BOSTON , Nov. 10, 2020 /PRNewswire/ — As previously announced on October 8, 2020 , Morgan Stanley (NYSE: MS) and Eaton Vance Corp. (“Eaton Vance”) (NYSE: EV) entered into a definitive agreement under which Morgan Stanley will acquire Eaton Vance (the “Transaction”). The acquisition is subject to the completion or waiver of customary closing conditions, and is expected to close in the second quarter of 2021. Eaton Vance Management is a wholly-owned subsidiary of Eaton Vance and investment adviser to each of the following closed-end funds:
Eaton Vance California Municipal Bond Fund (NYSE American: EVM)
Eaton Vance California Municipal Income Trust (NYSE American: CEV )
Eaton Vance Enhanced Equity Income Fund (NYSE: EOI)
Eaton Vance Enhanced Equity Income Fund II (NYSE: EOS)
Eaton Vance Floating-Rate Income Trust (NYSE: EFT)
Eaton Vance Floating-Rate 2022 Target Term Trust (NYSE: EFL)
Eaton Vance High Income 2021 Target Term Trust (NYSE: EHT)
Eaton Vance Limited Duration Income Fund (NYSE American: EVV)
Eaton Vance Municipal Bond Fund (NYSE American: EIM)
Eaton Vance Municipal Income 2028 Term Trust (NYSE: ETX)
Eaton Vance Municipal Income Trust (NYSE: EVN)
Eaton Vance National Municipal Opportunities Trust (NYSE: EOT)
Eaton Vance New York Municipal Bond Fund (NYSE American: ENX)
Eaton Vance New York Municipal Income Trust (NYSE American: EVY)
Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ)
Eaton Vance Short Duration Diversified Income Fund (NYSE: EVG)
Eaton Vance Tax-Advantaged Dividend Income Fund (NYSE: EVT)
Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) 1
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (NYSE: ETO) 1
Eaton Vance Tax-Managed Buy-Write Income Fund (NYSE: ETB) 1
Eaton Vance Tax-Managed Buy-Write Opportunities Fund (NYSE: ETV) 1
Eaton Vance Tax-Managed Diversified Equity Income Fund (NYSE: ETY)
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (NYSE: ETW) 1
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG) 1
Eaton Vance Tax-Managed Buy-Write Strategy Fund (NYSE: EXD) 1
(each, a “Fund” and collectively, the “Funds”)
Pursuant to the Investment Company Act of 1940, as amended, the consummation of the acquisition of Eaton Vance may be deemed to result in the automatic termination of each Fund’s investment advisory agreement with Eaton Vance Management and, where applicable, any related sub-advisory agreement. Therefore, each Fund’s Board of Trustees has approved a new investment advisory agreement and, where applicable, a new sub-advisory agreement to be effective upon consummation of the Transaction. Each Fund’s new investment advisory agreement and, where applicable, new sub-advisory agreement will be presented to Fund shareholders for approval at a joint special meeting of shareholders to be held on January 7 , 2021. Shareholders of record of each Fund at the close of business on October 29, 2020 who have voting power with respect to such shares are entitled to be present and to vote at the meeting.
In connection with the proposal to approve a new investment advisory agreement for each Fund and, where applicable, a new sub-advisory agreement, each Fund intends to file a definitive proxy statement with the U.S. Securities and Exchange Commission (the “SEC”). Shareholders are advised to read their Fund’s proxy statement when available, as it will contain important information. When filed with the SEC, the proxy statement and other documents filed by the Funds will be available free of charge on the SEC website, www.sec.gov . Copies of the proxy statement also will be mailed to each shareholder of record as of the record date for the joint special shareholder meeting.
Eaton Vance 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, Hexavest, and Calvert, 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 September 30, 2020 , Eaton Vance had consolidated assets under management of $517.0 billion . For more information, visit eatonvance.com.
Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program, and you may lose money investing therein. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully a Fund’s investment objective, risks, charges, and expenses.
This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of a Fund. Additional information about the Funds, including performance and portfolio characteristic information, is available at www.eatonvance.com .
Statements in this press release that are not historical facts are forward-looking statements as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that are, in some cases, beyond a Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
1 ETG, ETO, and EXG are sub-advised by Eaton Vance Advisers International Ltd. (“EVAIL”). ETB, ETV, ETW, and EXD are sub-advised by Parametric Portfolio Associates LLC (“Parametric”). EVAIL and Parametric are each indirect, wholly-owned subsidiaries of Eaton Vance.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
