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Eaton Vance, Oaktree to launch diversified credit NextShares fund

Friday, November 10, 2017
Opalesque Industry Update - Eaton Vance Management, a subsidiary of Eaton Vance Corp., today announced the expected mid-November launch of Eaton Vance Oaktree Diversified Credit NextShares, a new Eaton Vance-sponsored exchange-traded managed fund. Eaton Vance will advise the fund and Oaktree Capital Management, L.P., a subsidiary of Oaktree Capital Group, LLC, will subadvise the fund. The fund will establish investment exposures to credit markets around the world by investing in high-yield bonds, senior loans, convertibles, real estate debt securities, corporate structured credit and emerging-market debt. Eaton Vance has filed a registration statement for the fund with the U.S. Securities and Exchange Commission.

The fund will be the first Eaton Vance-sponsored NextShares fund to be subadvised by an external manager. The fund was formed after engaging with the investment consulting firm NEPC, to identify promising investment strategies and investment managers as candidates for NextShares subadvisory relationships with Eaton Vance.

"Eaton Vance is pleased to offer exclusive retail access to the Oaktree diversified credit strategy in a NextShares fund," said Thomas E. Faust Jr., Chairman and Chief Executive Officer of Eaton Vance. "Oaktree has a distinguished record of generating attractive, risk-adjusted investment performance across credit strategies and a breadth of experience managing multistrategy, diversified portfolios. We believe the Oaktree diversified credit strategy delivered in the NextShares structure can provide a compelling opportunity to income-seeking investors."

NextShares are an innovative way to invest in actively managed strategies, offering the potential for benchmark-beating returns by applying their manager's proprietary investment research. As exchange-traded products, NextShares may offer cost and tax efficiencies that can enhance shareholder returns. The first NextShares fund began trading on the Nasdaq Stock Market LLC in February 2016. Funds from multiple sponsors have since been introduced across a range of assets classes, with more launches expected in the coming months.

"We are pleased to partner with Eaton Vance to bring an innovative solution to retail investors through the NextShares vehicle," said Tony Harrington, Managing Director and Global Head of Marketing, Oaktree. "Through the Fund, individual investors and financial professionals can access Oaktree's broad and specialized array of credit strategies. These strategies are guided by the same fundamental value-driven approach that has served Oaktree clients for over 22 years."

The Fund's portfolio manager is Oaktree's Bruce Karsh, Co-Chairman, and CIO, who leads the firm's multistrategy credit investment committee.

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