Eaton Vance Tax-Advantaged Dividend Income Fund exempts control share acquisitions after court ruling

Eaton Vance Tax-Advantaged Dividend Income Fund

On Jan 23, 2023, Massachusetts Superior Court ruled that the control share by-law violates Section 18(i) of the Investment Company Act.
Board of Trustees voted on Jan 26, 2023 to exempt all prior and new purchases from the control share by-law going forward.
Court granted Saba Capital Master Fund's claim for rescission of the by-law; litigation is ongoing.
The by-law was adopted in 2020 to deter activist investors; now invalidated by court for one of the four funds in the lawsuit.
The exemption applies to all 24 Eaton Vance closed-end funds including EVT, EFR, EFT, and EVV.

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