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OPAL Fuels Appoints Darrell Birck as Executive Vice President of Biogas

OPAL Fuels Appoints Darrell Birck as Executive Vice President of Biogas

 Birck to scale biogas operations, bringing over two decades of energy industry engineering, construction, and business optimization experience

WHITE PLAINS, N.Y.–(BUSINESS WIRE)–
OPAL Fuels Inc. (Nasdaq: OPAL) announced today the appointment of Darrell P. Birck as Executive Vice President of Biogas. The appointment is effective immediately and Darrell will report to Co-CEOs, Adam Comora and Jonathan Maurer.

In this role, Darrell will be responsible for leading OPAL Fuels’ biogas construction and operations businesses, while driving the company’s mission of providing “Cleaner, Cheaper, Now” fuel solutions.

“I am pleased to welcome Darrell to OPAL Fuels as he brings a wealth of experience in biofuels, chemical manufacturing, and process optimization,” said Jonathan Maurer, Co-CEO of OPAL Fuels. “Darrell joins the team at an important time for OPAL Fuels, as we now have 11 renewable natural gas (RNG) facilities in operation and have doubled our annual design capacity over the past two years. His expertise in driving operational efficiencies will be critical to executing against our strategic growth objectives over the next several years – bringing efficiencies to the construction and operations processes in the RNG and renewable power space.”

“I look forward to joining and accelerating the execution and deployment of projects at OPAL Fuels, delivering on-time and on-budget results, and enhancing the company’s overall ability to capture and convert biogas into low carbon intensity RNG and renewable power,” said Darrell. “I look forward to building on the existing foundation of success and market leadership.”

Darrell brings over 25 years of proven leadership experience across the energy and industrial sectors. Prior to joining OPAL Fuels, Darrell served for over a decade at Koch Industries, including as Senior Vice President for Project Operations at DEPCOM Power, a leading solar energy solutions provider. Before DEPCOM, Darrell was a Senior Director of Operations at Georgia Pacific Corrugated, one of the world’s leading manufacturers of tissue, pulp, packaging, and building products, and Vice President of Operations for Biofuels & Ingredients at Flint Hill Resources, overseeing eight biorefineries. Previously, Darrell spent 19 years at Cytec Solvay Group, a specialty chemicals and materials technology company, serving in various positions, most recently as a multi plant manager.

About OPAL Fuels Inc.

OPAL Fuels Inc. (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy-duty trucking and other hard-to-de-carbonize industrial sectors. For additional information and to learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the economy, please visit www.OPALfuels.com.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company’s”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

OPAL Fuels Investors

Todd Firestone

Vice President Investor Relations and Corporate Development

914-705-4001

[email protected]

Media

ICR, Inc.

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Other Energy Utilities Oil/Gas Alternative Energy Energy Agriculture Natural Resources Trucking Engineering Chemicals/Plastics Transport Manufacturing

MEDIA:

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MFS Announces Closed-End Fund Distributions

MFS Announces Closed-End Fund Distributions

BOSTON–(BUSINESS WIRE)–
MFS Investment Management® (MFS®) announced today monthly distributions of the following closed-end funds, all with declaration dates of December 2, 2024, ex-dividend dates of December 17, 2024, record dates of December 17, 2024, and payable dates of December 31, 2024:

Fund (ticker)

Income/

Share

Other

Sources/

Share*

Total Amount/

Share

MFS® Charter Income Trust

(NYSE: MCR)^

$0.0000

$0.045480

$0.045480

MFS® Government Markets Income Trust

(NYSE: MGF)^

$0.0000

$0.019540

$0.019540

MFS® High Income Municipal Trust

(NYSE: CXE)

$0.0160

$0.0000

$0.0160

MFS® High Yield Municipal Trust

(NYSE: CMU)

$0.01450

$0.0000

$0.01450

MFS® Intermediate High Income Fund

(NYSE: CIF)^

$0.0000

$0.014780

$0.014780

MFS® Intermediate Income Trust

(NYSE: MIN)^

$0.0000

$0.019810

$0.019810

MFS® Investment Grade Municipal Trust

(NYSE: CXH)

$0.02650

$0.0000

$0.02650

MFS® Multimarket Income Trust

(NYSE: MMT)^

$0.0000

$0.033850

$0.033850

MFS® Municipal Income Trust

(NYSE: MFM)

$0.02150

$0.0000

$0.02150

^The fund has adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. You should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the fund’s managed distribution plan. The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund’s shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund’s common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund’s investment performance and should not be confused with ‘yield’ or ‘income’. Any such returns of capital will decrease the fund’s total assets and, therefore, could have the effect of increasing the fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time. For estimated source information for distributions paid in prior periods, please see MFS.com and click on the following links: Products & Strategies, Closed-End Funds, Dividend Source Information.

*Distribution from “Other Sources” may contain sources of income other than ordinary income, such as short term capital gains, long term capital gains, or return of capital, which can not be determined until the close of the fund’s fiscal year end. Distributions that are treated for federal income tax purposes as a return of capital will reduce a shareholder’s tax basis in his or her shares and, to the extent the distribution exceeds a shareholder’s adjusted tax basis, will be treated as a gain to the shareholder from a sale of shares. Please see the fund’s most recent dividend source information available from payable date at MFS.com for the breakdown of the distribution.

Investors who want to make changes to their accounts should contact their financial advisor, brokerage firm, or other nominee with whom the shares are registered. If shares are registered with the funds’ transfer agent, Computershare, the transfer agent may be contacted directly at 800-637-2304, or www.computershare.com.

About MFS Investment Management

In 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of October 31, 2024, MFS manages US $626.4 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.

The funds are closed-end investment products. Common shares of the funds are only available for purchase/sale on the NYSE at the current market price. Shares may trade at a discount to NAV.

MFS Investment Management

111 Huntington Ave, Boston, MA 02199

15812.175

MFSShareholders or Advisors (investment product information):

Jeffrey Schwarz, 800-343-2829, ext. 55872

Media Only:

Dan Flaherty, 617-954-4256

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Regional Management Corp. Announces Stock Repurchase Program and Growth Outlook

Regional Management Corp. Announces Stock Repurchase Program and Growth Outlook

GREENVILLE, S.C.–(BUSINESS WIRE)–
Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced a $30 million stock repurchase program and growth expectations for 2025.

“Having executed well throughout the economic cycle, we carry strong momentum and a healthy balance sheet into the new year, with significant funding for continued execution on our long-term growth strategy and the return of excess capital to shareholders,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “To that end and based on our consistently strong performance, liquidity profile, capital position, and confidence in our future, we are pleased to announce the authorization by our Board of Directors of a $30 million stock repurchase program. The program will enable us to be opportunistic in repurchasing our common stock at a time when we believe it to be undervalued.”

“In addition, we will allocate capital in 2025 to accelerate our portfolio growth,” added Mr. Beck. “We expect our ending net receivables to grow by 10% to 12% in 2025, up from a roughly 6% growth rate in 2024. We are increasing our pace of growth due to our confidence in our credit performance, improving consumer health, and strengthening macroeconomic conditions, including lower inflation, real wage growth, low unemployment, and a large number of open jobs, particularly for our customer set. Our portfolio growth will ramp up over the course of next year, following seasonally low loan demand during the first quarter tax season.”

“We have expanded to eight new states since 2020, increasing our addressable market by more than 80% over that time period, and we expect to continue our new state entry in the future,” continued Mr. Beck. “Our 2025 portfolio growth will be driven in part by our continued focus on our auto-secured and higher-margin small loan portfolios. We also will continue to grow our presence in new branches opened over the past several quarters, open a total of 10 new branches in the fourth quarter of 2024 and first quarter of 2025, and add up to another 10 new branches in the second half of 2025. Through these branch expansion investments, we are moving aggressively to capture market share in our newer geographies, which will provide a meaningful contribution to portfolio and revenue growth in 2025 and beyond.”

Stock Repurchase Program

The company’s Board of Directors has authorized a stock repurchase program allowing for the repurchase of up to $30 million of its outstanding common stock. The authorization is effective immediately and will continue through December 31, 2026.

Share repurchases under the stock repurchase program may be made in the open market at prevailing market prices, through privately negotiated transactions, or through other structures in accordance with applicable federal securities laws, at times and in amounts as management deems appropriate. The timing and the amount of any common stock repurchases will be determined by the company’s management based on its evaluation of market conditions, the company’s liquidity needs, legal and contractual requirements and restrictions (including covenants in the company’s credit agreements), share price, and other factors. Repurchases of common stock may be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The repurchase program does not obligate the company to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice.

About Regional Management Corp.

Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 19 states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead represent Regional Management Corp.’s expectations or beliefs concerning future events. Forward-looking statements include, without limitation, statements concerning financial outlooks or future plans, objectives, goals, projections, strategies, events, or performance, and underlying assumptions and other statements related thereto. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,” and similar expressions may be used to identify these forward-looking statements. Such forward-looking statements speak only as of the date on which they were made and are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. As a result, actual performance and results may differ materially from those contemplated by these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in forward-looking statements include, but are not limited to, the following: managing growth effectively, implementing Regional Management’s growth strategy, and opening new branches as planned; Regional Management’s convenience check strategy; Regional Management’s policies and procedures for underwriting, processing, and servicing loans; Regional Management’s ability to collect on its loan portfolio; Regional Management’s insurance operations; exposure to credit risk and repayment risk, which risks may increase in light of adverse or recessionary economic conditions; the implementation of evolving underwriting models and processes, including as to the effectiveness of Regional Management’s custom scorecards; changes in the competitive environment in which Regional Management operates or a decrease in the demand for its products; the geographic concentration of Regional Management’s loan portfolio; the failure of third-party service providers, including those providing information technology products; changes in economic conditions in the markets Regional Management serves, including levels of unemployment and bankruptcies; the ability to achieve successful acquisitions and strategic alliances; the ability to make technological improvements as quickly as competitors; security breaches, cyber-attacks, failures in information systems, or fraudulent activity; the ability to originate loans; reliance on information technology resources and providers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting delinquencies and credit losses; any future public health crises, including the impact of such crisis on our operations and financial condition; changes in operating and administrative expenses; the departure, transition, or replacement of key personnel; the ability to timely and effectively implement, transition to, and maintain the necessary information technology systems, infrastructure, processes, and controls to support Regional Management’s operations and initiatives; changes in interest rates; existing sources of liquidity may become insufficient or access to these sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; risks related to regulation and legal proceedings, including changes in laws or regulations or in the interpretation or enforcement of laws or regulations; changes in accounting standards, rules, and interpretations and the failure of related assumptions and estimates; the impact of changes in tax laws and guidance, including the timing and amount of revenues that may be recognized; risks related to the ownership of Regional Management’s common stock, including volatility in the market price of shares of Regional Management’s common stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in Regional Management’s charter documents and applicable state law.

The foregoing factors and others are discussed in greater detail in Regional Management’s filings with the Securities and Exchange Commission. Regional Management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or the non-occurrence of anticipated events, whether as a result of new information, future developments, or otherwise, except as required by law. Regional Management is not responsible for changes made to this document by wire services or Internet services.

Investor Relations

Garrett Edson, (203) 682-8331

[email protected]

KEYWORDS: South Carolina United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

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Deutsche Bank appointed as depositary bank for the sponsored American Depositary Receipt program of Pony AI Inc.

Deutsche Bank appointed as depositary bank for the sponsored American Depositary Receipt program of Pony AI Inc.

NEW YORK–(BUSINESS WIRE)–
Deutsche Bank announced today its appointment as depositary bank for the NASDAQ-listed American Depositary Receipt program of Pony AI Inc.

Pony AI Inc. (NASDAQ: PONY) is a global leader in achieving large-scale commercialization of autonomous mobility. It aims to mass commercialize its autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and business around the world. Its principal executive office is located in Guangzhou, China.*

In addition to specializing in administering cross-border equity structures such as New York Shares and American and Global Depositary Receipts, Deutsche Bank provides corporates, financial institutions, hedge funds and supranational agencies around the world with trustee, agency, escrow and related services. Deutsche Bank offers a very broad range of services for diverse products, from complex securitizations and project finance to syndicated loans, debt exchanges and restructurings.

* This information was provided by Pony AI Inc. (November 2024).

 

Depositary Receipt Information

Country

Cayman Islands holding company with operations mainly conducted by subsidiaries in mainland China

Custodian Bank

Deutsche Bank AG, Hong Kong Branch

Effective Date

November 29 2024

 

 

Level III ADR

 

CUSIP

732908 108

ISIN

US7329081084

Symbol

PONY

Exchange

NASDAQ

Current Ratio

1 ADS: 1 Class A ordinary share

Eligibility

DTC

Depositary Receipt Contacts

New Business

Development

 

William Ng

 

Tel: +852 2203 7889

 

 

 

www.adr.db.com

Markets Distribution

[email protected]

London

 

Tel: +44 (0) 20 7547 6500

gtb.db.com

New York

 

Tel: +1 212 250 9100

 

 

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

The Depositary Receipts have been registered pursuant to the US Securities Act of 1933 (the “Act”). The investment or investment service which is the subject of this notice is not available to retail clients as defined by the UK Financial Conduct Authority. This notice has been approved and/or communicated by Deutsche Bank AG New York. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing the attached notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. This announcement appears as a matter of record only. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful. No part of this notice may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. Copyright© November 2024 Deutsche Bank AG. All rights reserved.

Deutsche Bank AG

Press & Media Relations

Dylan Riddle

Tel. +12122504982

Cell. +1(904)3866481

Email [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

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Owens & Minor to Present at Upcoming Investor Conferences

Owens & Minor to Present at Upcoming Investor Conferences

RICHMOND, Va.–(BUSINESS WIRE)–Owens & Minor, Inc. (NYSE: OMI), announced today that members of its management team are scheduled to participate in two upcoming investor conferences.

Citi 2024 Global Healthcare Conference

On Wednesday, December 4, 2024, Owens & Minor is scheduled to participate in a fireside chat at 8:45 a.m. ET and host individual investor meetings at the conference in Miami, Florida.

Bank of America Home Care Conference

On Monday, December 9, 2024, Owens & Minor is scheduled to participate in a fireside chat at 12:00 p.m. ET and host individual investor meetings at the virtual conference.

About Owens & Minor

Owens & Minor, Inc. (NYSE: OMI) is a Fortune 500 global healthcare solutions company providing essential products and services that support care from the hospital to the home. For over 100 years, Owens & Minor and its affiliated brands, Apria®, Byram® and HALYARD*, have helped to make each day better for the patients, providers, and communities we serve. Powered by more than 20,000 teammates worldwide, Owens & Minor delivers comfort and confidence behind the scenes so healthcare stays at the forefront. Owens & Minor exists because every day, everywhere, Life Takes Care™. For more information about Owens & Minor and our affiliated brands, visit owens-minor.com or follow us on LinkedIn and Instagram.

OMI-CORP

OMI-IR

Investors

Alpha IR Group

Jackie Marcus or Nick Teves

[email protected]

Media

Stacy Law

[email protected]

KEYWORDS: Florida Virginia United States North America

INDUSTRY KEYWORDS: Medical Supplies Health Medical Devices Hospitals Surgery Practice Management Managed Care

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XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

CHICAGO–(BUSINESS WIRE)–
XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.077 per share on the Trust’s common shares (NYSE: XFLT), payable on December 30, 2024, to common shareholders of record as of December 16, 2024, as noted below. The amount of the distribution represents a 9.41% decrease from the previous month’s distribution of $0.085 per share.

The Trust’s investment objective is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust’s investment portfolio is comprised largely of floating-rate credit instruments and other structured credit investments. In the past three months, the Federal Reserve has cut the base rate twice resulting in a 0.75% decline in interest rates, impacting floating rate securities’ income generation. As a result, the Trust’s net investment income has declined. With the new distribution amount of $0.077 per share, the Trust’s annualized distribution rate on market price is 13.28% and the annualized distribution rate on NAV is 13.85% as of market close on November 26, 2024.

The following dates apply to the declaration:

 

Ex-Dividend Date

 

December 16, 2024
 

Record Date

 

December 16, 2024
 

Payable Date

 

December 30, 2024
 

Amount

 

$0.077 per common share
 

Change from Previous Month

 

9.41% decrease

Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2024 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

* * *

XFLT Q3 Webinar

The Trust plans to host its Quarterly Webinar on December 6, 2024, at 11:00 am (Eastern Time). Kevin Davis, Managing Director at XA Investments will moderate the Q&A style webinar with Kimberly Flynn, President at XA Investments, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.

TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

Dial: (720) 928-9299 or (213) 338-8477 or (267) 831-0333 or (312) 626-6799 or (646) 558-8656

Webinar ID: 845 9508 2601

REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com

* * *

The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

* * *

The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

About XA Investments

XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and Madison Covered Call & Equity Strategy Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing and fund management.

XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

About XMS Capital Partners

XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

About Octagon Credit Investors

Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.4B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

* * *

XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

 

NOT FDIC INSURED

 

NO BANK GUARANTEE

 

MAY LOSE VALUE

Paralel Distributors, LLC – Distributor

Kimberly Flynn, President

XA Investments LLC

Phone: 888-903-3358

Email: [email protected]

www.xainvestments.com

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

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Cadence’s Anirudh Devgan to Present at Nasdaq Investor Conference

 Cadence’s Anirudh Devgan to Present at Nasdaq Investor Conference

SAN JOSE, Calif.–(BUSINESS WIRE)–
Cadence Design Systems, Inc. (Nasdaq: CDNS):

WHO:

Anirudh Devgan, president and chief executive officer, Cadence Design Systems, Inc. (Nasdaq: CDNS).

WHAT:

Devgan will participate in a fireside chat at the Nasdaq 51st Investor Conference held in association with Morgan Stanley on Tuesday, December 10, 2024.

WHEN:

The talk will be available live by webcast at 9:00 a.m. GMT on Tuesday, December 10, 2024. The presentation will be archived on the Cadence website and will be available for replay for 180 days after the event.

WHERE:

The webcast will be available online at cadence.com/cadence/investor_relations.

About Cadence

Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For 10 years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

© 2024 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

Category: Financial

For more information, please contact:

Investor Relations

Cadence Design Systems, Inc.

408-944-7100

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Software Hardware Electronic Design Automation Engineering Technology Semiconductor Manufacturing Other Technology

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Madison Covered Call & Equity Strategy Fund Announces Appointment of XA Investments as Investment Adviser and Madison Asset Management as Sub-Adviser; Fund to Rebrand as XAI Madison Equity Premium Income Fund

Madison Covered Call & Equity Strategy Fund Announces Appointment of XA Investments as Investment Adviser and Madison Asset Management as Sub-Adviser; Fund to Rebrand as XAI Madison Equity Premium Income Fund

CHICAGO–(BUSINESS WIRE)–
Madison Covered Call & Equity Strategy Fund (NYSE: MCN) (“MCN” or the “Fund”) announced three significant changes today. The Fund appointed XA Investments LLC (“XAI”) as its investment adviser, and it also retained Madison Asset Management, LLC (“Madison”) as its sub-adviser. Additionally, the Fund announced that it would change its corporate name to XAI Madison Equity Premium Income Fund. The Fund expects to trade under its new name on or around December 9, 2024, and it will retain its current New York Stock Exchange ticker MCN.

The appointment of XAI and Madison as MCN’s investment adviser and sub-adviser, respectively, follows the receipt of approval from the Fund’s shareholders at a special meeting on October 15, 2024. The special shareholder meeting voting results were reported in the Fund’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 16, 2024.

The Fund joins the XAI Funds platform and expands the number of closed-end funds currently on the XAI Funds platform to three: the Fund, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), and the Octagon XAI CLO Income Fund (OCTIX). XAI continues to seek additional opportunities consistent with its mission of providing better products with better portfolio outcomes for investors.

Kimberly Flynn, President of XAI, said “We are excited for our partnership with Madison Investments and the MCN management team. Combining their 20 years of covered call expertise with our deep experience in closed-end fund product management, will allow us to serve the shareholders and implement industry best practices for the Fund.”

Portfolio manager Ray Di Bernardo said, “We saw a great opportunity to partner with XAI, which we believe will be important and meaningful to both the Fund and firm. We’re looking forward to benefiting from XAI’s deep expertise managing closed-end funds.”

“Adding MCN and its shareholders to the XAI Funds platform is an exciting evolution for XAI,“ said Kimberly Flynn, President of XAI. “The Fund presents a complementary investment strategy for our other alternative oriented funds. With MCN, we plan to focus on improving the secondary market trading of the Fund and creating scale efficiencies by growing the Fund’s assets.”

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is an actively-managed closed-end fund that invests in a diversified portfolio of U.S. equity securities and is augmented by a covered call strategy that seeks to reduce volatility and generate attractive cash flows for shareholders. The Fund trades under ticker symbol MCN and celebrated 20 years of being listed on the New York Stock Exchange in July 2024.

About XA Investments

XA Investments LLC is a Chicago-based investment advisory firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and Madison Covered Call & Equity Strategy Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, sales, marketing and fund management.

XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

About Madison Investments

Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28 billion in assets under management as of September 30, 2024, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.

Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority (www.finra.org).

* * *

XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, including shareholder reports, proxy and information statements and other information, please visit the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

This press release contains certain statements that may include “forward-looking statements.” Forward-looking statements can be identified by the words “may,” “will,” “intend,” “expect,” “estimate,” “continue,” “plan,” “anticipate,” and similar terms and the negatives of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Many factors that could materially affect the Fund’s actual results are the performance of the portfolio of securities held by the Fund, the conditions in the U.S. and international financial and other markets, the price at which the Fund’s shares trade in the public markets and other factors discussed in the Fund’s annual and semi-annual reports filed with the SEC.

Although the Fund believes that the expectations expressed in such forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in such forward-looking statements. The Fund’s future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this press release. Except for the Fund’s ongoing obligations under the federal securities laws, the Fund does not intend, and the Fund undertakes no obligation, to update any forward-looking statement.

* * *

Kimberly Flynn, President

XA Investments LLC

Phone: 888-903-3358

Email: [email protected]

www.xainvestments.com

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Banking Asset Management Professional Services Finance

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Rayonier Declares Special Dividend of $1.80 Per Share Payable 25% in Cash and 75% in Common Shares

Rayonier Declares Special Dividend of $1.80 Per Share Payable 25% in Cash and 75% in Common Shares

WILDLIGHT, Fla.–(BUSINESS WIRE)–
Rayonier Inc. (the “Company” or “Rayonier”) (NYSE:RYN) announced today that the Company’s board of directors has declared a one-time, special dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The dividend is payable on January 30, 2025 to shareholders of record on December 12, 2024.

The special dividend is being made in connection with the taxable gains arising from the $495 million of timberland dispositions the Company completed during the fourth quarter as part of its previously announced asset disposition and capital structure realignment plan.

The cash component of the special dividend (other than cash paid in lieu of fractional shares) will not exceed 25% in the aggregate, with the balance payable in the Company’s common shares. The Company expects the dividend will be a taxable dividend, regardless of whether received in the form of cash or common shares.

“The substantial progress we made on our disposition plan this year is allowing us to return cash to our shareholders while also providing us with considerable capital allocation capacity to act opportunistically to enhance long-term shareholder value going forward,” said Mark McHugh, President and Chief Executive Officer. “By using both cash and shares to comply with our REIT taxable income distribution requirements, we will retain significant flexibility to further reduce leverage, execute on share repurchases, or fund other future capital allocation priorities.”

Shareholders will be asked to make an election to receive the dividend all in cash or all in common shares. To the extent that more than 25% of cash is elected in the aggregate, the cash portion will be prorated among the shareholders electing to receive cash. Shareholders who elect to receive the dividend in cash will receive a cash payment of at least $0.45 per common share. Shareholders who do not make an election will receive the dividend 25% in cash and 75% in common shares. The number of common shares issued as a result of the dividend will be calculated based on the volume weighted average trading prices of the Company’s common shares on the New York Stock Exchange on January 17, January 21, and January 22, 2025.

An information letter and election form will be mailed to shareholders of record after the record date. The properly completed election form to receive cash or common shares must be received by Computershare Trust Company, N.A., the Company’s transfer agent, prior to 5:00 p.m. Eastern Time on January 16, 2025. Registered shareholders with questions regarding the dividend election may call Computershare Trust Company, N.A. at (800) 659-0158, or (201) 680-6578 for international callers. Shareholders who hold their shares through a bank, broker or nominee and have questions regarding the dividend election should contact such bank, broker or nominee, who will also be responsible for distributing to them the letter and election form and submitting the election form on their behalf.

The Company also announced today that the Company’s board of directors, in its capacity as the board of directors of the general partner of Rayonier, L.P., has declared a one-time, special distribution to holders of operating partnership units of (i) an aggregate number of operating partnership units that would result in the Company receiving a number of operating partnership units corresponding to the aggregate number of the Company’s common shares issued to shareholders in the special dividend and (ii) an aggregate amount of cash equal to an amount that would result in the Company receiving the aggregate amount of cash payable to shareholders in the special dividend.

Additional details regarding the special dividend can be found in a supplemental presentation posted to Rayonier’s website.

About Rayonier

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of September 30, 2024, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S. South (1.84 million acres), U.S. Pacific Northwest (417,000 acres) and New Zealand (411,000 acres). On November 6, 2024, the Company announced dispositions comprising approximately 91,000 acres in the U.S. South and 109,000 acres in the U.S. Pacific Northwest. More information is available at www.rayonier.com.

Forward-Looking Statements

Certain statements in this press release regarding anticipated events, including the amount, timing and form of expected payment of dividends on the Company’s common shares, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.

Factors that could cause actual events to differ materially from those expressed in forward-looking statements include, among other things, the factors set forth in Item 1A – Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). Forward-looking statements are not guarantees of future performance or events and are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC.

Investors: Collin Mings, [email protected], 904-357-9100

Media: Alejandro Barbero, [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT Home Goods Forest Products Retail Agriculture Natural Resources Residential Building & Real Estate

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Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds

BOSTON–(BUSINESS WIRE)–
The following Eaton Vance closed-end funds (the “Funds”) announced distributions today as detailed below.

Declaration – 12/2/2024    Ex-Date – 12/12/2024    Record – 12/12/2024    Payable – 12/19/2024

Municipal Bond Funds:

Fund

Ticker

Distribution

Change From

Prior

Distribution

Closing Market Price –

11/29/24

Distribution

Rate at

Market Price

Eaton Vance California Municipal Income Trust

CEV

$0.0500

–

$10.65

5.63%

Eaton Vance Municipal Income Trust

EVN

$0.0513

–

$10.79

5.71%

 

 

Taxable Funds:

 

 

 

 

 

Fund

Ticker

Distribution

Change From

Prior

Distribution

Closing Market Price –

11/29/24

Distribution

Rate at

Market Price

Eaton Vance Senior Income Trust

EVF

$0.0470

($0.0010)

$6.29

8.97%

Eaton Vance Limited Duration Income Fund

EVV

$0.0794

$0.0003

$10.17

9.37%

Declaration – 12/2/2024    Ex-Date – 12/23/2024    Record – 12/23/2024    Payable – 12/31/2024

Municipal Bond Funds:

Fund Ticker

Distribution

Change From

Prior

Distribution

Closing Market Price –

11/29/24

Distribution

Rate at

Market Price

Eaton Vance California Municipal Bond Fund

EVM

$0.0417

–

$9.46

5.29%

Eaton Vance Municipal Bond Fund

EIM

$0.0508

–

$10.72

5.69%

Eaton Vance Municipal Income 2028 Term Trust

ETX

$0.0782

–

$18.42

5.10%

Eaton Vance National Municipal Opportunities Trust

EOT

$0.0683

–

$17.46

4.69%

Eaton Vance New York Municipal Bond Fund

ENX

$0.0417

–

$9.89

5.06%

Taxable Funds:

Fund

Ticker

Distribution

Change From

Prior

Distribution

Closing Market Price –

11/29/24

Distribution

Rate at

Market Price

Eaton Vance Floating-Rate Income Trust

EFT

$0.1030

$0.0000

$13.44

9.20%

Eaton Vance Senior Floating-Rate Trust

EFR

$0.1020

$0.0020

$13.00

9.42%

Eaton Vance Short Duration Diversified Income Fund

EVG

$0.0794

$0.0002

$11.16

8.54%

Funds Making Distributions Under a Managed Distribution Plan*:

Fund

Ticker

Distribution

Change From

Prior

Distribution

Closing Market Price –

11/29/24

Distribution

Rate at

Market Price

Eaton Vance Enhanced Equity Income Fund

EOI

$0.1338

–

$21.77

7.38%

Eaton Vance Enhanced Equity Income Fund II

EOS

$0.1523

–

$23.49

7.78%

Eaton Vance Risk-Managed Diversified Equity Income Fund

ETJ

$0.0651

–

$9.41

8.30%

Eaton Vance Tax-Advantaged Dividend Income Fund

EVT

$0.1646

–

$25.68

7.69%

Eaton Vance Tax-Advantaged Global Dividend Income Fund

ETG

$0.1293

–

$19.08

8.13%

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

ETO

$0.1733

–

$26.18

7.94%

Eaton Vance Tax-Managed Buy-Write Income Fund

ETB

$0.1058

–

$15.07

8.42%

Eaton Vance Tax-Managed Buy-Write Opportunities Fund

ETV

$0.0993

–

$14.44

8.25%

Eaton Vance Tax-Managed Diversified Equity Income Fund

ETY

$0.0992

–

$15.13

7.87%

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund

ETW

$0.0664

–

$8.57

9.30%

Eaton Vance Tax-Managed Global Diversified Equity Income Fund

EXG

$0.0657

–

$8.44

9.34%

* These Funds make distributions in accordance with a managed distribution plan. Under the managed distribution plan, a Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information on payment date of the distribution. A Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” Distributions in excess of Fund returns will cause its net asset value to erode. Investors should not draw any conclusions about a Fund’s investment performance from the amount of its distribution or from the terms of its managed distribution plan. A Fund’s Board of Trustees may amend or terminate the managed distribution plan at any time without prior notice to Fund shareholders.

Each Fund intends to make regular monthly cash distributions to its common shareholders (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund’s ability to maintain its declared distribution amount will depend on a number of factors, including the amount and stability of investment income earned by the Fund; the performance of the Fund’s investments; the Fund’s expenses, including the cost of financing for Funds that employ leverage; underlying market conditions; realized and projected returns; and other factors. There can be no assurance that an unanticipated change in market conditions or other factors will not result in a change in a Fund’s distributions at a future time.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of any monthly distribution. Each Fund’s distributions may be comprised of amounts characterized for U.S. federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and non-dividend distributions, also known as return of capital. A Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. With each distribution, a Fund will issue a notice to its common shareholders containing information about the amount and sources of the distribution and other related information. Further information regarding Fund distributions will also be available prior to any applicable payment date at funds.eatonvance.com. The final determination of tax characteristics of each Fund’s distributions will occur after the end of the year, at which time it will be reported to the shareholders. Shareholders should not assume that the source of any distribution from a Fund is net income or profit, and the Fund’s distributions should not be used as a measure of performance or confused with “yield” or “income.”

Eaton Vance applies in-depth fundamental analysis to the active management of equity, income, alternative and multi-asset strategies. Eaton Vance’s investment teams follow time-tested principles of investing that emphasize ongoing risk management, tax management (where applicable) and the pursuit of consistent long-term returns. The firm’s investment capabilities encompass the global capital markets. Eaton Vance is a part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. 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 in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

Investor Contact: (800) 262-1122

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

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