Eaton Vance ETW Fund exempts past and new share purchases from control share by-law
The fund's board voted on January 26, 2023 to exempt all prior and new purchases of fund shares that might be deemed control share acquisitions from the control share by-law, until further notice. The move followed a January 23, 2023 Massachusetts Superior Court ruling in litigation brought by Saba Capital Master Fund, which held that the by-law violates Section 18(i) of the Investment Company Act of 1940 and is ongoing.
Key points
- Board vote on January 26, 2023 exempts all prior and new control share acquisitions from Article XIII of the By-Laws, until further notice
- January 23, 2023 Massachusetts Superior Court ruling found the Control Share By-Law violates Section 18(i) of the Investment Company Act of 1940
- Court granted the fund and board summary judgment on Saba's breach of fiduciary duty claim but granted Saba summary judgment on its claim for rescission of the by-law
- Litigation remains ongoing in Massachusetts Superior Court; the board may take additional actions as it deems appropriate
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.
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.