Eaton Vance High Income 2021 Target Term Trust Announces Change To Investment Policies

BOSTON, April 8, 2020 /PRNewswire/ -- The Board of Trustees of Eaton Vance High Income 2021 Target Term Trust EHT (the Trust) has approved a change to the Trust's investment policies effective immediately. The Trust's investment objectives are high current income and to return $9.85 per share (the original net asset value per common share of beneficial interest (Common Share) before deducting offering costs of $0.02 per Common Share (Original NAV) to Common Shareholders on or about July 1, 2021.  The objective to return the Trust's Original NAV is not an express or implied guarantee obligation of the Trust or any other entity.

The Trust seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its managed assets in corporate debt obligations and separately, at least 80% of its managed assets in corporate debt obligations that, at the time of investment, are rated below investment grade (BB+ or lower) or are unrated but deemed equivalent by the adviser (High Yield Obligations), commonly referred to as "junk bonds."  Pursuant to its revised policies, the current separate requirement to invest 80% of its managed assets in High Yield Obligations is eliminated and the Trust will invest, under normal circumstances, at least 80% of its managed assets in corporate debt obligations, including High Yield Obligations. 

The Trust's investment adviser is Eaton Vance Management, a subsidiary of Eaton Vance Corp. Eaton Vance Corp. EV provides advanced investment strategies and wealth solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Hexavest and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. As of January 31, 2020, Eaton Vance had consolidated assets under management of $518.2 billion. For more information, visit eatonvance.com.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Trust shares. Shares of the Trust are available for purchase and sale only through secondary market trading on an exchange or alternative trading venue.

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 investors may lose money investing in the Trust. An investment in the Trust may not be appropriate for all investors. Before investing, an investor should consider carefully the Trust's investment objective, risks, charges and expenses.

Statements in this press release that are not historical facts are 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 which are, in some cases, beyond the Trust's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

SOURCE Eaton Vance Management