BOSTON, Feb. 23, 2021 /PRNewswire/ -- In connection
with the proposed acquisition of Eaton Vance Corp. (NYSE: EV) by
Morgan Stanley (NYSE: MS) announced on October 8, 2020 (the "Transaction"), shareholders
of Eaton Vance closed-end funds were asked to approve new
investment advisory agreements with Eaton Vance Management ("EVM")
and, where applicable, new investment sub-advisory agreements for
the funds. The Transaction is subject to the completion or
waiver of customary closing conditions, and is expected to close on
March 1, 2021.
EFL Shareholder Meeting Results. At a special
meeting of shareholders held on February 23,
2021, shareholders of Eaton Vance Floating-Rate 2022 Target
Term Trust (NYSE: EFL) approved a new investment advisory agreement
with EVM, which will be effective upon the closing of the
Transaction. The vote tabulation, as certified by EFL's proxy
tabulator, AST Fund Solutions LLC, will be published in EFL's next
report to shareholders.
Interim Agreements. To date, shareholders of the
below Eaton Vance closed-end funds (each, a "Fund" and,
collectively, the "Funds") have not approved new investment
advisory agreements with EVM:
Eaton Vance Floating-Rate Income Trust (NYSE:
EFT)
Eaton Vance New York Municipal Income Trust (NYSE American:
EVY)
Eaton Vance Senior Floating-Rate Trust (NYSE: EFR)
Eaton Vance Senior Income Trust (NYSE: EVF)
Eaton Vance Short Duration Diversified Income Fund (NYSE: EVG)
For each such Fund, the Board of Trustees (the "Board") has
approved an interim investment advisory agreement with EVM (the
"Interim Agreement") to take effect upon the close of the
Transaction if the Fund's shareholders have not approved the new
investment advisory agreement prior to the closing. The
Interim Agreement for each Fund would allow EVM to continue to
manage the Fund for up to an additional 150 days following the
close of the Transaction to allow for further proxy solicitation
and the Board's consideration of different options for the
Fund. While an Interim Agreement is in effect, EVM would
continue to manage each Fund under the Board's oversight. The terms
of the Interim Agreement for each Fund are substantially identical
to those of the Fund's current investment advisory agreement except
for term and escrow provisions required by applicable law. As
previously announced, the joint special meeting of shareholders of
EFT, EVY and EFR was adjourned to February
26, 2021.
The investment adviser to each Fund and EFL (each referred to
below as a "Fund" and, collectively, the "Funds") is EVM, a
subsidiary of Eaton Vance Corp. ("Eaton Vance"). Eaton Vance
provides advanced investment strategies and wealth management
solutions to forward-thinking investors around the world. Through
principal investment affiliates Eaton Vance Management, Parametric,
Atlanta Capital, Calvert and Hexavest, the Company offers a
diversity of investment approaches, encompassing bottom-up and
top-down fundamental active management, responsible investing,
systematic investing and customized implementation of
client-specified portfolio exposures. As of December 31, 2020, Eaton Vance had consolidated
assets under management of $583.1
billion. For more information, visit eatonvance.com.
Shares of closed-end funds often trade at a discount from their
net asset value. The market price of Fund 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 a Fund's investment strategy and future
return expectations, and investors' confidence in the underlying
markets in which the Fund invests. Fund shares are subject to
investment risk, including possible loss of principal invested.
Each Fund is not a complete investment program and you may lose
money investing therein. An investment in a Fund may not be
appropriate for all investors. Before investing, prospective
investors should consider carefully a 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 a Fund. Additional information about 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 a Fund's control
and could cause actual results to differ materially from those set
forth in the forward-looking statements.
Investor Contact: (800) 262-1122
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SOURCE Eaton Vance Management