Eaton Vance Floating-Rate Income Plus Fund Announces Changes To Investment Strategy And Portfolio Management Team
BOSTON, June 21, 2019 /PRNewswire/ -- The Board of Trustees of Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF) (the Fund) has approved changes to the Fund's investment policies. Under normal market conditions, the Fund invests at least 80% of its total assets in senior secured floating-rate loans and may invest up to 20% of its total assets in debt obligations other than such loans. Currently, the Fund may not invest in collateralized debt obligations and may invest up to 5% of its total assets in collateralized loan obligations. Pursuant to its revised policies, which are effective immediately, the Fund may invest up to 20% of its total assets in collateralized loan obligations and collateralized debt obligations. Effective June 24, 2019, the Fund's portfolio management team will include Scott H. Page, William E. Holt, Catherine C. McDermott, Daniel P. McElaney, Craig P. Russ and Andrew N. Sveen.
The Fund's investment adviser is Eaton Vance Management, a subsidiary of Eaton Vance Corp. Eaton Vance Corp. (NYSE: EV) 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 April 30, 2019, Eaton Vance had consolidated assets under management of $469.9 billion. For more information, visit eatonvance.com.
The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Shares of each Fund are available for purchase and sale only through secondary market trading on an exchange or alternative trading venue.
Collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs") are types of asset-backed securities that are backed solely by a pool of other debt securities or loans. CDOs and CLOs are typically issued in various classes with varying priorities. The risks of an investment in a CDO or CLO depend largely on the type of the collateral securities and the class of the CDO or CLO in which the Fund invests. In addition to interest rate, prepayment, default and other risks of asset-back and fixed income securities, CDOs and CLOs generally are subject to additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, an interest in a CDO or CLO may be subordinate to other classes, and the complex structure may produce disputes with the issuer or unexpected investment results.
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. A Fund is not a complete investment program and investors may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, an investor should consider carefully a Fund's investment objective, risks, charges and expenses.
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 which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.
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SOURCE Eaton Vance Management
