Eaton Vance New York Municipal Income Trust Announces Liquidation Details

BOSTON, Aug. 5, 2021 /PRNewswire/ -- As previously announced, shareholders of Eaton Vance New York Municipal Income Trust (NYSE American: EVY) (the "Fund") have voted to approve the liquidation and termination of the Fund pursuant to the Plan of Liquidation and Termination (the "Plan") adopted by the Board of Trustees of the Fund. 

The Fund expects that, for purposes of the liquidation, the proportionate interests of shareholders in the net assets of the Fund will be fixed on the basis of their respective holdings as of the close of business on August 20, 2021 (the "Liquidation Date").  The Fund expects the last day of secondary market trading of the Fund's shares will also be on or about the Liquidation Date, and that the Fund will cease trading on the NYSE American prior to the opening of business on August 23, 2021. 

Pursuant to the Plan, the Fund will liquidate its portfolio in preparation for a final distribution of cash to the shareholders of the Fund.  Once the Fund commences liquidating its portfolio, the Fund may not pursue its stated investment objective, comply with its investment limitations or engage in normal business activities, except for the purposes of winding up its business and affairs, paying its liabilities and distributing its remaining assets to shareholders. 

In connection with the Plan, all shares of the Fund outstanding as of the close of business on the Liquidation Date will be redeemed without the imposition of any redemption or other transaction fees. The proceeds of such redemption will equal the net asset value of such shares after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities, including certain costs associated with liquidating the Fund. As previously announced, the Fund's regular August distribution will be made on or about August 19, 2021.  The liquidation proceeds are expected to be distributed to shareholders on or about August 25, 2021.   

The Fund expects that shareholders will be able to sell their Fund shares in the secondary market until the market close on the Liquidation Date. Customary brokerage charges may apply to such transactions. The Fund expects that, effective as of market close on or about the Liquidation Date, the Fund's shares will no longer be actively traded in the secondary market, and there can be no assurance that there will thereafter be a market for the purchase or sale of the Fund's shares.

Although the liquidation is not expected to be a taxable event for the Fund, the redemption of shares of the Fund will generally be treated as a sale by shareholders for federal income tax purposes. Please consult your personal tax advisor about the potential tax consequences of the liquidation.

If you have any questions regarding the liquidation, please contact the Fund at 1-800-262-1122.

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 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