Presentation to Insert Name Here Global Relationship Management
Presentation to (Insert Name Here) Global Relationship Management Update First Quarter 2012 Home Office Use Only
Agenda – Eaton Vance Corporate Overview – Looking Back – Partnership Overview – Industry Trends – Looking Forward – Eaton Vance Solutions – Appendix 2 Home Office Use Only
Eaton Vance Corporate Overview 3 Home Office Use Only
Eaton Vance Corp. Our Firm AUM by Investment Mandate* – Boston-based, NYSE public company with a history dating to 1924 – Voting control by senior management Equity ($115. 9 b) Fixed Income ($46. 1 b) 23% – Investment management is our only business – $197. 2 billion assets under management* 59% Our Philosophy 13% 5% – Long-term approach to business and investing Floating-Rate Income ($24. 7 b) Alternatives ($10. 5 b) – Time-tested investment principles – Constant pursuit of excellence AUM by Market Channel* – Innovation to meet evolving client needs Our Culture Retail ($143. 0 b) Institutional ($39. 9 b)** – Values-driven organization – Consistency and continuity of leadership 73% 20% – Collaborative and team-based – Low staff turnover *Eaton Vance Management and its affiliates as of March 31, 2012. **Eaton Vance Management’s institutional assets represent 10. 98% of the total firm assets, with the remaining percentage representing 4 institutional assets of EVM affiliates. Home Office Use Only 7% High Net Worth ($14. 3 b)
Eaton Vance Investment Managers Principal Investment Subsidiaries Eaton Vance Management & Affiliates – Broad equity, income and alternative capabilities AUM by Investment Manager* – Offices in Boston, New York, London, Singapore – 958 employees* Eaton Vance Management ** ($148. 1 b) Parametric Portfolio Associates LLC Parametric ($36. 7 b) – Leaders in structured portfolio management – Became part of Eaton Vance in 2003 – Offices in Seattle and Westport, Connecticut 75% 19% – 135 employees* Atlanta Capital Management Company LLC – Investors in high-quality stocks and bonds – Became part of Eaton Vance in 2001 – Located in Atlanta, Georgia – 45 employees* *As of March 31, 2012. 5 **Includes assets of other affiliates of EVM and assets that are sub-advised or co-distributed by Parametric and Atlanta Capital Management. Home Office Use Only 6% Atlanta Capital Management ($12. 4 b)
Global Footprint Eaton Vance Parametric Atlanta Capital Management Distribution Partners Boston Seattle Atlanta Australia New York Westport, Connecticut Japan London Singapore 6 Home Office Use Only
Looking Back 7 Home Office Use Only
Growing Capabilities, Timely Innovation 1984 1997 Mortgage-backed securities Global Macro Strategy launched 2004 2008 Launched first in a series of equity option closed-end funds Tax-Advantaged Bond Strategies (TABS) business acquired from M. D. Sass 1982 1996 2003 2007 2011 High yield bonds First China-focused mutual fund Tax-Managed Strategy Acquired control of Parametric Portfolio Associates (est 1987) Thomas Faust becomes Chairman & CEO Established Singapore office 1980 1990 2000 2010 1996 James B. Hawkes becomes President & CEO 1979 Eaton & Howard, Inc. (founded 1924) merges with Vance, Sanders & Company (founded 1934) to form Eaton Vance Corp. 2001 Listed on NYSE (symbol: EV) 1989 1990 Municipal bond funds Corporate Income EM international income Equity Parametric acquires Parametric Risk Advisors, launches Delta. Shift™ program Established London office Bank loans 1998 1978 2007 Acquired control of Atlanta Capital Mgmt (est. 1969) Structured emerging market equity capability launched Alternatives 8 Home Office Use Only 2006 75 th anniversary of EV Large-Cap Value Strategy (est 1931)
Notable Achievements “The Company’s performance across a broad range of financial metrics remains strong and our outlook continues to be bright. ” – Thomas E. Faust Jr. , Chairman and Chief Executive Officer – Eaton Vance and AGF Management Limited Announce Launch of New Mutual Funds in the U. S. and Canada, respectively, the firms have a mutual sub-advisory relationship; – One of America’s oldest investment management firms, Eaton Vance, expands into Asia with newly licensed Singapore office; – Eaton Vance Launches e. Units. TM: e. Units. TM 2 Year U. S. Market Participation Trust: Upside to Cap / Buffered Downside; Raises $26. 2 Million in Initial Public Offering; – Eaton Vance Corp. Announces Formation of Navigate Fund Solutions LLC and Appointment of Stephen W. Clarke as President; – 14 th largest U. S. mutual fund manager as of January 2011. (Strategic Insight, Total Long-Term Fund Assets Under Management); – Consistently ranked as one of the top employers in Massachusetts. Ranked the No. 1 asset manager in 2009. (Boston Globe survey); – Instrumental in developing the first mutual fund. 9 Home Office Use Only
Fiscal Year 2011 Notable Achievements – Record sales in long term funds and SMAs --$54. 9 B – Positive net inflows – Record assets under management--$188. 2 B – Record revenue – Continued strong financial condition – Record earnings – Fund lineup expansion • 7 new mutual funds Data is as of Eaton Vance fiscal year end, October 31, 2011. 10 Home Office Use Only
Expansion of Fund and SMA lineup, as of 5/7/12 Equity/Hybrid Mutual Funds Offshore Funds – Global Natural Resources (4/12) – EVI (Cayman) Emerging Markets Local Income (10/10) – Atlanta Capital Select Equity (1/12) – Multi-Strategy All Market (10/11) Separately Managed Accounts – Richard Bernstein All Asset Strategy (9/11) – Laddered Corporate Strategy (12/11) – Focused Value Opportunities (3/11) – Tax-Advantaged Bond Strategies Laddered Municipals (4/11) – Focused Growth Opportunities (3/11) – Eaton Vance Preferred Securities (4/11) (USD Preferred Stock) Income Mutual Funds – Municipal Opportunities (5/11) Alternative Mutual Funds Eaton Vance International (Cayman Islands) Emerging Markets Local Income Fund may not be offered or sold to citizens or residents of the United States. The Fund is not offered for sale or sold in the United States, its territories or possessions. – Parametric Structured Currency (12/11) – Multi-Strategy All Market (10/11) – Parametric Structured Absolute Return (10/11) – Parametric Structured Commodity Strategy (5/11) 11 Home Office Use Only
Partnership Overview XYZ Partnership Overview 12 Home Office Use Only
XYZ Partnership Overview As of 3 -31 -12 2011 Distribution by Product (3/31/12) Source: Eaton Vance Home Office Use Only
Industry Trends 14 Home Office Use Only
Interest Rates are at an all time low…. 10 -Year Treasury Yield 18% 16% 14% 12% 10% 8% 6% 4% 2% 2 03 /0 4 03 /0 6 03 /0 8 03 /1 0 03 /1 2 0 03 /0 8 03 /0 6 03 /9 4 03 /9 2 03 /9 0 03 /9 8 03 /9 6 03 /8 4 03 /8 2 03 /8 0 03 /8 8 03 /8 6 03 /7 4 03 /7 2 03 /7 0 03 /7 8 03 /7 6 03 /6 4 03 /6 2 03 /6 8 /6 0 03 6 03 /5 4 0% …driving demand for products that are NOT duration-sensitive. Source: Ibbotson/Morningstar and U. S. Department of Treasury. Chart as of 3/31/2012. 15 Home Office Use Only
Is it risk on, or risk off? Depends on the week… Investment Company Institute Estimated Weekly New Cash Flow (Dollar Figures in Millions) Date Total Equity Domestic Equity Foreign Equity Hybrid Total Bond Taxable Bond Municipal Bond Total 2/15/2012 1, 021 46 975 2, 580 7, 932 6, 252 1, 681 11, 534 2/22/2012 810 -283 1, 093 1, 554 8, 105 6, 724 1, 382 10, 470 2/29/2012 -2, 884 -3, 111 226 1, 650 6, 607 5, 479 1, 128 5, 373 3/7/2012 -261 -1, 385 1, 124 1478 10, 719 9, 063 1, 656 11, 936 3/14/2012 -2, 582 -2, 889 307 1, 239 9, 048 7, 724 1, 324 7, 705 3/21/2012 -1, 084 -1, 794 710 1, 817 5, 663 5, 798 -135 6, 396 3/28/2012 -4, 463 -3557 -906 1, 654 6, 121 5, 462 659 3, 313 As of March 31, 2012. Source: Strategic Insight. Weekly cash flows are estimates that are adjusted to represent industry totals, based on reporting covering 95 percent of industry assets, while monthly flows are actual numbers as reported in ICI's "Trends in Mutual Fund Investing. " 16 Home Office Use Only
…and advisors need to be more nimble than ever… Estimated Weekly Net New Cash Flow ($MM) 10, 000 5, 000 Total Equity Total Bond 0 -5, 000 …as they search for equilibrium! As of March 31, 2012. Source: Strategic Insight. Weekly cash flows are estimates that are adjusted to represent industry totals, based on reporting covering 95 percent of industry assets, while monthly flows are actual numbers as reported in ICI's "Trends in Mutual Fund Investing. " 17 Home Office Use Only 3/21/2012 3/7/2012 2/22/2012 2/8/2012 1/25/2012 1/11/2012 12/28/2011 12/14/2011 11/30/2011 11/16/2011 11/2/2011 10/19/2011 10/5/2011 9/21/2011 9/7/2011 -10, 000
Looking Forward 18 Home Office Use Only
Intellectual Thought Leadership, as of 12/31/11 Equity Alternatives 2012: Politics Versus Fundamentals All Along the Watchtower The case for relative optimism Commodity Investing: Indexes Are Not Your Friends Dividend Investing: Favorable Long-Term Opportunities for Fool Me Twice… Total Return and Income Managing Volatility with Option Overlay Strategies Opportunity Knocking: The long-term case for equity investing Other Income Dovish Tone Provides No Peace of Mind for Savers. Financial Repression: The erosion of real capital. Has the Fed done enough? Emerging Market Local Debt and Currency: A Timely If nothing happens: A dismal outlook for the deficit and Refresher taxes Financial Repression: The Erosion of Real Capital The Third Dimension Has the Fed Killed the Strategic Case for Floating-Rate Building Better Beta: A Discussion on Tax-Managed Loans? Core Floating Rate: Why This “Anti-Bond” Asset Class May Be Investing in a Rising Tax Environment More Compelling Than Ever Pension Management In A World Out of Balance European Disunion Simulating Loss Harvesting Opportunities Under Emerging Markets: Opportunities beyond the BRICs Different Tax Environments Preparing for Inflation and Managing Its Risks Tax-Managed Core Portfolio Management Overview Looking at the world through inflation-colored glasses The State of the Estate Tax Diversification is Not Just for Equities Wealth Transfer in a Rising Tax Environment 19 Home Office Use Only
Eaton Vance Solutions 20 Home Office Use Only
We are taking a smarter approach to serving FAs… Eaton Vance on the Markets Monthly compilation of essential market data and actionable insights. Eaton Vance on Washington Actionable insights from Washington. Insider Andy Friedman. Eaton Vance Advisor Institute Consultative practice management from dedicated professionals. 21 Home Office Use Only
Building tools to help FAs engage with our products… Advisor Resource Guides Showcase Guide Fact Sheet Catalog Quarterly Newsletter Quarterly Fact Sheets, Commentary, Performance Attribution and Timely Market Insights 22 Home Office Use Only
Launched a new Website 23 Home Office Use Only
Appendix 24 Home Office Use Only
Eaton Vance: Investment Capabilities Income / Yield Fixed Income: Emerging Markets Local Income (EEIAX) Diversified Currency Income 1 (EAIIX) High Yield: Income Fund of Boston (EVIBX) National Municipal Income (EANAX) Equity: Global Dividend Income (EDIAX) Tax Managed Global Dividend Income (EADIX) Dividend Builder (EVTMX) UHNW: Option Overlay Services – Single Stock & Portfolio* Rising Interest Rates / Inflation Floating Rate (EVBLX) Floating Rate & High Income (EVFHX) Floating Rate Advantage (EAFAX) Emerging Markets Local Income (EEIAX) Inflation-Linked: Short Term Real Return (EARRX) Real Estate (EAREX) Commodity Strategy (EACSX) Absolute Return / Uncorrelated Risk / Go Anywhere Strategies Global Macro Absolute Return (EAGMX) Global Macro Absolute Return Advantage (EGRAX) *Parametric Option Absolute Return Strategy (EOAAX) Parametric Structured Absolute Return (EPRIX) Multi-Strategy Absolute Return 2 (EADDX) Richard Bernstein Equity Strategy 3 (ERBAX) Richard Bernstein All Asset Strategy (EARAX) Muni Opportunity (EMOAX) Strategic Income (ETSIX) Ultra High Net Worth Solutions Option Overlay Services Parametric Risk Advisors: *Stock Delta. Shift™ / Portfolio Delta. Shift™ *Para. Hedge™ *Option Absolute Return Strategy Charitable Giving: Donor Advised & Pooled Income Funds Concentrated Security Solutions: Alpha Source/Satellite Strategies Asian Small Companies (EVASX) Greater China Growth (EVCGX) Greater India (ETGIX) Real Estate (EAREX) Worldwide Health Sciences (ETHSX) Build America Bond (EBABX) 25 Commodity Strategy (EACSX) Exchange Funds 1 Prior to 10/24/11, High Quality / Preservation of Capital Atlanta Capital SMID (EAASX) Atlanta Capital Focused Growth (EAALX) Atlanta Capital Select Equity (ESEAX) Atlanta Capital Horizon Growth 4 (Mid Cap) (EXMCX) *Large Cap Value (EHSTX) *Large Cap Growth (EALCX) Small Cap (ETEGX) *Tax Advantage Bond Strategies (TABS) – Short (EABSX), Intermediate (EITAX), Long (EALTX) Government Obligations (EVGOX) Structured / Rules Based Strategies *Parametric Structured Emerging Markets 5 (EAEMX) *Parametric Structured International 6 (EAISX) *Parametric Structured Commodity (EIPCX) Parametric Structured Currency (EAPSX) (EAEMX)Parametric Structured Absolute Return (EPRAX) *Parametric Option Absolute Return Strategy (EOAAX) *Parametric Structured Global Equity Fund was called International Multi Market Local Income. Prior to 3/1/11, Fund was called International Income. 2 Prior to 7/1/09, the Fund had a predetermined fixed allocation equally among asset classes investing in mortgagebacked securities, senior floating-rate loans and high-yield bonds. The Fund has changed its objective and investment strategy to permit investment in multiple Eaton Vance Portfolios and Funds. 3 Prior to 9/30/11, Fund was called Richard Bernstein Multi. Market Equity Strategy. 4 Prior to 7/11/11, Fund was called Tax-Managed Mid Cap Core Fund. 5 Prior to 11/1/10, Fund was called Structured Emerging Markets. 6 Prior to 11/1/10, Fund was called Structured International Equity Fund. *SMA Strategy available. Home Office Use Only
Mutual Fund Overview, as of 5/7/12 Absolute Return Equity Income Tax-Advantaged and Tax-Exempt Income Global Macro Absolute Return Advantage Multi-Strategy Absolute Return Parametric Option Absolute Return Strategy 1 Parametric Structured Absolute Return Dividend Builder Global Dividend Income AMT-Free Municipal Income Tax-Managed Equity High Yield Municipal Income Parametric Tax-Managed Emerging Markets Tax-Managed Equity Asset Allocation Tax-Managed Global Dividend Income Tax-Managed Growth 1. 05 Tax-Managed Growth 1. 15 Tax-Managed Growth 1. 2 Tax-Managed Multi-Cap Growth Tax-Managed Small-Cap Value Tax-Managed Value Municipal Opportunities Global / International Equity Build America Bond Asian Small Companies Global Natural Resources Greater China Growth Greater India PPA Structured Emerging Markets 6 PPA Structured International Equity 7 Emerging Markets Local Income Richard Bernstein Equity Strategy 8 High Income Opportunities Worldwide Health Sciences Income Fund of Boston Alternatives Commodity Strategy Risk-Managed Equity Option 2 Parametric Structured Commodity Strategy Diversified Currency Income 3 Parametric Structured Currency Domestic Equity Atlanta Capital Focused Growth Atlanta Capital Horizon Growth 4 Atlanta Capital Select Equity Atlanta Capital SMID-Cap Focused Growth Opportunities Focused Value Opportunities Large-Cap Core Research Large-Cap Growth Large-Cap Value Multi-Cap Growth Real Estate Small-Cap Value Special Equities AMT-Free Limited Maturity Municipal Income National Municipal Income Tax-Advantaged Bond Strategies Short Term Tax-Advantaged Bond Strategies Int. Term Tax Advantaged Bond Strategies Long Term 20 State Municipal Bond Funds 3 Limited Maturity State Municipal Bond Funds Taxable Income Floating-Rate Advantage Floating-Rate & High Income Government Obligations Investment Grade Income Multi-Asset Balanced Multi-Strategy All Market Richard Bernstein All Asset Strategy Low Duration Short Term Real Return Strategic Income US Government Money Market 9, 10 1 As of 05/01/2011, Fund name changed from Option Absolute Return Strategy Fund. 2 Prior to 8/18/11, Fund was called Risk-Managed Equity Option Income Fund. 3 As of 10/24/11, Fund name changed from International Multi-Market Local Income Fund. As of 03/01/11, Fund name changed from International Income Fund. 4 Prior to 7/11/11, Fund was called Eaton Vance Tax-Managed Mid-Cap Core Fund. 5 These shares are not available for new investments. 6 Eaton Vance Emerging Markets merged into Eaton Vance Structured Emerging Markets Fund Class A shares as of the close of business on 9/24/10. Fund name changed to Eaton Vance Parametric Structured Emerging Markets Fund as of 11/01/10. 7 As of 11/01/2010, Fund name changed from Structured 26 International Equity Fund. 8 Prior to 9/30/11, Fund was called Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund. 9 As of 03/01/2010, Fund name changed from Cash Management Home Office Use Only Fund. 10 Effective January 1, 2012, Class A, B and C shares only are offered in exchange for Class A, B and C shares, respectively, of other Eaton Vance funds. For Home Office Use Only.
Showcase Funds, as of 5/7/12 Equity Income Funds Alternative Funds Domestic Equity Taxable Income Absolute Return Atlanta Focused Growth Emerging Markets Local Income Global Macro Absolute Return Atlanta Horizon Growth 1 Floating-Rate Atlanta Capital SMID-Cap Income Fund of Boston Global Macro Absolute Return Advantage Large-Cap Value/ Tax Managed Large-Cap Value Short-Term Real Return Large-Cap Core Research Large-Cap Growth/ Tax Managed Large-Cap Growth Strategic Income Parametric Option Absolute Return Strategy Tax-Advantaged/ Municipal Income Other Alternatives High Yield Municipal Income Commodity Strategy Real Estate Municipal Opportunities Small-Cap Value/ Tax Managed Small Cap Value National Limited Maturity Municipal Income Equity Income National Municipal Income Global Dividend Income/ Tax Managed Global Dividend Income Tax-Advantaged Bond Strategies Short Term Global / International Equity Tax-Advantaged Bond Strategies Intermediate Term Parametric Structured International Equity Multi-Strategy Absolute Return Tax-Advantaged Bond Strategies Long Term Parametric Structured Emerging Markets Richard Bernstein Equity Strategy 2 27 Home Office Use Only Diversified Currency Income 3 1 Prior to 7/11/11, Fund was called Eaton Vance Tax-Managed Mid-Cap Core Fund. 2 Prior to 9/30/11, Fund was called Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund. 3 As of 10/24/11, Fund name changed from International Multi-Market Local Income Fund.
SMA Offerings, as of 5/7/12 Eaton Vance Parametric Short Municipal Bonds Tax-Managed Core (Multiple Indices) Intermediate Municipal Bonds Enhanced Income Long Municipal Bonds Enhanced Income – Tax Advantaged Investment Grade Fixed Income Delta. Shift. TM Intermediate Fixed Income Large-Cap Growth Large-Cap Value Balanced Portfolio Delta. Shift. TM Option Absolute Return Strategy. TM Para. Hedge. TM Nine Gates Capital Dividend Yield Large-Cap Focused Value Atlanta Capital Mid-Cap Value Concentrated All-Cap Value High Quality Focused Growth SMID-Cap Value High Quality Growth Plus Small Cap Value High Quality Small Cap* Preferred Securities High Quality SMID Cap* Laddered Corporate Strategy Tax Advantaged Bond Strategies • Limited Maturity • Intermediate Maturity Eagle Global Advisors International Equity (ADRs) • Long Maturity 28 • Laddered *Capacity constrained as of 5/7/12. Home Office Use Only
EV Partners Majority-owned subsidiaries of Eaton Vance Corp. Eaton Vance sub-advisers: Eaton Vance adviser: Eaton Vance strategic partner: 29 Home Office Use Only
Closed-End Fund Offerings, as of 5/7/12 Municipal Bond Funds Fund II (EOS). – 1999 offered 1 National and 8 single-state long-term municipal bond funds – 2002 offered 2 National and 10 single-state insured long-term municipal bond funds. – 2009 National Municipal Opportunities Trust (EOT) – 2005 EV Tax-Managed Buy-Write Income Fund – 2005 EV Tax-Managed Buy-Write Opportunities Fund – 2005 EV Tax-Managed Global Buy-Write Opportunities Fund Bank Loan/Senior Debt Funds – 2006 EV offers fund combining tax-advantaged dividend capture with tax-managed index option writing – Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY). – 2007 a Global version: Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) – largest CEF IPO in history, as of 07/2011 Alternatives – July 2007 offered the EV Risk Managed Diversified Option Income Fund (ETJ) – Tax-Advantaged Bond and Option Strategies Fund (EXD) e. Units. TM – 2 Year U. S. Market Participation Trust: Upside to Cap/Buffered Downside (ETUA) Tax-Managed Diversified Equity Income Funds – 1998 Eaton Vance Senior Income Trust (EVF), first Eaton Vance Closed-End Fund offering – 2003/4 Eaton Vance Senior Floating-Rate Trust (EFR) & Eaton Vance Floating-Rate Trust (EFT) Multi-Sector Limited Duration Funds – 2003 Eaton Vance Limited Duration Income fund (EVV). – 2005 Eaton Vance Short Duration Diversified Income fund (EVG) Equity Income Funds – 2003 Eaton Vance Tax-Advantaged Dividend Income Fund (EVT), – 2004 two additional offerings with global- and inflationsensitive themes: Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) & Eaton Vance Tax. Advantaged Global Dividend Opportunities Fund (ETO). Equity Option Funds – 2004 Eaton Vance Enhanced Equity Income Fund (EOI) offered, followed by Eaton Vance Enhanced Equity Income 30 Home Office Use Only
Offshore Fund Overview, as of 5/7/12 Eaton Vance International (Ireland) Funds* – Global Macro – Parametric Emerging Markets Equity – Parametric Emerging Markets Core Equity – Parametric Global Equity – U. S. High Yield Bond – U. S. Value Eaton Vance International (Cayman Islands) Funds* – Emerging Markets Local Income – Floating-Rate Income (daily liquidity) – Strategic Income Eaton Vance International (Ireland) Funds are offered by Eaton Vance Management International Ltd. , 125 Old Broad Street, London, EC 2 N 1 AR, United Kingdom 44. 203. 207. 1900. The Eaton Vance International (Cayman Islands) Funds are distributed by Eaton Vance Distributors, Inc. Investments in shares of the Eaton Vance International (Ireland) Funds and Eaton Vance International (Cayman Islands) Funds may not be offered or sold to for territories or possessions. 31 Home Office Use Only
Eaton Vance Management Committee Thomas E. Faust, Jr. CFA President, Chief Executive Officer and Chairman of the Board Eaton Vance Corp. Distribution Investment Management Business Management Matthew Witkos President Eaton Vance Distributors Equity Finance Duncan Richardson, CFA Executive Vice President Chief Equity Investment Officer Robert Whelan, CFA Vice President Chief Financial Officer Investment Counsel David Mc. Cabe President, Investment Counsel Operations and Administration Income Payson Swaffield, CFA Vice President Chief Income investment Officer Jeffrey Beale Vice President Chief Administrative Officer Legal Frederick Marius Vice President Chief Legal Officer Eaton Vance Corp. Maureen Gemma Vice President Chief Legal Officer Eaton Vance Funds 32 Home Office Use Only
Voting Shareholders Name Function Thomas E. Faust Jr. , CFA Chairman, Chief Executive Officer Duncan W. Richardson, CFA Executive Vice President, Chief Equity Investment Officer Jeffrey P. Beale Chief Administrative Officer Laurie Hylton Chief Financial Officer David Mc. Cabe President, Investment Counsel Matthew J. Witkos President, Eaton Vance Distributors Payson Swaffield, CFA Chief Income Investment Officer Cynthia J. Clemson Co-Director, Municipal Bonds Michael R. Mach, CFA Portfolio Manager, Equity Investments Maureen Gemma Chief Legal Officer, Eaton Vance Funds Fredrick Marius Chief Legal Officer, EVC Thomas M. Metzold, CFA Co-Director, Municipal Bonds Scott H. Page, CFA Director, Bank Loans Judith A. Saryan, CFA Portfolio Manager, Equity Investments Michael W. Weilheimer, CFA Director, High-Yield Income Walter Row, CFA Director, Structured Equity Portfolios Mark Venezia, CFA Director, Global Bonds Brian Langstraat, CFA Chief Executive Officer, Parametric Portfolio Associates David Stein, Ph. D Chief Investment Officer, Parametric Portfolio Associates 33 Home Office Use Only
Equity Philosophy “At Eaton Vance, we embrace a collaborative, researchdriven approach to managing equity portfolios. We seek to differentiate ourselves from other managers by achieving long-term excess performance and strong risk -adjusted returns. Our risk management starts with a seasoned, tenured team of fundamental analysts. We further manage risk in the way our portfolios are structured, the use of strict buy and sell disciplines, and in ongoing risk monitoring and portfolio attribution. ” Duncan W. Richardson, CFA Chief Equity Investment Officer 34 Home Office Use Only
Equity Investment Team Duncan Richardson, CFA Chief Equity Investment Officer Large-Cap Value Michael Mach, CFA John Crowley Matthew Beaudry, CPA Stephen Kaszynski, CFA Large-Cap Growth Lewis Piantedosi Yana Barton, CFA Equity Research 16 Large-Cap Analysts 4 Small / SMID-Cap Analysts 10 Research Associates 5 Portfolio Manager Associates Large-Cap Core Charles Gaffney Dividend Income Judith Saryan, CFA Aamer Khan, CFA Scott Craig Product & Portfolio Strategy Chris Sunderland Matthew Navins, CFA Angela Williams, CFA Charles Glovsky, CFA Expertise Real Estate Small / SMID-Cap Structured Equity Nancy Tooke, CFA Gerald Moore, CFA Kwang Kim G. R. Nelson Walter Row, CFA, CMT Michael Allison, CFA Trading Timothy Fetter, CMT Kevin Andrade Jenny Mastrangelo Kristen Tragethon Kevin Amell Portfolio Analysis Mary Arutyunyan, CFA Brian Ventura, CFA Portfolio Managers Research Analysts Average Investment Management Experience 28 years 16 years Average Eaton Vance Tenure 12 years 7 years 10 16 CFA Charterholders Eaton Vance Management manages $49. 7 billion in equity assets. 35 AUM data & employee data as of March 31, 2012. Home Office Use Only
Equity Investment Resources Equity Research Analysts Charles Gaffney Director of Equity Research 15 Yrs Industry Experience 8 Yrs with Eaton Vance Douglas Rogers, CFA, CMT Assistant Director of Equity Research 13 Yrs Industry Experience 11 Yrs with Eaton Vance Consumer Energy/Utilities Financials Health Care Industrials/Materials Tech/Telecom G. R. Nelson 15 Yrs Industry Experience 8 Yrs with Eaton Vance Jeremiah Casey, CFA 13 Yrs Industry Experience 13 Yrs with Eaton Vance Scott Craig 22 Yrs Industry Experience 7 Yrs with Eaton Vance Walter Row, CFA, CMT 31 Yrs Industry Experience 16 Yrs with Eaton Vance William Cross, CFA 26 Yrs Industry Experience 15 Yrs with Eaton Vance Michael Allison, CFA 18 Yrs Industry Experience 12 Yrs with Eaton Vance Madhuleena Saha, CFA 16 Yrs Industry Experience 1 Yr with Eaton Vance Jeffrey Parsons 15 Yrs Industry Experience 4 Yrs with Eaton Vance Michael Keogh, CFA 11 Yrs Industry Experience 6 Yrs with Eaton Vance Gerald Moore*, CFA 20 Yrs Industry Experience 1 Yr with Eaton Vance Jessica Katz 9 Yrs Industry Experience 4 Yrs with Eaton Vance Stuart Muter, CFA 12 Yrs Industry Experience 5 Yrs with Eaton Vance Christopher O'Malley, CFA 16 Yrs Industry Experience 4 Yrs with Eaton Vance Douglas Rogers, CFA, CMT 13 Yrs Industry Experience 11 Yrs with Eaton Vance Kenneth Zinner, CFA 14 Yrs Industry Experience 1 Yr with Eaton Vance Aamer Khan, CFA 20 Yrs Industry Experience 12 Yrs with Eaton Vance Michael Mc. Lean*, CFA 11 Yrs Industry Experience 11 Yrs with Eaton Vance Coreen Kraysler, CFA 25 Yrs Industry Experience 6 Yrs with Eaton Vance Kwang Kim* 14 Yrs Industry Experience 7 Yrs with Eaton Vance Danielle Williams*, CFA 13 Yrs Industry Experience 1 Yr with Eaton Vance Research Associates Sean Caplice, CFA 6 Yrs Industry Experience Jacob Kann 5 Yrs Industry Experience Andrew Valk, CFA 8 Yrs Industry Experience *Denotes Small / SMID-Cap coverage 36 As of March 31, 2012. Inwoo Chung 3 Yrs Industry Experience Richard Howe, CFA 6 Yrs Industry Experience Samuel Plotkin 4 Yrs Industry Experience Michael Deich, CFA 6 Yrs Industry Experience Lucas Lints 2 Yrs Industry Experience Linda Yan 3 Yrs Industry Experience Matthew Dellelo, CFA 9 Yrs Industry Experience Home Office Use Only
Equity Investment Resources Average: 17 years Industry Experience, 6 Years with Eaton Vance Equity Platform Product & Portfolio Strategy Trading Chris Sunderland Institutional Portfolio Manager 21 Yrs Industry Experience 2 Yrs with Eaton Vance Timothy Fetter, CMT Head of Trading 15 Yrs Industry Experience 7 Yrs with Eaton Vance Kristen Tragethon Senior Trader 20 Yrs Industry Experience 10 Yrs with Eaton Vance Mary Arutyunyan, CFA Equity Portfolio Analyst 13 Yrs Industry Experience 13 Yrs with Eaton Vance Matthew Navins, CFA Institutional Portfolio Specialist 14 Yrs Industry Experience 3 Yrs with Eaton Vance Kevin Andrade Senior Trader 14 Yrs of Industry Experience 2 Yr with Eaton Vance Kevin Amell Equity Options Trader 17 Yrs Industry Experience 2 Yr with Eaton Vance Brian Ventura, CFA Equity Portfolio Analyst 11 Yrs Industry Experience 2 Yr with Eaton Vance Angela Williams, CFA Institutional Portfolio Specialist 14 Yrs Industry Experience 3 Yrs with Eaton Vance Jenny Mastrangelo Senior Trader 28 Yrs Industry Experience 28 Yrs with Eaton Vance Ryan Walsh Assistant Equity Options Trader 3 Yrs Industry Experience 3 Yr with Eaton Vance Charles Glovsky, CFA Institutional Portfolio Specialist 22 Yrs Industry Experience 1 Yr with Eaton Vance 37 Portfolio Analysis As of March 31, 2012. Home Office Use Only
Income Philosophy “Each of the Eaton Vance income teams applies a disciplined, repeatable investment process employing in -depth securities analysis, careful portfolio construction and implementation, and ongoing risk management. Across a wide spectrum of income asset classes, we look to add value versus peer managers and unmanaged benchmarks by generating higher returns with less volatility. ” Payson Swaffield, CFA Chief Income Investment Officer 38 Home Office Use Only
Income Investment Teams Payson Swaffield, CFA Chief Income Investment Officer Investment Grade Thomas Luster, CFA Bernard Scozzafava, CFA John Croft, CFA Floating-Rate Loans Scott Page, CFA John Redding Craig Russ Michael Kinahan, CFA Peter Campo, CFA Ralph Hinckley, CFA Catherine Mc. Dermott Andrew Sveen, CFA High-Yield Bonds Michael Weilheimer, CFA Thomas Huggins Linda Carter, CFA Global Fixed Income Customized Mark Venezia, CFA John Baur Michael Cirami, CFA Susan Schiff, CFA Eric Stein, CFA Andrew Szczurowski Jeffrey Rawlins, CFA Daniel Strelow, CFA Tom Shively Justin Bourgette, CFA Cynthia Clemson Thomas Metzold, CFA Elizabeth Stedman William Ahern, CFA Craig Brandon, CFA Richard Wyke, CFA Adam Wiegold, CFA James Evans, CFA Brian Barney, CFA Evan Rourke, CFA Joseph Davolio Christopher Harshman Kristina Monshaw Jonathan Rocafort Brian Clouser, CFA Nisha Patel, CFA Devin Cooch, CFA 1 Analyst 12 Analysts 5 Traders 3 Analysts 1 Trader Solutions Municipal Income Tax-Advantaged Bonds Strategies Research and Trading 6 Analysts 3 Traders 9 Analysts 1 Trader 7 Analysts 1 Trader Expertise 7 Analysts 6 Traders Portfolio Managers Research Analysts Average Investment Management Experience 19 years 14 years Average Eaton Vance Tenure 11 years 7 years 25 17 CFA Charterholders Eaton Vance Management manages $76. 8 billion in income assets. 39 AUM data & employee data as of March 31, 2012. Home Office Use Only
Income Investment Resources Average: 13 years Industry Experience, 4 Years with Eaton Vance Income Platform Product & Portfolio Strategy Investment Analytics & Risk Measurement Christopher Remington Kevin Dachille Marc Moran Institutional Portfolio Manager 13 Yrs Industry Experience 3 Yrs with Eaton Vance Institutional Portfolio Manager 33 Yrs Industry Experience 1 Yr with Eaton Vance Director of Investment Analytics & Risk Measurement 8 Yrs Industry Experience 7 Yrs with Eaton Vance Bradford Godfrey, CFA Ralph Studley Andrew Geraghty Institutional Portfolio Specialist 11 Yrs Industry Experience 9 Yrs with Eaton Vance Institutional Portfolio Specialist 11 Yrs Industry Experience 4 Yrs with Eaton Vance Quantitative Research Assistant 1 Yr Industry Experience 1 Yr with Eaton Vance 40 As of March 31, 2012. Home Office Use Only
Eaton Vance Distributors – IFI Key Contacts Distributors Management Team Primary Corporate Contacts Role Phone # E-Mail Address Matthew Witkos President 617 -672 -8400 mwitkos@eatonvance. com Coleen Lynch Director, Global Relationship Management 617 -672 -8271 clynch@eatonvance. com Shannon Price Senior Global Relationship Manager 617 -672 -8355 sprice@eatonvance. com Stefan Thielen Global Relationship Manager 617 -672 -2559 sthielen@eatonvance. com Primary Sales Field Contacts Role Phone # E-Mail Address Perry Hooker East Coast Independents/Banks/Insurance 617 -672 -8343 phooker@eatonvance. com Hugh Gilmartin West Coast Independents/Banks/Insurance 617 -672 -8344 hgilmartin@eatonvance. com Other Corporate Contacts Role Phone # E-Mail Address Tim Ford Alternative Investments 617 -672 -8292 tford@eatonvance. com Sean Kelly DCIO/Sub-Advisory 617 -672 -8802 skelly@eatonvance. com Russell Curtis Head of Mutual Fund Operations 617 -672 -8922 russellcurtis@eatonvance. com Ron Randall Mutual Fund Operations 617 -672 -8403 rrandall@eatonvance. com Home Office Support Team Hotline Mutual Fund Operations 866 -672 -6231 evhomeoffice@eatonvance. com Larry Fahey SMA Operations 617 -672 -8712 lfahey@eatonvance. com Home Office Support Team Hotline SMA Operations 617 -672 -6888 evmaops@eatonvance. com Employee data as of 5/21/2012 41 Home Office Use Only
Eaton Vance Resources Independent and Financial Institutions Wholesaler Team Hugh Gilmartin Perry Hooker Western Regional Sales Director 617 -672 -8344 / hgilmartin@eatonvance. com Eastern Regional Sales Director 617 -672 -8343 / phooker@eatonvance. com Paul Nicely WA and OR Chris Marek Mid South: AL, GA and TN Scott Nelson CO, KS, NE, IA and OK Joe Hernandez FL (all other) Beth Johnson Northern CA (North of Fresno) Steve Widder FL: Vero Beach to the Florida Keys Randy Skarda ND, SD Bill Squadroni NC and SC Alan Simeon Central CA, HI and NV Eric Caplinger Washington, D. C. , MD and VA Randy Clark West TX, NM and AZ Patrick Cosgrove NYC, Long Island Westchester County Dori Hetrick Southern CA (LA to SD) Steve Jones Eastern PA and DE Linda Newkirk East TX (Houston and Dallas) Steve Pietricola NY state Kevin Darrow UT, WY, ID and MT Don Mc. Caughey CT and RI Andrew Ogren North Central: MN and WI James Putman NJ Todd Dickinson Chicago and MI Adrian Jackson Eastern MA Gregor Yuska AR, LA, MS and MO Rob Curtis Western MA, ME, NH and VT Greg Walsh Western PA, WV Stan Weiland OH Don Murphy KY, IN and IL (except Chicago) Employee data as of 5/21/2012 42 Home Office Use Only
Eaton Vance Distributors – Brokerage Key Contacts Distributors Management Team 43 Primary Corporate Contacts Role Phone # E-Mail Address Matthew Witkos President 617 -672 -8400 mwitkos@eatonvance. com Coleen Lynch Director, Global Relationship Management 617 -672 -8271 clynch@eatonvance. com Frank Sweeney Senior Global Relationship Manager 617 -672 -8271 fsweeney@eatonvance. com Brian Dunkley Global Relationship Manager 617 -672 -8355 bdunkley@eatonvance. com Bree Barletto Associate Global Relationship Manager 617 -672 -8857 bbarletto@eatonvance. com Kristin Pagluica Associate Global Relationship Manager 617 -672 -8699 kpagluica@eatonvance. com Primary Sales Field Contacts Role Phone # E-Mail Address Ira Baron West Coast Brokerage 617 -672 -8890 ibaron@eatonvance. com Mark Nelson East Coast Brokerage 617 -672 -8022 mnelson@eatonvance. com Other Corporate Contacts Role Phone # E-Mail Address Tim Ford Alternative Investments 617 -672 -8292 tford@eatonvance. com Sean Kelly DCIO/Sub-Advisory 617 -672 -8802 skelly@eatonvance. com Russell Curtis Head of Mutual Fund Operations 617 -672 -8922 russellcurtis@eatonvance. com Ron Randall Mutual Fund Operations 617 -672 -8403 rrandall@eatonvance. com Home Office Support Team Hotline Mutual Fund Operations 866 -672 -6231 evhomeoffice@eatonvance. com Larry Fahey SMA Operations 617 -672 -8712 lfahey@eatonvance. com Home Office Support Team Hotline SMA Operations 617 -672 -6888 evmaops@eatonvance. com Employee data as of 5/21/2012. Home Office Use Only
Eaton Vance Resources Brokerage Wholesaler Team Ira Baron Mark Nelson Western Regional Sales Director 617 -672 -8890 / ibaron@eatonvance. com Eastern Regional Sales Director 617 -672 -8022 / mnelson@eatonvance. com John Loy Northwest: AK, OR, WA, HI Tyler Cortelezzi OH Suzanne Hingel Northern CA Timothy Breer Deep South: GA, AL and FL Panhandle Michelle Baran Central CA and NV Derek Devine FL Gold Coast and Puerto Rico Bill Kennedy Greater Los Angeles Mark Milan FL Mike Shea Southern CA Mike Sullivan NC and SC Kevin Darrow Rocky Mountains: UT, ID, WY and MT Peter Crowley DC, MD and VA John Greenway Southwest: Las Vegas, AZ and NM Phillip Pace Eastern PA and DE Christian Howe West Central: CO, IA, KS and NE James Queen Western PA, Eastern MI and WV Randy Skarda North Central: MN, ND, SD and WI John Macejka NJ, Brooklyn and Staten Island, NY Troy Evans OK and TX (Panhandle, West, and South) Rocco Scanniello Michael Clark NYC John Young East TX and LA Johnathan Futterman Fairfield County, CT and Long Island Westchester County, NY Andy Mc. Clelland MO, TN, AR, and MS Brian Arcara New England: Eastern MA, CT and RI TBD KY, IL and IN Drew Devereaux NYS Rob Curtis 16. 5 Years ME, NH, VT and Western MA Jorge Gutierrez 8. 25 Years Latin America Tim Average Mc. Ewen External Wholesaler Midwest: Metro Chicago and Western MI Investment Management Experience Average External Wholesaler Tenure at Eaton Vance Employee data as of 5/21/2012. 44 Home Office Use Only
Eaton Vance Resources Advisory Services Group James Durocher, CPWA SM Senior Vice President Managing Director 617. 672. 8855 jdurocher@eatonvance. com Geoff Marshall Vice President Director Global Relationship Management 617. 672. 8129 gmarshall@eatonvance. com Scott Firth Assistant Vice President Global Relationship Manager 617. 672. 8782 (617) 512 -0489 mobile sfirth@eatonvance. com Jim Maki Assistant Vice President Associate Global Relationship Manager 617. 672. 8306 (617) 320 -4059 mobile jmaki@eatonvance. com Robert Ellerbeck, CIMA, CPWA SM Vice President Dedicated Sales Contact 617. 672. 8714 (925) 899 -7590 mobile bellerbeck@eatonvance. com Chuck Manning Internal Specialist Dedicated Sales Contact 617. 672. 8768 cmanning@eatonvance. com David Gordon, CFA, CPWASM Vice President Dedicated Sales Contact 617. 672. 8706 (713) 203 -2845 mobile dgordon@eatonvance. com Chuck Manning Internal Specialist Dedicated Sales Contact 617. 672. 8768 cmanning@eatonvance. com Paul Leonardo Vice President Dedicated Sales Contact 617. 672. 8867 (312) 725 -2075 mobile pleonardo@eatonvance. com Charlie Kace Internal Specialist Dedicated Sales Contact 617. 672. 8390 ckace@eatonvance. com Greg Whitehead, CPWASM Vice President Dedicated Sales Contact 617. 672. 8709 (860) 463 -7776 mobile gwhitehead@eatonvance. com Rick Polsinello, CIMA Internal Specialist Dedicated Sales Contact 617. 672. 8783 rpolsinello@eatonvance. com Dan Mc. Carthy Vice President Dedicated Sales Contact 617. 672. 8243 (339) 440 -1114 mobile djmccarthy@eatonvance. com Bill Skinner Internal Specialist Dedicated Sales Contact 617. 672. 8623 wskinner@eatonvance. com Pete Hartman, CFA, CPWASM Vice President Dedicated Sales Contact 617. 672. 8708 (804) 305 -4147 mobile phartman@eatonvance. com Tristan Benoit Internal Specialist Dedicated Sales Contact 617. 672. 8781 tbenoit@eatonvance. com Employee data as of 5/21/2012. 45 Home Office Use Only
Thank you. For more information please contact us at: Eaton Vance Distributors, Inc. Two International Place Boston, MA 02110 (800) 225 -6265 www. eatonvance. com Member FINRA/SIPC Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. 46 5538 -5/12 KAM-HOME Home Office Use Only
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