The Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE: EFL) (“the Trust”) announces that the Trust has begun to prepare for its expected termination on October 31, 2022 (“Termination Date”). The Trust is a “target term” fund that will cease its 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 managed assets in senior floating-rate loans and invest in higher credit quality instruments with maturities extending beyond the Termination Date to seek to enhance 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 work towards liquidating its portfolio and retiring and redeeming its leverage facilities as it nears its Termination Date.

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

Though it is not anticipated at this time, unforeseen market volatility in the period leading up to the Trust’s anticipated termination could result in an extension of the Trust if its Board of Trustees determines it is in the best interest of shareholders. In this eventuality, upon provision of at least 60 days’ prior written notice to shareholders but without shareholder approval, the Trust’s term may be extended, and the termination date deferred, for one period of up to twelve months and one additional period of up to six months by a vote of the Board of Trustees. The Trust’s term may not be extended further without shareholder approval.

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 a fund. Additional information about the funds, 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 a fund’s control and could cause actual results to differ materially from those set forth in the 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220429005086/en/