DESCRIPTION OF INCENTIVE BONUS ARRANGEMENT FOR
MARKETING PERSONNEL OF
EATON VANCE DISTRIBUTORS, INC.
Registrant's distributor subsidiary, Eaton Vance Distributors, Inc., has a sales incentive arrangement for
employees who are involved in marketing the shares of continuously-offered investment companies distributed by
Eaton Vance Distributors, Inc. through broker-dealers. Employees in the field, known as "wholesale
representatives", and telemarketing representatives in the office receive, in addition to base compensation,
monthly cash incentive compensation payments based on their territorial sales volume. Members of the
management group for marketing, in addition to base compensation, receive monthly cash incentive payments
based on the aggregate sales volume of the distributor.