M&A - MORGAN STANLEY GLOBAL FIXED INCOME OPPORTUNITIES FUND

Form Type: 497

Filing Date: 2025-06-24

Corporate Action: Merger

Type: New

Accession Number: 000110465925061758

Filing Summary: On April 23-24, 2025, Morgan Stanley Income Opportunities Fund's Board of Trustees approved the reorganization of the Fund into the Eaton Vance Income Opportunities ETF, subject to shareholder approval. The reorganization is planned for November 7, 2025. It involves the transfer of the Acquired Fund's assets to the new ETF with shareholders receiving ETF shares equivalent to the value of their current holdings, followed by the liquidation of the Acquired Fund. This is anticipated to provide shareholders with trading flexibility and enhanced tax efficiency. Shareholders must ensure they hold their shares in a brokerage account that accepts ETF shares, or they risk not receiving the new shares and may instead receive cash or alternative shares, potentially subjecting them to taxes. The proposal aims to offer a more advantageous investment structure while managing associated risks of transitioning from a mutual fund to an ETF. Michael Kushma will cease being a portfolio manager effective December 31, 2025, while other portfolio managers will manage the Acquiring Fund.

Form Type: 497K

Filing Date: 2025-06-24

Corporate Action: Merger

Type: New

Accession Number: 000110465925061763

Filing Summary: Morgan Stanley Income Opportunities Fund, having recently held a Board meeting, has announced a plan to reorganize the fund into an exchange-traded fund (ETF), to be known as Eaton Vance Income Opportunities ETF. This transition is subject to shareholder approval and is intended to take place around November 7, 2025. The reorganization aims to retain current shareholder value while providing benefits such as increased trading flexibility and enhanced tax efficiency. Shareholders will need to ensure their accounts are compatible for receiving ETF shares. The plan also outlines that, in the event of approval, the current portfolio manager, Michael Kushma, will cease management duties by December 31, 2025. The reorganization will involve transferring assets from the Acquired Fund to the Acquiring Fund, with anticipated liquidations occurring simultaneously. A combined Proxy Statement and Prospectus will be sent to shareholders along with a summary of the expected changes, emphasizing the necessity for shareholder account compatibility for the upcoming transition.

Form Type: 425

Filing Date: 2025-05-30

Corporate Action: Merger

Type: New

Accession Number: 000110465925054404

Filing Summary: On May 30, 2025, Morgan Stanley Global Fixed Income Opportunities Fund, now known as Morgan Stanley Income Opportunities Fund, filed a form under Rule 425 concerning its planned reorganization into an exchange-traded fund (ETF) named Eaton Vance Income Opportunities ETF. This decision was unanimously approved by the Board of Trustees during a meeting held on April 23-24, 2025. The reorganization, subject to shareholder approval, is expected to occur on or about November 7, 2025. Fund shareholders will receive Acquiring Fund Shares equivalent to their NAV holdings in the Acquired Fund, along with cash for any fractional shares. Post-reorganization, shareholders will cease to be part of the Acquired Fund, and the Acquired Fund will be liquidated. The reorganization aims to enhance trading flexibility, transparency, and potential tax efficiency, although some risks, including certain tax implications and trading costs, are acknowledged. Shareholders recorded by July 17, 2025, will receive a Proxy Statement with detailed information regarding the reorganization.

Form Type: 497

Filing Date: 2025-05-30

Corporate Action: Merger

Type: New

Accession Number: 000110465925054406

Filing Summary: On May 30, 2025, Morgan Stanley Income Opportunities Fund's Board of Trustees approved a reorganization to convert the Acquired Fund into an ETF. The reorganization requires shareholder approval and is anticipated to occur around November 7, 2025. The new ETF will be managed by Morgan Stanley Investment Management and will have the same investment objectives as the Acquired Fund. Shareholders must hold their shares in brokerage accounts that accept ETF shares to receive Acquiring Fund Shares. The reorganization will be tax-free under the Internal Revenue Code, meaning shareholders will generally not recognize taxable gains. However, shareholders not in compliant brokerage accounts risk liquidation of their shares. The Acquired Fund will also be liquidated following the reorganization. The document outlines the differences in structure and fees between the Acquired Fund and the new Acquiring Fund, emphasizing additional trading flexibility and potential tax efficiency with the ETF format. Michael Kushma will cease to be a portfolio manager after December 31, 2025. A combined Proxy Statement and Prospectus will be sent to shareholders of record by July 17, 2025, detailing the proposal.

Form Type: 425

Filing Date: 2025-04-25

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925039508

Filing Summary: Morgan Stanley Global Fixed Income Opportunities Fund, referred to as the 'Acquired Fund', is seeking shareholder approval for a conversion to an exchange-traded fund (ETF) format, specifically the Eaton Vance Income Opportunities ETF, as part of a planned reorganization. This reorganization aims to enhance shareholder interests by leveraging anticipated benefits such as trading flexibility, transparency, and tax efficiency inherent to the ETF structure. If approved, shareholders of the Acquired Fund will receive ETF shares equivalent to the value of their existing shares, with cash options for fractional shares. The reorganization involves changes to the investment strategies, management, and name of the Acquired Fund, which will be renamed to Morgan Stanley Income Opportunities Fund effective May 30, 2025. The closing date for the reorganization is anticipated around November 7, 2025, pending shareholder approval. .

Form Type: 425

Filing Date: 2025-04-25

Corporate Action: Merger

Type: New

Accession Number: 000110465925039511

Filing Summary: On April 23-24, 2025, the Board of Trustees of Morgan Stanley Global Fixed Income Opportunities Fund unanimously approved the reorganization of the fund into an Exchange-Traded Fund (ETF) named Eaton Vance Income Opportunities ETF, pending shareholder approval. The reorganization is expected to occur on or about November 7, 2025. Alongside the reorganization, the fund's name will change to Morgan Stanley Income Opportunities Fund, effective May 30, 2025, which will also include alterations to its investment strategies, removing certain policies while adding a minimum average credit quality requirement. Shareholders wishing to receive acquisition shares must hold them through brokerage accounts that can accept ETF shares; otherwise, their holdings will be liquidated for cash, which may carry tax implications. The reorganization aims to provide trading flexibility, increased transparency, and potential tax efficiency benefits. The fund is presented with a new fee structure, with total annual operating expenses capped at 0.50% for the first two years post-reorganization. Should the reorganization be approved, the existing performance track record of the Acquired Fund will be adopted by the Acquiring Fund. The completion of the reorganization will result in various administrative actions, including transaction costs associated with shareholder redemptions prior to the close of the reorganization.

Form Type: 425

Filing Date: 2025-04-25

Corporate Action: Merger

Type: New

Accession Number: 000110465925039514

Filing Summary: On April 25, 2025, the Board of Trustees of Morgan Stanley Global Fixed Income Opportunities Fund (to be renamed Morgan Stanley Income Opportunities Fund) approved a reorganization of the Acquired Fund into an exchange-traded fund (ETF) managed by Morgan Stanley Investment Management Inc. This reorganization, subject to shareholder approval, aims to create the Eaton Vance Income Opportunities ETF. The transactions are outlined in an Agreement and Plan of Reorganization, expected to close on or about November 7, 2025, contingent upon shareholders voting for the change. Following the completion of the reorganization, the Acquired Fund will be liquidated. Shareholders are to be informed through a combined Proxy Statement and Prospectus regarding details about the new ETF and associated investment strategies. The reorganization is designed as a tax-free event for shareholders, although liquidations or redemptions prior may lead to taxable events.

Form Type: 497

Filing Date: 2025-04-25

Corporate Action: Merger

Type: New

Accession Number: 000110465925039502

Filing Summary: On April 25, 2025, Morgan Stanley Global Fixed Income Opportunities Fund (to be renamed Morgan Stanley Income Opportunities Fund) is set to undergo a reorganization into an exchange-traded fund (ETF), managed by Morgan Stanley Investment Management Inc. This decision, unanimous by the Board of Trustees during their meeting on April 23-24, aims to enhance shareholder interests without dilution. The anticipated reorganization will transition the Acquired Fund's assets to the Eaton Vance Income Opportunities ETF, set for approval by Acquired Fund Shareholders. If approved, the reorganization will conclude around November 7, 2025. Shareholders of record by July 17, 2025 will receive a Proxy Statement and Prospectus detailing the changes, including the transfer of assets and liabilities, as well as distribution of ETF shares to current shareholders. Post-reorganization, the Acquired Fund will be liquidated. Significant changes to investment strategies and management will take effect on May 30, 2025, aligning the Acquired Fund's objectives with those of the new ETF while introducing potential risks and benefits associated with ETF structures. The reorganization is considered a tax-free event under the Internal Revenue Code, promoting greater trading flexibility, transparency, and potential tax efficiency for shareholders, despite some risks related to cash transactions and trading processes.

Form Type: 497K

Filing Date: 2025-04-25

Corporate Action: Merger

Type: New

Accession Number: 000110465925039506

Filing Summary: On April 25, 2025, Morgan Stanley Global Fixed Income Opportunities Fund announced the Board of Trustees' approval for the reorganization of the fund into an exchange-traded fund (ETF). This change is subject to shareholder approval and involves restructuring the fund into the Eaton Vance Income Opportunities ETF, managed by Morgan Stanley Investment Management Inc. The reorganization aims to enhance shareholder interests by providing greater trading flexibility, increased transparency, and potential tax efficiency. Post-reorganization, the Acquired Fund will be liquidated, and shareholders may receive Acquiring Fund Shares based on the net asset value of their holdings. Shareholders are required to hold their shares in a brokerage account that accommodates ETF shares to participate. The anticipated closing date for the merger is around November 7, 2025, if approved. Additional changes to fund management and investment strategies were also outlined, which take effect on May 30, 2025, including adjustments to investment policies and termination of certain advisory agreements.