Saba Capital Reaches Agreements with the Eaton Vance California Municipal Bond Fund and the Eaton Vance New York Municipal Bond Fund

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08/04/2025 - 04:10 PM

Eaton Vance to Propose Liquidation and Termination of Both Funds

NEW YORK--(BUSINESS WIRE)-- Saba Capital Management, L.P. (together with certain of its affiliates, “Saba”), which is the largest shareholder of the Eaton Vance California Municipal Bond Fund (NYSE: EVM) and of the Eaton Vance New York Municipal Bond Fund (NYSE: ENX) (collectively, the “Funds”), today announced that it has entered into standstill agreements (collectively, the “Agreements”) with Eaton Vance Management with respect to the Funds.

Consistent with the terms of the Agreements, Eaton Vance Management has recommended to each Fund’s Board that the Boards approve, subject to shareholder approval, the liquidation and termination of each Fund.

The terms of the Agreements also provide for Saba withdrawing its previously submitted proposals and trustee nominations in connection with the Funds’ 2025 annual meetings of shareholders. The Agreements also contain customary standstill provisions and voting commitments.

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, Saba is a pioneer of credit relative value strategies and capital structure arbitrage. Saba has offices in New York City and London. Learn more at www.sabacapital.com.