Profile: Eaton Vance Corp. (EV)

Eaton Vance Corp., incorporated in 1990, is engaged in managing investment funds and providing investment management and counseling services to high-net-worth individuals and institutions. The Company’s product line offers fund shareholders, retail managed account investors, institutional investors and high-net-worth clients a range of products and services designed and managed to generate attractive risk-adjusted returns over the long term. The equity products encompass a range of investment objectives, risk profiles, income levels and geographic representation. The income investment products cover a duration and credit quality range and encompass both taxable and tax-free investments. As of October 31, 2009, the Company had $154.9 billion in assets under management. The Company conduct the investment management business through four wholly owned affiliates, Eaton Vance Management (EVM), Boston Management and Research (BMR), Eaton Vance Investment Counsel (EVIC) and Eaton Vance Trust Company (EVTC), and four other consolidated subsidiaries, Atlanta Capital Management Company, LLC (Atlanta Capital), Fox Asset Management LLC (Fox Asset Management) Parametric Portfolio Associates LLC (Parametric Portfolio Associates) and Parametric Risk Advisors LLC (Parametric Risk Advisors). In December 2008, Eaton Vance Corp. announced that its wholly owned subsidiary, Eaton Vance Management, has completed the acquisition of the Tax Advantaged Bond Strategies (TABS) business of M.D. Sass Investors Services.

Open-end Funds

As of October 31, 2009, the Company offered 102 open-end funds, including 12 tax-managed equity funds, 31 non-tax-managed equity funds, 37 state and national municipals funds, 17 taxable fixed income and cash management funds, and five floating-rate bank loan funds. The non-tax-managed equity fund offerings include large-cap, multi-cap and small-cap funds in value, core and growth styles, dividend income funds, international, global and emerging markets funds, and sector-specific funds. As at October 31, 2009, assets under management in non-tax-managed equity funds totaled $53.8 billion.

The Company’s municipal income fund includes seven national and 30 state-specific funds in 25 different states. As of October 31, 2009, it managed $12.2 billion in open-end municipal income fund assets. The taxable fixed income and cash management fund offerings utilize the investment management capabilities in a range of fixed income asset classes, including mortgage-backed securities, global currency and income investments, high grade bonds, high yield bonds and cash instruments. As on October 31, 2009, assets under management in open-end taxable income funds totaled $7.4 billion. As on October 31, 2009, assets under management in open-end floating-rate bank loan funds totaled $6.5 billion.

Closed-end Funds

The Company’s family of closed-end funds includes 20 municipal bond funds, 11 equity income funds, three bank loan funds and three diversified income funds. As of October 31, 2009, the Company managed $23.2 billion in closed-end fund assets. In May 2009, the Company offered Eaton Vance National Municipals Opportunities Trust, which raised $ 275 million in its initial public offering.

Private Funds

The private fund category includes privately offered equity funds designed to meet the diversification and tax-management needs of qualifying high-net-worth investors and floating-rate bank loan and fixed income funds offered to institutional investors. As of October 31, 2009, assets under management in private bank loan and fixed income funds, which include cash instrument collateralized debt obligation (CDO) entities and leveraged and unleveraged institutional senior loan funds, totaled $6 billion, including $2.5 billion of assets in CDO entities.

Institutional Separate Accounts

The Company serves a range of clients in the institutional marketplace, including foundations, endowments and retirement plans for individuals, corporations and municipalities. The product offerings on the equity side range from value to growth and from small-cap to large-cap and include emerging markets, while income offerings include investment grade and high-yield fixed income, floating-rate bank loans and global income. At October 31, 2009, institutional separate account assets under management totaled $26.7 billion.

High-net-worth Separate Accounts

The Company offers high-net-worth and family office clients personalized investment counseling services through EVIC. At EVIC, investment counselors assist the clients in establishing long-term financial programs and implementing strategies for achieving them. Parametric Portfolio Associates is a manager of tax-efficient equity portfolios for family offices and high-net-worth individuals. As of October 31, 2009, high-net-worth separate account assets totaled $10.1 billion.

Retail Managed Accounts

The Company has developed retail managed accounts business by capitalizing on the management capabilities of EVM, Atlanta Capital, Fox Asset Management, Parametric Portfolio Associates and certain strategic partners. At October 31, 2009, the retail managed account assets totaled $20.4 billion.

Investment Management and Administrative Activities

The Company’s wholly owned subsidiaries, EVM and BMR are investment advisers for all but seven of the Eaton Vance funds. EVM provides administrative services, including personnel and facilities, necessary for the operation of all Eaton Vance funds. These services are provided under management agreements with certain funds that also include investment advisory services and through separate administrative services agreements with other funds.