Eaton Vance Floating-Rate 2022 Target Term Trust Confirms Expected Termination Plans

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BOSTON–(BUSINESS WIRE)–The Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE: EFL) (“the Trust”) announces that the Trust has begun preparing for its scheduled termination on October 31, 2022 (“Termination Date”). The Trust is a “target term” fund that will cease investment operations and distribute its net proceeds to common shareholders on or about its termination date.

As described in its prospectus, during this period the Trust may deviate from its policy of investing at least 80% of assets under management in floating rate senior loans and invest in higher credit quality instruments. whose maturities extend beyond the termination date in order to seek to improve the liquidity of its portfolio and reduce investment risk. Investing in higher credit quality instruments may reduce the amount of income available for distribution to common shareholders. In addition, the Trust will seek to liquidate its portfolio and withdraw and redeem its leveraged facilities near its termination date.

The investment objectives of the Trust are high current income and the return of the initial net asset value of $9.85 per Trust share (“Initial NAV”) to common shareholders upon termination. The Trust’s objective is not a guarantee and there can be no assurance that it will be achieved. Due to difficult market conditions over the life of the Trust, the Trust is not expected to achieve its objective of returning the initial net asset value to common shareholders upon termination.

Although not currently anticipated, unforeseen market volatility in the period leading up to the scheduled termination of the Trust could result in an extension of the Trust if its Board of Trustees determines that it is in the best interests of shareholders. . In such event, upon giving at least 60 days written notice to shareholders but without shareholder approval, the term of the Trust may be extended, and the termination date postponed, for a period of up to twelve months and an additional period of up to six months by vote of the foundation board. The term of the Trust cannot be extended without shareholder approval.

This press release is provided for informational purposes only and is not intended to constitute or constitute an offer to buy or sell shares of any fund. Additional fund information, including performance information and portfolio characteristics, is available at eatonvance.com.

Statements contained in this press release that are not historical facts may be forward-looking statements, as defined by United States 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 a fund’s control and could cause actual results to differ materially from those set forth in forward-looking statements.

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 proven investment principles that emphasize ongoing risk management, tax management (where applicable) and the pursuit of consistent long-term returns. The Company’s investment capabilities encompass global financial markets. With a history dating back to 1924, Eaton Vance is headquartered in Boston and also has investment offices in New York, London, Tokyo and Singapore. For more information, visit evmanagement.com. Eaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

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