Fund Description: Eaton Vance High Income 2021 Target Term Trust is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Eaton Vance High Income 2021 Target Term Trust seeks high current income. FUND STRATEGY: The Trust seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its Managed Assets in corporate debt obligations and separately at least 80% of its Managed Assets in corporate debt obligations that, at the time of investment, are rated below investment grade (BB+ or lower) or are unrated but deemed equivalent, commonly referred to as junk bonds. To limit the Trust’s exposure to interest rate and reinvestment risk, the longest maturity of any Trust holding will be not more than six months beyond the Termination Date. The Trust intends to utilize a limited duration strategy, which declines over time. Such strategy seeks to be less sensitive to high yield interest rate risk than longer duration funds. The Adviser monitors the credit quality of instruments held by the Trust and other instruments available to the Trust. Although the Adviser considers ratings assigned by the rating services when making investment decisions, it performs its own credit and investment analysis utilizing various methodologies including both bottom up and top down investment analysis and consideration of macroeconomic and technical factors. The average maturity of the Trust’s holdings is generally expected to shorten as the Trust approaches its Termination Date, which may reduce interest rate risk over time but which may also reduce amounts otherwise available for distribution to Common Shareholders. FUND MANAGEMENT: Eaton Vance Management serves as the investment adviser to the Fund.