I recently emailed Eaton Vance requesting some disclosure regarding the terms of the financing they have used to replace some auction preferreds as a leverage mechanism. I expressed my view that 1) they owed common shareholders the appropriate disclosures to enable informed choices on whether to invest/disinvest under the new regime and 2) their repeated assertions that the new financing mechanism would result in lower leverage costs over the long run did not cut it because, if true, the strategy was owed to us by the directors - exercising their fiduciary duties - long before the ARPs failures. Today I got a nice "FU" note in the mail explaining that all would be revealed when they next issued relevant annual/semianual financials. In my email, I had informed EV that if they preferred to avoid disclosure, I'd lodge a complaint with our mutual buddies at the SEC and see if that could shake some loose. I'll be sending that out tomorrow, and will CEF forum members aprised of outcomes (if any).
Regards,
Dick