BOSTON, April 15, 2021 /PRNewswire/ -- At a joint
special meeting of shareholders held on April 9, 2021 (the "Joint Special Meeting"),
shareholders of Eaton Vance Floating-Rate Income Trust (NYSE: EFT),
Eaton Vance New York Municipal Income Trust (NYSE American: EVY)
and Eaton Vance Senior Floating-Rate Trust (NYSE: EFR)
(collectively, the "Funds") were asked to approve new investment
advisory agreements (each, a "New Agreement") with Eaton Vance
Management ("EVM"), the Funds' investment adviser. A quorum
was not present, and the Joint Special Meeting was adjourned to
April 16, 2021 at 9:00 a.m. Eastern Time to allow more time for
Fund shareholders to vote. The October
29, 2020 record date for shareholders entitled to vote at
the adjourned Joint Special Meeting remains unchanged.
Information about the adjourned Joint Special Meeting appears
below.1
As announced on March 16, 2021,
each Fund's Board of Trustees (each, a "Board") has authorized a
conditional cash tender offer for up to 25% of such Fund's
outstanding common shares at a price equal to 99% of the Fund's net
asset value as of the close of regular trading on the New York
Stock Exchange on the date the tender offer expires. Each
Fund's tender offer is conditioned on shareholder approval of a New
Agreement with EVM for such Fund. On March 16, 2021, EFT and EFR also announced an
increase in their regular monthly distributions on common shares of
approximately 25% from their respective March 2021 distributions, conditioned on each
Fund's shareholders approving the New Agreement with EVM for such
Fund.
EVM was formerly a wholly owned subsidiary of Eaton Vance Corp.,
which was acquired by Morgan Stanley (NYSE: MS) on March 1, 2021 (the "Transaction"). EVM is
now part of Morgan Stanley Investment Management, the asset
management division of Morgan Stanley. EVM continues to
manage the Funds under interim investment advisory agreements
(each, an "Interim Agreement") that were approved by the
Boards. Each Interim Agreement took effect upon the closing
of the Transaction and may continue for a term of up to 150
days.
Adjourned Joint Special Meeting. If, as of
October 29, 2020, you were a
shareholder of EFT, EVY or EFR and have not yet voted, the Funds
urge you to submit your vote in advance of the adjourned Joint
Special Meeting by one of the methods described in the Funds' proxy
materials. The Funds' proxy statement is available online at
https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php.
If, as of October 29, 2020, you
were a holder of record of EFT, EVY and/or EFR shares (i.e.,
you held Fund shares in your own name directly with the Fund) and
wish to participate in and vote at the adjourned Joint Special
Meeting, you should email your full name and address to AST at
attendameeting@astfinancial.com. You will then be provided
with credentials to participate in the adjourned Joint Special
Meeting. You will be able to vote by entering the control
number found on the proxy card you previously received. All
requests to participate in and/or vote at the adjourned Joint
Special Meeting must be received by AST by no later than
3:00 p.m. Eastern Time on
April 15, 2021.
If, as of the relevant record date, you held EFT, EVY and/or EFR
shares through an intermediary (such as a broker-dealer) and wish
to participate in and vote at the adjourned Joint Special Meeting,
you will need to obtain a legal proxy from your intermediary
reflecting the Fund's name, the number of Fund shares you held and
your name and email address. You may forward an email from
your intermediary containing the legal proxy or attach an image of
the legal proxy to an email and send it to AST at
attendameeting@astfinancial.com with "Legal Proxy" in the subject
line. You will then be provided with credentials to
participate in the adjourned Joint Special Meeting, as well as a
unique control number to vote your shares. If you would like
to participate in, but NOT vote at, the adjourned Joint Special
Meeting, please send an email to AST at
attendameeting@astfinancial.com with proof of ownership of EFT, EFR
and/or EVY shares. A statement, letter or the Vote
Instruction Form from your intermediary will be sufficient proof of
ownership. You will then be provided with credentials to
participate in the adjourned Joint Special Meeting. All
requests to participate in and/or vote at the adjourned Joint
Special Meeting must be received by AST by no later than
3:00 p.m. Eastern Time on
April 15, 2021.
Please contact AST at attendameeting@astfinancial.com with any
questions regarding access to the adjourned Joint Special Meeting,
and an AST representative will contact you to answer your
questions.
About the Funds
Except pursuant to a tender offer, common shares 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 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. Shares of each Fund are not
FDIC-insured and are not deposits or other obligations of, or
guaranteed by, any bank. 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.
Fund distributions may include amounts from sources other than
net investment income. When that is estimated to be the case,
shareholders will be notified on a monthly basis. The final
determination of the tax character of Fund distributions will occur
after the end of each calendar year, at which time that
determination will be reported to shareholders. Fund
distributions in any period may be more or less than the net return
earned by the Fund on investments, and therefore should not be used
as a measure of performance or confused with "yield" or "income."
Distributions in excess of Fund returns will cause a Fund's net
assets and net asset value per share to decline. Fund
distributions may be affected by numerous factors, including
changes in Fund performance, the cost of leverage, portfolio
holdings, realized and projected returns, and other factors.
There can be no assurance that future Board action, an
unanticipated change in market conditions or other unforeseen
factors will not result in a change in the Fund's distributions at
a future time.
This announcement is not a recommendation, an offer to purchase
or a solicitation of an offer to sell shares of a Fund. The
Funds have not commenced the conditional tender offers described in
this release. Each tender offer will be made only if the
condition described above is satisfied, and only by an offer to
purchase, a related letter of transmittal and other documents filed
with the SEC as exhibits to a tender offer statement on Schedule
TO, with all such documents available on the SEC's website at
www.sec.gov. For each tender offer, the applicable Fund will
also make available to shareholders without charge the offer to
purchase and the letter of transmittal. Shareholders should
read these documents carefully, as they would contain important
information about the tender offer.
In connection with the EVY Special Meeting, EVY intends to
file a definitive proxy statement with the U.S. Securities and
Exchange Commission ("SEC"). Shareholders are advised to read EVY's
Special Meeting proxy statement when it is available because it
will contain important information. When filed with the SEC, the
proxy statement and other documents filed by EVY will be available
free of charge on the SEC website, www.sec.gov. Copies of the EVY
Special Meeting proxy statement will also be mailed to each EVY
shareholder of record as of the Record Date.
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.
1 As announced on April
12, 2021, EVY's Board has approved a plan of liquidation and
termination of EVY. The liquidation and termination pursuant to the
plan will be submitted to EVY shareholders for approval at a
special meeting of shareholders (the "EVY Special Meeting"), which
is scheduled to be held on June 25,
2021. The EVY Board recommends that shareholders vote for
the liquidation and termination at the EVY Special Meeting. The EVY
Board has set a record date of April 23,
2021 (the "Record Date") for determining those shareholders
of EVY entitled to notice of, and to vote at, the EVY Special
Meeting, or at any adjournment or postponement thereof.
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SOURCE Eaton Vance Management