Eaton Vance Senior Income Trust · NYSE:EVF

Eaton Vance Senior Income Trust — Proxy Contest (December 2020)

13 slides from Eaton Vance Senior Income Trust's proxy contest presentation, Dec 11, 2020

  1. Slide 1: Joint Special Meeting of Shareholders – Presentation to ISS

    EATON VANCE SENIOR INCOME TRUST(EVF) EATON VANCE FLOATING-RATE INCOME TRUST (EFT) EATON VANCE SENIOR FLOATING-RATE TRUST (EFR) EATON VANCE NEW YORK MUNICIPAL INCOME TRUST (EVY) JANUARY 7, 2021 JOINT SPECIAL MEETING OF SHAREHOLDERS DECEMBER 14, 2020 PRESENTATION TO ISS * Eaton Vance Floating-Rate Inc

  2. Slide 2: Background

    BACKGROUND  On October 7, 2020, Eaton Vance Corp. (“EVC”), the parent company of Eaton Vance Management (“Eaton Vance”), each Fund’s1 investment adviser, entered into a definitive agreement and plan of merger with Morgan Stanley pursuant to which Morgan Stanley will acquire EVC and its affiliates,

  3. Slide 3: The Proposal

    THE PROPOSAL Proposal 1:  Approval of a new investment advisory agreement for each Fund with Eaton Vance to continue to serve as the Fund’s investment adviser. We urge ISS to support the Board’s unanimous recommendation to vote FOR each Fund’s new investment advisory agreement with Eaton Vance on t

  4. Slide 4: Saba's Contest

    SABA’S CONTEST  On November 16, 2020, Saba Capital Management, L.P. (“Saba Capital”) and certain of its affiliates (together with Saba Capital, “Saba”) filed proxy statements for each Fund seeking proxies to give Saba unilateral discretion to either vote the assigned shares against the new investme

  5. Slide 5: Who Is Saba?

    WHO IS SABA?  Saba Capital is a known opportunistic hedge fund manager with an activist agenda and a history of seeking short-term profits for itself and its clients at the expense of closed-end funds and their other shareholders.  According to data obtained from FactSet Research Systems, Inc. on

  6. Slide 6: Eaton Vance: Delivering Results for All Fund Shareholders

    EATON VANCE: DELIVERING RESULTS FOR ALL FUND SHAREHOLDERS  EFT, EFR and EVF have each outperformed most funds in their category, with total returns exceeding the median of funds in the Morningstar closed-end bank loan fund category for each of the 1-, 3-, 5- and 10-year periods ended November 30, 2

  7. Slide 7: Eaton Vance: Delivering Results for All Fund Shareholders Cont.

    EATON VANCE: DELIVERING RESULTS FOR ALL FUND SHAREHOLDERS CONT.  As shown below, each Fund’s total expense ratio (“TER”)1 compares favorably to peers. According to Morningstar data, each Fund’s TER is lower than the average and median TER of funds in its Morningstar category.  EFT and EFR’s manage

  8. Slide 8: Trading Discounts

    TRADING DISCOUNTS  Saba claims that each Fund’s proposed new investment advisory agreement is not in the best interests of Fund shareholders because each Fund “currently trades at a significant discount to [net asset value].”  Saba fails to show any connection between the proposed new investment a

  9. Slide 9: Eaton Vance Has Specialized Experience

    EATON VANCE HAS SPECIALIZED EXPERIENCE Eaton Vance has among the longest investment track records in closed-end bank loan funds and among the longest-tenured investment teams. Eaton Vance has one of the largest and deepest municipal investment teams in the United States, with capabilities ranging ac

  10. Slide 10: The Board's Evaluation and Unanimous Approval

    THE BOARD’S EVALUATION AND UNANIMOUS APPROVAL  The Board and its Contract Review Committee (which is comprised exclusively of Independent Trustees) met on multiple occasions with senior representatives of Eaton Vance and Morgan Stanley to consider the new investment advisory agreements.  The Indep

  11. Slide 11: Conclusion

    CONCLUSION ISS should recommend a vote FOR the new investment advisory agreements with Eaton Vance on the WHITE proxy card. The Funds have served a valuable role in the portfolios of their long-term shareholders for many years – Saba is willing to disrupt fund operations and potentially leave the Fu

  12. Slide 12: Appendix: Annualized Total Return (EFT, EFR, EVF)

    APPENDIX EFT, EFR and EVF EFT, EFR and EVF Total Return based on NAV 8.00 Total Return based on Market Price 7.30 8.00 6.88 6.96 7.00 6.67 6.44 6.27 7.00 6.44 6.00 5.69 6.24 5.41 5.28 5.81 5.84 Annualized Total Return (%) 6.00 5.37 5.485.24 5.00 4.76 4.60 Annualized Total Return (%) 4.44 4.84 5.00 3

  13. Slide 13: Appendix: Annualized Total Return (EVY)

    APPENDIX EVY EVY Total Return based on NAV Total Return based on Market Price 8.00 8.00 7.63 6.89 7.00 6.69 7.00 5.86 Annualized Total Return (%) Annualized Total Return (%) 5.79 6.00 5.60 6.00 5.14 5.19 5.00 4.73 4.73 5.00 4.31 4.50 4.37 4.27 4.00 3.47 4.00 3.00 3.00 3.00 2.00 2.00 1.00 1.00 0.00 0

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