Eaton Vance High Yield Municipal Income Fund Annual Report January 31, 2012 |
![]() |
Managements Discussion of Fund Performance |
2 | |||
Performance |
3 | |||
Fund Profile |
4 | |||
Endnotes and Additional Disclosures |
5 | |||
Fund Expenses |
6 | |||
Financial Statements |
7 | |||
Report of Independent Registered Public Accounting Firm |
29 | |||
Federal Tax Information |
30 | |||
Management and Organization |
31 | |||
Important Notices |
33 |
2
Since | ||||||||||||||||||||
% Average Annual Total Returns | Inception Date | One Year | Five Years | Ten Years | Inception | |||||||||||||||
Class A at NAV |
8/7/1995 | 19.34 | % | 0.84 | % | 4.52 | % | | ||||||||||||
Class A at 4.75% Maximum Sales Charge |
| 13.66 | 0.14 | 4.01 | | |||||||||||||||
Class B at NAV |
8/7/1995 | 18.35 | 0.08 | 3.75 | | |||||||||||||||
Class B at 5% Maximum Sales Charge |
| 13.35 | 0.23 | 3.75 | | |||||||||||||||
Class C at NAV |
6/18/1997 | 18.44 | 0.10 | 3.75 | | |||||||||||||||
Class C at 1% Maximum Sales Charge |
| 17.44 | 0.10 | 3.75 | | |||||||||||||||
Class I at NAV |
5/9/2007 | 19.60 | | | 0.93 | |||||||||||||||
Barclays Capital Municipal Bond Index |
| 14.10 | % | 5.76 | % | 5.43 | % | | ||||||||||||
Barclays Capital High Yield Long (22+) Municipal Bond Index |
| 21.18 | 2.26 | 5.77 | | |||||||||||||||
% Total Annual Operating Expense Ratios4 |
Class A | Class B | Class C | Class I | ||||||||||||||||
Gross |
1.05 | % | 1.80 | % | 1.79 | % | 0.79 | % | ||||||||||||
Net of Interest Expense |
0.93 | 1.68 | 1.67 | 0.67 | ||||||||||||||||
% Distribution Rates/Yields5 |
Class A | Class B | Class C | Class I | ||||||||||||||||
Distribution Rate |
5.15 | % | 4.43 | % | 4.41 | % | 5.30 | % | ||||||||||||
Taxable-Equivalent Distribution Rate |
7.92 | 6.82 | 6.78 | 8.15 | ||||||||||||||||
SEC 30-day Yield |
4.35 | 3.84 | 3.84 | 4.82 | ||||||||||||||||
Taxable-Equivalent SEC 30-day Yield |
6.69 | 5.91 | 5.91 | 7.42 | ||||||||||||||||
% Total Leverage6 |
||||||||||||||||||||
Residual Interest Bond (RIB) |
12.00 | % |
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class B |
1/31/02 | $ | 14,456 | N.A. | ||||||||
Class C |
1/31/02 | $ | 14,454 | N.A. | ||||||||
Class I |
5/9/07 | $ | 10,445 | N.A. | ||||||||
3
AAA |
9.8 | % | B | 2.4 | % | |||||||
AA |
21.8 | CCC | 3.7 | |||||||||
A |
10.5 | CC | 0.1 | |||||||||
BBB |
29.4 | D | 0.1 | |||||||||
BB |
6.2 | Not Rated | 16.0 | |||||||||
4
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. | |
2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. | |
3 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. | |
4 | Total annual operating expenses are as stated in the Funds most recent prospectus. Net expense ratio excludes interest expense 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, net asset value and performance have not been affected by this expense. | |
5 | The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV at the end of the period. The Funds distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes. SEC 30-day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. | |
6 | Fund employs 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). The cost of leverage rises and falls with changes in short-term interest rates. See Floating Rate Notes Issued in Conjunction with Securities Held in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding as of period end as a percentage of Fund net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions. | |
7 | 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. |
5
Beginning |
Ending |
Expenses Paid |
Annualized |
|||||||||||||||
Account Value |
Account Value |
During Period* |
Expense |
|||||||||||||||
(8/1/11) | (1/31/12) | (8/1/11 1/31/12) | Ratio | |||||||||||||||
Actual
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,105.50 | $ | 5.31 | 1.00 | % | ||||||||||
Class B
|
$ | 1,000.00 | $ | 1,100.30 | $ | 9.26 | 1.75 | % | ||||||||||
Class C
|
$ | 1,000.00 | $ | 1,101.90 | $ | 9.27 | 1.75 | % | ||||||||||
Class I
|
$ | 1,000.00 | $ | 1,106.70 | $ | 4.09 | 0.77 | % | ||||||||||
Hypothetical
|
||||||||||||||||||
(5% return per year before expenses)
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.20 | $ | 5.09 | 1.00 | % | ||||||||||
Class B
|
$ | 1,000.00 | $ | 1,016.40 | $ | 8.89 | 1.75 | % | ||||||||||
Class C
|
$ | 1,000.00 | $ | 1,016.40 | $ | 8.89 | 1.75 | % | ||||||||||
Class I
|
$ | 1,000.00 | $ | 1,021.30 | $ | 3.92 | 0.77 | % |
* | Expenses are equal to the Funds annualized expense ratio for the indicated Class, 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, 2011. |
Tax-Exempt Municipal Securities 112.8% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Cogeneration 1.3% | ||||||||||
Maryland Energy Financing Administration, (AES Warrior Run),
(AMT), 7.40%, 9/1/19
|
$ | 7,000 | $ | 7,039,900 | ||||||
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT),
6.50%, 1/1/13(1)
|
900 | 539,820 | ||||||||
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15
|
1,150 | 1,150,437 | ||||||||
Western Generation Agency, OR, (Wauna Cogeneration),
5.00%, 1/1/21
|
340 | 319,675 | ||||||||
$ | 9,049,832 | |||||||||
Education 6.2% | ||||||||||
California Educational Facilities Authority, (Stanford
University),
5.25%, 12/1/32(2)
|
$ | 12,000 | $ | 12,164,280 | ||||||
Maryland Health and Higher Educational Facilities Authority,
(Washington Christian Academy),
5.50%, 7/1/38(1)
|
800 | 350,024 | ||||||||
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.50%, 11/15/36(3)
|
12,625 | 15,403,257 | ||||||||
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34(2)
|
10,000 | 11,274,800 | ||||||||
Oregon Facilities Authority, (Lewis & Clark College),
5.625%, 10/1/36
|
1,935 | 2,212,460 | ||||||||
$ | 41,404,821 | |||||||||
Electric Utilities 2.0% | ||||||||||
Brazos River Authority, TX, Pollution Control Revenue, (Texas
Energy Co.), (AMT), 8.25%, 5/1/33
|
$ | 3,570 | $ | 678,907 | ||||||
Hawaii Department of Budget and Finance, (Hawaiian Electric
Co.), 6.50%, 7/1/39
|
5,920 | 6,547,342 | ||||||||
Matagorda County, TX, Navigation District No. 1, (Reliant
Energy), (AMT), 5.95%, 5/1/30
|
3,965 | 3,969,163 | ||||||||
Pima County, AZ, Industrial Development Authority, (Tucson
Electric Power Co.), 5.25%, 10/1/40
|
2,420 | 2,473,918 | ||||||||
$ | 13,669,330 | |||||||||
Escrowed / Prerefunded 0.4% | ||||||||||
Dawson Ridge, CO, Metropolitan District No. 1, Escrowed to
Maturity, 0.00%, 10/1/22
|
$ | 3,500 | $ | 2,738,925 | ||||||
$ | 2,738,925 | |||||||||
General Obligations 7.3% | ||||||||||
California, 5.25%, 10/1/32
|
$ | 5,060 | $ | 5,756,205 | ||||||
California, 5.50%, 3/1/40
|
1,315 | 1,476,587 | ||||||||
Kent County, (AMT), 5.00%, 1/1/28
|
1,000 | 1,133,580 | ||||||||
Port of Houston Authority of Harris County, TX, (AMT),
5.625%, 10/1/38(2)
|
6,480 | 7,249,241 | ||||||||
Washington,
4.00%, 7/1/26(4)
|
3,375 | 3,802,105 | ||||||||
Washington,
4.00%, 7/1/27(4)
|
3,545 | 3,955,991 | ||||||||
Washington,
4.00%, 7/1/28(4)
|
3,500 | 3,872,426 | ||||||||
Washington,
5.00%, 2/1/33(5)
|
5,000 | 5,772,950 | ||||||||
Washington,
5.25%, 2/1/36(2)
|
10,000 | 11,587,900 | ||||||||
Will County, IL, Community Unit School District
No. 365-U,
(Valley View), 5.75%, 11/1/32
|
3,855 | 4,539,879 | ||||||||
$ | 49,146,864 | |||||||||
Health Care Miscellaneous 1.4% | ||||||||||
Illinois Development Finance Authority, (Community
Rehabilitation Providers), 5.60%, 7/1/19
|
$ | 1,940 | $ | 1,678,236 | ||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
6.75%, 12/1/36(6)
|
593 | 595,721 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
7.75%, 12/1/36(6)
|
552 | 554,760 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
7.90%, 12/1/36(6)
|
464 | 466,774 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.25%, 12/1/36(6)
|
87 | 87,619 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.375%, 12/1/36(6)
|
198 | 199,196 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.50%, 12/1/36(6)
|
547 | 551,941 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.70%, 12/1/36(6)
|
230 | 231,862 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.81%, 12/1/36(6)
|
460 | 460,047 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
8.875%, 12/1/36(6)
|
138 | 139,117 | ||||||||
Tax Revenue Exempt Securities Trust, Community Health Provider,
(Pooled Loan Program Various States Trust Certificates),
Series 2,
7.00%, 12/1/36(6)
|
306 | 307,347 |
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),
Series 3,
7.00%, 12/1/36(6)
|
$ | 253 | $ | 254,197 | ||||||
Yavapai County, AZ, Industrial Development Authority, (West
Yavapai Guidance Clinic), 6.25%, 12/1/36
|
4,220 | 3,884,004 | ||||||||
$ | 9,410,821 | |||||||||
Hospital 14.8% | ||||||||||
California Statewide Communities Development Authority, (Sutter
Health), 5.25%, 11/15/48
|
$ | 9,780 | $ | 10,314,673 | ||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
8,300 | 7,938,867 | ||||||||
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
|
1,635 | 1,662,468 | ||||||||
Gaylord, MI, Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
|
905 | 900,973 | ||||||||
Gaylord, MI, Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
|
875 | 858,025 | ||||||||
Hawaii Pacific Health Special Purpose Revenue, 5.50%, 7/1/40
|
6,555 | 6,871,672 | ||||||||
Illinois Finance Authority, (Provena Healthcare),
7.75%, 8/15/34
|
6,340 | 7,724,149 | ||||||||
Johnson City, TN, Health & Educational Facilities
Board, (Mountain States Health Alliance), 6.00%, 7/1/38
|
3,335 | 3,639,419 | ||||||||
Knox County, TN, Health, Educational & Housing
Facilities, (Covenant Health), 0.00%, 1/1/40
|
12,870 | 3,036,290 | ||||||||
Massachusetts Development Finance Agency, (Tufts Medical
Center), 6.75%, 1/1/36
|
2,005 | 2,255,605 | ||||||||
Monroe County, PA, Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
4,500 | 4,602,375 | ||||||||
Montgomery, AL, Medical Clinic Board, (Jackson
Hospital & Clinic), 4.75%, 3/1/31
|
1,375 | 1,327,246 | ||||||||
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center),
5.00%, 7/1/36(2) |
7,470 | 8,088,665 | ||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
3,190 | 3,274,057 | ||||||||
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
2,000 | 2,043,780 | ||||||||
Oneida County, NY, Industrial Development Agency, (Elizabeth
Medical Center), 6.00%, 12/1/29
|
2,560 | 2,559,693 | ||||||||
South Lake County, FL, Hospital District, (South Lake Hospital),
6.25%, 4/1/39
|
3,065 | 3,280,745 | ||||||||
Sullivan County, TN, Health, Educational and Facilities Board,
(Wellmont Health System), 5.25%, 9/1/36
|
5,735 | 5,857,557 | ||||||||
Vermont Educational and Health Buildings Financing Agency,
(Fletcher Allen Healthcare Project), 4.75%, 12/1/36
|
14,660 | 14,731,394 | ||||||||
Wisconsin Health and Educational Facilities Authority, (Vernon
Memorial Healthcare, Inc.), 5.25%, 3/1/35
|
2,800 | 2,818,452 | ||||||||
Wisconsin Health and Educational Facilities Authority, (Wheaton
Franciscan Healthcare System), 5.25%, 8/15/31
|
5,650 | 5,735,202 | ||||||||
$ | 99,521,307 | |||||||||
Housing 2.7% | ||||||||||
Charter Mac Equity Trust, TN,
6.00%, 5/15/19(6)
|
$ | 4,000 | $ | 4,498,360 | ||||||
Jefferson County, MO, Industrial Development Authority, MFMR,
(Riverview Bend Apartments), (AMT), 6.75%, 11/1/29
|
1,550 | 1,549,705 | ||||||||
Jefferson County, MO, Industrial Development Authority, MFMR,
(Riverview Bend Apartments), (AMT), 7.125%, 11/1/29
|
410 | 405,789 | ||||||||
Oregon Health Authority, (Trillium Affordable Housing), (AMT),
6.75%, 2/15/29
|
2,755 | 2,709,102 | ||||||||
Oregon Health Authority, (Trillium Affordable Housing),
Series B, (AMT), 6.75%, 2/15/29
|
1,215 | 1,114,143 | ||||||||
Texas Student Housing Corp., (University of North Texas),
9.375%, 7/1/49(1)
|
860 | 464,417 | ||||||||
Texas Student Housing Corp., (University of North Texas),
11.00%, 7/1/31(1)
|
2,000 | 1,079,140 | ||||||||
Virginia Housing Development Authority, (AMT),
5.20%, 10/1/26(2)
|
4,265 | 4,485,373 | ||||||||
Virginia Housing Development Authority, (AMT),
20.205%, 10/1/35(6)(7)(8)
|
1,300 | 1,587,885 | ||||||||
$ | 17,893,914 | |||||||||
Industrial Development Revenue 11.3% | ||||||||||
ABIA Development Corp., TX, (Austin CargoPort Development),
(AMT), 6.50%, 10/1/24
|
$ | 1,815 | $ | 1,578,288 | ||||||
ABIA Development Corp., TX, (Austin CargoPort Development),
(AMT), 9.25%, 10/1/21
|
2,535 | 2,612,748 | ||||||||
Brazos River, TX, Harbor Navigation District, (Dow Chemical
Co.), (AMT), 5.95%, 5/15/33
|
9,085 | 9,729,581 | ||||||||
Butler, AL, Industrial Development Board, (Georgia-Pacific
Corp.), (AMT), 5.75%, 9/1/28
|
2,150 | 2,183,583 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), 8.75%, 6/1/29
|
1,180 | 1,368,363 | ||||||||
Clayton County, GA, Development Authority, (Delta Airlines,
Inc.), (AMT), 9.00%, 6/1/35
|
6,510 | 6,997,794 | ||||||||
Denver, CO, City and County, (United Airlines), (AMT),
5.75%, 10/1/32
|
1,300 | 1,241,981 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Industrial Development
Revenue (continued)
|
||||||||||
Hardeman County, TN, (Correctional Facilities Corp.),
7.75%, 8/1/17
|
$ | 2,440 | $ | 2,439,976 | ||||||
Illinois Finance Authority, (Navistar International Corp.),
6.50%, 10/15/40
|
3,250 | 3,457,773 | ||||||||
Illinois Finance Authority, Solid Waste Disposal, (Waste
Management, Inc.), (AMT), 5.05%, 8/1/29
|
7,500 | 7,595,100 | ||||||||
Maine Finance Authority, Solid Waste Disposal, (Casella Waste
Systems, Inc.), (AMT), 6.25% to 2/1/17 (Put Date),
1/1/25(4)
|
2,175 | 2,186,093 | ||||||||
Maryland Economic Development Corp., (AFCO Cargo), (AMT),
6.50%, 7/1/24
|
2,440 | 2,164,670 | ||||||||
Maryland Economic Development Corp., (AFCO Cargo), (AMT),
7.34%, 7/1/24
|
505 | 479,210 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29
|
10,095 | 10,094,091 | ||||||||
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.40%, 9/15/23
|
3,000 | 2,999,820 | ||||||||
New Jersey Economic Development Authority, (New
Jersey-American
Water Co., Inc.), (AMT), 5.70%, 10/1/39
|
6,245 | 6,882,052 | ||||||||
Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT), 6.25%, 6/1/19
|
8,200 | 7,407,962 | ||||||||
Selma, AL, Industrial Development Board, (International Paper
Co.), 5.80%, 5/1/34
|
4,230 | 4,509,095 | ||||||||
$ | 75,928,180 | |||||||||
Insured Electric Utilities 2.0% | ||||||||||
Hawaii Department of Budget and Finance, (Hawaiian Electric
Co.), (FGIC), (AMT), 4.60%, 5/1/26
|
$ | 5,000 | $ | 5,018,250 | ||||||
Matagorda County, TX, Navigation District No. 1, (AEP Texas
Central Co.), (NPFG), (AMT),
5.20%, 5/1/30(5)
|
7,810 | 8,253,998 | ||||||||
$ | 13,272,248 | |||||||||
Insured General Obligations 0.9% | ||||||||||
Clark County, NV, (AMBAC), 2.50%, 11/1/36
|
$ | 7,785 | $ | 5,996,863 | ||||||
$ | 5,996,863 | |||||||||
Insured Hospital 1.1% | ||||||||||
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27(2)
|
$ | 7,245 | $ | 7,260,867 | ||||||
$ | 7,260,867 | |||||||||
Insured Other Revenue 2.7% | ||||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/26
|
$ | 10,510 | $ | 4,046,035 | ||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/28
|
10,000 | 3,383,500 | ||||||||
Harris County-Houston, TX, Sports Authority, (NPFG),
0.00%, 11/15/34
|
12,700 | 2,982,341 | ||||||||
New York, NY, Industrial Development Agency, (Queens Baseball
Stadium), (AMBAC), 5.00%, 1/1/46
|
1,120 | 995,221 | ||||||||
New York, NY, Industrial Development Agency, (Yankee Stadium),
(AGC), 7.00%, 3/1/49
|
5,650 | 6,695,871 | ||||||||
$ | 18,102,968 | |||||||||
Insured Special Tax Revenue 2.7% | ||||||||||
Miami-Dade County, FL, Professional Sports Franchise Facilities,
(AGC), 7.00%, (0.00% until 10/1/19), 10/1/39
|
$ | 14,500 | $ | 11,476,460 | ||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43
|
30,000 | 5,376,300 | ||||||||
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
|
6,505 | 1,027,595 | ||||||||
$ | 17,880,355 | |||||||||
Insured Student Loan 2.7% | ||||||||||
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30
|
$ | 7,070 | $ | 7,852,861 | ||||||
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33
|
10,195 | 10,264,530 | ||||||||
$ | 18,117,391 | |||||||||
Insured Transportation 7.1% | ||||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/33
|
$ | 15,000 | $ | 3,920,250 | ||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/34
|
20,000 | 4,835,000 | ||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/37
|
6,665 | 1,267,616 | ||||||||
E-470 Public
Highway Authority, CO, (NPFG), 0.00%, 9/1/38
|
3,335 | 591,062 | ||||||||
North Texas Tollway Authority, (AGC), 6.20%, (0.00% until
1/1/15), 1/1/42
|
10,000 | 9,880,900 | ||||||||
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32
|
20,335 | 4,751,476 | ||||||||
San Jose, CA, Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47
|
7,150 | 7,740,805 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured
Transportation (continued)
|
||||||||||
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/25
|
$ | 19,910 | $ | 11,083,101 | ||||||
Texas Turnpike Authority, (AMBAC), 0.00%, 8/15/30
|
10,000 | 3,864,300 | ||||||||
$ | 47,934,510 | |||||||||
Lease Revenue / Certificates of Participation 4.0% | ||||||||||
Greenville County, SC, School District,
5.00%, 12/1/24(2)
|
$ | 21,000 | $ | 23,607,570 | ||||||
Hudson Yards Infrastructure Corp., NY, 5.75%, 2/15/47
|
2,765 | 3,130,091 | ||||||||
$ | 26,737,661 | |||||||||
Nursing Home 0.8% | ||||||||||
Massachusetts Industrial Finance Agency, (Age Institute of
Massachusetts), 8.05%, 11/1/25
|
$ | 2,095 | $ | 2,097,451 | ||||||
Mississippi Business Finance Corp., (Magnolia Healthcare),
7.99%, 7/1/25
|
1,010 | 812,111 | ||||||||
Westmoreland County, PA, Industrial Development Authority,
(Highland Health Systems, Inc.), 9.25%, 6/1/22
|
2,445 | 2,155,316 | ||||||||
$ | 5,064,878 | |||||||||
Other Revenue 13.7% | ||||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.00%, 7/15/30
|
$ | 1,150 | $ | 1,222,830 | ||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40
|
1,290 | 1,380,326 | ||||||||
Brooklyn, NY, Arena Local Development Corp., (Barclays Center),
6.375%, 7/15/43
|
700 | 749,952 | ||||||||
Central Falls, RI, Detention Facility Corp., 7.25%, 7/15/35
|
6,355 | 5,097,663 | ||||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
|
45,000 | 3,259,350 | ||||||||
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
|
81,635 | 2,870,287 | ||||||||
Cow Creek Band Umpqua Tribe of Indians, OR,
5.625%, 10/1/26(6)
|
6,000 | 4,876,260 | ||||||||
Michigan Tobacco Settlement Finance Authority,
6.875%, 6/1/42
|
3,100 | 2,860,277 | ||||||||
New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48(2)
|
7,200 | 7,940,952 | ||||||||
New York, NY, Transitional Finance Authority, (Building Aid),
5.00%, 7/15/25
|
4,675 | 5,631,037 | ||||||||
Non-Profit Preferred Funding Trust I, Various States,
5.17%, 9/15/37(6)
|
14,000 | 9,159,780 | ||||||||
Northern Tobacco Securitization Corp., AK, 5.00%, 6/1/46
|
17,500 | 12,925,150 | ||||||||
Otero County, NM, Jail Project Revenue, 5.50%, 4/1/13
|
280 | 276,993 | ||||||||
Otero County, NM, Jail Project Revenue, 5.75%, 4/1/18
|
1,160 | 1,078,208 | ||||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/23
|
250 | 223,595 | ||||||||
Otero County, NM, Jail Project Revenue, 6.00%, 4/1/28
|
1,605 | 1,334,204 | ||||||||
Pueblo of Santa Ana, NM,
15.00%, 4/1/24(6)
|
1,650 | 1,296,125 | ||||||||
Salt Verde Financial Corp., AZ, Senior Gas Revenue,
5.00%, 12/1/37
|
3,135 | 3,117,005 | ||||||||
Seminole Tribe, FL,
5.25%, 10/1/27(6)
|
9,000 | 8,811,270 | ||||||||
Seminole Tribe, FL,
5.50%, 10/1/24(6)
|
6,135 | 6,284,265 | ||||||||
Texas Municipal Gas Acquisition and Supply Corp.,
6.25%, 12/15/26
|
4,295 | 5,007,798 | ||||||||
White Earth Band of Chippewa Indians, MN,
6.375%, 12/1/26(6)
|
8,955 | 6,379,542 | ||||||||
$ | 91,782,869 | |||||||||
Senior Living / Life Care 6.8% | ||||||||||
California Statewide Communities Development Authority,
(Southern California Presbyterian Homes), 4.75%, 11/15/26
|
$ | 1,575 | $ | 1,505,511 | ||||||
California Statewide Communities Development Authority,
(Southern California Presbyterian Homes), 4.875%, 11/15/36
|
6,000 | 5,260,260 | ||||||||
Cliff House Trust, PA, (AMT),
6.625%, 6/1/27(1)
|
3,000 | 1,590,480 | ||||||||
Colorado Health Facilities Authority, (Covenant Retirement
Communities, Inc.), 5.00%, 12/1/35
|
4,150 | 3,868,132 | ||||||||
Fairfax County, VA, Economic Development Authority, (Goodwin
House, Inc.), 5.125%, 10/1/37
|
2,710 | 2,766,531 | ||||||||
Kansas City, MO, Industrial Development Authority, (Kingswood
United Methodist Manor), 5.875%, 11/15/29
|
7,425 | 6,493,014 | ||||||||
Lee County, FL, Industrial Development Authority, (Shell Point
Village), 5.00%, 11/15/29
|
7,000 | 6,156,710 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Edenwald), 5.40%, 1/1/37
|
2,600 | 2,506,790 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(King Farm Presbyterian Community), 5.00%, 1/1/17
|
1,365 | 1,327,872 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27
|
1,085 | 935,335 | ||||||||
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41
|
1,560 | 1,225,255 | ||||||||
North Miami, FL, Health Care Facilities, (Imperial Club),
7.625%, (0.00% until 1/1/17), 1/1/41
|
7,315 | 1,813,242 | ||||||||
North Miami, FL, Health Care Facilities, (Imperial Club),
7.00%, 1/1/42(1)
|
3,475 | 861,383 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Senior Living / Life
Care (continued)
|
||||||||||
St. Joseph County, IN, Holy Cross Village, 5.70%, 5/15/28
|
$ | 530 | $ | 508,249 | ||||||
St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/26
|
1,225 | 1,224,865 | ||||||||
St. Joseph County, IN, Holy Cross Village, 6.00%, 5/15/38
|
5,460 | 5,176,626 | ||||||||
Washington Housing Finance Commission, (Wesley Homes),
6.20%, 1/1/36
|
2,500 | 2,540,575 | ||||||||
$ | 45,760,830 | |||||||||
Solid Waste 0.8% | ||||||||||
Connecticut Resources Recovery Authority, (American REF-FUEL
Co.), (AMT), 6.45%, 11/15/22
|
$ | 5,610 | $ | 5,613,534 | ||||||
$ | 5,613,534 | |||||||||
Special Tax Revenue 10.4% | ||||||||||
Avelar Creek, FL, Community Development District, (Capital
Improvements), 5.375%, 5/1/36
|
$ | 1,260 | $ | 1,127,448 | ||||||
Bridgeville, DE, (Heritage Shores Special Development District),
5.125%, 7/1/35
|
147 | 110,766 | ||||||||
Bridgeville, DE, (Heritage Shores Special Development District),
5.45%, 7/1/35
|
6,250 | 4,712,750 | ||||||||
Dupree Lakes, FL, Community Development District,
5.375%, 5/1/37
|
3,290 | 2,840,750 | ||||||||
Illinois, Sales Tax Revenue, 5.00%, 6/15/31
|
1,210 | 1,366,816 | ||||||||
Illinois, Sales Tax Revenue, 5.00%, 6/15/32
|
1,165 | 1,309,996 | ||||||||
Illinois, Sales Tax Revenue, 5.00%, 6/15/33
|
1,240 | 1,385,898 | ||||||||
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
5.25%, 7/1/32(2)
|
19,980 | 26,897,476 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-1,
5.75%, (0.00% until 11/1/12), 5/1/38
|
550 | 348,392 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010A-2,
5.75%, (0.00% until 11/1/14), 5/1/38
|
1,390 | 557,904 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-1,
5.00%, (0.00% until 11/1/12), 5/1/15
|
835 | 710,326 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
Series 2010B-2,
5.00%, (0.00% until 11/1/14), 5/1/18
|
1,085 | 484,919 | ||||||||
New River, FL, Community Development District, (Capital
Improvements),
5.00%, 5/1/13(1) |
1,005 | 10 | ||||||||
New York, NY, Transitional Finance Authority, Future Tax
Revenue, 5.00%, 11/1/38
|
6,310 | 7,194,977 | ||||||||
New York, NY, Transitional Finance Authority, Future Tax
Revenue, 5.50%, 11/1/35
|
5,000 | 5,991,650 | ||||||||
Poinciana West, FL, Community Development District,
6.00%, 5/1/37
|
2,230 | 2,108,911 | ||||||||
River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, (0.00% until 11/1/13), 5/1/36
|
3,455 | 1,727,016 | ||||||||
River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, 5/1/36
|
3,115 | 2,364,129 | ||||||||
Southern Hills Plantation I, FL, Community Development District,
5.80%, (0.00% until 11/1/12), 5/1/35
|
1,025 | 633,112 | ||||||||
Southern Hills Plantation I, FL, Community Development District,
5.80%, 5/1/35
|
1,413 | 1,164,917 | ||||||||
Sterling Hill, FL, Community Development District,
5.50%, 5/1/37(1)
|
3,650 | 1,058,902 | ||||||||
University Square, FL, Community Development District,
5.875%, 5/1/38
|
1,845 | 1,848,506 | ||||||||
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
|
3,505 | 3,922,586 | ||||||||
$ | 69,868,157 | |||||||||
Student Loan 0.8% | ||||||||||
New Jersey Higher Education Student Assistance Authority, (AMT),
5.00%, 12/1/27
|
$ | 4,800 | $ | 5,090,160 | ||||||
$ | 5,090,160 | |||||||||
Transportation 8.9% | ||||||||||
Central Texas Regional Mobility Authority, 5.75%, 1/1/31
|
$ | 565 | $ | 613,788 | ||||||
Miami-Dade County, FL, (Miami International Airport),
5.00%, 10/1/41
|
4,430 | 4,686,630 | ||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38
|
2,000 | 2,299,020 | ||||||||
North Texas Tollway Authority, 5.75%, 1/1/38
|
7,150 | 7,734,727 | ||||||||
Oklahoma Turnpike Authority, 5.00%, 1/1/27
|
3,600 | 4,313,700 | ||||||||
Pennsylvania Turnpike Commission, 5.35%, (0.00% until
12/1/15), 12/1/30
|
560 | 498,551 | ||||||||
Pennsylvania Turnpike Commission, 5.45%, (0.00% until
12/1/15), 12/1/35
|
1,125 | 971,392 | ||||||||
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/26
|
2,815 | 3,065,704 | ||||||||
Philadelphia, PA, Airport Revenue, (AMT), 5.00%, 6/15/27
|
2,790 | 3,013,172 | ||||||||
Port Authority of New York and New Jersey, (AMT),
4.75%, 4/15/37(2)
|
4,980 | 5,224,070 | ||||||||
Port Authority of New York and New Jersey, (AMT),
5.25%, 9/15/23(2)
|
5,025 | 5,732,520 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Transportation (continued)
|
||||||||||
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35(2)
|
$ | 9,990 | $ | 11,504,884 | ||||||
Texas Private Activity Bond Surface Transportation Corp., (LBJ
Express Managed Lanes Project), 7.00%, 6/30/34
|
3,650 | 4,135,596 | ||||||||
Texas Private Activity Bond Surface Transportation Corp., (North
Tarrant Express Managed Lanes Project), 6.875%, 12/31/39
|
3,415 | 3,807,930 | ||||||||
Walker Field, Public Airport Authority, CO, 4.75%, 12/1/27
|
1,090 | 1,106,012 | ||||||||
Walker Field, Public Airport Authority, CO, 5.00%, 12/1/22
|
1,040 | 1,099,675 | ||||||||
$ | 59,807,371 | |||||||||
Total Tax-Exempt Municipal
Securities 112.8%
|
||||||||||
(identified cost $750,122,874)
|
$ | 757,054,656 | ||||||||
Taxable Municipal Securities 0.5% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations 0.5% | ||||||||||
California,
7.95%, 3/1/36(9)
|
$ | 2,605 | $ | 3,103,805 | ||||||
Total Taxable Municipal
Securities 0.5%
|
||||||||||
(identified cost $3,092,679)
|
$ | 3,103,805 | ||||||||
Total Investments 113.3%
|
||||||||||
(identified cost $753,215,553)
|
$ | 760,158,461 | ||||||||
Other Assets, Less
Liabilities (13.3)%
|
$ | (89,274,745 | ) | |||||||
Net Assets 100.0%
|
$ | 670,883,716 | ||||||||
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.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
MFMR
|
- Multi-Family Mortgage Revenue
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
Texas
|
13.7% | |||
New York
|
12.3% | |||
Massachusetts
|
10.2% | |||
Others, representing less than 10% individually
|
77.1% |
(1) | Defaulted bond. | |
(2) | Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1I). | |
(3) | Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts. | |
(4) | When-issued security. | |
(5) | Security (or a portion thereof) has been segregated to cover payable for when-issued securities. | |
(6) | 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, 2012, the aggregate value of these securities is $46,742,068 or 7.0% of the Funds net assets. | |
(7) | Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at January 31, 2012. | |
(8) | 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 held by the trust that issued the residual interest bond. 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 held by the trust that issued the residual interest bond. | |
(9) | Build America Bond. Represents taxable municipal obligation issued pursuant to the America Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
Assets | January 31, 2012 | |||||
Investments, at value (identified cost, $753,215,553)
|
$ | 760,158,461 | ||||
Cash
|
7,800,743 | |||||
Interest receivable
|
8,857,006 | |||||
Receivable for investments sold
|
4,034,887 | |||||
Receivable for Fund shares sold
|
2,174,356 | |||||
Total assets
|
$ | 783,025,453 | ||||
Liabilities | ||||||
Payable for floating rate notes issued
|
$ | 86,287,000 | ||||
Payable for investments purchased
|
8,244,608 | |||||
Payable for when-issued securities
|
13,804,266 | |||||
Payable for variation margin on open financial futures contracts
|
288,852 | |||||
Payable for Fund shares redeemed
|
1,926,671 | |||||
Distributions payable
|
763,455 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
274,375 | |||||
Distribution and service fees
|
218,219 | |||||
Interest expense and fees payable
|
153,842 | |||||
Accrued expenses
|
180,449 | |||||
Total liabilities
|
$ | 112,141,737 | ||||
Net Assets
|
$ | 670,883,716 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 925,492,929 | ||||
Accumulated net realized loss
|
(261,709,768 | ) | ||||
Accumulated undistributed net investment income
|
1,776,475 | |||||
Net unrealized appreciation
|
5,324,080 | |||||
Net Assets
|
$ | 670,883,716 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 376,495,988 | ||||
Shares Outstanding
|
45,151,775 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 8.34 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
95.25 of net asset value per share)
|
$ | 8.76 | ||||
Class B Shares | ||||||
Net Assets
|
$ | 22,972,554 | ||||
Shares Outstanding
|
2,763,901 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 8.31 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 146,788,068 | ||||
Shares Outstanding
|
19,023,623 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 7.72 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 124,627,106 | ||||
Shares Outstanding
|
14,931,640 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 8.35 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2012 | |||||
Interest
|
$ | 45,276,782 | ||||
Total investment income
|
$ | 45,276,782 | ||||
Expenses | ||||||
Investment adviser fee
|
$ | 3,289,945 | ||||
Distribution and service fees
|
||||||
Class A
|
883,294 | |||||
Class B
|
268,205 | |||||
Class C
|
1,373,927 | |||||
Trustees fees and expenses
|
22,905 | |||||
Custodian fee
|
185,184 | |||||
Transfer and dividend disbursing agent fees
|
265,573 | |||||
Legal and accounting services
|
92,897 | |||||
Printing and postage
|
50,143 | |||||
Registration fees
|
72,793 | |||||
Interest expense and fees
|
687,849 | |||||
Miscellaneous
|
168,001 | |||||
Total expenses
|
$ | 7,360,716 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 2,387 | ||||
Total expense reductions
|
$ | 2,387 | ||||
Net expenses
|
$ | 7,358,329 | ||||
Net investment income
|
$ | 37,918,453 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | (17,531,318 | ) | |||
Financial futures contracts
|
(15,575,761 | ) | ||||
Net realized loss
|
$ | (33,107,079 | ) | |||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 106,517,607 | ||||
Financial futures contracts
|
(2,165,979 | ) | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 104,351,628 | ||||
Net realized and unrealized gain
|
$ | 71,244,549 | ||||
Net increase in net assets from operations
|
$ | 109,163,002 | ||||
Year Ended January 31, | ||||||||||
Increase (Decrease) in Net Assets | 2012 | 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 37,918,453 | $ | 40,551,854 | ||||||
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
(33,107,079 | ) | (19,307,786 | ) | ||||||
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
104,351,628 | (20,724,408 | ) | |||||||
Net increase in net assets from operations
|
$ | 109,163,002 | $ | 519,660 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (20,828,601 | ) | $ | (28,132,469 | ) | ||||
Class B
|
(1,388,597 | ) | (2,135,592 | ) | ||||||
Class C
|
(7,070,825 | ) | (8,702,611 | ) | ||||||
Class I
|
(5,846,926 | ) | (2,690,308 | ) | ||||||
Total distributions to shareholders
|
$ | (35,134,949 | ) | $ | (41,660,980 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 63,503,662 | $ | 73,567,607 | ||||||
Class B
|
1,280,839 | 3,607,228 | ||||||||
Class C
|
17,610,938 | 27,614,149 | ||||||||
Class I
|
69,021,628 | 61,720,973 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
13,444,013 | 15,868,746 | ||||||||
Class B
|
783,207 | 1,027,704 | ||||||||
Class C
|
4,099,244 | 4,355,878 | ||||||||
Class I
|
4,567,170 | 1,222,861 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(111,482,718 | ) | (191,666,865 | ) | ||||||
Class B
|
(5,880,584 | ) | (10,114,971 | ) | ||||||
Class C
|
(31,104,988 | ) | (44,617,028 | ) | ||||||
Class I
|
(25,653,556 | ) | (22,664,641 | ) | ||||||
Net asset value of shares exchanged
|
||||||||||
Class A
|
7,617,143 | 7,458,422 | ||||||||
Class B
|
(7,617,143 | ) | (7,458,422 | ) | ||||||
Net increase (decrease) in net assets from Fund share
transactions
|
$ | 188,855 | $ | (80,078,359 | ) | |||||
Net increase (decrease) in net assets
|
$ | 74,216,908 | $ | (121,219,679 | ) | |||||
Net Assets | ||||||||||
At beginning of year
|
$ | 596,666,808 | $ | 717,886,487 | ||||||
At end of year
|
$ | 670,883,716 | $ | 596,666,808 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of year
|
$ | 1,776,475 | $ | 1,938,370 | ||||||
Year Ended |
||||||
Cash Flows From Operating Activities | January 31, 2012 | |||||
Net increase in net assets from operations
|
$ | 109,163,002 | ||||
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
||||||
Investments purchased
|
(135,237,680 | ) | ||||
Investments sold
|
138,814,992 | |||||
Net amortization/accretion of premium (discount)
|
(7,796,724 | ) | ||||
Decrease in interest receivable
|
1,107,047 | |||||
Increase in receivable for investments sold
|
(1,475,756 | ) | ||||
Decrease in receivable for variation margin on open financial
futures contracts
|
278,297 | |||||
Increase in payable for investments purchased
|
5,938,721 | |||||
Increase in payable for when-issued securities
|
13,804,266 | |||||
Increase in payable for variation margin on open financial
futures contracts
|
288,852 | |||||
Decrease in payable to affiliate for investment adviser fee
|
(35,533 | ) | ||||
Decrease in payable to affiliate for distribution and service
fees
|
(9,982 | ) | ||||
Decrease in interest expense and fees payable
|
(5,528 | ) | ||||
Decrease in accrued expenses
|
(121,822 | ) | ||||
Net change in unrealized (appreciation) depreciation from
investments
|
(106,517,607 | ) | ||||
Net realized loss from investments
|
17,531,318 | |||||
Net cash provided by operating activities
|
$ | 35,725,863 | ||||
Cash Flows From Financing Activities | ||||||
Proceeds from Fund shares sold
|
$ | 150,506,157 | ||||
Fund shares redeemed
|
(174,328,368 | ) | ||||
Distributions paid, net of reinvestments
|
(12,819,122 | ) | ||||
Proceeds from secured borrowings
|
7,500,000 | |||||
Repayment of secured borrowings
|
(3,180,000 | ) | ||||
Net cash used in financing activities
|
$ | (32,321,333 | ) | |||
Net increase in cash
|
$ | 3,404,530 | ||||
Cash at beginning of year
|
$ | 4,396,213 | ||||
Cash at end of year
|
$ | 7,800,743 | ||||
Supplemental disclosure of cash flow information: | ||||||
Noncash financing activities not included herein consist of:
|
||||||
Reinvestment of dividends and distributions
|
$ | 22,893,634 | ||||
Cash paid for interest and fees
|
693,377 | |||||
Class A | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 7.410 | $ | 7.900 | $ | 6.440 | $ | 9.780 | $ | 10.730 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.491 | $ | 0.472 | $ | 0.488 | $ | 0.504 | $ | 0.490 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.894 | (0.479 | ) | 1.452 | (3.351 | ) | (0.955 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | 1.385 | $ | (0.007 | ) | $ | 1.940 | $ | (2.847 | ) | $ | (0.465 | ) | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.455 | ) | $ | (0.483 | ) | $ | (0.480 | ) | $ | (0.493 | ) | $ | (0.485 | ) | |||||||
Total distributions
|
$ | (0.455 | ) | $ | (0.483 | ) | $ | (0.480 | ) | $ | (0.493 | ) | $ | (0.485 | ) | |||||||
Net asset value End of year
|
$ | 8.340 | $ | 7.410 | $ | 7.900 | $ | 6.440 | $ | 9.780 | ||||||||||||
Total
Return(2)
|
19.34 | % | (0.35 | )% | 31.04 | % | (29.94 | )% | (4.47 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year (000s omitted)
|
$ | 376,496 | $ | 361,171 | $ | 481,346 | $ | 407,816 | $ | 788,563 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
0.93 | % | 0.99 | % | 1.00 | % | 0.97 | % | 0.86 | %(3) | ||||||||||||
Interest and fee
expense(4)
|
0.11 | % | 0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.04 | % | 1.11 | % | 1.11 | % | 1.32 | % | 1.38 | %(3) | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
0.93 | % | 0.99 | % | 1.00 | % | 0.96 | % | 0.85 | %(3) | ||||||||||||
Net investment income
|
6.35 | % | 5.90 | % | 6.72 | % | 5.97 | % | 4.74 | % | ||||||||||||
Portfolio Turnover
|
19 | % | 12 | % | 22 | % | 35 | % | 43 | % | ||||||||||||
(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 residual interest bond transactions (see Note 1I). |
Class B | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 7.390 | $ | 7.880 | $ | 6.430 | $ | 9.750 | $ | 10.700 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.433 | $ | 0.410 | $ | 0.432 | $ | 0.440 | $ | 0.412 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.883 | (0.477 | ) | 1.448 | (3.336 | ) | (0.956 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | 1.316 | $ | (0.067 | ) | $ | 1.880 | $ | (2.896 | ) | $ | (0.544 | ) | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.396 | ) | $ | (0.423 | ) | $ | (0.430 | ) | $ | (0.424 | ) | $ | (0.406 | ) | |||||||
Total distributions
|
$ | (0.396 | ) | $ | (0.423 | ) | $ | (0.430 | ) | $ | (0.424 | ) | $ | (0.406 | ) | |||||||
Net asset value End of year
|
$ | 8.310 | $ | 7.390 | $ | 7.880 | $ | 6.430 | $ | 9.750 | ||||||||||||
Total
Return(2)
|
18.35 | % | (1.09 | )% | 30.02 | % | (30.42 | )% | (5.20 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year (000s omitted)
|
$ | 22,973 | $ | 31,380 | $ | 46,335 | $ | 46,123 | $ | 92,895 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.68 | % | 1.74 | % | 1.76 | % | 1.72 | % | 1.61 | %(3) | ||||||||||||
Interest and fee
expense(4)
|
0.11 | % | 0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.79 | % | 1.86 | % | 1.87 | % | 2.07 | % | 2.13 | %(3) | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.68 | % | 1.74 | % | 1.76 | % | 1.71 | % | 1.60 | %(3) | ||||||||||||
Net investment income
|
5.64 | % | 5.14 | % | 5.99 | % | 5.23 | % | 4.00 | % | ||||||||||||
Portfolio Turnover
|
19 | % | 12 | % | 22 | % | 35 | % | 43 | % | ||||||||||||
(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 residual interest bond transactions (see Note 1I). |
Class C | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Net asset value Beginning of year
|
$ | 6.860 | $ | 7.310 | $ | 5.970 | $ | 9.050 | $ | 9.930 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(1)
|
$ | 0.400 | $ | 0.380 | $ | 0.401 | $ | 0.408 | $ | 0.382 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.827 | (0.437 | ) | 1.339 | (3.095 | ) | (0.885 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | 1.227 | $ | (0.057 | ) | $ | 1.740 | $ | (2.687 | ) | $ | (0.503 | ) | |||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.367 | ) | $ | (0.393 | ) | $ | (0.400 | ) | $ | (0.393 | ) | $ | (0.377 | ) | |||||||
Total distributions
|
$ | (0.367 | ) | $ | (0.393 | ) | $ | (0.400 | ) | $ | (0.393 | ) | $ | (0.377 | ) | |||||||
Net asset value End of year
|
$ | 7.720 | $ | 6.860 | $ | 7.310 | $ | 5.970 | $ | 9.050 | ||||||||||||
Total
Return(2)
|
18.44 | % | (1.02 | )% | 29.92 | % | (30.40 | )% | (5.19 | )% | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of year (000s omitted)
|
$ | 146,788 | $ | 139,798 | $ | 162,425 | $ | 123,933 | $ | 244,680 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
1.68 | % | 1.73 | % | 1.75 | % | 1.72 | % | 1.61 | %(3) | ||||||||||||
Interest and fee
expense(4)
|
0.11 | % | 0.12 | % | 0.11 | % | 0.35 | % | 0.52 | % | ||||||||||||
Total expenses before custodian fee reduction
|
1.79 | % | 1.85 | % | 1.86 | % | 2.07 | % | 2.13 | %(3) | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
1.68 | % | 1.73 | % | 1.75 | % | 1.71 | % | 1.60 | %(3) | ||||||||||||
Net investment income
|
5.60 | % | 5.14 | % | 5.95 | % | 5.23 | % | 3.99 | % | ||||||||||||
Portfolio Turnover
|
19 | % | 12 | % | 22 | % | 35 | % | 43 | % | ||||||||||||
(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 residual interest bond transactions (see Note 1I). |
Class I | ||||||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||||
Period Ended |
||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | January 31, 2008(1) | ||||||||||||||||||
Net asset value Beginning of period
|
$ | 7.420 | $ | 7.910 | $ | 6.440 | $ | 9.780 | $ | 10.720 | ||||||||||||
Income (Loss) From Operations | ||||||||||||||||||||||
Net investment
income(2)
|
$ | 0.504 | $ | 0.486 | $ | 0.505 | $ | 0.520 | $ | 0.358 | ||||||||||||
Net realized and unrealized gain (loss)
|
0.900 | (0.474 | ) | 1.461 | (3.345 | ) | (0.923 | ) | ||||||||||||||
Total income (loss) from operations
|
$ | 1.404 | $ | 0.012 | $ | 1.966 | $ | (2.825 | ) | $ | (0.565 | ) | ||||||||||
Less Distributions | ||||||||||||||||||||||
From net investment income
|
$ | (0.474 | ) | $ | (0.502 | ) | $ | (0.496 | ) | $ | (0.515 | ) | $ | (0.375 | ) | |||||||
Total distributions
|
$ | (0.474 | ) | $ | (0.502 | ) | $ | (0.496 | ) | $ | (0.515 | ) | $ | (0.375 | ) | |||||||
Net asset value End of period
|
$ | 8.350 | $ | 7.420 | $ | 7.910 | $ | 6.440 | $ | 9.780 | ||||||||||||
Total
Return(3)
|
19.60 | % | (0.12 | )% | 31.48 | % | (29.75 | )% | (5.33 | )%(4) | ||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 124,627 | $ | 64,318 | $ | 27,780 | $ | 3,442 | $ | 2,060 | ||||||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||||||||||
Expenses excluding interest and fees
|
0.68 | % | 0.73 | % | 0.74 | % | 0.71 | % | 0.61 | %(5) | ||||||||||||
Interest and fee
expense(6)
|
0.11 | % | 0.12 | % | 0.11 | % | 0.35 | % | 0.52 | %(5) | ||||||||||||
Total expenses before custodian fee reduction
|
0.79 | % | 0.85 | % | 0.85 | % | 1.06 | % | 1.13 | %(5) | ||||||||||||
Expenses after custodian fee reduction excluding interest and
fees
|
0.68 | % | 0.73 | % | 0.74 | % | 0.70 | % | 0.60 | %(5) | ||||||||||||
Net investment income
|
6.49 | % | 6.10 | % | 6.66 | % | 6.57 | % | 4.94 | %(5) | ||||||||||||
Portfolio Turnover
|
19 | % | 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 residual interest bond transactions (see Note 1I). | |
(7) | For the year ended January 31, 2008. |
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 35,033,065 | $ | 40,929,134 | ||||||
Ordinary income
|
$ | 101,884 | $ | 731,846 | ||||||
Undistributed tax-exempt income
|
$ | 3,036,209 | ||||
Capital loss carryforward and deferred capital losses
|
$ | (265,979,410 | ) | |||
Net unrealized appreciation
|
$ | 9,097,442 | ||||
Other temporary differences
|
$ | (763,455 | ) | |||
Annual Asset Rate | Daily Income Rate | |||||||||||||||||
Effective |
Prior to |
Effective |
Prior to |
|||||||||||||||
Daily Net Assets | May 1, 2011 | May 1, 2011 | May 1, 2011 | May 1, 2011 | ||||||||||||||
Up to $500 million
|
0.3150 | % | 0.3500 | % | 3.1500 | % | 3.5000 | % | ||||||||||
$500 million but less than $750 million
|
0.2925 | 0.3250 | 2.9250 | 3.2500 | ||||||||||||||
$750 million but less than $1 billion
|
0.2700 | 0.3000 | 2.9250 | 3.2500 | ||||||||||||||
$1 billion but less than $1.5 billion
|
0.2700 | 0.3000 | 2.7000 | 3.0000 | ||||||||||||||
Year Ended January 31, | ||||||||||
Class A | 2012 | 2011 | ||||||||
Sales
|
8,170,023 | 9,278,323 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
1,733,505 | 1,990,362 | ||||||||
Redemptions
|
(14,468,455 | ) | (24,380,940 | ) | ||||||
Exchange from Class B shares
|
980,073 | 934,605 | ||||||||
Net decrease
|
(3,584,854 | ) | (12,177,650 | ) | ||||||
Year Ended January 31, | ||||||||||
Class B | 2012 | 2011 | ||||||||
Sales
|
164,979 | 454,519 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
101,480 | 129,342 | ||||||||
Redemptions
|
(767,833 | ) | (1,279,751 | ) | ||||||
Exchange to Class A shares
|
(982,879 | ) | (937,393 | ) | ||||||
Net decrease
|
(1,484,253 | ) | (1,633,283 | ) | ||||||
Year Ended January 31, | ||||||||||
Class C | 2012 | 2011 | ||||||||
Sales
|
2,447,498 | 3,735,971 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
571,124 | 591,016 | ||||||||
Redemptions
|
(4,381,497 | ) | (6,148,979 | ) | ||||||
Net decrease
|
(1,362,875 | ) | (1,821,992 | ) | ||||||
Year Ended January 31, | ||||||||||
Class I | 2012 | 2011 | ||||||||
Sales
|
8,990,368 | 7,866,195 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
586,498 | 154,800 | ||||||||
Redemptions
|
(3,316,956 | ) | (2,862,534 | ) | ||||||
Net increase
|
6,259,910 | 5,158,461 | ||||||||
Aggregate cost
|
$ | 664,774,019 | ||||
Gross unrealized appreciation
|
$ | 60,340,389 | ||||
Gross unrealized depreciation
|
(51,242,947 | ) | ||||
Net unrealized appreciation
|
$ | 9,097,442 | ||||
Futures Contracts | ||||||||||||||||||
Net |
||||||||||||||||||
Expiration |
Unrealized |
|||||||||||||||||
Month/Year | Contracts | Position | Aggregate Cost | Value | Depreciation | |||||||||||||
3/12
|
325 U.S. 10-Year Treasury Note |
Short | $ | (42,124,991 | ) | $ | (42,981,250 | ) | $ | (856,259 | ) | |||||||
3/12
|
268 U.S. 30-Year Treasury Bond |
Short | (38,214,681 | ) | (38,977,250 | ) | (762,569 | ) | ||||||||||
$ | (1,618,828 | ) | ||||||||||||||||
Fair Value | ||||||||||
Asset Derivative | Liability Derivative | |||||||||
Futures Contracts
|
$ | | $ | (1,618,828 | )(1) | |||||
Total
|
$ | | $ | (1,618,828 | ) | |||||
(1) | Amount represents cumulative unrealized 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 |
|||||||||
in Income | Derivatives Recognized in Income | |||||||||
Futures Contracts
|
$ | (15,575,761 | )(1) | $ | (2,165,979 | )(2) | ||||
(1) | Statement of Operations location: Net realized gain (loss) Financial futures contracts. | |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation) Financial futures contracts. |
| 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
|
$ | | $ | 757,054,656 | $ | | $ | 757,054,656 | ||||||||||
Taxable Municipal Securities
|
| 3,103,805 | | 3,103,805 | ||||||||||||||
Total Investments
|
$ | | $ | 760,158,461 | $ | | $ | 760,158,461 | ||||||||||
Liability Description
|
||||||||||||||||||
Futures Contracts
|
$ | (1,618,828 | ) | $ | | $ | | $ | (1,618,828 | ) | ||||||||
Total
|
$ | (1,618,828 | ) | $ | | $ | | $ | (1,618,828 | ) | ||||||||
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
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 181 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. Directorships in the Last Five Years.(1) Director of EVC. |
|||
Noninterested Trustees | ||||||
Scott E. Eston 1956 |
Trustee | Since 2011 |
Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997). Directorships in the Last Five Years. None. |
|||
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. Directorships in the Last Five Years.(1) None. |
|||
Allen R. Freedman 1940 |
Trustee | Since 2007 |
Private Investor. 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).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000). Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011). |
|||
William H. Park 1947 |
Trustee | Since 2003 |
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
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 (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981). Directorships in the Last Five Years.(1) 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). Directorships in the Last Five Years.(1) None. |
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
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). Directorships in the Last Five Years.(1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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. Directorships in the Last Five Years.(1) None. |
|||
Harriett Tee Taggart 1948 |
Trustee | Since 2011 |
Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
|||
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). Directorships in the Last Five Years.(1) None. |
|||
Principal Officers who are not Trustees | ||||||
Position(s) |
||||||
with the |
Length of |
Principal Occupation(s) |
||||
Name and Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. | |||
Payson F. Swaffield 1956 |
Vice President | Since 2011 | Chief Income Investment Officer of EVC. Vice President of EVM and BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. | |||
Maureen A. Gemma 1960 |
Vice President, Secretary and Chief Legal Officer | Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) 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 this program is available to investors at www.FINRA.org. |
416-3/12 | HYSRC |
Eaton Vance Tax-Advantaged Bond Strategies Long Term Fund Annual Report January 31, 2012 |
![]() |
Table of Contents | ||||
Managements Discussion of Fund Performance | 2 | |||
Performance |
3 | |||
Fund Profile |
4 | |||
Endnotes and Additional Disclosures |
5 | |||
Fund Expenses |
6 | |||
Financial Statements |
7 | |||
Report of Independent Registered Public Accounting Firm |
20 | |||
Federal Tax Information |
21 | |||
Management and Organization |
22 | |||
Important Notices |
24 |
2
Since | ||||||||||||
% Average Annual Total Returns | Inception Date | One Year | Inception | |||||||||
Class A at NAV |
2/1/2010 | 22.53 | % | 12.42 | % | |||||||
Class A at 4.75% Maximum Sales Charge |
| 16.70 | 9.72 | |||||||||
Class C at NAV |
2/1/2010 | 21.54 | 11.55 | |||||||||
Class C at 1% Maximum Sales Charge |
| 20.54 | 11.55 | |||||||||
Class I at NAV |
2/1/2010 | 22.71 | 12.64 | |||||||||
Barclays Capital Managed Money 10+ Year Index |
2/1/2010 | 19.72 | % | 9.08 | % | |||||||
Barclays Capital 15 Year Municipal Bond Index |
2/1/2010 | 17.50 | 8.87 | |||||||||
Since | ||||||||||||
% After-Tax Returns with Maximum Sales Charge | Inception Date | One Year | Inception | |||||||||
Class A After Taxes on Distributions |
2/1/2010 | 16.60 | % | 9.20 | % | |||||||
Class A After Taxes on Distributions and Sale of Fund Shares |
| 11.71 | 8.32 | |||||||||
Class C After Taxes on Distributions |
2/1/2010 | 20.43 | 11.03 | |||||||||
Class C After Taxes on Distributions and Sale of Fund Shares |
| 13.97 | 9.80 | |||||||||
Class I After Taxes on Distributions |
2/1/2010 | 22.60 | 12.11 | |||||||||
Class I After Taxes on Distributions and Sale of Fund Shares |
| 15.75 | 10.87 | |||||||||
% Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | |||||||||
Gross |
8.12 | % | 8.87 | % | 7.87 | % | ||||||
Net |
0.95 | 1.70 | 0.70 | |||||||||
% Distribution Rates/Yields5 | Class A | Class C | Class I | |||||||||
Distribution Rate |
1.53 | % | 1.09 | % | 1.70 | % | ||||||
SEC 30-day Yield |
0.99 | 0.54 | 1.40 | |||||||||
With Maximum | ||||||||||||
Growth of $250,000 | Period Beginning | At NAV | Sales Charge | |||||||||
Class A |
2/1/10 | $ | 316,181 | $ | 301,125 | |||||||
Class C |
2/1/10 | $ | 311,285 | N.A. | ||||||||
Growth of $10,000 |
||||||||||||
Class A |
2/1/10 | $ | 12,647 | $ | 12,045 | |||||||
Class C |
2/1/10 | $ | 12,451 | N.A. | ||||||||
3
4
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. | |
2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance.Barclays Capital Managed Money 10+ Year Index is the long component of the Barclays Capital Municipal Managed Money Bond Index, a rules-based, market-value-weighted index engineered for the tax-exempt bond market. Barclays Capital 15 Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities ranging from 12-17 years. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. | |
3 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholders tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. | |
4 | Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/13. Without the reimbursement, performance would have been lower. | |
5 | The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV at the end of the period. The Funds distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. SEC 30-day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. Subsidized yield reflects the effect of fee waivers and expense reimbursements. | |
6 | 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. |
5
Beginning |
Ending |
Expenses Paid |
Annualized |
|||||||||||||||
Account Value |
Account Value |
During Period* |
Expense |
|||||||||||||||
(8/1/11) | (1/31/12) | (8/1/11 1/31/12) | Ratio | |||||||||||||||
Actual
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,126.50 | $ | 5.09 | ** | 0.95 | % | |||||||||
Class C
|
$ | 1,000.00 | $ | 1,120.60 | $ | 9.09 | ** | 1.70 | % | |||||||||
Class I
|
$ | 1,000.00 | $ | 1,126.90 | $ | 3.75 | ** | 0.70 | % | |||||||||
Hypothetical
|
||||||||||||||||||
(5% return per year before expenses)
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.40 | $ | 4.84 | ** | 0.95 | % | |||||||||
Class C
|
$ | 1,000.00 | $ | 1,016.60 | $ | 8.64 | ** | 1.70 | % | |||||||||
Class I
|
$ | 1,000.00 | $ | 1,021.70 | $ | 3.57 | ** | 0.70 | % |
* | Expenses are equal to the Funds annualized expense ratio for the indicated Class, 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, 2011. |
** | Absent an allocation of expenses to an affiliate, expenses would be higher. |
Tax-Exempt Investments 98.5% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 3.1% | ||||||||||
Minnesota Public Facilities Authority, Revolving
Fund Revenue, 5.00%, 3/1/22
|
$ | 1,000 | $ | 1,249,690 | ||||||
New York Environmental Facilities Corp., Revolving
Fund Revenue, 5.00%, 6/15/29
|
50 | 59,031 | ||||||||
$ | 1,308,721 | |||||||||
Education 6.7% | ||||||||||
Illinois Finance Authority, (University of Chicago),
5.00%, 10/1/31(1)
|
$ | 750 | $ | 885,727 | ||||||
University of California, 5.125%, 5/15/29
|
80 | 93,835 | ||||||||
University of Colorado, Enterprise Revenue, 5.00%, 6/1/28
|
450 | 542,493 | ||||||||
University of Mississippi, Educational Building Corp., (Student
Housing Construction Project), 5.00%, 10/1/28
|
300 | 352,074 | ||||||||
University of Virginia, 5.00%, 9/1/27
|
150 | 186,227 | ||||||||
Virginia College Building Authority, (Public Higher Education
Financing), 5.00%, 9/1/27
|
625 | 762,050 | ||||||||
Washington State University, 5.00%, 4/1/32
|
15 | 16,600 | ||||||||
$ | 2,839,006 | |||||||||
Electric Utilities 5.6% | ||||||||||
Huntsville, AL, Electric System Revenue, 5.25%, 12/1/29
|
$ | 2,000 | $ | 2,398,580 | ||||||
$ | 2,398,580 | |||||||||
General Obligations 35.4% | ||||||||||
Beaumont, TX, Independent School District, 5.00%, 2/15/28
|
$ | 100 | $ | 120,517 | ||||||
Dallas, TX, Independent School District, 6.25%, 2/15/24
|
85 | 105,995 | ||||||||
DeKalb, Kane & Lasalle Counties, IL, Community College
District No. 523, 0.00%, 2/1/27
|
150 | 71,676 | ||||||||
Delaware, 5.00%, 7/1/28
|
250 | 303,405 | ||||||||
Duncanville, TX, Independent School District,
4.00%, 2/15/33(1)
|
3,500 | 3,825,220 | ||||||||
Fairfax County, VA,
4.00%, 4/1/27(1)
|
1,700 | 1,909,032 | ||||||||
Florida Board of Education, Full Faith and Credit, Capital
Outlay, 5.00%, 6/1/25
|
625 | 770,606 | ||||||||
Lake County, IL, Community Consolidated School District
No. 50, 5.75%, 1/1/31
|
100 | 115,569 | ||||||||
Las Vegas Valley Water District, NV, 5.00%, 6/1/22
|
75 | 86,563 | ||||||||
Las Vegas Valley Water District, NV, 5.00%, 2/1/27
|
400 | 445,092 | ||||||||
Las Vegas Valley Water District, NV, 5.25%, 6/1/26
|
700 | 837,942 | ||||||||
Loudoun County, VA, 5.00%, 12/1/22
|
50 | 63,358 | ||||||||
Nevada, (Capital Improvement, Cultural Affairs and Refunding),
5.00%, 8/1/25
|
450 | 532,039 | ||||||||
New York, 5.00%, 2/15/26
|
500 | 587,405 | ||||||||
New York, 5.00%, 2/15/28
|
100 | 119,889 | ||||||||
New York, 5.25%, 2/15/24
|
105 | 133,867 | ||||||||
North Carolina, 5.00%, 5/1/21
|
50 | 63,968 | ||||||||
Phoenix, AZ, 4.50%, 7/1/24
|
200 | 215,946 | ||||||||
Portland, OR, Community College District, 5.00%, 6/15/28
|
1,000 | 1,197,460 | ||||||||
Sharyland, TX, Independent School District,
(PSF Guaranteed), 5.00%, 2/15/34(1) |
1,500 | 1,731,465 | ||||||||
Temple, TX, Independent School District, 4.00%, 2/1/22
|
100 | 117,171 | ||||||||
Tennessee, 5.00%, 10/1/25
|
200 | 252,936 | ||||||||
Texas Transportation Commission, Mobility Fund,
5.00%, 4/1/30
|
1,250 | 1,452,800 | ||||||||
$ | 15,059,921 | |||||||||
Hospital 7.1% | ||||||||||
California Health Facilities Financing Authority,
(Scripps Health), 5.00%, 11/15/32(1) |
$ | 1,000 | $ | 1,108,930 | ||||||
Charlotte-Mecklenburg, NC, Hospital Authority,
5.125%, 1/15/37
|
40 | 43,437 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Johns Hopkins Health Care), 5.00%, 5/15/25
|
100 | 119,007 | ||||||||
Massachusetts Development Finance Agency,
(Partners Healthcare System), 5.00%, 7/1/26 |
500 | 592,535 | ||||||||
Massachusetts Development Finance Agency,
(Partners Healthcare System), 5.00%, 7/1/31 |
1,000 | 1,135,310 | ||||||||
$ | 2,999,219 | |||||||||
Industrial Development Revenue 0.3% | ||||||||||
Pigeon Forge, TN, Industrial Development Board,
5.00%, 6/1/29
|
$ | 125 | $ | 142,863 | ||||||
$ | 142,863 | |||||||||
Insured Special Tax Revenue 3.1% | ||||||||||
Massachusetts School Building Authority, (AGM),
5.00%, 8/15/30
|
$ | 1,180 | $ | 1,318,567 | ||||||
$ | 1,318,567 | |||||||||
Lease Revenue / Certificates of Participation 0.3% | ||||||||||
Palm Beach County, FL, School Board, 5.00%, 8/1/22
|
$ | 100 | $ | 118,094 | ||||||
$ | 118,094 | |||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Other Revenue 2.9% | ||||||||||
Arkansas Development Finance Authority,
(Capital Improvement), 5.00%, 6/1/25 |
$ | 1,000 | $ | 1,236,770 | ||||||
$ | 1,236,770 | |||||||||
Special Tax Revenue 7.4% | ||||||||||
Harris County, TX, Flood Control District, 5.00%, 10/1/27
|
$ | 1,030 | $ | 1,233,755 | ||||||
Illinois, Sales Tax Revenue, 5.00%, 6/15/29
|
450 | 511,807 | ||||||||
New York Dormitory Authority, Personal Income Tax Revenue,
5.00%, 12/15/24
|
800 | 931,352 | ||||||||
New York, NY, Transitional Finance Authority,
(Future Tax), 5.00%, 2/1/28 |
400 | 479,968 | ||||||||
$ | 3,156,882 | |||||||||
Transportation 5.5% | ||||||||||
Arizona Transportation Board, Highway Revenue, 5.25%, 7/1/26
|
$ | 1,000 | $ | 1,237,010 | ||||||
Arizona Transportation Board, Highway Revenue, 5.25%, 7/1/31
|
500 | 598,710 | ||||||||
Chicago Transit Authority, IL, 5.25%, 12/1/31
|
450 | 516,028 | ||||||||
$ | 2,351,748 | |||||||||
Utilities 0.3% | ||||||||||
Colorado Springs, CO, 5.25%, 11/15/33
|
$ | 100 | $ | 120,392 | ||||||
$ | 120,392 | |||||||||
Water and Sewer 20.8% | ||||||||||
Canadian River, TX, Municipal Water Authority, (Conjunctive Use
Groundwater Supply Project), 5.00%, 2/15/31
|
$ | 500 | $ | 567,840 | ||||||
Cape Fear, NC, Public Utility Authority, Water and Sewer System,
5.00%, 8/1/28
|
300 | 358,449 | ||||||||
Charleston, SC, Waterworks and Sewer Revenue, 5.00%, 1/1/29
|
100 | 120,268 | ||||||||
Fairfax County, VA, Water Authority, 5.00%, 4/1/28
|
2,000 | 2,488,020 | ||||||||
Gwinnett County, GA, Water and Sewerage Authority,
5.00%, 8/1/24
|
1,000 | 1,267,300 | ||||||||
Lakeland, FL, Water and Wastewater Revenue, 5.00%, 10/1/28
|
500 | 594,675 | ||||||||
Massachusetts Water Resources Authority, 5.00%, 8/1/24
|
200 | 250,616 | ||||||||
Massachusetts Water Resources Authority, 5.00%, 8/1/28
|
1,000 | 1,214,480 | ||||||||
Metro Wastewater Reclamation District, CO, 5.00%, 4/1/27
|
1,350 | 1,677,753 | ||||||||
New York, NY, Municipal Water Finance Authority,
(Water and Sewer System), 5.50%, 6/15/22 |
25 | 31,203 | ||||||||
New York, NY, Municipal Water Finance Authority,
(Water and Sewer System), 5.625%, 6/15/24 |
50 | 62,610 | ||||||||
Seattle, WA, Water System, 5.25%, 2/1/33
|
200 | 224,718 | ||||||||
$ | 8,857,932 | |||||||||
Total Tax-Exempt
Investments 98.5%
|
||||||||||
(identified cost $40,028,461)
|
$ | 41,908,695 | ||||||||
Other Assets, Less
Liabilities 1.5%
|
$ | 629,558 | ||||||||
Net Assets 100.0%
|
$ | 42,538,253 | ||||||||
AGM
|
- Assured Guaranty Municipal Corp.
|
|
PSF
|
- Permanent School Fund
|
Texas
|
21.5% | |||
Virginia
|
12.7% | |||
Massachusetts
|
10.6% | |||
Others, representing less than 10% individually
|
53.7% |
(1) | When-issued security. |
Assets | January 31, 2012 | |||||
Investments, at value (identified cost, $40,028,461)
|
$ | 41,908,695 | ||||
Cash
|
9,899,460 | |||||
Interest receivable
|
307,468 | |||||
Receivable for Fund shares sold
|
1,622,779 | |||||
Total assets
|
$ | 53,738,402 | ||||
Liabilities | ||||||
Payable for investments purchased
|
$ | 1,794,068 | ||||
Payable for when-issued securities
|
9,302,116 | |||||
Payable for Fund shares redeemed
|
468 | |||||
Distributions payable
|
35,450 | |||||
Payable to affiliates:
|
||||||
Investment adviser and administration fee
|
27,074 | |||||
Distribution and service fees
|
2,590 | |||||
Accrued expenses
|
38,383 | |||||
Total liabilities
|
$ | 11,200,149 | ||||
Net Assets
|
$ | 42,538,253 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 40,080,181 | ||||
Accumulated net realized gain
|
577,665 | |||||
Accumulated undistributed net investment income
|
173 | |||||
Net unrealized appreciation
|
1,880,234 | |||||
Net Assets
|
$ | 42,538,253 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 16,142,773 | ||||
Shares Outstanding
|
1,378,782 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.71 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
95.25 of net asset value per share)
|
$ | 12.29 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 547,237 | ||||
Shares Outstanding
|
46,748 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.71 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 25,848,243 | ||||
Shares Outstanding
|
2,208,125 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.71 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2012 | |||||
Interest
|
$ | 251,473 | ||||
Total investment income
|
$ | 251,473 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 54,783 | ||||
Distribution and service fees
|
||||||
Class A
|
4,672 | |||||
Class C
|
1,646 | |||||
Trustees fees and expenses
|
1,080 | |||||
Custodian fee
|
21,161 | |||||
Transfer and dividend disbursing agent fees
|
2,768 | |||||
Legal and accounting services
|
24,376 | |||||
Printing and postage
|
15,322 | |||||
Registration fees
|
47,122 | |||||
Miscellaneous
|
10,600 | |||||
Total expenses
|
$ | 183,530 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 112 | ||||
Allocation of expenses to affiliate
|
112,158 | |||||
Total expense reductions
|
$ | 112,270 | ||||
Net expenses
|
$ | 71,260 | ||||
Net investment income
|
$ | 180,213 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 647,903 | ||||
Net realized gain
|
$ | 647,903 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 1,949,773 | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 1,949,773 | ||||
Net realized and unrealized gain
|
$ | 2,597,676 | ||||
Net increase in net assets from operations
|
$ | 2,777,889 | ||||
Year Ended January 31, | ||||||||||
Increase (Decrease) in Net Assets | 2012 | 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 180,213 | $ | 55,182 | ||||||
Net realized gain from investment transactions
|
647,903 | 56,593 | ||||||||
Net change in unrealized appreciation (depreciation) from
investments
|
1,949,773 | (69,539 | ) | |||||||
Net increase in net assets from operations
|
$ | 2,777,889 | $ | 42,236 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (29,450 | ) | $ | (2,260 | ) | ||||
Class C
|
(2,242 | ) | (1,884 | ) | ||||||
Class I
|
(148,480 | ) | (51,034 | ) | ||||||
From net realized gain
|
||||||||||
Class A
|
(8,285 | ) | (3,143 | ) | ||||||
Class C
|
(931 | ) | (5,294 | ) | ||||||
Class I
|
(60,141 | ) | (49,096 | ) | ||||||
Total distributions to shareholders
|
$ | (249,529 | ) | $ | (112,711 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 16,123,546 | $ | 150,693 | ||||||
Class C
|
573,719 | 261,950 | ||||||||
Class I
|
21,909,751 | 2,012,300 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
33,062 | 4,859 | ||||||||
Class C
|
2,565 | 6,590 | ||||||||
Class I
|
8,225 | 7,633 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(679,740 | ) | (1,042 | ) | ||||||
Class C
|
(209,089 | ) | (109,245 | ) | ||||||
Class I
|
(350 | ) | (15,059 | ) | ||||||
Net increase in net assets from Fund share transactions
|
$ | 37,761,689 | $ | 2,318,679 | ||||||
Net increase in net assets
|
$ | 40,290,049 | $ | 2,248,204 | ||||||
Net Assets | ||||||||||
At beginning of year
|
$ | 2,248,204 | $ | | ||||||
At end of year
|
$ | 42,538,253 | $ | 2,248,204 | ||||||
Accumulated undistributed net
investment income included in net assets |
||||||||||
At end of year
|
$ | 173 | $ | 172 | ||||||
Class A | ||||||||||
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 9.810 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.249 | $ | 0.268 | ||||||
Net realized and unrealized gain
|
1.929 | 0.056 | (1) | |||||||
Total income from operations
|
$ | 2.178 | $ | 0.324 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.249 | ) | $ | (0.267 | ) | ||||
From net realized gain
|
(0.029 | ) | (0.247 | ) | ||||||
Total distributions
|
$ | (0.278 | ) | $ | (0.514 | ) | ||||
Net asset value End of year
|
$ | 11.710 | $ | 9.810 | ||||||
Total
Return(2)
|
22.53 | % | 3.21 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 16,143 | $ | 149 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses(3)(4)
|
0.95 | % | 0.95 | % | ||||||
Net investment income
|
1.57 | % | 2.65 | % | ||||||
Portfolio Turnover
|
239 | % | 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 1.21% and 7.17% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. 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, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 9.810 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.172 | $ | 0.192 | ||||||
Net realized and unrealized gain
|
1.929 | 0.056 | (1) | |||||||
Total income from operations
|
$ | 2.101 | $ | 0.248 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.172 | ) | $ | (0.191 | ) | ||||
From net realized gain
|
(0.029 | ) | (0.247 | ) | ||||||
Total distributions
|
$ | (0.201 | ) | $ | (0.438 | ) | ||||
Net asset value End of year
|
$ | 11.710 | $ | 9.810 | ||||||
Total
Return(2)
|
21.54 | % | 2.44 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 547 | $ | 141 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses(3)(4)
|
1.70 | % | 1.70 | % | ||||||
Net investment income
|
1.36 | % | 1.88 | % | ||||||
Portfolio Turnover
|
239 | % | 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 1.21% and 7.17% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. 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, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 9.810 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.274 | $ | 0.294 | ||||||
Net realized and unrealized gain
|
1.929 | 0.056 | (1) | |||||||
Total income from operations
|
$ | 2.203 | $ | 0.350 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.274 | ) | $ | (0.293 | ) | ||||
From net realized gain
|
(0.029 | ) | (0.247 | ) | ||||||
Total distributions
|
$ | (0.303 | ) | $ | (0.540 | ) | ||||
Net asset value End of year
|
$ | 11.710 | $ | 9.810 | ||||||
Total
Return(2)
|
22.71 | % | 3.47 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 25,848 | $ | 1,958 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses(3)(4)
|
0.70 | % | 0.70 | % | ||||||
Net investment income
|
2.05 | % | 2.86 | % | ||||||
Portfolio Turnover
|
239 | % | 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 1.21% and 7.17% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. 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, | ||||||||||
2012 | 2011 | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 180,172 | $ | 55,198 | ||||||
Ordinary income
|
$ | 65,096 | $ | 57,513 | ||||||
Long-term capital gains
|
$ | 4,261 | $ | | ||||||
Undistributed tax-exempt income
|
$ | 35,623 | ||||
Undistributed ordinary income
|
$ | 565,759 | ||||
Undistributed long-term capital gains
|
$ | 11,843 | ||||
Net unrealized appreciation
|
$ | 1,880,297 | ||||
Other temporary differences
|
$ | (35,450 | ) | |||
Year Ended January 31, | ||||||||||
Class A | 2012 | 2011 | ||||||||
Sales
|
1,422,998 | 14,773 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
2,955 | 487 | ||||||||
Redemptions
|
(62,332 | ) | (99 | ) | ||||||
Net increase
|
1,363,621 | 15,161 | ||||||||
Year Ended January 31, | ||||||||||
Class C | 2012 | 2011 | ||||||||
Sales
|
51,270 | 24,977 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
237 | 662 | ||||||||
Redemptions
|
(19,148 | ) | (11,250 | ) | ||||||
Net increase
|
32,359 | 14,389 | ||||||||
Year Ended January 31, | ||||||||||
Class I | 2012 | 2011 | ||||||||
Sales
|
2,007,701 | 200,395 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
771 | 774 | ||||||||
Redemptions
|
(31 | ) | (1,485 | ) | ||||||
Net increase
|
2,008,441 | 199,684 | ||||||||
Aggregate cost
|
$ | 40,028,398 | ||||
Gross unrealized appreciation
|
$ | 1,882,937 | ||||
Gross unrealized depreciation
|
(2,640 | ) | ||||
Net unrealized appreciation
|
$ | 1,880,297 | ||||
| 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
|
$ | | $ | 41,908,695 | $ | | $ | 41,908,695 | ||||||||||
Total Investments
|
$ | | $ | 41,908,695 | $ | | $ | 41,908,695 | ||||||||||
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
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 181 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. Directorships in the Last Five Years.(1) Director of EVC. |
|||
Noninterested Trustees | ||||||
Scott E. Eston 1956 |
Trustee | Since 2011 |
Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997). Directorships in the Last Five Years. None. |
|||
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. Directorships in the Last Five Years.(1) None. |
|||
Allen R. Freedman 1940 |
Trustee | Since 2007 |
Private Investor. 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).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000). Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011). |
|||
William H. Park 1947 |
Trustee | Since 2003 |
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
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 (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981). Directorships in the Last Five Years.(1) 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). Directorships in the Last Five Years.(1) None. |
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
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). Directorships in the Last Five Years.(1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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. Directorships in the Last Five Years.(1) None. |
|||
Harriett Tee Taggart 1948 |
Trustee | Since 2011 |
Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006). Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
|||
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). Directorships in the Last Five Years.(1) None. |
|||
Principal Officers who are not Trustees | ||||||
Position(s) |
||||||
with the |
Length of |
Principal Occupation(s) |
||||
Name and Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. | |||
Payson F. Swaffield 1956 |
Vice President | Since 2011 | Chief Income Investment Officer of EVC. Vice President of EVM and BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. | |||
Maureen A. Gemma 1960 |
Vice President, Secretary and Chief Legal Officer | Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) 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 this program is available to investors at www.FINRA.org. |
4734-3/12 | TABS-LTSRC |
Eaton Vance Tax-Advantaged Bond Strategies Intermediate Term Fund Annual Report January 31, 2012 |
![]() |
Table of Contents | ||||||||
Managements Discussion of Fund Performance |
2 | |||||||
Performance |
3 | |||||||
Fund Profile |
4 | |||||||
Endnotes and Additional Disclosures |
5 | |||||||
Fund Expenses |
6 | |||||||
Financial Statements |
7 | |||||||
Report of Independent Registered Public Accounting Firm |
21 | |||||||
Federal Tax Information |
22 | |||||||
Management and Organization |
23 | |||||||
Important Notices |
25 |
Since | |||||||||||||
% Average Annual Total Returns | Inception Date | One Year | Inception | ||||||||||
Class A at NAV |
2/1/2010 | 15.58 | % | 10.33 | % | ||||||||
Class A at 2.25% Maximum Sales Charge |
| 12.96 | 9.09 | ||||||||||
Class C at NAV |
2/1/2010 | 14.73 | 9.54 | ||||||||||
Class C at 1% Maximum Sales Charge |
| 13.73 | 9.54 | ||||||||||
Class I at NAV |
2/1/2010 | 15.97 | 10.64 | ||||||||||
Barclays Capital Managed Money Intermediate (117 Year) Index |
2/1/2010 | 13.06 | % | 7.19 | % | ||||||||
Barclays Capital 7 Year Municipal Bond Index |
2/1/2010 | 11.78 | 7.43 |
Since | |||||||||||||
% After-Tax Returns with Maximum Sales Charge | Inception Date | One Year | Inception | ||||||||||
Class A After Taxes on Distributions |
2/1/2010 | 12.79 | % | 8.95 | % | ||||||||
Class A After Taxes on Distributions and Sale of Fund Shares |
| 8.93 | 7.87 | ||||||||||
Class C After Taxes on Distributions |
2/1/2010 | 13.56 | 9.40 | ||||||||||
Class C After Taxes on Distributions and Sale of Fund Shares |
| 9.16 | 8.16 | ||||||||||
Class I After Taxes on Distributions |
2/1/2010 | 15.80 | 10.51 | ||||||||||
Class I After Taxes on Distributions and Sale of Fund Shares |
| 11.00 | 9.25 |
% Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | ||||||||||
Gross |
1.63 | % | 2.38 | % | 1.38 | % | |||||||
Net |
0.95 | 1.70 | 0.70 |
% Distribution Rates/Yields5 | Class A | Class C | Class I | ||||||||||
Distribution Rate |
0.94 | % | 0.24 | % | 1.22 | % | |||||||
SEC 30-day Yield |
0.57 | 0.13 | 0.86 |
With Maximum | |||||||||||||
Growth of $250,000 | Period Beginning | At NAV | Sales Charge | ||||||||||
Class A |
2/1/10 | $ | 304,482 | $ | 297,637 | ||||||||
Class C |
2/1/10 | $ | 300,125 | N.A. | |||||||||
Growth
of $10,000 |
|||||||||||||
Class A |
2/1/10 | $ | 12,179 | $ | 11,905 | ||||||||
Class C |
2/1/10 | $ | 12,005 | N.A. | |||||||||
3
4
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. |
2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Barclays Capital Managed Money Intermediate (1-17 year) Index is an unmanaged, tax-exempt bond market index that measures the 1-17 year duration component of Barclays Capital Municipal Managed Money Bond Index. 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. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
3 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholders tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. |
4 | Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 5/31/13. Without the reimbursement, performance would have been lower. |
5 | The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV at the end of the period. The Funds distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. SEC 30-day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. Subsidized yield reflects the effect of fee waivers and expense reimbursements. |
6 | 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. |
Fund profile subject to change due to active management. |
5
Beginning |
Ending |
Expenses Paid |
Annualized |
|||||||||||||||
Account Value |
Account Value |
During Period* |
Expense |
|||||||||||||||
(8/1/11) | (1/31/12) | (8/1/11 1/31/12) | Ratio | |||||||||||||||
Actual
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,088.90 | $ | 5.00 | ** | 0.95 | % | |||||||||
Class C
|
$ | 1,000.00 | $ | 1,083.90 | $ | 8.93 | ** | 1.70 | % | |||||||||
Class I
|
$ | 1,000.00 | $ | 1,090.30 | $ | 3.69 | ** | 0.70 | % | |||||||||
Hypothetical
|
||||||||||||||||||
(5% return per year before expenses)
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.40 | $ | 4.84 | ** | 0.95 | % | |||||||||
Class C
|
$ | 1,000.00 | $ | 1,016.60 | $ | 8.64 | ** | 1.70 | % | |||||||||
Class I
|
$ | 1,000.00 | $ | 1,021.70 | $ | 3.57 | ** | 0.70 | % |
* | Expenses are equal to the Funds annualized expense ratio for the indicated Class, 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, 2011. |
** | Absent an allocation of expenses to an affiliate, expenses would be higher. |
Tax-Exempt Investments 92.4% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Bond Bank 2.8% | ||||||||||
New Hampshire Municipal Bond Bank, 5.00%, 1/15/20
|
$ | 1,510 | $ | 1,874,106 | ||||||
New Hampshire Municipal Bond Bank, 5.00%, 1/15/21
|
1,330 | 1,674,417 | ||||||||
Vermont Municipal Bond Bank, 5.00%, 12/1/28
|
1,780 | 2,149,368 | ||||||||
$ | 5,697,891 | |||||||||
Education 4.3% | ||||||||||
Illinois Finance Authority, (University of Chicago),
5.00%, 10/1/30(1)
|
$ | 1,250 | $ | 1,489,025 | ||||||
Illinois Finance Authority, (University of Chicago),
5.00%, 10/1/31(1)
|
1,350 | 1,594,309 | ||||||||
University of Colorado, Enterprise Revenue, 5.00%, 6/1/18
|
500 | 617,390 | ||||||||
University of Colorado, Enterprise Revenue, 5.00%, 6/1/26
|
1,620 | 1,982,572 | ||||||||
University of Mississippi, Educational Building Corp., (Student
Housing Construction Project), 5.00%, 10/1/28
|
1,000 | 1,173,580 | ||||||||
Virginia College Building Authority, (Public Higher Education
Financing), 5.00%, 9/1/20
|
1,455 | 1,845,988 | ||||||||
$ | 8,702,864 | |||||||||
Electric Utilities 6.3% | ||||||||||
California Department of Water Resource, Power Supply Revenue,
5.00%, 5/1/20
|
$ | 1,000 | $ | 1,268,140 | ||||||
Energy Northwest, WA, (Columbia Generating Station),
5.00%, 7/1/19(1)
|
5,000 | 6,130,000 | ||||||||
Huntsville, AL, Electric System Revenue, 5.00%, 12/1/24
|
1,445 | 1,759,432 | ||||||||
New York Power Authority, 5.00%, 11/15/28
|
650 | 793,143 | ||||||||
New York Power Authority, 5.00%, 11/15/29
|
500 | 605,315 | ||||||||
Snohomish County, WA, Public Utility District No. 1,
5.00%, 12/1/18
|
1,680 | 2,060,503 | ||||||||
$ | 12,616,533 | |||||||||
Escrowed / Prerefunded 1.8% | ||||||||||
Dallas, TX, Independent School District, Prerefunded to 2/15/12,
5.00%, 2/15/18
|
$ | 2,000 | $ | 2,003,780 | ||||||
Tobacco Settlement Financing Corp., NY, Prerefunded to 6/1/12,
5.50%, 6/1/18
|
1,640 | 1,669,028 | ||||||||
$ | 3,672,808 | |||||||||
General Obligations 34.5% | ||||||||||
Bloomfield, CT, 4.00%, 10/15/20
|
$ | 240 | $ | 285,535 | ||||||
Clark County, WA, Evergreen School District No. 114,
3.00%, 6/1/17
|
2,000 | 2,220,860 | ||||||||
Connecticut, 5.00%, 12/1/20
|
50 | 59,012 | ||||||||
Duncanville, TX, Independent School District,
4.00%, 2/15/33(1)
|
2,500 | 2,732,300 | ||||||||
Eagle Mountain & Saginaw, TX, Independent School
District, 0.00%, 8/15/18
|
100 | 90,974 | ||||||||
Fairfax County, VA,
4.00%, 4/1/27(1)
|
3,300 | 3,705,768 | ||||||||
Florida Board of Education, Full Faith and Credit, Capital
Outlay, 5.00%, 6/1/23
|
6,045 | 7,557,338 | ||||||||
Florida Board of Education, Full Faith and Credit, Capital
Outlay, 5.00%, 6/1/25
|
1,000 | 1,232,970 | ||||||||
Georgia, 4.00%, 11/1/22
|
3,000 | 3,615,390 | ||||||||
Grand Prairie, TX, Independent School District,
4.00%, 2/15/22
|
2,180 | 2,594,636 | ||||||||
Groton, CT, 4.00%, 7/15/19
|
100 | 119,486 | ||||||||
Hamilton County, TN, 5.00%, 1/1/18
|
500 | 617,695 | ||||||||
Houston, TX, Community College System, 5.25%, 2/15/25
|
1,000 | 1,248,760 | ||||||||
Houston, TX, Community College System, 5.25%, 2/15/27
|
1,000 | 1,227,050 | ||||||||
Howard County, MD, 4.00%, 2/15/22
|
1,000 | 1,157,070 | ||||||||
Howard County, MD, 5.00%, 8/15/19
|
2,000 | 2,544,420 | ||||||||
Lake County, IL, Community Consolidated School District
No. 50, 5.25%, 1/1/23
|
1,000 | 1,213,660 | ||||||||
Lake County, IL, Community Consolidated School District
No. 50, 5.50%, 1/1/24
|
500 | 611,825 | ||||||||
Las Vegas Valley Water District, NV, 5.00%, 2/1/27
|
1,600 | 1,780,368 | ||||||||
Lynchburg, VA, 3.00%, 12/1/16
|
750 | 830,400 | ||||||||
Maricopa County, AZ, Community College District,
4.00%, 7/1/21
|
2,000 | 2,380,480 | ||||||||
Maricopa County, AZ, Community College District,
4.75%, 7/1/24
|
1,700 | 1,939,938 | ||||||||
Massachusetts, 5.00%, 12/1/16
|
3,000 | 3,601,860 | ||||||||
Massachusetts, 5.25%, 8/1/22
|
2,000 | 2,640,640 | ||||||||
Mecklenburg County, NC, 5.00%, 3/1/19
|
50 | 63,125 | ||||||||
Minnesota, 5.00%, 10/1/22
|
1,000 | 1,286,000 | ||||||||
Mississippi, (Capital Improvements Projects), 5.00%, 10/1/29
|
1,000 | 1,204,420 | ||||||||
Nevada, (Capital Improvement, Cultural Affairs and Refunding),
5.00%, 8/1/25
|
1,000 | 1,182,310 | ||||||||
New Braunfels, TX, Independent School District,
5.00%, 2/1/26
|
120 | 141,211 | ||||||||
New York, 5.00%, 2/15/20
|
1,285 | 1,620,629 | ||||||||
North Carolina, 5.00%, 6/1/18
|
1,000 | 1,248,280 | ||||||||
Pennsylvania, 5.00%, 11/15/26
|
2,000 | 2,477,960 | ||||||||
Pima County, AZ, Tucson Unified School District No. 1,
5.00%, 7/1/21
|
1,000 | 1,236,000 | ||||||||
Pima County, AZ, Tucson Unified School District No. 1,
5.00%, 7/1/22
|
1,000 | 1,238,880 | ||||||||
Portland, OR, Community College District, 5.00%, 6/15/28
|
1,500 | 1,796,190 | ||||||||
Richardson, TX, 5.00%, 2/15/20
|
50 | 63,184 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
Sharyland, TX, Independent School District, (PSF Guaranteed),
5.00%, 2/15/30(1)
|
$ | 1,785 | $ | 2,113,101 | ||||||
Tamalpais, CA, Union High School District, 5.00%, 8/1/24
|
1,225 | 1,538,637 | ||||||||
Tamalpais, CA, Union High School District, 5.00%, 8/1/25
|
1,000 | 1,246,830 | ||||||||
Tennessee, 5.00%, 10/1/25
|
1,000 | 1,264,680 | ||||||||
Texas Transportation Commission, Mobility Fund,
5.00%, 4/1/30
|
2,000 | 2,324,480 | ||||||||
United Independent School District, TX, 5.00%, 8/15/21
|
1,000 | 1,288,730 | ||||||||
University of Texas, Prerefunded to 8/15/16, 5.00%, 8/15/18
|
20 | 23,745 | ||||||||
$ | 69,366,827 | |||||||||
Hospital 2.9% | ||||||||||
California Health Facilities Financing Authority, (Sutter
Health), 5.25%, 8/15/31
|
$ | 1,500 | $ | 1,717,200 | ||||||
Maryland Health and Higher Educational Facilities Authority,
(Johns Hopkins Health Care), 5.00%, 5/15/18
|
1,000 | 1,207,080 | ||||||||
Maryland Health and Higher Educational Facilities Authority,
(Johns Hopkins Health Care), 5.00%, 5/15/25
|
1,000 | 1,190,070 | ||||||||
Massachusetts Development Finance Agency, (Partners Healthcare
System), 5.00%, 7/1/26
|
1,500 | 1,777,605 | ||||||||
$ | 5,891,955 | |||||||||
Industrial Development Revenue 0.6% | ||||||||||
Pigeon Forge, TN, Industrial Development Board,
5.00%, 6/1/26
|
$ | 950 | $ | 1,111,054 | ||||||
$ | 1,111,054 | |||||||||
Insured Escrowed / Prerefunded 4.9% | ||||||||||
Cook County, IL, Community High School District No. 219,
Niles Township, (FGIC), Escrowed to Maturity, 5.50%, 12/1/19
|
$ | 2,000 | $ | 2,603,900 | ||||||
Dearborn, MI, School District, (AGM), Prerefunded to 5/1/12,
5.00%, 5/1/22
|
2,000 | 2,024,220 | ||||||||
New Haven, CT, (NPFG), Prerefunded to 11/1/12,
5.00%, 11/1/18
|
1,385 | 1,448,309 | ||||||||
Pennsylvania, (NPFG), Prerefunded to 1/1/13, 5.00%, 1/1/20
|
3,595 | 3,753,108 | ||||||||
$ | 9,829,537 | |||||||||
Insured General Obligations 0.6% | ||||||||||
Cincinnati, OH, City School District, (AGM), Prerefunded to
12/1/12, 5.00%, 6/1/14
|
$ | 1,200 | $ | 1,247,772 | ||||||
$ | 1,247,772 | |||||||||
Insured Lease Revenue / Certificates of Participation 1.4% | ||||||||||
Orange County, FL, School Board, (NPFG), 5.00%, 8/1/19
|
$ | 2,580 | $ | 2,828,015 | ||||||
$ | 2,828,015 | |||||||||
Insured Special Tax Revenue 4.8% | ||||||||||
Massachusetts School Building Authority, (AGM),
5.00%, 8/15/30
|
$ | 6,780 | $ | 7,576,175 | ||||||
Southeast Wisconsin Professional Baseball Park District, (NPFG),
5.50%, 12/15/21
|
1,500 | 1,971,330 | ||||||||
$ | 9,547,505 | |||||||||
Insured Transportation 0.6% | ||||||||||
New York Thruway Authority, (AMBAC), 5.25%, 4/1/12
|
$ | 1,120 | $ | 1,129,587 | ||||||
$ | 1,129,587 | |||||||||
Insured Water and Sewer 1.3% | ||||||||||
Massachusetts Water Resources Authority, (AGM),
5.50%, 8/1/20
|
$ | 2,000 | $ | 2,612,400 | ||||||
$ | 2,612,400 | |||||||||
Lease Revenue / Certificates of Participation 2.4% | ||||||||||
Colorado, Building Excellent Schools Today, 5.00%, 3/15/21
|
$ | 1,870 | $ | 2,311,208 | ||||||
Orange County, FL, School Board,
5.00%, 8/1/17(1)
|
500 | 578,180 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/18(1)
|
500 | 583,865 | ||||||||
South Dakota Building Authority, 5.00%, 9/1/20
|
1,065 | 1,293,442 | ||||||||
$ | 4,766,695 | |||||||||
Other Revenue 1.3% | ||||||||||
Arkansas Development Finance Authority, (Capital Improvement),
5.00%, 6/1/23
|
$ | 1,000 | $ | 1,254,040 | ||||||
Midpeninsula Regional Open Space District, CA,
5.00%, 9/1/26(1)
|
1,205 | 1,447,314 | ||||||||
$ | 2,701,354 | |||||||||
Special Tax Revenue 2.7% | ||||||||||
Collier County, FL, Special Obligation, 5.00%, 10/1/20
|
$ | 1,465 | $ | 1,810,725 | ||||||
Illinois, Sales Tax Revenue, 5.00%, 6/15/29
|
1,000 | 1,137,350 | ||||||||
New York, NY, Transitional Finance Authority, (Future Tax),
5.00%, 11/1/23
|
1,000 | 1,258,160 | ||||||||
New York, NY, Transitional Finance Authority, (Future Tax),
5.00%, 2/1/28
|
1,000 | 1,199,920 | ||||||||
$ | 5,406,155 | |||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Transportation 2.1% | ||||||||||
Arizona Transportation Board, Highway Revenue, 5.25%, 7/1/26
|
$ | 2,000 | $ | 2,474,020 | ||||||
North Carolina, Grant Anticipation Revenue, 5.25%, 3/1/20
|
1,350 | 1,678,617 | ||||||||
$ | 4,152,637 | |||||||||
Utilities 0.0%(2) | ||||||||||
Foley, AL, Utilities Board, 4.00%, 11/1/16
|
$ | 75 | $ | 85,723 | ||||||
$ | 85,723 | |||||||||
Water and Sewer 17.1% | ||||||||||
East Richland County, SC, Public Sevice District, Sewer System
Revenue, 4.00%, 1/1/22
|
$ | 1,645 | $ | 1,911,474 | ||||||
Fairfax County, VA, Water Authority, 5.00%, 4/1/24
|
1,000 | 1,289,620 | ||||||||
Fairfax County, VA, Water Authority, 5.00%, 4/1/25
|
2,065 | 2,638,430 | ||||||||
Fairfax County, VA, Water Authority, 5.00%, 4/1/26
|
2,000 | 2,531,140 | ||||||||
Fairfax County, VA, Water Authority, 5.00%, 4/1/28
|
1,000 | 1,244,010 | ||||||||
Gwinnett County, GA, Water and Sewerage Authority,
5.00%, 8/1/24
|
8,000 | 10,138,400 | ||||||||
Henrico County, VA, Water and Sewer System Revenue,
5.00%, 5/1/19
|
1,050 | 1,323,662 | ||||||||
Lafayette, CO, Water Revenue,
5.00%, 12/1/24(1)
|
1,130 | 1,405,991 | ||||||||
Lafayette, CO, Water Revenue,
5.00%, 12/1/27(1)
|
665 | 807,569 | ||||||||
Lakeland, FL, Water and Wastewater Revenue, 5.00%, 10/1/26
|
1,070 | 1,291,779 | ||||||||
Lakeland, FL, Water and Wastewater Revenue, 5.00%, 10/1/29
|
1,320 | 1,556,438 | ||||||||
Louisville and Jefferson County, KY, Waterworks and Water System
Revenue, 4.00%, 11/15/21
|
75 | 87,867 | ||||||||
Massachusetts Water Resources Authority, 5.00%, 8/1/24
|
2,000 | 2,506,160 | ||||||||
Massachusetts Water Resources Authority, 5.00%, 8/1/28
|
1,000 | 1,214,480 | ||||||||
Metro Wastewater Reclamation District, CO, 5.00%, 4/1/27
|
2,000 | 2,485,560 | ||||||||
New York Environmental Facilities Corp., Clean Water and
Drinking Water, 4.00%, 6/15/19
|
50 | 58,830 | ||||||||
Tucson, AZ, Water System Revenue,
5.00%, 7/1/18(1)
|
1,500 | 1,802,745 | ||||||||
$ | 34,294,155 | |||||||||
Total Tax-Exempt
Investments 92.4%
|
||||||||||
(identified cost $177,065,917)
|
$ | 185,661,467 | ||||||||
Short-Term Investments 5.0% | ||||||||||
U.S. Treasury Obligations 5.0% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
U.S. Treasury Bill, 0.005%, 4/5/12
|
$ | 10,000 | $ | 9,999,240 | ||||||
Total U.S. Treasury Obligations
|
||||||||||
(identified cost $9,999,902)
|
$ | 9,999,240 | ||||||||
Total Short-Term
Investments 5.0%
|
||||||||||
(identified cost $9,999,902)
|
$ | 9,999,240 | ||||||||
Total Investments 97.4%
|
||||||||||
(identified cost $187,065,819)
|
$ | 195,660,707 | ||||||||
Other Assets, Less
Liabilities 2.6%
|
$ | 5,165,584 | ||||||||
Net Assets 100.0%
|
$ | 200,826,291 | ||||||||
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
PSF
|
- Permanent School Fund
|
Massachusetts
|
10.9% | |||
Others, representing less than 10% individually
|
81.5% |
(1) | When-issued security. | |
(2) | Amount is less than 0.05%. |
Assets | January 31, 2012 | |||||
Investments, at value (identified cost, $187,065,819)
|
$ | 195,660,707 | ||||
Cash
|
25,418,521 | |||||
Interest receivable
|
1,513,455 | |||||
Receivable for Fund shares sold
|
6,078,453 | |||||
Receivable from affiliate
|
28,520 | |||||
Total assets
|
$ | 228,699,656 | ||||
Liabilities | ||||||
Payable for investments purchased
|
$ | 1,788,535 | ||||
Payable for when-issued securities
|
24,118,112 | |||||
Payable for Fund shares redeemed
|
1,702,952 | |||||
Distributions payable
|
98,255 | |||||
Payable to affiliates:
|
||||||
Investment adviser and administration fee
|
87,689 | |||||
Distribution and service fees
|
30,731 | |||||
Accrued expenses
|
47,091 | |||||
Total liabilities
|
$ | 27,873,365 | ||||
Net Assets
|
$ | 200,826,291 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 191,036,194 | ||||
Accumulated net realized gain
|
1,200,466 | |||||
Accumulated distributions in excess of net investment income
|
(5,257 | ) | ||||
Net unrealized appreciation
|
8,594,888 | |||||
Net Assets
|
$ | 200,826,291 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 67,784,977 | ||||
Shares Outstanding
|
5,755,586 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.78 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
97.75 of net asset value per share)
|
$ | 12.05 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 25,214,987 | ||||
Shares Outstanding
|
2,140,688 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.78 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 107,826,327 | ||||
Shares Outstanding
|
9,147,621 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 11.79 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2012 | |||||
Interest
|
$ | 1,683,162 | ||||
Total investment income
|
$ | 1,683,162 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 451,358 | ||||
Distribution and service fees
|
||||||
Class A
|
42,762 | |||||
Class C
|
92,282 | |||||
Trustees fees and expenses
|
4,251 | |||||
Custodian fee
|
51,323 | |||||
Transfer and dividend disbursing agent fees
|
28,689 | |||||
Legal and accounting services
|
25,040 | |||||
Printing and postage
|
18,133 | |||||
Registration fees
|
66,932 | |||||
Miscellaneous
|
12,399 | |||||
Total expenses
|
$ | 793,169 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 2,787 | ||||
Allocation of expenses to affiliate
|
123,684 | |||||
Total expense reductions
|
$ | 126,471 | ||||
Net expenses
|
$ | 666,698 | ||||
Net investment income
|
$ | 1,016,464 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 1,982,518 | ||||
Net realized gain
|
$ | 1,982,518 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 10,221,558 | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 10,221,558 | ||||
Net realized and unrealized gain
|
$ | 12,204,076 | ||||
Net increase in net assets from operations
|
$ | 13,220,540 | ||||
Year Ended January 31, | ||||||||||
Increase (Decrease) in Net Assets | 2012 | 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 1,016,464 | $ | 238,529 | ||||||
Net realized gain (loss) from investment transactions
|
1,982,518 | (46,395 | ) | |||||||
Net change in unrealized appreciation (depreciation) from
investments
|
10,221,558 | (1,626,670 | ) | |||||||
Net increase (decrease) in net assets from operations
|
$ | 13,220,540 | $ | (1,434,536 | ) | |||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (198,715 | ) | $ | (8,697 | ) | ||||
Class C
|
(42,833 | ) | (1,003 | ) | ||||||
Class I
|
(779,485 | ) | (228,112 | ) | ||||||
From net realized gain
|
||||||||||
Class A
|
(175,778 | ) | (3,695 | ) | ||||||
Class C
|
(83,892 | ) | (1,260 | ) | ||||||
Class I
|
(348,736 | ) | (124,028 | ) | ||||||
Total distributions to shareholders
|
$ | (1,629,439 | ) | $ | (366,795 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 67,611,433 | $ | 4,708,725 | ||||||
Class C
|
23,351,759 | 1,249,291 | ||||||||
Class I
|
108,904,400 | 55,295,932 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
223,392 | 7,022 | ||||||||
Class C
|
46,155 | 804 | ||||||||
Class I
|
153,594 | 2,728 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(6,805,645 | ) | (738,910 | ) | ||||||
Class C
|
(748,641 | ) | (27,748 | ) | ||||||
Class I
|
(60,913,171 | ) | (1,284,599 | ) | ||||||
Net increase in net assets from Fund share transactions
|
$ | 131,823,276 | $ | 59,213,245 | ||||||
Net increase in net assets
|
$ | 143,414,377 | $ | 57,411,914 | ||||||
Net Assets | ||||||||||
At beginning of year
|
$ | 57,411,914 | $ | | ||||||
At end of year
|
$ | 200,826,291 | $ | 57,411,914 | ||||||
Accumulated undistributed
(distributions in excess of) net investment income included in net assets |
||||||||||
At end of year
|
$ | (5,257 | ) | $ | 306 | |||||
Class A | ||||||||||
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 10.380 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.152 | $ | 0.131 | ||||||
Net realized and unrealized gain
|
1.451 | 0.406 | (1) | |||||||
Total income from operations
|
$ | 1.603 | $ | 0.537 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.152 | ) | $ | (0.131 | ) | ||||
From net realized gain
|
(0.051 | ) | (0.026 | ) | ||||||
Total distributions
|
$ | (0.203 | ) | $ | (0.157 | ) | ||||
Net asset value End of year
|
$ | 11.780 | $ | 10.380 | ||||||
Total
Return(2)
|
15.58 | % | 5.38 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 67,785 | $ | 3,972 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee
reduction(3)
|
0.95 | % | 0.96 | % | ||||||
Expenses after custodian fee
reduction(3)
|
0.95 | % | 0.95 | % | ||||||
Net investment income
|
1.14 | % | 1.26 | % | ||||||
Portfolio Turnover
|
125 | % | 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 0.16% and 0.68% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. Absent this subsidy, total return would be lower. |
Class C | ||||||||||
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 10.380 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.071 | $ | 0.057 | ||||||
Net realized and unrealized gain
|
1.451 | 0.406 | (1) | |||||||
Total income from operations
|
$ | 1.522 | $ | 0.463 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.071 | ) | $ | (0.057 | ) | ||||
From net realized gain
|
(0.051 | ) | (0.026 | ) | ||||||
Total distributions
|
$ | (0.122 | ) | $ | (0.083 | ) | ||||
Net asset value End of year
|
$ | 11.780 | $ | 10.380 | ||||||
Total
Return(2)
|
14.73 | % | 4.63 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 25,215 | $ | 1,216 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee
reduction(3)
|
1.70 | % | 1.71 | % | ||||||
Expenses after custodian fee
reduction(3)
|
1.70 | % | 1.70 | % | ||||||
Net investment income
|
0.45 | % | 0.58 | % | ||||||
Portfolio Turnover
|
125 | % | 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 0.16% and 0.68% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. Absent this subsidy, total return would be lower. |
Class I | ||||||||||
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Net asset value Beginning of year
|
$ | 10.380 | $ | 10.000 | ||||||
Income (Loss) From Operations | ||||||||||
Net investment income
|
$ | 0.181 | $ | 0.155 | ||||||
Net realized and unrealized gain
|
1.461 | 0.406 | (1) | |||||||
Total income from operations
|
$ | 1.642 | $ | 0.561 | ||||||
Less Distributions | ||||||||||
From net investment income
|
$ | (0.181 | ) | $ | (0.155 | ) | ||||
From net realized gain
|
(0.051 | ) | (0.026 | ) | ||||||
Total distributions
|
$ | (0.232 | ) | $ | (0.181 | ) | ||||
Net asset value End of year
|
$ | 11.790 | $ | 10.380 | ||||||
Total
Return(2)
|
15.97 | % | 5.62 | % | ||||||
Ratios/Supplemental Data | ||||||||||
Net assets, end of year (000s omitted)
|
$ | 107,826 | $ | 52,224 | ||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||
Expenses before custodian fee
reduction(3)
|
0.70 | % | 0.71 | % | ||||||
Expenses after custodian fee
reduction(3)
|
0.70 | % | 0.70 | % | ||||||
Net investment income
|
1.58 | % | 1.24 | % | ||||||
Portfolio Turnover
|
125 | % | 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 0.16% and 0.68% of average daily net assets for the years ended January 31, 2012 and 2011, respectively. Absent this subsidy, total return would be lower. |
Year Ended January 31, | ||||||||||
2012 | 2011 | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 1,020,761 | $ | 236,790 | ||||||
Ordinary income
|
$ | 597,942 | $ | 130,005 | ||||||
Long-term capital gains
|
$ | 10,736 | $ | | ||||||
Undistributed tax-exempt income
|
$ | 92,998 | ||||
Undistributed ordinary income
|
$ | 922,396 | ||||
Undistributed long-term capital gains
|
$ | 277,418 | ||||
Net unrealized appreciation
|
$ | 8,595,540 | ||||
Other temporary differences
|
$ | (98,255 | ) | |||
Year Ended January 31, | ||||||||||
Class A | 2012 | 2011 | ||||||||
Sales
|
5,945,552 | 451,651 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
19,608 | 671 | ||||||||
Redemptions
|
(592,232 | ) | (69,664 | ) | ||||||
Net increase
|
5,372,928 | 382,658 | ||||||||
Year Ended January 31, | ||||||||||
Class C | 2012 | 2011 | ||||||||
Sales
|
2,085,152 | 119,720 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
4,055 | 77 | ||||||||
Redemptions
|
(65,672 | ) | (2,644 | ) | ||||||
Net increase
|
2,023,535 | 117,153 | ||||||||
Year Ended January 31, | ||||||||||
Class I | 2012 | 2011 | ||||||||
Sales
|
9,675,839 | 5,147,488 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
13,490 | 260 | ||||||||
Redemptions
|
(5,570,690 | ) | (118,766 | ) | ||||||
Net increase
|
4,118,639 | 5,028,982 | ||||||||
Aggregate cost
|
$ | 187,065,167 | ||||
Gross unrealized appreciation
|
$ | 8,596,854 | ||||
Gross unrealized depreciation
|
(1,314 | ) | ||||
Net unrealized appreciation
|
$ | 8,595,540 | ||||
| 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
|
$ | | $ | 185,661,467 | $ | | $ | 185,661,467 | ||||||||||
Short-Term Investments
|
| 9,999,240 | | 9,999,240 | ||||||||||||||
Total Investments
|
$ | | $ | 195,660,707 | $ | | $ | 195,660,707 | ||||||||||
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
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 181 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. Directorships in the Last Five Years.(1) Director of EVC. |
|||
Noninterested Trustees | ||||||
Scott E. Eston 1956 |
Trustee | Since 2011 |
Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997).
Directorships in the Last Five Years. None. |
|||
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. Directorships in the Last Five Years.(1) None. |
|||
Allen R. Freedman 1940 |
Trustee | Since 2007 |
Private Investor. 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).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000).
Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011). |
|||
William H. Park 1947 |
Trustee | Since 2003 |
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
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 (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981).
Directorships in the Last Five Years.(1) 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).
Directorships in the Last Five Years.(1) None. |
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
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).
Directorships in the Last Five Years.(1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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. Directorships in the Last Five Years.(1) None. |
|||
Harriett Tee Taggart 1948 |
Trustee | Since 2011 |
Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006).
Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
|||
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).
Directorships in the Last Five Years.(1) None. |
|||
Principal Officers who are not Trustees | ||||||
Position(s) |
||||||
with the |
Length of |
Principal Occupation(s) |
||||
Name and Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. | |||
Payson F. Swaffield 1956 |
Vice President | Since 2011 | Chief Income Investment Officer of EVC. Vice President of EVM and BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. | |||
Maureen A. Gemma 1960 |
Vice President, Secretary and Chief Legal Officer | Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) 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 this program is available to investors at www.FINRA.org. |
4735-3/12 | TABS-ITSRC |
Eaton Vance Tax-Advantaged Bond Strategies Short Term Fund Annual Report January 31, 2012 |
![]() |
Table of Contents | ||||
Managements Discussion of Fund Performance |
2 | |||
Performance |
3 | |||
Fund Profile |
4 | |||
Endnotes and Additional Disclosures |
5 | |||
Fund Expenses |
6 | |||
Financial Statements |
7 | |||
Report of Independent Registered Public Accounting Firm |
25 | |||
Federal Tax Information |
26 | |||
Management and Organization |
27 | |||
Important Notices |
29 |
2
Since | ||||||||||||
% Average Annual Total Returns | Inception Date | One Year | Inception | |||||||||
Class A at NAV |
3/27/2009 | 6.92% | 4.58% | |||||||||
Class A at 2.25% Maximum Sales Charge |
| 4.47 | 3.74 | |||||||||
Class C at NAV |
3/27/2009 | 6.14 | 3.84 | |||||||||
Class C at 1% Maximum Sales Charge |
| 5.14 | 3.84 | |||||||||
Class I at NAV |
3/27/2009 | 7.18 | 4.84 | |||||||||
Barclays Capital 5 Year Municipal Bond Index |
3/27/2009 | 8.39 | % | 5.91 | % | |||||||
Barclays Capital Managed Money 17 Year Index |
3/27/2009 | 7.02 | 4.76 |
Since | ||||||||||||
% After-Tax Returns with Maximum Sales Charge | Inception Date | One Year | Inception | |||||||||
Class A After Taxes on Distributions |
3/27/2009 | 4.37 | % | 3.50 | % | |||||||
Class A After Taxes on Distributions and Sale of Fund Shares |
| 3.22 | 3.21 | |||||||||
Class C After Taxes on Distributions |
3/27/2009 | 5.04 | 3.63 | |||||||||
Class C After Taxes on Distributions and Sale of Fund Shares |
| 3.41 | 3.22 | |||||||||
Class I After Taxes on Distributions |
3/27/2009 | 7.08 | 4.58 | |||||||||
Class I After Taxes on Distributions and Sale of Fund Shares |
| 5.09 | 4.18 |
% Total Annual Operating Expense Ratios4 | Class A | Class C | Class I | |||||||||
0.90 | % | 1.64 | % | 0.65 | % |
% Distribution Rates/Yields5 | Class A | Class C | Class I | |||||||||
Distribution Rate |
0.57 | % | 0.00 | % | 0.82 | % | ||||||
SEC 30-day Yield |
0.01 | 0.72 | 0.26 |
With Maximum | ||||||||||||
Period Beginning | At NAV | Sales Charge | ||||||||||
Class C |
3/27/09 | $ | 11,133 | N.A. | ||||||||
Class I |
3/27/09 | $ | 11,441 | N.A. | ||||||||
3
4
1 | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The Funds actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Funds filings with the Securities and Exchange Commission. |
2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of
U.S. stock market performance. 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. Barclays Capital Managed Money 1-7 Year Index is an unmanaged, tax-exempt bond market index that measures the 1-7 year duration component of the Barclays Capital Municipal Managed Money Bond Index and such Index performance is available as of month end only. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
3 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholders tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. |
4 | Source: Fund prospectus. |
5 | The Distribution Rate is based on the Funds last regular distribution per share in the period (annualized) divided by the Funds NAV at the end of the period. The Funds distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. SEC 30-day Yield is calculated by dividing the net investment income per share for the 30-day period by the maximum offering price at the end of the period and annualizing the result. |
6 | 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. |
Fund profile subject to change due to active management. |
5
Beginning |
Ending |
Expenses Paid |
Annualized |
|||||||||||||||
Account Value |
Account Value |
During Period* |
Expense |
|||||||||||||||
(8/1/11) | (1/31/12) | (8/1/11 1/31/12) | Ratio | |||||||||||||||
Actual
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,033.70 | $ | 4.56 | 0.89 | % | ||||||||||
Class C
|
$ | 1,000.00 | $ | 1,030.00 | $ | 8.39 | 1.64 | % | ||||||||||
Class I
|
$ | 1,000.00 | $ | 1,034.00 | $ | 3.28 | 0.64 | % | ||||||||||
Hypothetical
|
||||||||||||||||||
(5% return per year before expenses)
|
||||||||||||||||||
Class A
|
$ | 1,000.00 | $ | 1,020.70 | $ | 4.53 | 0.89 | % | ||||||||||
Class C
|
$ | 1,000.00 | $ | 1,016.90 | $ | 8.34 | 1.64 | % | ||||||||||
Class I
|
$ | 1,000.00 | $ | 1,022.00 | $ | 3.26 | 0.64 | % |
* | Expenses are equal to the Funds annualized expense ratio for the indicated Class, 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, 2011. |
Tax-Exempt Municipal Securities 89.3% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 7.5% | ||||||||||
Connecticut Health and Educational Facilities Authority,
(Lawrence & Memorial Hospital), Series F,
5.00%, 7/1/18
|
$ | 85 | $ | 99,529 | ||||||
Florida Board of Education, Lottery Revenue, 4.00%, 7/1/14
|
15,530 | 16,769,604 | ||||||||
Florida Board of Education, Lottery Revenue, 5.00%, 7/1/18
|
19,425 | 23,549,316 | ||||||||
Florida Board of Governors, (University of Central Florida),
5.00%, 7/1/20
|
100 | 120,297 | ||||||||
North Penn, PA, School District, 5.00%, 3/1/21
|
3,010 | 3,657,090 | ||||||||
Texas Tech University,
3.00%, 8/15/16(1)
|
500 | 550,065 | ||||||||
University of Arkansas, 4.00%, 12/1/14
|
810 | 879,960 | ||||||||
University of Arkansas, 4.00%, 12/1/15
|
670 | 744,142 | ||||||||
University of Iowa Facilities Corp. (Medical
Education & Biomedical Research Facility),
3.75%, 6/1/17
|
1,005 | 1,137,117 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 3.00%, 4/1/14
|
3,120 | 3,296,904 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 3.00%, 4/1/15
|
2,335 | 2,508,981 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 4.00%, 4/1/14
|
400 | 431,304 | ||||||||
University of Maryland, Auxiliary Facility & Tuition
Revenue, 5.00%, 4/1/17
|
2,120 | 2,571,305 | ||||||||
University of North Carolina System, 5.00%, 5/1/18
|
1,365 | 1,665,273 | ||||||||
University of Texas, 5.00%, 8/15/17
|
5,000 | 6,096,750 | ||||||||
Virginia College Building Authority, Educational Facilities
Revenue, 5.00%, 2/1/17
|
1,850 | 2,224,144 | ||||||||
Virginia Public School Authority, 4.00%, 7/15/13
|
245 | 258,343 | ||||||||
Virginia Public School Authority, 5.00%, 1/15/19
|
2,000 | 2,488,780 | ||||||||
Wisconsin School Districts Cash Flow Administration Program,
1.00%, 10/15/12
|
5,175 | 5,200,927 | ||||||||
$ | 74,249,831 | |||||||||
Electric Utilities 3.8% | ||||||||||
California Department of Water Resources, Power Supply Revenue,
4.00%, 5/1/16
|
$ | 250 | $ | 283,158 | ||||||
California Department of Water Resources, Power Supply Revenue,
5.00%, 5/1/14
|
735 | 810,631 | ||||||||
California Department of Water Resources, Power Supply Revenue,
Series L, 5.00%, 5/1/15
|
3,145 | 3,589,483 | ||||||||
California Department of Water Resources, Power Supply Revenue,
Series M, 5.00%, 5/1/15
|
1,800 | 2,054,394 | ||||||||
Energy Northwest, WA, (Bonneville Power Administration),
5.00%, 7/1/17(1)
|
5,000 | 5,957,000 | ||||||||
Energy Northwest, WA, (Columbia Generating Station),
5.00%, 7/1/19(1)
|
7,500 | 9,195,000 | ||||||||
Omaha, NE, Public Power District, 3.00%, 2/1/16
|
950 | 1,037,533 | ||||||||
Salt River, AZ, Agricultural Improvements and Power District,
2.00%, 12/1/12
|
14,250 | 14,467,027 | ||||||||
Salt River, AZ, Agricultural Improvements and Power District,
3.00%, 12/1/16
|
465 | 514,244 | ||||||||
$ | 37,908,470 | |||||||||
Escrowed / Prerefunded 3.5% | ||||||||||
Badger Tobacco Asset Securitization Corp., WI, Prerefunded to
6/1/12, 6.375%, 6/1/32
|
$ | 350 | $ | 357,203 | ||||||
Harris County, TX, Prerefunded to 10/1/16, 5.00%, 10/1/31
|
10,000 | 11,887,100 | ||||||||
Massachusetts Bay Transportation Authority, Escrowed to
Maturity, 4.00%, 7/1/15
|
870 | 972,869 | ||||||||
Massachusetts Bay Transportation Authority, Prerefunded to
7/1/18, 5.00%, 7/1/34
|
750 | 939,705 | ||||||||
Massachusetts Development Finance Agency, (Massachusetts College
of Pharmacy), Prerefunded to 7/1/13, 5.75%, 7/1/33
|
1,000 | 1,086,420 | ||||||||
Massachusetts Water Pollution Abatement Trust, Escrowed to
Maturity, 5.45%, 2/1/13
|
20 | 20,349 | ||||||||
Massachusetts Water Pollution Abatement Trust, Prerefunded to
8/1/14, 5.00%, 8/1/29
|
700 | 780,297 | ||||||||
New Jersey Turnpike Authority, Escrowed to Maturity,
6.50%, 1/1/16
|
2,790 | 3,142,851 | ||||||||
New York, NY, Transitional Finance Authority, Prerefunded to
8/1/13, 5.00%, 8/1/21
|
3,830 | 4,102,313 | ||||||||
North Carolina, Prerefunded to 3/1/15, 5.25%, 3/1/23
|
830 | 950,889 | ||||||||
Ohio Water Development Authority, Pollution Control Revenue,
Prerefunded to 6/1/14, 5.00%, 6/1/17
|
785 | 868,917 | ||||||||
Orange County, NC, Prerefunded to 2/1/14, 4.25%, 2/1/20
|
1,420 | 1,530,902 | ||||||||
Palmdale, CA, Community Redevelopment Agency, Escrowed to
Maturity, 8.00%, 3/1/16
|
1,000 | 1,290,450 | ||||||||
San Benito, TX, Consolidated Independent School District,
Prerefunded to 2/15/14, 5.00%, 2/15/20
|
1,095 | 1,198,467 | ||||||||
Tobacco Settlement Financing Corp., NJ, Prerefunded to 6/1/12,
6.00%, 6/1/37
|
5,000 | 5,097,450 | ||||||||
$ | 34,226,182 | |||||||||
General Obligations 44.5% | ||||||||||
Albuquerque, NM, Municipal School District No. 12,
5.00%, 8/1/13
|
$ | 340 | $ | 363,990 | ||||||
Allen County, IA, Juvenile Justice Center Building Corp.,
3.00%, 1/1/15
|
720 | 757,562 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
Allen County, IA, Juvenile Justice Center Building Corp.,
3.00%, 7/1/15
|
$ | 695 | $ | 735,915 | ||||||
Allen County, IA, Juvenile Justice Center Building Corp.,
3.00%, 1/1/16
|
1,020 | 1,085,800 | ||||||||
Anne Arundel County, MD, 5.00%, 4/1/15
|
1,700 | 1,937,150 | ||||||||
Atlantic County, NJ, 2.50%, 10/1/14
|
730 | 764,945 | ||||||||
Beaufort County, SC, School District, Series 2010A,
5.00%, 3/1/15
|
3,945 | 4,480,849 | ||||||||
Beaufort County, SC, School District, Series 2011D,
5.00%, 3/1/15
|
5,605 | 6,366,327 | ||||||||
Beaumont, TX, Independent School District (PSF Guaranteed),
2.00%, 2/15/14
|
420 | 434,591 | ||||||||
Beaumont, TX, Independent School District (PSF Guaranteed),
3.00%, 2/15/15
|
740 | 796,262 | ||||||||
Bergen County, NJ, 3.25%, 11/1/16
|
2,395 | 2,676,005 | ||||||||
Bexar County, TX, 5.00%, 6/15/17
|
1,050 | 1,274,532 | ||||||||
Brown County, WI, 4.00%, 11/1/21
|
620 | 730,558 | ||||||||
Burkburnett, TX, Independent School District,
2.00%, 2/15/16(1)
|
1,180 | 1,199,777 | ||||||||
Cary, NC, 5.00%, 6/1/18
|
195 | 243,415 | ||||||||
Clark County, NV, 5.00%, 11/1/16
|
3,320 | 3,878,656 | ||||||||
Clark County, NV, 5.00%, 11/1/17
|
2,500 | 2,984,050 | ||||||||
College Station, TX, Independent School District,
4.00%, 8/15/20
|
820 | 977,924 | ||||||||
Columbia County, GA, School District, 5.00%, 4/1/16
|
1,000 | 1,176,040 | ||||||||
Columbus, OH, 2.00%, 6/1/12
|
1,500 | 1,509,390 | ||||||||
Comal County, TX, 4.00%, 2/1/18
|
2,200 | 2,538,360 | ||||||||
Concord, MA, 2.00%, 5/15/14
|
820 | 850,094 | ||||||||
Dallas, TX, Independent School District, 4.00%, 2/15/13
|
1,500 | 1,558,695 | ||||||||
Dallas, TX, Independent School District, 5.50%, 2/15/18
|
2,215 | 2,789,394 | ||||||||
Deer Park, TX, Independent School District, 3.00%, 2/15/15
|
125 | 134,358 | ||||||||
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties,
IL, Community College District No. 523, (Kishwaukee
Community College), 0.00%, 2/1/16
|
500 | 458,045 | ||||||||
Del Mar College District, TX, 4.00%, 8/15/16
|
1,000 | 1,144,760 | ||||||||
Delaware, 5.00%, 7/1/17
|
3,255 | 3,995,708 | ||||||||
Delaware, 5.00%, 3/1/18
|
5,855 | 7,276,477 | ||||||||
Duluth, MN, 4.00%, 2/1/13
|
370 | 383,823 | ||||||||
Eugene, OR, 3.00%, 6/1/18
|
1,380 | 1,537,637 | ||||||||
Fairfax County, VA, 2.00%, 4/1/12
|
3,100 | 3,109,734 | ||||||||
Fairfax County, VA, 5.00%, 4/1/15
|
1,500 | 1,712,310 | ||||||||
Fitchburg, MA, 4.00%, 12/1/16
|
570 | 647,765 | ||||||||
Florida Board of Public Education, Full Faith and Credit,
Capital Outlay, 5.00%, 6/1/17
|
1,350 | 1,638,684 | ||||||||
Fort Worth, TX, Independent School District,
5.00%, 2/15/14
|
500 | 547,335 | ||||||||
Fort Worth, TX, Independent School District,
5.00%, 2/15/19
|
2,535 | 3,162,793 | ||||||||
Frisco, TX, 4.00%, 2/15/19
|
155 | 181,290 | ||||||||
Garland, TX, Independent School District, 0.00%, 2/15/15
|
3,000 | 2,926,410 | ||||||||
Garland, TX, Independent School District, 0.00%, 2/15/16
|
1,525 | 1,466,730 | ||||||||
Garland, TX, Independent School District, 0.00%, 2/15/19
|
1,500 | 1,329,840 | ||||||||
Georgia, 4.00%, 1/1/17
|
985 | 1,143,122 | ||||||||
Georgia, 5.00%, 7/1/14
|
1,575 | 1,749,668 | ||||||||
Georgia, 5.00%, 5/1/15
|
315 | 360,659 | ||||||||
Georgia, 5.00%, 7/1/18
|
3,300 | 4,126,551 | ||||||||
Georgia, 5.00%, 12/1/18
|
10,245 | 12,920,379 | ||||||||
Georgia, 5.50%, 7/1/12
|
2,000 | 2,044,760 | ||||||||
Georgia, 5.50%, 7/1/14
|
3,150 | 3,537,198 | ||||||||
Georgia, 5.75%, 9/1/13
|
4,850 | 5,271,901 | ||||||||
Georgia, 5.75%, 8/1/14
|
500 | 566,410 | ||||||||
Gloucester County, NJ, 2.00%, 9/15/17
|
280 | 294,420 | ||||||||
Guilford County, NC, Series A, 5.00%, 8/1/19
|
1,265 | 1,608,372 | ||||||||
Guilford County, NC, Series C, 5.00%, 4/1/18
|
1,160 | 1,442,692 | ||||||||
Guilford County, NC, Series D, 5.00%, 8/1/19
|
10,190 | 12,955,974 | ||||||||
Harris County, TX, Prerefunded to 10/1/18, 5.75%, 10/1/23
|
770 | 1,001,724 | ||||||||
Hartford County, CT, Metropolitan District, 5.00%, 7/15/18
|
4,250 | 5,260,437 | ||||||||
Hunterdon, NJ, Central Regional High School District,
4.00%, 9/15/19
|
520 | 600,413 | ||||||||
Irving, TX, Independent School District, 4.00%, 2/15/17
|
420 | 486,562 | ||||||||
Kenston Local School District, OH, 4.00%, 12/1/14
|
765 | 835,579 | ||||||||
Kenston Local School District, OH, 5.00%, 12/1/15
|
665 | 767,583 | ||||||||
King County, WA, 4.00%, 12/1/19
|
1,500 | 1,783,350 | ||||||||
Las Cruces, NM, School District No. 2, 4.00%, 8/1/15
|
1,000 | 1,111,950 | ||||||||
Lewisville, TX, Independent School District, 0.00%, 8/15/13
|
1,615 | 1,604,551 | ||||||||
Lewisville, TX, Independent School District, 5.00%, 8/15/18
|
1,365 | 1,684,369 | ||||||||
Lone Star College System, TX, 5.00%, 8/15/17
|
2,300 | 2,804,505 | ||||||||
Lower Merion School District, PA,
3.00%, 5/15/14(1)
|
4,690 | 4,969,524 | ||||||||
Lubbock, TX, Independent School District, 4.00%, 2/15/15
|
1,000 | 1,106,160 | ||||||||
Maine, 5.00%, 6/1/17
|
5,000 | 6,083,750 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
Maricopa County, AZ, Community College District,
2.00%, 7/1/14
|
$ | 2,845 | $ | 2,952,626 | ||||||
Maryland, 5.00%, 3/1/13
|
60 | 63,123 | ||||||||
Maryland, 5.00%, 11/1/17
|
13,915 | 17,221,900 | ||||||||
Maryland, 5.00%, 8/1/18
|
17,110 | 21,433,697 | ||||||||
Maryland, 5.00%, 3/1/19
|
5,465 | 6,899,508 | ||||||||
Maryland, 5.00%, 11/1/19
|
7,825 | 9,987,908 | ||||||||
Massachusetts, 4.00%, 1/1/15
|
500 | 550,225 | ||||||||
Massachusetts, 5.00%, 12/1/15
|
10,000 | 11,657,800 | ||||||||
Massachusetts, 5.00%, 12/1/16
|
10,000 | 12,006,200 | ||||||||
Massachusetts, 5.00%, 8/1/17
|
2,500 | 3,048,225 | ||||||||
Mecklenburg County, NC, 4.00%, 12/1/19
|
1,900 | 2,280,703 | ||||||||
Mecklenburg County, NC, 5.00%, 12/1/19
|
7,605 | 9,719,494 | ||||||||
Middlesex County, NJ, 2.00%, 6/1/14
|
3,510 | 3,637,799 | ||||||||
Middlesex County, NJ, 2.50%, 6/1/15
|
3,295 | 3,504,990 | ||||||||
Minnesota, 4.00%, 8/1/15
|
1,000 | 1,119,540 | ||||||||
Minnesota, 4.00%, 8/1/16
|
1,750 | 2,009,403 | ||||||||
Minnesota, 4.00%, 8/1/19
|
3,000 | 3,590,310 | ||||||||
Minnesota, 5.00%, 8/1/17
|
2,375 | 2,916,571 | ||||||||
Minnesota, 5.00%, 12/1/17
|
1,710 | 2,118,947 | ||||||||
Minnesota, 5.00%, 6/1/18
|
1,000 | 1,245,500 | ||||||||
Minnesota, 5.00%, 8/1/18
|
90 | 112,486 | ||||||||
Minnesota, 5.00%, 12/1/18
|
7,500 | 9,436,050 | ||||||||
Missouri, (Water Pollution Control), 5.00%, 10/1/13
|
1,000 | 1,079,120 | ||||||||
Monmouth County, NJ, 4.00%, 12/1/16
|
1,095 | 1,266,543 | ||||||||
Monmouth County, NJ, 4.25%, 9/15/12
|
145 | 148,703 | ||||||||
Montclair, NJ, 2.00%, 3/1/14
|
1,205 | 1,231,944 | ||||||||
Montclair, NJ, 3.00%, 3/1/15
|
1,285 | 1,358,772 | ||||||||
Montclair, NJ, 3.00%, 3/1/16
|
1,365 | 1,455,022 | ||||||||
Montclair, NJ, (School Bond Revenue Act), 3.00%, 3/1/14
|
800 | 834,360 | ||||||||
Montclair, NJ, (School Bond Revenue Act), 3.00%, 3/1/15
|
835 | 882,937 | ||||||||
Montclair, NJ, (School Bond Revenue Act), 3.00%, 3/1/16
|
870 | 927,377 | ||||||||
Morris County, NJ, 5.00%, 2/15/17
|
1,650 | 1,996,203 | ||||||||
Morris County, NJ, 5.00%, 2/15/19
|
1,720 | 2,160,423 | ||||||||
New Hanover County, NC, 5.00%, 12/1/18
|
430 | 542,290 | ||||||||
North Carolina, 5.00%, 4/1/16
|
1,000 | 1,179,880 | ||||||||
North Carolina, 5.00%, 6/1/17
|
7,110 | 8,698,943 | ||||||||
North Carolina, 5.00%, 5/1/21
|
3,860 | 4,938,368 | ||||||||
Northside, TX, Independent School District, 3.00%, 8/1/15
|
265 | 286,966 | ||||||||
Ocean County, NJ, 3.00%, 9/1/14
|
775 | 814,122 | ||||||||
Ocean County, NJ, 3.00%, 8/1/16
|
1,255 | 1,374,049 | ||||||||
Ocean County, NJ, 4.00%, 9/1/15
|
1,250 | 1,376,925 | ||||||||
Ohio, 4.00%, 9/1/15
|
935 | 1,047,808 | ||||||||
Ohio, 5.00%, 9/15/15
|
1,000 | 1,156,400 | ||||||||
Oklahoma County, OK, Independent School District No. 12
Edmond, 0.50%, 3/1/13
|
1,975 | 1,974,980 | ||||||||
Oklahoma County, OK, Independent School District No. 12
Edmond, 2.00%, 3/1/15
|
2,500 | 2,590,100 | ||||||||
Oklahoma County, OK, Independent School District No. 89
Oklahoma City, 2.00%, 7/1/15
|
3,670 | 3,817,497 | ||||||||
Oregon, 4.00%, 12/1/16
|
1,500 | 1,729,575 | ||||||||
Osseo, MN, Independent School District No. 279,
4.00%, 2/1/20
|
600 | 692,610 | ||||||||
Oyster Bay, NY, 2.00%, 3/1/15
|
3,070 | 3,190,467 | ||||||||
Oyster Bay, NY, 3.00%, 8/15/17
|
4,390 | 4,859,203 | ||||||||
Pennsylvania, 5.00%, 2/15/17
|
3,000 | 3,623,370 | ||||||||
Pennsylvania, 5.00%, 7/1/17
|
1,000 | 1,219,230 | ||||||||
Pennsylvania, 5.00%, 2/15/19
|
2,000 | 2,492,240 | ||||||||
Pharr San Juan Alamo, TX, Independent School District,
3.00%, 2/1/15
|
2,020 | 2,171,823 | ||||||||
Pima County, AZ, 4.00%, 7/1/18
|
2,400 | 2,776,056 | ||||||||
Richardson, TX, Independent School District, 3.00%, 2/15/13
|
1,500 | 1,543,935 | ||||||||
Roseville, MN, Independent School District No. 623,
2.00%, 2/1/13
|
1,325 | 1,346,704 | ||||||||
San Antonio, TX, 4.00%, 8/1/15
|
800 | 897,832 | ||||||||
Shelby County, TN, 4.75%, 3/1/18
|
4,205 | 5,107,645 | ||||||||
South Carolina, 5.00%, 3/1/17
|
3,000 | 3,649,290 | ||||||||
South Washington County, MN, Independent School District
No. 833, 5.00%, 2/1/20
|
2,100 | 2,605,743 | ||||||||
Spring Branch, TX, Independent School District,
5.00%, 2/1/18
|
1,875 | 2,304,694 | ||||||||
St. Louis County, MO, School District C-2 Parkway,
2.50%, 3/1/15
|
2,045 | 2,167,332 | ||||||||
St. Marys County, MD, 3.00%, 7/15/13
|
935 | 973,185 | ||||||||
St. Marys County, MD, 3.00%, 7/15/15
|
920 | 999,387 | ||||||||
Stamford, CT, 4.00%, 12/15/20
|
1,765 | 2,093,184 | ||||||||
Suffolk, VA, 4.00%, 8/1/18
|
1,000 | 1,174,990 | ||||||||
Sumner County, TN, 2.00%, 6/1/15
|
1,000 | 1,047,250 | ||||||||
Sumner County, TN, 3.00%, 6/1/16
|
1,000 | 1,098,540 | ||||||||
Sumner County, TN, 5.00%, 6/1/16
|
3,000 | 3,549,900 | ||||||||
Tennessee, 5.00%, 10/1/18
|
4,000 | 5,033,760 | ||||||||
Tomball, TX, Independent School District, 4.00%, 2/15/20
|
50 | 55,646 | ||||||||
Tomball, TX, Independent School District, 5.00%, 2/15/13
|
300 | 314,850 | ||||||||
Tyler, TX, Independent School District, 4.00%, 2/15/14
|
130 | 139,612 | ||||||||
United Independent School District, TX, 5.00%, 8/15/15
|
1,755 | 2,029,868 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
General Obligations (continued)
|
||||||||||
United Independent School District, TX, 5.00%, 8/15/20
|
$ | 1,760 | $ | 2,246,288 | ||||||
United Independent School District, TX, 5.00%, 8/15/21
|
1,180 | 1,520,701 | ||||||||
Utah, 5.00%, 7/1/19
|
8,495 | 10,786,017 | ||||||||
Virginia Beach, VA, 5.00%, 3/15/19
|
1,540 | 1,946,837 | ||||||||
Virginia Beach, VA, 5.00%, 7/15/19
|
1,000 | 1,271,370 | ||||||||
Wake County, NC, 4.00%, 2/1/17
|
2,500 | 2,906,800 | ||||||||
Wake County, NC, 5.00%, 3/1/12
|
2,615 | 2,625,643 | ||||||||
Wake County, NC, 5.00%, 3/1/14
|
1,880 | 2,062,379 | ||||||||
Washington, 5.00%, 1/1/16
|
5,585 | 6,519,482 | ||||||||
Washington, 5.00%, 1/1/17
|
2,000 | 2,403,640 | ||||||||
Washington, 5.00%, 7/1/17
|
2,720 | 3,309,886 | ||||||||
Washington, 5.00%, 7/1/18
|
15,000 | 18,551,700 | ||||||||
$ | 439,577,944 | |||||||||
Hospital 3.9% | ||||||||||
Beaver County, PA, Hospital Authority, (Heritage Valley Health
System), 5.00%, 5/15/14
|
$ | 1,895 | $ | 2,061,476 | ||||||
Beaver County, PA, Hospital Authority, (Heritage Valley Health
System), 5.00%, 5/15/15
|
1,435 | 1,601,345 | ||||||||
Grand Traverse County, MI, Hospital Finance Authority, (Munson
Healthcare), 5.00%, 7/1/16
|
1,210 | 1,347,783 | ||||||||
Grand Traverse County, MI, Hospital Finance Authority, (Munson
Healthcare), 5.00%, 7/1/17
|
2,355 | 2,667,414 | ||||||||
Grand Traverse County, MI, Hospital Finance Authority, (Munson
Healthcare), 5.00%, 7/1/20
|
2,445 | 2,781,921 | ||||||||
Indiana Finance Authority Hospital Revenue, (Indiana University
Health), 5.00%, 3/1/19
|
5,000 | 5,821,550 | ||||||||
Indiana Finance Authority Hospital Revenue, (Indiana University
Health), 5.00%, 3/1/20
|
6,395 | 7,418,839 | ||||||||
Oregon Facilities Authority, (Providence Health System),
5.00%, 10/1/18
|
785 | 950,188 | ||||||||
Oregon Facilities Authority, (Providence Health System),
5.00%, 10/1/19
|
575 | 702,150 | ||||||||
Wisconsin Health and Educational Facilities Authority,
(ProHealth Care, Inc.), 5.00%, 8/15/18
|
1,695 | 1,952,792 | ||||||||
Yavapai County, AZ, Industrial Development Authority, (Northern
Arizona Healthcare System), 5.00%, 10/1/16
|
2,000 | 2,296,300 | ||||||||
Yavapai County, AZ, Industrial Development Authority, (Northern
Arizona Healthcare System), 5.00%, 10/1/17
|
1,440 | 1,685,880 | ||||||||
Yavapai County, AZ, Industrial Development Authority, (Northern
Arizona Healthcare System), 5.00%, 10/1/18
|
2,185 | 2,587,674 | ||||||||
Yavapai County, AZ, Industrial Development Authority, (Northern
Arizona Healthcare System), 5.00%, 10/1/19
|
3,630 | 4,319,373 | ||||||||
$ | 38,194,685 | |||||||||
Industrial Development Revenue 0.2% | ||||||||||
Tulsa County, OK, Industrial Authority Capital Improvements,
4.00%, 5/15/15
|
$ | 2,000 | $ | 2,201,680 | ||||||
$ | 2,201,680 | |||||||||
Insured Electric Utilities 0.2% | ||||||||||
San Antonio, TX, Electric and Gas Systems, (AGM),
5.25%, 2/1/12
|
$ | 1,500 | $ | 1,500,000 | ||||||
$ | 1,500,000 | |||||||||
Insured Escrowed / Prerefunded 6.6% | ||||||||||
Akron-Summit County, OH, Public Library, (FGIC), (NPFG),
Prerefunded to 12/1/12, 5.00%, 12/1/19
|
$ | 1,000 | $ | 1,039,960 | ||||||
California State Department of Water Resources, (AMBAC),
Prerefunded to 5/1/12, 5.375%, 5/1/18
|
1,260 | 1,289,106 | ||||||||
California State Department of Water Resources, (AMBAC),
Prerefunded to 5/1/12, 5.50%, 5/1/15
|
2,000 | 2,046,820 | ||||||||
California State Department of Water Resources, (NPFG),
Prerefunded to 5/1/12, 5.125%, 5/1/19
|
425 | 434,550 | ||||||||
Cook County, IL, Community High School District No. 219,
Niles Township, (FGIC), Escrowed to Maturity, 5.50%, 12/1/19
|
2,000 | 2,603,900 | ||||||||
Illinois State Toll Highway Authority, (AGM), Prerefunded to
7/1/16, 5.00%, 1/1/26
|
950 | 1,131,688 | ||||||||
Illinois State Toll Highway Authority, (AGM), Prerefunded to
7/1/16, 5.00%, 1/1/28
|
10,000 | 11,912,500 | ||||||||
Illinois State Toll Highway Authority, (AGM), Prerefunded to
7/1/16, 5.00%, 1/1/31
|
5,515 | 6,569,744 | ||||||||
King County, WA, School District No. 405 Bellevue, (FGIC),
(NPFG), Prerefunded to 12/1/12, 5.00%, 12/1/17
|
1,000 | 1,040,050 | ||||||||
Los Angeles, CA, Unified School District, (AGM), Prerefunded to
7/1/13, 5.00%, 7/1/23
|
2,050 | 2,188,682 | ||||||||
Massachusetts, (AGM), Prerefunded to 1/1/13, 5.375%, 1/1/18
|
7,600 | 7,957,504 | ||||||||
Massachusetts, (AGM), Prerefunded to 12/1/14, 5.00%, 11/1/24
|
375 | 421,564 | ||||||||
Massachusetts, Special Obligation, (FGIC), Prerefunded to
6/1/12, 5.375%, 6/1/19
|
1,130 | 1,149,492 | ||||||||
Massachusetts Water Resources Authority, (NPFG), Escrowed to
Maturity, 6.25%, 12/1/12
|
1,000 | 1,050,450 |
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Insured
Escrowed / Prerefunded (continued)
|
||||||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), Prerefunded to 6/15/15,
5.00%, 6/15/18
|
$ | 2,175 | $ | 2,515,170 | ||||||
New Jersey Transportation Trust Fund Authority,
(Transportation System), (NPFG), Prerefunded to 6/15/15,
5.25%, 6/15/21
|
13,655 | 15,865,062 | ||||||||
Ohio Building Authority, (AGM), Prerefunded to 4/1/12,
5.00%, 4/1/22
|
1,000 | 1,008,100 | ||||||||
Oregon Department of Administrative Services, (AGM), Prerefunded
to 5/1/14, 5.00%, 5/1/17
|
1,235 | 1,363,057 | ||||||||
Pennsylvania, (NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/14
|
35 | 37,357 | ||||||||
Phoenix, AZ, Civic Improvement Corp., Excise Tax Revenue,
(NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/22
|
290 | 309,532 | ||||||||
Winchester, VA, (FGIC), (NPFG), Prerefunded to 11/1/15,
5.00%, 11/1/21
|
2,940 | 3,425,864 | ||||||||
$ | 65,360,152 | |||||||||
Insured General Obligations 4.3% | ||||||||||
Bexar County, TX, (AGM), 4.00%, 6/15/13
|
$ | 60 | $ | 63,045 | ||||||
Forsyth County, GA, School District, (AGM), 5.00%, 2/1/15
|
5,000 | 5,660,500 | ||||||||
Governor Mifflin, PA, School District, (AGM), 5.00%, 3/15/17
|
310 | 362,368 | ||||||||
Henderson, NV, (FGIC), (NPFG), 5.00%, 6/1/22
|
700 | 777,644 | ||||||||
Illinois, (AGM), 5.00%, 1/1/17
|
15,000 | 17,237,250 | ||||||||
Pennsylvania, (NPFG), 5.375%, 7/1/19
|
14,000 | 17,918,460 | ||||||||
Washington, (XLCA), 0.00%, 12/1/16
|
200 | 189,380 | ||||||||
$ | 42,208,647 | |||||||||
Insured Lease Revenue / Certificates of Participation 1.1% | ||||||||||
Orange County, FL, School Board, (NPFG), 5.00%, 8/1/19
|
$ | 10,000 | $ | 10,961,300 | ||||||
$ | 10,961,300 | |||||||||
Insured Other Revenue 0.0%(2) | ||||||||||
Golden State Tobacco Securitization Corp., CA, (Tobacco
Settlement Revenue), (AGM), Prerefunded to 6/1/13,
5.00%, 6/1/43
|
$ | 5 | $ | 5,316 | ||||||
$ | 5,316 | |||||||||
Insured Special Tax Revenue 0.6% | ||||||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), Prerefunded to 1/1/14, 5.25%, 1/1/29
|
$ | 2,000 | $ | 2,186,420 | ||||||
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), Prerefunded to 1/1/14, 5.75%, 1/1/32
|
1,000 | 1,102,760 | ||||||||
Utah Transit Authority, Sales Tax Revenue, (AGM), Prerefunded to
12/15/15, 5.00%, 6/15/18
|
2,000 | 2,337,160 | ||||||||
$ | 5,626,340 | |||||||||
Insured Transportation 1.5% | ||||||||||
Central Puget Sound, WA, Regional Transportation Authority,
(FGIC), (NPFG), 5.25%, 2/1/15
|
$ | 1,865 | $ | 2,125,820 | ||||||
Montana Department of Transportation, (NPFG), 5.00%, 6/1/15
|
1,880 | 2,142,185 | ||||||||
New York Thruway Authority, (AMBAC), 5.25%, 4/1/12
|
10,000 | 10,085,600 | ||||||||
$ | 14,353,605 | |||||||||
Insured Water and Sewer 0.2% | ||||||||||
Albuquerque Bernalillo County, NM, Water Utility Authority,
(AMBAC), 5.00%, 7/1/16
|
$ | 2,000 | $ | 2,292,400 | ||||||
$ | 2,292,400 | |||||||||
Lease Revenue / Certificates of Participation 2.3% | ||||||||||
Montgomery County, MD, Lease Revenue Project, 5.00%, 6/1/18
|
$ | 2,395 | $ | 2,902,021 | ||||||
Montgomery County, MD, Lease Revenue Project, 5.00%, 6/1/19
|
2,420 | 2,973,043 | ||||||||
Montgomery County, MD, Lease Revenue Project, 5.00%, 6/1/20
|
660 | 816,354 | ||||||||
Montgomery County, MD, Lease Revenue Project, 5.00%, 6/1/21
|
2,155 | 2,685,432 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/13(1)
|
500 | 527,910 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/14(1)
|
3,320 | 3,612,193 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/15(1)
|
5,000 | 5,577,300 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/17(1)
|
540 | 624,434 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/18(1)
|
675 | 788,218 | ||||||||
Orange County, FL, School Board,
5.00%, 8/1/19(1)
|
750 | 882,270 | ||||||||
Virginia Resources Authority Infrastructure Revenue (Pooled
Funding Program), 4.00%, 11/1/19
|
1,000 | 1,197,040 | ||||||||
$ | 22,586,215 | |||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Other Revenue 1.3% | ||||||||||
Illinois Educational Facilities Authority, (University of
Chicago), 1.875% to 2/12/15 (Mandatory Put Date), 7/1/36
|
$ | 3,625 | $ | 3,687,495 | ||||||
Tobacco Settlement Financing Corp., VA, Prerefunded to 6/1/15,
5.625%, 6/1/37
|
6,100 | 7,087,407 | ||||||||
Virginia Public Building Authority, Public Facilities Revenue,
5.00%, 8/1/14
|
550 | 611,050 | ||||||||
Virginia Public Building Authority, Public Facilities Revenue,
5.00%, 8/1/15
|
1,085 | 1,248,759 | ||||||||
$ | 12,634,711 | |||||||||
Special Tax Revenue 3.7% | ||||||||||
Catawba, NC, Limited Obligation Bonds, 4.00%, 10/1/16
|
$ | 1,045 | $ | 1,170,076 | ||||||
Catawba, NC, Limited Obligation Bonds, 4.00%, 10/1/17
|
1,000 | 1,135,600 | ||||||||
Collier County, FL, Special Obligation, 5.00%, 10/1/15
|
2,605 | 2,988,847 | ||||||||
Jacksonville, FL, 5.00%, 10/1/20
|
4,760 | 5,874,792 | ||||||||
New Mexico, Severance Tax, 5.00%, 7/1/15
|
1,425 | 1,640,118 | ||||||||
New York, NY, Transitional Finance Authority, 1.50%, 11/1/12
|
14,940 | 15,078,494 | ||||||||
New York, NY, Transitional Finance Authority, 5.00%, 11/1/18
|
5,000 | 6,165,550 | ||||||||
Portland, OR, Gas Tax Revenue, 5.00%, 2/1/20
|
1,120 | 1,404,883 | ||||||||
Regional Public Transportation Authority, AZ, Excise Tax
Revenue, (Maricopa County Public Transportation Fund),
5.00%, 7/1/17
|
145 | 173,139 | ||||||||
Westminster, CO, Sales & Use Tax, 5.00%, 12/1/19
|
1,135 | 1,421,723 | ||||||||
$ | 37,053,222 | |||||||||
Transportation 1.0% | ||||||||||
Kansas Department of Transportation, 4.00%, 9/1/15
|
$ | 1,000 | $ | 1,121,150 | ||||||
Kansas Department of Transportation, 5.00%, 9/1/15
|
1,500 | 1,734,840 | ||||||||
Maryland Department of Transportation, 4.00%, 5/15/16
|
1,305 | 1,489,905 | ||||||||
Maryland Department of Transportation, 5.25%, 12/15/17
|
1,900 | 2,380,586 | ||||||||
Mesa, AZ, Highway Revenue, 5.00%, 7/1/20
|
1,225 | 1,371,829 | ||||||||
Mesa, AZ, Highway Revenue, 5.00%, 7/1/21
|
1,550 | 1,731,381 | ||||||||
Ohio, Major New State Infrastructure Project, 5.50%, 6/15/14
|
405 | 451,907 | ||||||||
$ | 10,281,598 | |||||||||
Water and Sewer 3.1% | ||||||||||
Alabama Drinking Water Finance Authority,
3.00%, 8/15/13(1)
|
$ | 1,000 | $ | 1,037,380 | ||||||
Alabama Drinking Water Finance Authority,
3.00%, 8/15/14(1)
|
3,135 | 3,309,619 | ||||||||
Alabama Drinking Water Finance Authority,
4.00%, 8/15/16(1)
|
2,880 | 3,219,610 | ||||||||
Gwinnett County, GA, Water and Sewer Authority,
4.00%, 8/1/16
|
350 | 401,881 | ||||||||
Joliet, IL, Waterworks and Sewage Revenue,
4.00%, 1/1/15(1)
|
685 | 732,772 | ||||||||
Joliet, IL, Waterworks and Sewage Revenue,
5.00%, 1/1/16(1)
|
825 | 926,557 | ||||||||
Kansas Development Finance Authority, (Water Pollution Control),
5.00%, 11/1/12
|
1,010 | 1,046,895 | ||||||||
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/21
|
2,500 | 3,294,275 | ||||||||
Metropolitan, MO, Saint Louis Sewer District, 5.00%, 5/1/15
|
1,295 | 1,480,004 | ||||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/19
|
1,020 | 1,292,289 | ||||||||
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.25%, 12/1/18
|
5,000 | 6,343,050 | ||||||||
Seattle, WA, Solid Waste Revenue, 5.00%, 8/1/19
|
275 | 340,964 | ||||||||
Tucson, AZ, Water System Revenue,
4.00%, 7/1/17(1)
|
5,000 | 5,670,950 | ||||||||
Tucson, AZ, Water System Revenue,
5.00%, 7/1/18(1)
|
1,500 | 1,802,745 | ||||||||
$ | 30,898,991 | |||||||||
Total Tax-Exempt Municipal
Securities 89.3%
|
||||||||||
(identified cost $846,517,740)
|
$ | 882,121,289 | ||||||||
Taxable Municipal Securities 0.0%(2) | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Education 0.0%(2) | ||||||||||
Virginia Public School Authority, 4.167%, 8/1/18
|
$ | 225 | $ | 255,978 | ||||||
Total Taxable Municipal
Securities
0.0%(2)
|
||||||||||
(identified cost $225,000)
|
$ | 255,978 | ||||||||
Short-Term Investments 10.0% | ||||||||||
Principal |
||||||||||
Amount |
||||||||||
Security | (000s omitted) | Value | ||||||||
Short-Term Investments Tax Exempt 4.4% | ||||||||||
Metropolitan Government of Nashville and Davidson County, TN,
2.00%, 7/1/12
|
$ | 2,885 | $ | 2,907,272 | ||||||
Sharon, MA, 2.00%, 6/15/12
|
644 | 648,399 | ||||||||
Texas, 2.50%, 8/30/12
|
40,000 | 40,553,600 | ||||||||
$ | 44,109,271 | |||||||||
U.S. Treasury Obligations 5.6% | ||||||||||
U.S. Treasury Bill, 0.005%, 4/5/12
|
$ | 55,000 | $ | 54,995,820 | ||||||
$ | 54,995,820 | |||||||||
Total Short-Term
Investments 10.0%
|
||||||||||
(identified cost $99,064,251)
|
$ | 99,105,091 | ||||||||
Total Investments 99.3%
|
||||||||||
(identified cost $945,806,991)
|
$ | 981,482,358 | ||||||||
Other Assets, Less
Liabilities 0.7%
|
$ | 6,682,112 | ||||||||
Net Assets 100.0%
|
$ | 988,164,470 | ||||||||
AGM
|
- Assured Guaranty Municipal Corp.
|
|
AMBAC
|
- AMBAC Financial Group, Inc.
|
|
FGIC
|
- Financial Guaranty Insurance Company
|
|
NPFG
|
- National Public Finance Guaranty Corp.
|
|
PSF
|
- Permanent School Fund
|
|
XLCA
|
- XL Capital Assurance, Inc.
|
Texas
|
10.8% | |||
Others, representing less than 10% individually
|
82.9% |
(1) | When-issued security. | |
(2) | Amount is less than 0.05%. |
Assets | January 31, 2012 | |||||
Investments, at value (identified cost, $945,806,991)
|
$ | 981,482,358 | ||||
Cash
|
49,486,753 | |||||
Interest receivable
|
8,366,681 | |||||
Receivable for investments sold
|
25,000 | |||||
Receivable for Fund shares sold
|
6,642,694 | |||||
Total assets
|
$ | 1,046,003,486 | ||||
Liabilities | ||||||
Payable for when-issued securities
|
$ | 50,324,985 | ||||
Payable for Fund shares redeemed
|
6,538,914 | |||||
Distributions payable
|
134,821 | |||||
Payable to affiliates:
|
||||||
Investment adviser fee
|
451,517 | |||||
Distribution and administration fee
|
256,951 | |||||
Accrued expenses
|
131,828 | |||||
Total liabilities
|
$ | 57,839,016 | ||||
Net Assets
|
$ | 988,164,470 | ||||
Sources of Net Assets | ||||||
Paid-in capital
|
$ | 945,204,340 | ||||
Accumulated net realized gain
|
7,419,584 | |||||
Accumulated distributions in excess of net investment income
|
(134,821 | ) | ||||
Net unrealized appreciation
|
35,675,367 | |||||
Net Assets
|
$ | 988,164,470 | ||||
Class A Shares | ||||||
Net Assets
|
$ | 492,264,402 | ||||
Shares Outstanding
|
45,536,826 | |||||
Net Asset Value and Redemption Price Per Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.81 | ||||
Maximum Offering Price Per Share
|
||||||
(100
¸
97.75 of net asset value per share)
|
$ | 11.06 | ||||
Class C Shares | ||||||
Net Assets
|
$ | 185,290,570 | ||||
Shares Outstanding
|
17,130,336 | |||||
Net Asset Value and Offering Price Per Share*
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.82 | ||||
Class I Shares | ||||||
Net Assets
|
$ | 310,609,498 | ||||
Shares Outstanding
|
28,725,848 | |||||
Net Asset Value, Offering Price and Redemption Price Per
Share
|
||||||
(net assets
¸
shares of beneficial interest outstanding)
|
$ | 10.81 | ||||
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Year Ended |
||||||
Investment Income | January 31, 2012 | |||||
Interest
|
$ | 14,649,645 | ||||
Total investment income
|
$ | 14,649,645 | ||||
Expenses | ||||||
Investment adviser and administration fee
|
$ | 4,900,221 | ||||
Distribution and service fees
|
||||||
Class A
|
1,174,374 | |||||
Class C
|
1,602,552 | |||||
Trustees fees and expenses
|
33,778 | |||||
Custodian fee
|
264,353 | |||||
Transfer and dividend disbursing agent fees
|
296,456 | |||||
Legal and accounting services
|
50,002 | |||||
Printing and postage
|
43,254 | |||||
Registration fees
|
130,666 | |||||
Miscellaneous
|
43,846 | |||||
Total expenses
|
$ | 8,539,502 | ||||
Deduct
|
||||||
Reduction of custodian fee
|
$ | 23,733 | ||||
Total expense reductions
|
$ | 23,733 | ||||
Net expenses
|
$ | 8,515,769 | ||||
Net investment income
|
$ | 6,133,876 | ||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss)
|
||||||
Investment transactions
|
$ | 10,775,556 | ||||
Net realized gain
|
$ | 10,775,556 | ||||
Change in unrealized appreciation (depreciation)
|
||||||
Investments
|
$ | 42,521,320 | ||||
Net change in unrealized appreciation (depreciation)
|
$ | 42,521,320 | ||||
Net realized and unrealized gain
|
$ | 53,296,876 | ||||
Net increase in net assets from operations
|
$ | 59,430,752 | ||||
Year Ended January 31, | ||||||||||
Increase (Decrease) in Net Assets | 2012 | 2011 | ||||||||
From operations
|
||||||||||
Net investment income
|
$ | 6,133,876 | $ | 5,883,651 | ||||||
Net realized gain from investment transactions
|
10,775,556 | 9,438,985 | ||||||||
Net change in unrealized appreciation (depreciation) from
investments
|
42,521,320 | (11,314,691 | ) | |||||||
Net increase in net assets from operations
|
$ | 59,430,752 | $ | 4,007,945 | ||||||
Distributions to shareholders
|
||||||||||
From net investment income
|
||||||||||
Class A
|
$ | (3,491,098 | ) | $ | (3,354,869 | ) | ||||
Class C
|
(34,877 | ) | (93,766 | ) | ||||||
Class I
|
(2,652,713 | ) | (2,460,740 | ) | ||||||
From net realized gain
|
||||||||||
Class A
|
(2,055,852 | ) | (5,430,224 | ) | ||||||
Class C
|
(751,012 | ) | (1,668,335 | ) | ||||||
Class I
|
(1,312,967 | ) | (2,837,666 | ) | ||||||
Total distributions to shareholders
|
$ | (10,298,519 | ) | $ | (15,845,600 | ) | ||||
Transactions in shares of beneficial interest
|
||||||||||
Proceeds from sale of shares
|
||||||||||
Class A
|
$ | 184,081,337 | $ | 433,625,617 | ||||||
Class C
|
75,912,059 | 118,334,920 | ||||||||
Class I
|
174,648,561 | 262,275,438 | ||||||||
Net asset value of shares issued to shareholders in payment of
distributions declared
|
||||||||||
Class A
|
4,156,903 | 6,398,479 | ||||||||
Class C
|
644,387 | 1,363,885 | ||||||||
Class I
|
2,296,323 | 3,113,275 | ||||||||
Cost of shares redeemed
|
||||||||||
Class A
|
(195,740,602 | ) | (189,998,090 | ) | ||||||
Class C
|
(50,472,643 | ) | (26,065,847 | ) | ||||||
Class I
|
(127,256,740 | ) | (143,787,970 | ) | ||||||
Net increase in net assets from Fund share transactions
|
$ | 68,269,585 | $ | 465,259,707 | ||||||
Net increase in net assets
|
$ | 117,401,818 | $ | 453,422,052 | ||||||
Net Assets | ||||||||||
At beginning of year
|
$ | 870,762,652 | $ | 417,340,600 | ||||||
At end of year
|
$ | 988,164,470 | $ | 870,762,652 | ||||||
Accumulated distributions in excess
of net investment income included in net assets |
||||||||||
At end of year
|
$ | (134,821 | ) | $ | (94,803 | ) | ||||
Class A | ||||||||||||||
Year Ended January 31, | ||||||||||||||
Period Ended |
||||||||||||||
2012 | 2011 | January 31, 2010(1) | ||||||||||||
Net asset value Beginning of period
|
$ | 10.230 | $ | 10.260 | $ | 10.000 | ||||||||
Income (Loss) From Operations | ||||||||||||||
Net investment income
|
$ | 0.078 | $ | 0.090 | $ | 0.082 | (2) | |||||||
Net realized and unrealized gain
|
0.626 | 0.084 | (3) | 0.363 | ||||||||||
Total income from operations
|
$ | 0.704 | $ | 0.174 | $ | 0.445 | ||||||||
Less Distributions | ||||||||||||||
From net investment income
|
$ | (0.078 | ) | $ | (0.090 | ) | $ | (0.140 | ) | |||||
From net realized gain
|
(0.046 | ) | (0.114 | ) | (0.045 | ) | ||||||||
Total distributions
|
$ | (0.124 | ) | $ | (0.204 | ) | $ | (0.185 | ) | |||||
Net asset value End of period
|
$ | 10.810 | $ | 10.230 | $ | 10.260 | ||||||||
Total
Return(4)
|
6.92 | % | 1.69 | % | 4.49 | %(5) | ||||||||
Ratios/Supplemental Data | ||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 492,264 | $ | 473,976 | $ | 230,414 | ||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||
Expenses before custodian fee reduction
|
0.89 | % | 0.90 | % | 0.90 | %(6)(7) | ||||||||
Expenses after custodian fee reduction
|
0.89 | % | 0.89 | % | 0.90 | %(6)(7) | ||||||||
Net investment income
|
0.74 | % | 0.83 | % | 0.94 | %(6) | ||||||||
Portfolio Turnover
|
80 | % | 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 January 31, | ||||||||||||||
Period Ended |
||||||||||||||
2012 | 2011 | January 31, 2010(1) | ||||||||||||
Net asset value Beginning of period
|
$ | 10.240 | $ | 10.270 | $ | 10.000 | ||||||||
Income (Loss) From Operations | ||||||||||||||
Net investment income (loss)
|
$ | (0.001 | ) | $ | 0.011 | $ | 0.019 | (2) | ||||||
Net realized and unrealized gain
|
0.629 | 0.085 | (3) | 0.372 | ||||||||||
Total income from operations
|
$ | 0.628 | $ | 0.096 | $ | 0.391 | ||||||||
Less Distributions | ||||||||||||||
From net investment income
|
$ | (0.002 | ) | $ | (0.012 | ) | $ | (0.076 | ) | |||||
From net realized gain
|
(0.046 | ) | (0.114 | ) | (0.045 | ) | ||||||||
Total distributions
|
$ | (0.048 | ) | $ | (0.126 | ) | $ | (0.121 | ) | |||||
Net asset value End of period
|
$ | 10.820 | $ | 10.240 | $ | 10.270 | ||||||||
Total
Return(4)
|
6.14 | % | 0.93 | % | 3.93 | %(5) | ||||||||
Ratios/Supplemental Data | ||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 185,291 | $ | 150,490 | $ | 59,381 | ||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||
Expenses before custodian fee reduction
|
1.64 | % | 1.64 | % | 1.65 | %(6)(7) | ||||||||
Expenses after custodian fee reduction
|
1.64 | % | 1.63 | % | 1.65 | %(6)(7) | ||||||||
Net investment income (loss)
|
(0.01 | )% | 0.08 | % | 0.22 | %(6) | ||||||||
Portfolio Turnover
|
80 | % | 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 January 31, | ||||||||||||||
Period Ended |
||||||||||||||
2012 | 2011 | January 31, 2010(1) | ||||||||||||
Net asset value Beginning of period
|
$ | 10.230 | $ | 10.260 | $ | 10.000 | ||||||||
Income (Loss) From Operations | ||||||||||||||
Net investment income
|
$ | 0.105 | $ | 0.119 | $ | 0.129 | (2) | |||||||
Net realized and unrealized gain
|
0.626 | 0.082 | (3) | 0.338 | ||||||||||
Total income from operations
|
$ | 0.731 | $ | 0.201 | $ | 0.467 | ||||||||
Less Distributions | ||||||||||||||
From net investment income
|
$ | (0.105 | ) | $ | (0.117 | ) | $ | (0.162 | ) | |||||
From net realized gain
|
(0.046 | ) | (0.114 | ) | (0.045 | ) | ||||||||
Total distributions
|
$ | (0.151 | ) | $ | (0.231 | ) | $ | (0.207 | ) | |||||
Net asset value End of period
|
$ | 10.810 | $ | 10.230 | $ | 10.260 | ||||||||
Total
Return(4)
|
7.18 | % | 1.94 | % | 4.71 | %(5) | ||||||||
Ratios/Supplemental Data | ||||||||||||||
Net assets, end of period (000s omitted)
|
$ | 310,609 | $ | 246,296 | $ | 127,546 | ||||||||
Ratios (as a percentage of average daily net assets):
|
||||||||||||||
Expenses before custodian fee reduction
|
0.64 | % | 0.65 | % | 0.65 | %(6)(7) | ||||||||
Expenses after custodian fee reduction
|
0.64 | % | 0.64 | % | 0.65 | %(6)(7) | ||||||||
Net investment income
|
0.99 | % | 1.09 | % | 1.48 | %(6) | ||||||||
Portfolio Turnover
|
80 | % | 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 January 31, | ||||||||||
2012 | 2011 | |||||||||
Distributions declared from:
|
||||||||||
Tax-exempt income
|
$ | 6,119,121 | $ | 4,360,165 | ||||||
Ordinary income
|
$ | 1,388,257 | $ | 9,606,650 | ||||||
Long-term capital gains
|
$ | 2,791,141 | $ | 1,878,785 | ||||||
Undistributed ordinary income
|
$ | 1,348,007 | ||||
Undistributed long-term capital gains
|
$ | 6,064,954 | ||||
Net unrealized appreciation
|
$ | 35,681,990 | ||||
Other temporary differences
|
$ | (134,821 | ) | |||
Purchases | Sales | |||||||||
Investments
(non-U.S.
Government)
|
$ | 769,596,508 | $ | 569,356,588 | ||||||
U.S. Government and Agency Securities
|
10,350,293 | 10,487,522 | ||||||||
$ | 779,946,801 | $ | 579,844,110 | |||||||
Year Ended January 31, | ||||||||||
Class A | 2012 | 2011 | ||||||||
Sales
|
17,413,013 | 41,589,309 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
391,517 | 619,020 | ||||||||
Redemptions
|
(18,611,742 | ) | (18,319,442 | ) | ||||||
Net increase (decrease)
|
(807,212 | ) | 23,888,887 | |||||||
Year Ended January 31, | ||||||||||
Class C | 2012 | 2011 | ||||||||
Sales
|
7,169,107 | 11,293,580 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
60,146 | 132,480 | ||||||||
Redemptions
|
(4,800,303 | ) | (2,506,276 | ) | ||||||
Net increase
|
2,428,950 | 8,919,784 | ||||||||
Year Ended January 31, | ||||||||||
Class I | 2012 | 2011 | ||||||||
Sales
|
16,505,290 | 25,145,070 | ||||||||
Issued to shareholders electing to receive payments of
distributions in Fund shares
|
216,329 | 300,495 | ||||||||
Redemptions
|
(12,071,451 | ) | (13,796,204 | ) | ||||||
Net increase
|
4,650,168 | 11,649,361 | ||||||||
Aggregate cost
|
$ | 945,800,368 | ||||
Gross unrealized appreciation
|
$ | 35,692,367 | ||||
Gross unrealized depreciation
|
(10,377 | ) | ||||
Net unrealized appreciation
|
$ | 35,681,990 | ||||
| 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
|
$ | | $ | 882,121,289 | $ | | $ | 882,121,289 | ||||||||||
Taxable Municipal Securities
|
| 255,978 | | 255,978 | ||||||||||||||
Short-Term Investments
|
||||||||||||||||||
Tax-Exempt
|
| 44,109,271 | | 44,109,271 | ||||||||||||||
U.S. Treasury Obligations
|
| 54,995,820 | | 54,995,820 | ||||||||||||||
Total
|
$ | | $ | 981,482,358 | $ | | $ | 981,482,358 | ||||||||||
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
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 181 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. Directorships in the Last Five Years.(1) Director of EVC. |
|||
Noninterested Trustees | ||||||
Scott E. Eston 1956 |
Trustee | Since 2011 |
Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm)
(1997-2009),
including Chief Operating Officer
(2002-2009),
Chief Financial Officer
(1997-2009)
and Chairman of the Executive Committee
(2002-2008);
President and Principal Executive Officer, GMO Trust (open-end
registered investment company)
(2006-2009).
Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm)
(1987-1997).
Directorships in the Last Five Years. None. |
|||
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. Directorships in the Last Five Years.(1) None. |
|||
Allen R. Freedman 1940 |
Trustee | Since 2007 |
Private Investor. 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).
Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
Former Chief Executive Officer of Assurant, Inc. (insurance
provider)
(1979-2000).
Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011). |
|||
William H. Park 1947 |
Trustee | Since 2003 |
Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm)
(2010-2011).
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 (investment management firm)
(1982-2001).
Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm)
(1972-1981).
Directorships in the Last Five Years.(1) 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).
Directorships in the Last Five Years.(1) None. |
Position(s) |
||||||
with the |
Principal Occupation(s) and Directorships |
|||||
Name and Year of Birth | Trust | Length of Service | During Past Five Years and Other Relevant Experience | |||
Noninterested Trustees (continued) | ||||||
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).
Directorships in the Last Five Years.(1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale club retailer) (2004-2011). 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. Directorships in the Last Five Years.(1) None. |
|||
Harriett Tee Taggart 1948 |
Trustee | Since 2011 |
Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm)
(1983-2006).
Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011). |
|||
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).
Directorships in the Last Five Years.(1) None. |
|||
Principal Officers who are not Trustees | ||||||
Position(s) |
||||||
with the |
Length of |
Principal Occupation(s) |
||||
Name and Year of Birth | Trust | Service | During Past Five Years | |||
Cynthia J. Clemson 1963 |
President | Since 2005 | Vice President of EVM and BMR. | |||
Payson F. Swaffield 1956 |
Vice President | Since 2011 | Chief Income Investment Officer of EVC. Vice President of EVM and BMR. | |||
Barbara E. Campbell 1957 |
Treasurer | Since 2005 | Vice President of EVM and BMR. | |||
Maureen A. Gemma 1960 |
Vice President, Secretary and Chief Legal Officer | Vice President since 2011; Secretary since 2007 and Chief Legal Officer since 2008 | Vice President of EVM and BMR. | |||
Paul M. ONeil 1953 |
Chief Compliance Officer | Since 2004 | Vice President of EVM and BMR. |
(1) | During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) 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 this program is available to investors at www.FINRA.org. |
3940-3/12 | TABS-SRC |
Fiscal Years Ended | 1/31/11 | 1/31/12 | ||||||
Audit Fees |
$ | 71,633 | $ | 72,243 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 12,729 | $ | 13,880 | ||||
All Other Fees(3) |
$ | 500 | $ | 300 | ||||
Total |
$ | 84,862 | $ | 86,423 | ||||
Fiscal Years Ended | 1/31/11 | 1/31/12 | ||||||
Audit Fees |
$ | 16,550 | $ | 16,700 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 8,000 | $ | 8,080 | ||||
All Other Fees(3) |
$ | 500 | $ | 300 | ||||
Total |
$ | 25,050 | $ | 25,080 | ||||
Fiscal Years Ended | 1/31/11 | 1/31/12 | ||||||
Audit Fees |
$ | 16,550 | $ | 16,700 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 8,000 | $ | 8,080 | ||||
All Other Fees(3) |
$ | 500 | $ | 300 | ||||
Total |
$ | 25,050 | $ | 25,080 | ||||
Fiscal Period Ended | 1/31/11 | 1/31/12 | ||||||
Audit Fees |
$ | 31,550 | $ | 31,850 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 8,000 | $ | 8,080 | ||||
All Other Fees(3) |
$ | 500 | $ | 300 | ||||
Total |
$ | 40,050 | $ | 40,230 | ||||
(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 | 1/31/11 | 1/31/12 | ||||||
Audit Fees |
$ | 136,283 | $ | 137,493 | ||||
Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
Tax Fees(2) |
$ | 36,729 | $ | 38,120 | ||||
All Other Fees(3) |
$ | 2,000 | $ | 1,200 | ||||
Total |
$ | 175,012 | $ | 176,813 | ||||
(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 | 1/31/11 | 1/31/12 | ||||||
Registrant(1) |
$ | 38,729 | $ | 39,320 | ||||
Eaton Vance(2) |
$ | 205,107 | $ | 414,561 |
(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 | |||
President | ||||
Date:
|
March 20, 2012 |
By: |
/s/ Barbara E. Campbell | |||
Treasurer | ||||
Date:
|
March 20, 2012 | |||
By: |
/s/ Cynthia J. Clemson | |||
President | ||||
Date:
|
March 20, 2012 |
/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, 2012 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and | ||
(b) | the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period. |
/s/ Barbara E. Campbell |
||
Treasurer |
||
Date: March 20, 2012 |
||
/s/ Cynthia J. Clemson |
||
President |
/!>6Y>5I049:^A!P@DG,#'###2`,($>:?SU1Q$4 M/`!"#$#P8,0*`JB```!FB#4*&%C4<40*"%0P@``$D$"!9LNLI88!#+10P0,/ M1&"'!?)"2D`!:KP(2Q;%M!)%"0B\6T=43B&`1Q>=P7''$5,T\$,,>WD0@1?6 M_L'!!QY00`$)XT@@00,L\($&NJ-TH<04%M21008/M'`#%0F481!)R@#`QSD7 MQ%;!`C@@`,(;/K+P0`'4[7HP4POP_[$NR3)`//#@!!+(P!O"=!0OLN``!^+"1+00##&`8 MAOJP$(8R)"`!`5#&&)+Q!@#\(`,6*$$#9O`!)3RH#5I@0&3`4$`*K*P),XA! M"2QP@0.8`'A_B`,`%O`!#,@@BTX`UP48$($8/"``75#`&WK`@#O,`0@#.,`7 M6@@^5^SA`30@0`02<#"GX-`V9#@#&6;1@@>PP`!DX&,+D?&`!N@``4D8@`A( M``(<;<$+R,I##Z:0`B?P0`4@2$0`%`5&$SS@0"`H`0F2P"P5$*`"?(!;%\[P MEBZ4X0A-T`+X)CE$,F"!`1X`P0)(0`=8:$$,B03+)H0A!@_TX`+_"U@`&XA) MS##8I1<9,`(8])`%',`!`7+00P(D<(,!Z,`(+`@!!0"@A6J!L0\'^,`"+,"" M&,2`/TYX@`&&]P,6P.<,*2#"%EJ8&3Z.8PX8P,(;[+"9CYR!#5"#`QI.PX4S MS($$:VA!'1@GR3V&Q`S(>P``OB"'+E```F/,@Q&F,(4>S``(%M``!.[P.S`R M(@Q/VR(+5##3$PCA:#.8P`(B4P$Q='*/\_L"`3*0@`6B`0UB>)X8UJ`&/#CD M`'1X@VE.Q4(W'.`!:VBA2$(R3#>,H0`>4,86"O`##XA`#@Q(P0F66%!;K<&> M/G7`Y3P0@A#XX`=I'$`+#K"`.4S`"WL`_T`8R,"UGXUA"QG00%5CH`&355"& M"D@`%"00A044!15K<4,V`<#'M:H5?&70P@+`8(82/0`/`*#""5(0!!4`@0(B M4*D+?*H.,%`0`R7P)Q"8-0,"L($,FHJ,6DCBBA(TP0,^0$";VD`&.A3@`A[` M0`J;<((8P*$,JUE&%T+#VM:ZE8^;8
:U+P>0AAQM`"'R)T@`&0T@CE\(`'*A"`%_A7'6-80`4T M$`(6Y*`$U6C"!/\```>FE:$,8!#=9K:@A!C@@` ''ZNC#'"!@ M@222`%(K",<%`+`&/(P5"V:``T$0(`$[K(`."3"``MR0J>?-0@P^.L`>%.R% MLN[1#1=0JA1P4`0W:P9A>Z-%X@!``@F<``E/8@$%//``.[`2T(R`004H4()( M$($&42B<#A:0!SI\!0Q<>``9C%$``51``!=00`0.D``(3(`!I^#R,-X`ASRL M07XBR<.,]3"!R))A`!9P(3(,``:O?0VW&FC`!DDP*@OLV`!?!'8CTD#_!@A@ MP`(J&`*TFC"``=#``&Q@`W16X@\SW$$&%FA`'?2``0\@X``4P,$<0I$%+=C& M#'EX0QA$XH9';*4`=(`#&.Z0@@> ![0[U7P_(QY+-)=F@A M`-Y;\KC#@@OZ>,,$D#"`%1A!IR$X=`D6,%S#___E"Q7P0`LT4`)4JF``3J@" M$`@PPSTL6`-W`,,"!O*&!?PI`!"0PR@@XX_(+-0-K1Y#%RQG@!9N-0MMV,-* M]%0&9%6@A"GH@0@H8($0@(`%&MB"[ZWEARY`@%8>8`&04`).$!1$\`!\$`!Y M<`8B0`![H`=-<0!<4!9K]P`'L'9FL`9\\%T0.`9O\($.$0%:L$=L@#"=00$% M\`6QX05E@`<8H`--(`%!4$$B0'R 0 M=08&<``:`&5FL`<@L/\$2``36D$!1!9U!-!3.?@7^'1PJ:85%M0`2F`$/-`D M"!`$>6``>^`8]4$!&;$&!L`D#S`>"U``-#`'!3`!)U$`6L@"9N<%$3`'5T$# MUO<& $`!>1``!)`M";"$3P,`!^`%":`,Z*42SX0W"&`&:X@` M"G<$$H`Z^T0!+$`#0(`!O^:*UM('3L))$(``\X<`-#``IX0#%E``<((':'`& MPB`6`5$,YW$`S%<'X8$&K6`6+3*,73`6!]!5%:`"*H`#`N`$N^>+%9`#0(#_ M`QJP".@(1@[`!V93*UK1`L1&!5%`:)#06')@!V*E!OIX%$R!!]RV`!H5,S:" M/F-!"V_0!G=0;'%C!$WP`Q#``([#`C@P`Q#0BANI@P%`#OB7>((A`C\0!#9A M2-S[V@!5U M8$?=A@`!4`0F,`)G,"DL$!H)P``?$`(TX"U&`#*M"6P=P``1J0.)V0(MH%T5 MP!.YPP H H`#M`!',`!+^`"+F`#,#`"7T`X-T!*$$H(Y1`"(G`!%U`!H>$H"X!, M&*!%L>1;E!`%1V`%`_`2(+4!)A"=,-"?+\`!'>"KLOJHMHJK`J>KCMJKOQJL MQ'JL.[`!*%`$E_5,9,`&&J`#*W`#R[H"$O`N2."61O`$SU*4W*D#2@!,TU`- M)R#_`4J`8`#0;&\0%@N%`N0Z`OT9K.LJJWU0JW&PJ(G:J+S*KO;J`L=J`OI: M!%^`!5^S!B32$`2P`!B0!%6P`E=P!02[K">P`M:@,BJ3`BLP-C05M"D@`#I@ M#B5S`8Y2`)Y(!R_3L1NP`R#K`B+KJ[1:JXI*7//:!^P*K,.*K_J*`I?E!73A MH>-QI!#0`ORD`MOI!"DP!3?PLWJ[MWI+L!5+A$&@9SC@`RK0EQXWM75@;L"0 M!450`UF[M5U+LF`KMH]*K\#*`<7ZLC$[LYVA!W9V`!$@9`B03"00`S^0'$M` M!:'B!`+0`*[;`!%I!4V`!%)P!%"@!#K0`TEP4T_7#A2@U4_;1A%O`!ECX+'F MZ@+I.K*2.KG$I:N\2K;U.JPV,`+Y6@-JZQ3Y,:7BH283\`&C:VAT.P08%"E$ M,+Y`,`1GHP)1)XLY)1A2RP!G&`!VH`=G0!9N8+PC``-
3`$5\@#\Y.-^,`&+%$#6I@-2B`2?[`#,!!-?_`]%+`/`.D?V!B17[2-?"?_ M!!&G'`[G#%"@@GYP`DT`!(_%`"```GYPDAQQC@IS!=37BX@TC_CH"A0I&@Z` M$-I69]0`R6`!2=`73#``R6P!$MC M!%5GF3KQ&RR!`&9Y#:RQ`V<840!51.P&F],0E[Z)_S28B5CI^"I]LP8F%`"H M4P144$XE4`(S4`(N\(%#$)U+0`4K4`1SH`=^@`5^0`4(@#?!.1HU^0(_,"HX M*0U28)8(\9#S4!`.H`_5.)ZW`)STF3_OUP;"$@(UH`>(EX0L0`1T9@=(4$X: M`'T?L)/.``-P(%6?B04E0`!Z4%3W.9;M(`!94)O4,"I5`"N3B$9(H!MY6*%8 M5)FAT08FD*(J:@*.2*+5,)P=]0"F4P/-E@1YX`SWR`,A0`MA60U?`,$]`(!3`"%C`&>6JG
4_8`/C`$,?!'(]1I MO.-#LO.H?D``-&"8H=HF/5`24("0M[`#4S`%'P`.)E`$+^`&T=5EX6I1)@H: MI6JJ77H+&8`48Q,*:``!;Q`&%S`#$P`!:$`"@8$&(T`&6W"C&X`"7H`&`#`O M=C#_`CS%+C?PK^@"`&AP!!Z`="*0!"/P`$>`!E80"H)Z";TJ"B<;`PI[!%$` M`1&+L*K0`A+@!2A`(G_`!!WK`8I0`!$+`,RJ"LYJ`25[LE:0`F@@"BX[`C!; M,U`6$[XD!2&45$F@`4]`*S"&!$9PH`O@J)^Y@O.Z/XTF`'AP=JH0!2ZP``,0 ME3ZC$`E@!/E5"?P@4&-;G_7Z&?=JJJB:`05V`S,0!78@%BJ0`EHP`Q;0`AC@ M`4TA"BG@`1C@!1=0,OI6%A@@DWU@IW^@`X74`A-@!B*P"Q^3(JJZ`1*0!E>R MJZ*VM%X@LW]@L8CK`XU@`*BV)6]@`&A`!\E0`",2!0"@_PA,X*IG,+25X*P+ M"[0Z,`(84`!E$;N.8:@Z`P,RL`0?R);"(RG@4XM/Y$YYLRL_L`0\@`57=I-W MBSY&N@8LP(P0(02C,@4?*`3"TF&& @M[RZ5].P@2H`*+P`0& M!A4(ZP7&]Q=AX`5'X"2-,!4 8,(H MK$P5I0?#@P,A4`:58%Q/H$E.(R@($`!4)TW]$`1``#WCEI#RI*;EJS.5B@-( M,"JJ4JXHY@QL>4OX52CKEL7!E/^W/[&_IZJO2*$4,4!P3Q$5H4`5U&'`6*$5 M?W`$%T`9%H`&)D(6JG`$*U+!&-P6-@(7"$L7($RSOFJQ+:"PYZ+"SO`QF_$& M$_P*(F`%J6##1(O#ZH`!6L##G1#)@@7$R>0!1KD""!$")2`#BW15U*`;"0`% M\-5#68"B'-&B:(PT)`BEY5HJYM"B[3`3O8G&^:L*;*RE_2L'.F`&+$P".@`A M=(P6:F``=9&\;W`#G?`A8=`',F(&KO:Z*7`'*<`B3"`&,`+-?"`"-;((#' M9%`&'YRRCBP*%FL`)+`!H4+)E$,)R<`($]`'2R$"86"L+4"\KRL'
4#_RHRPSP<,O6XBD%US`GZB$+&R!.\X#49#0PM@`CD`#M[!/+VL.3C1 M$AXP1CNPMM`@*64%KJ&:S)6PS/FJ"A[`,BD0=`5P!B00!F00!]\&N2F@`W]@ MQ!>0`A+P(Z0F`2FPO!0\+F+A%"@@!F\`NE.]5PP3`RE@`5L@R@]0!M]6"6%P M:'E@Q,O+71<``1-0IN.,UD=]#'RP!8;%!PPC`2(0!V1P"RPC`BD@-BDP/QAP MHQ=0`&X-UU"K15+0!'H0>D]0`T@)8^NP3:I0!-@323^PF'#6!%"@I"N-.6G8 M-G\`#N;@,\Z@$`EDMZ.-M_ZATZ@:&G%@!9"3#9(3&AZ`!F?`_P00`%Z3L]N] M_=N-C3XT``)1Z0>+]@0A@`4*BMGKL'H_(&:(9R@KL'I&H`1-.J:OS3_%6!Y% M8`Y-FANG5`GPL1]C]]HX_0=9,`3N_=Y#(*FD$07R@@]A`-RA(=4I8,29H]_\ MW1G0>CAIX!R?>6O,W4/("!V;-D&](03Z4''!)K (J;@UWX/^J$G`$1_!M8G-:%.H,!1"ZU+(%A%$) M-4(-F5P)45"FT9`!=8Z5UB("_U@-4?!D'L)]T$"HG[$F=W`$7B`'*O,`(^`* M#_L'89#)+1!-(X`'+>`!Y_4'G?[IMY`&I?0",A`"(5!`274%?6`'2F`!L&X! M2M`$)]"40V`!VZE`"M0$=T`#0X#<4V"6$P#K?<`1;Q#KR)[LRK[LS-[LSO[L MT![MTC[MU%[MUG[ML3X'+$1#!6'?]F[_]EB//N\^#6]0%A-P:%?"SU58%I^L"A,`J\C05[`A M`B/`K)IA!R73(`!`&/#CNP"@`WT0=.?<`H0A`@G]``QO(,&J!8-M^2H@-BB@ M`L1D!U,"`1:/L&>P!5XP`06``BT@`IV``2V0Z2CP!F^`\=>P)@^P_P$8XJJO MZPIB`#\7$+K(V@)WL-L%L!=/`NH9L/S4X`/:.FE(0`]GK`KF((Q5"%^SG:&M MH=)7?D7I^`)'%#AS%**5<``1<+_JK<9OLN^J@`$"?P@W@/#%ZPR`SQ 9F5`8(%-`]4D#`#*]L@"$9O]=G9Z5&&&3JI MH8%C9A//(QG>F$$Q(LZ?GUY>:3)0`).LIK9V9C"38DLG"&<,0)C[YP;2A L#V44$/+D80O(MP(H%?36[7#!X$^!?4U02IY,N;)ED`HBX.#PIX@;-P=. M(&$3(?2*RZA3JYYE #'5Z KIKQ\#M/WQ&A/TS%AN)L[32DC.SA38$%)`R/,AP@[G"O*X5 M_(C0`XD1+@F,K_@1`&@0$`@>?:@`066*`0/ZSQ@@(.O+#&"0ATQL4)7"1F MX(48%M1:@71`A<$-4818```BA.C5++K]<4$+/"&EA0%I#'7+!BD >H"$.`%9 #5(MMX$T!` M!@D0R`'!!EH4 #"K%AC840:G7G@!``GGG-&"+5IX588=_QZD MH`(&R'32!QFT_$''J&6T@`(3,[5@A1UG/&`K7LX@>M`.#-@I[KGHWHF`1"<$ M@,,)AJ8KKVJ*$E@`!@T5L.ED3\T+KK\`!RRP:D6<@`,%'%!P@H4#-_Q1O0Y+ MYL&H$:^S9L489ZSQ+`E0\(*#;&PL,D$0CVPR2!>?K/+*>`;1)PX!.,#RR27/ M;#-!*=^L\\Z2K2`1!R BWQUV&3K;,0)HI4M+]AJ5SQVVW"/K$!&0L>-*-MV"_QVWGPW MS-$/#/>-(=Z"R[MWX8BGBT"\B1M(>..('@[YY/^45_UXY7=*COGFG+-\>><% M:@[ZZ*1/?5+ID8>+^NJLF]YZGJ*_+OOL`WY.NV2QWZ[[[B39SGM(N?\N_/`( M^4Y\0\$?K_SR?QC//$+)/R_][LY/C[/JUF?_?/7:+Q-]]^"/SGWXG7Q/_OF4 MCT^^^>BWC[CZX;/O_OQYPP^^_/3GK[;]W>.O__]9XY_V_`?``BI-@-DCH`$7 MN#,$6D^!#(R@YTXG069@KX(8))L#IP?!#'JP8AN47@<_2$*!A?!Y(RRA"M=& M00^F<(4PO%L+,_C"&-KP3B=D7@UOR,,"Y7!Y.^RA$.DU0PP&<8A(K,P/E7?$ M)#JQ=T6L8!.?2,6'15'_@E.LHA87LL3C97&+8#1(%XGWQ3":41UC'-[88I"& MEV0@`^>8A1W>,`L+W*&.=SRC'DEVQ0@BS0(00,,6\#6#$-EA%E;`0!208H88 M0.D/C7SD'B>IC#0*#VEY@`` `!5/@,*!]+6$:!5E&?NRNH09^(4-TI=*%) M_VSH[1X*T2%*E'99E(!N8A"'%)2"#Q80@0B`Q1`,`&`63,A#E @0!:(>(0\,R<0L5#`!D=H"J"*XIT+R8(6>_F$+41`I MOIPJ`F@M)`Y'4*JT,#"&&T#U%"(%ZT+&,`+!BF$"&X@-+73)D`L,HA,8P,.* M.A%7$?0S4:] 15``2;`!?$E"!',H"@#$T!$E\($$*[KB%?MJ!L0J1#A]4 M`LD^>`,"TV"(EOZ0`@FD$@TL0<$Y3WL6+Y2AG2/:@/\*-H`;AB#I#U9(`;;B MT,\QM/.TPSR#&;RRA3ZT``,=:H@<+/4L,^`!%FOIA'L48H:SB,`[R""#6RR@ M6/;F-C;/Y L'4(&E'&!!J'(CRAAO8U;F=.(-UR\($ M4V0U3;%%4@N`N >!F([D=_\+N2Q6OCK =.0!#%"5%!LH0!X,;0V&/,`+W'!M"_[ZAA;D<2$_>4.G:N-NWHI@#'\= M,`FS*`<,;$"RG8BV!`H@AAC$8`,Y34@?%!D&,71B`Q ICF,^\YC?/ M^ I7S_K6N_[UL(^][#?_Y@(BX`"XS[WN=\_[ LWOO^]\`/OO"'3_SB&__XR$^^\I?/_.8[__G0C[[TI\][QDW^^MA77B```#L_ ` end
/!>6Y>5I049:^A!P@DG,#'###2`,($>:?SU1Q$4 M/`!"#$#P8,0*`JB```!FB#4*&%C4<40*"%0P@``$D$"!9LNLI88!#+10P0,/ M1&"'!?)"2D`!:KP(2Q;%M!)%"0B\6T=43B&`1Q>=P7''$5,T\$,,>WD0@1?6 M_L'!!QY00`$)XT@@00,L\($&NJ-TH<04%M21008/M'`#%0F481!)R@#`QSD7 MQ%;!`C@@`,(;/K+P0`'4[7HP4POP_[$NR3)`//#@!!+(P!O"=!0OLN``!^+"1+00##&`8 MAOJP$(8R)"`!`5#&&)+Q!@#\(`,6*$$#9O`!)3RH#5I@0&3`4$`*K*P),XA! M"2QP@0.8`'A_B`,`%O`!#,@@BTX`UP48$($8/"``75#`&WK`@#O,`0@#.,`7 M6@@^5^SA`30@0`02<#"GX-`V9#@#&6;1@@>PP`!DX&,+D?&`!N@``4D8@`A( M``(<;<$+R,I##Z:0`B?P0`4@2$0`%`5&$SS@0"`H`0F2P"P5$*`"?(!;%\[P MEBZ4X0A-T`+X)CE$,F"!`1X`P0)(0`=8:$$,B03+)H0A!@_TX`+_"U@`&XA) MS##8I1<9,`(8])`%',`!`7+00P(D<(,!Z,`(+`@!!0"@A6J!L0\'^,`"+,"" M&,2`/TYX@`&&]P,6P.<,*2#"%EJ8&3Z.8PX8P,(;[+"9CYR!#5"#`QI.PX4S MS($$:VA!'1@GR3V&Q`S(>P``OB"'+E```F/,@Q&F,(4>S``(%M``!.[P.S`R M(@Q/VR(+5##3$PCA:#.8P`(B4P$Q='*/\_L"`3*0@`6B`0UB>)X8UJ`&/#CD M`'1X@VE.Q4(W'.`!:VBA2$(R3#>,H0`>4,86"O`##XA`#@Q(P0F66%!;K<&> M/G7`Y3P0@A#XX`=I'$`+#K"`.4S`"WL`_T`8R,"UGXUA"QG00%5CH`&355"& M"D@`%"00A044!15K<4,V`<#'M:H5?&70P@+`8(82/0`/`*#""5(0!!4`@0(B M4*D+?*H.,%`0`R7P)Q"8-0,"L($,FHJ,6DCBBA(TP0,^0$";VD`&.A3@`A[` M0`J;<((8P*$,JUE&%T+#VM:ZE8^;8
:U+P>0AAQM`"'R)T@`&0T@CE\(`'*A"`%_A7'6-80`4T M$`(6Y*`$U6C"!/\```>FE:$,8!#=9K:@A!C@@` ''ZNC#'"!@ M@222`%(K",<%`+`&/(P5"V:``T$0(`$[K(`."3"``MR0J>?-0@P^.L`>%.R% MLN[1#1=0JA1P4`0W:P9A>Z-%X@!``@F<``E/8@$%//``.[`2T(R`004H4()( M$($&42B<#A:0!SI\!0Q<>``9C%$``51``!=00`0.D``(3(`!I^#R,-X`ASRL M07XBR<.,]3"!R))A`!9P(3(,``:O?0VW&FC`!DDP*@OLV`!?!'8CTD#_!@A@ MP`(J&`*TFC"``=#``&Q@`W16X@\SW$$&%FA`'?2``0\@X``4P,$<0I$%+=C& M#'EX0QA$XH9';*4`=(`#&.Z0@@> ![0[U7P_(QY+-)=F@A M`-Y;\KC#@@OZ>,,$D#"`%1A!IR$X=`D6,%S#___E"Q7P0`LT4`)4JF``3J@" M$`@PPSTL6`-W`,,"!O*&!?PI`!"0PR@@XX_(+-0-K1Y#%RQG@!9N-0MMV,-* M]%0&9%6@A"GH@0@H8($0@(`%&MB"[ZWEARY`@%8>8`&04`).$!1$\`!\$`!Y M<`8B0`![H`=-<0!<4!9K]P`'L'9FL`9\\%T0.`9O\($.$0%:L$=L@#"=00$% M\`6QX05E@`<8H`--(`%!4$$B0'R 0 M=08&<``:`&5FL`<@L/\$2``36D$!1!9U!-!3.?@7^'1PJ:85%M0`2F`$/-`D M"!`$>6``>^`8]4$!&;$&!L`D#S`>"U``-#`'!3`!)U$`6L@"9N<%$3`'5T$# MUO<& $`!>1``!)`M";"$3P,`!^`%":`,Z*42SX0W"&`&:X@` M"G<$$H`Z^T0!+$`#0(`!O^:*UM('3L))$(``\X<`-#``IX0#%E``<((':'`& MPB`6`5$,YW$`S%<'X8$&K6`6+3*,73`6!]!5%:`"*H`#`N`$N^>+%9`#0(#_ M`QJP".@(1@[`!V93*UK1`L1&!5%`:)#06')@!V*E!OIX%$R!!]RV`!H5,S:" M/F-!"V_0!G=0;'%C!$WP`Q#``([#`C@P`Q#0BANI@P%`#OB7>((A`C\0!#9A M2-S[V@!5U M8$?=A@`!4`0F,`)G,"DL$!H)P``?$`(TX"U&`#*M"6P=P``1J0.)V0(MH%T5 MP!.YPP H H`#M`!',`!+^`"+F`#,#`"7T`X-T!*$$H(Y1`"(G`!%U`!H>$H"X!, M&*!%L>1;E!`%1V`%`_`2(+4!)A"=,-"?+\`!'>"KLOJHMHJK`J>KCMJKOQJL MQ'JL.[`!*%`$E_5,9,`&&J`#*W`#R[H"$O`N2."61O`$SU*4W*D#2@!,TU`- M)R#_`4J`8`#0;&\0%@N%`N0Z`OT9K.LJJWU0JW&PJ(G:J+S*KO;J`L=J`OI: M!%^`!5^S!B32$`2P`!B0!%6P`E=P!02[K">P`M:@,BJ3`BLP-C05M"D@`#I@ M#B5S`8Y2`)Y(!R_3L1NP`R#K`B+KJ[1:JXI*7//:!^P*K,.*K_J*`I?E!73A MH>-QI!#0`ORD`MOI!"DP!3?PLWJ[MWI+L!5+A$&@9SC@`RK0EQXWM75@;L"0 M!450`UF[M5U+LF`KMH]*K\#*`<7ZLC$[LYVA!W9V`!$@9`B03"00`S^0'$M` M!:'B!`+0`*[;`!%I!4V`!%)P!%"@!#K0`TEP4T_7#A2@U4_;1A%O`!ECX+'F MZ@+I.K*2.KG$I:N\2K;U.JPV,`+Y6@-JZQ3Y,:7BH283\`&C:VAT.P08%"E$ M,+Y`,`1GHP)1)XLY)1A2RP!G&`!VH`=G0!9N8+PC``-
_'#T`T!EZ0@`KH!65P"FMW>OQ7,:X7@!!D`%.P
M!,%W4`6X#F2P J"BC``I94`EN5"CF:
M@A/6C7^0MWJ[$4E0!-$8GEWB)`\`!4
M<<@!L`8'(!5B`"`W`&5D`%*!9ZO(")?!AZQ$"&C!:R]S,03$?\UP*!'`&%_(;&H`"D>0N7?0`'>P
M`XO=`BUP!P$0T17-LZNK#29MP2C-5_X%8`+F;@;&4PBF8`SF8"$`81)661:&
M81K&867A88RFCCH@8B16"DI-"DE&"@Q`*;F"8[/3!1ZP:GOT,IK8.M-"SD/Z
MU9P6U@OP.&5=:R7@*V,P2OC\N'"M%2I@BDLP!0"@M/P@`$@0KRZ0#;+["B>P
MV=O3V=GPV14
G">&PJ"
M%A1H#BWT)!$,C4`.H$A""4P7@Q)80(1^Z()";'A$,:1`3R^AQ0PXZ(<,C`!M
M25C"2/;'QC;6P@(Y,`&^W$C'.MKQCI*8`!;QR,<^^O&/@`RD(`=)R$(:\I"(
M&$,<%LG(1CKRD9",I"0G2
/!>6Y>5I049:^A!P@DG,#'###2`,($>:?SU1Q$4 M/`!"#$#P8,0*`JB```!FB#4*&%C4<40*"%0P@``$D$"!9LNLI88!#+10P0,/ M1&"'!?)"2D`!:KP(2Q;%M!)%"0B\6T=43B&`1Q>=P7''$5,T\$,,>WD0@1?6 M_L'!!QY00`$)XT@@00,L\($&NJ-TH<04%M21008/M'`#%0F481!)R@#`QSD7 MQ%;!`C@@`,(;/K+P0`'4[7HP4POP_[$NR3)`//#@!!+(P!O"=!0OLN``!^+"1+00##&`8 MAOJP$(8R)"`!`5#&&)+Q!@#\(`,6*$$#9O`!)3RH#5I@0&3`4$`*K*P),XA! M"2QP@0.8`'A_B`,`%O`!#,@@BTX`UP48$($8/"``75#`&WK`@#O,`0@#.,`7 M6@@^5^SA`30@0`02<#"GX-`V9#@#&6;1@@>PP`!DX&,+D?&`!N@``4D8@`A( M``(<;<$+R,I##Z:0`B?P0`4@2$0`%`5&$SS@0"`H`0F2P"P5$*`"?(!;%\[P MEBZ4X0A-T`+X)CE$,F"!`1X`P0)(0`=8:$$,B03+)H0A!@_TX`+_"U@`&XA) MS##8I1<9,`(8])`%',`!`7+00P(D<(,!Z,`(+`@!!0"@A6J!L0\'^,`"+,"" M&,2`/TYX@`&&]P,6P.<,*2#"%EJ8&3Z.8PX8P,(;[+"9CYR!#5"#`QI.PX4S MS($$:VA!'1@GR3V&Q`S(>P``OB"'+E```F/,@Q&F,(4>S``(%M``!.[P.S`R M(@Q/VR(+5##3$PCA:#.8P`(B4P$Q='*/\_L"`3*0@`6B`0UB>)X8UJ`&/#CD M`'1X@VE.Q4(W'.`!:VBA2$(R3#>,H0`>4,86"O`##XA`#@Q(P0F66%!;K<&> M/G7`Y3P0@A#XX`=I'$`+#K"`.4S`"WL`_T`8R,"UGXUA"QG00%5CH`&355"& M"D@`%"00A044!15K<4,V`<#'M:H5?&70P@+`8(82/0`/`*#""5(0!!4`@0(B M4*D+?*H.,%`0`R7P)Q"8-0,"L($,FHJ,6DCBBA(TP0,^0$";VD`&.A3@`A[` M0`J;<((8P*$,JUE&%T+#VM:ZE8^;8
:U+P>0AAQM`"'R)T@`&0T@CE\(`'*A"`%_A7'6-80`4T M$`(6Y*`$U6C"!/\```>FE:$,8!#=9K:@A!C@@` ''ZNC#'"!@ M@222`%(K",<%`+`&/(P5"V:``T$0(`$[K(`."3"``MR0J>?-0@P^.L`>%.R% MLN[1#1=0JA1P4`0W:P9A>Z-%X@!``@F<``E/8@$%//``.[`2T(R`004H4()( M$($&42B<#A:0!SI\!0Q<>``9C%$``51``!=00`0.D``(3(`!I^#R,-X`ASRL M07XBR<.,]3"!R))A`!9P(3(,``:O?0VW&FC`!DDP*@OLV`!?!'8CTD#_!@A@ MP`(J&`*TFC"``=#``&Q@`W16X@\SW$$&%FA`'?2``0\@X``4P,$<0I$%+=C& M#'EX0QA$XH9';*4`=(`#&.Z0@@> ![0[U7P_(QY+-)=F@A M`-Y;\KC#@@OZ>,,$D#"`%1A!IR$X=`D6,%S#___E"Q7P0`LT4`)4JF``3J@" M$`@PPSTL6`-W`,,"!O*&!?PI`!"0PR@@XX_(+-0-K1Y#%RQG@!9N-0MMV,-* M]%0&9%6@A"GH@0@H8($0@(`%&MB"[ZWEARY`@%8>8`&04`).$!1$\`!\$`!Y M<`8B0`![H`=-<0!<4!9K]P`'L'9FL`9\\%T0.`9O\($.$0%:L$=L@#"=00$% M\`6QX05E@`<8H`--(`%!4$$B0'R 0 M=08&<``:`&5FL`<@L/\$2``36D$!1!9U!-!3.?@7^'1PJ:85%M0`2F`$/-`D M"!`$>6``>^`8]4$!&;$&!L`D#S`>"U``-#`'!3`!)U$`6L@"9N<%$3`'5T$# MUO<& $`!>1``!)`M";"$3P,`!^`%":`,Z*42SX0W"&`&:X@` M"G<$$H`Z^T0!+$`#0(`!O^:*UM('3L))$(``\X<`-#``IX0#%E``<((':'`& MPB`6`5$,YW$`S%<'X8$&K6`6+3*,73`6!]!5%:`"*H`#`N`$N^>+%9`#0(#_ M`QJP".@(1@[`!V93*UK1`L1&!5%`:)#06')@!V*E!OIX%$R!!]RV`!H5,S:" M/F-!"V_0!G=0;'%C!$WP`Q#``([#`C@P`Q#0BANI@P%`#OB7>((A`C\0!#9A M2-S[V@!5U M8$?=A@`!4`0F,`)G,"DL$!H)P``?$`(TX"U&`#*M"6P=P``1J0.)V0(MH%T5 MP!.YPP H H`#M`!',`!+^`"+F`#,#`"7T`X-T!*$$H(Y1`"(G`!%U`!H>$H"X!, M&*!%L>1;E!`%1V`%`_`2(+4!)A"=,-"?+\`!'>"KLOJHMHJK`J>KCMJKOQJL MQ'JL.[`!*%`$E_5,9,`&&J`#*W`#R[H"$O`N2."61O`$SU*4W*D#2@!,TU`- M)R#_`4J`8`#0;&\0%@N%`N0Z`OT9K.LJJWU0JW&PJ(G:J+S*KO;J`L=J`OI: M!%^`!5^S!B32$`2P`!B0!%6P`E=P!02[K">P`M:@,BJ3`BLP-C05M"D@`#I@ M#B5S`8Y2`)Y(!R_3L1NP`R#K`B+KJ[1:JXI*7//:!^P*K,.*K_J*`I?E!73A MH>-QI!#0`ORD`MOI!"DP!3?PLWJ[MWI+L!5+A$&@9SC@`RK0EQXWM75@;L"0 M!450`UF[M5U+LF`KMH]*K\#*`<7ZLC$[LYVA!W9V`!$@9`B03"00`S^0'$M` M!:'B!`+0`*[;`!%I!4V`!%)P!%"@!#K0`TEP4T_7#A2@U4_;1A%O`!ECX+'F MZ@+I.K*2.KG$I:N\2K;U.JPV,`+Y6@-JZQ3Y,:7BH283\`&C:VAT.P08%"E$ M,+Y`,`1GHP)1)XLY)1A2RP!G&`!VH`=G0!9N8+PC``-
$T,$F$S($7,`^%52&4`@"L`F;<,2%D``/+"Q7@`*Z40/;R`*#
M("TU4&`Y(#Z?T`G2XC*V<`IB>!PE06P&YULU4#(P`@DR("O%`#Y/H!M#%"*I
M4$,E(0XJL#6_T&.L``2X(`-B[`&Q\"(LL`L"2A+@H`T>]@^!_]`#N2"^:(4`
MMM!X-W`,)/<;\$42>T(#>"`#.2D(Q#`HA*`=02S$,$7$22P`J'S$3&P2K&`/
M[;"R5V!V9-P!_@-GH]`+-\``.Y!_>A`+#U!50`!GWV>1N_`$O*0.[2#+"`1E
MP:`"Z.`+N1`!VM`+.1ACG]!D)Q$!PE82W_`$1I,G]&,/,L`*Y(<`:/`*1BD`-.Y=;`Q``*8!FD!,!"'`$H^"0FB!'[,<`>H9OOQ`!MA`,N#7*
MI*Q2IIS*J+P)JRQIKR`!"1H;-``%F68<< `$+!@!8,P)XB565SB!RO,#__6#!L@"`
[DN=``@"P]
MA0XE6M3H4:1)E2YEVM3I4Z@[K93P\2*J4H$$K^)\I4)4EPHL7GFX,/8)$`2L
MC#VQ-^B)S8(CE:#0$>`)GE\D(
M>H;HP(342@,`>`,XT(>T.H%HJ$;HB8<2H!X=?(P=R(=-"()?.HA$*V:XHD
MX`9D0,KGL
/!>6Y>5I049:^A!P@DG,#'###2`,($>:?SU1Q$4 M/`!"#$#P8,0*`JB```!FB#4*&%C4<40*"%0P@``$D$"!9LNLI88!#+10P0,/ M1&"'!?)"2D`!:KP(2Q;%M!)%"0B\6T=43B&`1Q>=P7''$5,T\$,,>WD0@1?6 M_L'!!QY00`$)XT@@00,L\($&NJ-TH<04%M21008/M'`#%0F481!)R@#`QSD7 MQ%;!`C@@`,(;/K+P0`'4[7HP4POP_[$NR3)`//#@!!+(P!O"=!0OLN``!^+"1+00##&`8 MAOJP$(8R)"`!`5#&&)+Q!@#\(`,6*$$#9O`!)3RH#5I@0&3`4$`*K*P),XA! M"2QP@0.8`'A_B`,`%O`!#,@@BTX`UP48$($8/"``75#`&WK`@#O,`0@#.,`7 M6@@^5^SA`30@0`02<#"GX-`V9#@#&6;1@@>PP`!DX&,+D?&`!N@``4D8@`A( M``(<;<$+R,I##Z:0`B?P0`4@2$0`%`5&$SS@0"`H`0F2P"P5$*`"?(!;%\[P MEBZ4X0A-T`+X)CE$,F"!`1X`P0)(0`=8:$$,B03+)H0A!@_TX`+_"U@`&XA) MS##8I1<9,`(8])`%',`!`7+00P(D<(,!Z,`(+`@!!0"@A6J!L0\'^,`"+,"" M&,2`/TYX@`&&]P,6P.<,*2#"%EJ8&3Z.8PX8P,(;[+"9CYR!#5"#`QI.PX4S MS($$:VA!'1@GR3V&Q`S(>P``OB"'+E```F/,@Q&F,(4>S``(%M``!.[P.S`R M(@Q/VR(+5##3$PCA:#.8P`(B4P$Q='*/\_L"`3*0@`6B`0UB>)X8UJ`&/#CD M`'1X@VE.Q4(W'.`!:VBA2$(R3#>,H0`>4,86"O`##XA`#@Q(P0F66%!;K<&> M/G7`Y3P0@A#XX`=I'$`+#K"`.4S`"WL`_T`8R,"UGXUA"QG00%5CH`&355"& M"D@`%"00A044!15K<4,V`<#'M:H5?&70P@+`8(82/0`/`*#""5(0!!4`@0(B M4*D+?*H.,%`0`R7P)Q"8-0,"L($,FHJ,6DCBBA(TP0,^0$";VD`&.A3@`A[` M0`J;<((8P*$,JUE&%T+#VM:ZE8^;8
:U+P>0AAQM`"'R)T@`&0T@CE\(`'*A"`%_A7'6-80`4T M$`(6Y*`$U6C"!/\```>FE:$,8!#=9K:@A!C@@` ''ZNC#'"!@ M@222`%(K",<%`+`&/(P5"V:``T$0(`$[K(`."3"``MR0J>?-0@P^.L`>%.R% MLN[1#1=0JA1P4`0W:P9A>Z-%X@!``@F<``E/8@$%//``.[`2T(R`004H4()( M$($&42B<#A:0!SI\!0Q<>``9C%$``51``!=00`0.D``(3(`!I^#R,-X`ASRL M07XBR<.,]3"!R))A`!9P(3(,``:O?0VW&FC`!DDP*@OLV`!?!'8CTD#_!@A@ MP`(J&`*TFC"``=#``&Q@`W16X@\SW$$&%FA`'?2``0\@X``4P,$<0I$%+=C& M#'EX0QA$XH9';*4`=(`#&.Z0@@> ![0[U7P_(QY+-)=F@A M`-Y;\KC#@@OZ>,,$D#"`%1A!IR$X=`D6,%S#___E"Q7P0`LT4`)4JF``3J@" M$`@PPSTL6`-W`,,"!O*&!?PI`!"0PR@@XX_(+-0-K1Y#%RQG@!9N-0MMV,-* M]%0&9%6@A"GH@0@H8($0@(`%&MB"[ZWEARY`@%8>8`&04`).$!1$\`!\$`!Y M<`8B0`![H`=-<0!<4!9K]P`'L'9FL`9\\%T0.`9O\($.$0%:L$=L@#"=00$% M\`6QX05E@`<8H`--(`%!4$$B0'R 0 M=08&<``:`&5FL`<@L/\$2``36D$!1!9U!-!3.?@7^'1PJ:85%M0`2F`$/-`D M"!`$>6``>^`8]4$!&;$&!L`D#S`>"U``-#`'!3`!)U$`6L@"9N<%$3`'5T$# MUO<& $`!>1``!)`M";"$3P,`!^`%":`,Z*42SX0W"&`&:X@` M"G<$$H`Z^T0!+$`#0(`!O^:*UM('3L))$(``\X<`-#``IX0#%E``<((':'`& MPB`6`5$,YW$`S%<'X8$&K6`6+3*,73`6!]!5%:`"*H`#`N`$N^>+%9`#0(#_ M`QJP".@(1@[`!V93*UK1`L1&!5%`:)#06')@!V*E!OIX%$R!!]RV`!H5,S:" M/F-!"V_0!G=0;'%C!$WP`Q#``([#`C@P`Q#0BANI@P%`#OB7>((A`C\0!#9A M2-S[V@!5U M8$?=A@`!4`0F,`)G,"DL$!H)P``?$`(TX"U&`#*M"6P=P``1J0.)V0(MH%T5 MP!.YPP H H`#M`!',`!+^`"+F`#,#`"7T`X-T!*$$H(Y1`"(G`!%U`!H>$H"X!, M&*!%L>1;E!`%1V`%`_`2(+4!)A"=,-"?+\`!'>"KLOJHMHJK`J>KCMJKOQJL MQ'JL.[`!*%`$E_5,9,`&&J`#*W`#R[H"$O`N2."61O`$SU*4W*D#2@!,TU`- M)R#_`4J`8`#0;&\0%@N%`N0Z`OT9K.LJJWU0JW&PJ(G:J+S*KO;J`L=J`OI: M!%^`!5^S!B32$`2P`!B0!%6P`E=P!02[K">P`M:@,BJ3`BLP-C05M"D@`#I@ M#B5S`8Y2`)Y(!R_3L1NP`R#K`B+KJ[1:JXI*7//:!^P*K,.*K_J*`I?E!73A MH>-QI!#0`ORD`MOI!"DP!3?PLWJ[MWI+L!5+A$&@9SC@`RK0EQXWM75@;L"0 M!450`UF[M5U+LF`KMH]*K\#*`<7ZLC$[LYVA!W9V`!$@9`B03"00`S^0'$M` M!:'B!`+0`*[;`!%I!4V`!%)P!%"@!#K0`TEP4T_7#A2@U4_;1A%O`!ECX+'F MZ@+I.K*2.KG$I:N\2K;U.JPV,`+Y6@-JZQ3Y,:7BH283\`&C:VAT.P08%"E$ M,+Y`,`1GHP)1)XLY)1A2RP!G&`!VH`=G0!9N8+PC``-