Eaton Vance
High Yield Municipal Income Fund Annual Report January 31, 2011 |
Table of Contents | ||||
Managements Discussion of Fund Performance |
2 | |||
Performance Information |
4 | |||
Portfolio Composition |
5 | |||
Endnotes and Additional Disclosures |
6 | |||
Fund Expenses |
7 | |||
Financial Statements |
8 | |||
Federal Tax Information |
37 | |||
Board of Trustees Contract Approval |
38 | |||
Management and Organization |
43 | |||
Important Notices |
47 |
2
Total Return Performance at Net Asset Value (NAV) 1/31/10 1/31/11 | ||||
Class A3 |
-0.35 | % | ||
Class B3 |
-1.09 | |||
Class C3 |
-1.02 | |||
Class I3 |
-0.12 | |||
Barclays Capital Municipal Bond Index1 |
1.10 | * | ||
Barclays Capital High Yield Long (22+) Municipal Bond Index1 |
3.04 | * | ||
Lipper High Yield Municipal Debt Funds Average1 |
0.85 | * | ||
See page 4 for more performance information. | ||
* Source: Bloomberg L.P.; Lipper |
3
Class A | Class B | Class C | Class I | |||||||||||||
Symbol | ETHYX | EVHYX | ECHYX | EIHYX | ||||||||||||
Inception Dates | 8/7/95 | 8/7/95 | 6/18/97 | 5/9/07 | ||||||||||||
Average Annual Total Returns at NAV |
||||||||||||||||
One Year |
-0.35 | % | -1.09 | % | -1.02 | % | -0.12 | % | ||||||||
Five Years |
-0.83 | -1.56 | -1.54 | N.A. | ||||||||||||
10 Years |
3.21 | 2.46 | 2.46 | N.A. | ||||||||||||
Since Inception |
4.22 | 3.42 | 2.48 | -3.56 | ||||||||||||
SEC Average Annual Total Returns with maximum sales charge | ||||||||||||||||
One Year |
-5.04 | % | -5.78 | % | -1.96 | % | -0.12 | % | ||||||||
Five Years |
-1.79 | -1.87 | -1.54 | N.A. | ||||||||||||
10 Years |
2.70 | 2.46 | 2.46 | N.A. | ||||||||||||
Since Inception |
3.89 | 3.42 | 2.48 | -3.56 | ||||||||||||
Maximum Sales Charge |
4.75 | % | 5.00 | % | 1.00 | % | N.A. | |||||||||
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class A |
1/31/01 | $ | 13,712 | $ | 13,059 | |||||||
Class C |
1/31/01 | $ | 12,749 | $ | 12,749 | |||||||
Class I |
5/9/07 | $ | 8,733 | $ | 8,733 |
4
Total Annual Operating Expense Ratios5 | Class A | Class B | Class C | Class I | ||||||||||||
1.11 | % | 1.87 | % | 1.86 | % | 0.85 | % | |||||||||
Distribution Rates/Yields | Class A | Class B | Class C | Class I | ||||||||||||
Distribution Rate6 |
6.71 | % | 5.93 | % | 5.93 | % | 6.81 | % | ||||||||
Taxable-Equivalent Distribution Rate6,7 |
10.32 | 9.12 | 9.12 | 10.48 | ||||||||||||
SEC 30-day Yield8 |
5.89 | 5.43 | 5.43 | 6.44 | ||||||||||||
Taxable-Equivalent SEC 30-day Yield7,8 |
9.06 | 8.35 | 8.35 | 9.91 | ||||||||||||
Total Leverage2 | ||||||||
RIB Leverage |
12.75 | % |
Relative Performance 1/31/10 - 1/31/111 | ||||||||
Barclays Capital Municipal Bond Index |
1.10 | %* | ||||||
Barclays Capital High Yield Long (22+) Municipal Bond Index |
3.04 | * | ||||||
Lipper High Yield Municipal Debt Funds Classification |
0.85 | * | ||||||
* Source: Bloomberg L.P.; Lipper |
| The rating distribution bar chart includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Funds financial statements. Absent such securities, the Funds rating distribution as of 1/31/11 is as follows: |
AAA |
7.3 | % | B | 6.6 | ||||||||||||
AA |
17.6 | CCC | 4.2 | |||||||||||||
A |
9.6 | C | 0.3 | |||||||||||||
BBB |
28.6 | Not Rated | 20.0 | |||||||||||||
BB |
5.8 | |||||||||||||||
5
1. | It is not possible to invest directly in an Index or a Lipper Classification. Total returns shown for an Index do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. Index performance is available as of month end only. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital High Yield Long (22+) Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities of 22 years or more. The Lipper Average is the average annual total return, at NAV, of the funds that are in the same Lipper Classification as the Fund. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. |
2. | The Fund employs residual interest bond (RIB) financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV). See Note 1I to the financial statements for more information on RIB investments. RIB leverage represents the amount of Floating Rate Notes outstanding as of 1/31/11 as a percentage of the Funds net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions. |
3. | Average Annual Total Returns are shown at NAV and do not include applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable contingent deferred sales charges (CDSC) based on the following schedule: 5% 1st and 2nd years; 4% 3rd year; 3% 4th year; 2% 5th year; 1% 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at NAV. |
4. | The hypothetical performance in the line graph and the total returns in the table do not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares. |
5. | Source: Prospectus dated 6/1/10, as supplemented or revised. Expense Ratio includes interest expense of 0.11% relating to the Funds liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result, NAV and performance have not been affected by this expense. |
6. | Fund distribution rates represent actual distributions paid to shareholders and are calculated by dividing the last regular distribution per share in the period (annualized) by the NAV at the end of the period. |
7. | Taxable-equivalent figures assume a maximum 35.00% federal income tax rate. A lower tax rate would result in lower tax-equivalent figures. |
8. | Fund SEC 30-day yields are calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. |
9. | Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
6
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period* |
||||||||||||
(8/1/10) | (1/31/11) | (8/1/10 1/31/11) | ||||||||||||
Actual
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 947.10 | $ | 5.50 | ||||||||
Class B
|
$ | 1,000.00 | $ | 944.40 | $ | 9.16 | ||||||||
Class C
|
$ | 1,000.00 | $ | 943.60 | $ | 9.16 | ||||||||
Class I
|
$ | 1,000.00 | $ | 948.20 | $ | 4.22 | ||||||||
Hypothetical
|
||||||||||||||
(5% return per year before expenses)
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,019.60 | $ | 5.70 | ||||||||
Class B
|
$ | 1,000.00 | $ | 1,015.80 | $ | 9.50 | ||||||||
Class C
|
$ | 1,000.00 | $ | 1,015.80 | $ | 9.50 | ||||||||
Class I
|
$ | 1,000.00 | $ | 1,020.90 | $ | 4.38 |
* | Expenses are equal to the Funds annualized expense ratio of 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares and 0.86% for Class I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2010. |
Tax-Exempt Investments 111.8% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Cogeneration 1.6% | ||||||||||
Maryland Energy Financing Administration, (AES Warrior Run),
(AMT), 7.40%, 9/1/19
|
$ | 7,000 | $ | 6,998,740 | ||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13
|
900 | 547,767 | ||||||||
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15
|
1,400 | 1,300,376 | ||||||||
Western Generation Agency, OR, (Wauna Cogeneration),
5.00%, 1/1/21
|
465 | 409,721 | ||||||||
$ | 9,256,604 | |||||||||
Education 7.0% | ||||||||||
California Educational Facilities Authority, (Stanford
University),
5.25%, 12/1/32(1)
|
$ | 12,000 | $ | 12,235,440 | ||||||
California Educational Facilities Authority, (University of
Southern California), 4.50%, 10/1/33
|
4,365 | 3,888,648 | ||||||||
Connecticut Health and Educational Facilities Authority, (Yale
University), 5.00%, 7/1/40
|
2,090 | 2,120,305 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Washington Christian Academy),
5.50%, 7/1/38(2)
|
800 | 319,992 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.50%, 11/15/36
|
12,625 | 13,373,536 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34(1)
|
10,000 | 9,992,700 | ||||||||
$ | 41,930,621 | |||||||||
Electric Utilities 3.4% | ||||||||||
Brazos River Authority, TX, Pollution Control Revenue, (Texas
Energy Co.), (AMT), 8.25%, 5/1/33
|
$ | 3,570 | $ | 1,333,645 | ||||||
Hawaii Department of Budget and Finance, (Hawaiian Electric
Co.), 6.50%, 7/1/39
|
5,380 | 5,380,323 | ||||||||
Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36
|
8,950 | 7,957,176 | ||||||||
Matagorda County, TX, Navigation District No. 1, (Reliant
Energy), (AMT), 5.95%, 5/1/30
|
3,965 | 3,637,491 | ||||||||
Pima County, AZ, Industrial Development Authority, (Tucson
Electric Power Co.), 5.25%, 10/1/40
|
2,420 | 2,154,405 | ||||||||
$ | 20,463,040 | |||||||||
Escrowed / Prerefunded 0.4% | ||||||||||
Dawson Ridge, CO, Metropolitan District No. 1, Escrowed to
Maturity, 0.00%, 10/1/22
|
$ | 3,500 | $ | 2,171,925 | ||||||
$ | 2,171,925 | |||||||||
General Obligations 1.8% | ||||||||||
Frisco, TX, Independent School District, (PSF Guaranteed),
5.00%, 8/15/27(3)
|
$ | 2,000 | $ | 2,055,900 | ||||||
Frisco, TX, Independent School District, (PSF Guaranteed),
5.00%, 8/15/31(3)
|
2,000 | 2,026,480 | ||||||||
Port Authority of Houston, TX, Harris County, (AMT),
5.625%, 10/1/38(1)
|
6,480 | 6,563,916 | ||||||||
$ | 10,646,296 | |||||||||
Health Care Miscellaneous 1.9% | ||||||||||
Illinois Development Finance Authority, (Community
Rehabilitation Providers), 5.60%, 7/1/19
|
$ | 2,095 | $ | 1,875,025 | ||||||
Osceola County, FL, Industrial Development Authority, (Community
Provider Pooled Loan), 7.75%, 7/1/17
|
412 | 402,887 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
6.75%, 12/1/36(4)
|
825 | 847,947 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
7.75%, 12/1/36(4)
|
770 | 790,868 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
7.90%, 12/1/36(4)
|
646 | 663,710 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Health Care
Miscellaneous (continued)
|
||||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.25%, 12/1/36(4)
|
$ | 121 | $ | 124,952 | ||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.375%, 12/1/36(4)
|
276 | 283,987 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.50%, 12/1/36(4)
|
764 | 786,556 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.70%, 12/1/36(4)
|
320 | 329,596 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.81%, 9/1/36(4)
|
640 | 654,936 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.875%, 12/1/36(4)
|
192 | 198,321 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
Series 2,
7.00%, 12/1/36(4)
|
426 | 437,422 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
Series 3,
7.00%, 12/1/36(4)
|
352 | 361,806 | ||||||||
Yavapai County, AZ, Industrial Development Authority, (West
Yavapai Guidance Clinic), 6.25%, 12/1/36
|
4,285 | 3,536,625 | ||||||||
$ | 11,294,638 | |||||||||
Hospital 17.8% | ||||||||||
California Statewide Communities Development Authority, (Sutter
Health), 5.25%, 11/15/48
|
$ | 9,825 | $ | 8,384,458 | ||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
8,300 | 6,830,734 | ||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
|
1,640 | 1,485,512 | ||||||||
Chautauqua County, NY, Industrial Development Agency,
(Womens Christian Association), 6.40%, 11/15/29
|
2,175 | 2,082,301 | ||||||||
Colorado Health Facilities Authority, (Catholic Health
Initiatives), 4.625%, 9/1/39
|
3,245 | 2,667,033 | ||||||||
Fairfax County, VA, Industrial Development Authority, (Inova
Health System),
5.50%, 5/15/35(1)
|
4,770 | 4,779,015 | ||||||||
Gaylord, MI, Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
|
905 | 773,703 | ||||||||
Gaylord, MI, Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
|
875 | 699,694 | ||||||||
Hawaii Pacific Health Special Purpose Revenue, 5.50%, 7/1/40
|
6,615 | 5,783,031 | ||||||||
Illinois Finance Authority, (Provena Healthcare),
7.75%, 8/15/34
|
6,340 | 6,763,068 | ||||||||
Johnson City, TN, Health & Educational Facilities
Board, (Mountain States Health Alliance), 6.00%, 7/1/38
|
3,335 | 3,063,031 | ||||||||
Knox County, TN, Health, Educational & Housing
Facilities, (Covenant Health), 0.00%, 1/1/40
|
12,870 | 1,908,235 | ||||||||
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38
|
5,810 | 4,824,450 | ||||||||
Monroe County, PA, Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
4,500 | 3,875,220 | ||||||||
Montgomery, AL, Medical Clinic Board, (Jackson
Hospital & Clinic), 4.75%, 3/1/31
|
1,600 | 1,313,216 | ||||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center),
5.00%, 7/1/36(1)
|
7,470 | 7,270,551 | ||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
3,190 | 3,014,518 | ||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
3,750 | 3,447,975 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Hospital (continued)
|
||||||||||
Oneida County, NY, Industrial Development Agency, (Elizabeth
Medical Center), 6.00%, 12/1/29
|
$ | 2,560 | $ | 2,280,371 | ||||||
South Lake County, FL, Hospital District, (South Lake Hospital),
6.25%, 4/1/39
|
3,065 | 2,980,866 | ||||||||
Sullivan County, TN, Health, Educational and Facilities Board,
(Wellmont Health System), 5.25%, 9/1/36
|
5,735 | 4,865,345 | ||||||||
Sullivan County, TN, Health, Educational and Facilities Board,
(Wellmont Health System), Variable Rate,
5.44%, 9/1/32(5)
|
2,695 | 2,315,005 | ||||||||
Vermont Educational and Health Buildings Financing Agency,
(Fletcher Allen Healthcare), 4.75%, 12/1/36
|
20,170 | 16,053,909 | ||||||||
Wisconsin Health and Educational Facilities Authority, (Vernon
Memorial Healthcare, Inc.), 5.10%, 3/1/25
|
1,400 | 1,235,864 | ||||||||
Wisconsin Health and Educational Facilities Authority, (Vernon
Memorial Healthcare, Inc.), 5.25%, 3/1/35
|
2,800 | 2,303,392 | ||||||||
Wisconsin Health and Educational Facilities Authority, (Wheaton
Franciscan Healthcare), 5.25%, 8/15/31
|
5,650 | 4,895,612 | ||||||||
$ | 105,896,109 | |||||||||
Housing 3.7% | ||||||||||
Charter Mac Equity Trust, TN,
6.00%, 5/15/19(4)
|
$ | 4,000 | $ | 4,161,640 | ||||||
Jefferson County, MO, Industrial Development Authority, MFMR,
(Riverview Bend Apartments), (AMT), 6.75%, 11/1/29
|
1,590 | 1,449,205 | ||||||||
Jefferson County, MO, Industrial Development Authority, MFMR,
(Riverview Bend Apartments), (AMT), 7.125%, 11/1/29
|
420 | 378,655 | ||||||||
Muni Mae Tax-Exempt Bond, LLC,
5.90%, 11/29/49(4)
|
4,000 | 2,199,880 | ||||||||
Muni Mae Tax-Exempt Bond, LLC,
7.50%, 6/30/49(4)
|
3,674 | 3,416,953 | ||||||||
Oregon Health Authority, (Trillium Affordable Housing), (AMT),
6.75%, 2/15/29
|
2,810 | 2,511,831 | ||||||||
Oregon Health Authority, (Trillium Affordable Housing),
Series B, (AMT), 6.75%, 2/15/29
|
1,250 | 1,043,025 | ||||||||
Texas Student Housing Corp., (University of North Texas),
9.375%, 7/1/49(2)
|
860 | 514,719 | ||||||||
Texas Student Housing Corp., (University of North Texas),
11.00%, 7/1/31(2)
|
2,000 | 1,197,020 | ||||||||
Virginia Housing Development Authority, (AMT),
5.20%, 10/1/26(1)
|
4,265 | 4,265,512 | ||||||||
Virginia Housing Development Authority, (AMT), Variable Rate,
19.325%, 10/1/35(4)(6)(7)
|
1,300 | 1,162,135 | ||||||||
$ | 22,300,575 | |||||||||
Industrial Development Revenue 15.3% | ||||||||||
ABIA Development Corp., TX, (Austin CargoPort Development),
(AMT), 6.50%, 10/1/24
|
$ | 1,865 | $ | 1,556,025 | ||||||
ABIA Development Corp., TX, (Austin CargoPort Development),
(AMT), 9.25%, 10/1/21
|
2,685 | 2,775,189 | ||||||||
Brazos River, TX, Harbor Navigation District, (Dow Chemical
Co.), (AMT), 5.95%, 5/15/33
|
2,500 | 2,454,350 | ||||||||
Butler, AL, Industrial Development Board, (Georgia-Pacific
Corp.), (AMT), 5.75%, 9/1/28
|
2,150 | 1,990,621 | ||||||||
Carbon County, UT, (Laidlaw Environmental Services, Inc.),
(AMT), 7.45%, 7/1/17
|
3,900 | 3,907,137 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), 8.75%, 6/1/29
|
1,180 | 1,344,799 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), (AMT), 9.00%, 6/1/35
|
6,510 | 6,977,158 | ||||||||
Denver, CO, City and County, (United Airlines), (AMT),
5.75%, 10/1/32
|
6,300 | 5,490,765 | ||||||||
Hardeman County, TN, (Correctional Facilities Corp.),
7.75%, 8/1/17
|
2,750 | 2,638,708 | ||||||||
Illinois Finance Authority, (Navistar International Corp.),
6.50%, 10/15/40
|
3,250 | 3,252,600 | ||||||||
Illinois Finance Authority, Solid Waste Disposal, (Waste
Management, Inc.), (AMT), 5.05%, 8/1/29
|
7,500 | 6,800,550 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Industrial Development
Revenue (continued)
|
||||||||||
Maryland Economic Development Corp., (AFCO Cargo), (AMT),
6.50%, 7/1/24
|
$ | 2,525 | $ | 2,123,323 | ||||||
Maryland Economic Development Corp., (AFCO Cargo), (AMT),
7.34%, 7/1/24
|
535 | 485,432 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29
|
10,095 | 9,186,046 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.40%, 9/15/23
|
3,000 | 2,847,090 | ||||||||
New Jersey Economic Development Authority, (New
Jersey-American
Water Co., Inc.), (AMT), 5.70%, 10/1/39
|
6,245 | 6,027,549 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT),
7.625%, 8/1/25
|
6,000 | 6,223,740 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT),
7.75%, 8/1/31
|
4,560 | 4,755,715 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT),
8.00%, 8/1/28
|
1,000 | 1,054,190 | ||||||||
New York, NY, Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT),
8.50%, 8/1/28
|
5,995 | 6,181,924 | ||||||||
Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT), 6.25%, 6/1/19
|
8,200 | 7,038,306 | ||||||||
Selma, AL, Industrial Development Board, (International Paper
Co.), 5.80%, 5/1/34
|
4,230 | 4,144,977 | ||||||||
West Virginia Economic Development Authority, (Appalachian Power
Co.), 5.375%, 12/1/38
|
2,015 | 1,817,812 | ||||||||
$ | 91,074,006 | |||||||||
Insured Electric Utilities 1.2% | ||||||||||
Matagorda County, TX, Navigation District No. 1, (AEP Texas
Central Co.), (NPFG), (AMT), 5.20%, 5/1/30
|
$ | 7,810 | $ | 7,219,017 | ||||||
$ | 7,219,017 | |||||||||
Insured General Obligations 1.0% | ||||||||||
Clark County, NV, (AMBAC), 2.50%, 11/1/36
|
$ | 8,105 | $ | 4,761,525 | ||||||
Geary County, KS, (XLCA), 3.50%, 9/1/30
|
1,615 | 1,246,861 | ||||||||
$ | 6,008,386 | |||||||||
Insured Hospital 1.2% | ||||||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27(1)
|
$ | 7,300 | $ | 7,309,432 | ||||||
$ | 7,309,432 | |||||||||
Insured Lease Revenue / Certificates of Participation 0.2% | ||||||||||
Hudson Yards Infrastructure Corp., NY, (NPFG),
4.50%, 2/15/47
|
$ | 1,765 | $ | 1,338,664 | ||||||
$ | 1,338,664 | |||||||||
Insured Other Revenue 2.3% | ||||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/26
|
$ | 10,510 | $ | 2,894,139 | ||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/28
|
10,000 | 2,394,100 | ||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/34
|
12,700 | 2,057,146 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 7.00%, 3/1/49
|
5,650 | 6,150,251 | ||||||||
$ | 13,495,636 | |||||||||
Insured Special Tax Revenue 2.2% | ||||||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities,
(AGC), 7.00%, (0.00% until 10/1/19), 10/1/39
|
$ | 14,500 | $ | 8,356,205 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43
|
30,000 | 3,385,200 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44
|
515 | 53,766 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
9,325 | 895,853 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
|
5,460 | 483,920 | ||||||||
$ | 13,174,944 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured Student Loan 2.8% | ||||||||||
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30
|
$ | 7,695 | $ | 7,760,792 | ||||||
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33
|
11,055 | 9,198,313 | ||||||||
$ | 16,959,105 | |||||||||
Insured Transportation 6.8% | ||||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/33
|
$ | 15,000 | $ | 2,664,600 | ||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/34
|
20,000 | 3,267,200 | ||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/37
|
6,665 | 826,593 | ||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/38
|
3,335 | 382,791 | ||||||||
North Texas Tollway Authority, (AGC), 6.20%, (0.00% until
1/1/15), 1/1/42
|
10,000 | 7,649,200 | ||||||||
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32
|
20,335 | 3,246,483 | ||||||||
San Jose, CA, Airport, (AGM), (AMBAC), (AMT), 5.00%, 3/1/37
|
3,240 | 2,859,916 | ||||||||
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47
|
7,150 | 7,164,729 | ||||||||
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/25
|
19,910 | 7,667,739 | ||||||||
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30
|
20,000 | 5,021,200 | ||||||||
$ | 40,750,451 | |||||||||
Lease Revenue / Certificates of Participation 3.6% | ||||||||||
Greenville County, SC, School District,
5.00%, 12/1/24(1)
|
$ | 21,000 | $ | 21,212,310 | ||||||
$ | 21,212,310 | |||||||||
Nursing Home 0.9% | ||||||||||
Massachusetts Industrial Finance Agency, (Age Institute of
Massachusetts), 8.05%, 11/1/25
|
$ | 2,175 | $ | 2,175,739 | ||||||
Mississippi Business Finance Corp., (Magnolia Healthcare),
7.99%, 7/1/25
|
1,050 | 830,456 | ||||||||
Westmoreland County, PA, Industrial Development Authority,
(Highland Health System, Inc.), 9.25%, 6/1/22
|
2,570 | 2,037,265 | ||||||||
$ | 5,043,460 | |||||||||
Other Revenue 12.4% | ||||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.00%, 7/15/30
|
$ | 1,150 | $ | 1,120,376 | ||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40
|
1,290 | 1,259,440 | ||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.375%, 7/15/43
|
700 | 685,972 | ||||||||
Buckeye Tobacco Settlement Financing Authority, OH,
0.00%, 6/1/47
|
112,970 | 1,777,018 | ||||||||
California County, CA, Tobacco Securitization Agency,
0.00%, 6/1/46
|
8,000 | 132,000 | ||||||||
Central Falls, RI, Detention Facility Corp., 7.25%, 7/15/35
|
6,355 | 5,110,500 | ||||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
|
45,000 | 916,650 | ||||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
|
81,635 | 863,698 | ||||||||
Cow Creek Band Umpqua Tribe of Indians, OR,
5.625%, 10/1/26(4)
|
6,000 | 4,672,560 | ||||||||
New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48(1)
|
7,200 | 7,110,792 | ||||||||
Non-Profit Preferred Funding Trust I, Various States,
5.17%, 9/15/37(4)
|
14,000 | 9,047,780 | ||||||||
Northern Tobacco Securitization Corp., AK, 0.00%, 6/1/46
|
5,900 | 143,016 | ||||||||
Northern Tobacco Securitization Corp., AK, 5.00%, 6/1/46
|
17,500 | 10,313,450 | ||||||||
Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13
|
410 | 399,451 | ||||||||
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18
|
1,160 | 1,040,566 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Other Revenue (continued)
|
||||||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/23
|
$ | 250 | $ | 216,520 | ||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/28
|
1,605 | 1,271,866 | ||||||||
Pueblo of Santa Ana, NM,
15.00%, 4/1/24(4)
|
1,726 | 1,369,875 | ||||||||
Salt Verde Financial Corp., AZ, Senior Gas Revenue,
5.00%, 12/1/37
|
3,135 | 2,667,540 | ||||||||
Seminole Tribe, FL,
5.25%, 10/1/27(4)
|
9,000 | 7,479,360 | ||||||||
Seminole Tribe, FL,
5.50%, 10/1/24(4)
|
6,135 | 5,509,905 | ||||||||
Texas Municipal Gas Acquisition and Supply Corp.,
6.25%, 12/15/26
|
4,295 | 4,434,716 | ||||||||
Tobacco Settlement Financing Corp., VA, 0.00%, 6/1/47
|
22,830 | 335,373 | ||||||||
White Earth Band of Chippewa Indians, MN,
6.375%, 12/1/26(4)
|
8,955 | 6,157,906 | ||||||||
$ | 74,036,330 | |||||||||
Senior Living / Life Care 7.3% | ||||||||||
California Statewide Communities Development Authority, (Senior
Living Presbyterian Homes), 4.75%, 11/15/26
|
$ | 1,575 | $ | 1,312,243 | ||||||
California Statewide Communities Development Authority, (Senior
Living Presbyterian Homes), 4.875%, 11/15/36
|
6,000 | 4,657,740 | ||||||||
Cliff House Trust, PA, (AMT), 6.625%, 6/1/27
|
3,000 | 1,575,540 | ||||||||
Colorado Health Facilities Authority, (Covenant Retirement
Communities, Inc.), 5.00%, 12/1/35
|
4,150 | 3,268,125 | ||||||||
Fairfax County, VA, Economic Development Authority, (Goodwin
House, Inc.), 5.125%, 10/1/37
|
2,710 | 2,322,714 | ||||||||
Kansas City, MO, Industrial Development Authority, (Kingswood
United Methodist Manor), 5.875%, 11/15/29
|
7,425 | 5,794,990 | ||||||||
Lee County, FL, Industrial Development Authority, (Shell Point
Village), 5.00%, 11/15/29
|
7,000 | 5,579,350 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Edenwald), 5.40%, 1/1/37
|
2,600 | 2,081,950 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(King Farm Presbyterian Community), 5.00%, 1/1/17
|
3,185 | 3,005,462 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27
|
1,085 | 787,569 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41
|
1,560 | 1,013,548 | ||||||||
North Miami, FL, Health Care Facilities, (Imperial Club),
0.00%, 1/1/41
|
7,315 | 1,947,838 | ||||||||
North Miami, FL, Health Care Facilities, (Imperial Club),
7.00%, 1/1/42(2)
|
3,475 | 1,857,144 | ||||||||
St. Joseph County, IN, Holy Cross Village, 5.70%, 5/15/28
|
530 | 464,836 | ||||||||
St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/26
|
1,225 | 1,135,869 | ||||||||
St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/38
|
5,460 | 4,822,654 | ||||||||
Washington Housing Finance Commission, (Wesley Homes),
6.20%, 1/1/36
|
2,500 | 2,140,650 | ||||||||
$ | 43,768,222 | |||||||||
Solid Waste 0.9% | ||||||||||
Connecticut Resource Recovery Authority, (American REF-FUEL
Co.), (AMT), 6.45%, 11/15/22
|
$ | 5,610 | $ | 5,609,383 | ||||||
$ | 5,609,383 | |||||||||
Special Tax Revenue 7.2% | ||||||||||
Avelar Creek, FL, Community Development District, (Capital
Improvements), 5.375%, 5/1/36
|
$ | 1,260 | $ | 910,841 | ||||||
Bridgeville, DE, (Heritage Shores Special Development District),
5.125%, 7/1/35
|
181 | 116,361 | ||||||||
Bridgeville, DE, (Heritage Shores Special Development District),
5.45%, 7/1/35
|
6,250 | 4,045,312 | ||||||||
Dupree Lakes, FL, Community Development District,
5.375%, 5/1/37
|
3,445 | 2,587,712 | ||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.25%, 7/1/32(1)
|
19,980 | 21,105,074 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue (continued)
|
||||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-1,
5.75%, (0.00% until 11/1/12), 5/1/38
|
$ | 550 | $ | 309,760 | ||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-2,
5.75%, (0.00% until 11/1/14), 5/1/38
|
1,390 | 487,918 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-1,
5.00%, (0.00% until 11/1/12), 5/1/15
|
835 | 665,487 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-2,
5.00%, (0.00% until 11/1/13), 5/1/18
|
1,085 | 415,598 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
5.00%, 5/1/13(2)
|
1,005 | 10 | ||||||||
Poinciana West, FL, Community Development District,
6.00%, 5/1/37
|
2,235 | 1,800,695 | ||||||||
River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, 5/1/36
|
6,195 | 2,827,956 | ||||||||
Southern Hills Plantation I, FL, Community Development District,
5.80%, 5/1/35
|
2,350 | 1,129,622 | ||||||||
Sterling Hill, FL, Community Development District,
5.50%, 5/1/37(2)
|
3,650 | 1,054,120 | ||||||||
University Square, FL, Community Development District,
5.875%, 5/1/38
|
1,845 | 1,518,878 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
3,505 | 3,518,459 | ||||||||
$ | 42,493,803 | |||||||||
Transportation 7.9% | ||||||||||
Augusta, GA, Airport Revenue, 5.15%, 1/1/35
|
$ | 290 | $ | 244,682 | ||||||
Eagle County, CO, (Eagle County Airport Terminal), (AMT),
7.00%, 5/1/21
|
740 | 701,313 | ||||||||
Eagle County, CO, (Eagle County Airport Terminal), (AMT),
7.125%, 5/1/31
|
1,080 | 969,840 | ||||||||
Miami-Dade County, FL, (Miami International Airport),
5.00%, 10/1/41
|
7,640 | 6,715,789 | ||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38
|
2,000 | 2,090,100 | ||||||||
North Texas Tollway Authority, 5.75%, 1/1/38
|
7,150 | 6,677,885 | ||||||||
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15),
12/1/30
|
560 | 383,169 | ||||||||
Pennsylvania Turnpike Commission, 5.45%, (0.00% until 12/1/15),
12/1/35
|
1,125 | 760,950 | ||||||||
Port Authority of New York and New Jersey, (AMT),
4.75%, 4/15/37(1)
|
4,980 | 4,499,480 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.25%, 9/15/23(1)
|
5,025 | 5,056,708 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(1)
|
9,990 | 10,158,331 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., (LBJ
Express Managed Lanes Project), 7.00%, 6/30/34
|
3,650 | 3,699,859 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., (North
Tarrant Express Managed Lanes Project), 6.875%, 12/31/39
|
3,415 | 3,420,362 | ||||||||
Walker Field Public Airport Authority, CO, 4.75%, 12/1/27
|
1,090 | 950,120 | ||||||||
Walker Field Public Airport Authority, CO, 5.00%, 12/1/22
|
1,040 | 1,003,891 | ||||||||
$ | 47,332,479 | |||||||||
Water and Sewer 1.0% | ||||||||||
Massachusetts Water Resources Authority, 4.00%, 8/1/46
|
$ | 7,635 | $ | 6,167,324 | ||||||
$ | 6,167,324 | |||||||||
Total Tax-Exempt
Investments 111.8%
|
||||||||||
(identified cost $766,527,459)
|
$ | 666,952,760 | ||||||||
Other Assets, Less
Liabilities (11.8)%
|
$ | (70,285,952 | ) | |||||||
Net Assets 100.0%
|
$ | 596,666,808 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
AMT
|
- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
|
|
BHAC
|
- Berkshire Hathaway Assurance Corp.
|
|
MFMR
|
- Multi-Family Mortgage Revenue
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
PSF
|
- Permanent School Fund
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
Texas
|
13.0%
|
|
New York
|
12.8%
|
|
Massachusetts
|
11.7%
|
|
Others, representing less than 10% individually
|
74.3%
|
(1) | Security represents the underlying municipal bond of an inverse floater (see Note 1I). | |
(2) | Defaulted bond. | |
(3) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(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 January 31, 2011, the aggregate value of these securities is $50,658,095 or 8.5% of the Funds net assets. | |
(5) | Variable rate security. The stated interest rate represents the rate in effect at January 31, 2011. | |
(6) | Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at January 31, 2011. |
(7) | Security is subject to a shortfall agreement which may require the Fund to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $5,200,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater. |
Assets | January 31, 2011 | |||||
Investments, at value (identified cost, $766,527,459)
|
$ | 666,952,760 | ||||
Cash
|
4,396,213 | |||||
Interest receivable
|
9,964,053 | |||||
Receivable for investments sold
|
2,559,131 | |||||
Receivable for Fund shares sold
|
1,263,446 | |||||
Receivable for variation margin on open financial futures
contracts
|
278,297 | |||||
Total assets
|
$ | 685,413,900 | ||||
Liabilities | ||||||
Payable for floating rate notes issued
|
$ | 81,967,000 | ||||
Payable for investments purchased
|
2,305,887 | |||||
Payable for Fund shares redeemed
|
2,133,193 | |||||
Distributions payable
|
1,341,262 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
309,908 | |||||
Distribution and service fees
|
228,201 | |||||
Interest expense and fees payable
|
159,370 | |||||
Accrued expenses
|
302,271 | |||||
Total liabilities
|
$ | 88,747,092 | ||||
Net Assets
|
$ | 596,666,808 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 926,011,979 | ||||
Accumulated net realized loss
|
(232,255,993 | ) | ||||
Accumulated undistributed net investment income
|
1,938,370 | |||||
Net unrealized depreciation
|
(99,027,548 | ) | ||||
Net Assets
|
$ | 596,666,808 | ||||
Class A Shares | January 31, 2011 | |||||
Net Assets
|
$ | 361,170,671 | ||||
Shares Outstanding
|
48,736,629 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 7.41 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
95.25 of net asset value per share)
|
$ | 7.78 | ||||
Class B Shares | ||||||
Net Assets
|
$ | 31,379,842 | ||||
Shares Outstanding
|
4,248,154 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 7.39 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 139,798,339 | ||||
Shares Outstanding
|
20,386,498 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 6.86 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 64,317,956 | ||||
Shares Outstanding
|
8,671,730 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 7.42 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2011 | |||||
Interest
|
$ | 49,841,169 | ||||
Total investment income
|
$ | 49,841,169 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 4,157,931 | ||||
Distribution and service fees
|
||||||
Class A
|
1,164,830 | |||||
Class B
|
402,523 | |||||
Class C
|
1,638,029 | |||||
Trustees fees and expenses
|
23,723 | |||||
Custodian fee
|
263,781 | |||||
Transfer and dividend disbursing agent fees
|
317,324 | |||||
Legal and accounting services
|
90,529 | |||||
Printing and postage
|
46,217 | |||||
Registration fees
|
76,823 | |||||
Interest expense and fees
|
882,591 | |||||
Miscellaneous
|
228,550 | |||||
Total expenses
|
$ | 9,292,851 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 3,536 | ||||
Total expense reductions
|
$ | 3,536 | ||||
Net expenses
|
$ | 9,289,315 | ||||
Net investment income
|
$ | 40,551,854 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | (12,390,069 | ) | |||
Financial futures contracts
|
(3,773,848 | ) | ||||
Swap contracts
|
(3,143,869 | ) | ||||
Net realized loss
|
$ | (19,307,786 | ) | |||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (19,636,060 | ) | |||
Financial futures contracts
|
22,639 | |||||
Swap contracts
|
(1,110,987 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | (20,724,408 | ) | |||
Net realized and unrealized loss
|
$ | (40,032,194 | ) | |||
Net increase in net assets from operations
|
$ | 519,660 | ||||
Year Ended January 31, | ||||||||||
Increase (Decrease) in Net Assets | 2011 | 2010 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 40,551,854 | $ | 43,181,965 | ||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(19,307,786 | ) | (29,644,865 | ) | ||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
(20,724,408 | ) | 160,726,183 | |||||||
Net increase in net assets from operations
|
$ | 519,660 | $ | 174,263,283 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (28,132,469 | ) | $ | (30,493,091 | ) | ||||
Class B
|
(2,135,592 | ) | (2,804,695 | ) | ||||||
Class C
|
(8,702,611 | ) | (8,649,668 | ) | ||||||
Class I
|
(2,690,308 | ) | (738,367 | ) | ||||||
Total distributions to shareholders
|
$ | (41,660,980 | ) | $ | (42,685,821 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 73,567,607 | $ | 125,707,294 | ||||||
Class B
|
3,607,228 | 4,294,683 | ||||||||
Class C
|
27,614,149 | 34,852,479 | ||||||||
Class I
|
61,720,973 | 28,335,552 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
15,868,746 | 17,118,212 | ||||||||
Class B
|
1,027,704 | 1,223,384 | ||||||||
Class C
|
4,355,878 | 4,178,526 | ||||||||
Class I
|
1,222,861 | 168,295 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(191,666,865 | ) | (167,248,632 | ) | ||||||
Class B
|
(10,114,971 | ) | (8,673,566 | ) | ||||||
Class C
|
(44,617,028 | ) | (29,386,636 | ) | ||||||
Class I
|
(22,664,641 | ) | (5,575,685 | ) | ||||||
Net asset value of shares exchanged
|
||||||||||
Class A
|
7,458,422 | 6,209,428 | ||||||||
Class B
|
(7,458,422 | ) | (6,209,428 | ) | ||||||
Net increase (decrease) in net assets from Fund share
transactions
|
$ | (80,078,359 | ) | $ | 4,993,906 | |||||
Net increase (decrease) in net assets
|
$ | (121,219,679 | ) | $ | 136,571,368 | |||||
Net Assets | ||||||||||
At beginning of year
|
$ | 717,886,487 | $ | 581,315,119 | ||||||
At end of year
|
$ | 596,666,808 | $ | 717,886,487 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of year
|
$ | 1,938,370 | $ | 2,050,904 | ||||||
Year Ended |
||||||
Cash Flows From Operating Activities | January 31, 2011 | |||||
Net increase in net assets from operations
|
$ | 519,660 | ||||
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
||||||
Investments purchased
|
(94,810,842 | ) | ||||
Investments sold
|
195,792,604 | |||||
Net amortization/accretion of premium (discount)
|
(4,714,475 | ) | ||||
Decrease in interest receivable
|
2,014,560 | |||||
Increase in receivable for investments sold
|
(2,454,535 | ) | ||||
Increase in receivable for variation margin on open financial
futures contracts
|
(278,297 | ) | ||||
Decrease in receivable for open swap contracts
|
1,110,987 | |||||
Increase in payable for investments purchased
|
2,305,887 | |||||
Decrease in payable for when-issued securities
|
(322,176 | ) | ||||
Decrease in payable for variation margin on open financial
futures contracts
|
(290,719 | ) | ||||
Decrease in payable to affiliate for investment adviser fee
|
(68,864 | ) | ||||
Decrease in payable to affiliate for distribution and service
fees
|
(51,076 | ) | ||||
Decrease in interest expense and fees payable
|
(6,129 | ) | ||||
Increase in accrued expenses
|
21,549 | |||||
Net change in unrealized (appreciation) depreciation from
investments
|
19,636,060 | |||||
Net realized loss from investments
|
12,390,069 | |||||
Net cash provided by operating activities
|
$ | 130,794,263 | ||||
Cash Flows From Financing Activities | ||||||
Proceeds from Fund shares sold
|
$ | 166,172,235 | ||||
Fund shares redeemed
|
(269,064,868 | ) | ||||
Distributions paid, net of reinvestments
|
(19,465,454 | ) | ||||
Repayment of secured borrowings
|
(15,600,000 | ) | ||||
Net cash used in financing activities
|
$ | (137,958,087 | ) | |||
Net decrease in cash
|
$ | (7,163,824 | ) | |||
Cash at beginning of year
|
$ | 11,560,037 | ||||
Cash at end of year
|
$ | 4,396,213 | ||||
Supplemental disclosure of cash flow information: | ||||||
Noncash financing activities not included herein consist of:
|
||||||
Reinvestment of dividends and distributions
|
$ | 22,475,189 | ||||
Cash paid for interest and fees
|
$ | 888,720 | ||||
Class A | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 7.900 | $ | 6.440 | $ | 9.780 | $ | 10.730 | $ | 10.240 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.472 | $ | 0.488 | $ | 0.504 | $ | 0.490 | $ | 0.515 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.479 | ) | 1.452 | (3.351 | ) | (0.955 | ) | 0.465 | ||||||||||||||
Total income (loss) from operations
|
$ | (0.007 | ) | $ | 1.940 | $ | (2.847 | ) | $ | (0.465 | ) | $ | 0.980 | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.483 | ) | $ | (0.480 | ) | $ | (0.493 | ) | $ | (0.485 | ) | $ | (0.490 | ) | |||||||
Total distributions
|
$ | (0.483 | ) | $ | (0.480 | ) | $ | (0.493 | ) | $ | (0.485 | ) | $ | (0.490 | ) | |||||||
Net asset value End of year
|
$ | 7.410 | $ | 7.900 | $ | 6.440 | $ | 9.780 | $ | 10.730 | ||||||||||||
Total
Return(2)
|
(0.35 | )% | 31.04 | % | (29.94 | )% | (4.47 | )% | 9.76 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year
(000s omitted) |
$ | 361,171 | $ | 481,346 | $ | 407,816 | $ | 788,563 | $ | 876,579 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
0.99 | % | 1.00 | % | 0.97 | % | 0.86 | %(3) | 0.89 | % | ||||||||||||
Interest and fee
expense(4)
|
0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.11 | % | 1.11 | % | 1.32 | % | 1.38 | %(3) | 1.41 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
0.99 | % | 1.00 | % | 0.96 | % | 0.85 | %(3) | 0.87 | % | ||||||||||||
Net investment income
|
5.90 | % | 6.72 | % | 5.97 | % | 4.74 | % | 4.88 | % | ||||||||||||
Portfolio Turnover
|
12 | % | 22 | % | 35 | % | 43 | % | 44 | % | ||||||||||||
(1) | Computed using average shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower. | |
(4) | Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I). |
Class B | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 7.880 | $ | 6.430 | $ | 9.750 | $ | 10.700 | $ | 10.210 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.410 | $ | 0.432 | $ | 0.440 | $ | 0.412 | $ | 0.438 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.477 | ) | 1.448 | (3.336 | ) | (0.956 | ) | 0.463 | ||||||||||||||
Total income (loss) from operations
|
$ | (0.067 | ) | $ | 1.880 | $ | (2.896 | ) | $ | (0.544 | ) | $ | 0.901 | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.423 | ) | $ | (0.430 | ) | $ | (0.424 | ) | $ | (0.406 | ) | $ | (0.411 | ) | |||||||
Total distributions
|
$ | (0.423 | ) | $ | (0.430 | ) | $ | (0.424 | ) | $ | (0.406 | ) | $ | (0.411 | ) | |||||||
Net asset value End of year
|
$ | 7.390 | $ | 7.880 | $ | 6.430 | $ | 9.750 | $ | 10.700 | ||||||||||||
Total
Return(2)
|
(1.09 | )% | 30.02 | % | (30.42 | )% | (5.20 | )% | 8.97 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year
(000s omitted) |
$ | 31,380 | $ | 46,335 | $ | 46,123 | $ | 92,895 | $ | 126,916 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.74 | % | 1.76 | % | 1.72 | % | 1.61 | %(3) | 1.64 | % | ||||||||||||
Interest and fee
expense(4)
|
0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.86 | % | 1.87 | % | 2.07 | % | 2.13 | %(3) | 2.16 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.74 | % | 1.76 | % | 1.71 | % | 1.60 | %(3) | 1.62 | % | ||||||||||||
Net investment income
|
5.14 | % | 5.99 | % | 5.23 | % | 4.00 | % | 4.17 | % | ||||||||||||
Portfolio Turnover
|
12 | % | 22 | % | 35 | % | 43 | % | 44 | % | ||||||||||||
(1) | Computed using average shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower. | |
(4) | Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I). |
Class C | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 7.310 | $ | 5.970 | $ | 9.050 | $ | 9.930 | $ | 9.470 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.380 | $ | 0.401 | $ | 0.408 | $ | 0.382 | $ | 0.403 | ||||||||||||
Net realized and unrealized gain (loss)
|
(0.437 | ) | 1.339 | (3.095 | ) | (0.885 | ) | 0.439 | ||||||||||||||
Total income (loss) from operations
|
$ | (0.057 | ) | $ | 1.740 | $ | (2.687 | ) | $ | (0.503 | ) | $ | 0.842 | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.393 | ) | $ | (0.400 | ) | $ | (0.393 | ) | $ | (0.377 | ) | $ | (0.382 | ) | |||||||
Total distributions
|
$ | (0.393 | ) | $ | (0.400 | ) | $ | (0.393 | ) | $ | (0.377 | ) | $ | (0.382 | ) | |||||||
Net asset value End of year
|
$ | 6.860 | $ | 7.310 | $ | 5.970 | $ | 9.050 | $ | 9.930 | ||||||||||||
Total
Return(2)
|
(1.02 | )% | 29.92 | % | (30.40 | )% | (5.19 | )% | 9.03 | % | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year
(000s omitted) |
$ | 139,798 | $ | 162,425 | $ | 123,933 | $ | 244,680 | $ | 265,002 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.73 | % | 1.75 | % | 1.72 | % | 1.61 | %(3) | 1.64 | % | ||||||||||||
Interest and fee
expense(4)
|
0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.85 | % | 1.86 | % | 2.07 | % | 2.13 | %(3) | 2.16 | % | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.73 | % | 1.75 | % | 1.71 | % | 1.60 | %(3) | 1.62 | % | ||||||||||||
Net investment income
|
5.14 | % | 5.95 | % | 5.23 | % | 3.99 | % | 4.13 | % | ||||||||||||
Portfolio Turnover
|
12 | % | 22 | % | 35 | % | 43 | % | 44 | % | ||||||||||||
(1) | Computed using average shares outstanding. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser was allocated a portion of the Funds operating expenses (equal to less than 0.005% of average daily net assets for the year ended January 31, 2008). Absent this allocation, total return would be lower. | |
(4) | Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I). |
Class I | ||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||
Period Ended |
||||||||||||||||||
2011 | 2010 | 2009 | January 31, 2008(1) | |||||||||||||||
Net asset value Beginning of period
|
$ | 7.910 | $ | 6.440 | $ | 9.780 | $ | 10.720 | ||||||||||
Income (Loss) From Operations | ||||||||||||||||||
Net investment
income(2)
|
$ | 0.486 | $ | 0.505 | $ | 0.520 | $ | 0.358 | ||||||||||
Net realized and unrealized gain (loss)
|
(0.474 | ) | 1.461 | (3.345 | ) | (0.923 | ) | |||||||||||
Total income (loss) from operations
|
$ | 0.012 | $ | 1.966 | $ | (2.825 | ) | $ | (0.565 | ) | ||||||||
Less Distributions | ||||||||||||||||||
From net investment income
|
$ | (0.502 | ) | $ | (0.496 | ) | $ | (0.515 | ) | $ | (0.375 | ) | ||||||
Total distributions
|
$ | (0.502 | ) | $ | (0.496 | ) | $ | (0.515 | ) | $ | (0.375 | ) | ||||||
Net asset value End of period
|
$ | 7.420 | $ | 7.910 | $ | 6.440 | $ | 9.780 | ||||||||||
Total
Return(3)
|
(0.12 | )% | 31.48 | % | (29.75 | )% | (5.33 | )%(4) | ||||||||||
Ratios/Supplemental Data | ||||||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 64,318 | $ | 27,780 | $ | 3,442 | $ | 2,060 | ||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||
Expenses excluding interest and fees
|
0.73 | % | 0.74 | % | 0.71 | % | 0.61 | %(5) | ||||||||||
Interest and fee
expense(6)
|
0.12 | % | 0.11 | % | 0.35 | % | 0.52 | %(5) | ||||||||||
Total expenses before custodian fee reduction
|
0.85 | % | 0.85 | % | 1.06 | % | 1.13 | %(5) | ||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
0.73 | % | 0.74 | % | 0.70 | % | 0.60 | %(5) | ||||||||||
Net investment income
|
6.10 | % | 6.66 | % | 6.57 | % | 4.94 | %(5) | ||||||||||
Portfolio Turnover
|
12 | % | 22 | % | 35 | % | 43 | %(7) | ||||||||||
(1) | For the period from the start of business, May 9, 2007, to January 31, 2008. | |
(2) | Computed using average shares outstanding. | |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. | |
(4) | Not annualized. | |
(5) | Annualized. | |
(6) | Interest and fee expense primarily relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1I). | |
(7) | For the year ended January 31, 2008. |
Year Ended January 31, | ||||||||||
2011 | 2010 | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 40,929,134 | $ | 42,480,249 | ||||||
Ordinary income
|
$ | 731,846 | $ | 205,572 | ||||||
Undistributed income
|
$ | 3,411,228 | ||||
Capital loss carryforward and post October losses
|
$ | (231,916,491 | ) | |||
Net unrealized depreciation
|
$ | (99,498,646 | ) | |||
Other temporary differences
|
$ | (1,341,262 | ) | |||
Annual Asset |
Daily Income |
|||||||||
Daily Net Assets | Rate | Rate | ||||||||
Up to $500 million
|
0.350 | % | 3.50 | % | ||||||
$500 million but less than $750 million
|
0.325 | 3.25 | ||||||||
$750 million but less than $1 billion
|
0.300 | 3.25 | ||||||||
$1 billion but less than $1.5 billion
|
0.300 | 3.00 | ||||||||
Year Ended January 31, | ||||||||||
Class A | 2011 | 2010 | ||||||||
Sales
|
9,278,323 | 17,530,257 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
1,990,362 | 2,352,466 | ||||||||
Redemptions
|
(24,380,940 | ) | (23,129,662 | ) | ||||||
Exchange from Class B shares
|
934,605 | 857,728 | ||||||||
Net decrease
|
(12,177,650 | ) | (2,389,211 | ) | ||||||
Year Ended January 31, | ||||||||||
Class B | 2011 | 2010 | ||||||||
Sales
|
454,519 | 586,423 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
129,342 | 169,001 | ||||||||
Redemptions
|
(1,279,751 | ) | (1,191,529 | ) | ||||||
Exchange to Class A shares
|
(937,393 | ) | (859,340 | ) | ||||||
Net decrease
|
(1,633,283 | ) | (1,295,445 | ) | ||||||
Year Ended January 31, | ||||||||||
Class C | 2011 | 2010 | ||||||||
Sales
|
3,735,971 | 5,132,783 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
591,016 | 619,501 | ||||||||
Redemptions
|
(6,148,979 | ) | (4,314,835 | ) | ||||||
Net increase (decrease)
|
(1,821,992 | ) | 1,437,449 | |||||||
Year Ended January 31, | ||||||||||
Class I | 2011 | 2010 | ||||||||
Sales
|
7,866,195 | 3,688,243 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
154,800 | 21,958 | ||||||||
Redemptions
|
(2,862,534 | ) | (731,279 | ) | ||||||
Net increase
|
5,158,461 | 2,978,922 | ||||||||
Aggregate cost
|
$ | 684,484,406 | ||||
Gross unrealized appreciation
|
$ | 13,968,955 | ||||
Gross unrealized depreciation
|
(113,467,601 | ) | ||||
Net unrealized depreciation
|
$ | (99,498,646 | ) | |||
Futures Contracts | ||||||||||||||||||
Net Unrealized |
||||||||||||||||||
Expiration |
Aggregate |
Appreciation |
||||||||||||||||
Date | Contracts | Position | Cost | Value | (Depreciation) | |||||||||||||
3/11 | 225 U.S. 10-Year Treasury Note | Short | $ | (26,942,963 | ) | $ | (27,179,297 | ) | $ | (236,334 | ) | |||||||
3/11 | 243 U.S. 30-Year Treasury Bond | Short | (30,095,360 | ) | (29,311,875 | ) | 783,485 | |||||||||||
$ | 547,151 | |||||||||||||||||
Fair Value | ||||||||||
Derivative | Asset Derivative | Liability Derivative | ||||||||
Futures Contracts
|
$ | 783,485 | (1) | $ | (236,334 | )(1) | ||||
Total
|
$ | 783,485 | $ | (236,334 | ) | |||||
(1) | Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above. Only the current days variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable. |
Realized Gain (Loss) |
Change in Unrealized |
|||||||||
on Derivatives Recognized |
Appreciation (Depreciation) on |
|||||||||
Derivative | in Income(1) | Derivatives Recognized in Income(2) | ||||||||
Futures Contracts
|
$ | (3,773,848 | ) | $ | 22,639 | |||||
Interest Rate Swaps
|
(3,143,869 | ) | (1,110,987 | ) | ||||||
(1) | Statement of Operations location: Net realized gain (loss) Financial futures contracts and Swap contracts, respectively. | |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) Financial futures contracts and Swap contracts, respectively. |
| 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 | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 666,952,760 | $ | | $ | 666,952,760 | ||||||||||
Total Investments
|
$ | | $ | 666,952,760 | $ | | $ | 666,952,760 | ||||||||||
Futures Contracts
|
$ | 783,485 | $ | | $ | | $ | 783,485 | ||||||||||
Total
|
$ | 783,485 | $ | 666,952,760 | $ | | $ | 667,736,245 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (236,334 | ) | $ | | $ | | $ | (236,334 | ) | ||||||||
Total
|
$ | (236,334 | ) | $ | | $ | | $ | (236,334 | ) | ||||||||
| 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 yield where relevant) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual 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 concerning 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 soft dollar benefits received in connection with the funds brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds; | |
| 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; |
| 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; |
| 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. |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other |
||||||||
Name and |
with the |
Length of |
During Past Five Years |
Overseen By |
Directorships Held During the Last |
|||||||
Year of Birth | Trust | Service | and Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 1958 |
Trustee | Since 2007 | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 175 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. | 175 | Director of EVC. | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C. Esty 1963 |
Trustee | Since 2005 | Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. | 175 | None | |||||||
Allen R. Freedman 1940 |
Trustee | Since 2007 | Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). | 175 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other |
||||||||
Name and |
with the |
Length of |
During Past Five Years |
Overseen By |
Directorships Held During the Last |
|||||||
Year of Birth | Trust | Service | and Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
William H. Park 1947 |
Trustee | Since 2003 | Chief Financial Officer, Aveon Group L.P. (an investment management firm) (since 2010). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). | 175 | None | |||||||
Ronald A. Pearlman 1940 |
Trustee | Since 2003 | Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). | 175 | None | |||||||
Helen Frame Peters 1948 |
Trustee | Since 2008 | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). | 175 | Director of BJs Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). | |||||||
Lynn A. Stout 1957 |
Trustee | Since 1998 | Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas. | 175 | None |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other |
||||||||
Name and |
with the |
Length of |
During Past Five Years |
Overseen By |
Directorships Held During the Last |
|||||||
Year of Birth | Trust | Service | and Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
Ralph F. Verni 1943 |
Chairman of the Board and Trustee |
Chairman of the Board since 2007 and Trustee since 2005 | Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). | 175 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
William H. Ahern, Jr. 1959 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 74 registered investment companies managed by EVM or BMR. | |||
Brian C. Barney 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2001-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Craig R. Brandon 1966 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 47 registered investment companies managed by EVM or BMR. | |||
Brian D. Clouser 1983 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2006-2009) and Analytics Consultant and Training Specialist at Bloomberg LP (2005-2006). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Joseph M. Davolio 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, portfolio manager, M.D. Sass Investors Services, Inc. (2005-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
James H. Evans 1959 |
Vice President | Since 2008 | Vice President of EVM and BMR. Formerly, Senior Vice President and Senior Portfolio Manager, Tax-Exempt Fixed Income at M.D. Sass Investors Services, Inc. (1990-2008). Officer of 23 registered investment companies managed by EVM or BMR. |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Principal Officers who are not Trustees (continued) | ||||||
Christopher J. Harshman 1970 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and senior trader in the municipal products group at Wachovia Bank, NA (2004-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Thomas M. Metzold 1958 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 52 registered investment companies managed by EVM or BMR. | |||
Adam A. Weigold 1975 |
Vice President | Since 2007 | Vice President of EVM and BMR. Officer of 69 registered investment companies managed by EVM or BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Maureen A. Gemma 1960 |
Secretary and Chief Legal Officer | Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(2) | During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). |
| 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. |
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org. |
416-3/11
|
HYSRC |
Eaton
Vance Tax-Advantaged Bond Strategies Long Term Fund Annual Report January 31, 2011 |
||
2 | ||||
4 | ||||
5 | ||||
6 | ||||
Fund Expenses |
7 | |||
Financial Statements |
8 | |||
Federal Tax Information |
24 | |||
Board of Trustees Contract Approval |
25 | |||
Management and Organization |
29 | |||
Important Notices |
33 |
2
Total Return Performance at Net Asset Value (NAV) 2/1/10 1/31/11 | ||||
Class A2
|
3.21 | % | ||
Class C2
|
2.44 | |||
Class I2
|
3.47 | |||
Barclays Capital 10+ Year Managed Money Index1
|
-0.57* | |||
Barclays Capital 15 Year Municipal Bond Index1
|
0.91* | |||
* Source: Bloomberg L.P.; Lipper. Reflects total return performance from 1/31/10 - 1/31/11. |
3
Class A | Class C | Class I | ||||||||||
Symbol | EALTX | ECLTX | EILTX | |||||||||
Inception Dates | 2/1/10 | 2/1/10 | 2/1/10 | |||||||||
Cumulative Total Returns at NAV |
||||||||||||
One Year |
3.21 | % | 2.44 | % | 3.47 | % | ||||||
Since Inception |
3.21 | 2.44 | 3.47 | |||||||||
SEC Cumulative Total Returns with maximum sales charge |
||||||||||||
One Year |
-1.70 | % | 1.46 | % | 3.47 | % | ||||||
Since Inception |
-1.70 | 1.46 | 3.47 | |||||||||
Maximum Sales Charge |
4.75 | % | 1.00 | % | N.A. | |||||||
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class A |
2/1/10 | $ | 258,033 | $ | 245,745 | |||||||
Class C |
2/1/10 | $ | 256,104 | $ | 253,651 | |||||||
Performance
of
$10,0003 |
||||||||||||
Class A |
2/1/10 | $ | 10,321 | $ | 9,830 | |||||||
Class C |
2/1/10 | $ | 10,244 | $ | 10,146 | |||||||
4
Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | |||||||||
Gross Expense Ratio |
1.15 | % | 1.90 | % | 0.90 | % | ||||||
Net Expense Ratio |
0.95 | 1.70 | 0.70 | |||||||||
Distribution Rates/Yields | Class A | Class C | Class I | |||||||||
Distribution Rate5 |
2.93 | % | 2.19 | % | 3.22 | % | ||||||
SEC 30-day Yield6 |
3.22 | 2.62 | 3.63 | |||||||||
Relative Performance 1/31/10 - 1/31/111 | ||
Barclays Capital 10+ Year Managed Money Index
|
-0.57%* | |
Barclays Capital 15 Year Municipal Bond Index
|
0.91* | |
* Source: Bloomberg L.P. |
5
1. | It is not possible to invest directly in an Index. Total returns shown for an Index do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital High Yield Long (22+) Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities of 22 years or more. The Barclays Capital 10+ Year Managed Money Index is an unmanaged, tax-exempt bond market index that measures the 10+ year duration component of the Barclays Capital Managed Money Municipal Bond Index. The Barclays Capital 15 Year Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities ranging from 14-16 years. | |
2. | Returns are cumulative since inception. Cumulative Total Returns are shown at NAV and do not include the applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Cumulative Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Cumulative Total Returns for Class C reflect a 1% contingent deferred sales charge for the first year. Class I shares are offered at NAV. | |
3. | The hypothetical performance in the line graph and the total returns in the table do not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares. | |
4. | Source: Prospectus dated 2/1/10. Net Expense Ratio reflects a contractual expense reimbursement that continues through May 31, 2013. Thereafter, the expense reimbursement may be changed or terminated at any time. Without this expense reimbursement, performance would have been lower. | |
5. | Fund distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the NAV at the end of the period. | |
6. | Fund SEC 30-day yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. | |
7. | Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
6
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period* |
||||||||||||
(8/1/10) | (1/31/11) | (8/1/10 1/31/11) | ||||||||||||
Actual
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 981.70 | $ | 4.75 | ** | |||||||
Class C
|
$ | 1,000.00 | $ | 978.00 | $ | 8.48 | ** | |||||||
Class I
|
$ | 1,000.00 | $ | 982.90 | $ | 3.50 | ** | |||||||
Hypothetical
|
||||||||||||||
(5% return per year before expenses)
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.40 | $ | 4.84 | ** | |||||||
Class C
|
$ | 1,000.00 | $ | 1,016.60 | $ | 8.64 | ** | |||||||
Class I
|
$ | 1,000.00 | $ | 1,021.70 | $ | 3.57 | ** |
* | Expenses are equal to the Funds annualized expense ratio of 0.95% for Class A shares, 1.70% for Class C shares and 0.70% for Class I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2010. |
** | Absent an allocation of expenses to the investment adviser and administrator, expenses would be higher. |
Tax-Exempt Investments 95.8% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 12.4% | ||||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/25
|
$ | 50 | $ | 53,023 | ||||||
Rhode Island Health & Educational Building Corp.,
(Brown University), 5.00%, 9/1/37
|
80 | 79,589 | ||||||||
University of California, 5.125%, 5/15/29
|
80 | 81,345 | ||||||||
Washington State University, 5.00%, 4/1/32
|
65 | 64,367 | ||||||||
$ | 278,324 | |||||||||
General Obligations 38.5% | ||||||||||
Commonwealth of Massachusetts, 5.00%, 9/1/32
|
$ | 50 | $ | 50,139 | ||||||
Dallas, TX, Independent School District, 6.25%, 2/15/24
|
85 | 96,860 | ||||||||
East Hampton, NY, Union Free School District, 4.00%, 6/1/30
|
80 | 71,388 | ||||||||
Florida, Board of Education, 5.00%, 6/1/27
|
50 | 51,138 | ||||||||
Keller, TX, Independent School District, 5.25%, 2/15/30
|
50 | 50,571 | ||||||||
Lake County, IL, Community Consolidated School District,
5.75%, 1/1/31(1)
|
100 | 97,112 | ||||||||
Las Vegas Valley Water District, NV, 5.00%, 6/1/22
|
75 | 78,340 | ||||||||
Leander, TX, Independent School District, 0.00%, 8/15/23
|
100 | 54,851 | ||||||||
Loudoun County, VA, 5.00%, 12/1/22
|
50 | 56,015 | ||||||||
Nevada, 5.00%, 6/1/29
|
100 | 96,049 | ||||||||
North Carolina, 5.00%, 5/1/21
|
50 | 56,534 | ||||||||
Norwalk, CT, 4.00%, 7/1/21
|
50 | 52,317 | ||||||||
Prince Georges County, MD, 5.00%, 7/15/23
|
50 | 53,164 | ||||||||
$ | 864,478 | |||||||||
Special Tax Revenue 4.5% | ||||||||||
New York Dormitory Authority, Personal Income Tax Revenue,
5.00%, 2/15/28
|
$ | 100 | $ | 102,150 | ||||||
$ | 102,150 | |||||||||
Transportation 2.1% | ||||||||||
Bay Area Toll Authority, CA, Toll Bridge Revenue, (San Francisco
Bay Area), 5.00%, 4/1/39
|
$ | 50 | $ | 46,947 | ||||||
$ | 46,947 | |||||||||
Utilities 4.5% | ||||||||||
Colorado Springs, CO, 5.25%, 11/15/33
|
$ | 100 | $ | 101,568 | ||||||
$ | 101,568 | |||||||||
Water and Sewer 33.8% | ||||||||||
Charleston, SC, Water and Sewer Revenue, 5.00%, 1/1/29
|
$ | 100 | $ | 103,515 | ||||||
Columbia County, GA, Water and Sewer Revenue, 4.00%, 6/1/30
|
50 | 41,953 | ||||||||
East Bay Municipal Utility District, CA, Water System Revenue,
5.00%, 6/1/36
|
50 | 49,536 | ||||||||
Fayetteville, NC, Public Works Commission, 5.00%, 3/1/31
|
50 | 49,903 | ||||||||
Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 7/1/32
|
50 | 50,038 | ||||||||
New York, NY, Municipal Water Finance Authority, (Water and
Sewer System), 5.50%, 6/15/22
|
25 | 27,917 | ||||||||
New York, NY, Municipal Water Finance Authority, (Water and
Sewer System), 5.50%, 6/15/43
|
175 | 177,585 | ||||||||
New York, NY, Municipal Water Finance Authority, (Water and
Sewer System), 5.625%, 6/15/24
|
50 | 55,491 | ||||||||
Seattle, WA, Water System, 5.25%, 2/1/33
|
200 | 203,810 | ||||||||
$ | 759,748 | |||||||||
Total Tax-Exempt
Investments 95.8%
|
||||||||||
(identified cost $2,222,754)
|
$ | 2,153,215 | ||||||||
Other Assets, Less
Liabilities 4.2%
|
$ | 94,989 | ||||||||
Net Assets 100.0%
|
$ | 2,248,204 | ||||||||
New York
|
21.7%
|
|
Washington
|
11.9%
|
|
California
|
10.1%
|
|
Others, representing less than 10% individually
|
52.1%
|
(1) | When-issued security. |
Assets | January 31, 2011 | |||||
Investments, at value (identified cost, $2,222,754)
|
$ | 2,153,215 | ||||
Cash
|
194,741 | |||||
Interest receivable
|
23,394 | |||||
Receivable from affiliate
|
18,992 | |||||
Total assets
|
$ | 2,390,342 | ||||
Liabilities | ||||||
Payable for when-issued securities
|
$ | 97,112 | ||||
Payable for Fund shares redeemed
|
17 | |||||
Distributions payable
|
4,797 | |||||
Payable to affiliates:
|
||||||
Investment adviser and administration fee
|
1,159 | |||||
Distribution and service fees
|
185 | |||||
Accrued expenses
|
38,868 | |||||
Total liabilities
|
$ | 142,138 | ||||
Net Assets
|
$ | 2,248,204 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 2,318,492 | ||||
Accumulated distributions in excess of net realized gain
|
(921 | ) | ||||
Accumulated undistributed net investment income
|
172 | |||||
Net unrealized depreciation
|
(69,539 | ) | ||||
Net Assets
|
$ | 2,248,204 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 148,688 | ||||
Shares Outstanding
|
15,161 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 9.81 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
95.25 of net asset value per share)
|
$ | 10.30 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 141,134 | ||||
Shares Outstanding
|
14,389 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 9.81 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 1,958,382 | ||||
Shares Outstanding
|
199,684 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 9.81 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2011 | |||||
Interest
|
$ | 70,128 | ||||
Total investment income
|
$ | 70,128 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 11,775 | ||||
Distribution and service fees
|
||||||
Class A
|
211 | |||||
Class C
|
1,000 | |||||
Trustees fees and expenses
|
571 | |||||
Custodian fee
|
15,728 | |||||
Transfer and dividend disbursing agent fees
|
781 | |||||
Legal and accounting services
|
26,480 | |||||
Printing and postage
|
10,289 | |||||
Registration fees
|
77,253 | |||||
Miscellaneous
|
11,894 | |||||
Total expenses
|
$ | 155,982 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 57 | ||||
Allocation of expenses to affiliate
|
140,979 | |||||
Total expense reductions
|
$ | 141,036 | ||||
Net expenses
|
$ | 14,946 | ||||
Net investment income
|
$ | 55,182 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 56,593 | ||||
Net realized gain
|
$ | 56,593 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (69,539 | ) | |||
Net change in unrealized appreciation (depreciation)
|
$ | (69,539 | ) | |||
Net realized and unrealized loss
|
$ | (12,946 | ) | |||
Net increase in net assets from operations
|
$ | 42,236 | ||||
Year Ended |
||||||
Increase (Decrease) in Net Assets | January 31, 2011 | |||||
From operations
|
||||||
Net investment income
|
$ | 55,182 | ||||
Net realized gain from investment transactions
|
56,593 | |||||
Net change in unrealized appreciation (depreciation) from
investments
|
(69,539 | ) | ||||
Net increase in net assets from operations
|
$ | 42,236 | ||||
Distributions to shareholders
|
||||||
From net investment income
|
||||||
Class A
|
$ | (2,260 | ) | |||
Class C
|
(1,884 | ) | ||||
Class I
|
(51,034 | ) | ||||
From net realized gain
|
||||||
Class A
|
(3,143 | ) | ||||
Class C
|
(5,294 | ) | ||||
Class I
|
(49,096 | ) | ||||
Total distributions to shareholders
|
$ | (112,711 | ) | |||
Transactions in shares of beneficial interest
|
||||||
Proceeds from sale of shares
|
||||||
Class A
|
$ | 150,693 | ||||
Class C
|
261,950 | |||||
Class I
|
2,012,300 | |||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||
Class A
|
4,859 | |||||
Class C
|
6,590 | |||||
Class I
|
7,633 | |||||
Cost of shares redeemed
|
||||||
Class A
|
(1,042 | ) | ||||
Class C
|
(109,245 | ) | ||||
Class I
|
(15,059 | ) | ||||
Net increase in net assets from Fund share transactions
|
$ | 2,318,679 | ||||
Net increase in net assets
|
$ | 2,248,204 | ||||
Net Assets | ||||||
At beginning of year
|
$ | | ||||
At end of year
|
$ | 2,248,204 | ||||
Accumulated undistributed net
investment income included in net assets |
||||||
At end of year
|
$ | 172 | ||||
Class A | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.268 | ||||
Net realized and unrealized gain
|
0.056 | (1) | ||||
Total income from operations
|
$ | 0.324 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.267 | ) | |||
From net realized gain
|
(0.247 | ) | ||||
Total distributions
|
$ | (0.514 | ) | |||
Net asset value End of year
|
$ | 9.810 | ||||
Total
Return(2)
|
3.21 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 149 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses(3)(4)
|
0.95 | % | ||||
Net investment income
|
2.65 | % | ||||
Portfolio Turnover
|
200 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 7.17% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. | |
(4) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
Class C | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.192 | ||||
Net realized and unrealized gain
|
0.056 | (1) | ||||
Total income from operations
|
$ | 0.248 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.191 | ) | |||
From net realized gain
|
(0.247 | ) | ||||
Total distributions
|
$ | (0.438 | ) | |||
Net asset value End of year
|
$ | 9.810 | ||||
Total
Return(2)
|
2.44 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 141 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses(3)(4)
|
1.70 | % | ||||
Net investment income
|
1.88 | % | ||||
Portfolio Turnover
|
200 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 7.17% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. | |
(4) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
Class I | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.294 | ||||
Net realized and unrealized gain
|
0.056 | (1) | ||||
Total income from operations
|
$ | 0.350 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.293 | ) | |||
From net realized gains
|
(0.247 | ) | ||||
Total distributions
|
$ | (0.540 | ) | |||
Net asset value End of year
|
$ | 9.810 | ||||
Total
Return(2)
|
3.47 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 1,958 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses(3)(4)
|
0.70 | % | ||||
Net investment income
|
2.86 | % | ||||
Portfolio Turnover
|
200 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 7.17% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. | |
(4) | Excludes the effect of custody fee credits, if any, of less than 0.005%. |
Year Ended |
||||||
January 31, 2011 | ||||||
Distributions declared from:
|
||||||
Tax-exempt income
|
$ | 55,198 | ||||
Ordinary income
|
$ | 57,513 | ||||
Undistributed income
|
$ | 4,969 | ||||
Post October losses
|
$ | (916 | ) | |||
Net unrealized depreciation
|
$ | (69,544 | ) | |||
Other temporary differences
|
$ | (4,797 | ) | |||
Year Ended |
||||||
Class A | January 31, 2011 | |||||
Sales
|
14,773 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
487 | |||||
Redemptions
|
(99 | ) | ||||
Net increase
|
15,161 | |||||
Year Ended |
||||||
Class C | January 31, 2011 | |||||
Sales
|
24,977 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
662 | |||||
Redemptions
|
(11,250 | ) | ||||
Net increase
|
14,389 | |||||
Year Ended |
||||||
Class I | January 31, 2011 | |||||
Sales
|
200,395 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
774 | |||||
Redemptions
|
(1,485 | ) | ||||
Net increase
|
199,684 | |||||
Aggregate cost
|
$ | 2,222,759 | ||||
Gross unrealized appreciation
|
$ | 7,644 | ||||
Gross unrealized depreciation
|
(77,188 | ) | ||||
Net unrealized depreciation
|
$ | (69,544 | ) | |||
| 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 | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 2,153,215 | $ | | $ | 2,153,215 | ||||||||||
Total Investments
|
$ | | $ | 2,153,215 | $ | | $ | 2,153,215 | ||||||||||
| The advisory and related fees to be paid by the Fund and the anticipated expense ratio of the Fund; | |
| Comparative information concerning fees charged by the Adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those to be used in managing the Fund, and concerning fees charged by other advisers for managing funds similar to the Fund; |
| Descriptions of the investment management services to be provided to the Fund, including the investment strategies and processes to be employed; | |
| Information concerning the allocation of brokerage and the benefits expected to be received by the Adviser as a result of brokerage allocation for the Fund, including information concerning the acquisition of research through soft dollar benefits received in connection with the Funds brokerage, and the implementation of the soft dollar reimbursement program established with respect to the Eaton Vance Funds; | |
| The procedures and processes to be used to determine the fair value of the Funds assets and actions to be taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of the Adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Fund, 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 the Adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of the Advisers proxy voting policies and procedures; | |
| Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates on behalf of the Eaton Vance Funds (including descriptions of various compliance programs) and its 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 plans and disaster recovery of the Adviser and its affiliates; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services to be provided by the Adviser and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and the Funds accountants by the Adviser (which is also the administrator); and | |
| The terms of the Agreement of the Fund. |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 1958 |
Trustee | Since 2007 | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 175 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust | 175 | Director of EVC. | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C. Esty 1963 |
Trustee | Since 2005 | Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration | 175 | None | |||||||
Allen R. Freedman 1940 |
Trustee | Since 2007 | Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007) | 175 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
William H. Park 1947 |
Trustee | Since 2003 | Chief Financial Officer, Aveon Group L.P. (an investment management firm) (since 2010). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981) | 175 | None | |||||||
Ronald A. Pearlman 1940 |
Trustee | Since 2003 | Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990) | 175 | None | |||||||
Helen Frame Peters 1948 |
Trustee | Since 2008 | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998) | 175 | Director of BJs Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). | |||||||
Lynn A. Stout 1957 |
Trustee | Since 1998 | Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas | 175 | None |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
Ralph F. Verni 1943 |
Chairman of the Board and Trustee |
Chairman of the Board since 2007 and Trustee since 2005 | Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006) | 175 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR | |||
William H. Ahern, Jr. 1959 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 74 registered investment companies managed by EVM or BMR | |||
Brian C. Barney 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2001-2009). Officer of 5 registered investment companies managed by EVM or BMR | |||
Craig R. Brandon 1966 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 47 registered investment companies managed by EVM or BMR | |||
Brian D. Clouser 1983 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2006-2009) and Analytics Consultant and Training Specialist at Bloomberg LP (2005-2006). Officer of 5 registered investment companies managed by EVM or BMR | |||
Joseph M. Davolio 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, portfolio manager, M.D. Sass Investors Services, Inc. (2005-2009). Officer of 5 registered investment companies managed by EVM or BMR |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Principal Officers who are not Trustees (continued) | ||||||
James H. Evans 1959 |
Vice President | Since 2008 | Vice President of EVM and BMR. Formerly, Senior Vice President and Senior Portfolio Manager, Tax-Exempt Fixed Income at M.D. Sass Investors Services, Inc. (1990-2008). Officer of 23 registered investment companies managed by EVM or BMR | |||
Christopher J. Harshman 1970 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and senior trader in the municipal products group at Wachovia Bank, NA (2004-2009). Officer of 5 registered investment companies managed by EVM or BMR | |||
Thomas M. Metzold 1958 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 52 registered investment companies managed by EVM or BMR | |||
Adam A. Weigold 1975 |
Vice President | Since 2007 | Vice President of EVM and BMR. Officer of 69 registered investment companies managed by EVM or BMR | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR | |||
Maureen A. Gemma 1960 |
Secretary and Chief Legal Officer | Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. Officer of 175 registered investment companies | |||
managed by EVM or BMR | ||||||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(2) | During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). |
| 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 Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org. |
4734-3/11 | TABS-LTSRC |
Eaton
Vance Tax-Advantaged Bond Strategies Intermediate Term Fund Annual Report |
||
January 31, 2011 |
2 | ||||
4 | ||||
5 | ||||
6 | ||||
Fund Expenses |
7 | |||
Financial Statements |
8 | |||
Federal Tax Information |
24 | |||
Board of Trustees Contract Approval |
25 | |||
Management and Organization |
29 | |||
Important Notices |
33 |
2
Total Return Performance at Net Asset Value (NAV) 2/1/10 1/31/11 | ||||
Class A2 |
5.38 | % | ||
Class C2 |
4.63 | |||
Class I2 |
5.62 | |||
Barclays Capital 1-17 Year Managed Money Index1 |
1.67 | * | ||
Barclays Capital 7 Year Municipal Bond Index1 |
3.29 | * | ||
See page 4 for more performance information. | ||
* Source: Bloomberg L.P.; Lipper. Reflects total return performance for 1/31/10 - 1/31/11. |
3
Class A | Class C | Class I | ||||||||||
Symbol | EITAX | EITCX | ETIIX | |||||||||
Inception Dates | 2/1/10 | 2/1/10 | 2/1/10 | |||||||||
Cumulative Total Returns at NAV |
||||||||||||
One Year |
5.38 | % | 4.63 | % | 5.62 | % | ||||||
Since Inception |
5.38 | 4.63 | 5.62 | |||||||||
SEC Cumulative Total Returns with maximum sales charge |
||||||||||||
One Year |
3.01 | % | 3.63 | % | 5.62 | % | ||||||
Since Inception |
3.01 | 3.63 | 5.62 | |||||||||
Maximum Sales Charge |
2.25 | % | 1.00 | % | N.A. | |||||||
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class A |
2/1/10 | $ | 263,443 | $ | 257,520 | |||||||
Class C |
2/1/10 | $ | 261,579 | $ | 259,079 | |||||||
Performance of $10,0003 | ||||||||||||
Class A |
2/1/10 | $ | 10,538 | $ | 10,301 | |||||||
Class C |
2/1/10 | $ | 10,463 | $ | 10,363 | |||||||
4
Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | |||||||||
Gross Expense Ratio |
1.15 | % | 1.90 | % | 0.90 | % | ||||||
Net Expense Ratio |
0.95 | 1.70 | 0.70 | |||||||||
Distribution Rates/Yields | Class A | Class C | Class I | |||||||||
Distribution Rate5 |
1.39 | % | 0.71 | % | 1.64 | % | ||||||
SEC 30-day Yield6 |
1.79 | 1.13 | 2.07 | |||||||||
Relative Performance 1/31/10 1/31/111 | ||||||||||||
Barclays Capital 1-17 Year Managed Money Index |
1.67 | %* | ||||||||||
Barclays Capital 7 Year Municipal Bond Index |
3.29 | * | ||||||||||
* Source: Bloomberg L.P. |
5
1. | It is not possible to invest directly in an Index. Total returns shown for an Index do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital High Yield Long (22+) Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities of 22 years or more. The Barclays Capital 1-17 Year Managed Money Index is an unmanaged, tax-exempt bond market index that measures the 1-17 year duration component of the Barclays Capital Managed Money Municipal Bond Index. The Barclays Capital 7 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 6-8 years. | |
2. | Returns are cumulative since inception. Cumulative Total Returns are shown at NAV and do not include applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Cumulative Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Cumulative Total Returns for Class C reflect a 1% contingent deferred sales charge for the first year. Class I shares are offered at NAV. | |
3. | The hypothetical performance in the line graph and the total returns in the table do not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares. | |
4. | Source: Prospectus dated 2/1/10. Net Expense Ratio reflects a contractual expense reimbursement that continues through May 31, 2013. Thereafter, the expense reimbursement may be changed or terminated at any time. Without this expense reimbursement, performance would have been lower. | |
5. | Fund distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the NAV at the end of the period. | |
6. | Fund SEC 30-day yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. | |
7. | Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
6
Beginning Account Value |
Ending Account Value |
Expenses Paid During Period* |
||||||||||||
(8/1/10) | (1/31/11) | (8/1/10 1/31/11) | ||||||||||||
Actual
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 992.80 | $ | 4.77 | ** | |||||||
Class C
|
$ | 1,000.00 | $ | 989.20 | $ | 8.52 | ** | |||||||
Class I
|
$ | 1,000.00 | $ | 993.90 | $ | 3.52 | ** | |||||||
Hypothetical
|
||||||||||||||
(5% return per year before expenses)
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.40 | $ | 4.84 | ** | |||||||
Class C
|
$ | 1,000.00 | $ | 1,016.60 | $ | 8.64 | ** | |||||||
Class I
|
$ | 1,000.00 | $ | 1,021.70 | $ | 3.57 | ** |
* | Expenses are equal to the Funds annualized expense ratio of 0.95% for Class A shares, 1.70% for Class C shares and 0.70% for Class I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2010. | |
** | Absent an allocation of expenses to the investment adviser and administrator, expenses would be higher. |
Tax-Exempt Investments 72.9% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 13.9% | ||||||||||
Massachusetts Development Finance Agency, (Boston College),
5.00%, 7/1/23
|
$ | 1,730 | $ | 1,822,209 | ||||||
Massachusetts Development Finance Agency, (Boston College),
5.00%, 7/1/29
|
1,000 | 1,002,340 | ||||||||
New York Dormitory Authority, Personal Income Tax Revenue,
4.00%, 2/15/20
|
1,000 | 1,029,920 | ||||||||
Tennessee School Bond Authority, 4.00%, 5/1/27
|
2,130 | 1,956,064 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 4.00%, 4/1/19
|
2,000 | 2,138,020 | ||||||||
$ | 7,948,553 | |||||||||
General Obligations 37.8% | ||||||||||
Bloomfield, CT, 4.00%, 10/15/20
|
$ | 240 | $ | 250,094 | ||||||
Clark County, WA, Evergreen School District No. 114,
3.00%, 6/1/17
|
2,000 | 2,055,480 | ||||||||
Connecticut, 5.00%, 12/1/20
|
50 | 54,781 | ||||||||
Eagle Mountain & Saginaw, TX, Independent School
District, 0.00%, 8/15/18
|
100 | 76,858 | ||||||||
Florida Board of Education, 5.00%, 1/1/21
|
4,020 | 4,415,327 | ||||||||
Frederick County, MD, 5.25%, 11/1/19
|
50 | 58,436 | ||||||||
Georgia, 5.00%, 7/1/20
|
2,000 | 2,302,060 | ||||||||
Groton, CT, 4.00%, 7/15/19
|
100 | 107,689 | ||||||||
Gwinnett County, GA, School District, Prerefunded to 2/1/18,
5.00%, 2/1/25
|
2,550 | 2,934,616 | ||||||||
Henrico County, VA, 5.00%, 8/1/17
|
75 | 87,250 | ||||||||
Lake County, IL, Community Consolidated School District
No. 50,
5.25%, 1/1/23(1)
|
1,000 | 1,015,340 | ||||||||
Lake County, IL, Community Consolidated School District
No. 50,
5.50%, 1/1/24(1)
|
500 | 511,435 | ||||||||
Leander, TX, Independent School District, 0.00%, 8/15/21
|
3,890 | 2,425,687 | ||||||||
Lynchburg, VA, 3.00%, 12/1/16
|
800 | 838,472 | ||||||||
Lynchburg, VA, 4.00%, 12/1/21
|
1,340 | 1,384,233 | ||||||||
Maryland, 5.00%, 8/1/20
|
50 | 55,470 | ||||||||
Mecklenburg County, NC, 5.00%, 3/1/19
|
50 | 57,864 | ||||||||
Minnesota, 5.00%, 12/1/20
|
50 | 56,822 | ||||||||
New Braunfels, TX, Independent School District,
5.00%, 2/1/26(1)
|
1,720 | 1,800,186 | ||||||||
North Carolina, 5.00%, 6/1/18
|
1,000 | 1,161,730 | ||||||||
Richardson, TX, 5.00%, 2/15/20
|
50 | 56,546 | ||||||||
University of Texas, Prerefunded to 8/15/16, 5.00%, 8/15/18
|
20 | 23,046 | ||||||||
$ | 21,729,422 | |||||||||
Insured General Obligations 2.0% | ||||||||||
Connecticut, (AMBAC), 5.25%, 6/1/20
|
$ | 1,000 | $ | 1,148,310 | ||||||
$ | 1,148,310 | |||||||||
Insured Water and Sewer 4.1% | ||||||||||
Massachusetts Water Resources Authority, (AGM),
5.50%, 8/1/20
|
$ | 2,000 | $ | 2,333,760 | ||||||
$ | 2,333,760 | |||||||||
Other Revenue 0.1% | ||||||||||
New Jersey Environmental Infrastructure Trust, 4.00%, 9/1/19
|
$ | 50 | $ | 52,077 | ||||||
$ | 52,077 | |||||||||
Special Tax Revenue 5.1% | ||||||||||
Connecticut, Special Tax Obligation, (Transportation
Infrastructure), 4.25%, 2/1/21
|
$ | 2,250 | $ | 2,290,972 | ||||||
Iowa, 4.00%, 6/1/19
|
625 | 657,744 | ||||||||
$ | 2,948,716 | |||||||||
Transportation 3.5% | ||||||||||
Arizona Transportation Board, Highway Revenue, 5.00%, 7/1/31
|
$ | 2,000 | $ | 2,000,520 | ||||||
$ | 2,000,520 | |||||||||
Utilities 0.1% | ||||||||||
Foley, AL, Utilities Board, 4.00%, 11/1/16
|
$ | 75 | $ | 82,053 | ||||||
$ | 82,053 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Water and Sewer 6.3% | ||||||||||
Henrico County, VA, Water and Sewer System Revenue,
5.00%, 5/1/19
|
$ | 50 | $ | 57,582 | ||||||
Loudoun County Sanitation Authority, VA, Water and Sewer System
Revenue, 4.00%, 1/1/19
|
2,180 | 2,352,503 | ||||||||
Louisville and Jefferson County, KY, Waterworks and Water System
Revenue, 4.00%, 11/15/21
|
75 | 77,732 | ||||||||
New York Environmental Facilities Corp., Clean Water and
Drinking Water, 4.00%, 6/15/19
|
50 | 52,724 | ||||||||
New York, NY, Municipal Water Finance Authority,
5.50%, 6/15/21
|
50 | 56,281 | ||||||||
Virginia Beach, VA, Water and Sewer System Revenue,
5.00%, 10/1/30
|
1,000 | 1,008,620 | ||||||||
$ | 3,605,442 | |||||||||
Total Tax-Exempt
Investments 72.9%
|
||||||||||
(identified cost $43,476,026)
|
$ | 41,848,853 | ||||||||
Short-Term Investments 12.2% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Short-Term Investments Tax-Exempt 3.5% | ||||||||||
Texas, 2.00%, 8/31/11
|
$ | 2,000 | $ | 2,019,420 | ||||||
$ | 2,019,420 | |||||||||
U.S. Treasury Obligations 8.7% | ||||||||||
U.S. Treasury Bill, 0.10%, 2/3/11
|
$ | 5,000 | $ | 4,999,972 | ||||||
Total Short-Term
Investments 12.2%
|
||||||||||
(identified cost $7,018,889)
|
$ | 7,019,392 | ||||||||
Total Investments 85.1%
|
||||||||||
(identified cost $50,494,915)
|
$ | 48,868,245 | ||||||||
Other Assets, Less
Liabilities 14.9%
|
$ | 8,543,669 | ||||||||
Net Assets 100.0%
|
$ | 57,411,914 | ||||||||
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
Texas
|
11.2% | |||
Virginia
|
10.0% | |||
Others, representing less than 10% individually
|
55.2% |
(1) | When-issued security. |
Assets | January 31, 2011 | |||||
Investments, at value (identified cost, $50,494,915)
|
$ | 48,868,245 | ||||
Cash
|
7,937,901 | |||||
Interest receivable
|
413,419 | |||||
Receivable for investments sold
|
3,090,606 | |||||
Receivable for Fund shares sold
|
671,236 | |||||
Total assets
|
$ | 60,981,407 | ||||
Liabilities | ||||||
Payable for when-issued securities
|
$ | 3,312,374 | ||||
Payable for Fund shares redeemed
|
109,818 | |||||
Distributions payable
|
73,956 | |||||
Payable to affiliates:
|
||||||
Investment adviser and administration fee
|
28,667 | |||||
Distribution and service fees
|
1,663 | |||||
Accrued expenses
|
43,015 | |||||
Total liabilities
|
$ | 3,569,493 | ||||
Net Assets
|
$ | 57,411,914 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 59,212,918 | ||||
Accumulated distributions in excess of net realized gain
|
(174,640 | ) | ||||
Accumulated undistributed net investment income
|
306 | |||||
Net unrealized depreciation
|
(1,626,670 | ) | ||||
Net Assets
|
$ | 57,411,914 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 3,971,590 | ||||
Shares Outstanding
|
382,658 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.38 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
97.75 of net asset value per share)
|
$ | 10.62 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 1,215,880 | ||||
Shares Outstanding
|
117,153 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.38 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 52,224,444 | ||||
Shares Outstanding
|
5,028,982 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.38 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2011 | |||||
Interest
|
$ | 377,080 | ||||
Total investment income
|
$ | 377,080 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 114,794 | ||||
Distribution and service fees
|
||||||
Class A
|
1,694 | |||||
Class C
|
1,742 | |||||
Trustees fees and expenses
|
1,414 | |||||
Custodian fee
|
15,141 | |||||
Transfer and dividend disbursing agent fees
|
10,746 | |||||
Legal and accounting services
|
26,378 | |||||
Printing and postage
|
10,153 | |||||
Registration fees
|
78,222 | |||||
Miscellaneous
|
12,405 | |||||
Total expenses
|
$ | 272,689 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 2,332 | ||||
Allocation of expenses to affiliate
|
131,806 | |||||
Total expense reductions
|
$ | 134,138 | ||||
Net expenses
|
$ | 138,551 | ||||
Net investment income
|
$ | 238,529 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | (46,395 | ) | |||
Net realized loss
|
$ | (46,395 | ) | |||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (1,626,670 | ) | |||
Net change in unrealized appreciation (depreciation)
|
$ | (1,626,670 | ) | |||
Net realized and unrealized loss
|
$ | (1,673,065 | ) | |||
Net decrease in net assets from operations
|
$ | (1,434,536 | ) | |||
Year Ended |
||||||
Increase (Decrease) in Net Assets | January 31, 2011 | |||||
From operations
|
||||||
Net investment income
|
$ | 238,529 | ||||
Net realized loss from investment transactions
|
(46,395 | ) | ||||
Net change in unrealized appreciation (depreciation) from
investments
|
(1,626,670 | ) | ||||
Net decrease in net assets from operations
|
$ | (1,434,536 | ) | |||
Distributions to shareholders
|
||||||
From net investment income
|
||||||
Class A
|
$ | (8,697 | ) | |||
Class C
|
(1,003 | ) | ||||
Class I
|
(228,112 | ) | ||||
From net realized gain
|
||||||
Class A
|
(3,695 | ) | ||||
Class C
|
(1,260 | ) | ||||
Class I
|
(124,028 | ) | ||||
Total distributions to shareholders
|
$ | (366,795 | ) | |||
Transactions in shares of beneficial interest
|
||||||
Proceeds from sale of shares
|
||||||
Class A
|
$ | 4,708,725 | ||||
Class C
|
1,249,291 | |||||
Class I
|
55,295,932 | |||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||
Class A
|
7,022 | |||||
Class C
|
804 | |||||
Class I
|
2,728 | |||||
Cost of shares redeemed
|
||||||
Class A
|
(738,910 | ) | ||||
Class C
|
(27,748 | ) | ||||
Class I
|
(1,284,599 | ) | ||||
Net increase in net assets from Fund share transactions
|
$ | 59,213,245 | ||||
Net increase in net assets
|
$ | 57,411,914 | ||||
Net Assets | ||||||
At beginning of year
|
$ | | ||||
At end of year
|
$ | 57,411,914 | ||||
Accumulated undistributed net
investment income included in net assets |
||||||
At end of year
|
$ | 306 | ||||
Class A | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.131 | ||||
Net realized and unrealized gain
|
0.406 | (1) | ||||
Total income from operations
|
$ | 0.537 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.131 | ) | |||
From net realized gain
|
(0.026 | ) | ||||
Total distributions
|
$ | (0.157 | ) | |||
Net asset value End of year
|
$ | 10.380 | ||||
Total
Return(2)
|
5.38 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 3,972 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses before custodian fee
reduction(3)
|
0.96 | % | ||||
Expenses after custodian fee
reduction(3)
|
0.95 | % | ||||
Net investment income
|
1.26 | % | ||||
Portfolio Turnover
|
202 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 0.68% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. |
Class C | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.057 | ||||
Net realized and unrealized gain
|
0.406 | (1) | ||||
Total income from operations
|
$ | 0.463 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.057 | ) | |||
From net realized gain
|
(0.026 | ) | ||||
Total distributions
|
$ | (0.083 | ) | |||
Net asset value End of year
|
$ | 10.380 | ||||
Total
Return(2)
|
4.63 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 1,216 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses before custodian fee
reduction(3)
|
1.71 | % | ||||
Expenses after custodian fee
reduction(3)
|
1.70 | % | ||||
Net investment income
|
0.58 | % | ||||
Portfolio Turnover
|
202 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 0.68% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. |
Class I | ||||||
Year Ended |
||||||
January 31, 2011 | ||||||
Net asset value Beginning of year
|
$ | 10.000 | ||||
Income (Loss) From Operations | ||||||
Net investment income
|
$ | 0.155 | ||||
Net realized and unrealized gain
|
0.406 | (1) | ||||
Total income from operations
|
$ | 0.561 | ||||
Less Distributions | ||||||
From net investment income
|
$ | (0.155 | ) | |||
From net realized gains
|
(0.026 | ) | ||||
Total distributions
|
$ | (0.181 | ) | |||
Net asset value End of year
|
$ | 10.380 | ||||
Total
Return(2)
|
5.62 | % | ||||
Ratios/Supplemental Data | ||||||
Net assets, end of year (000s omitted)
|
$ | 52,224 | ||||
Ratios (as a percentage of average daily net assets):
|
||||||
Expenses before custodian fee
reduction(3)
|
0.71 | % | ||||
Expenses after custodian fee
reduction(3)
|
0.70 | % | ||||
Net investment income
|
1.24 | % | ||||
Portfolio Turnover
|
202 | % | ||||
(1) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. | |
(3) | The investment adviser and administrator subsidized certain operating expenses equal to 0.68% of average daily net assets for the year ended January 31, 2011. Absent this subsidy, total return would be lower. |
Year Ended |
||||||
January 31, 2011 | ||||||
Distributions declared from:
|
||||||
Tax-exempt income
|
$ | 236,790 | ||||
Ordinary income
|
$ | 130,005 | ||||
Undistributed income
|
$ | 74,262 | ||||
Post October losses
|
$ | (174,940 | ) | |||
Net unrealized depreciation
|
$ | (1,626,370 | ) | |||
Other temporary differences
|
$ | (73,956 | ) | |||
Purchases | Sales | |||||||||
Investments
(non-U.S.
Government)
|
$ | 77,738,358 | $ | 34,073,301 | ||||||
U.S. Government and Agency Securities
|
110,246 | 109,203 | ||||||||
$ | 77,848,604 | $ | 34,182,504 | |||||||
Year Ended |
||||||
Class A | January 31, 2011 | |||||
Sales
|
451,651 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
671 | |||||
Redemptions
|
(69,664 | ) | ||||
Net increase
|
382,658 | |||||
Year Ended |
||||||
Class C | January 31, 2011 | |||||
Sales
|
119,720 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
77 | |||||
Redemptions
|
(2,644 | ) | ||||
Net increase
|
117,153 | |||||
Year Ended |
||||||
Class I | January 31, 2011 | |||||
Sales
|
5,147,488 | |||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
260 | |||||
Redemptions
|
(118,766 | ) | ||||
Net increase
|
5,028,982 | |||||
Aggregate cost
|
$ | 50,494,615 | ||||
Gross unrealized appreciation
|
$ | 35,916 | ||||
Gross unrealized depreciation
|
(1,662,286 | ) | ||||
Net unrealized depreciation
|
$ | (1,626,370 | ) | |||
| 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 | ||||||||||||||
Tax-Exempt Investments
|
$ | | $ | 41,848,853 | $ | | $ | 41,848,853 | ||||||||||
Short-Term Investments
|
||||||||||||||||||
Tax-Exempt
|
| 2,019,420 | | 2,019,420 | ||||||||||||||
U.S. Treasury Obligations
|
| 4,999,972 | | 4,999,972 | ||||||||||||||
Total Investments
|
$ | | $ | 48,868,245 | $ | | $ | 48,868,245 | ||||||||||
| The advisory and related fees to be paid by the Fund and the anticipated expense ratio of the Fund; | |
| Comparative information concerning fees charged by the Adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those to be used in managing the Fund, and concerning fees charged by other advisers for managing funds similar to the Fund; |
| Descriptions of the investment management services to be provided to the Fund, including the investment strategies and processes to be employed; | |
| Information concerning the allocation of brokerage and the benefits expected to be received by the Adviser as a result of brokerage allocation for the Fund, including information concerning the acquisition of research through soft dollar benefits received in connection with the Funds brokerage, and the implementation of the soft dollar reimbursement program established with respect to the Eaton Vance Funds; | |
| The procedures and processes to be used to determine the fair value of Funds assets and actions to be taken to monitor and test the effectiveness of such procedures and processes; |
| Reports detailing the financial results and condition of the Adviser; | |
| Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the Fund, 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 the Adviser and its affiliates, together with information relating to compliance with and the administration of such codes; | |
| Copies of or descriptions of the Advisers proxy voting policies and procedures; | |
| Information concerning the resources devoted to compliance efforts undertaken by the Adviser and its affiliates on behalf of the Eaton Vance Funds (including descriptions of various compliance programs) and its 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 plans and disaster recovery of the Adviser and its affiliates; |
| Information concerning the nature, cost and character of the administrative and other non-investment management services to be provided by the Adviser and its affiliates; | |
| Information concerning management of the relationship with the custodian, subcustodians and the Funds accountants by the Adviser (which is also the administrator); and | |
| The terms of the Agreement of the Fund. |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 1958 |
Trustee | Since 2007 | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 175 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. | 175 | Director of EVC. | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C. Esty 1963 |
Trustee | Since 2005 | Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. | 175 | None | |||||||
Allen R. Freedman 1940 |
Trustee | Since 2007 | Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor)(2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). | 175 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
William H. Park 1947 |
Trustee | Since 2003 | Chief Financial Officer, Aveon Group L.P. (an investment management firm) (since 2010). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). | 175 | None | |||||||
Ronald A. Pearlman 1940 |
Trustee | Since 2003 | Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). | 175 | None | |||||||
Helen Frame Peters 1948 |
Trustee | Since 2008 | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). | 175 | Director of BJs Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). | |||||||
Lynn A. Stout 1957 |
Trustee | Since 1998 | Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas. | 175 | None |
Term of |
Principal Occupation(s) |
Number of Portfolios |
Other |
|||||||||
Position(s) |
Office and |
During Past Five Years |
in Fund Complex |
Directorships Held |
||||||||
Name and |
with the |
Length of |
and Other Relevant |
Overseen By |
During the Last |
|||||||
Year of Birth | Trust | Service | Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
Ralph F. Verni 1943 |
Chairman of the Board and Trustee |
Chairman of the Board since 2007 and Trustee since 2005 | Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). | 175 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
William H. Ahern, Jr. 1959 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 74 registered investment companies managed by EVM or BMR. | |||
Brian C. Barney 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2001-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Craig R. Brandon 1966 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 47 registered investment companies managed by EVM or BMR. | |||
Brian D. Clouser 1983 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2006-2009) and Analytics Consultant and Training Specialist at Bloomberg LP (2005-2006). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Joseph M. Davolio 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, portfolio manager, M.D. Sass Investors Services, Inc. (2005-2009). Officer of 5 registered investment companies managed by EVM or BMR. |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Principal Officers who are not Trustees (continued) | ||||||
James H. Evans 1959 |
Vice President | Since 2008 | Vice President of EVM and BMR. Formerly, Senior Vice President and Senior Portfolio Manager, Tax-Exempt Fixed Income at M.D. Sass Investors Services, Inc. (1990-2008). Officer of 23 registered investment companies managed by EVM or BMR. | |||
Christopher J. Harshman 1970 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and senior trader in the municipal products group at Wachovia Bank, NA (2004-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Thomas M. Metzold 1958 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 52 registered investment companies managed by EVM or BMR. | |||
Adam A. Weigold 1975 |
Vice President | Since 2007 | Vice President of EVM and BMR. Officer of 69 registered investment companies managed by EVM or BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Maureen A. Gemma 1960 |
Secretary and Chief Legal Officer | Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(2) | During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). |
| 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 Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com. |
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org. |
4735-3/11
|
TABS-ITSRC |
Eaton
Vance Tax-Advantaged Bond Strategies Short Term Fund Annual Report January 31, 2011 |
2 | ||||
4 | ||||
5 | ||||
6 | ||||
Fund Expenses |
7 | |||
Financial Statements |
8 | |||
Federal Tax Information |
30 | |||
Board of Trustees Contract Approval |
31 | |||
Management and Organization |
36 | |||
Important Notices |
40 |
2
Total Return Performance at Net Asset Value (NAV) 1/31/10 1/31/11 | ||||
Class A2 |
1.69 | % | ||
Class C2 |
0.93 | |||
Class I2 |
1.94 | |||
Barclays Capital 5 Year Municipal Bond Index1 |
2.44 | * | ||
Barclays Capital 1-7 Year Managed Money Index1 |
2.00 | * | ||
* Source: Bloomberg L.P.; Lipper. |
3
Class A | Class C | Class I | ||||||||||
Symbol | EABSX | ECBSX | EIBSX | |||||||||
Inception Dates | 3/27/09 | 3/27/09 | 3/27/09 | |||||||||
Average Annual Total Returns at NAV |
||||||||||||
One Year |
1.69 | % | 0.93 | % | 1.94 | % | ||||||
Since Inception |
3.33 | 2.61 | 3.59 | |||||||||
SEC Average Annual Total Returns with maximum sales charge |
||||||||||||
One Year |
-0.64 | % | -0.07 | % | 1.94 | % | ||||||
Since Inception |
2.07 | 2.61 | 3.59 | |||||||||
Maximum Sales Charge |
2.25 | % | 1.00 | % | N.A. | |||||||
* | For the period from 3/31/09 1/31/11. Index performance is available as of month end only. |
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class C |
3/27/09 | $ | 10,489 | $ | 10,489 | |||||||
Class I |
3/27/09 | $ | 10,674 | $ | 10,674 | |||||||
4
Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | |||||||||
Gross Expense Ratio |
1.01 | % | 1.76 | % | 0.76 | % | ||||||
Net Expense Ratio |
0.90 | 1.65 | 0.65 | |||||||||
Distribution Rates/Yields | Class A | Class C | Class I | |||||||||
Distribution Rate5 |
0.75 | % | 0.04 | % | 1.00 | % | ||||||
SEC 30-day Yield6 |
0.94 | 0.22 | 1.21 | |||||||||
Relative Performance 1/31/10 1/31/111 | ||||||||||||
Barclays Capital 5 Year Municipal Bond Index |
2.44 | %* | ||||||||||
Barclays Capital 1-7 Year Managed Money Index |
2.00 | * | ||||||||||
* Source: Bloomberg L.P. |
5
1. | It is not possible to invest directly in an Index. Total returns shown for an Index do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in an Index. The Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. The Barclays Capital High Yield Long (22+) Municipal Bond Index is an unmanaged index of high-yield municipal bonds traded in the U.S. with maturities of 22 years or more. The Barclays Capital 5 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 4-6 years. The Barclays Capital 1-7 Year Managed Money Index is an unmanaged, tax-exempt bond market index that measures the 1-7 year duration component of the Barclays Capital Managed Money Municipal Bond Index and such Index performance is available as of month end only. | |
2. | Average Annual Total Returns are shown at NAV and do not include applicable sales charges. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 2.25% sales charge. SEC Average Annual Total Returns for Class C reflect a 1% contingent deferred sales charge for the first year. Class I shares are offered at NAV. | |
3. | The hypothetical performance in the line graph and the total returns in the table do not reflect the deduction of taxes, if any, that a shareholder would pay on distributions or redemptions of Fund shares. | |
4. | Source: Prospectus dated 6/1/10. Net Expense Ratio reflects a contractual expense reimbursement that continues through May 31, 2011. Without this expense reimbursement, performance would have been lower. | |
5. | Fund distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the NAV at the end of the period. | |
6. | Fund SEC 30-day yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. | |
7. | Rating Distribution is determined by dividing the total market value of Fund issues by its total investments. Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. |
6
Beginning Account Value |
Ending Account Value |
Expenses Paid During
Period* |
||||||||||||
(8/1/10) | (1/31/11) | (8/1/10 1/31/11) | ||||||||||||
Actual
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 984.20 | $ | 4.45 | ||||||||
Class C
|
$ | 1,000.00 | $ | 980.50 | $ | 8.19 | ||||||||
Class I
|
$ | 1,000.00 | $ | 985.40 | $ | 3.20 | ||||||||
Hypothetical
|
||||||||||||||
(5% return per year before expenses)
|
||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.70 | $ | 4.53 | ||||||||
Class C
|
$ | 1,000.00 | $ | 1,016.90 | $ | 8.34 | ||||||||
Class I
|
$ | 1,000.00 | $ | 1,022.00 | $ | 3.26 |
* | Expenses are equal to the Funds annualized expense ratio of 0.89% for Class A shares, 1.64% for Class C shares and 0.64% for Class I shares, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on July 31, 2010. |
Tax-Exempt Municipal Securities 80.1% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 11.0% | ||||||||||
Alabama Public School & College Authority,
5.00%, 5/1/15
|
$ | 5,000 | $ | 5,566,200 | ||||||
Alabama Public School & College Authority,
5.00%, 5/1/18
|
8,560 | 9,543,030 | ||||||||
Florida Board of Education, 4.00%, 7/1/14
|
15,580 | 16,647,074 | ||||||||
Florida Board of Education, 5.00%, 7/1/18
|
19,425 | 21,542,131 | ||||||||
Florida Board of Education, 5.00%, 7/1/19
|
5,830 | 6,407,287 | ||||||||
Massachusetts Development Finance Agency, (Harvard University),
5.00%, 1/1/21
|
2,000 | 2,282,780 | ||||||||
Pennsylvania Higher Educational Facilities Authority, (Carnegie
Mellon University), 4.00%, 8/1/21
|
5,885 | 5,993,225 | ||||||||
Pennsylvania State University, 5.25%, 3/1/11
|
2,000 | 2,008,280 | ||||||||
Rutgers State University, NJ, 3.00%, 5/1/11
|
1,500 | 1,509,870 | ||||||||
University of Arkansas, 4.00%, 12/1/14
|
810 | 869,009 | ||||||||
University of Arkansas, 4.00%, 12/1/15
|
720 | 773,107 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 3.00%, 4/1/14
|
3,120 | 3,284,081 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 3.00%, 4/1/15
|
2,335 | 2,454,645 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 4.00%, 4/1/14
|
400 | 433,408 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 5.00%, 4/1/11
|
2,635 | 2,655,711 | ||||||||
University of Texas, 4.00%, 8/15/21
|
2,485 | 2,572,099 | ||||||||
University of Texas, 5.00%, 8/15/17
|
5,000 | 5,745,450 | ||||||||
Virginia College Building Authority, Educational Facilities
Revenue, 5.00%, 2/1/17
|
1,850 | 2,113,181 | ||||||||
Virginia Public School Authority, 4.00%, 7/15/13
|
245 | 263,640 | ||||||||
Virginia Public School Authority, 5.00%, 8/1/11
|
3,000 | 3,070,320 | ||||||||
Virginia Public School Authority, 5.00%, 4/15/15
|
300 | 339,357 | ||||||||
$ | 96,073,885 | |||||||||
Electric Utilities 1.0% | ||||||||||
California Department of Water Resources, Power Supply Revenue,
4.00%, 5/1/16
|
$ | 2,000 | $ | 2,146,180 | ||||||
California Department of Water Resources, Power Supply Revenue,
5.00%, 5/1/14
|
935 | 1,030,323 | ||||||||
California Department of Water Resources, Power Supply Revenue,
Series L, 5.00%, 5/1/15
|
3,145 | 3,506,958 | ||||||||
California Department of Water Resources, Power Supply Revenue,
Series M, 5.00%, 5/1/15
|
2,000 | 2,230,180 | ||||||||
$ | 8,913,641 | |||||||||
Escrowed / Prerefunded 2.8% | ||||||||||
Badger Tobacco Asset Securitization Corp., WI, Prerefunded to
6/1/12, 6.375%, 6/1/32
|
$ | 350 | $ | 376,201 | ||||||
Harris County, TX, Prerefunded to 10/1/16, 5.00%, 10/1/31
|
10,000 | 11,503,900 | ||||||||
Massachusetts Water Pollution Abatement Trust, Escrowed to
Maturity, 5.45%, 2/1/13
|
70 | 72,620 | ||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), Prerefunded to 12/15/18,
6.00%, 12/15/38
|
5,625 | 6,910,875 | ||||||||
New Jersey Turnpike Authority, Escrowed to Maturity,
6.50%, 1/1/16
|
3,615 | 4,077,865 | ||||||||
North Carolina, Prerefunded to 3/1/15, 5.00%, 3/1/20
|
1,335 | 1,519,497 | ||||||||
$ | 24,460,958 | |||||||||
General Obligations 42.6% | ||||||||||
Albuquerque, NM, Municipal School District No. 12,
5.00%, 8/1/13
|
$ | 340 | $ | 373,905 | ||||||
Atlantic County, NJ, 2.50%, 10/1/14
|
730 | 755,813 | ||||||||
Baltimore County, MD, 5.00%, 2/1/11
|
2,500 | 2,500,000 | ||||||||
Beaufort County, SC, School District, 5.00%, 3/1/15
|
3,945 | 4,430,353 | ||||||||
Bergen County, NJ, 3.25%, 11/1/16
|
2,575 | 2,713,097 | ||||||||
Boston, MA, 4.00%, 4/1/19
|
4,490 | 4,843,677 | ||||||||
Cary, NC, 5.00%, 6/1/18
|
195 | 226,537 | ||||||||
Clark County, NV, 5.00%, 11/1/16
|
3,320 | 3,716,508 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
Clark County, NV, 5.00%, 11/1/17
|
$ | 2,500 | $ | 2,783,650 | ||||||
Columbus, OH, 2.00%, 6/1/12
|
1,500 | 1,529,415 | ||||||||
Commonwealth of Puerto Rico, Prerefunded to 7/1/11,
5.125%, 7/1/31
|
7,250 | 7,396,305 | ||||||||
Connecticut, 4.00%, 4/15/11
|
5,000 | 5,037,800 | ||||||||
Connecticut, 5.75%, 11/1/19
|
225 | 265,293 | ||||||||
Connecticut, Series B, 5.00%, 12/1/15
|
670 | 762,842 | ||||||||
Cumberland County, NC, 3.00%, 2/1/11
|
1,000 | 1,000,000 | ||||||||
Dallas, TX, 5.00%, 2/15/11
|
3,750 | 3,756,862 | ||||||||
Dallas, TX, Independent School District, 5.50%, 2/15/18
|
2,215 | 2,598,815 | ||||||||
Deer Park, TX, Independent School District, 3.00%, 2/15/15
|
125 | 132,215 | ||||||||
DeKalb County, GA, School District, 5.00%, 2/1/11
|
2,250 | 2,250,000 | ||||||||
Delaware, 5.00%, 10/1/16
|
755 | 876,849 | ||||||||
Douglas County, CO, School District
No. RE-1,
5.25%, 12/15/20
|
2,860 | 3,267,178 | ||||||||
Douglas County, NE, School District No. 1,
4.00%, 12/15/20
|
2,300 | 2,424,706 | ||||||||
Duluth, MN, 4.00%, 2/1/13
|
370 | 392,866 | ||||||||
Fairfax County, VA,
2.00%, 4/1/12(1)
|
3,650 | 3,718,328 | ||||||||
Fairfax County, VA, 5.00%, 4/1/15
|
650 | 739,284 | ||||||||
Fairfax County, VA, 5.00%, 10/1/16
|
5,700 | 6,619,923 | ||||||||
Fort Worth, TX, Independent School District,
5.00%, 2/15/19
|
2,475 | 2,808,828 | ||||||||
Frisco, TX, 4.00%, 2/15/19
|
155 | 163,592 | ||||||||
Georgia, 4.00%, 1/1/17
|
1,050 | 1,157,058 | ||||||||
Georgia, 5.00%, 5/1/15
|
515 | 586,472 | ||||||||
Gloucester County, NJ, 2.00%, 9/15/17
|
1,205 | 1,146,943 | ||||||||
Guilford County, NC, Series A, 5.00%, 8/1/19
|
1,265 | 1,455,319 | ||||||||
Guilford County, NC, Series C, 5.00%, 4/1/18
|
1,160 | 1,340,183 | ||||||||
Guilford County, NC, Series D, 5.00%, 8/1/19
|
10,190 | 11,723,085 | ||||||||
Gwinnett County, GA, School District, 5.00%, 2/1/11
|
4,000 | 4,000,000 | ||||||||
Hartford County, CT, Metropolitan District, 5.00%, 7/15/18
|
4,350 | 4,999,977 | ||||||||
Howard County, MD, 4.00%, 2/15/21
|
865 | 905,361 | ||||||||
Irving, TX, Independent School District, 4.00%, 2/15/17
|
520 | 568,438 | ||||||||
King County, WA, School District No. 405,
5.00%, 12/1/17
|
1,980 | 2,277,832 | ||||||||
Lewisville, TX, Independent School District, 5.00%, 8/15/18
|
1,365 | 1,552,101 | ||||||||
Loudoun County, VA, 4.00%, 7/1/21
|
515 | 537,825 | ||||||||
Maine, 5.00%, 6/1/17
|
5,000 | 5,742,650 | ||||||||
Mansfield, TX, Independent School District, 5.00%, 2/15/21
|
5,215 | 5,818,741 | ||||||||
Maricopa County, AZ, Community College District,
2.00%, 7/1/14
|
2,845 | 2,900,307 | ||||||||
Maryland, 5.00%, 3/1/13
|
60 | 65,300 | ||||||||
Maryland, 5.00%, 11/1/17
|
13,915 | 16,194,277 | ||||||||
Maryland, 5.00%, 3/1/19
|
5,475 | 6,336,053 | ||||||||
Maryland, 5.00%, 11/1/19
|
7,825 | 9,047,891 | ||||||||
Maryland, 5.00%, 3/1/20
|
3,250 | 3,691,448 | ||||||||
Maryland, 5.00%, 8/1/20
|
4,160 | 4,615,104 | ||||||||
Massachusetts, 2.50%, 7/1/11
|
1,000 | 1,009,170 | ||||||||
Massachusetts, 4.00%, 1/1/15
|
500 | 541,710 | ||||||||
Middlesex County, NJ, 2.00%, 6/1/14
|
3,510 | 3,561,667 | ||||||||
Middlesex County, NJ, 2.50%, 6/1/15
|
3,295 | 3,373,092 | ||||||||
Middlesex County, NJ, 3.00%, 6/1/20
|
1,665 | 1,597,484 | ||||||||
Minnesota, 4.00%, 8/1/15
|
1,000 | 1,100,060 | ||||||||
Minnesota, 4.00%, 8/1/16
|
1,750 | 1,934,118 | ||||||||
Minnesota, 4.00%, 8/1/19
|
3,000 | 3,241,620 | ||||||||
Minnesota, 5.00%, 8/1/14
|
5,250 | 5,909,295 | ||||||||
Minnesota, 5.00%, 8/1/17
|
2,375 | 2,758,230 | ||||||||
Minnesota, 5.00%, 11/1/17
|
8,635 | 10,037,756 | ||||||||
Minnesota, 5.00%, 12/1/17
|
1,710 | 1,988,268 | ||||||||
Minnesota, 5.00%, 6/1/18
|
1,000 | 1,160,280 | ||||||||
Minnesota, 5.00%, 8/1/18
|
90 | 104,479 | ||||||||
Minnesota, 5.00%, 12/1/18
|
7,500 | 8,712,075 | ||||||||
Monmouth County, NJ, 4.00%, 12/1/16
|
1,095 | 1,209,964 | ||||||||
Monmouth County, NJ, 4.25%, 9/15/12
|
145 | 153,646 | ||||||||
Morris County, NJ, 5.00%, 2/15/17
|
1,650 | 1,903,044 | ||||||||
Morris County, NJ, 5.00%, 2/15/19
|
1,720 | 1,977,054 | ||||||||
New Hanover County, NC, 5.00%, 12/1/18
|
430 | 500,150 | ||||||||
North Carolina, 5.00%, 6/1/16
|
8,340 | 9,637,454 | ||||||||
North Carolina, 5.00%, 6/1/17
|
12,110 | 14,067,460 | ||||||||
North Carolina, 5.00%, 5/1/18
|
4,250 | 4,935,695 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
North Carolina, 5.00%, 5/1/21
|
$ | 3,860 | $ | 4,364,463 | ||||||
Northside, TX, Independent School District, 3.00%, 8/1/14
|
505 | 530,962 | ||||||||
Northside, TX, Independent School District, 3.00%, 8/1/15
|
265 | 277,691 | ||||||||
Ocean County, NJ, 3.00%, 9/1/14
|
775 | 805,698 | ||||||||
Ocean County, NJ, 3.00%, 8/1/16
|
1,255 | 1,306,869 | ||||||||
Ocean County, NJ, 4.00%, 9/1/15
|
1,250 | 1,350,688 | ||||||||
Ohio, 4.00%, 9/1/15
|
935 | 1,017,093 | ||||||||
Osseo, MN, Independent School District No. 279,
4.00%, 2/1/20
|
2,000 | 2,088,700 | ||||||||
Oyster Bay, NY, 3.00%, 8/15/15
|
1,935 | 2,035,581 | ||||||||
Oyster Bay, NY, 3.00%, 8/15/17
|
4,390 | 4,497,072 | ||||||||
Pennsylvania, 5.00%, 5/1/14
|
2,915 | 3,252,032 | ||||||||
Pennsylvania, 5.00%, 5/1/15
|
16,555 | 18,733,804 | ||||||||
Pennsylvania, 5.00%, 7/1/15
|
6,380 | 7,238,620 | ||||||||
Pennsylvania, 5.00%, 7/15/16
|
8,000 | 9,175,280 | ||||||||
Pennsylvania, 5.00%, 2/15/17
|
3,000 | 3,440,220 | ||||||||
Pennsylvania, 5.00%, 7/1/18
|
9,485 | 10,881,097 | ||||||||
Pennsylvania, 5.00%, 2/15/19
|
2,000 | 2,283,500 | ||||||||
Prince Georges County, MD, 5.00%, 9/15/20
|
1,000 | 1,151,250 | ||||||||
Regional School District No. 13, CT, 4.00%, 3/1/20
|
305 | 324,962 | ||||||||
Roseville, MN, Independent School District No. 623,
2.00%, 2/1/13
|
1,325 | 1,353,130 | ||||||||
San Antonio, TX, 4.00%, 8/1/15
|
800 | 873,032 | ||||||||
South Washington County, MN, Independent School District
No. 833, 5.00%, 2/1/20
|
2,840 | 3,194,659 | ||||||||
Spring Branch, TX, Independent School District,
5.00%, 2/1/18
|
1,875 | 2,154,188 | ||||||||
St Marys County, MD, 3.00%, 7/15/13
|
935 | 982,507 | ||||||||
St Marys County, MD, 3.00%, 7/15/15
|
920 | 968,512 | ||||||||
Suffolk County, NY, 4.00%, 10/15/16
|
2,225 | 2,428,232 | ||||||||
Suffolk, VA, 4.00%, 8/1/18
|
1,000 | 1,080,040 | ||||||||
Tennessee, 5.00%, 5/1/11
|
3,090 | 3,126,462 | ||||||||
Tomball, TX, Independent School District, 5.00%, 2/15/13
|
500 | 541,780 | ||||||||
Tyler, TX, Independent School District, 4.00%, 2/15/14
|
130 | 139,840 | ||||||||
United Independent School District, TX, 5.00%, 8/15/15
|
1,755 | 1,990,907 | ||||||||
Virginia Beach, VA, 5.00%, 3/15/19
|
1,540 | 1,773,803 | ||||||||
Virginia Beach, VA, 5.00%, 7/15/19
|
1,000 | 1,154,590 | ||||||||
Wake County, NC, 4.00%, 3/1/11
|
3,585 | 3,596,149 | ||||||||
Wake County, NC, 4.00%, 3/1/14
|
1,395 | 1,514,914 | ||||||||
Wake County, NC, 4.00%, 2/1/15
|
1,000 | 1,094,510 | ||||||||
Wake County, NC, 5.00%, 3/1/14
|
1,880 | 2,098,381 | ||||||||
Washington, 5.00%, 1/1/16
|
6,000 | 6,819,180 | ||||||||
Washington, 5.00%, 1/1/17
|
2,000 | 2,281,040 | ||||||||
Washington, 5.00%, 7/1/17
|
2,770 | 3,166,830 | ||||||||
Washington, 5.00%, 1/1/21
|
12,995 | 14,426,139 | ||||||||
Wisconsin, Prerefunded to 5/1/11, 5.75%, 5/1/15
|
3,000 | 3,040,830 | ||||||||
$ | 370,716,014 | |||||||||
Industrial Development Revenue 0.4% | ||||||||||
Missouri Development Finance Board, (Independence-Santa Fe
Redevelopment Project), Prerefunded to 4/1/11, 5.25%, 4/1/23
|
$ | 1,700 | $ | 1,712,478 | ||||||
Tulsa County, OK, Industrial Authority Capital Improvements,
4.00%, 5/15/15
|
2,000 | 2,139,240 | ||||||||
$ | 3,851,718 | |||||||||
Insured Escrowed / Prerefunded 1.7% | ||||||||||
California, (NPFG), Escrowed to Maturity, 5.00%, 7/1/11
|
$ | 1,455 | $ | 1,483,416 | ||||||
Illinois State Toll Highway Authority, (AGM), Prerefunded to
7/1/16, 5.00%, 1/1/26
|
950 | 1,098,504 | ||||||||
Massachusetts, (AGM), Prerefunded to 1/1/13, 5.375%, 1/1/18
|
8,000 | 8,693,920 | ||||||||
Massachusetts, (AGM), Prerefunded to 12/1/14, 5.00%, 11/1/24
|
2,375 | 2,706,146 | ||||||||
Pennsylvania, (NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/14
|
35 | 38,507 | ||||||||
Phoenix, AZ, Civic Improvement Corp., Excise Tax Revenue,
(NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/22
|
290 | 319,055 | ||||||||
$ | 14,339,548 | |||||||||
Insured General Obligations 4.3% | ||||||||||
Clark County, NV, (NPFG), 5.00%, 3/1/17
|
$ | 5,480 | 5,934,511 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured General
Obligations (continued)
|
||||||||||
Forsyth County, GA, School District, (AGM), 5.00%, 2/1/15
|
$ | 5,000 | $ | 5,619,550 | ||||||
Governor Mifflin, PA, School District, (AGM), 5.00%, 3/15/17
|
460 | 522,620 | ||||||||
Ithaca, NY, School District, (AGC), 3.00%, 7/1/14
|
330 | 345,355 | ||||||||
Massachusetts, (NPFG), 5.50%, 2/1/11
|
3,555 | 3,555,000 | ||||||||
New Jersey Economic Development Authority, (AMBAC), Prerefunded
to 6/15/11, 5.25%, 6/15/19
|
1,670 | 1,700,711 | ||||||||
Pennsylvania, (AGM), 5.00%, 9/1/15
|
2,500 | 2,777,300 | ||||||||
Pennsylvania, (NPFG), 5.375%, 7/1/19
|
14,000 | 16,361,380 | ||||||||
Washington, (FGIC), (NPFG), 0.00%, 1/1/19
|
900 | 678,006 | ||||||||
$ | 37,494,433 | |||||||||
Insured Lease Revenue / Certificates of Participation 0.2% | ||||||||||
Pinal County, AZ, (AMBAC), Prerefunded to 6/1/11,
5.125%, 6/1/21
|
$ | 2,000 | $ | 2,051,540 | ||||||
$ | 2,051,540 | |||||||||
Insured Other Revenue 0.2% | ||||||||||
New Mexico Finance Authority, (NPFG), 4.00%, 6/1/11
|
$ | 80 | $ | 80,980 | ||||||
Texas Public Finance Authority, (AMBAC), 5.00%, 2/1/11
|
1,185 | 1,185,000 | ||||||||
$ | 1,265,980 | |||||||||
Insured Special Tax Revenue 0.3% | ||||||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), Prerefunded to 1/1/14, 5.25%, 1/1/29
|
$ | 2,000 | $ | 2,235,440 | ||||||
$ | 2,235,440 | |||||||||
Insured Transportation 2.2% | ||||||||||
DuPage County, IL, (AGM), Prerefunded to 7/1/11,
5.25%, 1/1/20
|
$ | 3,045 | $ | 3,106,600 | ||||||
Central Puget Sound, WA, Regional Transportation Authority,
(FGIC), (NPFG), 5.25%, 2/1/15
|
1,965 | 2,221,373 | ||||||||
Illinois State Toll Highway Authority, (AGM), Prerefunded to
7/1/16, 5.00%, 1/1/28
|
10,000 | 11,563,200 | ||||||||
Montana Department of Transportation, (NPFG), 5.00%, 6/1/15
|
2,130 | 2,392,033 | ||||||||
$ | 19,283,206 | |||||||||
Insured Water and Sewer 0.1% | ||||||||||
Austin, TX, (AMBAC), 5.50%, 11/15/15
|
$ | 465 | $ | 535,280 | ||||||
$ | 535,280 | |||||||||
Lease Revenue / Certificates of Participation 0.2% | ||||||||||
Cabarrus County, NC, 5.00%, 4/1/21
|
$ | 1,405 | $ | 1,486,743 | ||||||
$ | 1,486,743 | |||||||||
Other Revenue 1.3% | ||||||||||
Bergen County, NJ, Improvement Authority, 3.00%, 2/15/17
|
$ | 1,680 | $ | 1,739,119 | ||||||
Illinois Finance Authority, (University of Chicago), 1.125% to
2/14/13 (Put Date), 7/1/36
|
1,000 | 995,710 | ||||||||
Illinois Finance Authority, (University of Chicago), 1.875% to
2/12/15 (Put Date), 7/1/36
|
3,750 | 3,744,338 | ||||||||
New Mexico Finance Authority, 5.00%, 12/15/21
|
2,925 | 3,221,449 | ||||||||
Virginia Public Building Authority, Public Facilities Revenue,
5.00%, 8/1/14
|
550 | 615,461 | ||||||||
Virginia Public Building Authority, Public Facilities Revenue,
5.00%, 8/1/15
|
1,085 | 1,229,663 | ||||||||
$ | 11,545,740 | |||||||||
Special Tax Revenue 7.6% | ||||||||||
Jacksonville, FL, 5.00%, 10/1/18
|
$ | 10,000 | $ | 11,064,300 | ||||||
Jacksonville, FL, 5.00%, 10/1/19
|
2,015 | 2,208,077 | ||||||||
New Mexico, Severance Tax, 5.00%, 7/1/15
|
1,425 | 1,610,307 | ||||||||
New York, NY, Transitional Finance Authority, 4.00%, 8/1/14
|
3,000 | 3,245,730 | ||||||||
New York, NY, Transitional Finance Authority, 5.00%, 11/1/18
|
5,000 | 5,636,950 |
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Special Tax Revenue (continued)
|
||||||||||
Texas, 2.00%, 8/31/11
|
$ | 41,000 | $ | 41,398,110 | ||||||
Westminster, CO, Sales & Use Tax, 5.00%, 12/1/19
|
1,135 | 1,263,630 | ||||||||
$ | 66,427,104 | |||||||||
Transportation 1.8% | ||||||||||
Kansas Department of Transportation, 4.00%, 9/1/15
|
$ | 1,000 | $ | 1,098,720 | ||||||
Kansas Department of Transportation, 5.00%, 9/1/15
|
1,500 | 1,713,870 | ||||||||
Massachusetts Bay Transportation Authority, 4.00%, 7/1/15
|
870 | 947,613 | ||||||||
Massachusetts Bay Transportation Authority, Prerefunded to
7/1/18, 5.00%, 7/1/34
|
750 | 869,318 | ||||||||
New Jersey Environmental Infrastructure Trust, 5.00%, 9/1/20
|
5,750 | 6,494,165 | ||||||||
Ohio, Major New State Infrastructure Project, 5.50%, 6/15/14
|
405 | 456,062 | ||||||||
Texas Transportation Commission, 5.00%, 4/1/11
|
1,050 | 1,058,242 | ||||||||
Texas Transportation Commission, 5.25%, 4/1/14
|
3,000 | 3,364,530 | ||||||||
$ | 16,002,520 | |||||||||
Water and Sewer 2.4% | ||||||||||
Arizona Water Infrastructure Finance Authority,
5.00%, 10/1/20
|
$ | 1,425 | $ | 1,595,230 | ||||||
Gwinnett County, GA, Water and Sewer Authority,
4.00%, 8/1/16
|
350 | 387,016 | ||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/20
|
7,500 | 8,712,900 | ||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/21
|
2,500 | 2,887,125 | ||||||||
Minnesota Public Facilities Authority, 5.00%, 3/1/11
|
2,725 | 2,735,736 | ||||||||
Monroe County, NY, Water Authority, 2.50%, 8/1/11
|
1,530 | 1,546,754 | ||||||||
New York, NY, Municipal Water Finance Authority, Prerefunded to
6/15/11, 5.25%, 6/15/25
|
1,405 | 1,444,860 | ||||||||
Ohio Water Development Authority, 5.00%, 12/1/19
|
1,020 | 1,154,640 | ||||||||
Virginia Resources Authority, Clean Water Revenue,
3.00%, 10/1/16
|
210 | 220,217 | ||||||||
$ | 20,684,478 | |||||||||
Total Tax-Exempt Municipal
Securities 80.1%
|
||||||||||
(identified cost $704,406,339)
|
$ | 697,368,228 | ||||||||
Taxable Municipal Securities 1.1% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 0.2% | ||||||||||
Virginia Public School Authority, 4.167%, 8/1/18
|
$ | 1,475 | $ | 1,521,212 | ||||||
$ | 1,521,212 | |||||||||
Other Revenue 0.9% | ||||||||||
New York, NY, Transitional Finance Authority, 3.50%, 2/1/16
|
$ | 8,305 | $ | 8,444,690 | ||||||
$ | 8,444,690 | |||||||||
Total Taxable Municipal
Securities 1.1%
|
||||||||||
(identified cost $9,780,000)
|
$ | 9,965,902 | ||||||||
Short-Term Investments 11.8% | ||||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Short-Term Investments Tax-Exempt 8.9% | ||||||||||
Delaware, 2.00%, 7/1/11
|
$ | 10,380 | $ | 10,454,944 | ||||||
Fairfield, CT, 2.00%, 7/22/11
|
18,115 | 18,262,456 | ||||||||
Greenville County, SC, School District, 2.00%, 6/1/11
|
5,000 | 5,027,450 | ||||||||
Pennsylvania, 2.50%, 6/30/11
|
20,000 | 20,179,142 | ||||||||
Salt Lake City, UT, 1.50%, 6/30/11
|
17,500 | 17,588,375 | ||||||||
Wisconsin School Districts Cash Flow Administration Program,
1.25%, 10/17/11
|
6,000 | 6,033,759 | ||||||||
$ | 77,546,126 | |||||||||
Principal Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
U.S. Treasury Obligations 2.9% | ||||||||||
U.S. Treasury Bill, 0.125%, 2/10/11
|
$ | 25,000 | $ | 24,999,219 | ||||||
$ | 24,999,219 | |||||||||
Total Short-Term
Investments 11.8%
|
||||||||||
(identified cost $102,539,089)
|
$ | 102,545,345 | ||||||||
Total Investments 93.0%
|
||||||||||
(identified cost $816,725,428)
|
$ | 809,879,475 | ||||||||
Other Assets, Less
Liabilities 7.0%
|
$ | 60,883,177 | ||||||||
Net Assets 100.0%
|
$ | 870,762,652 | ||||||||
AGC
|
- Assured Guaranty Corp.
|
|
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
Pennsylvania
|
11.8% | |||
Texas
|
10.5% | |||
Others, representing less than 10% individually
|
67.8% |
(1) | When-issued security. |
Assets | January 31, 2011 | |||||
Investments, at value (identified cost, $816,725,428)
|
$ | 809,879,475 | ||||
Cash
|
57,532,997 | |||||
Interest receivable
|
8,599,122 | |||||
Receivable for investments sold
|
2,334,802 | |||||
Receivable for Fund shares sold
|
4,930,633 | |||||
Total assets
|
$ | 883,277,029 | ||||
Liabilities | ||||||
Payable for investments purchased
|
$ | 3,200,902 | ||||
Payable for when-issued securities
|
3,716,430 | |||||
Payable for Fund shares redeemed
|
4,609,757 | |||||
Distributions payable
|
187,288 | |||||
Payable to affiliates:
|
||||||
Investment adviser and administration fee
|
408,342 | |||||
Distribution and service fees
|
229,928 | |||||
Accrued expenses
|
161,730 | |||||
Total liabilities
|
$ | 12,514,377 | ||||
Net Assets
|
$ | 870,762,652 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 876,934,755 | ||||
Accumulated net realized gain
|
768,653 | |||||
Accumulated distributions in excess of net investment income
|
(94,803 | ) | ||||
Net unrealized depreciation
|
(6,845,953 | ) | ||||
Net Assets
|
$ | 870,762,652 | ||||
Class A Shares | January 31, 2011 | |||||
Net Assets
|
$ | 473,976,249 | ||||
Shares Outstanding
|
46,344,038 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.23 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
97.75 of net asset value per share)
|
$ | 10.47 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 150,490,040 | ||||
Shares Outstanding
|
14,701,386 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.24 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 246,296,363 | ||||
Shares Outstanding
|
24,075,680 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.23 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2011 | |||||
Interest
|
$ | 12,713,324 | ||||
Total investment income
|
$ | 12,713,324 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 4,032,489 | ||||
Distribution and service fees
|
||||||
Class A
|
1,003,159 | |||||
Class C
|
1,112,425 | |||||
Trustees fees and expenses
|
27,512 | |||||
Custodian fee
|
232,448 | |||||
Transfer and dividend disbursing agent fees
|
238,128 | |||||
Legal and accounting services
|
46,118 | |||||
Printing and postage
|
35,936 | |||||
Registration fees
|
117,821 | |||||
Miscellaneous
|
33,513 | |||||
Total expenses
|
$ | 6,879,549 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 49,876 | ||||
Total expense reductions
|
$ | 49,876 | ||||
Net expenses
|
$ | 6,829,673 | ||||
Net investment income
|
$ | 5,883,651 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 9,438,985 | ||||
Net realized gain
|
$ | 9,438,985 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | (11,314,691 | ) | |||
Net change in unrealized appreciation (depreciation)
|
$ | (11,314,691 | ) | |||
Net realized and unrealized loss
|
$ | (1,875,706 | ) | |||
Net increase in net assets from operations
|
$ | 4,007,945 | ||||
Year Ended |
Period Ended |
|||||||||
Increase (Decrease) in Net Assets | January 31, 2011 | January 31, 2010(1) | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 5,883,651 | $ | 1,765,814 | ||||||
Net realized gain from investment transactions
|
9,438,985 | 3,743,793 | (2) | |||||||
Net change in unrealized appreciation (depreciation) from
investments
|
(11,314,691 | ) | 1,881,813 | |||||||
Net increase in net assets from operations
|
$ | 4,007,945 | $ | 7,391,420 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (3,354,869 | ) | $ | (696,987 | ) | ||||
Class C
|
(93,766 | ) | (79,534 | ) | ||||||
Class I
|
(2,460,740 | ) | (1,392,917 | ) | ||||||
From net realized gain
|
||||||||||
Class A
|
(5,430,224 | ) | (828,638 | ) | ||||||
Class C
|
(1,668,335 | ) | (231,502 | ) | ||||||
Class I
|
(2,837,666 | ) | (528,411 | ) | ||||||
Total distributions to shareholders
|
$ | (15,845,600 | ) | $ | (3,757,989 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 433,625,617 | $ | 262,947,487 | ||||||
Class C
|
118,334,920 | 60,077,916 | ||||||||
Class I
|
262,275,438 | 77,244,675 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
6,398,479 | 1,243,265 | ||||||||
Class C
|
1,363,885 | 195,304 | ||||||||
Class I
|
3,113,275 | 1,644,802 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(189,998,090 | ) | (34,808,192 | ) | ||||||
Class C
|
(26,065,847 | ) | (1,216,500 | ) | ||||||
Class I
|
(143,787,970 | ) | (30,449,691 | ) | ||||||
Issued in connection with tax-free reorganization (see
Note 11)
|
||||||||||
Class I
|
| 76,828,103 | ||||||||
Net increase in net assets from Fund share transactions
|
$ | 465,259,707 | $ | 413,707,169 | ||||||
Net increase in net assets
|
$ | 453,422,052 | $ | 417,340,600 | ||||||
Net Assets | ||||||||||
At beginning of period
|
$ | 417,340,600 | $ | | ||||||
At end of period
|
$ | 870,762,652 | $ | 417,340,600 | ||||||
Accumulated distributions in excess
of net investment income included in net assets |
||||||||||
At end of period
|
$ | (94,803 | ) | $ | (62,308 | ) | ||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. | |
(2) | Includes net realized gain of $554,804 from redemptions in-kind. |
Class A | ||||||||||
Year Ended |
Period Ended |
|||||||||
January 31, 2011 | January 31, 2010(1) | |||||||||
Net asset value Beginning of period
|
$ | 10.260 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.090 | $ | 0.082 | (2) | |||||
Net realized and unrealized gain
|
0.084 | (3) | 0.363 | |||||||
Total income from operations
|
$ | 0.174 | $ | 0.445 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.090 | ) | $ | (0.140 | ) | ||||
From net realized gain
|
(0.114 | ) | (0.045 | ) | ||||||
Total distributions
|
$ | (0.204 | ) | $ | (0.185 | ) | ||||
Net asset value End of period
|
$ | 10.230 | $ | 10.260 | ||||||
Total
Return(4)
|
1.69 | % | 4.49 | %(5) | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of period (000s omitted)
|
$ | 473,976 | $ | 230,414 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee reduction
|
0.90 | % | 0.90 | %(6)(7) | ||||||
Expenses after custodian fee reduction
|
0.89 | % | 0.90 | %(6)(7) | ||||||
Net investment income
|
0.83 | % | 0.94 | %(6) | ||||||
Portfolio Turnover
|
107 | % | 129 | %(5)(8) | ||||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. | |
(2) | Computed using average shares outstanding. | |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(4) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(5) | Not annualized. | |
(6) | Annualized. | |
(7) | The investment adviser and administrator subsidized certain operating expenses equal to 0.11% of average daily net assets for the period ended January 31, 2010. Absent this subsidy, total return would be lower. | |
(8) | Excluding the value of portfolio securities delivered in payment of redemptions in-kind, the portfolio turnover would have been 120%. |
Class C | ||||||||||
Year Ended |
Period Ended |
|||||||||
January 31, 2011 | January 31, 2010(1) | |||||||||
Net asset value Beginning of period
|
$ | 10.270 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.011 | $ | 0.019 | (2) | |||||
Net realized and unrealized gain
|
0.085 | (3) | 0.372 | |||||||
Total income from operations
|
$ | 0.096 | $ | 0.391 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.012 | ) | $ | (0.076 | ) | ||||
From net realized gain
|
(0.114 | ) | (0.045 | ) | ||||||
Total distributions
|
$ | (0.126 | ) | $ | (0.121 | ) | ||||
Net asset value End of period
|
$ | 10.240 | $ | 10.270 | ||||||
Total
Return(4)
|
0.93 | % | 3.93 | %(5) | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of period (000s omitted)
|
$ | 150,490 | $ | 59,381 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee reduction
|
1.64 | % | 1.65 | %(6)(7) | ||||||
Expenses after custodian fee reduction
|
1.63 | % | 1.65 | %(6)(7) | ||||||
Net investment income
|
0.08 | % | 0.22 | %(6) | ||||||
Portfolio Turnover
|
107 | % | 129 | %(5)(8) | ||||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. | |
(2) | Computed using average shares outstanding. | |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(4) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. | |
(5) | Not annualized. | |
(6) | Annualized. | |
(7) | The investment adviser and administrator subsidized certain operating expenses equal to 0.11% of average daily net assets for the period ended January 31, 2010. Absent this subsidy, total return would be lower. | |
(8) | Excluding the value of portfolio securities delivered in payment of redemptions in-kind, the portfolio turnover would have been 120%. |
Class I | ||||||||||
Year Ended |
Period Ended |
|||||||||
January 31, 2011 | January 31, 2010(1) | |||||||||
Net asset value Beginning of period
|
$ | 10.260 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.119 | $ | 0.129 | (2) | |||||
Net realized and unrealized gain
|
0.082 | (3) | 0.338 | |||||||
Total income from operations
|
$ | 0.201 | $ | 0.467 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.117 | ) | $ | (0.162 | ) | ||||
From net realized gains
|
(0.114 | ) | (0.045 | ) | ||||||
Total distributions
|
$ | (0.231 | ) | $ | (0.207 | ) | ||||
Net asset value End of period
|
$ | 10.230 | $ | 10.260 | ||||||
Total
Return(4)
|
1.94 | % | 4.71 | %(5) | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of period (000s omitted)
|
$ | 246,296 | $ | 127,546 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee reduction
|
0.65 | % | 0.65 | %(6)(7) | ||||||
Expenses after custodian fee reduction
|
0.64 | % | 0.65 | %(6)(7) | ||||||
Net investment income
|
1.09 | % | 1.48 | %(6) | ||||||
Portfolio Turnover
|
107 | % | 129 | %(5)(8) | ||||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. | |
(2) | Computed using average shares outstanding. | |
(3) | The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time. | |
(4) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. | |
(5) | Not annualized. | |
(6) | Annualized. | |
(7) | The investment adviser and administrator subsidized certain operating expenses equal to 0.11% of average daily net assets for the period ended January 31, 2010. Absent this subsidy, total return would be lower. | |
(8) | Excluding the value of portfolio securities delivered in payment of redemptions in-kind, the portfolio turnover would have been 120%. |
Year Ended |
Period Ended |
|||||||||
January 31, 2011 | January 31, 2010(1) | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 4,360,165 | $ | 1,432,620 | ||||||
Ordinary income
|
$ | 9,606,650 | $ | 736,818 | ||||||
Long-term capital gains
|
$ | 1,878,785 | $ | 1,588,551 | ||||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. |
Undistributed income
|
$ | 466,346 | ||||
Undistributed long-term capital gains
|
$ | 395,290 | ||||
Net unrealized depreciation
|
$ | (6,846,451 | ) | |||
Other temporary differences
|
$ | (187,288 | ) | |||
Purchases | Sales | |||||||||||
Investments
(non-U.S.
Government)
|
$ | 979,175,642 | $ | 495,737,616 | ||||||||
U.S. Government and Agency Securities
|
45,540,262 | 162,612,828 | ||||||||||
$ | 1,024,715,904 | $ | 658,350,444 | |||||||||
Year Ended |
Period Ended |
|||||||||
Class A | January 31, 2011 | January 31, 2010(1) | ||||||||
Sales
|
41,589,309 | 25,745,585 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
619,020 | 121,635 | ||||||||
Redemptions
|
(18,319,442 | ) | (3,412,069 | ) | ||||||
Net increase
|
23,888,887 | 22,455,151 | ||||||||
Year Ended |
Period Ended |
|||||||||
Class C | January 31, 2011 | January 31, 2010(1) | ||||||||
Sales
|
11,293,580 | 5,881,040 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
132,480 | 19,093 | ||||||||
Redemptions
|
(2,506,276 | ) | (118,531 | ) | ||||||
Net increase
|
8,919,784 | 5,781,602 | ||||||||
Year Ended |
Period Ended |
|||||||||
Class I | January 31, 2011 | January 31, 2010(1) | ||||||||
Sales
|
25,145,070 | 7,573,633 | ||||||||
Issued in connection with tax-free reorganization (see
Note 11)
|
| 7,682,810 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
300,495 | 161,656 | ||||||||
Redemptions
|
(13,796,204 | ) | (2,991,780 | ) | ||||||
Net increase
|
11,649,361 | 12,426,319 | ||||||||
(1) | For the period from the start of business, March 27, 2009, to January 31, 2010. |
Aggregate cost
|
$ | 816,725,926 | ||||
Gross unrealized appreciation
|
$ | 2,791,159 | ||||
Gross unrealized depreciation
|
(9,637,610 | ) | ||||
Net unrealized depreciation
|
$ | (6,846,451 | ) | |||
| 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 | ||||||||||||||
Tax-Exempt Municipal Securities
|
$ | | $ | 697,368,228 | $ | | $ | 697,368,228 | ||||||||||
Taxable Municipal Securities
|
| 9,965,902 | | 9,965,902 | ||||||||||||||
Short-Term Investments
|
||||||||||||||||||
Tax-Exempt
|
| 77,546,126 | | 77,546,126 | ||||||||||||||
U.S. Treasury Obligations
|
| 24,999,219 | | 24,999,219 | ||||||||||||||
Total
|
$ | | $ | 809,879,475 | $ | | $ | 809,879,475 | ||||||||||
| 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 yield where relevant) to the investment performance of comparable funds over various time periods; | |
| Data regarding investment performance in comparison to relevant peer groups of similarly managed funds and appropriate indices; | |
| For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other mutual 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 concerning 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 soft dollar benefits received in connection with the funds brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds; | |
| 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; |
| 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; |
| 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. |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other Directorships |
||||||||
Name and |
with the |
Length of |
During Past Five Years and |
Overseen By |
Held During the Last |
|||||||
Year of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Interested Trustee | ||||||||||||
Thomas E. Faust Jr. 1958 |
Trustee | Since 2007 | Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 175 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. | 175 | Director of EVC. | |||||||
Noninterested Trustees | ||||||||||||
Benjamin C. Esty 1963 |
Trustee | Since 2005 | Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration. | 175 | None | |||||||
Allen R. Freedman 1940 |
Trustee | Since 2007 | Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). | 175 | Director of Assurant, Inc. (insurance provider) and Stonemor Partners, L.P. (owner and operator of cemeteries). |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other Directorships |
||||||||
Name and |
with the |
Length of |
During Past Five Years and |
Overseen By |
Held During the Last |
|||||||
Year of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
William H. Park 1947 |
Trustee | Since 2003 | Chief Financial Officer, Aveon Group L.P. (an investment management firm) (since 2010). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (an institutional investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981). | 175 | None | |||||||
Ronald A. Pearlman 1940 |
Trustee | Since 2003 | Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). | 175 | None | |||||||
Helen Frame Peters 1948 |
Trustee | Since 2008 | Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). | 175 | Director of BJs Wholesale Club, Inc. (wholesale club retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009). | |||||||
Lynn A. Stout 1957 |
Trustee | Since 1998 | Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor Stout teaches classes in corporate law and securities regulation and is the author of numerous academic and professional papers on these areas. | 175 | None |
Term of |
Number of Portfolios |
|||||||||||
Position(s) |
Office and |
Principal Occupation(s) |
in Fund Complex |
Other Directorships |
||||||||
Name and |
with the |
Length of |
During Past Five Years and |
Overseen By |
Held During the Last |
|||||||
Year of Birth | Trust | Service | Other Relevant Experience | Trustee(1) | Five Years(2) | |||||||
Noninterested Trustees (continued) | ||||||||||||
Ralph F. Verni 1943 |
Chairman of the Board and Trustee |
Chairman of the Board since 2007 and Trustee since 2005 | Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). | 175 | None |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR. | |||
William H. Ahern, Jr. 1959 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 74 registered investment companies managed by EVM or BMR. | |||
Brian C. Barney 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2001-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Craig R. Brandon 1966 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 47 registered investment companies managed by EVM or BMR. | |||
Brian D. Clouser 1983 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and portfolio manager, M.D. Sass Investors Services, Inc. (2006-2009) and Analytics Consultant and Training Specialist at Bloomberg LP (2005-2006). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Joseph M. Davolio 1979 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, portfolio manager, M.D. Sass Investors Services, Inc. (2005-2009). Officer of 5 registered investment companies managed by EVM or BMR. |
Term of |
||||||
Position(s) |
Office and |
|||||
Name and |
with the |
Length of |
Principal Occupation(s) |
|||
Year of Birth | Trust | Service | During Past Five Years | |||
Principal Officers who are not Trustees (continued) | ||||||
James H. Evans 1959 |
Vice President | Since 2008 | Vice President of EVM and BMR. Formerly, Senior Vice President and Senior Portfolio Manager, Tax-Exempt Fixed Income at M.D. Sass Investors Services, Inc. (1990-2008). Officer of 23 registered investment companies managed by EVM or BMR. | |||
Christopher J. Harshman 1970 |
Vice President | Since 2010 | Vice President of EVM and BMR. Previously, Vice President and senior trader in the municipal products group at Wachovia Bank, NA (2004-2009). Officer of 5 registered investment companies managed by EVM or BMR. | |||
Thomas M. Metzold 1958 |
Vice President | Since 2004 | Vice President of EVM and BMR. Officer of 52 registered investment companies managed by EVM or BMR. | |||
Adam A. Weigold 1975 |
Vice President | Since 2007 | Vice President of EVM and BMR. Officer of 69 registered investment companies managed by EVM or BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Maureen A. Gemma 1960 |
Secretary and Chief Legal Officer | Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR. |
(1) | Includes both master and feeder funds in a master-feeder structure. | |
(2) | During their respective tenures, the Trustees also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). |
| 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. |
* | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org. |
Fiscal Years Ended | 1/31/10 | 1/31/11 | ||||||
Audit Fees |
$ | 73,020 | $ | 71,633 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 13,524 | $ | 12,729 | ||||
All Other Fees(3) |
$ | 0 | $ | 500 | ||||
Total |
$ | 86,544 | $ | 84,862 | ||||
Fiscal Years Ended | 1/31/11 | |||
Audit Fees |
$ | 16,550 | ||
Audit-Related Fees(1) |
$ | 0 | ||
Tax Fees(2) |
$ | 8,000 | ||
All Other Fees(3) |
$ | 500 | ||
Total |
$ | 25,050 | ||
* | Fund commenced operations on 2/1/2010 |
Fiscal Years Ended | 1/31/11 | |||
Audit Fees |
$ | 16,550 | ||
Audit-Related Fees(1) |
$ | 0 | ||
Tax Fees(2) |
$ | 8,000 | ||
All Other Fees(3) |
$ | 500 | ||
Total |
$ | 25,050 | ||
* | Fund commenced operations on 2/1/2010 |
Fiscal Period Ended | 1/31/10 | 1/31/11 | ||||||
Audit Fees |
$ | 31,550 | $ | 31,550 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 8,000 | $ | 8,000 | ||||
All Other Fees(3) |
$ | 0 | $ | 500 | ||||
Total |
$ | 39,550 | 40,050 | |||||
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. | |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. | |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
Fiscal Years Ended | 1/31/10 | 1/31/11 | ||||||
Audit Fees |
$ | 155,593 | $ | 136,283 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 38,873 | $ | 36,729 | ||||
All Other Fees(3) |
$ | 0 | $ | 2,000 | ||||
Total |
$ | 194,466 | $ | 175,012 | ||||
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. | |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. | |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
Fiscal Years Ended | 1/31/10 | 1/31/11 | ||||||
Registrant(1) |
$ | 38,873 | $ | 38,729 | ||||
Eaton Vance(2) |
$ | 279,795 | $ | 205,107 |
(1) | Includes all of the Series of the Trust. | |
(2) | The investment adviser to the Series, as well as any of its affiliates that provide ongoing services to the Series, are subsidiaries of Eaton Vance Corp. |
(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/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President |
By: | /s/ Barbara E. Campbell | |||
Barbara E. Campbell | ||||
Treasurer |
By: | /s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | ||||
President |
/s/ Barbara E. Campbell | ||||
Barbara E. Campbell | ||||
Treasurer | ||||
/s/ Cynthia J. Clemson | ||||
Cynthia J. Clemson | ||||
President |
(a) | the Annual Report of the Trust on Form N-CSR for the period ended January 31, 2011 (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 Trust for such period. |
/s/ Barbara E. Campbell | |||
Barbara E. Campbell | |||
Treasurer |
/s/ Cynthia J. Clemson | |||
Cynthia J. Clemson | |||
President |
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