Eaton Vance Institutional Emerging Markets Local Debt Fund launches

By Toni Weeks

San Luis Obispo, Calif., Feb. 1 - Eaton Vance has launched its new emerging markets fund, the Eaton Vance Institutional Emerging Markets Local Debt Fund, according to a 497 filing with the Securities and Exchange Commission.

The non-diversified fund seeks total return and to outperform its benchmark index, the JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified. Under normal conditions, it will invest at least 80% of its net assets in fixed-income securities denominated in currencies of emerging-market countries, fixed-income instruments issued by emerging-market entities or sovereign nations and/or derivative instruments that are denominated in or based on the currencies, interest rates or issues of emerging-market countries.

The portfolio management team includes John R. Baur, Michael A. Cirami and Eric A. Stein.

The fund's ticker symbol is "EELDX."

There are no shareholder fees. Total annual fund operating expenses, which are expected to be 0.85%, take into account management fees of 0.65% and a fee reimbursement agreement with the investment adviser that expires Nov. 30, 2014.

Boston-based Eaton Vance Management is the investment adviser.

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