BOSTON, June 1, 2021 /PRNewswire/ -- Eaton Vance 2021
Target Term Trust (NYSE: EHT) (the "Trust") announced
today new details concerning its liquidation. Consistent with
its investment objectives and organizational documents, the Trust
plans to terminate its existence and liquidate on or about
July 1, 2021.
As the Trust approaches liquidation, its common shares will
continue trading on the New York Stock Exchange through
Friday, June 25, 2021 and will be
suspended from trading before the open of trading on Monday, June 28, 2021. The Trust will not declare
its regular monthly distribution in June
2021 and expects that all undistributed net income will be
included in the final liquidating distribution. The Trust
anticipates making its final liquidating distribution on or about
July 1, 2021.
As previously announced, the Trust entered its wind-up period in
anticipation of its termination. Leading up to the final
distribution date, as the Trust's portfolio securities continue to
mature and are sold, the Trust may further deviate from its
investment objectives and policies, and its portfolio will continue
to transition into high quality, short-term securities and/or cash
and cash equivalents.
The investment objective to return the Trust's original
$9.85 net asset value ("NAV") per
share to shareholders at termination is not a guarantee and is
dependent on a number of factors, including the cumulative level of
income retained in relation to cumulative portfolio gains net of
losses. Over the life of the Trust through May 28, 2021, the Trust has realized cumulative
total return at NAV of 5.04% annually. As of May 28, 2021, the Trust's NAV was $9.85 per share.
Shareholders may recognize a gain or loss for U.S. tax purposes
as a result of the liquidation. Eaton Vance Management does not
provide tax advice; investors should consult a professional tax
advisor regarding their specific tax situation.
Eaton Vance Corp. was acquired by Morgan Stanley on March 1, 2021. Its former 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 Trust shares may vary from net
asset value based on factors affecting the supply and demand for
shares, such as Trust distribution rates relative to similar
investments, investors' expectations for future distribution
changes, the clarity of the Trust's investment strategy and future
return expectations, and investors' confidence in the underlying
markets in which the Trust invests. Trust shares are subject to
investment risk, including possible loss of principal invested. The
Trust is not a complete investment program and you may lose money
investing therein. An investment in the Trust may not be
appropriate for all investors. Before investing, prospective
investors should consider carefully the Trust'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 Trust. Additional information about the Trust,
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 Trust'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