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

Eaton Vance Municipal Income 2028 Term Trust

Board voted Jan 26, 2023, to exempt all prior and new purchases from control share by-law until further notice.
Massachusetts Superior Court on Jan 23, 2023, partially granted summary judgment; found by-law violates Investment Company Act §18(i).
Court upheld board's legitimate business reason for by-law adoption in August 2020 to protect retail shareholders from activist hedge funds.
Litigation with Saba Capital is ongoing; appeal decisions deferred until remaining issues are litigated.
Exemption applies to 23 Eaton Vance closed-end funds, including ETX, EFR, EFT, EVV, and others.

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