Eaton Vance Management

Item 5 Fees and Compensation

Management Fees
Our fees and minimum initial investments for a client could vary from the applicable schedules, attached as Appendix A,
due to the particular circumstances of the client or as otherwise negotiated with particular clients, including clients in
certain funds and pooled investment vehicles. Fees are generally quoted on an annualized basis as a percentage of
client assets under management. Fee rates and schedules for Funds can vary and are disclosed within the applicable
Fund offering documents. Participants in Wrap Programs or platform programs should consult the brochure provided
by the Wrap Program or their intermediary. Depending upon the account’s investment objectives, strategies and
restrictions, holdings in a client’s account could include real estate investment trusts (“REITS”), investment companies
(including exchange traded funds or “ETFs”), collateralized loan obligations (“CLOs”) and other pooled vehicles for which
a separate management fee is charged, including investment companies and other pooled vehicles advised by us or a
related person.
All advisory fees charged by Eaton Vance are documented in writing in the client’s investment management agreement
with Eaton Vance, as such agreement can be amended from time to time. While the fees in Appendix A are quoted
annually, unless otherwise agreed, fees are generally charged quarterly in arrears at a rate of ¼ of the stated fee
schedule based on current or quarter-average market values. Timing of fee payments and method of calculation for
particular clients can vary in accordance with client preferences. Typically, our services are terminable by either party
upon written notification in accordance with the applicable contractual notice provision. Upon termination the fees
described above (including performance fees, if any) generally will be prorated to take account of contributions and
withdrawals during a quarter and where Eaton Vance does not manage the account for the entire calendar quarter. The
fees described herein are only the advisory fees charged by us and do not reflect custodial or other fees that could be
applicable to your account. Further discussion of such expenses appears below under “Other Expenses Charged to
Clients/ Fee Discounts”.
Clients can elect to be billed directly for fees or can authorize Eaton Vance to directly bill fees to the client’s custodial
account. Unless otherwise provided in an investment advisory contract, Eaton Vance is frequently responsible for
calculating the fees owed by a client. Eaton Vance will calculate the billable assets for which Eaton Vance has investment
discretion according to its internal accounting system or based on valuation provided by a client’s custodian.

Separately Managed Accounts
The fees we charge for separate account management services vary based on the particular circumstances of the client
or as otherwise negotiated. Our services are terminable by either party in accordance with the applicable contractual
notice provision. Generally, fees on separately managed accounts (“SMA”) are billed quarterly in arrears, however, in
some cases they are billed quarterly in advance. The timing of fee payments will vary in accordance with clients’
preferences. In addition to being subject to the fees we charge, the portion of each client account that is invested in a
fund will also bear a proportionate share of the advisory fees and other expenses of the fund; however, such fees and
expenses can be waived and/or rebated at our discretion. In the case of certain separately managed accounts, additional
fees are charged by us for additional reporting or consulting services requested by the client.

Wrap Fee Programs
The fees described herein do not include information about fees for advisory services we provide through Wrap Fee
Programs, and we would direct the client to the documents specific to their Wrap Fee Program. The terms of each client’s
separately managed account in a Wrap Fee Program are governed by the client’s agreement with the Sponsor and
disclosure document for each Wrap Fee Program. Wrap Fee Program clients are urged to refer to the appropriate
disclosure document and client agreement for more information about the Wrap Fee Program and advisory services.
Similarly, dual-contract clients should refer to their agreement with their program Sponsor, as applicable, the disclosure
document for the applicable program, and the client's agreement with us, which will vary depending on the strategy

FORM ADV, PART 2A                                                                             EATON VANCE MANAGEMENT        6

selected. The fees for a Wrap Fee Program can result in higher costs than a client would otherwise realize by paying
standard fees and negotiating separate arrangements for trade execution, custodial and consulting services. Our
advisory services are offered through Wrap Fee Programs that are sponsored by Eaton Vance affiliates, as well as
through unaffiliated Wrap Fee Programs. Eaton Vance and its affiliates will generally earn more compensation for
advisory services offered through an affiliated Wrap Fee Program than offering the same services through a Wrap Fee
Program with an unaffiliated Sponsor.

Item 7 Types of Clients
Eaton Vance provides investment advisory services to registered investment companies, private investment vehicles
and offshore pooled vehicles sponsored by Eaton Vance and its affiliates. Eaton Vance will in certain instances provide
sub-advisory services to registered investment companies and other pooled investment vehicles sponsored by
unaffiliated parties who serve as the primary investment adviser. Eaton Vance also advises SMAs for a wide range of
institutional clients, including business organizations, public and private pensions, trusts, foundations, charitable
organizations, hospitals, labor unions, religious organizations, endowment funds, insurance companies, educational
institutions and sovereign wealth funds. In addition, Eaton Vance provides investment advice to individual retail investors
through Wrap Fee Programs and other platforms sponsored by an affiliate and by unaffiliated investment advisors, banks
and broker-dealers.
Certain advisory accounts and funds impose minimum investment requirements, which are generally described in the
relevant governing or disclosure documents or, with respect to advisory accounts, in Appendix A. We (or with respect
to funds, the general partner or managing member) generally will have discretion to waive or reduce such minimums for
certain clients or investors. We generally will not, unless required by agreement with a client or investor or by applicable
law, disclose any particular waiver or reduction that is offered to a client or investor, or offer comparable waivers or
reductions, to other clients or investors.

FORM ADV, PART 2A                                                                            EATON VANCE MANAGEMENT       10