Item 5.03 Amendments to Articles of Incorporation or By-Laws; Change in Fiscal
Year.
On August 13, 2020, the Board of Trustees of Eaton Vance California Municipal
Bond Fund (the "Fund") amended and restated the By-Laws of the Fund (the
"Amended and Restated By-Laws"). The Amended and Restated By-Laws include
provisions (the "Control Share Provisions") pursuant to which, in summary, a
shareholder who obtains beneficial ownership of Fund shares in a "Control Share
Acquisition" may exercise voting rights with respect to such shares only to the
extent the authorization of such voting rights is approved by other shareholders
of the Fund. The Control Share Provisions are primarily intended to protect the
interests of the Fund and its shareholders by limiting the risk that the Fund
will become subject to undue influence by opportunistic hedge funds or other
activist investors. As described further below, the Control Share Provisions do
not eliminate voting rights for shares acquired in Control Share Acquisitions,
but rather, they entrust the Fund's other "non-interested" shareholders with
determining whether to approve the authorization of voting rights for such
shares.
Subject to various conditions and exceptions, the Amended and Restated By-Laws
define a "Control Share Acquisition" to include an acquisition of Fund shares
that, but for the Control Share Provisions, would give the beneficial owner,
upon the acquisition of such shares, the ability to exercise voting power in the
election of Fund Trustees in any of the following ranges:
(i) One-tenth or more, but less than one-fifth of all voting power;
(ii) One-fifth or more, but less than one-third of all voting power;
(iii) One-third or more, but less than a majority of all voting power; or
(iv) A majority or more of all voting power.
Share acquisitions prior to August 13, 2020 are excluded from the definition of
Control Share Acquisition, though such shares are included in assessing whether
any subsequent share acquisition exceeds one of the enumerated thresholds.
Subject to various conditions and procedural requirements set forth in the
Amended and Restated By-Laws, including the delivery of a "Control Share
Acquisition Statement" to the Fund's secretary setting forth certain required
information, a shareholder who obtains beneficial ownership of shares in a
Control Share Acquisition generally may request a vote of Fund shareholders
(excluding such acquiring shareholder and certain other interested shareholders)
to approve the authorization of voting rights for such shares at the next annual
meeting of Fund shareholders following the Control Share Acquisition.
The above discussion is only a high-level summary of certain aspects of the
Control Share Provisions, and is qualified in its entirety by reference to the
full Amended and Restated By-Laws. Investors should refer to the Amended and
Restated By-Laws for more information.
The Amended and Restated Bylaws were effective as of August 13, 2020 and are
attached as an Exhibit and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. Description
5.03 Amended and Restated By-Laws of Eaton Vance California Municipal
Bond Fund dated August 13, 2020
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