BOSTON, Aug. 29, 2013 /PRNewswire/ -- Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the launch of Eaton Vance Currency Income Advantage Fund (Class A: ECIAX, Class I: ECIIX), a new mutual fund seeking total return by investing at least 80% of net assets in (i) income instruments denominated in foreign currencies and/or issued by foreign entities or sovereign nations, (ii) derivative instruments relating to foreign entities or sovereign nations and (iii) precious metals and commodities-related instruments. The Fund expects to normally maintain foreign currency exposures across developed, emerging and frontier markets. The Fund is the second Eaton Vance-sponsored currency income fund, joining Eaton Vance Diversified Currency Income Fund (Diversified Currency Fund) (Class A: EAIIX, Class C: ECIMX; Class I: EIIMX), which was launched in 2007 and had net assets of approximately $800 million as of July 31, 2013. Compared to Diversified Currency Fund, the Fund seeks to earn higher income and total returns, with commensurately higher risk. "We believe investments in foreign currencies can provide investors with an attractive income stream and potentially reduce portfolio volatility and hedge against potential U.S. price inflation," said Payson F. Swaffield, CFA, chief income investment officer for Eaton Vance. The Fund is managed by a team led by Eric Stein, CFA, Vice President and Co-Director of Eaton Vance's Global Income Group, Michael Cirami, CFA, Vice President and Co-Director of Eaton Vance's Global Income Group and John Baur, Vice President of Eaton Vance and Director of Global Portfolio Analysis. "We employ a macroeconomic and political research process to evaluate the relative attractiveness of countries and currencies," said Mr. Cirami. "We typically invest in countries where we deem the policy mix and economic environment as being supportive of long-term growth – these are the places we believe will attract capital investment and, thus, experience currency strength."