Eaton Vance has launched a new bond fund backed by veteran bond picker Kathleen Gaffney.

Gaffney, who is the fund's lead manager and co-director of the Boston firm's investment grade fixed income department, will lead the team that manages Eaton Vance Bond Fund, a non-diversified mutual fund seeking total return.

Gaffney's fellow portfolio managers include Stephen Concannon, vice president of Eaton Vance and high-yield portfolio manager, and Michael Turgel, vice president of Eaton Vance and senior bank loan credit analyst.

Eaton Vance Bond Fund bets on investment-grade and high-yield bonds, floating-rate bank loans, non-U.S. sovereign and corporate debt, convertible securities and preferred stocks.

The fund invests at least 80% of its net assets in bonds and other income instruments, and may invest up to 20% of its net assets in common stocks. It may invest up to 35% of its net assets in bonds and other income instruments rated below investment grade.

The fund offers class A, C and I shares.

"Investors today are looking for ways to maximize return while managing risk. The Fund's multi-sector investment approach can provide important diversification to clients' income portfolios," said Payson Swaffield, chief income investment officer, in a press release.

Eaton Vance and its affiliates managed $238.4 billion in assets as of Dec. 31, 2012.

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