EHT Eaton Vance 2021 Target Term Trust

Certain Eaton Vance Closed-End Funds Joint Special Meeting Of Shareholders

On January 7, 2021 Will Be A Virtual Meeting

BOSTON, MA, December 23, 2020 — The following notice relates to the Joint Special Meeting of Shareholders of the following closed-end funds:

Notice That Joint Special Meeting Of Shareholders

Will Be A Virtual Meeting

Due to the emerging public health impact of the coronavirus pandemic (COVID-19), travel guidelines in Massachusetts and surrounding areas, and to support the health and well-being of our shareholders, NOTICE IS HEREBY GIVEN that the Joint Special Meeting of Shareholders of the Funds to be held on Thursday, January 7, 2021 at 11:30 a.m. Eastern Time (the “Meeting”) will be a virtual meeting via a web-based portal. Shareholders will not be able to attend the Meeting in person.

If you were a record holder of Fund shares as of October 29, 2020 (i.e., you held Fund shares in your own name directly with the Fund), you can participate in and vote at the Meeting by emailing your full name and address to AST Fund Solutions, LLC (“AST”) at attendameeting@astfinancial.com. You will then be provided with credentials to participate in the Meeting. You will also be able to vote during the Meeting by entering the control number found on the proxy card or notice you previously received. Requests to participate in and vote at in the Meeting must be received by AST no later than 3:00 p.m. Eastern Time on January 6, 2021.

If you held Fund shares through an intermediary (such as a broker-dealer) as of October 29, 2020, and wish to participate in and vote at the Meeting, you will need to obtain a legal proxy from your intermediary reflecting the Fund’s name, the number of Fund shares you held, and your name and email address. You may forward an email from your intermediary containing the legal proxy or attach an image of the legal proxy to an email and send it to AST at attendameeting@astfinancial.com with “Legal Proxy” in the subject line. You will then be provided with credentials to participate in the Meeting, as well as a unique control number to vote your shares at the Meeting. If you would simply like to participate in but NOT vote at the Meeting, please send an email to AST at attendameeting@astfinancial.com with proof of ownership of Fund shares. A statement, letter or the Vote Instruction Form from your intermediary will be sufficient proof of ownership. You will then be provided with credentials to participate in the Meeting. All requests to participate in the Meeting must be received by AST no later than 3:00 p.m. Eastern Time on January 6, 2021.

The Funds and the Boards of Trustees are closely monitoring the evolving COVID-19 situation and if circumstances change, the Funds will issue additional press release(s) updating shareholders regarding the Meeting. Whether or not you plan to participate in the Meeting, we urge you to vote and submit your vote in advance of the Meeting by one of the methods described in the Funds’ proxy materials. The proxy statement is available online at https://funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php. The proxy card included with the Funds’ previously distributed proxy materials will not be updated to reflect the change to a virtual meeting and may continue to be used to vote your shares in advance of the Meeting. Please contact AST at attendameeting@astfinancial.com with any questions regarding accessing the Meeting and an AST representative will contact you to answer your questions.

By Order of the Boards of Trustees,

/s/ Maureen A. Gemma

Maureen A. Gemma

Secretary

About Eaton Vance Corp.

The Funds’ investment adviser is Eaton Vance Management, a subsidiary of Eaton Vance Corp. Eaton Vance Corp. (NYSE: EV) provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through principal investment affiliates Eaton Vance Management, Parametric, Atlanta Capital, Calvert and Hexavest, the Company offers a diversity of investment approaches, encompassing bottom-up and top-down fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. As of October 30, 2020, Eaton Vance had consolidated assets under management of $515.7 billion. For more information, visit eatonvance.com.

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Subject line: Eaton Vance Proxy Information (OR –sent as a reply to financial advisor’s email with questions)

Name,

I wholly recognize that our proxy outreach to shareholders may result in questions from your clients, and we appreciate your support of these important matters. As it pertains to your questions surrounding the upcoming votes, [Wholesaler] and I would like to assist in the process in any way possible.

Below are a few points I’ve highlighted to address some of the most commonly asked questions that you may articulate to your clients. 

Will my clients be receiving phone calls? 

• Shareholders may receive phone calls daily beginning about a week after the proxy statements mail (closed-end fund calls have already begun and open-end fund calls are expected to start in January).
• Shareholders may also receive hard copy correspondence regarding the proxy statements.

How can my clients stop receiving calls?

• Please ask your clients to vote. Shareholders will stop receiving phone calls once they vote.

Can my clients vote online? 

• Yes. Shareholders can vote online, on the phone, or via mail.

When will the calls stop? 

• We encourage you to advise clients to vote so they no longer receive calls and additional correspondence.

If a client asks you how they should vote, what should you say?

• We encourage shareholders to vote in favor of the proposals.
• Approval will provide continuity of the funds’ investment programs and help ensure that fund operations continue uninterrupted after the close of the transaction.

Here are some additional resources for Public Use that you can share with your clients:

• Eaton Vance Proxy website
• Eaton Vance and Morgan Stanley Press Release
• Proxy 101 and FAQ document

Here is an Advisor Use Only resource which cannot be shared with your clients:

• FA Proxy & Consent process letter - EV version

As I mentioned [Wholesaler] and I want understand your specific concerns and assist you as much as possible. Please feel free to call us, if you’d like to discuss these matters further.

[Signature]

SHAREHOLDERS SHOULD READ THEIR FUND'S DEFINITIVE PROXY STATEMENT. IT CONTAINS IMPORTANT INFORMATION. EACH FUND WILL MAIL ITS DEFINITIVE PROXY STATEMENT TO SHAREHOLDERS AS OF THE RELEVANT RECORD DATE. EACH FUND'S DEFINITIVE PROXY STATEMENT AND OTHER RELATED MATERIALS WILL ALSO BE AVAILABLE, WITHOUT CHARGE, ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE.

NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Investment Professional Use Only. Not to Be Used With the Public.

©2020 Eaton Vance Management

Two International Place, Boston, MA 02110

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