ETG board exempts control share acquisitions after MA court ruling on by-law

Eaton Vance Tax-Advantaged Global Dividend Income Fund

Massachusetts Superior Court on Jan 23, 2023, ruled control share by-law violated Section 18(i) of 1940 Act; litigation ongoing.
Board voted Jan 26, 2023 to exempt all prior and future purchases that might be deemed control share acquisitions until further notice.
By-law was adopted in Aug 2020 to protect retail shareholders from activist hedge funds like Saba Capital.
Court granted partial summary judgment: fiduciary duty claim in favor of funds, but rescission of control share by-law granted.
Board to monitor legal developments and may take further actions as appropriate.

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