Eaton Vance Floating-Rate 2022 Target Term Trust Announces Liquidation Details

The Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE:EFL) ("the Trust") announced today new details concerning its liquidation. Consistent with its investment objectives and organizational documents, the Trust plans to terminate its existence and liquidate on or about October 31, 2022 ("Termination Date").

As previously announced, the Trust is preparing for its termination on Termination Date. During this period, the Trust will deviate from its investment objectives and policies. As such, the Trust has repaid its outstanding borrowings and terminated its credit agreement. As of July 21, 2022, the investment adviser and administration fee paid by the Trust was reduced to 0.35% of the Trust's average daily total managed assets. As of July 21, 2022, the assets of the Trust were comprised primarily of cash, cash equivalents and receivables for securities that had been sold but unsettled.

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 will not meet its objective of returning Original NAV to common shareholders at termination. As of August 19, 2022, the Trust's net asset value per share was $8.64.

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.

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