Eaton Vance EXG Fund board exempts share purchases from control share by-law
The Fund's Board of Trustees voted on January 26, 2023 to exempt all prior and new purchases of Fund shares that might be deemed control share acquisitions from the Fund's By-Law control share provisions, until further notice. 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, and the litigation is ongoing.
Key points
- Board voted on January 26, 2023 to exempt prior and new purchases of Fund shares from the control share by-law until further notice
- On January 23, 2023, the Massachusetts Superior Court held the control share by-law violates Section 18(i) of the Investment Company Act of 1940
- The court granted summary judgment on Saba's fiduciary duty claim but also granted summary judgment on Saba's claim for rescission of the by-law
- The Board may take additional actions as it deems appropriate, and litigation remains ongoing in the Massachusetts Superior Court
The filing
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.
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