may take additional actions it deems appropriate in the future
The filing
Written by AI on Nov 9, 2026, 8:36 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.
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