BOSTON, Feb. 18, 2014 /PRNewswire/ -- Effective March 20, 2014, each of the Eaton Vance-sponsored closed-end funds listed above (the Funds) will amend its investment policy to permit unrestricted investment in illiquid securities. The Funds currently are not permitted to invest more than 15% of net assets in such securities. Illiquid securities generally are thinly traded and a Fund may not be able to readily dispose of such securities at prices that approximate those at which they could be sold if more widely traded. The Funds do not currently intend to increase exposure to illiquid securities in connection with this policy change, but could do so in the future.
Eaton Vance (NYSE: EV) is one of the oldest investment management firms in the United States with a history dating back to 1924. Eaton Vance and its affiliates managed $278.6 billion in assets as of January 31, 2013, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.
Shares of closed-end funds often trade at a discount to net asset value. The market price of Fund shares can be affected by factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. 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.
SOURCE Eaton Vance Management