Eaton Vance Commodity Strategy Fund redefines high-yield investments

By Toni Weeks

San Diego, March 15 - The Eaton Vance Commodity Strategy Fund has made a change to its investment strategy, according to a 497 filing with the Securities and Exchange Commission.

The fund may invest in high-yield securities rated B or higher by Moody's Investors Service, Inc. or equivalently by Standard & Poor's Rating Services or Fitch, Inc. or, if unrated, of comparable quality.

Previously, the investment strategy included investment in long or short positions in fixed-income securities, including credit default swaps on specific issuers and indexes of any credit quality, with the stipulation that securities rated below B by Moody's or equivalently by S&P or Fitch would not exceed 15% of the fund's net assets.

The investment strategy also now states that for purposes of determining compliance with the fund's asset requirements, the absolute value of the notional amount of long and short derivation positions is included.

The fund's investment adviser is Boston-based Eaton Vance Management.

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