ThZeal - The Zeal

DEF 14A 1 mftproxy.txt EATON VANCE MUTUAL FUNDS TRUST PROXY DTD 3-21-05 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 -------------------------------------------------------------------------------- Eaton Vance Mutual Funds Trust (Name of Registrant as Specified in Its Charter) -------------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i) (1) and 0-11. (1) Title of each class of securities to which transaction applies: -------------------------------------------------------------------------------- (2) Aggregate number of securities to which transaction applies: -------------------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): -------------------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: -------------------------------------------------------------------------------- (5) Total fee paid: -------------------------------------------------------------------------------- [ ] Fee paid previously with preliminary materials. -------------------------------------------------------------------------------- [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount Previously Paid: -------------------------------------------------------------------------------- (2) Form, Schedule or Registration Statement no.: -------------------------------------------------------------------------------- (3) Filing Party: -------------------------------------------------------------------------------- (4) Date Filed: -------------------------------------------------------------------------------- EATON VANCE GROUP OF FUNDS The Eaton Vance Building 255 State Street Boston, Massachusetts 02109 March 21, 2005 Dear Shareholder: We cordially invite you to attend a Special Meeting of Shareholders of the Eaton Vance Group of Funds on Friday, April 29, 2005. There is only one item on the agenda, but it is an important one - the election of Trustees. We ask you to read the enclosed information carefully and to submit your vote promptly. In the proxy statement that follows this letter, the current Trustees are asking shareholders to elect a slate of Trustees that includes all of the existing Trustees and two new Trustees. The current Trustees serve on the Boards of multiple Eaton Vance funds. If the entire slate is elected, at least two-thirds of each Board will continue to be composed of Trustees who are independent of Fund management. Since the Trustee proposal is common to the Funds, we have combined our discussion into a single proxy statement, which will reduce Fund expenses. Please note that we are required to provide you with one proxy card for each account that you own. We realize that most of our shareholders will not be able to attend the meeting and vote their shares in person. However, your Fund does need your vote. You can vote by mail, telephone, or over the Internet, as explained in the enclosed material. If you later decide to attend the meeting, you may revoke your proxy and vote your shares in person. By voting promptly, you can help your Fund avoid the expense of additional mailings. If you would like additional information concerning the election of Trustees, please call one of our service representatives at 1-800-262-1122. Your participation in this vote is extremely important. Sincerely, /s/ James B. Hawkes James B. Hawkes President and Chief Executive Officer Eaton Vance Management YOUR VOTE IS IMPORTANT - PLEASE RETURN YOUR PROXY CARD PROMPTLY. SHAREHOLDERS ARE URGED TO SIGN AND MAIL THE ENCLOSED PROXY IN THE ENCLOSED POSTAGE PREPAID ENVELOPE OR VOTE BY TELEPHONE OR OVER THE INTERNET BY FOLLOWING THE ENCLOSED INSTRUCTIONS. YOUR VOTE IS IMPORTANT WHETHER YOU OWN A FEW SHARES OR MANY SHARES. EATON VANCE GROUP OF FUNDS The Eaton Vance Building 255 State Street Boston, Massachusetts 02109 Notice of Special Meeting of Shareholders To Be Held April 29, 2005 A Special Meeting of Shareholders of each Eaton Vance Fund listed on the following pages will be held at the principal office of the Funds, The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109, on Friday, April 29, 2005 at 1:30 P.M. (Eastern Standard Time), for the following purposes: 1. To consider and act upon a proposal to elect a Board of Trustees. 2. To consider and act upon any other matters which may properly come before the meeting and any adjourned session thereof. The proposal to elect Trustees is discussed in greater detail in the following pages. The meeting is called pursuant to the By-Laws of each Fund. The Boards of Trustees of the Funds have fixed the close of business on February 28, 2005 as the record date for the determination of the shareholders of each Fund entitled to notice of and to vote at the meeting and any adjournments thereof. By Order of the Board of Trustees /s/ Alan R. Dynner Alan R. Dynner Secretary March 21, 2005 Boston, Massachusetts IMPORTANT Shareholders can help the Board of Trustees avoid the necessity and additional expense to each Fund of further solicitations to obtain a quorum by promptly returning the enclosed proxy or voting by telephone or over the Internet. The enclosed addressed envelope requires no postage if mailed in the United States and is intended for your convenience. Special Meeting of Shareholders - April 29, 2005 EATON VANCE GROUP OF FUNDS The Funds in the Eaton Vance Group of Funds are part of various trusts. Each Trust listed below is a "Trust" and collectively, the "Trusts". The Funds listed below are each a "Fund" and collectively, the "Funds". Many of the Eaton Vance Funds are in the master-feeder structure and invest their assets in a corresponding portfolio. Each portfolio listed below is a "Portfolio" and collectively, the "Portfolios". The list below contains all the Funds and their corresponding Portfolios.

Eaton Vance Group of Funds The Eaton Vance Building 255 State Street Boston, Massachusetts 02109 PROXY STATEMENT A proxy is enclosed with the foregoing Notice of a Special Meeting of the Funds to be held on April 29, 2005 at 1:30 P.M. (Eastern Standard Time) at the Eaton Vance Building, 255 State Street, Boston, MA 02109 for the benefit of shareholders who wish to vote, but do not expect to be present at the meeting. Shareholders may also vote by telephone or over the Internet. All proxies are solicited on behalf of the Board of Trustees. A written proxy is revocable by the person giving it prior to exercise by a signed writing filed with the Funds' proxy tabulator, Management Information Services, an ADP Company, P.O. Box 9123, Hingham, MA 02043-9123, or by executing and delivering a later dated proxy, or by attending the meeting and voting the shares in person. Proxies voted by telephone or over the Internet may be revoked at any time in the same manner that proxies voted by mail may be revoked. Each proxy will be voted in accordance with its instructions; if no instruction is given, an executed proxy will authorize the persons named as attorneys, or any of them, to vote in favor of each matter. This proxy material is initially being mailed to shareholders on or about March 21, 2005. Supplementary solicitations may be made by mail, telephone, telegraph, facsimile or electronic means. The Trustees have fixed the close of business on February 28, 2005 as the record date for the determination of the shareholders entitled to notice of and to vote at the meeting and any adjournments thereof. Shareholders at the close of business on the record date will be entitled to one vote for each share held. The number of shares of beneficial interest (excluding fractions thereof) of each Fund outstanding as of February 1, 2005 is set forth in Exhibit A. The persons who held of record more than 5% of the outstanding shares of any class of shares of a Fund as of February 1, 2005 are set forth in Exhibit B. To the knowledge of the Fund, no other person owns (of record or beneficially) 5% or more of the outstanding shares of any class of shares of a Fund. The Trustees, nominees for Trustee, and executive officers of each Fund individually and as a group own beneficially less than 1% of the outstanding shares of each Fund, except as disclosed on Exhibit B. Shareholders of all classes of shares of a Fund will vote jointly on all items. Each Trust's Board of Trustees shall be elected by a plurality of the shares of the entire Trust voted in person or by proxy. Election of Trustees is non-cumulative. The Trustees know of no business other than the business mentioned in Proposal 1 of the Notice of Meeting that will be presented for consideration. If any other matters are properly presented, it is the intention of the persons named as attorneys in the enclosed proxy to vote the proxies in accordance with their judgment on such matters. Each Fund will furnish without charge a copy of the Fund's most recent Annual Report and its Semi-Annual Report to any shareholder upon request. Shareholders desiring to obtain a copy of such reports should: (i) access them on Eaton Vance's website at www.eatonvance.com; (ii) write to the Fund c/o Eaton Vance Management, The Eaton Vance Building, 255 State Street, Boston, MA 02109, Attn: Proxy Coordinator; or (iii) call 1-800-262-1122. PROPOSAL 1. ELECTION OF TRUSTEES The Boards of Trustees of the Trusts and Portfolios have proposed that the slate of persons listed in the table set forth below be elected as Trustees of each Trust and Portfolio, respectively (with the exceptions noted below). Each person currently serves as a Trustee for multiple funds in the Eaton Vance Group of Funds, except for Messrs. Esty and Verni who are nominees for election to each Board. Other than the nomination of Messrs. Esty and Verni, the slate of nominees for each Board consists of persons currently serving as a Trustee on that Board. Trustee Nominations Messrs. Hawkes, Hayes, Park, Pearlman, Reamer and Ms. Stout currently serve as Trustees of each Trust and Portfolio. Messrs. Hawkes, Hayes, Park, Pearlman, Reamer and Ms. Stout are nominated to serve on all Boards. Messrs. Chen and Lloyd George serve as Trustees of Asian Small Companies Portfolio, Emerging Markets Portfolio, Global Growth Portfolio, Greater China Growth Portfolio and South Asia Portfolio. Messrs. Chen and Lloyd George are nominated to serve only on the Boards of the foregoing Portfolios and are not nominated to serve on any additional Boards. In addition, Mr. Lloyd George serves as President of each of the above-named Portfolios, except Global Growth Portfolio of which he is Vice President. As indicated above, Messrs. Esty and Verni are nominated to serve on all Boards. The nominees for Trustee and their principal occupations for at least the last five years are set forth in the table below. Unless otherwise indicated, the position listed under "Position(s) Held with the Fund and/or Portfolio" are held with all Funds and Portfolios. Each Trustee holds office until his or her successor is elected and qualified. Information about Trust and Portfolio officers appears in Exhibit E. Interested Trustees James B. Hawkes is an "interested person" as defined in the Investment Company Act of 1940 (the "1940 Act") by reason of his affiliations with certain of the Funds; Eaton Vance Management ("EVM" or "Eaton Vance"); Boston Management and Research ("BMR"), a subsidiary of EVM; and Eaton Vance Distributors, Inc. ("EVD"), a wholly-owned subsidiary of EVM. EVM, BMR and EVD are wholly-owned subsidiaries of Eaton Vance Corp. ("EVC"), a publicly traded holding company. EVC and Eaton Vance Inc. ("EV") are the corporate parent and trustee, respectively, of Eaton Vance and BMR. (EVM, EVD, EVC, BMR and their affiliates are sometimes referred to collectively as the "Eaton Vance Organization"). Robert Lloyd George is an "interested person" by reason of his affiliation with Lloyd George Investment Management (Bermuda) Limited, an investment adviser to certain of the Funds and Portfolios.

(1) The business address of each Trustee and nominee is The Eaton Vance Building, 255 State Street, Boston, MA 02109 with the exception of Mr. Lloyd George whose business address is 3808 One Exchange Square, Central, Hong Kong and Mr. Chen whose business address is Lingnan College, Tuen Mun, Hong Kong. (2) As noted under "Trustee Nominations," each Trustee holds office until his or her successor is elected and qualified. (3) Includes both master and feeder funds in master-feeder structure. (4) Mr. Lloyd George is President of the following Portfolios: Asian Small Companies Portfolio, Emerging Markets Portfolio, Greater China Growth Portfolio and South Asia Portfolio. Mr. Lloyd George is Vice President of Global Growth Portfolio. (5) Mr. Hawkes is President of the following Portfolios: Large-Cap Growth Portfolio, Small-Cap Portfolio, Tax-Managed Mid-Cap Core Portfolio and Tax- Managed Small-Cap Value. Mr. Hawkes is Vice President of the following Trusts and Portfolios: Eaton Vance Investment Trust, Eaton Vance Municipals Trust, Eaton Vance Municipals Trust II, Asian Small Companies Portfolio, Emerging Markets Portfolio, and South Asia Portfolio. (6) Nominee for all Trusts and Portfolios. (7) Nominee only for Asian Small Companies Portfolio, Emerging Markets Portfolio, Global Growth Portfolio, Greater China Growth Portfolio and South Asia Portfolio. The following table shows the dollar range of equity securities beneficially owned by each Trustee and nominee for Trustee (other than Messrs. Chen and Lloyd George who own no shares) in each Fund and in all Eaton Vance Funds overseen by the Trustee as of December 31, 2004. Any Fund not listed on the following table has no shares owned by a Trustee or nominee for Trustee. Interests in a Portfolio are currently offered only to certain institutional investors and cannot be purchased by Trustees. The valuation date for the shares owned by Trustees is December 31, 2004.

(1) Interested Trustee (2) Noninterested Trustee (3) For some Funds, figures include shares which may be deemed to be beneficially owned through a Trustee Deferred Compensation Plan. (4) Nominee for Noninterested Trustee. Unless authority to vote for election of one or more of the nominees is specifically withheld by executing the proxy in the manner stated thereon, it is the present intention that the enclosed proxy will be used for the purpose of voting in favor of the election of all nominees as Trustees as described above to hold office in accordance with the By-Laws. Each Trustee nominee has consented to stand for election and to serve as a Trustee if elected. If any nominee should be unable to serve, an event not now anticipated, the discretionary power given in the proxy may be used to vote for a substitute nominee as designated by the Board of Trustees to replace such person (unless authority to vote for election of all nominees is specifically withheld by executing the proxy in the manner stated thereon). Board Meetings and Committees During the calendar year ended December 31, 2004, the Trustees met nine times (the Board of Trustees of Each Vance Municipals Trust II met ten times). Each Board has three formal standing committees, an Audit Committee, a Special Committee and a Governance Committee. During the calendar year ended December 31, 2004, the Audit Committee met five times, the Special Committee met five times and the Governance Committee met six times. With the exception of Messrs. Chen and Lloyd George, each Trustee currently serving on the Boards listed above attended at least 75% of such Board and committee meetings on which he or she serves. The Portfolios have the same Trustee committee and compensation structure and committee composition as the Funds. The Audit, Special and Governance Committees of each Board are comprised of Trustees who are not "interested persons" as that term is defined under the 1940 Act ("Independent Trustees"). The respective duties and responsibilities of these Committees remain under the continuing review of the Governance Committee and the Boards. Messrs. Reamer (Chair), Hayes, Park and Ms. Stout serve on the Audit Committee of the Board of Trustees of each Fund and Portfolio, such Audit Committee being established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The purposes of the Audit Committee are to (i) oversee each Fund's accounting and financial reporting processes, its internal control over financial reporting, and, as appropriate, the internal control over financial reporting of certain service providers; (ii) oversee or, as appropriate, assist Board oversight of the quality and integrity of each Fund's financial statements and the independent audit thereof; (iii) oversee, or, as appropriate, assist Board oversight of, each Fund's compliance with legal and regulatory requirements that relate to the Fund's accounting and financial reporting, internal control over financial reporting and independent audits; (iv) approve, 5 prior to appointment, the engagement and, when appropriate, replacement of the independent auditors, and, if applicable, nominate independent auditors to be proposed for shareholder ratification in any proxy statement of each Fund; and (v) evaluate the qualifications, independence and performance of the independent auditors and the audit partner in charge of leading the audit. Each Board designated Messrs. Park, Hayes and Reamer as Audit Committee financial experts. Messrs. Hayes (Chair), Park, Pearlman, Reamer and Ms. Stout serve on the Special Committee of the Board of Trustees of each Fund and Portfolio. The purposes of the Special Committee are to consider, evaluate and make recommendations to the Boards of Trustees concerning the following matters: (i) contractual arrangements with each service provider to a Fund, including advisory, sub-advisory, transfer agency, custodial and fund accounting, distribution services and administrative services; (ii) any and all other matters in which any of a Fund's service providers (including Eaton Vance or any affiliated entity thereof) has any actual or potential conflict of interest with the interests of a Fund or its shareholders; and (iii) any other matter appropriate for review by the Independent Trustees, unless the matter is within the responsibilities of the Audit Committee or the Governance Committee of the Fund. In February 2004, the Special Committee established a Contract Review Subcommittee to act on matters delegated to it by the Special Committee, including matters relating to a Fund's investment advisory agreement and other service contracts, expense allocation, a Fund's directors' and officers' errors and omissions insurance coverage, and actual or potential conflicts of interest between Eaton Vance and its affiliated companies, on the one hand, and a Fund on the other hand. On August 16, 2004, the Special Committee approved a revised Special Committee Charter which eliminated the Contract Review Subcommittee, because it was determined that its function could be carried out by the full Special Committee. The Contract Review Subcommittee was comprised of Messrs. Hayes (Chair), Park, Pearlman and Reamer and met six times during the calendar year ended December 31, 2004. Ms. Stout (Chair) and Messrs. Hayes, Park, Pearlman and Reamer serve on the Governance Committee of the Board of Trustees of each Fund and Portfolio. The purpose of the Governance Committee is to consider, evaluate and make recommendations to the Boards of Trustees with respect to the structure, membership and operation of the Boards of Trustees and the Committees thereof, including the nomination and selection of Independent Trustees and a Chairperson of the Boards and the compensation of Independent Trustees. Each Fund's and Portfolio's Board of Trustees has adopted a written charter for its Governance Committee, not available on the Funds' website, a copy of which is attached as Exhibit 1. The Governance Committee identifies candidates by obtaining referrals from such sources as it deems appropriate, which may include current Trustees, management of the Funds, counsel and other advisors to the Trustees, and shareholders of a Fund who submit recommendations in accordance with the procedures described in the Committee's charter. In no event shall the Governance Committee consider as a candidate to fill any vacancy an individual recommended by management of the Funds, unless the Governance Committee has invited management to make such a recommendation. The Governance Committee will, when a vacancy exists or is anticipated, consider any nominee for Independent Trustee recommended by a shareholder if such recommendation is submitted in writing to the Governance Committee, contains sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position, and is received in a sufficiently timely manner. The Governance Committee's procedures for identifying and evaluating candidates for the position of Independent Trustee, including the procedures to be followed by shareholders of a Fund wishing to recommend such candidates for consideration by the Governance Committee and the qualifications the Governance Committee will consider, are set forth in Appendix A to the Committee's charter. Messrs. Esty and Verni were recommended to the Governance Committee by one of the Independent Trustees. 6 COMMUNICATION WITH THE BOARD Shareholders wishing to communicate with the Board may do so by sending a written communication to the Chairperson of the Boards of Trustees, any Chairperson of the Audit Committee, Special Committee or Governance Committee or to the Independent Trustees as a group, at the following address: The Eaton Vance Building, 255 State Street, Boston, MA 02109, c/o the Secretary of the applicable Fund. REMUNERATION OF TRUSTEES Trustees of each Portfolio who are not affiliated with EVM or BMR may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of a Trustees Deferred Compensation Plan (a "Trustees' Plan"). Under each Trustees' Plan, an eligible Trustee may elect to have his deferred fees invested by a Portfolio or Fund in the shares of one or more funds in the Eaton Vance Group of Funds, and the amount paid to the Trustees under each Trustees' Plan will be determined based upon the performance of such investments. Deferral of Trustees' fees in accordance with each Trustees' Plan will have a negligible effect on the Portfolio's or Fund's assets, liabilities, and net income per share, and will not obligate a Portfolio to retain the services of any Trustee or obligate a Portfolio to pay any particular level of compensation to the Trustee. None of the Funds or the Portfolios has a retirement plan for Trustees. The fees and expenses of those Trustees who are not members of the Eaton Vance Organization are paid by the Funds. Exhibit C sets forth (i) the compensation earned by the Trustees who are not members of the Eaton Vance Organization in their capacities as Trustees of each Fund as of the Fund's most recent fiscal year end, and (ii) the compensation earned in their capacities as Trustees of the registered investment companies in the Eaton Vance Group of Funds for the year ended December 31, 2004. ELECTION OF PORTFOLIO TRUSTEES As described above, each nominee for Trustee of a Fund is also nominated to serve as Trustee of the Fund's corresponding Portfolio or Portfolios. For those Funds in a "master-feeder structure" that invest in a single Portfolio, each such Fund will vote its interest in its corresponding Portfolio for or against a Portfolio Trustee nominee in the same proportion as the instructions received from the Fund's shareholders. For those Funds that invest in multiple Portfolios, each such Fund will vote its respective interests in its Portfolios for or against a Portfolio Trustee nominee in accordance with applicable law. VOTING AT THE MEETING Unless authority to vote for election of one or more nominees is specifically withheld by executing the proxy in the manner stated thereon, it is the present intention that the enclosed proxy will be used for the purpose of authorizing each Fund to vote in favor of the election of the nominees set forth in Proposal 1 to be Trustees of the respective Trusts and Portfolios, to hold office until their successors are elected and qualified. VOTE REQUIRED TO APPROVE PROPOSAL 1 Each Trust's Board of Trustees shall be elected by a plurality of the shares of the entire Trust voted in person or by proxy. The Board of Trustees recommends that the shareholders of each Fund vote to elect each nominee of its respective Trust as a Trustee of the Trust. NOTICE TO BANKS AND BROKER/DEALERS The Funds have previously solicited all Nominee and Broker/Dealer accounts as to the number of additional proxy statements required to supply owners of shares. Should additional proxy material be required for beneficial owners, please forward such requests to Eaton Vance Management, The Eaton Vance Building, 255 State Street, Boston, MA 02109, Attn: Proxy Coordinator. 7 ADDITIONAL INFORMATION AUDITORS, AUDIT FEES AND ALL OTHER FEES Deloitte & Touche LLP ("Deloitte"), 200 Berkeley Street, Boston, MA 02116, or PricewaterhouseCoopers, LLP ("PWC"), 125 High Street, Boston, MA 02110, serve as the independent registered public accounting firms of the Funds and Portfolios. Deloitte and PWC are expected to be represented at the Special Meeting, but if not, a representative will be available by telephone should the need for consultation arise. Representatives of Deloitte and PWC will have the opportunity to make a statement if they desire to do so and will be available to respond to appropriate questions. A list of the Funds, their independent registered public accounting firms and the aggregate audit, audit-related, tax, and other fees billed for services rendered to each Fund by the Fund's principal accountant for the relevant periods are set forth on Exhibit D hereto. Aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered for the relevant periods to (i) each Fund by the Fund's principal accountant; and (ii) the Eaton Vance Organization by each Fund's principal accountant are also set forth on Exhibit D hereto. Each Fund's Audit Committee has adopted policies and procedures relating to the pre-approval of services provided by the Fund's principal accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a framework intended to assist the Audit Committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the Audit Committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee. The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by each Fund's Audit Committee at least annually. The Fund's Audit Committee maintains full responsibility for the appointment, compensation, and oversight of the work of each Fund's principal accountant. Each Fund's Audit Committee has considered whether the provision by the Fund's principal accountant of non-audit services to the Fund's investment adviser, as well as any of its affiliates that provide ongoing services to the Fund, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant's independence. OFFICERS OF THE FUNDS AND PORTFOLIOS The officers of the Funds, their corresponding Portfolios and length of service are set forth in Exhibits E and F. Because of their positions with Eaton Vance and their ownership of EVC stock, the officers of each Fund and each Portfolio will benefit from the advisory fees and/or administration fees paid by a Fund or Portfolio to Eaton Vance or BMR. Because of their positions with Lloyd George Investment Management (Bermuda) Limited or OrbiMed Advisors, LLC and their ownership interests therein, certain Portfolio officers benefit from the advisory fees paid by certain Portfolios to Lloyd George Investment Management (Bermuda) Limited or OrbiMed Advisors, LLC. INVESTMENT ADVISER, ADMINISTRATOR AND UNDERWRITER Eaton Vance and BMR serve as investment adviser to many of the Funds and Portfolios in the Eaton Vance Group of Funds. In addition, Eaton Vance serves as administrator and sub-transfer agent to each Fund. Lloyd George Investment Management (Bermuda) Limited, 3808 One Exchange Square, Central, Hong Kong serves as the investment adviser to certain Funds and Portfolios. OrbiMed Advisors, LLC, 767 3rd Avenue, New York, NY 10017, is the investment adviser to Worldwide Health Sciences Portfolio and VT Worldwide Health Sciences Fund. Atlanta Capital Management, LLC, Fox Asset Management LLC and Parametric Portfolio Associates, each an indirect majority owned subsidiary of Eaton Vance, act as sub-advisers to certain Funds and Portfolios. Eagle Global Advisors acts as the sub-adviser to Eaton Vance Tax-Managed International Equity Fund. EVD acts as the principal underwriter for all Funds and as placement agent for all the Portfolios. The business address of Eaton Vance, BMR, EVD, Atlanta Capital Management, LLC, Fox Asset Management LLC and Parametric Portfolio Associates is The Eaton Vance Building, 255 State Street, Boston, MA 02109. The business address of Eagle Global Advisors is 5847 San Felipe, Suite 930, Houston, Texas 77057. 8 PROXY SOLICITATION AND TABULATION The expense of preparing, printing and mailing this Proxy Statement and enclosures and the costs of soliciting proxies on behalf of each Trust's Board of Trustees will be borne ratably by its Funds. Proxies will be solicited by mail and may be solicited in person or by telephone, telegraph, facsimile or other electronic means by officers of the Trust, by personnel of Eaton Vance, by the Funds' transfer agent, PFPC Inc. (or Investors Bank & Trust Company in the case of Eaton Vance Variable Trust), or by broker-dealer firms or by a professional solicitation organization. The expenses connected with the solicitation of these proxies and with any further proxies which may be solicited by a Fund's officers, by Eaton Vance personnel, by the transfer agent, PFPC Inc. (or Investors Bank & Trust Company in the case of Eaton Vance Variable Trust), by broker-dealer firms, in person, or by telephone, by telegraph, by facsimile or other electronic means will be borne pro rata by each Fund based on the number of that Fund's shareholder accounts. A written proxy may be delivered to a Fund or its transfer agent prior to the meeting by facsimile machine, graphic communication equipment or other electronic transmission. A Fund will reimburse banks, broker-dealer firms, and other persons holding shares registered in their names or in the names of their nominees, for their expenses incurred in sending proxy material to and obtaining proxies from the beneficial owners of such shares. Total aggregate proxy solicitation costs for all the Trusts are estimated to be $250,000. As mentioned, such costs will be borne ratably by all of the Funds. Shareholders may also choose to give their proxy votes by telephone using an automated telephonic voting system or through the Internet rather than return their proxy cards. Please see the proxy card for details. A Fund may arrange for Eaton Vance, its affiliates or agents to contact shareholders who have not returned their proxy cards and offer to have votes recorded by telephone. If a Fund records votes by telephone or over the Internet, it will use procedures designed to authenticate shareholders' identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. If the enclosed proxy card is executed and returned, or an Internet or telephonic vote is delivered, that vote may nevertheless be revoked at any time prior to its use by written notification received by the Fund, by the execution of a later-dated proxy card, by the Fund's receipt of a subsequent valid Internet or telephonic vote, or by attending the meeting and voting in person. All proxy cards solicited by the Boards of Trustees that are properly executed and telephone and Internet votes that are properly delivered and received by the Secretary prior to the meeting, and which are not revoked, will be voted at the meeting. Shares represented by such proxies will be voted in accordance with the instructions thereon. If no specification is made on the proxy card with respect to Proposal 1, it will be voted FOR the matters specified on the proxy card. For purposes of determining the presence or absence of a quorum and for determining whether sufficient votes have been received for approval of any matter to be acted upon at the meeting, abstentions and broker non-votes (i.e., proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other person entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present at the meeting, but which have not been voted. Accordingly, abstentions and broker non-votes will assist a Fund in obtaining a quorum, but will have no effect on the outcome of the Proposal. If a quorum is not present at the meeting or if a quorum is present at the meeting, but sufficient votes by the shareholders of the Trusts in favor of Proposal 1 set forth in the Notice of this meeting are not received by the meeting date, the persons named as attorneys in the enclosed proxy may propose one or more adjournments of the meeting to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of the holders of a majority of the shares of that Trust present in person or by proxy at the session of the meeting to be adjourned. The persons named as attorneys in the enclosed proxy will vote in favor of such adjournment those proxies that they are entitled to vote in favor of the Proposal for which further solicitation of proxies is to be made. They will vote against any such adjournment those proxies required to be voted against such Proposal. The costs of any such additional solicitation and of any adjourned session will be borne by the Funds as described above. 9 SHAREHOLDER PROPOSALS Shareholders wishing to submit proposals for consideration at a subsequent shareholders' meeting should send their written proposals to: Secretary, Eaton Vance Group of Funds, The Eaton Vance Building, 255 State Street, Boston, MA 02109. Proposals must be received in advance of a proxy solicitation to be considered and the mere submission of a proposal does not guarantee inclusion in the proxy statement or consideration at the meeting. The Funds do not conduct annual meetings. 10 March 21, 2005 Exhibit A The outstanding shares of beneficial interest of each Fund may consist of Class A, Advisers Class, Class B, Class C, Class I, Class R or Class S shares as indicated below.

A-3 Exhibit B As of February 1, 2005, the following record owner(s) of the specified Fund and class held the share percentages indicated below, which was owned either (i) beneficially by such person(s) or (ii) of record by such person(s) on behalf of customers who are the beneficial owners of such shares and as to which such record owner(s) may exercise voting rights under certain limited circumstances. Beneficial owners of 25% or more of a class of a Fund are presumed to be in control of the class for purposes of voting on certain matters submitted to shareholders. Class I shares are also known as "Institutional Shares". Beneficial share ownership by a Fund Trustee or officer, as the case may be, is noted.

* Eaton Vance Management ("Eaton Vance") is a Massachusetts business trust and a wholly-owned subsidiary of EVC. ** These shareholders are retirement and profit sharing plans sponsored by Eaton Vance and certain of its affiliated entities. (1) Represents ownership of different accounts owning 5% or more of the outstanding shares of this class. B-13 Exhibit C

* Complex total represents compensation for the calendar year ended December 31, 2004. It may not equal the sum of the amounts shown in the table, which represents compensation for each Fund's or Portfolio's recently completed fiscal year. ** The unabbreviated names of the Trusts and Portfolios are listed in the Notice to this Proxy Statement. (1) As of February 1, 2005, the Eaton Vance fund complex consisted of 195 registered investment companies or series thereof. (2) Includes $107,008 of deferred compensation. (3) Includes $45,000 of deferred compensation. C-2 EXHIBIT D PRINCIPAL ACCOUNTANT FEE INFORMATION The following table presents the aggregate fees billed for services rendered to each Fund for that Fund's last two fiscal years by the Funds' independent registered public accounting firm for professional services rendered for the audit of each Fund's annual financial statements and fees billed for other services rendered by the independent registered public accounting firm during those periods. No services described below were approved pursuant to the "de minimis exception" set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

* The Fund commenced operations on December 6, 2004. No fees were billed for the 2003 or 2004 fiscal years. ** On February 6, 2004, the PIMCO PPA Tax-Efficient Structured Emerging Markets Fund, a series of PIMCO Funds: Multi-Manager Series (the "PIMCO Fund"), merged into the Fund. The Fund was formed for the purpose of continuing the investment program of the PIMCO Fund. (1) PWC refers to PricewaterhouseCoopers LLP (2) Deloitte refers to Deloitte & Touche LLP (3) Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. (4) Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. (5) All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. (6) Fees include fees billed for services rendered to a master fund (the "Portfolio") in which the Fund invested all of its assets until the Fund redeemed all of its shares of the Portfolio in September or October 2004 and began investing its assets directly in securities. (7) Fees include fees billed for services rendered to a master fund (the "Portfolio") in which the Fund invested all of its assets until the Fund redeemed all of its shares of the Portfolio in May 2004 and began investing its assets directly in securities. D-6 EXHIBIT D (continued) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to each Fund for that Fund's last two fiscal years by the Fund's independent registered public accounting firm; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance Organization for the fiscal years ended October 31, 2003 and October 31, 2004 by each Fund's independent registered public accounting firm. 2003 2004 Trust/Fund Name Auditor(1)(2) Fiscal Year Fiscal Year --------------- ------------- ----------- ----------- Eaton Vance Growth Trust -------------------------------------------------------------------------------- Eaton Vance-Atlanta Capital Intermediate Bond Fund Deloitte $6,000 $6,100 -------------------------------------------------------------------------------- Eaton Vance-Atlanta Capital Large-Cap Growth Fund Deloitte 5,600 5,800 -------------------------------------------------------------------------------- Eaton Vance-Atlanta Capital Small-Cap Fund Deloitte 5,600 5,800 -------------------------------------------------------------------------------- Eaton Vance Asian Small Companies Fund Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Global Growth Fund Deloitte 9,275 9,375 -------------------------------------------------------------------------------- Eaton Vance Greater China Growth Fund Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Growth Fund PWC 8,875 8,975 -------------------------------------------------------------------------------- Eaton Vance Worldwide Health Sciences Fund PWC 9,575 9,675 -------------------------------------------------------------------------------- Eaton Vance Investment Trust -------------------------------------------------------------------------------- Eaton Vance California Limited Maturity Municipals Fund(3) Deloitte 8,500 9,200 -------------------------------------------------------------------------------- Eaton Vance Florida Limited Maturity Municipals Fund(3) Deloitte 8,600 9,200 -------------------------------------------------------------------------------- Eaton Vance Massachusetts Limited Maturity Municipals Fund(3) Deloitte 8,600 9,200 -------------------------------------------------------------------------------- Eaton Vance National Limited Maturity Municipals Fund(3) Deloitte 8,900 9,200 -------------------------------------------------------------------------------- Eaton Vance New Jersey Limited Maturity Municipals Fund(3) Deloitte 8,700 9,200 -------------------------------------------------------------------------------- Eaton Vance New York Limited Maturity Municipals Fund(3) Deloitte 8,700 9,200 -------------------------------------------------------------------------------- Eaton Vance Ohio Limited Maturity Municipals Fund(3) Deloitte 8,500 9,200 -------------------------------------------------------------------------------- Eaton Vance Pennsylvania Limited Maturity Municipals Fund(3) Deloitte 8,700 9,200 -------------------------------------------------------------------------------- Eaton Vance Municipals Trust -------------------------------------------------------------------------------- Eaton Vance Alabama Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Arizona Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Arkansas Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance California Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Colorado Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Connecticut Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Florida Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Georgia Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Kentucky Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Louisiana Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Maryland Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Massachusetts Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Michigan Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Minnesota Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Mississippi Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Missouri Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- D-7 2003 2004 Trust/Fund Name Auditor(1)(2) Fiscal Year Fiscal Year --------------- ------------- ----------- ----------- Eaton Vance National Municipals Fund(3) Deloitte $9,200 $9,400 -------------------------------------------------------------------------------- Eaton Vance New Jersey Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance New York Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance North Carolina Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Ohio Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Oregon Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Pennsylvania Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Rhode Island Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance South Carolina Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Tennessee Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Virginia Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance West Virginia Municipals Fund(3) Deloitte 9,200 9,400 -------------------------------------------------------------------------------- Eaton Vance Municipals Trust II -------------------------------------------------------------------------------- Eaton Vance Florida Insured Municipals Fund(3) Deloitte 8,700 9,200 -------------------------------------------------------------------------------- Eaton Vance Hawaii Municipals Fund(3) Deloitte 8,500 9,200 -------------------------------------------------------------------------------- Eaton Vance High Yield Municipals Fund(3) Deloitte 8,900 9,200 -------------------------------------------------------------------------------- Eaton Vance Kansas Municipals Fund(3) Deloitte 8,400 9,200 -------------------------------------------------------------------------------- Eaton Vance Mutual Funds Trust -------------------------------------------------------------------------------- Eaton Vance Cash Management Fund PWC 5,210 5,250 -------------------------------------------------------------------------------- Eaton Vance Diversified Income Fund* Deloitte 0 0 -------------------------------------------------------------------------------- Eaton Vance Equity Research Fund PWC 8,500 8,600 -------------------------------------------------------------------------------- Eaton Vance Floating-Rate Fund Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Eaton Vance Floating-Rate & High Income Fund Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Eaton Vance Government Obligations Fund PWC 12,485 12,675 -------------------------------------------------------------------------------- Eaton Vance High Income Fund Deloitte 5,800 5,800 -------------------------------------------------------------------------------- Eaton Vance Low Duration Fund PWC 10,540 10,800 -------------------------------------------------------------------------------- Eaton Vance Money Market Fund PWC 5,185 5,225 -------------------------------------------------------------------------------- Eaton Vance Municipal Bond Fund Deloitte 5,400 5,600 -------------------------------------------------------------------------------- Eaton Vance Strategic Income Fund PWC 16,600 18,100 -------------------------------------------------------------------------------- Eaton Vance Tax Free Reserves PWC 5,185 5,225 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Dividend Income Fund Deloitte 5,800 0 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Equity Asset Allocation Fund Deloitte 15,500 16,000 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Growth Fund 1.1 Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Growth Fund 1.2 Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed International Equity Fund Deloitte 5,800 5,900 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Mid-Cap Core Fund Deloitte 5,600 6,000 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Multi-Cap Opportunity Fund Deloitte 5,600 5,800 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Small-Cap Growth Fund 1.1 Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Small-Cap Growth Fund 1.2 Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Small-Cap Value Fund Deloitte 5,600 5,800 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Value Fund Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Eaton Vance Series Trust -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Growth Fund 1.0 Deloitte 5,200 5,300 -------------------------------------------------------------------------------- D-8 2003 2004 Trust/Fund Name Auditor(1)(2) Fiscal Year Fiscal Year --------------- ------------- ----------- ----------- Eaton Vance Series Trust II -------------------------------------------------------------------------------- Eaton Vance Income Fund of Boston PWC $13,400 $13,525 -------------------------------------------------------------------------------- Eaton Vance Tax-Managed Emerging Markets Fund PWC 1,102 12,500 -------------------------------------------------------------------------------- Eaton Vance Special Investment Trust -------------------------------------------------------------------------------- Eaton Vance Balanced Fund PWC 11,465 13,825 -------------------------------------------------------------------------------- Eaton Vance Emerging Markets Fund Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Greater India Fund Deloitte 5,200 5,300 -------------------------------------------------------------------------------- Eaton Vance Large-Cap Core Fund Deloitte 5,600 5,800 -------------------------------------------------------------------------------- Eaton Vance Large-Cap Value Fund PWC 11,765 11,950 -------------------------------------------------------------------------------- Eaton Vance Small-Cap Growth Fund PWC 12,765 12,950 -------------------------------------------------------------------------------- Eaton Vance Small-Cap Value Fund(4) Deloitte 9,600 9,900 -------------------------------------------------------------------------------- Eaton Vance Special Equities Fund PWC 9,120 9,225 -------------------------------------------------------------------------------- Eaton Vance Utilities Fund PWC 9,075 9,175 -------------------------------------------------------------------------------- Eaton Vance Variable Trust -------------------------------------------------------------------------------- Eaton Vance VT Floating-Rate Income Fund Deloitte 6,000 6,100 -------------------------------------------------------------------------------- Eaton Vance VT Worldwide Health Sciences Fund PWC 3,350 3,325 -------------------------------------------------------------------------------- Portfolios -------------------------------------------------------------------------------- Asian Small Companies Portfolio Deloitte 5,200 5,400 -------------------------------------------------------------------------------- Boston Income Portfolio PWC 5,525 6,050 -------------------------------------------------------------------------------- Capital Growth Portfolio PWC 7,435 8,725 -------------------------------------------------------------------------------- Cash Management Portfolio PWC 6,045 6,475 -------------------------------------------------------------------------------- Emerging Markets Portfolio Deloitte 4,700 4,800 -------------------------------------------------------------------------------- Floating Rate Portfolio Deloitte 5,000 5,200 -------------------------------------------------------------------------------- Global Growth Portfolio PWC 5,575 5,700 -------------------------------------------------------------------------------- Government Obligations Portfolio PWC 8,555 8,350 -------------------------------------------------------------------------------- Greater China Growth Portfolio Deloitte 5,200 5,400 -------------------------------------------------------------------------------- Growth Portfolio PWC 5,325 5,450 -------------------------------------------------------------------------------- High Income Portfolio Deloitte 5,800 6,000 -------------------------------------------------------------------------------- Investment Portfolio PWC 4,900 5,025 -------------------------------------------------------------------------------- Investment Grade Income Portfolio PWC 7,150 8,750 -------------------------------------------------------------------------------- Large-Cap Core Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Large-Cap Growth Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Large-Cap Value Portfolio PWC 7,060 8,350 -------------------------------------------------------------------------------- Small-Cap Growth Portfolio PWC 6,620 8,325 -------------------------------------------------------------------------------- Small-Cap Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- South Asia Portfolio Deloitte 4,800 4,900 -------------------------------------------------------------------------------- Special Equities Portfolio PWC 5,490 5,850 -------------------------------------------------------------------------------- Strategic Income Portfolio PWC 7,500 7,900 -------------------------------------------------------------------------------- Tax-Managed Growth Portfolio Deloitte 6,300 6,500 -------------------------------------------------------------------------------- Tax-Managed International Equity Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Tax-Managed Mid-Cap Core Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Tax-Managed Multi-Cap Opportunity Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Tax-Managed Small-Cap Growth Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Tax-Managed Small-Cap Value Portfolio Deloitte 3,700 4,100 -------------------------------------------------------------------------------- D-9 2003 2004 Trust/Fund Name Auditor(1)(2) Fiscal Year Fiscal Year --------------- ------------- ----------- ----------- Tax-Managed Small-Cap Growth Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Tax-Managed Value Portfolio Deloitte 4,000 4,100 -------------------------------------------------------------------------------- Utilities Portfolio PWC 6,045 6,000 -------------------------------------------------------------------------------- Worldwide Health Sciences Portfolio PWC 5,500 5,625 -------------------------------------------------------------------------------- Eaton Vance(5) Deloitte 467,489 340,730 PWC 0 84,490 * The Fund commenced operations on December 6, 2004. No fees were billed for the 2003 or 2004 fiscal years. (1) PWC refers to PricewaterhouseCoopers LLP (2) Deloitte refers to Deloitte & Touche LLP (3) Fees include fees billed for services rendered to a master fund (the "Portfolio") in which the Fund invested all of its assets until the Fund redeemed all of its shares of the Portfolio in September or October 2004 and began investing its assets directly in securities. (4) Fees include fees billed for services rendered to a master fund (the "Portfolio") in which the Fund invested all of its assets until the Fund redeemed all of its shares of the Portfolio in May 2004 and began investing its assets directly in securities. (5) The Funds' investment adviser and any of its affiliates that provide ongoing services to the Funds which are subsidiaries of Eaton Vance Corp. D-10 Exhibit E

(1) The business address of each officer is The Eaton Vance Building, 255 State Street, Boston, MA 02109 with the exception of of William Kerr, Samuel Isaly, Samir Mehta, Kooi Cho Yu and Pamela Chan. (2) Includes both master and feeder-funds in master-feeder structure. (3) The business address for William Kerr, Samir Mehta, Kooi Cho Yu and Pamela Chan is 3808 One Exchange Square, Central, Hong Kong and the business address of Samuel Isaly is 767 3rd Avenue, New York, NY 10017. (4) See Exhibit F for the specific offices held in the Funds and Portfolios that each officer serves on. E-4 Exhibit F Interested Trustees(2) Noninterested Trustees(2)

Trusts(3) Campbell Chan Clemson Coleman Coll Dynner(1) ---------------------------------------------------------------------- Growth -- -- -- VP-2001 -- 1997 ---------------------------------------------------------------------- Investment -- -- VP-2004 -- -- 1997 ---------------------------------------------------------------------- Municipals -- -- VP-2004 -- -- 1997 ---------------------------------------------------------------------- Municipals II -- -- VP-2004 -- -- 1997 ---------------------------------------------------------------------- Mutual Funds -- -- -- -- -- 1997 ---------------------------------------------------------------------- Series -- -- -- -- -- 1997 ---------------------------------------------------------------------- Series II -- -- -- -- -- 1997 ---------------------------------------------------------------------- Special -- -- -- -- -- 1997 Investment ---------------------------------------------------------------------- Variable -- -- -- -- VP-2004 2000 ---------------------------------------------------------------------- Advisers Senior Treas.-2002 -- -- -- -- 1998 Floating-Rate AT-1998 Fund ---------------------------------------------------------------------- Classic Senior Treas.-2002 -- -- -- -- 1997 Floating-Rate AT-1993 Fund ---------------------------------------------------------------------- Institutional Treas.-2002 -- -- -- -- 1999 Senior AT-1999 Floating-Rate Fund ---------------------------------------------------------------------- Prime Rate Treas.-2002 -- -- -- -- 1997 Reserves AT-1991 ----------------------------------------------------------------------

Portfolios(3) Campbell Chan Clemson Coleman Coll Dynner(1) ----------------------------------------------------------------------- Asian Small -- -- -- -- -- 1997 Companies ----------------------------------------------------------------------- Boston Income Treas.-2002 -- -- -- -- 2001 AT-2001 ----------------------------------------------------------------------- Capital Growth -- -- -- -- VP-2000 2000 ----------------------------------------------------------------------- Cash Management -- -- -- -- -- 1997 ----------------------------------------------------------------------- Emerging Markets -- -- -- -- -- 1997 ----------------------------------------------------------------------- Floating Rate Treas.2002 -- -- -- -- 2000 AT-2000 ----------------------------------------------------------------------- Global Growth -- -- -- -- VP-2003 1997 ----------------------------------------------------------------------- Government Treas.-2002 -- -- -- -- 1997 Obligations AT-1998 ----------------------------------------------------------------------- Greater China -- VP-2002 -- -- -- 1997 Growth ----------------------------------------------------------------------- Growth -- -- -- -- VP-2000 1997 ----------------------------------------------------------------------- High Income Treas.-2002 -- -- -- -- 1997 AT-1993 ----------------------------------------------------------------------- Investment Treas.-2002 -- -- -- -- 2002 ----------------------------------------------------------------------- Investment -- -- -- -- -- 2000 Grade Income ----------------------------------------------------------------------- Large-Cap Core -- -- -- -- -- 2002 ----------------------------------------------------------------------- Large-Cap Growth -- -- -- -- -- 2001 ----------------------------------------------------------------------- F-1

Portfolios(3) Campbell Chan Clemson Coleman Coll Dynner -------------------------------------------------------------------------- Large-Cap Value -- -- -- -- -- 1997 -------------------------------------------------------------------------- Senior Debt Treas.-2002 -- -- -- -- 1997 AT-1992 -------------------------------------------------------------------------- Small-Cap -- -- -- -- -- 2001 -------------------------------------------------------------------------- Small-Cap Growth -- -- -- -- -- 2000 -------------------------------------------------------------------------- South Asia -- -- -- -- -- 1997 -------------------------------------------------------------------------- Special Equities -- -- -- -- -- 1997 -------------------------------------------------------------------------- Strategic Income Treas.-2002 -- -- -- -- 1997 AT-1998 -------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- 1997 Growth -------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- 1998 International Equity -------------------------------------------------------------------------- Tax-Managed Mid -- -- -- -- -- 2001 Cap Core -------------------------------------------------------------------------- Tax-Managed -- -- -- -- VP-2000 2000 Multi-Cap Opportunity -------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- 1998 Small-Cap Growth -------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- 2001 Small- Cap Value -------------------------------------------------------------------------- Tax-Managed Treas.-2002 -- -- -- -- 2001 Value AT-2001 -------------------------------------------------------------------------- Utilities -- -- -- -- -- 1997 -------------------------------------------------------------------------- Worldwide Health Treas.-2002 -- -- -- -- 1997 Sciences AT-1996 -------------------------------------------------------------------------- F-2 Positions Held and Year of Original Election as Trustee/Officer Officers(2)

Trusts(3) Mach MacIntosh Marshall Mehta Metzold O'Connor ---------------------------------------------------------------------------- Growth -- -- -- -- -- Treas.-1989 ---------------------------------------------------------------------------- Investment -- VP-1993 -- -- VP-2004 Treas.-1988 ---------------------------------------------------------------------------- Municipals -- VP-1993 -- -- VP-2004 Treas.-1989 ---------------------------------------------------------------------------- Municipals II -- VP-1993 -- -- VP-2004 Treas.-1993 ---------------------------------------------------------------------------- Mutual Funds VP-1999 VP-1998 -- -- -- Treas.-1989 ---------------------------------------------------------------------------- Series -- -- -- -- -- -- ---------------------------------------------------------------------------- Series II -- -- -- -- -- Treas.-2005 ---------------------------------------------------------------------------- Special -- -- -- -- -- Treas.-1989 Investment ---------------------------------------------------------------------------- Variable -- -- -- -- -- Treas.-2000 ---------------------------------------------------------------------------- Interval Funds(3) ---------------------------------------------------------------------------- Advisers Senior -- -- -- -- -- -- Floating-Rate Fund ---------------------------------------------------------------------------- Classic Senior -- -- -- -- -- -- Floating-Rate Fund ---------------------------------------------------------------------------- Institutional -- -- -- -- -- -- Senior Floating-Rate Fund ---------------------------------------------------------------------------- Prime Rate -- -- -- -- -- -- Reserves ---------------------------------------------------------------------------- F-3 Positions Held and Year of Original Election as Trustee/Officer Officers(2)

Portfolios(3) Luster Mach MacIntosh Marshall Mehta Metzold O'Connor ------------------------------------------------------------------------------- Asian Small -- -- -- -- -- -- -- Companies ------------------------------------------------------------------------------- Boston Income -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Capital Growth -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Cash Management VP-2002 -- -- -- -- -- -- ------------------------------------------------------------------------------- Emerging Markets -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Floating Rate -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Global Growth -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Government -- -- -- -- -- -- -- Obligations ------------------------------------------------------------------------------- Greater China -- -- -- -- -- -- -- Growth ------------------------------------------------------------------------------- Growth -- -- -- -- -- -- -- ------------------------------------------------------------------------------- High Income -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Investment -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Investment VP-2002 -- -- -- -- -- -- Grade Income ------------------------------------------------------------------------------- Large-Cap Core -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Large-Cap Growth -- -- -- VP-2003 -- -- -- ------------------------------------------------------------------------------- Large-Cap Value -- VP-1999 -- -- -- -- -- ------------------------------------------------------------------------------- Senior Debt -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Small-Cap -- -- -- -- -- -- --- ------------------------------------------------------------------------------- Small-Cap Growth -- -- -- -- -- -- -- ------------------------------------------------------------------------------- South Asia -- -- -- -- VP-2005 -- -- ------------------------------------------------------------------------------- Special Equities -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Strategic Income -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Tax-Managed Growth -- -- -- -- -- -- -- ------------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- -- -- International Equity ------------------------------------------------------------------------------- Tax-Managed -- -- -- VP-2001 -- -- -- Mid-Cap Core ------------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- -- -- Multi-Cap Opportunity ------------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- -- -- Small-Cap Growth ------------------------------------------------------------------------------- Tax-Managed -- -- -- -- -- -- -- Small-Cap Value ------------------------------------------------------------------------------- Tax-Managed Value -- VP-2001 -- -- -- -- -- ------------------------------------------------------------------------------- Utilities -- --- -- -- -- -- -- ------------------------------------------------------------------------------- Worldwide Health -- -- -- -- -- -- -- Sciences ------------------------------------------------------------------------------- F-4 Positions Held and Year of Original Election as Trustee/Officer Officers(2)

Trusts(3) Sitabhkan Swaffield Venezia Weilheimer Womack Yu ------------------------------------------------------------------------------ Growth -- -- -- -- VP-2001 -- ------------------------------------------------------------------------------ Investment -- -- -- -- -- -- ------------------------------------------------------------------------------ Municipals -- -- -- -- -- -- ------------------------------------------------------------------------------ Municipals II -- -- -- -- -- -- ----------------------------------------------------------------------------- Mutual Funds -- -- -- -- -- -- ----------------------------------------------------------------------------- Series -- -- -- -- -- -- ----------------------------------------------------------------------------- Series II -- -- -- P-2002 -- -- VP-1996 ----------------------------------------------------------------------------- Special -- -- -- -- -- -- Investment ----------------------------------------------------------------------------- Variable -- VP-2000 -- -- -- -- ----------------------------------------------------------------------------- Interval Funds(3) ----------------------------------------------------------------------------- Advisers Senior -- VP-1998 -- -- -- -- Floating-Rate Fund ----------------------------------------------------------------------------- Classic Senior -- VP-1998 -- -- -- -- Floating-Rate Fund ----------------------------------------------------------------------------- Institutional -- VP-1999 -- -- -- -- Senior Floating-Rate Fund ----------------------------------------------------------------------------- Prime Rate -- VP-1998 -- -- -- -- Reserves ----------------------------------------------------------------------------- F-5

Portfolio(3) Sitabhkan Swaffield Venezia Weilheimer Womack Yu ------------------------------------------------------------------------------ Asian Small -- -- -- -- -- VP-2004 Companies ------------------------------------------------------------------------------ Boston Income -- -- -- P-2002 -- -- VP-2001 ------------------------------------------------------------------------------ Capital Growth -- -- -- -- -- -- ------------------------------------------------------------------------------ Cash Management -- -- -- -- -- -- ------------------------------------------------------------------------------ Emerging Markets -- -- -- --- -- -- ------------------------------------------------------------------------------ Floating Rate -- P-2002 -- -- -- -- VP-2000 ------------------------------------------------------------------------------ Global Growth -- -- -- -- -- -- ------------------------------------------------------------------------------ Government -- -- P-2002 -- -- -- Obligations VP-1993 ------------------------------------------------------------------------------ Greater China -- -- -- -- -- -- Growth ------------------------------------------------------------------------------ Growth -- -- -- -- -- -- ------------------------------------------------------------------------------ High Income -- -- -- P-2002 -- -- VP-1995 ------------------------------------------------------------------------------ Investment -- -- P-2002 -- -- -- ------------------------------------------------------------------------------ Investment -- -- -- -- -- -- Grade Income ------------------------------------------------------------------------------ Large-Cap Core -- -- -- -- -- -- ------------------------------------------------------------------------------ Large-Cap Growth -- -- -- -- -- -- ------------------------------------------------------------------------------ Large-Cap Value -- -- -- -- -- -- ------------------------------------------------------------------------------ Senior Debt -- VP-1996 -- -- -- -- ------------------------------------------------------------------------------ Small-Cap -- -- -- -- -- -- ------------------------------------------------------------------------------ Small-Cap Growth -- -- -- -- -- -- ------------------------------------------------------------------------------ South Asia VP-1999 -- -- -- -- -- ------------------------------------------------------------------------------ Special Equities -- -- -- -- -- -- ------------------------------------------------------------------------------ Strategic Income -- -- P-2002 -- -- -- VP-1992 ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- Growth ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- International Equity ------------------------------------------------------------------------------ Tax-Managed Mid -- -- -- -- -- -- Cap Core ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- Multi-Cap Opportunity ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- Small-Cap Growth ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- Small-Cap Value ------------------------------------------------------------------------------ Tax-Managed -- -- -- -- -- -- Value ------------------------------------------------------------------------------ Utilities -- -- -- -- -- -- ------------------------------------------------------------------------------ Worldwide Health -- -- -- -- -- -- Sciences ------------------------------------------------------------------------------ (1) Alan Dynner is secretary of all the Trusts and Portfolios listed. (2) The full names of the Trustees are listed under Proposal 1 in the proxy statement and for the Officers are listed in Exhibit E. (3) The unabbreviated names of the Trusts and Portfolios are listed in the notice to this proxy statement. (4) Paul O'Neil is Chief Compliance Officer of all the Trusts and Portfolios listed. F-6 EXHIBIT 1 EATON VANCE GROUP OF FUNDS GOVERNANCE COMMITTEE CHARTER Composition of the Governance Committee. The Governance Committee of each registered investment company sponsored by Eaton Vance Management (each a "Fund") shall be comprised of at least three Trustees of the Board. All members of the Governance Committee shall be Trustees who are not "interested persons" (as defined under the Investment Company Act of 1940, as amended) of any Fund or of the investment adviser or sub-adviser of any Fund (each, an "Independent Trustee" and collectively, the "Independent Trustees"). The members of the Governance Committee shall consist of the Chairperson of the Board of Trustees and such other Independent Trustees as may be appointed by the Board, which shall also determine the number and term of such members. A Chairperson of the Governance Committee shall be appointed by the Board of Trustees on the recommendation of the Governance Committee. Purpose of the Governance Committee. The purpose of the Governance Committee is to consider, evaluate and make recommendations to the Board of Trustees with respect to the structure, membership and operation of the Board of Trustees and the Committees thereof, including the nomination and selection of Independent Trustees and a Chairperson of the Board of Trustees, and the compensation of such persons. Meetings of the Governance Committee. Meetings of the Governance Committee shall be held at such times (but not less frequently than annually), at such places and for such purposes (consistent with the purposes set forth in this charter) as determined from time to time by the Board of Trustees, the Chairperson of the Board of Trustees, the Committee or the Chairperson of the Committee. A majority of the members of the Governance Committee shall constitute a quorum for purposes of transacting business at any meeting, and the decision of a majority of the members present and voting shall determine any matter submitted to a vote. The Governance Committee may adopt such procedures or rules as it deems appropriate to govern its conduct under this charter. Duties and Powers of the Governance Committee. To carry out its purpose, the Governance Committee shall have the following duties and powers with respect to each Fund: To consider and adopt procedures for identifying and evaluating candidates for the position of Independent Trustee, including the procedures to be followed by shareholders of the Fund that wish to recommend such candidates for consideration by the Governance Committee. Such procedures are set forth on Appendix A hereto. To recommend to the Board of Trustees individuals to be appointed or nominated for election as Independent Trustees. EX-1-1 To recommend to the Board of Trustees from time to time, and in any event at least every four years, an Independent Trustee to be appointed as Chairperson of the Board of Trustees, with such duties and powers as are set forth on Appendix B hereto. To evaluate the Board of Trustees' performance of its duties and responsibilities at least annually, which evaluation shall include consideration of the number of funds on whose boards each Trustee serves, and to make recommendations to the Board of Trustees for any appropriate action designed to enhance such performance. To review periodically the compensation of the Trustees and the Chairperson of the Board of Trustees and to make recommendations to the Board of Trustees for any appropriate changes to such compensation. To review at least annually and make recommendations to the Board of Trustees with respect to the identity, responsibilities, composition and effectiveness of the various Committees of the Board of Trustees. To review periodically the Board's membership, structure and operation, and make recommendations to the Board of Trustees with respect to these matters, including the identity of any Trustee to be selected to serve as a Chairperson of a Committee of the Board. To review periodically, and make recommendations with respect to, the allocation of responsibilities among the various committees established from time to time by the Board of Trustees. To review the adequacy of this charter and evaluate the Governance Committee's performance of its duties and responsibilities hereunder, and make recommendations for any appropriate changes or other action to the Board of Trustees. To report its activities to the Board of Trustees on a regular basis and make such recommendations with respect to the above and other matters as the Governance Committee may deem necessary or appropriate. Resources and Authority of the Governance Committee. The Governance Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to engage special counsel, other experts and consultants, at the expense of the Funds. The Governance Committee may determine the appropriate levels of funding for payment of compensation to such counsel, experts and consultants, and the ordinary administrative expenses of the Governance Committee necessary or appropriate in carrying out its duties under this charter. The Governance Committee may also make recommendations with respect to making available educational resources to the Independent Trustees. In fulfilling its duties under this charter, the Governance Committee shall have direct access to such officers and employees of the Funds, Eaton Vance Management and any of its affiliated companies and the Funds' other services providers as it deems necessary or desirable. EX-1-2 APPENDIX A EATON VANCE FUNDS PROCEDURES WITH RESPECT TO NOMINEES TO THE BOARD I. Identification of Candidates. When a vacancy on the Board of a Fund exists or is anticipated, and such vacancy is to be filled by an Independent Trustee, the Governance Committee shall identify candidates by obtaining referrals from such sources as it may deem appropriate, which may include current Trustees, management of the Funds, counsel and other advisors to the Trustees, and shareholders of a Fund who submit recommendations in accordance with these procedures. In no event shall the Governance Committee consider as a candidate to fill any such vacancy an individual recommended by management of the Funds, unless the Governance Committee has invited management to make such a recommendation. Shareholder Candidates. The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains (i) sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund). Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations. II. Evaluation of Candidates. In evaluating a candidate for a position on the Board of a Fund, including any candidate recommended by shareholders of the Fund, the Governance Committee shall consider the following: (i) the candidate's knowledge in matters relating to the mutual fund industry; (ii) any experience possessed by the candidate as a director or senior officer of public companies; (iii) the candidate's educational background, (iv) the candidate's reputation for high ethical standards and professional integrity; (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board's existing mix of skills, core competencies and qualifications; (vi) the candidate's perceived ability to contribute to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly and work collaboratively with other members of the Board; (vii) the candidate's ability to qualify as an Independent Trustee for purposes of the 1940 Act and any other actual or potential conflicts of interest involving the candidate and the Fund; and (viii) such other factors as the Governance Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies. Prior to making a final recommendation to the Board, the Governance Committee shall conduct personal interviews with those candidates it concludes are the most qualified candidates. EX-1-3 APPENDIX B EATON VANCE FUNDS OFFICE OF CHAIRPERSON OF THE BOARD I. Independent Chairperson of the Board. The Governance Committee is empowered to recommend an Independent Trustee for appointment by the full Board of Trustees as the Chairperson of the Board. The power and authority vested in the Chairperson and his or her status as an Independent Trustee are intended to enhance the ability of the Trustees to promote the interests of the shareholders of the Funds. The Chairperson's role is non-executive in nature, and the Chairperson shall not be directly responsible for the day-to-day operation or administration of the Funds, nor for decisions with respect to matters that would otherwise be within the purview of the Board as a whole or the Independent Trustees as a group. Duties and Powers of the Chairperson. The Chairperson of the Board shall have the following duties and powers with respect to each Fund: To preside at meetings of the Board of Trustees; and to exercise primary responsibility with respect to the agenda of such meetings, the topics discussed, the amount of time spent on each topic and the order in which topics are addressed. To serve as a member of the Governance, Special and Audit Committees of the Board of Trustees and to serve as the Chairperson of the Special Committee of the Board. To call meetings of the Board of Trustees and of any Committee thereof on such occasions and under such circumstances as the Chairperson may deemed necessary or desirable. To serve as a principal liaison with management and counsel to the Funds with respect to matters involving the Board of Trustees. To have the power and authority (but not the duty) to preside from time to time at meetings of the shareholders of the Fund, and to delegate such power and authority to other Trustees or officers of the Fund, in each case on such occasions and under such circumstances as may be deemed necessary or desirable by the Chairperson; provided, however, that in the event that the Chairperson does not preside at a meeting of shareholders or delegate such power and authority to another Trustee or officer of the Fund, the President of the Fund or the President's designee shall preside at such meeting. To serve as a point of contact for shareholders and other persons wishing to communicate with the Independent Trustees or the Board of Trustees. EX-1-4 To have and exercise such duties and powers as are typically vested in a "lead" independent trustee of a mutual fund. To have, exercise and perform such additional duties and powers with respect to the Fund as from to time may be delegated to the Chairperson by the Board of Trustees. Term of Appointment. Each appointee to the office of Chairperson of the Board shall serve in such capacity for a term of four years or until (i) such appointee's earlier resignation or removal from such office by the Board of Trustees upon the recommendation of the Governance Committee, or (ii) such appointee ceases to be a member of the Board of Trustees. Resources and Authority of the Chairperson. The Chairperson of the Board shall have the resources and authority appropriate to discharge the responsibilities of the office, including the authority to engage, at the expense of the Funds, such advisors, agents, clerks, employees and counsel as may be deemed necessary or desirable by the Governance Committee or the Chairperson. The Chairperson, in consultation with the Governance Committee, may determine the appropriate levels of funding for payment of compensation to such persons. In fulfilling his or her responsibilities hereunder, the Chairperson shall have direct access to such officers and employees of the Funds, Eaton Vance Management and any of its affiliated companies and the Funds' other service providers as he or she deems necessary or desirable. II. Ongoing Review by Committee. In establishing the office of the Chairperson of the Board, the Governance Committee has sought to implement, in a timely manner, certain governance practices set forth in final rules of the Securities and Exchange Commission, in respect of which compliance is required on or before January 16, 2006. The Committee will continue to monitor the effectiveness of the office of the Chairperson, and will make, on an ongoing basis, such further changes to the duties, powers and prerogatives of such office as it may determine are appropriate to enhance its effectiveness. EX-1-5 P.O. Box 9132 HINGHAM, MA 02043-9132

*** Control Number: 999 999 999 999 99 *** FUND NAME PRINTS HERE SPECIAL MEETING OF SHAREHOLDERS April 29, 2005 PROXY SOLICITED ON BEHALF OF BOARD OF TRUSTEES The undersigned holder of shares of beneficial interest of the above-referenced Fund (the "Fund"), hereby appoints JAMES B. HAWKES, ALAN R. DYNNER and THOMAS E. FAUST JR., and each of them, with full power of substitution and revocation, as proxies to represent the undersigned at the Special Meeting of Shareholders of the Fund to be held at the principal office of the Fund, The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109, on Friday, April 29, 2005 at 1:30 P.M., Eastern Standard Time, and at any and all adjournments thereof, and to vote all shares of beneficial interest of the Fund which the undersigned would be entitled to vote, with all powers the undersigned would possess if personally present, in accordance with the instructions on this proxy. Dated: __________________ PLEASE VOTE, DATE, SIGN AND PROMPTLY RETURN IN THE ACCOMPANYING ENVELOPE. NO POSTAGE REQUIRED IF MAILED IN THE U.S. ____________________________________________________________ Signature(s): (Sign in the Box) Note: Please sign this proxy as your name appears on the books of the Fund. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. EATON VANCE PROXY Please fill in box(es) as shown using black or blue ink or number 2 pencil. PLEASE DO NOT USE FINE POINT PENS. [X] WHEN THIS PROXY IS PROPERLY EXECUTED, THE SHARES REPRESENTED HEREBY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED FOR THE PROPOSAL SET FORTH BELOW AND IN THE DISCRETION OF THE PROXIES WITH RESPECT TO ALL OTHER MATTERS WHICH MAY PROPERLY COME BEFORE THE SPECIAL MEETING AND ANY ADJOURNMENTS THEREOF. THE UNDERSIGNED ACKNOWLEDGES RECEIPT OF THE ACCOMPANYING NOTICE OF SPECIAL MEETING AND PROXY STATEMENT. THE BOARD OF TRUSTEES RECOMMENDS A VOTE FOR THE FOLLOWING:

__________________________________________________________________________ INSTRUCTION: To withhold authority to vote for any individual nominee, write that nominee's number on the line above. Note Address Change: _______________________________ _______________________________ _______________________________ PLEASE SIGN ON REVERSE SIDE