0000940394-19-000539.txt : 20190314
0000940394-19-000539.hdr.sgml : 20190314
20190314112135
ACCESSION NUMBER: 0000940394-19-000539
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 16
FILED AS OF DATE: 20190314
DATE AS OF CHANGE: 20190314
EFFECTIVENESS DATE: 20190314
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Eaton Vance NextShares Trust II
CENTRAL INDEX KEY: 0001614522
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-197734
FILM NUMBER: 19680203
BUSINESS ADDRESS:
STREET 1: TWO INTERNATIONAL PLACE
CITY: BOSTON
STATE: MA
ZIP: 02110
BUSINESS PHONE: 617-482-8260
MAIL ADDRESS:
STREET 1: TWO INTERNATIONAL PLACE
CITY: BOSTON
STATE: MA
ZIP: 02110
FORMER COMPANY:
FORMER CONFORMED NAME: Eaton Vance ETMF Trust II
DATE OF NAME CHANGE: 20140722
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Eaton Vance NextShares Trust II
CENTRAL INDEX KEY: 0001614522
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-22983
FILM NUMBER: 19680202
BUSINESS ADDRESS:
STREET 1: TWO INTERNATIONAL PLACE
CITY: BOSTON
STATE: MA
ZIP: 02110
BUSINESS PHONE: 617-482-8260
MAIL ADDRESS:
STREET 1: TWO INTERNATIONAL PLACE
CITY: BOSTON
STATE: MA
ZIP: 02110
FORMER COMPANY:
FORMER CONFORMED NAME: Eaton Vance ETMF Trust II
DATE OF NAME CHANGE: 20140722
0001614522
S000046960
Eaton Vance Floating-Rate NextShares
C000146777
Eaton Vance Floating-Rate NextShares
485BPOS
1
nstiixbrlpartc.htm
NSTII XBRL PEA #18-23
As filed with the Securities and Exchange Commission
on March 14, 2019
1933 Act File No. 333-197734
1940 Act File No. 811-22983
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT of 1933
o
POST-EFFECTIVE AMENDMENT NO. 18
x
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
o
AMENDMENT NO. 23
x
EATON VANCE NEXTSHARES TRUST II
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
(617) 482-8260
(Registrant’s Telephone Number)
MAUREEN A. GEMMA
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)
It is proposed that this filing will become effective pursuant to Rule 485 (check appropriate box):
x
immediately upon filing pursuant to paragraph (b)
o
on (date) pursuant to paragraph (a)(1)
o
on (date) pursuant to paragraph (b)
o
75 days after filing pursuant to paragraph (a)(2)
o
60 days after filing pursuant to paragraph (a)(1)
o
on (date) pursuant to paragraph (a)(2)
If appropriate, check the following box:
o
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness
of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended,
and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Boston, and the Commonwealth of Massachusetts, on March 14, 2019.
EATON VANCE NEXTSHARES TRUST II
By: /s/ Payson F. Swaffield
Payson F. Swaffield, President
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated
on March 14, 2019.
Signature
Title
/s/ Payson F. Swaffield
President (Chief Executive Officer)
Payson F. Swaffield
/s/ James F. Kirchner
Treasurer (Principal Financial and Accounting Officer)
James F. Kirchner
Signature
Title
Signature
Title
Thomas E. Faust Jr.*
Trustee
Helen Frame Peters*
Trustee
Thomas E. Faust Jr.
Helen Frame Peters
Mark R. Fetting*
Trustee
Keith Quinton*
Trustee
Mark R. Fetting
Keith Quinton
Cynthia E. Frost*
Trustee
Marcus L. Smith*
Trustee
Cynthia E. Frost
Marcus L. Smith
George J. Gorman*
Trustee
Susan J. Sutherland*
Trustee
George J. Gorman
Susan J. Sutherland
Valerie A. Mosley*
Trustee
Scott E. Wennerholm*
Trustee
Valerie A. Mosley
Scott E. Wennerholm
William H. Park*
Trustee
William H. Park
*By:
/s/ Maureen A. Gemma
Maureen A. Gemma (As attorney-in-fact)
* Pursuant to a Power of Attorney dated October 10, 2018 filed as Exhibit
(q) to the Registrant’s Post-Effective Amendment No. 15 filed January 25, 2019 (Accession No. 0000940394-19-000082) and incorporated
herein by reference.
EXHIBIT INDEX
Exhibit No.
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
Ex-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS
2
evftc-20190227.xml
XBRL INSTANCE FILE
00016145222019-02-272019-02-270001614522evftc:S000046960Member2019-02-272019-02-270001614522evftc:S000046960Memberevftc:C000146777Member2019-02-272019-02-270001614522evftc:S000046960Memberevftc:C000146777Memberrr:AfterTaxesOnDistributionsMember2019-02-272019-02-270001614522evftc:S000046960Memberevftc:C000146777Memberrr:AfterTaxesOnDistributionsAndSalesMember2019-02-272019-02-270001614522evftc:S000046960Memberevftc:SAndPLstaLeveragedLoanIndexReflectsNoDeductionForFeesExpensesOrTaxesMenberMember2019-02-272019-02-27iso4217:USDxbrli:pure485BPOS2018-10-31Eaton Vance NextShares Trust II0001614522false2019-02-272019-03-012019-03-01EVFTC0.00630.00000.02170.0280-0.02040.007678674129729790.46510.09550.02440.08270.04820.0063-0.01630.11070.04420.00930.08010.06150.05680.08560.02990.01060.01320.03050.0093-0.01970.00070.0044February 29, 20200.30Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers (“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as “junk”).The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.The returns in the bar chart and table for the period from November 29, 2017 (commencement of operations) to December 31, 2018 are for the Fund and for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”). The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of a broad-based securities market index.www.eatonvance.comPast performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown.For the ten years ended December 31, 2018, the highest quarterly total return for the Portfolio Investor or the Fund wasand the lowest quarterly return was2009-06-300.18992018-12-31-0.0330(reflects no deduction for fees, expenses or taxes)After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a investor’s tax situation and the actual characterization of distributions, and may differ from those shown.After-tax returns are not relevant for investors who hold Fund shares in tax-deferred accounts or to shares held by non-taxable entities.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 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.Investment Objective<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to
provide a high level of current income.</p>Fees and Expenses of the Fund<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.</p>Shareholder Fees (fees paid directly from your investment): None<div style="display: none">~ http://eatonvance.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact evftc_S000046960Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)<p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expenses in
the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate Portfolio (the “Portfolio”),
the Fund’s master Portfolio.</font></p>Example.<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you
compare the cost of investing in the Fund with the cost of investing in other 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 the Fund provides a return of 5% a year, that Fund operating expenses remain the same and that any expense reimbursement remains
in place for the contractual period. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which
are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:</p><div style="display: none">~ http://eatonvance.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact evftc_S000046960Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>Portfolio Turnover<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From the period
from the Fund’s inception on November 29, 2017 to October 31, 2018, the Portfolio’s portfolio turnover rate was 30%
of the average value of its portfolio.</p>Principal Investment Strategies<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal circumstances, the
Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans
and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers
(“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or
stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment
grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative
characteristics (sometimes referred to as “junk”).</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may also invest in secured
and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior Loans”), other floating
rate debt securities, fixed-income debt obligations and money market instruments. Other floating rate debt securities, fixed-income
debt securities and money market instruments may include: bonds, notes and debentures issued by corporations; debt securities issued
or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper. Money market instruments
with a remaining maturity of less than 60 days are deemed floating rate debt securities. Senior Loans and Junior Loans are referred
to together herein as “loans.”</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may invest up to 25% of
its total assets in foreign Senior Loans. Foreign Senior Loans must be denominated in U.S. dollars, euros, British pounds, Swiss
francs, Canadian dollars, or Australian dollars. The Fund may engage in derivative transactions (such as futures contracts and
options thereon, foreign currency exchange contracts and other currency hedging strategies, and interest rate swaps) to seek to
hedge against fluctuations in currency exchange rates and interest rates. There is no stated limit on the Fund’s use of derivatives.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The investment adviser seeks to
maintain broad borrower and industry diversification among the Fund’s loans. When selecting loans, the investment adviser
seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans
may be sold, if in the opinion of the investment adviser, the risk-return profile deteriorates or to pursue more attractive investment
opportunities. In managing the Fund, the investment adviser seeks to invest in a portfolio of loans that it believes will be less
volatile over time than the general loan market. Preservation of capital is considered when consistent with the Fund’s investment
objective.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">The Fund currently invests its
assets in the Portfolio, a separate registered investment company with substantially the same investment objective and policies
as the Fund.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"><b>About NextShares<sup>®</sup></b></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">NextShares are a new type of actively
managed exchange-traded product operating pursuant to an order issued by the SEC granting an exemption from certain provisions
of the Investment Company Act of 1940, as amended (the “1940 Act”). NextShares funds began trading in February 2016
and have a limited operating history. There can be no guarantee that an active trading market for NextShares will develop or be
maintained, or that their listing will continue unchanged.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Individual shares of a NextShares
fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that
offers NextShares (“Broker”), and may not be directly purchased or redeemed from the fund. As a new type of fund, NextShares
initially may be offered by a limited number of Brokers. Trading prices of NextShares are directly linked to the fund’s next-computed
net asset value per share (“NAV”), which is normally determined as of the close of regular market trading each business
day. Buyers and sellers of NextShares will not know the value of their purchases and sales until NAV is determined at the end of
the trading day.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Trading prices of NextShares will
vary from NAV by a market-determined trading cost (i.e., a premium or discount to NAV), which may be zero. The premium or discount
to NAV at which NextShares trades are executed is locked in at the time of trade execution, and will depend on market factors,
including the balance of supply and demand for shares among investors, transaction fees and other costs associated with creating
and redeeming Creation Units (as defined below) of shares, competition among market makers, the share inventory positions and inventory
strategies of market makers, and the volume of share trading. Reflecting these and other market factors, prices of shares in the
secondary market may be above, at or below NAV. See “Purchases and Sales of Fund Shares” below for important information
about how to buy and sell shares.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>How NextShares Compare to Mutual
Funds.</b> Mutual fund shares may be purchased and redeemed directly from the issuing fund for cash at the fund’s next
determined NAV. Shares of NextShares funds, by contrast, are purchased and sold primarily in the secondary market. Because trading
prices of NextShares may vary from NAV and commissions may apply, NextShares may be more expensive to buy and sell than mutual
funds. Like mutual funds, NextShares may be bought or sold in specified share or dollar quantities, although not all Brokers may
accept dollar-based orders.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Relative to investing in mutual
funds, the NextShares structure offers certain potential advantages that may translate into improved performance and higher tax
efficiency. These potential advantages include: (a) a single class of shares with no sales loads or distribution and service (12b-1)
fees; (b) lower fund transfer agency expenses; (c) reduced fund trading costs and cash drag (the impact of uninvested cash on performance)
in connection with investor inflows and outflows; and (d) lower fund capital gains distributions. Because NextShares do not pay
sales loads or distribution and service (12b-1) fees, their appeal to financial intermediaries may be limited to distribution arrangements
that do not rely upon such payments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>How NextShares Compare to ETFs.</b> Similar
to exchange-traded funds (“ETFs”), NextShares are issued and redeemed only in specified large aggregations (“Creation
Units”) and trade throughout the day on an exchange. Unlike ETFs, trading prices of NextShares are directly linked to the
fund’s next end-of-day NAV rather than determined at the time of trade execution. Different from ETFs, NextShares do not
offer opportunities to transact intraday at currently (versus end-of-day) determined prices.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Unlike actively managed ETFs, NextShares
are not required to disclose their full holdings on a daily basis, thereby protecting fund investors against the potentially dilutive
effects of other market participants front-running the fund’s trades. Because the mechanism that underlies efficient trading
of NextShares does not involve portfolio instruments not used in creations and redemptions, the need for full portfolio holdings
disclosure to achieve tight markets in NextShares is eliminated. The NAV-based trading employed for NextShares provides investors
with built-in trade execution cost transparency and the ability to control their trading costs using limit orders. This feature
of NextShares distinguishes them from ETFs, for which the variance between market prices and underlying portfolio values is not
always known by individual investors and cannot be controlled by them. For more information, see “Additional Information
about NextShares” in this Prospectus.</p>Principal Risks<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Trading Risk. </b>Individual
Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a Broker, and
may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will
develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage
commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent
trading may detract from realized investment returns. Trading prices of shares may be above, at or below the Fund’s NAV,
will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly
from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount
or narrower premium to NAV than you acquired shares.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Contingent Pricing Risk.</b> Trading
prices of Fund shares are directly linked to the Funds next-computed NAV, which is normally determined as of the close of regular
market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund’s
NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday
at currently (versus end-of-day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly
from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market
volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control
or limit trade execution prices.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Market Risk.</b> The value
of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real,
expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted.
Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially
adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to
stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility
in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to
realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience
periods of relatively high volatility in an environment where U.S. treasury yields are rising.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Credit Risk.</b> Investments
in loans or other income instruments are subject to the risk of non-payment of scheduled principal and interest. Changes in economic
conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such
instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions.
The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest
payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated
to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument,
the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing
the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required
to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.
Due to their lower place in the borrower’s capital structure, Junior Loans involve a higher degree of overall risk than Senior
Loans of the same borrower.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Additional Risks of Loans.</b> Loans
are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions
that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above.
It also may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement
process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity
needs, such as to satisfy redemption requests from Fund investors. The types of covenants included in loan agreements generally
vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly
other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility
to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions
or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in
enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may
have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks.
The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject
to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under
securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud
provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including
credit risk and risks of lower rated investments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Interest Rate Risk.</b> In
general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely
to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer maturities are more
sensitive to changes in interest rates than shorter maturity securities, causing them to be more volatile. Conversely, fixed income
securities with shorter maturities will be less volatile but may provide lower returns than fixed income securities with longer
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short
periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities that
have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds
from prepaid or maturing instruments may have to be reinvested at a lower interest rate.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Foreign Investment Risk.</b> Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. Foreign markets may be smaller, less liquid and more volatile than
the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically
involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights
in a foreign country.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Currency Risk.</b> Exchange
rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency
exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency
transactions are subject to settlement, custodial and other operational risks.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>U.S. Government Securities Risk.</b> Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Money Market Instrument Risk.</b> Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Derivatives Risk.</b> The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price
or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory
constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index,
rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant
when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the
risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction
may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including
one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no
stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index,
rate or instrument underlying the investment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Liquidity Risk.</b> The
Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Risks Associated with Active
Management.</b> The success of the Fund’s investment strategy depends on portfolio management’s successful application
of analytical skills and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund investors may impact the management of the Fund and its ability to
achieve its investment objective(s). In addition, the redemption by one or more large investors or groups of investors of their
holdings in the Fund could have an adverse impact on the remaining investors in the Fund. The Fund relies on various service providers,
including the investment adviser, in its operations and is susceptible to operational, information security and related events
(such as cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.</p>Performance<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The returns in the bar chart and
table for the period from November 29, 2017 (commencement of operations) to December 31, 2018 are for the Fund and for periods
before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”).
The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of a broad-based
securities market index. The performance prior to November 29, 2017 does not represent the performance of the Fund. The investment
performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne
by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the
total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such adjustment was made, the
performance presented prior to November 29, 2017 would be higher, because the Fund’s total net operating expenses are lower
than those of the Portfolio Investor. Past performance (both before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions. Absent these reductions,
performance would have been lower. Current Fund performance information can be obtained by visiting www.eatonvance.com.</p><div style="display: none">~ http://eatonvance.com/role/BarChartData column period compact * column dei_LegalEntityAxis compact evftc_S000046960Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the ten years ended December
31, 2018, the highest quarterly total return for the Portfolio Investor or the Fund was 18.99% for the quarter ended June 30, 2009,
and the lowest quarterly return was -3.30% for the quarter ended December 31, 2018.</p>Average Annual Total Return as of December 31, 2018<div style="display: none">~ http://eatonvance.com/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact evftc_S000046960Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The net asset value used in the
performance calculation may be rounded to the nearest cent prior to calculation. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">After-tax returns are calculated
using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a investor’s tax situation and the actual characterization of distributions, and may differ from
those shown. After-tax returns are not relevant for investors who hold Fund shares in tax-deferred accounts or to shares held by
non-taxable entities. 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 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.</p>N-1AIncludes interest expense of 0.03%.The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.73%. This expense reimbursement will continue through February 29, 2020. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.Expenses in the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate Portfolio (the "Portfolio"), the Fund's master Portfolio.EX-101.SCH
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The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).
The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.73%. This expense reimbursement will continue through February 29, 2020. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
Expenses in
the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate 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 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 the Fund provides a return of 5% a year, that Fund operating expenses remain the same and that any expense reimbursement remains
in place for the contractual period. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which
are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:
The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From the period
from the Fund’s inception on November 29, 2017 to October 31, 2018, the Portfolio’s portfolio turnover rate was 30%
of the average value of its portfolio.
Principal Investment Strategies
Under normal circumstances, the
Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans
and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers
(“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or
stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment
grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative
characteristics (sometimes referred to as “junk”).
The Fund may also invest in secured
and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior Loans”), other floating
rate debt securities, fixed-income debt obligations and money market instruments. Other floating rate debt securities, fixed-income
debt securities and money market instruments may include: bonds, notes and debentures issued by corporations; debt securities issued
or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper. Money market instruments
with a remaining maturity of less than 60 days are deemed floating rate debt securities. Senior Loans and Junior Loans are referred
to together herein as “loans.”
The Fund may invest up to 25% of
its total assets in foreign Senior Loans. Foreign Senior Loans must be denominated in U.S. dollars, euros, British pounds, Swiss
francs, Canadian dollars, or Australian dollars. The Fund may engage in derivative transactions (such as futures contracts and
options thereon, foreign currency exchange contracts and other currency hedging strategies, and interest rate swaps) to seek to
hedge against fluctuations in currency exchange rates and interest rates. There is no stated limit on the Fund’s use of derivatives.
The investment adviser seeks to
maintain broad borrower and industry diversification among the Fund’s loans. When selecting loans, the investment adviser
seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans
may be sold, if in the opinion of the investment adviser, the risk-return profile deteriorates or to pursue more attractive investment
opportunities. In managing the Fund, the investment adviser seeks to invest in a portfolio of loans that it believes will be less
volatile over time than the general loan market. Preservation of capital is considered when consistent with the Fund’s investment
objective.
The Fund currently invests its
assets in the Portfolio, a separate registered investment company with substantially the same investment objective and policies
as the Fund.
About NextShares®
NextShares are a new type of actively
managed exchange-traded product operating pursuant to an order issued by the SEC granting an exemption from certain provisions
of the Investment Company Act of 1940, as amended (the “1940 Act”). NextShares funds began trading in February 2016
and have a limited operating history. There can be no guarantee that an active trading market for NextShares will develop or be
maintained, or that their listing will continue unchanged.
Individual shares of a NextShares
fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that
offers NextShares (“Broker”), and may not be directly purchased or redeemed from the fund. As a new type of fund, NextShares
initially may be offered by a limited number of Brokers. Trading prices of NextShares are directly linked to the fund’s next-computed
net asset value per share (“NAV”), which is normally determined as of the close of regular market trading each business
day. Buyers and sellers of NextShares will not know the value of their purchases and sales until NAV is determined at the end of
the trading day.
Trading prices of NextShares will
vary from NAV by a market-determined trading cost (i.e., a premium or discount to NAV), which may be zero. The premium or discount
to NAV at which NextShares trades are executed is locked in at the time of trade execution, and will depend on market factors,
including the balance of supply and demand for shares among investors, transaction fees and other costs associated with creating
and redeeming Creation Units (as defined below) of shares, competition among market makers, the share inventory positions and inventory
strategies of market makers, and the volume of share trading. Reflecting these and other market factors, prices of shares in the
secondary market may be above, at or below NAV. See “Purchases and Sales of Fund Shares” below for important information
about how to buy and sell shares.
How NextShares Compare to Mutual
Funds. Mutual fund shares may be purchased and redeemed directly from the issuing fund for cash at the fund’s next
determined NAV. Shares of NextShares funds, by contrast, are purchased and sold primarily in the secondary market. Because trading
prices of NextShares may vary from NAV and commissions may apply, NextShares may be more expensive to buy and sell than mutual
funds. Like mutual funds, NextShares may be bought or sold in specified share or dollar quantities, although not all Brokers may
accept dollar-based orders.
Relative to investing in mutual
funds, the NextShares structure offers certain potential advantages that may translate into improved performance and higher tax
efficiency. These potential advantages include: (a) a single class of shares with no sales loads or distribution and service (12b-1)
fees; (b) lower fund transfer agency expenses; (c) reduced fund trading costs and cash drag (the impact of uninvested cash on performance)
in connection with investor inflows and outflows; and (d) lower fund capital gains distributions. Because NextShares do not pay
sales loads or distribution and service (12b-1) fees, their appeal to financial intermediaries may be limited to distribution arrangements
that do not rely upon such payments.
How NextShares Compare to ETFs. Similar
to exchange-traded funds (“ETFs”), NextShares are issued and redeemed only in specified large aggregations (“Creation
Units”) and trade throughout the day on an exchange. Unlike ETFs, trading prices of NextShares are directly linked to the
fund’s next end-of-day NAV rather than determined at the time of trade execution. Different from ETFs, NextShares do not
offer opportunities to transact intraday at currently (versus end-of-day) determined prices.
Unlike actively managed ETFs, NextShares
are not required to disclose their full holdings on a daily basis, thereby protecting fund investors against the potentially dilutive
effects of other market participants front-running the fund’s trades. Because the mechanism that underlies efficient trading
of NextShares does not involve portfolio instruments not used in creations and redemptions, the need for full portfolio holdings
disclosure to achieve tight markets in NextShares is eliminated. The NAV-based trading employed for NextShares provides investors
with built-in trade execution cost transparency and the ability to control their trading costs using limit orders. This feature
of NextShares distinguishes them from ETFs, for which the variance between market prices and underlying portfolio values is not
always known by individual investors and cannot be controlled by them. For more information, see “Additional Information
about NextShares” in this Prospectus.
Principal Risks
Market Trading Risk. Individual
Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a Broker, and
may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will
develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage
commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent
trading may detract from realized investment returns. Trading prices of shares may be above, at or below the Fund’s NAV,
will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly
from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount
or narrower premium to NAV than you acquired shares.
Contingent Pricing Risk. Trading
prices of Fund shares are directly linked to the Funds next-computed NAV, which is normally determined as of the close of regular
market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund’s
NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday
at currently (versus end-of-day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly
from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market
volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control
or limit trade execution prices.
Market Risk. The value
of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real,
expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted.
Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially
adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to
stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility
in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to
realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience
periods of relatively high volatility in an environment where U.S. treasury yields are rising.
Credit Risk. Investments
in loans or other income instruments are subject to the risk of non-payment of scheduled principal and interest. Changes in economic
conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such
instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions.
The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest
payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated
to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument,
the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing
the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required
to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.
Due to their lower place in the borrower’s capital structure, Junior Loans involve a higher degree of overall risk than Senior
Loans of the same borrower.
Additional Risks of Loans. Loans
are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions
that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above.
It also may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement
process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity
needs, such as to satisfy redemption requests from Fund investors. The types of covenants included in loan agreements generally
vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly
other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility
to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions
or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in
enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may
have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks.
The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject
to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under
securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud
provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including
credit risk and risks of lower rated investments.
Lower Rated Investments Risk. Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments.
Interest Rate Risk. In
general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely
to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer maturities are more
sensitive to changes in interest rates than shorter maturity securities, causing them to be more volatile. Conversely, fixed income
securities with shorter maturities will be less volatile but may provide lower returns than fixed income securities with longer
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short
periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities that
have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds
from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
Foreign Investment Risk. Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. Foreign markets may be smaller, less liquid and more volatile than
the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically
involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights
in a foreign country.
Currency Risk. Exchange
rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency
exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency
transactions are subject to settlement, custodial and other operational risks.
U.S. Government Securities Risk. Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.
Money Market Instrument Risk. Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price
or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory
constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index,
rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant
when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the
risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction
may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including
one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no
stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index,
rate or instrument underlying the investment.
Liquidity Risk. The
Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.
Risks Associated with Active
Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application
of analytical skills and investment judgment. Active management involves subjective decisions.
General Fund Investing Risks. The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund investors may impact the management of the Fund and its ability to
achieve its investment objective(s). In addition, the redemption by one or more large investors or groups of investors of their
holdings in the Fund could have an adverse impact on the remaining investors in the Fund. The Fund relies on various service providers,
including the investment adviser, in its operations and is susceptible to operational, information security and related events
(such as cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
Performance
The returns in the bar chart and
table for the period from November 29, 2017 (commencement of operations) to December 31, 2018 are for the Fund and for periods
before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”).
The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of a broad-based
securities market index. The performance prior to November 29, 2017 does not represent the performance of the Fund. The investment
performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne
by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the
total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such adjustment was made, the
performance presented prior to November 29, 2017 would be higher, because the Fund’s total net operating expenses are lower
than those of the Portfolio Investor. Past performance (both before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions. Absent these reductions,
performance would have been lower. Current Fund performance information can be obtained by visiting www.eatonvance.com.
For the ten years ended December
31, 2018, the highest quarterly total return for the Portfolio Investor or the Fund was 18.99% for the quarter ended June 30, 2009,
and the lowest quarterly return was -3.30% for the quarter ended December 31, 2018.
Average Annual Total Return as of December 31, 2018
Average Annual Total Returns - Eaton Vance Floating-Rate NextShares
The net asset value used in the
performance calculation may be rounded to the nearest cent prior to calculation. Investors cannot invest directly in an Index.
After-tax returns are calculated
using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a investor’s tax situation and the actual characterization of distributions, and may differ from
those shown. After-tax returns are not relevant for investors who hold Fund shares in tax-deferred accounts or to shares held by
non-taxable entities. 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 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.
[1]
Expenses in the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate Portfolio (the "Portfolio"), the Fund's master Portfolio.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From the period
from the Fund’s inception on November 29, 2017 to October 31, 2018, the Portfolio’s portfolio turnover rate was 30%
of the average value of its portfolio.
Expenses in
the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate Portfolio (the “Portfolio”),
the Fund’s master Portfolio.
This Example is intended to help you
compare the cost of investing in the Fund with the cost of investing in other 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 the Fund provides a return of 5% a year, that Fund operating expenses remain the same and that any expense reimbursement remains
in place for the contractual period. Investors may pay brokerage commissions on their purchases and sales of Fund shares, which
are not reflected in the example. Although your actual costs may be higher or lower, based on these assumptions your costs would
be:
Under normal circumstances, the
Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans
and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers
(“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or
stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment
grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative
characteristics (sometimes referred to as “junk”).
The Fund may also invest in secured
and unsecured subordinated loans, second lien loans and subordinated bridge loans (“Junior Loans”), other floating
rate debt securities, fixed-income debt obligations and money market instruments. Other floating rate debt securities, fixed-income
debt securities and money market instruments may include: bonds, notes and debentures issued by corporations; debt securities issued
or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper. Money market instruments
with a remaining maturity of less than 60 days are deemed floating rate debt securities. Senior Loans and Junior Loans are referred
to together herein as “loans.”
The Fund may invest up to 25% of
its total assets in foreign Senior Loans. Foreign Senior Loans must be denominated in U.S. dollars, euros, British pounds, Swiss
francs, Canadian dollars, or Australian dollars. The Fund may engage in derivative transactions (such as futures contracts and
options thereon, foreign currency exchange contracts and other currency hedging strategies, and interest rate swaps) to seek to
hedge against fluctuations in currency exchange rates and interest rates. There is no stated limit on the Fund’s use of derivatives.
The investment adviser seeks to
maintain broad borrower and industry diversification among the Fund’s loans. When selecting loans, the investment adviser
seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans
may be sold, if in the opinion of the investment adviser, the risk-return profile deteriorates or to pursue more attractive investment
opportunities. In managing the Fund, the investment adviser seeks to invest in a portfolio of loans that it believes will be less
volatile over time than the general loan market. Preservation of capital is considered when consistent with the Fund’s investment
objective.
The Fund currently invests its
assets in the Portfolio, a separate registered investment company with substantially the same investment objective and policies
as the Fund.
About NextShares®
NextShares are a new type of actively
managed exchange-traded product operating pursuant to an order issued by the SEC granting an exemption from certain provisions
of the Investment Company Act of 1940, as amended (the “1940 Act”). NextShares funds began trading in February 2016
and have a limited operating history. There can be no guarantee that an active trading market for NextShares will develop or be
maintained, or that their listing will continue unchanged.
Individual shares of a NextShares
fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that
offers NextShares (“Broker”), and may not be directly purchased or redeemed from the fund. As a new type of fund, NextShares
initially may be offered by a limited number of Brokers. Trading prices of NextShares are directly linked to the fund’s next-computed
net asset value per share (“NAV”), which is normally determined as of the close of regular market trading each business
day. Buyers and sellers of NextShares will not know the value of their purchases and sales until NAV is determined at the end of
the trading day.
Trading prices of NextShares will
vary from NAV by a market-determined trading cost (i.e., a premium or discount to NAV), which may be zero. The premium or discount
to NAV at which NextShares trades are executed is locked in at the time of trade execution, and will depend on market factors,
including the balance of supply and demand for shares among investors, transaction fees and other costs associated with creating
and redeeming Creation Units (as defined below) of shares, competition among market makers, the share inventory positions and inventory
strategies of market makers, and the volume of share trading. Reflecting these and other market factors, prices of shares in the
secondary market may be above, at or below NAV. See “Purchases and Sales of Fund Shares” below for important information
about how to buy and sell shares.
How NextShares Compare to Mutual
Funds. Mutual fund shares may be purchased and redeemed directly from the issuing fund for cash at the fund’s next
determined NAV. Shares of NextShares funds, by contrast, are purchased and sold primarily in the secondary market. Because trading
prices of NextShares may vary from NAV and commissions may apply, NextShares may be more expensive to buy and sell than mutual
funds. Like mutual funds, NextShares may be bought or sold in specified share or dollar quantities, although not all Brokers may
accept dollar-based orders.
Relative to investing in mutual
funds, the NextShares structure offers certain potential advantages that may translate into improved performance and higher tax
efficiency. These potential advantages include: (a) a single class of shares with no sales loads or distribution and service (12b-1)
fees; (b) lower fund transfer agency expenses; (c) reduced fund trading costs and cash drag (the impact of uninvested cash on performance)
in connection with investor inflows and outflows; and (d) lower fund capital gains distributions. Because NextShares do not pay
sales loads or distribution and service (12b-1) fees, their appeal to financial intermediaries may be limited to distribution arrangements
that do not rely upon such payments.
How NextShares Compare to ETFs. Similar
to exchange-traded funds (“ETFs”), NextShares are issued and redeemed only in specified large aggregations (“Creation
Units”) and trade throughout the day on an exchange. Unlike ETFs, trading prices of NextShares are directly linked to the
fund’s next end-of-day NAV rather than determined at the time of trade execution. Different from ETFs, NextShares do not
offer opportunities to transact intraday at currently (versus end-of-day) determined prices.
Unlike actively managed ETFs, NextShares
are not required to disclose their full holdings on a daily basis, thereby protecting fund investors against the potentially dilutive
effects of other market participants front-running the fund’s trades. Because the mechanism that underlies efficient trading
of NextShares does not involve portfolio instruments not used in creations and redemptions, the need for full portfolio holdings
disclosure to achieve tight markets in NextShares is eliminated. The NAV-based trading employed for NextShares provides investors
with built-in trade execution cost transparency and the ability to control their trading costs using limit orders. This feature
of NextShares distinguishes them from ETFs, for which the variance between market prices and underlying portfolio values is not
always known by individual investors and cannot be controlled by them. For more information, see “Additional Information
about NextShares” in this Prospectus.
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in income producing floating rate loans and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers (“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment grade quality and have below investment grade credit ratings, which ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as “junk”).
Market Trading Risk. Individual
Fund shares may be purchased and sold only on a national securities exchange or alternative trading system through a Broker, and
may not be directly purchased or redeemed from the Fund. There can be no guarantee that an active trading market for shares will
develop or be maintained, or that their listing will continue unchanged. Buying and selling shares may require you to pay brokerage
commissions and expose you to other trading costs. Due to brokerage commissions and other transaction costs that may apply, frequent
trading may detract from realized investment returns. Trading prices of shares may be above, at or below the Fund’s NAV,
will fluctuate in relation to NAV based on supply and demand in the market for shares and other factors, and may vary significantly
from NAV during periods of market volatility. The return on your investment will be reduced if you sell shares at a greater discount
or narrower premium to NAV than you acquired shares.
Contingent Pricing Risk. Trading
prices of Fund shares are directly linked to the Funds next-computed NAV, which is normally determined as of the close of regular
market trading each business day. Buyers and sellers of shares will not know the value of their purchases and sales until the Fund’s
NAV is determined at the end of the trading day. Like mutual funds, the Fund does not offer opportunities to transact intraday
at currently (versus end-of-day) determined prices. Trade prices are contingent upon the determination of NAV and may vary significantly
from anticipated levels (including estimates based on intraday indicative values disseminated by the Fund) during periods of market
volatility. Although limit orders can be used to control differences in trade prices versus NAV, they cannot be used to control
or limit trade execution prices.
Market Risk. The value
of investments held by the Fund may increase or decrease in response to economic, political and financial events (whether real,
expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted.
Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially
adverse effects in reaction to changing market conditions. Actions taken by the U.S. Federal Reserve or foreign central banks to
stimulate or stabilize economic growth, such as decreases or increases in short-term interest rates, could cause high volatility
in markets. No active trading market may exist for certain investments, which may impair the ability of the Fund to sell or to
realize the current valuation of such investments in the event of the need to liquidate such assets. Fixed-income markets may experience
periods of relatively high volatility in an environment where U.S. treasury yields are rising.
Credit Risk. Investments
in loans or other income instruments are subject to the risk of non-payment of scheduled principal and interest. Changes in economic
conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such
instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions.
The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest
payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated
to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument,
the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing
the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required
to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.
Due to their lower place in the borrower’s capital structure, Junior Loans involve a higher degree of overall risk than Senior
Loans of the same borrower.
Additional Risks of Loans. Loans
are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions
that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above.
It also may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement
process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity
needs, such as to satisfy redemption requests from Fund investors. The types of covenants included in loan agreements generally
vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly
other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility
to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions
or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in
enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. may
have substantially different lender protections and covenants as compared to loans to U.S. entities and may involve greater risks.
The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans and such loans could be subject
to bankruptcy laws that are materially different than in the U.S. Loans may be structured such that they are not securities under
securities law, and in the event of fraud or misrepresentation by a borrower, lenders may not have the protection of the anti-fraud
provisions of the federal securities laws. Loans are also subject to risks associated with other types of income investments, including
credit risk and risks of lower rated investments.
Lower Rated Investments Risk. Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments.
Interest Rate Risk. In
general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely
to increase when interest rates fall and decline when interest rates rise. Generally, securities with longer maturities are more
sensitive to changes in interest rates than shorter maturity securities, causing them to be more volatile. Conversely, fixed income
securities with shorter maturities will be less volatile but may provide lower returns than fixed income securities with longer
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short
periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the duration of income securities that
have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds
from prepaid or maturing instruments may have to be reinvested at a lower interest rate.
Foreign Investment Risk. Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. Foreign markets may be smaller, less liquid and more volatile than
the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically
involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights
in a foreign country.
Currency Risk. Exchange
rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency
exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency
transactions are subject to settlement, custodial and other operational risks.
U.S. Government Securities Risk. Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit quality
and market liquidity.
Money Market Instrument Risk. Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing
directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price
or value of the asset, index, rate or instrument underlying a derivative, due to failure of a counterparty or due to tax or regulatory
constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying asset, index,
rate or instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant
when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the
risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction
may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including
one used for hedging) may not correlate perfectly with the underlying asset, rate, index or instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument. If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no
stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the asset, index,
rate or instrument underlying the investment.
Liquidity Risk. The
Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions,
or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently,
the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments
to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.
Risks Associated with Active
Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application
of analytical skills and investment judgment. Active management involves subjective decisions.
General Fund Investing Risks. The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund investors may impact the management of the Fund and its ability to
achieve its investment objective(s). In addition, the redemption by one or more large investors or groups of investors of their
holdings in the Fund could have an adverse impact on the remaining investors in the Fund. The Fund relies on various service providers,
including the investment adviser, in its operations and is susceptible to operational, information security and related events
(such as cyber or hacking attacks) that may affect the service providers or the services that they provide to the Fund. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
The returns in the bar chart and
table for the period from November 29, 2017 (commencement of operations) to December 31, 2018 are for the Fund and for periods
before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”).
The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance
from year to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of a broad-based
securities market index. The performance prior to November 29, 2017 does not represent the performance of the Fund. The investment
performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne
by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the
total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such adjustment was made, the
performance presented prior to November 29, 2017 would be higher, because the Fund’s total net operating expenses are lower
than those of the Portfolio Investor. Past performance (both before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions. Absent these reductions,
performance would have been lower. Current Fund performance information can be obtained by visiting www.eatonvance.com.
The returns in the bar chart and table for the period from November 29, 2017 (commencement of operations) to December 31, 2018 are for the Fund and for periods before the date the Fund commenced operations are for a mutual fund that invests in the Portfolio (the “Portfolio Investor”). The bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Portfolio Investor/Fund’s average annual returns at NAV over time compare with those of a broad-based securities market index.
The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown.
For the ten years ended December
31, 2018, the highest quarterly total return for the Portfolio Investor or the Fund was 18.99% for the quarter ended June 30, 2009,
and the lowest quarterly return was -3.30% for the quarter ended December 31, 2018.
After-tax returns are calculated using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a investor’s tax situation and the actual characterization of distributions, and may differ from those shown.
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 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.
The net asset value used in the
performance calculation may be rounded to the nearest cent prior to calculation. Investors cannot invest directly in an Index.
After-tax returns are calculated
using the highest historical individual federal income tax rate and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a investor’s tax situation and the actual characterization of distributions, and may differ from
those shown. After-tax returns are not relevant for investors who hold Fund shares in tax-deferred accounts or to shares held by
non-taxable entities. 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 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.
Expenses in the table above and the Example below reflect the expenses of the Fund and Eaton Vance Floating Rate Portfolio (the "Portfolio"), the Fund's master Portfolio.
[2]
Includes interest expense of 0.03%.
[3]
The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.73%. This expense reimbursement will continue through February 29, 2020. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Include the bar chart and table required by Item 4 (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Provide annual total returns beginning with the earliest calendar year. Calculate annual returns using the Instructions to Item 8(a), except that the calculations should be based on calendar years. If a Fund's shares are sold subject to a sales load or account fees, state that sales loads or account fees are not reflected in the bar chart and that, if these amounts were reflected, returns would be less than those shown.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.
This element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
The Performance Table includes a parenthetical, indicating that the Index "(reflects no deduction for fees, expenses or taxes)". This tag is used when this is reflected in a footnote.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
If applicable, include a statement explaining that updated performance information is available and providing a Website address and/or toll-free (or collect) telephone number where the updated information may be obtained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
If average annual total return (after taxes on distributions and redemption) is higher than average annual total return, the reason for this result may be explained.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause D
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. If the Fund is a Money Market Fund, include the following statement: "You could lose money by investing in the Fund."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause A
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause B
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause C
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
If the Fund is advised by or sold through an insured depository institution, state that "An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph iii
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).