EATON VANCE LARGE-CAP VALUE FUND
Supplement to Prospectus dated May 1, 2014
1.
The following is added to the front cover under “Eaton Vance Large-Cap Value Fund”:
Class R6 Shares – [Ticker]
2.
The following replaces “Fees and Expenses of the Fund” under “Fund Summaries – Eaton Vance Large-Cap Value Fund”:
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for a reduced sales charge if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 49 of this Prospectus and page 26 of the Fund’s Statement of Additional Information.
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Shareholder Fees (fees paid directly from your investment)
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Class A
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Class C
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Class I
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Class R
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Class R6
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Maximum Sales Charge (Load) (as a percentage of offering price)
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5.75%
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption)
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None
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1.00%
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None
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None
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None
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Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
(1)
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Class A
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Class C
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Class I
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Class R
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Class R6
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Management Fees
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0.59%
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0.59%
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0.59%
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0.59%
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0.59%
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Distribution and Service (12b-1) Fees
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0.25%
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1.00%
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n/a
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0.50%
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n/a
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Other Expenses (estimated for Class R6)
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[0.16]
%
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[0.16]
%
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[0.16]
%
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[0.16]
%
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0.04
%
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Total Annual Fund Operating Expenses
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[1.00]%
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[1.75]%
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[0.75]%
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[1.25]%
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[0.63]%
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(1)
Expenses in the table above and the Example below reflect the expenses of the Fund and the Large-Cap Value Portfolio (the “Portfolio”), the Fund’s master Portfolio.
Example.
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Expenses with Redemption
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Expenses without Redemption
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1 Year
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3 Years
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5 Years
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10 Years
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1 Year
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3 Years
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5 Years
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10 Years
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Class A shares
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$[670]
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$[872]
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$[1,091]
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$[1,718]
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$[670]
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$]872]
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$[1,091]
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$[1,718]
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Class C shares
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$[277]
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$[548]
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$ [944]
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$[2,052]
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$[177]
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$[548]
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$ [944]
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$[2,052]
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Class I shares
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$ [76]
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$[237]
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$ [411]
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$ [918]
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$ [76]
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$[237]
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$ [411]
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$ [918]
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Class R shares
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$[126]
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$[393]
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$ [681]
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$[1,500]
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$[126]
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$[393]
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$ [681]
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$[1,500]
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Class R6 shares
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$ 64
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$ 202
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$ 351
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$ 786
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$ 64
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$ 202
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$ 351
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$ 786
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3. The following replaces the Average Annual Total Return table under “Performance” in “Fund Summaries – Eaton Vance Large-Cap Value Fund”:
These returns reflect the maximum sales charge for Class A (5.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. The Class I and R performance shown above for the periods prior to December 28, 2004 and February 18, 2004 (commencement of operations for such class, respectively), is the performance of Class A at net asset value without adjustment for any differences in the expenses of the classes. The Class R6 performance shown above for the period prior to June 1, 2014 (commencement of operations) is the performance of Class I at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly in an Index.
After-tax returns are calculated using the highest historical individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
4. The following replaces “Purchase and Sale of Fund Shares” in “Fund Summaries – Eaton Vance Large-Cap Value Fund”:
You may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Fund shares either through your financial intermediary or directly from the Fund either by writing to Eaton Vance Funds, P.O. Box 9653, Providence, RI 02940-9653, or by calling 1- 800-262-1122. The minimum initial purchase or exchange into the Fund is $1,000 for Class A, Class B, Class C and Class R, $250,000 for Class I and $1,000,000 for Class R6 (waived in certain circumstances). There is no minimum for subsequent investments.
5. The following is added to “Purchasing Shares”:
Class R6 Shares
Class R6 shares are offered to employer sponsored retirement plans (as described under “Employer Sponsored Retirement Plans” in “Shareholder Account Features”) held in plan level or omnibus accounts; endowments; foundations; local, city, and state governmental institutions; corporations; charitable trusts; trust companies; bank trust departments; and insurance companies; clients of Eaton Vance Investment Counsel; and investment companies. Class R6 shares may only be offered by financial intermediaries that have entered into a written agreement with the Fund’s principal underwriter to offer such shares.
There is no initial investment minimum for employer sponsored retirement plans and investment companies sponsored by the Eaton Vance organization. For all other eligible investors, the initial investment must be at least $1,000,000. Subsequent investments of any amount may be made at any time. Please call 1-800-262-1122 Monday through Friday, 8:30 a.m. to 5:30 p.m. (eastern time) for further information.
Class R6 shares may be purchased through a financial intermediary or by requesting your bank to transmit immediately available funds (Federal Funds) by wire. To make an initial investment by wire, you must complete an account application and telephone Eaton Vance Shareholder Services at 1-800-262-1122 to be assigned an account number. You may request an account application by calling 1-800-262-1122 Monday through Friday, 8:30 a.m. to 5:30 p.m. (eastern time). Shareholder Services must be advised by telephone of each additional investment by wire.
6. The following replaces “Clas R shares”in “Choosing a Share Class.” in “Purchasing Shares”:
Class R shares
are offered at net asset value with no front-end sales charge to employer sponsored retirement plans and Individual Retirement Account rollovers of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or similar services. Class R shares pay distribution and service fees equal to 0.50% annually of average daily net assets.
7. The following is added to “Choosing a Share Class.” in “Purchasing Shares”:
Class R6 shares
are offered at net asset value to employer sponsored retirement plans and certain other investors as described under “Class R6 Shares” above. Class R6 shares are not subject to distribution fees, service fees or sub-accounting/recordkeeping or similar fees paid to intermediaries.
8. The following replaces the second paragraph under “Purchasing Shares - Payments to Financial Intermediaries:”
Certain financial intermediaries that maintain fund accounts for the benefit of their customers may provide sub-accounting, recordkeeping and/or administrative services to the Eaton Vance funds and may be compensated for such services by the funds, provided that no such compensation is paid with respect to Class R6 shares. As used in this Prospectus, the term “financial intermediary” includes any broker, dealer, bank (including bank trust departments), registered investment adviser, financial planner, a retirement plan and/or its administrator, their designated intermediaries and any other firm having a selling, administration or similar agreement with the principal underwriter or its affiliates.
9. The following replaces “Tax-Deferred Retirement Plans.” in “Shareholder Account Features”:
Employer Sponsored Retirement Plans.
Employer sponsored retirement plans include the following: an employer sponsored pension or profit sharing plan that qualifies under section 401(a) of the Internal Revenue Code (such as a 401(k) plan, money purchase pension, profit sharing and defined benefit plan); ERISA covered 403(b) plan; Taft–Hartley multi-employer plan; and non-qualified deferred compensation arrangements that operate in a similar manner to a qualified retirement plan (including 457 plans and executive deferred compensation arrangements). Individual Retirement Accounts are not employer sponsored retirement plans, as defined herein.
10. The following is added to “Financial Highlights – Large-Cap Value Fund:”
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2013
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Class A
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Class C
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Class I
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Class R
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Net asset value - Beginning of year
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$[______]
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$[______]
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$[______]
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$[______]
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Income (Loss) From Operations
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Net investment income
(1)
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$[______]
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$[______]
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$[______]
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$[______]
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Net realized and unrealized gain (loss)
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[ _____]
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[ _____]
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[ _____]
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[ _____]
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Total income (loss) from operations
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$[______]
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$[______]
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$[______]
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$[______]
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Less Distributions
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From net investment income
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$[______]
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$[______]
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$[______]
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$[______]
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From net realized gain
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[______]
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[______]
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[______]
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[______]
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Total distributions
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$[______]
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$[______]
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$[______]
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$[______]
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Net asset value - End of year
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$[______]
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$[______]
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$[______]
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$[______]
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Total Return
(2)
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[____]%
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[____]%
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[____]%
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[____]%
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Ratios/Supplemental Data
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Net assets, end of year (000’s omitted)
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$[_______]
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$[_______]
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$[_______]
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$[_______]
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Ratios (as a percentage of average daily net assets):
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Expenses
(3)(4)
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[____]%
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[____]%
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[____]%
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[____]%
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Net investment income
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[____]%
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[____]%
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[____]%
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[____]%
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Portfolio Turnover of the Portfolio
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[___]%
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[___]%
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[___]%
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[___]%
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EATON VANCE LARGE-CAP VALUE FUND
Supplement to Statement of Additional Information dated May 1, 2014
1.
The following is added to the front cover under “Eaton Vance Large-Cap Value Fund”:
Class R6 Shares – [Ticker]
2.
The following replaces “Expenses.” in “Investment Advisory and Administrative Services”:
Expenses.
Each Fund and Portfolio are responsible for all expenses not expressly stated to be payable by another party (such as expenses required to be paid pursuant to an agreement with the investment adviser, the principal underwriter or the administrator). In the case of expenses incurred by the Trust, each Fund is responsible for its pro rata share of those expenses. Pursuant to the Amended and Restated Multiple Class Plan for Eaton Vance Funds, Fund expenses are allocated to each class on a pro rata basis, except that distribution and service fees are allocated exclusively to the class that incurs them, and sub-accounting, recordkeeping and other similar fees are not allocated to (or incurred by) Class R6 shares.
3.
The following replaces “Waiver of Investment Minimums.” in “Sales Charges”:
Waiver of Investment Minimums.
For classes other than Class R6, in addition to waivers described in the Prospectus, minimum investment amounts are waived for current and retired members of Eaton Vance Fund Boards, clients (including custodial, agency, advisory and trust accounts), current and retired officers and employees of Eaton Vance, its affiliates and other investment advisers and sub-advisers to the Eaton Vance family of funds, and for such persons’ spouses, parents, siblings and lineal descendants and their beneficial accounts. The minimum initial investment amount for such classes is also waived for officers and employees of a Fund’s custodian and transfer agent and in connection with the merger (or similar transaction) of an investment company (or series or class thereof) or personal holding company with a Fund (or class thereof). Investments in a Fund by ReFlow in connection with the ReFlow liquidity program are also not subject to the minimum investment amount.
4.
The following replaces “Tax-Deferred Retirement Plans.” in “Sales Charges”:
Employer Sponsored Retirement Plans.
Shares may be available for purchase in connection with certain employer sponsored retirement plans. Detailed information concerning these plans, including certain exceptions to minimum investment requirements, and copies of the plans are available from the principal underwriter. This information should be read carefully and consulting with an attorney or tax advisor may be advisable. The information sets forth the service fee charged for the plans and describes the federal income tax consequences of establishing a plan. Participant accounting services (including trust fund reconciliation services) will be offered only through third party recordkeepers and not by the principal underwriter. Under all plans, dividends and distributions will be automatically reinvested in additional shares.