Eaton Vance Senior Floating-Rate Trust DEFR14A, filed Mar 16, 2021
Eaton Vance Senior Floating-Rate Trust (EFR)
(Rule 14a-101)
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Eaton Vance Floating-Rate Income Trust Eaton Vance Senior Floating-Rate Trust Eaton Vance New York Municipal Income Trust (Name of Registrant as Specified in Its Charter) |
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***IMPORTANT INFORMATION FOR SHAREHOLDERS***
EATON VANCE FLOATING-RATE INCOME TRUST (EFT)
EATON VANCE SENIOR FLOATING-RATE TRUST (EFR)
EATON VANCE NEW YORK MUNICIPAL INCOME TRUST (EVY)
(each, a “Fund” and collectively, the “Funds”)
Supplement to Proxy Statement Dated November 25, 2020
Below is important information regarding recent actions taken by the Funds’ Boards of Trustees (the “Board”):
Conditional Tender Offers. The Board has authorized a conditional cash tender offer for up to 25% of each Fund’s outstanding common shares at a price per share equal to 99% of the Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange on the date the tender offer expires. The tender offer is conditioned on shareholder approval of the relevant Fund’s new investment advisory agreement with Eaton Vance Management, the Funds’ investment adviser (each, a “New Agreement”), at the upcoming joint special meeting of shareholders to be held on March 19, 2021 or an adjournment thereof (the “Meeting”).
Conditional Distribution Rate Increase for EFT and EFR. The Board also authorized a regular monthly distribution increase on common shares of EFT and EFR to $0.0775 and $0.0813 per share, respectively, representing an increase of approximately 25 percent from the March 2021 distributions, if shareholders approve the relevant New Agreement at the Meeting. Each distribution increase will commence with the first monthly distribution announced following shareholder approval of the relevant Fund’s New Agreement. By raising the Funds’ regular monthly distributions, the Board seeks to enhance long-term shareholder value.
The Proxy Statement describes each New Agreement and provides other related information. We encourage you to carefully read the Proxy Statement in conjunction with this Supplement.
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The Board unanimously recommends that Fund shareholders vote “FOR” each New Agreement on the WHITE proxy card.
HOW DO I VOTE? · By Telephone: Call (888) 227-9349 (toll-free) and follow the recorded instructions or call (866) 416-0552 (toll-free) to speak to a live representative at the Fund’s proxy solicitor, AST Fund Solutions, LLC (“AST”); · By Internet: Go to the website on the enclosed WHITE proxy card and follow the instructions; · By Mail: Mark, sign, date and mail the enclosed WHITE proxy card in the enclosed postage-paid envelope; or · At the Meeting: Please contact AST at attendameeting@astfinancial.com with any questions regarding access to the Meeting.
We urge you to vote now to ensure that your shares are represented at the Meeting!
Fund shareholders who have already voted do not need to take further action. |
Additional terms and conditions of each tender offer will be set forth in the associated Fund offering materials and press releases, as applicable. If the number of shares tendered in a tender offer exceeds the maximum amount of the tender offer, the Fund will purchase shares from tendering shareholders on a pro rata basis (disregarding fractional shares). Accordingly, there is no assurance that a Fund will purchase all of a shareholder's tendered common shares in a tender offer. A Fund may determine not to accept shares tendered in the tender offer under various circumstances, as will be set forth in the offering materials.
This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of a Fund. The Funds have not commenced the conditional tender offers described herein. Each tender offer will be made only if the condition described above is satisfied, and only by an offer to purchase, a related letter of transmittal and other documents filed with the U.S. Securities and Exchange Commission (“SEC”) as exhibits to a tender offer statement on Schedule TO, with all such documents available on the SEC’s website at www.sec.gov. For a tender offer, the Fund will also make available to shareholders without charge the offer to purchase and the letter of transmittal. Shareholders should read these documents carefully, as they would contain important information about the tender offer.
Fund distributions may include amounts from sources other than net investment income. When that is estimated to be the case, shareholders will be notified on a monthly basis. The final determination of the tax character of Fund distributions will occur after the end of each calendar year, at which time that determination will be reported to shareholders. For its fiscal year beginning on June 1, 2020 through February 28, 2021, EFT has distributed $0.549 per share, which is estimated to be sourced from ordinary income. If EFT had adopted the conditional distribution rate increase on June 1, 2020 and the condition described above had been satisfied, its distributions for the fiscal year to date through February 28, 2021 on a pro forma basis would have been approximately $0.698 per share, an estimated 79% percent of which would have been sourced from ordinary income and an estimated 21% from return of capital. For its fiscal year beginning on November 1, 2020 through February 28, 2021, EFR has distributed $0.26 per share, which is estimated to be sourced from ordinary income. If EFR had adopted the conditional distribution rate increase on November 1, 2020 and the condition described above had been satisfied, its distributions for the fiscal year to date through February 28, 2021 on a pro forma basis would have been approximately $0.325 per share, an estimated 80% of which would have been sourced from ordinary income and an estimated 20% from return of capital.
Fund distributions in any period may be more or less than the net return earned by the Fund on investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns will cause a Fund’s net assets and net asset value per share to decline. Investors should not draw any conclusions about a Fund’s investment performance from the amount of its distributions. Fund distributions may be affected by numerous factors, including changes in Fund performance, the cost of leverage, portfolio holdings, realized and projected returns, and other factors. There can be no assurance that future Board action, an unanticipated change in market conditions or other unforeseen factors will not result in a change in the Fund’s distributions at a future time.
THIS INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT.