BOSTON--(BUSINESS WIRE)--On October 21, 2024, the Massachusetts Superior Court issued a final ruling in favor of the Funds, rejecting a challenge by Saba Capital Master Fund, Ltd. to the voting standard in the funds’ by-laws governing trustee elections. The by-laws set a voting standard requiring the support of a majority of a fund’s outstanding shares to elect a trustee in a contested election. Following a September bench trial, the court found the majority standard was consistent with shareholder voting rights under the funds’ governing documents and federal law.
George Gorman, Chair of the Board of Trustees of each of the Funds, commented: “As a Board, we are gratified by the Court’s thorough and well-reasoned decision, which we believe is fully supported by the ample trial evidence.”
The Boards thank shareholders for their continued support of the Funds.
About the Funds
Except for sales of shares pursuant to a tender offer, common shares of each of the Funds are available for purchase or sale only through secondary market trading at their current market price. Shares of closed-end funds often trade at a discount from their net asset value. The market price of each Fund’s shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of each Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which each Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. The Funds are not a complete investment program, and you may lose money investing in the Funds. An investment in the Funds may not be appropriate for all investors. Before investing, prospective investors should carefully consider each Fund’s investment objective, strategies, risks, charges, and expenses.
This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds. Additional information about each of the Funds, including performance and portfolio characteristic information, is available at eatonvance.com.
Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.