Eaton Vance Senior Income Trust · NYSE:EVF
Eaton Vance Senior Income Trust — Proxy Contest (October 2020)
19 slides from Eaton Vance Senior Income Trust's proxy contest presentation, Oct 23, 2020
Slide 1: Eaton Vance Senior Income Trust 2020 Annual Shareholders Meeting
EATON VANCE SENIOR INCOME TRUST(EVF) 2020 ANNUAL SHAREHOLDERS MEETING OCTOBER 23, 2020 PRESENTATION TO ISS 1
Slide 2: The Proposal
THE PROPOSAL Proposal 1: To elect 3 Class I Trustees (Board Nominees): Thomas E. Faust Jr., Cynthia E. Frost and Susan J. Sutherland Saba Capital Master Fund, Ltd. and Saba Capital Management, L.P. (together, Saba) has nominated 3 individuals (Saba Nominees) to serve on EVF’s Board of Trustees (
Slide 3: Who Is Saba?
WHO IS SABA? Saba is an activist closed-end fund investor whose short-term interests are not aligned with EVF’s long-term shareholders. According to data obtained from FactSet Research Systems, Inc., Saba Capital Management, L.P. (Saba Capital) is an activist investor that frequently targets reg
Slide 4: Fund Snapshot
FUND SNAPSHOT Investment objective: A high level of current income, consistent with the preservation of capital. Investment strategy: The Fund invests at least 80% of its total assets in senior, secured floating-rate loans. Eaton Vance is a leader in floating-rate loans, with one of the long
Slide 5: Delivering Results for All Shareholders
DELIVERING RESULTS FOR ALL SHAREHOLDERS Strong Peer-Relative Returns: EVF has been a strong performer relative to its peers in Morningstar’s closed-end bank loan fund category over all time periods: as of 9/30/20 Since inception at NAV 1Yr 3Yr 5Yr 10Yr (10/31/98) EVF -1.73% 2.27% 4.99% 5.36% 4.67%
Slide 6: Proposal I: Board Nominees Play Key Roles
PROPOSAL I: BOARD NOMINEES PLAY KEY ROLES Thomas E. Faust Jr., CFA Cynthia E. Frost Susan J. Sutherland Only member of the Board affiliated Chair of the Portfolio Management Chair of the Compliance Reports with the Eaton Vance Organization Committee and Regulatory Matters Committee Brings in-depth k
Slide 7: Board Nominees Have Specialized Experience
BOARD NOMINEES HAVE SPECIALIZED EXPERIENCE The Board Nominees have extensive experience with: Registered EVF’s closed-end Leverage Floating- EVF’s strategy and Adviser/ EVF’s rate loans Service funds operations providers Board The Board Nominees each currently serve on the boards of at least 7 Eaton
Slide 8: EVF Board: A History of Acting in the Best Interests of Long-Term Shareholders
EVF BOARD: A HISTORY OF ACTING IN THE BEST INTERESTS OF LONG-TERM SHAREHOLDERS The Board, including the Board Nominees, is focused on enhancing long-term shareholder value. Established committee devoted to closed-end fund matters. Assesses the closed-end fund structure annually to ensure it’s
Slide 9: History Repeating: Standard Slate & Scheme
HISTORY REPEATING: STANDARD SLATE & SCHEME The Saba Nominees have been selected not for their qualifications, but for their allegiance to Saba. In these instances, Saba nominated the same slate and got what they really wanted: a liquidity event. Fund Frederic Stephen Christopher Resulting Liquid
Slide 10: Conclusion
CONCLUSION ISS should recommend a vote FOR the Board Nominees and the APS Board Nominee on the WHITE proxy card. Saba Nominees would bring less diversity, less closed-end fund knowledge and fewer critical skills to the EVF Board. 10
Slide 11: Appendix: Relative Performance as of 9/30/20
APPENDIX: RELATIVE PERFORMANCE AS OF 9/30/20 6.00 5.00 4.00 Annual Return at NAV (%) 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 1Y 3Y 5Y 10Y Life LOF of Fund EVF -1.73 2.27 4.99 5.36 4.67 Category Median -2.10 1.44 3.78 5.10 3.64 Index 1.06 3.10 4.01 4.26 4.64 11 EVF Category Median Index
Slide 12: Appendix: Board Nominee Biographies
APPENDIX: BOARD NOMINEE BIOGRAPHIES Thomas E. Faust Jr. Mr. Faust has served as a member of the Eaton Vance Fund Boards since 2007. He has served as Chairman and Chief Executive Officer of EVC since 2007 and as President of EVC since 2006. He is also Director and President of EV, Chief Executive Off
Slide 13: Cynthia E. Frost biography
Cynthia E. Frost. Ms. Frost has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Portfolio Management Committee. From 2000 through 2012, Ms. Frost was the Chief Investment Officer of Brown University, where she established and built, including hiring and ove
Slide 14: Susan J. Sutherland biography
Susan J. Sutherland. Ms. Sutherland has served as a member of the Eaton Vance Fund Boards since 2015 and is the Chairperson of the Compliance Reports and Regulatory Matters Committee. From 1982 through 2013, Ms. Sutherland practiced law at Skadden, Arps, Slate, Meagher & Flom, including as a partner
Slide 15: Valerie A. Mosley biography
Valerie A. Mosley. Ms. Mosley has served as a member of the Eaton Vance Fund Boards since 2014 and is the Chairperson of the Governance Committee. She currently owns and manages a consulting and investment firm,Valmo Ventures and founded Upward Wealth, a company focused on helping everyday workers g
Slide 16: Appendix: Other Board Trustee Biographies
APPENDIX: OTHER BOARD TRUSTEE BIOGRAPHIES Mark R. Fetting. Mr. Fetting has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson of the Ad Hoc Committee for Closed-End Fund Matters. He has over 30 years of experience in the investment management industry as an executive
Slide 17: William H. Park biography
William H. Park. Mr. Park has served as a member of the Eaton Vance Fund Boards since 2003 and is the Independent Chairperson of the Board. He has been designated by the Board as an audit committee financial expert serving on the Audit Committee. Mr. Park was formerly a consultant from 2012-2014 and
Slide 18: Keith Quinton biography
Keith Quinton. Mr. Quinton has served as a member of the Eaton Vance Fund Boards since 2018. He had over thirty years of experience in the investment industry before retiring from Fidelity Investments in 2014. Mr. Quinton served as a portfolio manager and senior quantitative analyst at Fidelity Inve
Slide 19: Scott E. Wennerholm biography
Scott E. Wennerholm. Mr. Wennerholm has served as a member of the Eaton Vance Fund Boards since 2016 and is the Chairperson of the Contract Review Committee. He has over 30 years of experience in the financial services industry in various leadership and executive roles. Mr. Wennerholm served as Chie
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