Morgan Stanley Investment Management (“MSIM”) today announced it has completed the conversion of two fixed income mutual funds to exchange-traded funds (“ETFs”). With these two additions, MSIM has introduced 14 ETFs since the launch of the ETF platform last year and has more than $1 billion in assets under management.

The below two strategies are available as ETFs as of today:

Commenting on the ETF platform, Anthony Rochte, Global of Head of ETFs at MSIM, said: “We are pleased with the strong growth of MSIM’s ETF platform over the last year. Surpassing $1 billion in assets under management demonstrates the strong demand for accessing our differentiated investment capabilities in the ETF wrapper. As conversions, EVTR and EVSM offer clients our longstanding approach to income investing with the advantages of an ETF vehicle, including tax efficiency, transparency, value and trading flexibility, as well as a track record and scale.”

These latest ETFs complement the existing MSIM active fixed income ETF offering, which includes: Calvert Ultra-Short Investment Grade ETF (NYSE Arca: CVSB), Eaton Vance Ultra-Short Income ETF (NYSE Arca: EVSB), Eaton Vance High Yield ETF (NYSE Arca: EVHY), Eaton Vance Intermediate Municipal Income (NYSE Arca: EVIM), and Eaton Vance Floating Rate ETF (NYSE Arca: EVLN). Launched in 2023, MSIM’s ETF platform is comprised of 14 products, including six Calvert-branded ETFs, one Parametric-branded alternative income strategy, one Parametric-branded hedged equity strategy, and the six Eaton Vance-branded fixed income strategies.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.5 trillion in assets under management or supervision as of December 31, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

Before investing carefully consider the Fund's objective, risks, charges, and expenses available in the prospectus, please download one at https://www.eatonvance.com. Read carefully before investing.

Risk Considerations: There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in the portfolios. Please be aware that the portfolios may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In a rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. In a declining interest-rate environment, the portfolio may generate less income. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Portfolio Turnover. Consistent with its investment policies, the Fund will purchase and sell securities without regard to the effect on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs. Active Management Risk. In pursuing the Portfolio’s investment objective, the Adviser has considerable leeway in deciding which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. The success or failure of such decisions will affect performance. ETF Structure Risks. Authorized Participant Concentration Risk. The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. As a result, shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting. Cash Transactions Risk. Unlike certain ETFs, the Fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in shares may be less tax-efficient. Trading Risk. The market prices of Shares are expected to fluctuate, in some cases materially, in response to changes in the Portfolio's NAV, the intra-day value of holdings, and supply and demand for Shares. The Adviser cannot predict whether Shares will trade above, below or at their NAV. may pay significantly more or receive significantly less than the Fund’s NAV per share during periods when there is a significant premium or discount. Buying or selling Shares in the secondary market may require paying brokerage commissions or other charges imposed by brokers as determined by that broker. New Fund Risk. A new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, there is a limited operating history for investors to evaluate and the portfolio may not attract sufficient assets to achieve investment and trading efficiencies. See applicable prospectus for details on risks.

Eaton Vance, Parametric and Calvert are part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. Morgan Stanley Investment Management Inc. is the adviser to the ETFs.

ETFs are distributed by Foreside Fund Services LLC.

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