Eaton Vance closed-end fund boards exempt control share acquisitions after court ruling

Eaton Vance Municipal Bond Fund

Board voted Jan 26, 2023 to exempt all prior and new purchases from Control Share By-Law provisions, effective immediately.
Massachusetts Superior Court ruled Jan 23, 2023 that Control Share By-Law violates Section 18(i) of the Investment Company Act.
Court granted summary judgment for Saba Capital on rescission claim; denied breach-of-fiduciary-duty claim against trustees.
Exemption applies to 22 listed Eaton Vance closed-end funds including EIM, EVM, CEV, EOI, EOS, and others.
Litigation continues; Board will monitor legal developments and may take further action.

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