Eaton Vance 2021 Target Term Trust Announces Termination and Liquidation

Rhea-AI Summary

Eaton Vance 2021 Target Term Trust (NYSE: EHT) was terminated and liquidated on July 1, 2021, as per its investment objectives. Investors will receive a liquidating distribution of $9.839851 per share, close to the original net asset value of $9.85. Over its five-year term, the Trust provided 59 monthly distributions totaling $2.413 per share, achieving an average annual distribution rate of 4.89%. Shareholders may incur tax implications from the liquidation. For further details about the Trust's performance and strategy, refer to Eaton Vance's official resources.

Positive

• Shareholders receive a liquidating distribution of $9.839851 per share, nearing original NAV of $9.85.
• The Trust paid 59 monthly distributions totaling $2.413 per share, equating to an average annual distribution rate of 4.89%.
• The annualized total return since inception was 4.92% at net asset value.

Negative

• The investment objective regarding original NAV was not guaranteed.
• Potential tax implications for shareholders due to liquidation.

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.

View original content:https://www.prnewswire.com/news-releases/eaton-vance-2021-target-term-trust-announces-termination-and-liquidation-301325180.html

SOURCE Eaton Vance Management

FAQ

What was the termination date for Eaton Vance 2021 Target Term Trust (EHT)?

The Trust was terminated and liquidated on July 1, 2021.

What is the liquidating distribution amount for EHT shareholders?

Shareholders will receive a liquidating distribution of $9.839851 per common share.

How much did Eaton Vance 2021 Target Term Trust pay in total distributions?

The Trust provided 59 monthly distributions totaling $2.413 per share.

What was the average annual distribution rate for EHT?

The average annual distribution rate was 4.89% on the original net asset value.

How did EHT perform in terms of total return since inception?

The annualized total return since inception was 4.92% at net asset value.