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Eaton Vance Global Macro Absolute Return Fund closing to new investors

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Eaton Vance Management will close the Eaton Vance Global Macro Absolute Return Fund to new investors as of the close of business on 1 October 2010. 

Shares of the fund may be purchased thereafter only by (a) existing fund shareholders and (b) qualified retirement plans and fee-based advisory programmes with centralised investment discretion that have selected the fund as an investment option prior to the closing. 

Sales of fund shares may be further restricted or re-opened in the future.

The fund invests in securities, derivatives and other instruments to establish long and short investment positions around the world, with significant exposures to frontier and other emerging markets.

The fund’s investment adviser seeks to identify investments in countries and currencies it believes have potential to outperform based on consideration of global economies, markets, political conditions and other factors. 

As of 31 August 2010, the fund had net assets of USD6.4bn. 

"We are closing the fund because we believe doing so is in the best interest of shareholders," says Payson Swaffield, chief income investment officer at Eaton Vance. "Investments in frontier markets are an important element of the fund’s investment programme that constrain its capacity."

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