EATON VANCE MANAGEMENT

Eaton Vance and its advisory affiliates are the investment management division of Morgan Stanley, a publicly held company. Eaton Vance is a wholly-owned subsidiary of Morgan Stanley, a leading global financial services firm providing investment banking, securities, wealth management, and investment management services. They have been providing investment advice since 1924. Advisory Affiliates may invest on behalf of themselves in securities and other instruments appropriate for the funds and/or client accounts managed by them. At times, the Advisory Affiliates will give advice or take action for their own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any of the Advisory Clients.

Eaton Vance offers a variety of investment strategies to address the particular investment objectives of its clients, investing in a wide range of financial instruments and asset classes. They emphasize equity or debt instruments judged to have unrecognized value or investment potential, seeking above-average long-term investment results. Investment decisions are generally made with a long-term outlook and a perspective for capital preservation. In managing investment portfolios, Eaton Vance directs considerable attention to the overall composition of the portfolio in order to seek to provide proper portfolio balance and diversification, and thus reduce risk. The investment approaches and material risks described are not comprehensive, and a particular investment strategy can involve additional investment selection criteria and be subject to additional risks not described.

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