Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) Semiannual Report April 30, 2012 |
|
Table of Contents | ||||
Performance |
2 | |||
Fund Profile |
2 | |||
Endnotes and Additional Disclosures |
3 | |||
Fund Expenses |
4 | |||
Financial Statements |
5 | |||
Board of Trustees Contract Approval |
17 | |||
Officers and Trustees |
19 | |||
Important Notices |
20 |
Since | ||||||||||||
% Cumulative Total Returns | Inception Date | Six Months | Inception | |||||||||
Class A at NAV |
10/31/2011 | 2.68 | % | 2.68 | % | |||||||
Class A with 4.75% Maximum Sales Charge |
| 2.21 | 2.21 | |||||||||
Class C at NAV |
10/31/2011 | 2.31 | 2.31 | |||||||||
Class C with 1% Maximum Sales Charge |
| 1.31 | 1.31 | |||||||||
Class I at NAV |
10/31/2011 | 2.80 | 2.80 | |||||||||
Barclays Capital U.S. Aggregate Index |
10/31/2011 | 2.44 | % | 2.44 | % | |||||||
MSCI All Country World Index |
10/31/2011 | 7.07 | 7.07 | |||||||||
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | |||||||||
1.35 | % | 2.10 | % | 1.10 | % |
Absolute Return Strategies |
45.1 | % | ||
Global Macro Portfolio |
7.8 | |||
Global Macro Absolute Return Advantage Portfolio |
17.7 | |||
Parametric Structured Absolute Return Portfolio |
14.8 | |||
Option Absolute Return Strategy* |
4.8 | |||
Income Strategies |
50.2 | |||
Government Obligations Portfolio |
4.9 | |||
Floating Rate Portfolio |
20.1 | |||
Boston Income Portfolio |
25.2 | |||
Equity Strategies |
0.0 | |||
Other |
-0.1 | |||
Equity Options* |
-0.1 | |||
Cash & Cash Equivalents* |
9.1 |
2
1 | Barclays Capital U.S. Aggregate Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. MSCI All Country World Index is an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI indices are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. | |
2 | Cumulative Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Cumulative Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. | |
3 | Source: Fund prospectus. | |
4 | Fund primarily invests in one or more affiliated investment companies (Portfolios) and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolios. | |
5 | Economic value is shown for derivatives holdings and, thus, total will not add to 100%. If applicable, Hedged Equity represents a combination of a long position in Large-Cap Core Research Portfolio and a short position in S&P 500 Index futures contracts that are held in completion portfolio. If applicable, CMBS refers to commercial mortgage-backed securities and ABS refers to asset-backed securities. |
3
Common Stocks 109.0% | ||||||||||
Security | Shares | Value | ||||||||
Aerospace & Defense 1.4% | ||||||||||
Honeywell International,
Inc.(1)
|
170,000 | $ | 10,312,200 | |||||||
United Technologies
Corp.(1)
|
75,000 | 6,123,000 | ||||||||
$ | 16,435,200 | |||||||||
Automobiles 1.3% | ||||||||||
Ford Motor
Co.(1)
|
1,300,000 | $ | 14,664,000 | |||||||
$ | 14,664,000 | |||||||||
Beverages 2.3% | ||||||||||
Anheuser-Busch InBev
NV(1)
|
360,000 | $ | 25,947,174 | |||||||
$ | 25,947,174 | |||||||||
Capital Markets 0.6% | ||||||||||
Deutsche Bank
AG(1)
|
150,000 | $ | 6,508,500 | |||||||
$ | 6,508,500 | |||||||||
Chemicals 4.1% | ||||||||||
Air Products and Chemicals,
Inc.(1)
|
100,000 | $ | 8,549,000 | |||||||
BASF SE(1)
|
220,000 | 18,113,283 | ||||||||
LyondellBasell Industries NV,
Class A(1)
|
235,000 | 9,818,300 | ||||||||
PPG Industries,
Inc.(1)
|
95,000 | 9,997,800 | ||||||||
$ | 46,478,383 | |||||||||
Commercial Banks 6.6% | ||||||||||
DNB ASA(1)
|
600,000 | $ | 6,467,042 | |||||||
Skandinaviska Enskilda Banken AB,
Class A(1)
|
1,750,000 | 11,790,752 | ||||||||
Svenska Handelsbanken
AB(1)
|
375,000 | 12,138,130 | ||||||||
Swedbank AB,
Class A(1)
|
725,000 | 11,968,021 | ||||||||
Wells Fargo &
Co.(1)
|
985,461 | 32,943,961 | ||||||||
$ | 75,307,906 | |||||||||
Communications Equipment 2.5% | ||||||||||
QUALCOMM,
Inc.(1)
|
445,000 | $ | 28,408,800 | |||||||
$ | 28,408,800 | |||||||||
Computers & Peripherals 1.4% | ||||||||||
Apple,
Inc.(1)(2)
|
28,000 | $ | 16,358,720 | |||||||
$ | 16,358,720 | |||||||||
Construction & Engineering 0.6% | ||||||||||
Vinci
SA(1)
|
150,000 | $ | 6,957,064 | |||||||
$ | 6,957,064 | |||||||||
Diversified Financial Services 5.6% | ||||||||||
Citigroup,
Inc.(1)
|
400,000 | $ | 13,216,000 | |||||||
Deutsche Boerse
AG(1)
|
390,000 | 24,487,664 | ||||||||
JPMorgan Chase &
Co.(1)
|
603,000 | 25,916,940 | ||||||||
$ | 63,620,604 | |||||||||
Diversified Telecommunication Services 9.2% | ||||||||||
BT Group
PLC(1)
|
4,423,881 | $ | 15,131,647 | |||||||
Koninklijke KPN
NV(1)
|
2,515,000 | 22,579,364 | ||||||||
Tele2 AB,
Class B(1)
|
1,280,000 | 24,349,588 | ||||||||
TeliaSonera
AB(1)
|
3,750,000 | 24,975,070 | ||||||||
Vivendi
SA(1)
|
1,000,000 | 18,496,548 | ||||||||
$ | 105,532,217 | |||||||||
Electric Utilities 3.6% | ||||||||||
E.ON AG(1)
|
400,000 | $ | 9,056,715 | |||||||
Edison
International(1)
|
350,000 | 15,403,500 | ||||||||
Fortum
Oyj(1)
|
791,000 | 17,014,036 | ||||||||
$ | 41,474,251 | |||||||||
Electrical Equipment 1.2% | ||||||||||
ABB,
Ltd.(1)(2)
|
740,000 | $ | 13,484,934 | |||||||
$ | 13,484,934 | |||||||||
Food & Staples Retailing 0.1% | ||||||||||
Casino Guichard-Perrachon
SA(2)
|
9,085 | $ | 892,592 | |||||||
$ | 892,592 | |||||||||
Food Products 1.9% | ||||||||||
Nestle
SA(1)
|
360,000 | $ | 22,064,131 | |||||||
$ | 22,064,131 | |||||||||
Health Care Providers & Services 4.3% | ||||||||||
Fresenius Medical Care AG & Co.
KGaA(1)
|
360,000 | $ | 25,564,263 | |||||||
UnitedHealth Group,
Inc.(1)
|
425,000 | 23,863,750 | ||||||||
$ | 49,428,013 | |||||||||
Hotels, Restaurants & Leisure 4.5% | ||||||||||
Carnival
Corp.(1)
|
450,000 | $ | 14,620,500 | |||||||
McDonalds
Corp.(1)
|
381,000 | 37,128,450 | ||||||||
$ | 51,748,950 | |||||||||
Industrial Conglomerates 1.0% | ||||||||||
Orkla
ASA(1)
|
1,600,000 | $ | 11,751,216 | |||||||
$ | 11,751,216 | |||||||||
Security | Shares | Value | ||||||||
Insurance 11.4% | ||||||||||
Aflac,
Inc.(1)
|
350,000 | $ | 15,764,000 | |||||||
MetLife,
Inc.(1)
|
750,000 | 27,022,500 | ||||||||
Old Mutual
PLC(1)
|
6,125,000 | 14,705,354 | ||||||||
Prudential Financial,
Inc.(1)
|
470,000 | 28,453,800 | ||||||||
Resolution,
Ltd.(1)
|
1,500,000 | 5,449,053 | ||||||||
Swiss Reinsurance Co.,
Ltd.(1)(2)
|
240,000 | 15,070,332 | ||||||||
Zurich Insurance Group
AG(1)(2)
|
95,000 | 23,275,260 | ||||||||
$ | 129,740,299 | |||||||||
IT Services 2.9% | ||||||||||
International Business Machines
Corp.(1)
|
160,000 | $ | 33,132,800 | |||||||
$ | 33,132,800 | |||||||||
Machinery 3.0% | ||||||||||
Deere &
Co.(1)
|
275,000 | $ | 22,649,000 | |||||||
PACCAR,
Inc.(1)
|
270,000 | 11,599,200 | ||||||||
$ | 34,248,200 | |||||||||
Media 1.1% | ||||||||||
Walt Disney Co.
(The)(1)
|
300,000 | $ | 12,933,000 | |||||||
$ | 12,933,000 | |||||||||
Metals & Mining 0.9% | ||||||||||
Freeport-McMoRan Copper & Gold,
Inc.(1)
|
275,000 | $ | 10,532,500 | |||||||
$ | 10,532,500 | |||||||||
Multi-Utilities 4.0% | ||||||||||
National Grid
PLC(1)
|
500,000 | $ | 5,399,264 | |||||||
RWE AG(1)
|
360,000 | 15,475,319 | ||||||||
Sempra
Energy(1)
|
215,000 | 13,919,100 | ||||||||
Veolia
Environnement(1)
|
780,000 | 11,420,507 | ||||||||
$ | 46,214,190 | |||||||||
Oil, Gas & Consumable Fuels 9.1% | ||||||||||
Chevron
Corp.(1)
|
345,000 | $ | 36,763,200 | |||||||
ConocoPhillips(1)
|
235,000 | 16,833,050 | ||||||||
ENI SpA(1)
|
740,000 | 16,442,658 | ||||||||
Marathon Oil
Corp.(1)
|
400,000 | 11,736,000 | ||||||||
Statoil
ASA(1)
|
600,000 | 16,099,424 | ||||||||
Total
SA(1)
|
125,000 | 6,000,450 | ||||||||
$ | 103,874,782 | |||||||||
Pharmaceuticals 5.3% | ||||||||||
Johnson &
Johnson(1)
|
200,000 | $ | 13,018,000 | |||||||
Pfizer,
Inc.(1)
|
835,000 | 19,146,550 | ||||||||
Sanofi
SA(1)
|
375,000 | 28,643,177 | ||||||||
$ | 60,807,727 | |||||||||
Real Estate Investment Trusts (REITs) 2.6% | ||||||||||
AvalonBay Communities,
Inc.(1)
|
206,322 | $ | 29,999,219 | |||||||
$ | 29,999,219 | |||||||||
Road & Rail 2.0% | ||||||||||
Union Pacific
Corp.(1)
|
208,000 | $ | 23,387,520 | |||||||
$ | 23,387,520 | |||||||||
Semiconductors & Semiconductor Equipment 3.5% | ||||||||||
Intel
Corp.(1)
|
900,000 | $ | 25,560,000 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
ADR(1)
|
908,343 | 14,151,984 | ||||||||
$ | 39,711,984 | |||||||||
Software 3.6% | ||||||||||
Microsoft
Corp.(1)
|
900,000 | $ | 28,818,000 | |||||||
Oracle
Corp.(1)
|
400,000 | 11,756,000 | ||||||||
$ | 40,574,000 | |||||||||
Specialty Retail 2.6% | ||||||||||
Hennes & Mauritz AB,
Class B(1)(2)
|
645,000 | $ | 22,116,156 | |||||||
Kingfisher
PLC(1)
|
1,500,000 | 7,073,935 | ||||||||
$ | 29,190,091 | |||||||||
Tobacco 2.6% | ||||||||||
British American Tobacco
PLC(1)
|
312,000 | $ | 16,002,324 | |||||||
Philip Morris International,
Inc.(1)
|
150,000 | 13,426,500 | ||||||||
$ | 29,428,824 | |||||||||
Water Utilities 1.1% | ||||||||||
United Utilities Group
PLC(1)
|
1,250,000 | $ | 12,542,563 | |||||||
$ | 12,542,563 | |||||||||
Wireless Telecommunication Services 1.1% | ||||||||||
Millicom International Cellular SA
SDR(1)
|
120,000 | $ | 12,700,891 | |||||||
$ | 12,700,891 | |||||||||
Total Common Stocks
|
||||||||||
(identified
cost $1,052,773,243)
|
$ | 1,246,081,245 | ||||||||
Preferred Stocks 20.7% | ||||||||||
Security | Shares | Value | ||||||||
Capital Markets 0.4% | ||||||||||
Charles Schwab Corp. (The),
7.00%(3)
|
3,715 | $ | 4,046,609 | |||||||
$ | 4,046,609 | |||||||||
Security | Shares | Value | ||||||||
Commercial Banks 9.8% | ||||||||||
Abbey National Capital Trust I,
8.963%(3)
|
5,378 | $ | 5,592,457 | |||||||
Bank of America Corp.,
8.125%(3)
|
6,053 | 6,506,462 | ||||||||
Barclays Bank PLC, 7.10%
|
172,631 | 4,270,891 | ||||||||
BNP Paribas,
7.195%(3)(4)
|
48.05 | 4,301,352 | ||||||||
Countrywide Capital V, 7.00%
|
71,000 | 1,691,220 | ||||||||
Deutsche Bank Contingent Capital Trust III, 7.60%
|
109,856 | 2,824,398 | ||||||||
Farm Credit Bank of Texas, Series 1, 10.00%
|
5,718 | 6,804,420 | ||||||||
First Niagara Financial Group, Inc., Series B,
8.625%(3)
|
167,620 | 4,750,351 | ||||||||
First Republic Bank, Series A, 6.70%
|
119,600 | 3,104,816 | ||||||||
HSBC Capital Funding LP,
10.176%(3)(4)
|
2,517 | 3,382,647 | ||||||||
JPMorgan Chase & Co., Series 1,
7.90%(3)
|
14,752 | 16,222,220 | ||||||||
KeyCorp, Series A, 7.75%
|
58,635 | 6,526,662 | ||||||||
Landsbanki Islands HF,
7.431%(2)(3)(4)(5)(6)
|
14,850 | 0 | ||||||||
Lloyds Banking Group PLC,
6.267%(3)(4)
|
6,481 | 4,180,245 | ||||||||
Lloyds Banking Group PLC,
6.657%(2)(3)(4)
|
9,897 | 6,680,475 | ||||||||
PNC Financial Services Group, Inc., Series O,
6.75%(3)
|
1,055 | 1,127,914 | ||||||||
PNC Financial Services Group, Inc., Series P,
6.125%(3)
|
202,500 | 5,123,250 | ||||||||
Royal Bank of Scotland Group PLC,
7.648%(3)
|
3,450 | 2,873,283 | ||||||||
Royal Bank of Scotland Group PLC, Series F, 7.65%
|
57,778 | 1,332,361 | ||||||||
Royal Bank of Scotland Group PLC, Series Q, 6.75%
|
17,600 | 306,592 | ||||||||
Royal Bank of Scotland Group PLC, Series S, 6.60%
|
78,150 | 1,336,365 | ||||||||
Standard Chartered PLC,
6.409%(3)(4)
|
31.97 | 2,998,666 | ||||||||
Standard Chartered PLC,
7.014%(3)(4)
|
53.47 | 5,240,786 | ||||||||
U.S. Bancorp, Series F,
6.50%(3)
|
137,214 | 3,731,054 | ||||||||
Wells Fargo & Co., Series L, 7.50%
|
9,040 | 10,125,071 | ||||||||
Zions Bancorporation, Series C, 9.50%
|
49,950 | 1,309,689 | ||||||||
$ | 112,343,647 | |||||||||
Consumer Finance 0.7% | ||||||||||
Ally Financial, Inc., Series A,
8.50%(3)
|
380,300 | $ | 8,557,701 | |||||||
$ | 8,557,701 | |||||||||
Diversified Financial Services 0.6% | ||||||||||
Citigroup Capital XI, 6.00%
|
169,580 | $ | 4,108,923 | |||||||
RBS Capital Funding Trust VII, Series G, 6.08%
|
166,895 | 2,378,254 | ||||||||
$ | 6,487,177 | |||||||||
Electric Utilities 1.6% | ||||||||||
Entergy Arkansas, Inc., 6.45%
|
54,000 | $ | 1,360,125 | |||||||
Entergy Louisiana, LLC, 6.95%
|
3,675 | 370,716 | ||||||||
NextEra Energy Capital Holdings, Inc., Series G, 5.70%
|
121,000 | 3,124,522 | ||||||||
Southern California Edison Co., Series C, 6.00%
|
10,307 | 1,032,955 | ||||||||
Southern California Edison Co., Series D, 6.50%
|
48,760 | 5,113,705 | ||||||||
Southern California Edison Co., Series E,
6.25%(3)
|
2,656 | 2,831,356 | ||||||||
Virginia Electric and Power Co., 6.12%
|
47 | 4,888,394 | ||||||||
$ | 18,721,773 | |||||||||
Food Products 0.9% | ||||||||||
Dairy Farmers of America,
7.875%(4)
|
86,230 | $ | 8,577,195 | |||||||
Ocean Spray Cranberries, Inc.,
6.25%(4)
|
12,750 | 1,145,109 | ||||||||
$ | 9,722,304 | |||||||||
Insurance 4.3% | ||||||||||
Aegon NV, 6.375%
|
110,238 | $ | 2,601,617 | |||||||
Allianz SE, 8.375%
|
34,080 | 902,057 | ||||||||
Arch Capital Group, Ltd., Series A, 8.00%
|
41,985 | 1,048,785 | ||||||||
Arch Capital Group, Ltd., Series C, 6.75%
|
199,000 | 5,124,748 | ||||||||
Aspen Insurance Holdings, Ltd., 7.25%
|
95,970 | 2,395,411 | ||||||||
Aspen Insurance Holdings, Ltd.,
7.401%(3)
|
47,350 | 1,203,637 | ||||||||
AXA SA,
6.379%(3)(4)
|
2,752 | 2,281,679 | ||||||||
Axis Capital Holdings, Ltd., Series C, 6.875%
|
178,060 | 4,620,657 | ||||||||
Endurance Specialty Holdings, Ltd., Series B, 7.50%
|
197,675 | 5,194,899 | ||||||||
Montpelier Re Holdings, Ltd., 8.875%
|
385,446 | 10,445,587 | ||||||||
PartnerRe, Ltd., Series E, 7.25%
|
167,646 | 4,449,325 | ||||||||
Prudential PLC, 6.50%
|
6,611 | 6,348,947 | ||||||||
RenaissanceRe Holdings, Ltd., Series D, 6.60%
|
50,855 | 1,279,003 | ||||||||
XLIT, Ltd., Series D,
3.586%(3)
|
1,935 | 1,359,458 | ||||||||
$ | 49,255,810 | |||||||||
Oil, Gas & Consumable Fuels 0.3% | ||||||||||
Nexen, Inc., 7.35%
|
123,200 | $ | 3,121,888 | |||||||
$ | 3,121,888 | |||||||||
Real Estate Investment Trusts (REITs) 1.7% | ||||||||||
CapLease, Inc., Series A, 8.125%
|
200,000 | $ | 5,000,000 | |||||||
Cedar Shopping Centers, Inc., Series A, 8.875%
|
123,300 | 3,150,315 | ||||||||
DDR Corp., Series H, 7.375%
|
115,250 | 2,889,318 | ||||||||
DDR Corp., Series I, 7.50%
|
117,000 | 2,939,040 | ||||||||
Regency Centers Corp., Series 6, 6.625%
|
81,140 | 2,073,127 | ||||||||
Sunstone Hotel Investors, Inc., Series A, 8.00%
|
24,800 | 610,080 | ||||||||
Sunstone Hotel Investors, Inc., Series D, 8.00%
|
129,500 | 3,221,312 | ||||||||
$ | 19,883,192 | |||||||||
Telecommunications 0.2% | ||||||||||
Centaur Funding Corp.,
9.08%(4)
|
1,968 | $ | 2,337,000 | |||||||
$ | 2,337,000 | |||||||||
Thrifts & Mortgage Finance 0.2% | ||||||||||
Elmira Savings Bank FSB (The),
8.998%(3)
|
2,545 | $ | 2,074,175 | |||||||
$ | 2,074,175 | |||||||||
Total Preferred Stocks
|
||||||||||
(identified cost $243,799,964)
|
$ | 236,551,276 | ||||||||
Corporate Bonds & Notes 6.2% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Commercial Banks 1.3% | ||||||||||
ABN Amro North American Holding Preferred Capital Repackage
Trust I, 6.523% to 11/8/12,
12/29/49(4)(7)
|
$ | 3,593 | $ | 3,233,700 | ||||||
Banco Industriale Comercial SA,
8.50%, 4/27/20(4)
|
1,050 | 1,088,504 | ||||||||
Capital One Capital III, 7.686% to 8/15/36,
8/1/66(7)
|
718 | 726,975 | ||||||||
Citigroup Capital III, 7.625%, 12/1/36
|
2,515 | 2,627,602 | ||||||||
Groupe BPCE, 12.50% to 9/30/19,
8/29/49(4)(7)
|
5,653 | 5,946,622 | ||||||||
Mellon Capital IV, 6.244% to 6/20/12,
6/29/49(7)
|
1,238 | 1,043,015 | ||||||||
SunTrust Preferred Capital I,
4.00%, 6/29/49(3)
|
400 | 288,140 | ||||||||
$ | 14,954,558 | |||||||||
Diversified Financial Services 1.2% | ||||||||||
GE Capital Trust I, 6.375% to 11/15/17,
11/15/67(7)
|
$ | 4,068 | $ | 4,169,700 | ||||||
HSBC Finance Capital Trust IX, 5.911% to 11/30/15,
11/30/35(7)
|
1,600 | 1,480,000 | ||||||||
Textron Financial Corp., 6.00% to 2/15/17,
2/15/67(4)(7)
|
7,240 | 5,538,600 | ||||||||
ZFS Finance USA Trust V, 6.50% to 5/9/17, 5/9/37,
5/9/67(4)(7)(8)
|
2,485 | 2,435,300 | ||||||||
$ | 13,623,600 | |||||||||
Electric Utilities 0.9% | ||||||||||
Energisa SA,
9.50%, 1/29/49(4)
|
$ | 2,300 | $ | 2,392,000 | ||||||
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17,
3/30/67(7)
|
8,600 | 8,522,772 | ||||||||
$ | 10,914,772 | |||||||||
Insurance 1.9% | ||||||||||
Allstate Corp. (The), 6.125% to 5/15/17, 5/15/37,
5/15/67(7)(8)
|
$ | 830 | $ | 816,513 | ||||||
MetLife, Inc., 10.75% to 8/1/34, 8/1/39,
8/1/69(7)(8)
|
5,460 | 7,616,700 | ||||||||
QBE Capital Funding II, LP, 6.797% to 6/1/17,
6/29/49(4)(7)
|
2,115 | 1,855,925 | ||||||||
QBE Capital Funding III, Ltd., 7.25% to 5/24/21,
5/24/41(4)(7)
|
1,513 | 1,386,613 | ||||||||
Swiss Re Capital I, LP, 6.854% to 5/25/16,
5/25/49(4)(7)
|
4,758 | 4,378,711 | ||||||||
XL Capital, Ltd., 6.50% to 4/15/17,
12/29/49(7)
|
6,821 | 5,712,587 | ||||||||
$ | 21,767,049 | |||||||||
Pipelines 0.9% | ||||||||||
Enterprise Products Operating, LLC, 7.00% to 6/1/17,
6/1/67(7)
|
$ | 2,920 | $ | 2,941,646 | ||||||
Southern Union Co.,
3.564%, 11/1/66(3)
|
8,685 | 7,371,394 | ||||||||
$ | 10,313,040 | |||||||||
Total Corporate Bonds &
Notes
|
||||||||||
(identified cost $69,831,022)
|
$ | 71,573,019 | ||||||||
Total Investments 135.9%
|
||||||||||
(identified
cost $1,366,404,229)
|
$ | 1,554,205,540 | ||||||||
Other Assets, Less
Liabilities (35.9)%
|
$ | (410,977,862 | ) | |||||||
Net Assets 100.0%
|
$ | 1,143,227,678 | ||||||||
ADR
|
- American Depositary Receipt
|
|
SDR
|
- Swedish Depositary Receipt
|
(1) | Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement. | |
(2) | Non-income producing security. | |
(3) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2012. | |
(4) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At April 30, 2012, the aggregate value of these securities is $69,381,129 or 6.1% of the Funds net assets. | |
(5) | Defaulted security. | |
(6) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9). | |
(7) | Security converts to floating rate after the indicated fixed-rate coupon period. | |
(8) | The maturity dates shown are the scheduled maturity date and final maturity date, respectively. The scheduled maturity date is earlier than the final maturity date due to the possibility of earlier repayment. |
Country Concentration of Portfolio | ||||||||||
Percentage of |
||||||||||
Country | Total Investments | Value | ||||||||
United States
|
57.2 | % | $ | 889,629,075 | ||||||
Sweden
|
7.7 | 120,038,608 | ||||||||
Germany
|
6.5 | 100,107,801 | ||||||||
United Kingdom
|
5.8 | 90,230,824 | ||||||||
France
|
5.2 | 80,638,639 | ||||||||
Switzerland
|
5.0 | 78,273,368 | ||||||||
Bermuda
|
2.3 | 35,762,052 | ||||||||
Norway
|
2.2 | 34,317,682 | ||||||||
Netherlands
|
2.1 | 32,397,664 | ||||||||
Belgium
|
1.7 | 25,947,174 | ||||||||
Finland
|
1.1 | 17,014,036 | ||||||||
Italy
|
1.1 | 16,442,658 | ||||||||
Taiwan
|
0.9 | 14,151,984 | ||||||||
Cayman Islands
|
0.6 | 9,409,045 | ||||||||
Brazil
|
0.2 | 3,480,504 | ||||||||
Australia
|
0.2 | 3,242,538 | ||||||||
Canada
|
0.2 | 3,121,888 | ||||||||
Iceland
|
0.0 | 0 | ||||||||
Total Investments
|
100.0 | % | $ | 1,554,205,540 | ||||||
Assets | April 30, 2012 | |||||
Unaffiliated investments, at value (identified cost,
$1,366,404,229)
|
$ | 1,554,205,540 | ||||
Cash
|
459,350 | |||||
Foreign currency, at value (identified cost, $4,587,950)
|
4,632,899 | |||||
Dividends and interest receivable
|
7,212,490 | |||||
Interest receivable from affiliated investment
|
435 | |||||
Tax reclaims receivable
|
4,012,060 | |||||
Total assets
|
$ | 1,570,522,774 | ||||
Liabilities | ||||||
Notes payable
|
$ | 425,000,000 | ||||
Payable for investments purchased
|
891,498 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
1,091,568 | |||||
Trustees fees
|
5,085 | |||||
Accrued expenses
|
306,945 | |||||
Total liabilities
|
$ | 427,295,096 | ||||
Net assets
|
$ | 1,143,227,678 | ||||
Sources of Net Assets | ||||||
Common shares, $0.01 par value, unlimited number of shares
authorized, 76,300,214 shares issued and outstanding
|
$ | 763,002 | ||||
Additional paid-in capital
|
1,447,517,855 | |||||
Accumulated net realized loss
|
(494,464,869 | ) | ||||
Accumulated undistributed net investment income
|
1,318,930 | |||||
Net unrealized appreciation
|
188,092,760 | |||||
Net assets
|
$ | 1,143,227,678 | ||||
Net Asset Value ($1,143,227,678
¸
76,300,214 common shares issued and outstanding)
|
$ | 14.98 | ||||
Six Months Ended |
||||||
Investment Income | April 30, 2012 | |||||
Dividends (net of foreign taxes, $2,887,718)
|
$ | 46,508,696 | ||||
Interest
|
2,660,601 | |||||
Interest income allocated from affiliated investment
|
11,104 | |||||
Expenses allocated from affiliated investment
|
(1,733 | ) | ||||
Total investment income
|
$ | 49,178,668 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 6,484,041 | ||||
Trustees fees and expenses
|
31,386 | |||||
Custodian fee
|
225,670 | |||||
Transfer and dividend disbursing agent fees
|
10,084 | |||||
Legal and accounting services
|
196,469 | |||||
Printing and postage
|
138,621 | |||||
Interest expense and fees
|
2,708,662 | |||||
Miscellaneous
|
70,396 | |||||
Total expenses
|
$ | 9,865,329 | ||||
Deduct
|
||||||
Reduction of investment adviser fee
|
$ | 183,171 | ||||
Reduction of custodian fee
|
16 | |||||
Total expense reductions
|
$ | 183,187 | ||||
Net expenses
|
$ | 9,682,142 | ||||
Net investment income
|
$ | 39,496,526 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 61,258,419 | ||||
Investment transactions allocated from affiliated investment
|
284 | |||||
Foreign currency transactions
|
(229,119 | ) | ||||
Net realized gain
|
$ | 61,029,584 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (7,509,055 | ) | |||
Foreign currency
|
(7,490 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | (7,516,545 | ) | |||
Net realized and unrealized gain
|
$ | 53,513,039 | ||||
Net increase in net assets from operations
|
$ | 93,009,565 | ||||
Six Months Ended |
||||||||||
April 30, 2012 |
Year Ended |
|||||||||
Increase (Decrease) in Net Assets | (Unaudited) | October 31, 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 39,496,526 | $ | 101,738,004 | ||||||
Net realized gain from investment and foreign currency
transactions
|
61,029,584 | 81,036,832 | ||||||||
Net change in unrealized appreciation (depreciation) from
investments and foreign currency
|
(7,516,545 | ) | (147,536,591 | ) | ||||||
Net increase in net assets from operations
|
$ | 93,009,565 | $ | 35,238,245 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
$ | (46,924,632 | ) | $ | (93,849,263 | ) | ||||
Total distributions
|
$ | (46,924,632 | ) | $ | (93,849,263 | ) | ||||
Net increase (decrease) in net assets
|
$ | 46,084,933 | $ | (58,611,018 | ) | |||||
Net Assets | ||||||||||
At beginning of period
|
$ | 1,097,142,745 | $ | 1,155,753,763 | ||||||
At end of period
|
$ | 1,143,227,678 | $ | 1,097,142,745 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of period
|
$ | 1,318,930 | $ | 8,747,036 | ||||||
Six Months Ended |
||||||
Cash Flows From Operating Activities | April 30, 2012 | |||||
Net increase in net assets from operations
|
$ | 93,009,565 | ||||
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
||||||
Investments purchased
|
(840,879,564 | ) | ||||
Investments sold
|
823,507,738 | |||||
Decrease in short-term investments, net
|
11,352,616 | |||||
Net amortization/accretion of premium (discount)
|
27,429 | |||||
Increase in dividends and interest receivable
|
(4,529,149 | ) | ||||
Decrease in interest receivable from affiliated investment
|
1,020 | |||||
Decrease in receivable for investments sold
|
34,184,410 | |||||
Increase in tax reclaims receivable
|
(142,097 | ) | ||||
Decrease in payable for investments purchased
|
(15,072,350 | ) | ||||
Increase in payable to affiliate for investment adviser fee
|
91,488 | |||||
Increase in payable to affiliate for Trustees fees
|
877 | |||||
Increase in accrued expenses
|
4,517 | |||||
Net change in unrealized (appreciation) depreciation from
investments
|
7,509,055 | |||||
Net realized gain from investments
|
(61,258,419 | ) | ||||
Net cash provided by operating activities
|
$ | 47,807,136 | ||||
Cash Flows From Financing Activities | ||||||
Distributions paid, net of reinvestments
|
$ | (46,924,632 | ) | |||
Net cash used in financing activities
|
$ | (46,924,632 | ) | |||
Net increase in cash*
|
$ | 882,504 | ||||
Cash at beginning of
period(1)
|
$ | 4,209,745 | ||||
Cash at end of
period(1)
|
$ | 5,092,249 | ||||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest and fees on borrowings
|
$ | 2,706,943 | ||||
(1) | Balance includes foreign currency, at value. | |
* | Includes net change in unrealized appreciation (depreciation) on foreign currency of $44,949. |
Six Months Ended |
Year Ended October 31, | |||||||||||||||||||||||||
April 30, 2012 |
||||||||||||||||||||||||||
(Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
Net asset value Beginning of period (Common shares)
|
$ | 14.380 | $ | 15.150 | $ | 13.890 | $ | 14.340 | $ | 31.370 | $ | 26.210 | ||||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.518 | $ | 1.333 | $ | 1.242 | $ | 1.114 | $ | 2.320 | $ | 2.102 | ||||||||||||||
Net realized and unrealized gain (loss)
|
0.697 | (0.873) | 1.248 | (0.108) | (17.421) | 5.158 | ||||||||||||||||||||
Distributions to preferred shareholders
|
||||||||||||||||||||||||||
From net investment income
|
| | | | (0.203) | (0.468 | ) | |||||||||||||||||||
Total income (loss) from operations
|
$ | 1.215 | $ | 0.460 | $ | 2.490 | $ | 1.006 | $ | (15.304) | $ | 6.792 | ||||||||||||||
Less Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income
|
$ | (0.615) | $ | (1.230) | $ | (1.230) | $ | (1.456) | $ | (1.726) | $ | (1.632 | ) | |||||||||||||
Total distributions to common shareholders
|
$ | (0.615) | $ | (1.230) | $ | (1.230) | $ | (1.456) | $ | (1.726) | $ | (1.632 | ) | |||||||||||||
Net asset value End of period (Common shares)
|
$ | 14.980 | $ | 14.380 | $ | 15.150 | $ | 13.890 | $ | 14.340 | $ | 31.370 | ||||||||||||||
Market value End of period (Common shares)
|
$ | 14.460 | $ | 13.340 | $ | 14.340 | $ | 12.550 | $ | 12.300 | $ | 28.300 | ||||||||||||||
Total Investment Return on Net Asset
Value(2)
|
9.01 | %(3) | 3.45 | % | 19.46 | % | 11.37 | % | (50.33) | % | 27.22 | % | ||||||||||||||
Total Investment Return on Market
Value(2)
|
13.43 | %(3) | 1.39 | % | 25.06 | % | 17.40 | % | (52.78) | % | 21.83 | % | ||||||||||||||
Six Months Ended |
Year Ended October 31, | |||||||||||||||||||||||||
April 30, 2012 |
||||||||||||||||||||||||||
Ratios/Supplemental Data | (Unaudited) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Net assets applicable to common shares, end of period
(000s omitted)
|
$ | 1,143,228 | $ | 1,097,143 | $ | 1,155,754 | $ | 1,059,505 | $ | 1,093,466 | $ | 2,392,750 | ||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common
shares):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and
fees(5)
|
1.26 | %(6) | 1.17 | % | 1.10 | % | 1.07 | % | 1.03 | % | 1.04 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.49 | %(6) | 0.38 | % | 0.41 | % | 0.87 | % | 0.65 | % | | |||||||||||||||
Total
expenses(5)
|
1.75 | %(6) | 1.55 | % | 1.51 | % | 1.94 | % | 1.68 | % | 1.04 | % | ||||||||||||||
Net investment income
|
7.15 | %(6) | 8.69 | % | 8.71 | % | 9.06 | % | 9.25 | % | 7.30 | % | ||||||||||||||
Portfolio Turnover
|
55 | %(3) | 95 | % | 103 | % | 87 | % | 82 | % | 35 | % | ||||||||||||||
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares and borrowings,
are as follows:
|
||||||||||||||||||||||||||
Ratios (as a percentage of average daily net assets applicable
to common shares plus preferred shares and
borrowings):(4)
|
||||||||||||||||||||||||||
Expenses excluding interest and
fees(5)
|
0.92 | %(6) | 0.87 | % | 0.84 | % | 0.77 | % | 0.75 | % | 0.77 | % | ||||||||||||||
Interest and fee
expense(7)
|
0.35 | %(6) | 0.28 | % | 0.31 | % | 0.62 | % | 0.47 | % | | |||||||||||||||
Total
expenses(5)
|
1.27 | %(6) | 1.15 | % | 1.15 | % | 1.39 | % | 1.22 | % | 0.77 | % | ||||||||||||||
Net investment income
|
5.17 | %(6) | 6.45 | % | 6.63 | % | 6.48 | % | 6.70 | % | 5.44 | % | ||||||||||||||
Senior Securities:
|
||||||||||||||||||||||||||
Total notes payable outstanding (in 000s)
|
$ | 425,000 | $ | 425,000 | $ | 402,000 | $ | 339,000 | $ | 499,000 | $ | | ||||||||||||||
Asset coverage per $1,000 of notes
payable(8)
|
$ | 3,690 | $ | 3,582 | $ | 3,875 | $ | 4,125 | $ | 3,191 | $ | | ||||||||||||||
Total preferred shares outstanding
|
| (9) | | (9) | | (9) | | (9) | | (9) | 30,000 | |||||||||||||||
Asset coverage per preferred
share(10)
|
$ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | 104,767 | |||||||||
Involuntary liquidation preference per preferred
share(11)
|
$ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | 25,000 | |||||||||
Approximate market value per preferred
share(11)
|
$ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | | (9) | $ | 25,000 | |||||||||
(1) | Computed using average common shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. | |
(3) | Not annualized. | |
(4) | Ratios do not reflect the effect of dividend payments to preferred shareholders. | |
(5) | Excludes the effect of custody fee credits, if any, of less than 0.005%. | |
(6) | Annualized. | |
(7) | Interest and fee expense relates to the notes payable incurred to redeem the Funds preferred shares (see Note 7). | |
(8) | Calculated by subtracting the Funds total liabilities (not including the notes payable) from the Funds total assets, and dividing the result by the notes payable balance in thousands. | |
(9) | The Funds preferred shares were fully redeemed during the year ended October 31, 2008. | |
(10) | Calculated by subtracting the Funds total liabilities (not including the preferred shares) from the Funds total assets, and dividing the result by the number of preferred shares outstanding. | |
(11) | Plus accumulated and unpaid dividends. |
Aggregate cost
|
$ | 1,366,564,757 | ||||
Gross unrealized appreciation
|
$ | 242,780,398 | ||||
Gross unrealized depreciation
|
(55,139,615 | ) | ||||
Net unrealized appreciation
|
$ | 187,640,783 | ||||
| Level 1 quoted prices in active markets for identical investments |
| Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 significant unobservable inputs (including a funds own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks
|
||||||||||||||||||
Consumer Discretionary
|
$ | 79,345,950 | $ | 29,190,091 | $ | | $ | 108,536,041 | ||||||||||
Consumer Staples
|
39,373,674 | 38,959,047 | | 78,332,721 | ||||||||||||||
Energy
|
65,332,250 | 38,542,532 | | 103,874,782 | ||||||||||||||
Financials
|
179,824,920 | 125,351,608 | | 305,176,528 | ||||||||||||||
Health Care
|
56,028,300 | 54,207,440 | | 110,235,740 | ||||||||||||||
Industrials
|
87,555,854 | 18,708,280 | | 106,264,134 | ||||||||||||||
Information Technology
|
158,186,304 | | | 158,186,304 | ||||||||||||||
Materials
|
38,897,600 | 18,113,283 | | 57,010,883 | ||||||||||||||
Telecommunication Services
|
| 118,233,108 | | 118,233,108 | ||||||||||||||
Utilities
|
29,322,600 | 70,908,404 | | 100,231,004 | ||||||||||||||
Total Common Stocks
|
$ | 733,867,452 | $ | 512,213,793 | * | $ | | $ | 1,246,081,245 | |||||||||
Preferred Stocks
|
||||||||||||||||||
Consumer Staples
|
$ | | $ | 9,722,304 | $ | | $ | 9,722,304 | ||||||||||
Energy
|
3,121,888 | | | 3,121,888 | ||||||||||||||
Financials
|
101,163,819 | 101,484,492 | 0 | 202,648,311 | ||||||||||||||
Telecommunication Services
|
| 2,337,000 | | 2,337,000 | ||||||||||||||
Utilities
|
| 18,721,773 | | 18,721,773 | ||||||||||||||
Total Preferred Stocks
|
$ | 104,285,707 | $ | 132,265,569 | $ | 0 | $ | 236,551,276 | ||||||||||
Corporate Bonds & Notes
|
$ | | $ | 71,573,019 | $ | | $ | 71,573,019 | ||||||||||
Total
|
$ | 838,153,159 | $ | 716,052,381 | $ | 0 | $ | 1,554,205,540 | ||||||||||
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
| An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds; | |
| An independent report comparing each funds total expense ratio and its components to comparable funds; | |
| An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; | |
| Profitability analyses for each adviser with respect to each fund; |
| Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel; | |
| Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the funds policies with respect to soft dollar arrangements; | |
| Data relating to portfolio turnover rates of each fund; | |
| The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes; | |
| Information about each advisers processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading; |
| Reports detailing the financial results and condition of each adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; | |
| Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of each advisers policies and procedures relating to proxy voting, the handling of corporate actions and class actions; | |
| Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions; | |
| Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates; | |
| A description of Eaton Vance Managements procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds administrator; and | |
| The terms of each advisory agreement. |
Officers of Eaton Vance Tax-Advantaged Global Dividend Income Fund | ||
Judith A. Saryan
President Duncan W. Richardson Vice President Barbara E. Campbell Treasurer |
Maureen A. Gemma
Vice President, Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer |
Trustees of Eaton Vance Tax-Advantaged Global Dividend Income Fund | ||
Ralph F. Verni
Chairman Scott E. Eston Benjamin C. Esty Thomas E. Faust Jr.* Allen R. Freedman |
William H. Park
Ronald A. Pearlman Helen Frame Peters Lynn A. Stout Harriett Tee Taggart |
* | Interested Trustee |
| Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions. |
| None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers. |
| Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information. |
| We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
2051-6/12 | CE-TAGDISRC |
(a)(1)
|
Registrants Code of Ethics Not applicable (please see Item 2). | |
(a)(2)(i)
|
Treasurers Section 302 certification. | |
(a)(2)(ii)
|
Presidents Section 302 certification. | |
(b)
|
Combined Section 906 certification. |
By: | /s/ Judith A. Saryan | |||
Judith A. Saryan | ||||
President |
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer |
By: | /s/ Judith A. Saryan | |||
Judith A. Saryan | ||||
President |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell | ||||
Treasurer |
/s/ Judith A. Saryan | ||||
Judith A. Saryan | ||||
President |
(a) | The Semi-Annual Report of the Fund on Form N-CSR for the period ended April 30, 2012 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | |
(b) | The information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period. |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell | ||||
Treasurer |
/s/ Judith A. Saryan | ||||
Judith A. Saryan | ||||
President | ||||
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