BOSTON, April 12, 2021 /PRNewswire/ -- Eaton Vance New
York Municipal Income Trust (NYSE American: EVY) (the "Fund")
announced today that the Fund's Board of Trustees (the "Board") has
approved a plan of liquidation and termination of the Fund.
The liquidation and termination pursuant to the plan will be
submitted to Fund shareholders for approval at a special meeting of
shareholders (the "Special Meeting"), which is scheduled to be held
on June 25, 2021. The Board
recommends that shareholders vote for the liquidation and
termination at the Special Meeting. The Board has set a
record date of April 23, 2021 (the
"Record Date") for determining those shareholders of the Fund
entitled to notice of, and to vote at, the Special Meeting, or at
any adjournment or postponement thereof.
As previously announced, Morgan Stanley (NYSE: MS) completed the
acquisition of Eaton Vance Corp. (the "Transaction") on
March 1, 2021. In connection
with the Transaction, Fund shareholders were asked to approve a new
investment advisory agreement (the "New Agreement") with Eaton
Vance Management ("EVM"), the Fund's investment adviser.
Because the New Agreement was not approved by Fund shareholders
prior to March 1, 2021, a
Board-approved interim investment advisory agreement ("Interim
Agreement") with EVM took effect upon the close of the
Transaction. The Interim Agreement allows EVM to continue to
manage the Fund for up to 150 days from the closing of the
Transaction. After considering various options for the Fund,
the Board approved, and recommends that shareholders vote for, the
liquidation and termination of the Fund.
In connection with the Special Meeting, the Fund intends to
file a definitive proxy statement with the U.S. Securities and
Exchange Commission ("SEC"). Shareholders are advised to read
the Fund'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 the
Fund will be available free of charge on the SEC website,
www.sec.gov. Copies of the Special Meeting proxy statement
will also be mailed to each shareholder of record as of the Record
Date.
Eaton Vance Corp. was acquired by Morgan Stanley on March 1, 2021. Its Eaton Vance Management,
Parametric, Atlanta Capital and Calvert investment affiliates are
now part of Morgan Stanley Investment Management, the asset
management division of Morgan Stanley.
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 the 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. The
Fund is not a complete investment program and you may lose money
investing therein. An investment in the Fund may not be appropriate
for all investors. Before investing, prospective investors should
consider carefully the 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 Fund. Additional information about the Fund,
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.
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SOURCE Eaton Vance Management