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shareThe following pages provide information about the different classes of shares offered by the Eaton Vance Funds and any sales charge applicable to each class. For the classes of shares offered by a particular Fund, please see that Fund’s prospectus or statement of additional information. The sales charge applicable to any purchase of a Fund’s shares is determined in accordance with the prospectus for that Fund in effect at the time of purchase.
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Classes of Shares Offered. Each Eaton Vance Fund currently offers some or all of the classes of shares described below. Please note that Advisers Class shares, Class I shares and Class R shares are offered to only certain investors as described below.
How to Choose a Class of Shares. The Eaton Vance Funds offer different classes of shares (currently, Class A, Advisers Class, Class B, Class C, Class I and Class R shares). The different classes of shares of a particular Fund represent investments in the same portfolio of securities, but the classes are subject to different sales charges and expenses and will likely have different share prices. In choosing the class of shares that suits your investment needs, you should consider:
- how long you expect to own your shares;
- how much you intend to invest;
- the sales charge and total operating expenses associated with owning each class; and
- whether you qualify for a reduction or waiver of any applicable sales charges.
Each investor’s considerations are different. You should speak with your financial intermediary to help you decide which class of shares is best for you. Set forth below is a brief description of each Class of shares offered by the Eaton Vance Funds.
Payments to Financial Intermediaries. In addition, to payments discussed below the principal underwriter, out of its own resources, may make cash payments to certain financial intermediaries who provide marketing support, transaction processing and/or administrative services and, in some cases, include some or all Eaton Vance Funds in preferred or specialized selling programs. Payments made by the principal underwriter to a financial intermediary may be significant and are typically in the form of fees based on Fund sales, assets, transactions processed and/or accounts attributable to that financial intermediary. Financial intermediaries also may receive amounts from the principal underwriter in connection with educational or due diligence meetings that include information concerning Eaton Vance Funds. The principal underwriter may pay or allow other promotional incentives or payments to financial intermediaries to the extent permitted by applicable laws and regulations.
Certain financial intermediaries that maintain fund accounts for the benefit of their customers provide sub-accounting, recordkeeping and/or administrative services to the Eaton Vance Funds and are compensated for such services by the funds. As used herein, the term “financial intermediary” includes any broker, dealer, bank (including bank trust departments), registered investment adviser, financial planner, retirement plan and/or its administrator, their designated intermediaries and any other firm having a selling, administration or similar agreement with the principal underwriter or its affiliates.
Class A Shares. Class A shares are offered at net asset value plus a front-end sales charge.(1) This charge is deducted from the amount you invest. The sales charge applicable to a purchase of Class A shares is as follows:
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(1) The offering price per share of Class A shares is the net asset value per share plus any applicable sales charge. Because the offering price per share is rounded to two decimal places, the actual sales charge you pay on a purchase of Class A shares may be more or less than your total purchase amount multiplied by the applicable sales charge percentage.
(2) Includes the Eaton Vance Limited Maturity Municipals Funds, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate & High Income Fund, Eaton Vance Floating-Rate Advantage Fund and Eaton Vance Tax-Advantaged Bond Strategies Fund.
(3) Includes all taxable and tax-exempt income funds except the Limited Term Income Funds listed above.
(4) For the following Funds, purchases of $250,000 or more are made at net asset value subject to a 1% contingent deferred sales charge if redeemed within 18 months of settlement of purchase. See “Class A Contingent Deferred Sales Charge” below:
Eaton Vance Risk-Managed Equity Option Income Fund
Eaton Vance Tax-Advantaged Bond Strategies Fund
Eaton Vance Low Duration Fund(5) Purchases of $1 million or more are subject to a 1% contingent deferred sales charge when redeemed within 18 months of settlement of purchase. See “Class A Contingent Deferred Sales Charge” below.
Sales charges are applicable to purchases of a Fund alone or in combination with purchases of certain other Funds offered by the principal underwriter (other than Eaton Vance Cash Management Fund and Eaton Vance Tax Free Reserves) made at a single time by you, your spouse and children under age twenty-one, including shares held for the benefit of any of you in trust or fiduciary accounts (including retirement accounts) or omnibus or "street name" accounts. In addition, shares owned in employer-sponsored retirement plans (including SEP, SARSEP and SIMPLE IRA plans) may be combined for purpose of the right of accumulation.
The sales charge included in the public offering price of Class A shares is divided between the principal underwriter and the financial intermediary. The compensation paid to financial intermediaries in connection with purchases of Class A shares is as follows:
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| Less than $50,000 |
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| $50,000 - $99,999 |
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| $100,000 - $249,999 |
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| $250,000 - $499,999 (3) |
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| $500,000 - $999,999 |
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| $1,000,000 or more |
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(1) Includes the Eaton Vance Limited Maturity Municipals Funds, Eaton Vance Floating-Rate Fund, Eaton Vance Floating-Rate & High Income Fund, Eaton Vance Floating-Rate Advantage Fund and Eaton Vance Tax-Advantaged Bond Strategies Fund.
(2) Includes all taxable and tax-exempt income funds except the Limited Term Income Funds listed above.
(3) The compensation to dealers on purchases of $250,000 or more of the following Funds is as indicated:
Fund Dealer Compensation Eaton Vance Risk-Managed Equity Option Income Fund 1.00% Eaton Vance Tax-Advantaged Bond Strategies Fund 0.75% Eaton Vance Low Duration Fund 0.75% (4) For long-term municipal income funds and Build America Bond Fund, the compensation to dealers on purchases of $1,000,000 or more is 0.75%.
The principal underwriter may also pay compensation of up to 1% on sales of Class A shares made at net asset value to certain tax-deferred retirement plans.
The Class A sales charge is reduced for purchases of $50,000 or more (for Eaton Vance Long-Term Income and Equity Funds) and $100,000 or more (for Eaton Vance Limited-Term Income Funds). The sales charge applicable to your purchase may be reduced under the right of accumulation or under a statement of intention, which are described below. Some investors may be eligible to purchase Class A shares at net asset value under certain circumstances, which are also described below. To receive a reduced sales charge, you must inform your financial intermediary or the Fund at the time you purchase shares that you qualify for such a reduction. If you do not let your financial intermediary or the Fund know you are eligible for a reduced sales charge at the time of purchase, you may not receive the discount to which you are otherwise entitled. Class A shares pay distribution and service fees of up to 0.25% annually of average daily net assets.
Right of Accumulation. Under the right of accumulation, the sales charge you pay is reduced if the current market value of your holdings in a Fund or other Eaton Vance funds (based on the current maximum public offering price) plus your new purchase total a sales charge breakpoint for the Fund you are purchasing. The breakpoints are set forth in the sales charge table above. Shares of Eaton Vance Cash Management Fund and Eaton Vance Tax Free Reserves cannot be included under the right of accumulation.
Shares owned by you, your spouse and children under age twenty-one may be combined for purposes of the right of accumulation, including shares held for the benefit of any of you in omnibus or "street name" accounts. In addition, shares held in a trust or fiduciary account of which any of the foregoing persons is the sole beneficiary (including retirement accounts) may be combined for purposes of the right of accumulation. Shares purchased and/or owned in a SEP, SARSEP and SIMPLE IRA plans may be combined for purposes of the right of accumulation for the plan and its participants. You may be required to provide documentation to establish your ownership of shares included under the right of accumulation (such as account statements for you, your spouse and children or marriage certificates, birth certificates, and/or trust or other fiduciary-related documents). Confirmation of the order is subject to verification of ownership information. The right of accumulation may be amended or terminated at any time as to purchases occurring thereafter.
Statement of Intention. Under a statement of intention, purchases made over a 13-month period that exceed a sales charge breakpoint are eligible for reduced sales charges. Shares eligible under the right of accumulation (other than those included in employer-sponsored retirement plans) may be included to satisfy the amount to be purchased under a statement of intention. Under a statement of intention, the principal underwriter may hold 5% of the dollar amount to be purchased in escrow in the form of shares registered in your name until you satisfy the statement of intention or the 13-month period expires. A statement of intention does not obligate you to purchase (or a Fund to sell) the full amount indicated in the statement.
If the amount actually purchased during the 13-month period is less than that indicated in the statement of intention, the shareholder will be requested to pay the difference between the sales charge applicable to the shares purchased and the sales charge paid under the statement of intention. If the payment is not received within 20 days of the request, the appropriate number of escrowed shares will be redeemed in order to realize such difference. If the total purchases during the 13-month period are large enough to qualify for a lower sales charge than that applicable to the amount specified in the statement of intention, all transactions will be computed at the expiration date of the statement to give effect to the lower sales charge. Any difference will be refunded to the shareholder in cash or applied to the purchase of additional shares, as specified by the shareholder. This refund will be made by the financial intermediary and the principal underwriter. If at the time of the recomputation, the financial intermediary for the account has changed, the adjustment will be made only on those shares purchased through the current financial intermediary for the account.
Class A Purchases at Net Asset Value. Class A shares are offered at net asset value (without a sales charge) to clients of financial intermediaries who (i) charge an ongoing fee for advisory, investment, consulting or similar services, or (ii) have entered into an agreement with the principal underwriter to offer Class A shares through a no-load network or platform. Such clients may include individuals, corporations, endowments, foundations and pension plans (including tax-deferred retirement plans and profit sharing plans). See a prospectus for details. Class A shares are also offered at net asset value to investment and institutional clients of Eaton Vance and its affiliates; certain persons affiliated with Eaton Vance; and to certain fund service providers. More specifically, Class A shares may also be sold at net asset value to current and retired Directors and Trustees of Eaton Vance funds and portfolios; to clients (including custodial, agency, advisory and trust accounts) and current and retired officers and employees of Eaton Vance, its affiliates and other investment advisers and sub-advisers of Eaton Vance sponsored funds; and to such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. Such shares may also be issued at net asset value (1) in connection with the merger (or similar transaction) of an investment company (or series or class thereof) or personal holding company with a Fund (or class thereof), (2) to investors making an investment as part of a fixed fee program whereby an entity unaffiliated with the investment adviser provides investment services, such as management, brokerage and custody, (3) to investment advisors, financial planners or other intermediaries who place trades for their own accounts or the accounts of their clients and who charge a management, consulting or similar ongoing fee for their services; clients of such investment advisors, financial planners or other intermediaries who place trades for their own accounts if the accounts are linked to the master account of such investment advisor, financial planner or other intermediary on the books and records of the broker or agent; financial intermediaries who have entered into an agreement with the principal underwriter to offer Class A shares through a no-load platform, (4) to officers and employees of the Fund custodian and transfer agent and (5) in connection with the ReFlow liquidity program. Class A shares may also be sold at net asset value to registered representatives and employees of financial intermediaries.
Class A shares may also be purchased at net asset value pursuant to the reinvestment privilege and exchange privilege and when distributions are reinvested. See “Shareholder Account Features” in a prospectus for details.
Class A Contingent Deferred Sales Charge. Class A share purchased at net asset value in amounts of $1 million or more (or $250,000 or more for Low Duration Fund, Risk-Managed Equity Option Income Fund and Tax-Advantaged Bond Strategies Fund) are subject to a 1% contingent deferred sales charge or "CDSC" if redeemed within 18 months of purchase.
Class A Redemption Fee. Class A shares of the Funds listed below are subject to a 1% redemption fee if redeemed or exchanged within 90 days of the settlement of the purchase. All redemption fees will be paid to the Fund. Redemptions of shares held by tax-deferred retirement plans, in proprietary fee-based programs sponsored by financial intermediaries, or by Eaton Vance, its affiliated entities and accounts in which Eaton Vance or such an affiliate have a beneficial interest, as well as the redemption of shares acquired as the result of reinvesting distributions, are not subject to the redemption fee. The following Funds impose a redemption fee on Class A shares:
Eaton Vance Asian Small Companies Fund
Eaton Vance Emerging Markets Fund
Eaton Vance Floating-Rate Fund
Eaton Vance Floating-Rate & High Income Fund
Eaton Vance Floating-Rate Advantage Fund
Eaton Vance Global Growth Fund
Eaton Vance Greater China Growth Fund
Eaton Vance Greater India Fund
Eaton Vance High Income Opportunities Fund
Eaton Vance International Equity Fund
Eaton Vance Income Fund of Boston
Eaton Vance Structured Emerging Markets Fund
Eaton Vance Tax-Managed International Equity Fund
Eaton Vance Worldwide Health Sciences Fund
Class B Shares. Class B shares are offered at net asset value with no initial sales charge. If you sell your Class B shares within six years of purchase (four years in the case of Eaton Vance Floating-Rate Advantage Fund, the Eaton Vance Limited-Term Income Funds and Eaton Vance Low Duration Fund), you generally will be subject to a contingent deferred sales charge or "CDSC". The amount of the CDSC applicable to a redemption of Class B Shares decreases over the applicable CDSC period. The CDSC is deducted from your redemption proceeds. Class B shares pay distribution fees and service fees equal to 1.00% (0.95% in the case of the Eaton Vance Long-Term Municipals Funds (except California Municipals Fund) and 0.90% in the case of Eaton Vance Limited-Term Municipals Funds) annually of average daily net assets. Class B shares will automatically convert to Class A shares a certain number of years after their purchase. See a prospectus for details. Orders for Class B shares of one or more Eaton Vance funds will be refused when the total value of the purchase (including the aggregate value of all Eaton Vance fund shares held within the purchasing shareholder’s account) is $100,000 or more. Investors considering cumulative purchases of $100,000 or more, or who, after a purchase of shares, would own shares of Eaton Vance funds with a current market value of $100,000 or more, should consider whether Class A shares would be more advantageous and consult their financial intermediary.
The Class B CDSC schedule is as follows:
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(1)Includes Eaton Vance Floating-Rate Fund and Eaton Vance Floating-Rate & High Income Fund.
The CDSC applicable to Class B share is based on the lower of the net asset value at the time of purchase or at the time of redepmtion. Shares acquired through the reinvestment of distributions are exempt from the CDSC. Redemptions are made first from shares that are not subject to a CDSC.
The principal underwriter compensates investment dealers on the sale of Class B shares in an amount equal to 4% of the purchase price of the shares (3% in the case of Eaton Vance Low Duration Fund, Floating-Rate Advantage Fund and the Eaton Vance Limited-Term Municipals Funds). See “Distribution and Service Fees” under “Sales Charges” in a prospectus.
Class B CDSC Waivers. The CDSC applicable to Class B shares is waived in connection with certain redemptions under a Withdrawal Plan (see “Shareholder Account Features” in a prospectus for details). The Class B CDSC is also waived following the death of a beneficial owner of shares (a death certificate and other applicable documents may be required).
Class C Shares. Class C shares are offered at net asset value with no initial sales charge. If you sell your Class C shares within one year of purchase, you generally will be subject to a CDSC. The CDSC is deducted from your redemption proceeds. Class C shares pay distribution fees and service fees equal to 1.00% (0.95% in the case of the Eaton Vance Long-Term Municipals Funds (except California Municipals Fund), 0.90% in the case of the Eaton Vance Limited-Term Municipals Funds and 0.85% in the case of Eaton Vance Low Duration Fund) annually of average daily net assets. Orders for Class C shares of one or more Eaton Vance funds will be refused when the total value of the purchase (including the aggregate value of all Eaton Vance fund shares held within the purchasing shareholder’s account) is $1,000,000 or more (or for Eaton Vance Low Duration Fund, Eaton Vance Risk-Managed Equity Option Income Fund, and Eaton Vance Tax-Advantaged Bond Strategies Fund, $250,000 or more). Investors considering cumulative purchases in such amount, or who, after a purchase of shares, would own shares of Eaton Vance funds with a current market value of such amount, should consider whether Class A shares would be more advantageous and consult their investment dealer. The principal underwriter compensates financial intermediaries in connection with the sale of Class C shares in an amount equal to 1% of the purchase price of the shares. See “Distribution and Service Fees” under “Sales Charges” in a prospectus.
Class C CDSC Waivers. The CDSC applicable to Class C shares is waived for certain redemptions pursuant to a Withdrawal Plan. (See "Shareholder Account Features" in a prospectus for details). The Class C CDSC is also waived following the death of a beneficial owner of shares (a death certificate and other applicable documents may be required).
Advisers Class Shares. Advisers Class shares are offered at net asset value to clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or similar services. Such clients may include individuals, corporations, endowments, foundations and qualified plans (including tax-deferred retirement plans and profit sharing plans). Advisers Class shares are also offered at net asset value to investment and institutional clients of Eaton Vance and its affiliates; and certain persons affiliated with Eaton Vance and certain fund service providers. Advisers Class shares pay distribution and service fees equal to 0.25% annually of average daily net assets.
Advisers Class Redemption Fee. Advisers Class shares of the Funds listed below are subject to a 1% redemption fee if redeemed or exchanged within 90 days of the settlement of the purchase. All redemption fees will be paid to the Fund. Redemptions of shares held by tax-deferred retirement plans, in proprietary fee-based programs sponsored by financial intermediaries, or by Eaton Vance, its affiliated entities and accounts in which Eaton Vance or such an affiliate have a beneficial interest, as well as the redemption of shares acquired as the result of reinvesting distributions, are not subject to the redemption fee. The following Funds impose a redemption fee on Advisers Class shares:
Eaton Vance Floating-Rate Fund
Eaton Vance Floating-Rate & High Income Fund
Eaton Vance Floating-Rate Advantage Fund
Class I Shares. Class I shares are offered to clients of financial intermediaries who (i) charge such clients an ongoing fee for advisory, investment, consulting or similar services, or (ii) have entered into an agreement with the principal underwriter to offer Class I shares through a no-load network or platform. Such clients may include individuals, corporations, endowments, foundations and qualified plans (including tax-deferred retirement plans and profit sharing plans). Class I shares are also offered to investment and institutional clients of Eaton Vance and its affiliates and certain persons affiliated with Eaton Vance and certain fund service providers. Class I shares do not pay distribution or service fees.
Class I Redemption Fee. Class I of the Funds listed below are subject to a 1% redemption fee if redeemed or exchanged within 90 days of the settlement of the purchase. All redemption fees will be paid to the Fund. Redemptions of shares held by tax-deferred retirement plans, in proprietary fee-based programs sponsored by financial intermediaries, or by Eaton Vance, its affiliated entities and accounts in which Eaton Vance or such an affiliate have a beneficial interest, as well as the redemption of shares acquired as the result of reinvesting distributions, are not subject to the redemption fee. The following Funds impose a redemption fee on Class I shares:
Eaton Vance Floating-Rate Fund
Eaton Vance Floating-Rate & High Income Fund
Eaton Vance Floating-Rate Advantage Fund
Eaton Vance Greater China Growth Fund
Eaton Vance Greater India Fund
Eaton Vance High Income Opportunities Fund
Eaton Vance Income Fund of Boston
Eaton Vance International Equity Fund
Eaton Vance Structured Emerging Markets Fund
Eaton Vance Tax-Managed International Equity Fund
Eaton Vance Worldwide Health Sciences Fund
Class I shares of Eaton Vance Tax-Managed Emerging Markets Fund are subject to a 2% fee when they are redeemed or exchanged.
Class R Shares. Class R shares are offered at net asset value with no initial sales charge to retirement plan clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or similar services. Retirement plan clients include pension plans (including tax-deferred retirement plans and profit-sharing plans), Individual Retirement Account rollovers and non-qualified deferred compensation programs. Class R shares pay distribution fees and service fees equal to 0.50% annually of average daily net assets.
Class R Redemption Fee. Class R shares of the Funds listed below are subject to a 1% redemption fee if redeemed or exchanged within 90 days of the settlement of the purchase. All redemption fees will be paid to the Fund. Redemptions of shares held by tax-deferred retirement plans, in proprietary fee-based programs sponsored by financial intermediaries, or by Eaton Vance, its affiliated entities and accounts in which Eaton Vance or such an affiliate have a beneficial interest, as well as the redemption of shares acquired as the result of reinvesting distributions, are not subject to the redemption fee. The following Funds impose a redemption fee on Class R shares:
Eaton Vance Income Fund of Boston
Eaton Vance Worldwide Health Sciences Fund
Important Information about Excessive Trading and Market Timing
The Boards of Trustees of the Eaton Vance funds have adopted policies to discourage short-term trading and market timing and to seek to minimize their potentially detrimental effects. Pursuant to these policies, if an investor (through one or more accounts) makes more than one round-trip exchange (exchanging from one fund to another fund and back again) within 90 days, it will be deemed to constitute market timing or excessive trading. Under the policies, each Fund or its principal underwriter will reject or cancel a purchase order, suspend or terminate the exchange privilege or terminate the ability of an investor to invest in the Eaton Vance funds if the Fund or the principal underwriter determines that a proposed transaction involves market timing or excessive trading that it believes is likely to be detrimental to the Fund. Each Fund and its principal underwriter use reasonable efforts to detect market timing and excessive trading activity, but they cannot ensure that they will be able to identify all cases of market timing and excessive trading. Each Fund or its principal underwriter may also reject or cancel any purchase order (including an exchange) from an investor or group of investors for any other reason. Decisions to reject or cancel purchase orders (including exchanges) in a Fund are inherently subjective and will be made in a manner believed to be in the best interest of a Fund’s shareholders. No Eaton Vance fund has any arrangement to permit market timing.
The following fund share transactions generally are exempt from the market timing and excessive trading policy described above because each Fund and the principal underwriter believe they generally do not raise market timing or excessive trading concerns:
- transactions made pursuant to a systematic purchase plan or as the result of automatic reinvestment of dividends or distributions, or initiated by the Fund (e.g. for failure to meet applicable account minimums);
- transactions made by participants in employer sponsored retirement plans involving participant payroll or employer contributions or loan repayments, redemptions as part of plan terminations or at the direction of the plan, mandatory retirement distributions, or rollovers;
- transactions made by asset allocation and wrap programs where the adviser to the program directs transactions in the accounts participating in the program in concert with changes in a model portfolio; or
- transactions in shares of Eaton Vance Cash Management Fund, Eaton Vance Money Market Fund, Eaton Vance Tax Free Reserves, and Eaton Vance Institutional Short Term Income Fund.
It may be difficult for a Fund or the principal underwriter to identify market timing or excessive trading in omnibus accounts traded through financial intermediaries. The Funds and the principal underwriter have provided guidance to financial intermediaries (such as banks, broker-dealers, insurance companies and retirement administrators) concerning the application of the Eaton Vance funds’ market timing and excessive trading policies to Fund shares held in omnibus accounts maintained and administered by such intermediaries, including guidance concerning situations where market timing or excessive trading is considered to be detrimental to a Fund. Each Fund or its principal underwriter may rely on a financial intermediary’s policy to restrict market timing and excessive trading if it believes that policy is likely to prevent market timing that is likely to be detrimental to each Fund. Such policy may be more or less restrictive than a Fund’s policy. Although each Fund or the principal underwriter reviews trading activity at the omnibus account level for activity that indicates potential market timing or excessive trading activity, the Funds and the principal underwriter typically will not request or receive individual account data unless suspicious trading activity is identified. Each Fund and the principal underwriter generally rely on the financial intermediaries to monitor trading activity in good faith in accordance with their own or Fund policies. Each Fund and the principal underwriter cannot ensure that these financial intermediaries will in all cases apply the policies of the Fund or their own policies, as the case may be, to accounts under their control.