BOSTON, July 2, 2021 /PRNewswire/ -- Eaton Vance
2021 Target Term Trust (NYSE: EHT) (the "Trust") was terminated and
liquidated following the close of business on July 1, 2021. The termination and liquidation
occurred in accordance with the Trust's investment objectives and
organizational documents, consistent with the Trust's previously
announced liquidation plans.
The Trust launched on May 31, 2016
as a short-duration income strategy investing primarily in
high-yield corporate debt obligations. Its investment
objectives were high current income and to return $9.85 per share (the original net asset value per
common share ("Original NAV")) upon termination of the Trust on or
about July 1, 2021. The investment
objective relating to Original NAV was not guaranteed.
The Trust is returning to shareholders $9.839851 per common share as its liquidating
distribution.
Over its five-year term, the Trust paid 59 regular monthly
distributions totaling $2.413 per
share, which equates to an average annual distribution rate of
4.89% on the Original NAV. The Trust's annualized total return
since inception was 4.92% at net asset value and 4.47% based on
market price.
Shareholders may recognize a gain or loss for U.S. tax purposes
as a result of the liquidation. The Trust's investment adviser,
Eaton Vance Management ("Eaton Vance"), does not provide tax
advice; investors should consult a professional tax advisor
regarding their specific tax situation.
Eaton Vance applies in-depth fundamental analysis to the active
management of equity, income, alternative and multi-asset
strategies. Eaton Vance's investment teams follow time-tested
principles of investing that emphasize ongoing risk management, tax
management (where applicable) and the pursuit of consistent
long-term returns. The firm's investment capabilities encompass the
global capital markets. With a history dating back to 1924, Eaton
Vance is headquartered in Boston
and also maintains investment offices in New York, London, Tokyo
and Singapore. For more
information, visit evmanagement.com. Eaton Vance is a 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
