Launch of Eaton Vance Parametric Structured Absolute Return Fund and Eaton Vance Parametric Structured Currency Fund

BOSTON, Jan. 19, 2012 /PRNewswire/ -- Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV) today announced the launch of two new mutual funds, Eaton Vance Parametric Structured Absolute Return Fund (Class A: EPRAX; Class I: EPRIX) and Eaton Vance Parametric Structured Currency Fund (Class A: EAPSX; Class I: EIPSX), both sub-advised by Parametric Portfolio Associates LLC, a subsidiary of Eaton Vance Corp.

Eaton Vance Parametric Structured Absolute Return Fund employs Parametric's proprietary structured investment process and follows a generally market-neutral strategy.  The Fund seeks to take advantage of certain quantitative and behavioral market characteristics to achieve positive investment returns through systematic rebalancing across a broad range of asset classes, including U.S. and international stocks, commodities and currencies. By maintaining offsetting long and short exposures, the Fund aims to have low correlation with the performance of stock, commodity and currency markets. The Fund offers Class A and Class I shares.

Eaton Vance Parametric Structured Currency Fund applies Parametric's structured investment process to investments in short-term instruments that create exposures to currencies other than the U.S. dollar. The Fund seeks to protect against a decline in the U.S. dollar by holding a diversified portfolio of emerging market and developed country currency exposures, with periodic rebalancing. The Fund  offers Class A and Class I shares.

The Funds are co-managed by David M. Stein, Ph.D., chief investment officer of Parametric, and Thomas Seto, managing director, portfolio management of Parametric. 

"We are pleased to bring two new offerings to the market that further expand our solution set for clients," said Parametric Chief Executive Officer Brian Langstraat. "Our structured, or rules-based, investment approach distinguishes our Funds from more traditional active and passive product offerings, allowing us to offer what we believe are important diversifiers to clients' portfolios."

Parametric, headquartered in Seattle, Washington, is an industry-leading provider of structured portfolio management solutions. As of October 31, 2011, Parametric managed $41.9 billion in client assets. Parametric offers a variety of structured portfolio solutions, including customized core equity portfolios (U.S., developed non-U.S., emerging market and global equities), commodities, currencies  and option-based strategies. For more information about Parametric, visit www.parametricportfolio.com.

Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating to 1924. Eaton Vance and its affiliates managed $184.5 billion in assets as of December 31, 2011, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.

Primary Eaton Vance Parametric Structured Absolute Return Fund Risks: Fund share values are sensitive to stock market volatility. The value of the Fund's foreign currency investments increase in value when the U.S. dollar is weak or when foreign currencies in which the Fund invests are strong.  The value of the Fund's investments will go down when the U.S. dollar is strong or when foreign currencies in which the Fund invests are weak. The value of foreign currencies as measured in U.S. dollars may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Diversification cannot assure a profit or eliminate the risk of loss. No Fund is a complete investment program and you may lose money investing in a Fund.  The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Primary Eaton Vance Parametric Structured Currency Fund Risks: The value of the Fund's foreign currency investments increase in value when the U.S. dollar is weak or when foreign currencies in which the Fund invests are strong. The value of the Fund's investments will go down when the U.S. dollar is strong or when foreign currencies in which the Fund invests are weak. The value of foreign currencies as measured in U.S. dollars may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. While certain U.S. government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Before investing, investors should consider carefully the investment objective, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.

Mutual fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

The Fund is distributed by Eaton Vance Distributors, Inc., Two International Place, Boston, MA 02110.

SOURCE Eaton Vance Management