<PAGE>
EATON VANCE MUNICIPALS TRUST
FOR THE FUNDS:
* EV Traditional Florida Tax Free Fund
* EV Traditional New York Tax Free Fund
- -------------------------------------------------------------------------------
[Logo]
- -------------------------------------------------------------------------------
SEMI-ANNUAL SHAREHOLDER REPORT
MARCH 31, 1995
<PAGE>
To Shareholders
During 1994 the economy remained stronger than economists and money managers had
anticipated at the start of the year. In response to this strength, and in an
attempt to keep inflation in check, the Federal Reserve raised short-term
interest rates six times in 1994 and once again in 1995. Long-term rates moved
upward as well and, as a result, the prices of municipal bonds dropped.
But the market slide was not the only concern in 1994. Many shareholders of
Eaton Vance tax free mutual funds may have wondered whether the problems that
surfaced in Orange County, California, had in any way affected their investment
in our non-California tax free funds. The answer is no. After a brief period
during which the value of California bonds declined, the market realized that
this was a local problem. Eaton Vance non-California portfolios have not been
impacted.
This chart is entitled as follows: "In 1994, long-term interest rates hit their
highest level in 3 years."
Below the title is a three-dimensional line graph labeled, "Month-end 30-year
Treasuries rate." The axis ascending on the left side of the chart is labeled
from 5% to 8% at one-percent intervals. Along the bottom of the chart, the axis
lists dates from 3/92 to 3/95, at one-year intervals.
The high point of interest rates during that period, 8.04%, is labeled on the
chart and occurred near the end of the period being measured.
Interest Rate Month
7.35 2/92
7.6 3/92
7.82 4/92
7.85 5/92
8.1 6/92
7.92 7/92
7.78 8/92
7.46 9/92
7.53 10/92
7.58 11/92
7.31 12/92
7.31 1/93
6.92 2/93
6.65 3/93
6.29 4/93
6.28 5/93
6.31 6/93
5.99 7/93
5.99 8/93
6.16 9/93
6.63 10/93
6.76 11/93
6.97 12/93
6.89 1/94
6.95 2/94
6.89 3/94
7.23 4/94
7.39 5/94
7.36 6/94
7.63 7/94
7.34 8/94
7.44 9/94
7.46 10/94
7.82 11/94
7.89 12/94
8.04 1/95
7.97 2/95
Despite the difficulties that beset the market in 1994, we feel optimistic about
prospects for 1995. The market now appears convinced that the Federal Reserve
is, in fact, keeping a tight watch on inflation. And, while it is impossible to
predict the outcomes of government initiatives, it appears that proposals put
forth by the new Congress to cut spending and taxes could have an overall
positive effect if enacted.
This report features some changes which we hope will help you to better
understand your investment, and how your Portfolio's holdings help provide the
means for the Federal government, as well as state and local governments, to
fund such projects as roads, bridges, hospitals and schools. Each Fund review
includes a Portfolio Overview, or snapshot, as well as comments from the
portfolio manager.In addition, we are profiling a specific bond holding of each
Portfolio.
Regardless of what lies ahead for the economy, the goal of your Fund remains the
same: to provide you with a competitive distribution of tax free income from a
portfolio of high-quality municipal bonds.+
Sincerely,
/s/ Thoms J. Fetter
Thomas J. Fetter
President
May 19, 1995
+ A portion of the Portfolio's income could be subject to Federal alternative
minimum tax.
IF YOU ARE A SHAREHOLDER OF EV TRADITIONAL FLORIDA TAX FREE FUND ...
Your Fund paid to its shareholders monthly income dividends totaling $0.297 per
share during the six months ending March 31, 1995.
Based on the most recent dividend paid and the Fund's net asset value per share
of $10.33 on March 31, 1995, the Fund's annualized distribution rate was 5.76
percent. To equal that rate in a taxable investment, a couple in the combined
Federal and state 38.22 percent tax bracket would have to earn 9.32 percent.
IF YOU ARE A SHAREHOLDER OF EV TRADITIONAL NEW YORK TAX FREE FUND ...
Your Fund paid to its shareholders monthly income dividends totaling $0.299 per
share during the six months ending March 31, 1995.
Based on the most recent dividend paid and the Fund's net asset value per share
of $10.03 on March 31, 1995, the Fund's annualized distribution rate was 5.98
percent. To equal that rate in a taxable investment, a couple in the combined
Federal and state 40.82 percent tax bracket would have to earn 10.10 percent.
<PAGE>
EV Traditional Florida Tax Free Fund
The Florida economy turned in generally positive results during 1994 and early
1995, with an improving labor market, as demonstrated by a lower unemployment
rate, and an improved housing market.
Construction activity was fairly strong in 1994, with new housing starts rising
more than 12 percent during the year. Toward the end of the year, rising
interest rates slowed growth in this industry.
It is expected that higher interest rates will put a damper on the construction
industry in 1995. However, the state projects a slight overall decline in the
unemployment rate by the end of 1995.
Florida officials continue to worry about the state's important tourism
industry. In 1994, the state had its worst year for tourism since 1991. The
number of tourists arriving by air was actually up over 1993 figures, but the
number of visitors arriving by car declined 13 percent. In all, the state says
that the total number of tourists fell by nearly 3 percent, to just under 39.9
million.
For 1995, the state expects the economy to be generally stronger than in 1994,
with a projected population increase of 2 percent and personal income growth of
7.7 percent.
PORTFOLIO OVERVIEW
[Graphic of map of Florida]
Based on market value as of March 31, 1995
Number of issues 156
Average quality AA-
Investment grade 93.5%
Effective maturity (years) 17.19
Largest Sectors:
Utilities 13.6%
Escrowed 11.5
Insured special tax revenue 8.7*
Housing 8.5
Health care 6.4
* Private insurance does not remove the market risks
associated with this investment.
- ------------------------------------------------------------------------------
YOUR INVESTMENT AT WORK
[Graphic of house]
Orange County Housing Finance Authority Bonds
Tax-exempt housing continues to fulfill the need to provide affordable, safe
housing for Florida's low-to-moderate-income and elderly residents who are
unable to afford market-rate rents.
Although the complexion of Fedreal housing programs promises to change in the
future, state and local housing authorities are becoming increasingly
sophisticated in developing financing mechanisms. This should allow housing to
be delivered to eligible residents in an efficient and affordable manner.
Among the many housing bonds held by the Portfolio are more than $20 million of
the Orange County housing bonds with varying maturities.
FROM THE PORTFOLIO MANAGER
"We have made a number of strategic moves within the Florida Portfolio. First,
we are increasing the exposure to housing bonds, which are a high-quality, high
income alternative to general obligation securities.
"In addition, we continue to reduce the exposure to uninsured hospitals. This
change is based on our research group's view that the rapidly changing
environment for health care institutions provides less opportunity for
profitable operations than it did in the past.
"Also, we have increased the Portfolio's exposure to securities that our
research group views as well-positioned or improving. The Jacksonville Electric
Authority and Orlando Utilities Commission bonds held in the Portfolio are a
good example of these types of securities.
"Finally, we have sold bonds having a lower book yield and purchased bonds with
higher book yield, capturing the value of the imbedded tax loss for our
shareholders."
- - Thomas J. Fetter, Portfolio Manager
<PAGE>
EV Traditional New York Tax Free Fund
The state of New York is at a crossroad, with its first new governor in 12
years. Gov. George Pataki was elected promoting a streamlined agenda for the
state that called for reducing the bureaucracy and taxes while fostering
economic development. It is an ambitious agenda, and it remains to be seen
whether the governor will be able to implement the tax cuts and reforms that
would truly restructure state government. Any actions will be taken against the
backdrop of a slower state economy, which is stalling under the weight of Wall
Street personnel cutbacks.
Standard & Poor's, an independent rating agency, rates the state A-. S&P has
indicated that it would consider an upgrade if a realistic budget is presented
on a timely basis. Given that the budget is almost a week late at the time of
this writing, that timetable may be difficult for the legislature and governor
to meet. However, the municipal market appears more comfortable with the
governor's proposals than it was at election time, when state appropriation
paper was underperforming because of credit uncertainties.
With a late budget situation developing, the state could tip either way -- into
an improving or a deteriorating situation. However, we believe yields offered by
state appropriation bonds continue to compensate investors for the risk-reward
tradeoff.
PORTFOLIO OVERVIEW
[Graphic: Map of New York State]
Based on market value as of March 31, 1995
Number of issues 183
Average quality A+
Investment grade 98.0%
Effective maturity (years) 15.42
Largest sectors:
Health care 21.0%
Transportation 11.9
Certificate of participation 11.9
Education 11.0
Special tax revenue 8.0
- ------------------------------------------------------------------------------
YOUR INVESTMENT AT WORK
[Graphic of government building]
Local Government Assistance Corporation Tax Revenue Bonds
Bonds issued by the NY Local Government Assistance Corporation (LGAC) have been
among the best performers in the New York market over the last few months.
These bonds, rated A/A, were once traded roughly in line with other state
appropriation paper. More recently, they have been traded in line with
high-grade New York paper, such as the Tribe General Purpose bonds (A1/AA-) and
New York insured paper (Aaa/AAA).
Market dislocation in late 1994 and early 1995 allowed us to add modestly to our
LGAC position.
The bond's security is based on 1 percent of the state's sales tax revenues,
which flow into a "locked box" available for debt service subject to
appropriation. While we cannot justify a rating on LGACs above the state's own
rating on general obligation bonds, we believe these bonds will continue to be
top performers given their limited future supply.
FROM THE PORTFOLIO MANAGER
"In the period from the election season through early 1995, state appropriation
paper underperformed the market, offering buying opportunities. Spreads to
high-grade New York bonds have returned to tighter levels, more reflective of
historical relationships.
"The star performer in the New York market has been New York Local Government
Assistance Corporation. These bonds are profiled on this page.
"Discount coupon bonds have also been alternately in and out of favor, depending
on the market's direction. The prolonged market sell-off in 1994 allowed us to
sell lower yielding bonds, replacing them with bonds having higher yields. This
process generated capital losses that we will apply against shareholders'
future capital gains."
- - Nicole Anderes, Portfolio Manager
<PAGE>
EV Traditional Tax Free Funds
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
- -------------------------------------------------------------------------------
March 31, 1995 (Unaudited)
- -------------------------------------------------------------------------------
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
------------ -------------
ASSETS:
Investments in Portfolios-
Identified cost $1,821,635 $2,601,581
Unrealized appreciation 96,186 126,925
---------- ----------
Total investments in Portfolio,
at value (Note 1A) $1,917,821 $2,728,506
Receivable for Fund shares sold 88,368 58,204
Receivable from the Administrator (Note 4) 11,986 12,040
Deferred organization expenses (Note 1D) 19,802 20,938
---------- ----------
Total assets $2,037,977 $2,819,688
---------- ----------
LIABILITIES:
Dividends payable $ 4,976 $ 7,730
Payable to affiliate -
Custodian fee - 84
Trustee fees - -
Accrued expenses 16,413 11,271
---------- ----------
Total liabilities $ 21,389 $ 19,085
---------- ----------
NET ASSETS $2,016,588 $2,800,603
========== ==========
SOURCES OF NET ASSETS:
Paid-in capital $1,968,979 $2,729,891
Accumulated net realized loss on investment
and financial futures transactions (computed
on the basis of identified cost) (48,326) (54,427)
Accumulated distributions in excess of net
investment income (251) (1,786)
Unrealized appreciation of investments and
financial futures contracts from Portfolio
(computed on the basis of identified cost) 96,186 126,925
---------- ----------
Total $2,016,588 $2,800,603
========== ==========
SHARES OF BENEFICIAL INTEREST OUTSTANDING 195,163 279,289
========== ==========
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets / shares of beneficial interest
outstanding) $ 10.33 $ 10.03
========== ==========
COMPUTATION OF OFFERING PRICE PER SHARE
(100/96.25 of net asset value per share) $ 10.73 $ 10.42
========== ==========
On sales of $100,000 or more, the offering price is reduced.
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
- ------------------------------------------------------------------------------
For the Six Months Ended March 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
------------ -------------
INVESTMENT INCOME (NOTE 1B):
Interest income allocated from Portfolio $ 50,889 $ 68,113
Expenses allocated from Portfolio (4,052) (5,471)
---------- ----------
Net investment income from Portfolio $ 46,837 $ 62,642
Expenses-
Custodian fees (Note 4) $ 1,107 $ 662
Printing and postage 6,097 7,479
Amortization of organization expenses
(Note 1D) 2,463 2,462
Legal and accounting 2,000 1,050
Registration costs 495 167
Transfer and dividend disburing agent fees 476 650
---------- ----------
Total expenses $ 12,638 $ 12,470
Deduct preliminary allocation of expenses to
the Administrator (Note 4) 11,986 12,040
---------- ----------
Net expenses $ 652 $ 430
---------- ----------
Net investment income $ 46,185 $ 62,212
---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from Portfolio -
Investment transactions (identified
cost basis) $ (45,305) $ (53,583)
Financial futures contracts (2,031) (1,559)
---------- ----------
Net realized loss on investments $ (47,336) $ (55,137)
Change in unrealized appreciation
of investments 122,114 156,917
---------- ----------
Net realized and unrealized gain
on investments $ 74,778 $ 101,780
---------- ----------
Net increase in net assets from
operations $ 120,963 $ 163,992
========== ===========
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
---------------- -------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
------------------------------ -----------------------------
1995<F2> 1994<F1> 1995<F2> 1994<F1>
------------------------------ -----------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 46,185 $ 15,078 $ 62,212 $ 12,891
Net realized loss on investments (47,336) (990) (55,137) 710
Change in unrealized appreciation (depreciation)
of investments 122,114 (25,928) 156,917 (29,992)
---------- ---------- ---------- ----------
Net increase in net assets from operations $ 120,963 $ (11,840) $ 163,992 $ (16,391)
---------- ---------- ---------- ----------
Distributions to shareholders (Note 2) -
From net investment income $ (46,185) $ (15,078) $ (62,212) $ (12,891)
In excess of net investment income (114) (137) (1,504) (282)
---------- ---------- ---------- ----------
Total distributions to shareholders $ (46,299) $ (15,215) $ (63,716) $ (13,173)
---------- ---------- ---------- ----------
Transactions in shares of beneficial interest (Note 3) -
Proceeds from sales of shares $ 817,381 $1,320,013 $1,479,148 $1,406,748
Net asset value of shares issued to shareholders in payment
of distributions declared 18,363 6,147 26,212 4,520
Cost of shares redeemed (139,513) (53,412) (186,710) (27)
---------- ---------- ---------- ----------
Increase in net assets from Fund share transactions $ 696,231 $1,272,748 $1,318,650 $1,411,241
---------- ---------- ---------- ----------
Net increase in net assets $ 770,895 $1,245,693 $1,418,926 $1,381,677
NET ASSETS:
At beginning of period 1,245,693 - 1,381,677 -
---------- ---------- ---------- ----------
At end of period $2,016,588 $1,245,693 $2,800,603 $1,381,677
========== ========== ========== ==========
ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME
INCLUDED IN NET ASSETS AT END OF PERIOD $ 251 $ 137 $ 1,786 $ 282
========== ========== ========== ==========
<FN>
<F1> For the Traditional Florida and the Traditional New York Funds, the Statements of Changes in Net Assets are for the period from
the start of business, April 5, 1994, and April 15, 1994, respectively, to September 30, 1994.
<F2> For the six months ended March 31, 1995 (Unaudited).
</TABLE>
See notes to financial statements
<PAGE>
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
---------------- -------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
------------------------------ -----------------------------
1995<F3> 1994<F1> 1995<F3> 1994<F1>
------------------------------ -----------------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.020 $ 10.000 $ 9.780 $ 10.000
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS:
Net investment income $ 0.296 $ 0.288 $ 0.292 $ 0.271
Net realized and unrealized loss on investments 0.311 0.023<F5> 0.257 (0.214)
---------- ---------- ---------- ----------
Total income from operations $ 0.607 $ 0.311 $ 0.549 $ 0.057
---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
From net investment income $ (0.296) $ (0.288) $ (0.292) $ (0.271)
In excess of net investment income (0.001) (0.003) (0.007) (0.006)
---------- ---------- ---------- ----------
Total distributions $ (0.297) $ (0.291) $ (0.299) $ (0.277)
---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 10.330 $ 10.020 $ 10.030 $ 9.780
========== ========== ========== ==========
TOTAL RETURN<F7> 6.22% 3.10% 5.79% 0.56%
RATIOS/SUPPLEMENTAL DATA<F2>:
Net assets, end of period (000 omitted) $ 2,017 $ 1,246 $ 2,801 $ 1,382
Ratio of net expenses to average daily net assets<F6> 0.60%<F4> 0.50%<F4> 0.57%<F4> 0.44%
Ratio of net investment income to average daily net assets 5.90%<F4> 5.30%<F4> 5.97%<F4> 5.36%
<FN>
<F1> For the Traditional Florida and the Traditional New York Funds, the Financial Highlights are for the period from the start of
business, April 5, 1994 and April 15, 1994, respectively, to September 30, 1994.
<F2> For the period ended March 31, 1995 and for the period from the start of business, April 5, 1994, and April 15, 1994,
respectively, to September 30, 1994, the operating expenses of the Funds reflect an allocation of expenses to the
Administrator. Had such actions not been taken, net investment income per share and the ratios would have been as follows:
NET INVESTMENT INCOME PER SHARE: $ 0.219 $ 0.081 $ 0.235 $ 0.156
========== ========== ========== ==========
RATIOS (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS):
Expenses<F6> 2.13%<F4> 2.48%<F4> 1.72%<F4> 2.71%<F4>
Net investment loss 4.37%<F4> 3.32%<F4> 4.82%<F4> 3.09%<F4>
<F3> For the six months ended March 31, 1995 (Unaudited).
<F4> Computed on an annualized basis.
<F5> The per share amount is not in accord with the net realized and unrealized gains and losses for the period because of the
timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
<F6> Includes the Funds share of its corresponding Portfolios allocated expenses.
<F7> Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset
value on the last day of each period reported. Dividends and distributions, if any, are assumed to be reinvested at the net
asset value on the payable date.
</TABLE>
See notes to financial statements
<PAGE>
Notes to Financial Statements
(Unaudited)
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(1) SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Municipals Trust (the Trust) is an entity of the type commonly known
as a Massachusetts business trust and is registered under the Investment Company
Act of 1940, as amended, as an open-end management investment company. The Trust
presently consists of sixty-three Funds, two of which are included in these
financial statements. They include EV Traditional Florida Tax Free Fund,
(Traditional Florida Fund) and EV Traditional New York Tax Free Fund
(Traditional New York Fund). Each Fund invests all of its investable assets in
interests in a separate corresponding open-end management investment company (a
Portfolio), a New York Trust, having the same investment objective as its
corresponding Fund. The Traditional Florida Fund invests its assets in the
Florida Tax Free Portfolio and the Traditional New York Fund invests its assets
in the New York Tax Free Portfolio. The value of each Funds investment in its
corresponding Portfolio reflects the Funds proportionate interest in the net
assets of that Portfolio (0.3% and 0.4% at March 31, 1995 for the Traditional
Florida Fund and Traditional New York Fund, respectively.) The performance of
each Fund is directly affected by the performance of its corresponding
Portfolio. The financial statements of each Portfolio, including the portfolio
of investments, are included elsewhere in this report and should be read in
conjunction with each Funds financial statements. The following is a summary of
significant accounting policies consistently followed by the Trust in the
preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles.
A. INVESTMENT VALUATIONS - Valuation of securities by the Portfolios is
discussed in Note 1 of the Portfolios Notes to Financial Statements which are
included elsewhere in this report.
B. INCOME - Each Funds net investment income consists of each Funds pro rata
share of the net investment income of its corresponding Portfolio, less all
actual and accrued expenses of each Fund determined in accordance with generally
accepted accounting principles.
C. FEDERAL TAXES - Each Funds policy is to comply with the provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute to shareholders each year all of its taxable and tax-exempt income,
including any net realized gain on investments. Accordingly, no provision for
federal income or excise tax is necessary. At September 30, 1994, the
Traditional Florida Fund, for federal income tax purposes, had a capital loss
carryover of $636 which will reduce the taxable income arising from future net
realized gains on investments, if any, to the extent permitted by the Internal
Revenue Code, and thus will reduce the amount of the distributions to
shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal income or excise tax. Such capital loss carryover will
expire on September 30, 2002. Dividends paid by each Fund from net interest on
tax-exempt municipal bonds allocated from its corresponding Portfolio are not
includable by shareholders as gross income for federal income tax purposes
because each Fund and Portfolio intend to meet certain requirements of the
Internal Revenue Code applicable to regulated investment companies which will
enable the Funds to pay exempt-interest dividends. The portion of such interest,
if any, earned on private activity bonds issued after August 7, 1986, may be
considered a tax preference item to shareholders.
D. DEFERRED ORGANIZATION EXPENSES - Costs incurred by a Fund in connection with
its organization, including registration costs, are being amortized on the
straight-line basis over five years, beginning on the date each Fund commenced
operations.
E. OTHER - Investment transactions are accounted for on a trade date basis.
F. INTERIM FINANCIAL INFORMATION - The interim financial statements relating to
March 31, 1995, and the six-month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Funds
management reflect all adjustments, consisting only of normal recurring
adjustments necessary for the fair presentation of the financial statements.
<PAGE>
- ------------------------------------------------------------------------------
(2) DISTRIBUTIONS TO SHAREHOLDERS
The net income of each Fund is determined daily and substantially all of the net
income so determined is declared as a dividend to shareholders of record at the
time of declaration. Distributions are paid monthly. Distributions of allocated
net realized capital gains, if any, are made at least annually. Shareholders may
reinvest capital gain distributions in additional shares of a Fund at the net
asset value as of the ex-dividend date. Distributions are paid in the form of
additional shares or, at the election of the shareholder, in cash.
The Funds distinguish between distributions on a tax basis and a financial
reporting basis. Generally accepted accounting principles require that only
distributions in excess of tax basis earnings and profits be reported in the
financial statements as a return of capital. Differences in the recognition or
classification of income between the financial statements and tax earnings and
profits which result in temporary over distributions for financial statements
purposes are classified as distributions in excess of net investment income or
accumulated net realized gains. Permanent differences between book and tax
accounting relating to distributions are reclassified to paid-in capital.
- ------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Funds Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
------------------------------ -----------------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
------------------------------ -----------------------------
1995<F2> 1994<F1> 1995<F2> 1994<F1>
------------------------------ -----------------------------
<S> <C> <C> <C> <C>
Sales 82,639 128,981 154,507 140,815
Issued to shareholders electing to receive
payments of distributions in Fund shares 1,849 605 2,712 458
Redemptions (13,666) (5,245) (19,200) (3)
------- ------- ------- -------
Net increase 70,822 124,341 138,019 141,270
======= ======= ======= =======
<FN>
<F1> For the Traditional Florida and Traditional New York Funds, the start of business is April 5, 1994 and April 15, 1994,
respectively.
<F2> For the six months ended March 31, 1995 (unaudited).
</TABLE>
- -------------------------------------------------------------------------------
(4) TRANSACTIONS WITH AFFILIATES
Eaton Vance Management (EVM) serves as the administrator of each Fund, but
receives no compensation. The Portfolios have engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services. See
Note 2 of the Portfolios Notes to Financial Statements which are included
elsewhere in this report. To enhance the net income of the Funds for the six
months ended March 31, 1995, $11,986 and $12,040 of expenses related to the
operation of the Traditional Florida Fund and Traditional New York Fund,
respectively, were allocated, on a preliminary basis, to EVM. Except as to
Trustees of the Funds and the Portfolios who are not members of EVMs or BMRs
organization, officers and Trustees receive remuneration for their services to
each Fund out of such investment adviser fee.
With respect to Fund shares sold prior to March 27, 1995, Eaton Vance
Distributors, Inc. (EVD), a subsidiary of EVM and the Trusts Principal
Underwriter, receives a contingent deferred sales charge (CDSC) on shareholder
redemptions made within 18 months of purchase, where the initial investment in a
Fund was $1 million or more. EVD did not receive any CDSC during the six months
ended March 31, 1995. No CDSC will be levied on shareholder redemptions of Fund
shares acquired on or after March 27, 1995.
Investors Bank & Trust Company (IBT), an affiliate of EVM, serves as custodian
to the Funds and the Portfolios. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined based on
the average cash balances the Funds or the Portfolios maintain with IBT. Certain
of the officers and Trustees of the Funds and Portfolios are officers and
directors/trustees of the above organizations (Note 5).
- -------------------------------------------------------------------------------
(5) SERVICE PLAN
Each Fund has adopted a service plan designed to meet the requirements of Rule
12b-1 under the Investment Company Act of 1940 and the service fee requirements
of the revised sales charge rule of The National Association of Securities
Dealers, Inc. The Service Plans provide that each Fund may make service fee
payments to the Principal Underwriter, Eaton Vance Distributors, Inc., a
subsidiary of Eaton Vance Management, Authorized Firms or other persons in
amounts not exceeding 0.25% of each Funds average daily net assets for any
fiscal year. The Trustees have initially implemented each Plan by authorizing
the Funds to make quarterly service fee payments to the Principal Underwriter
and Authorized Firms in amounts not exceeding 0.20% of each Funds average daily
net assets for any fiscal year which is attributable to shares of a Fund sold by
such persons and remaining outstanding for at least one year. Service fee
payments are made for personal services and/or the maintenance of shareholder
accounts. No provision for service fee payments was made for the six months
ended March 31, 1995 for the Traditional Florida and Traditional New York Funds.
Certain of the officers and Trustees of the Funds are officers and directors of
EVD.
- ------------------------------------------------------------------------------
(6) INVESTMENT TRANSACTIONS
Increases and decreases in each Funds investment in its corresponding Portfolio
for the six months ended March 31, 1995 were as follows:
TRADITIONAL TRADITIONAL
FLORIDA FUND NEW YORK FUND
--------------- ------------------
Increases $ 786,972 $ 1,504,602
Decreases 180,635 240,702
<PAGE>
Florida Tax Free Portfolio
Portfolio of Investments March 31, 1995 (Unaudited)
- -------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS- 100%
- -------------------------------------------------------------------------------
RATINGS (UNAUDITED) PRINCIPAL
AMOUNT
STANDARD (000
MOODYS & POORS OMITTED) SECURITY VALUE
- ------------------------------------------------------------------------------
COGENERATION - 2.9%
Baa3 BBB- $7,275 Martin County, Indian
Town Project, (AMT),
7.875%, 12/15/25 $ 7,782,286
NR NR 4,000 Palm Beach County,
Okeelanta Power L.P.
Project (AMT), 6.85%,
2/15/21 3,822,760
NR NR 7,250 Palm Beach County,
Osceola Power L.P.
Project (AMT),
6.95%, 1/1/22 7,010,098
NR NR 3,100 Palm Beach County,
Osceola Power L.P.
Project (AMT), 6.85%,
1/1/14 2,995,034
-----------
$21,610,178
-----------
EDUCATION - 0.8%
NR AAA $5,500 Volusia County
Educational Facilities,
Embry-Riddle
Aeronautical University
Project (CLEE), 6.625%,
4/15/22 $5,714,170
-----------
ESCROWED - 11.5%
Aaa AAA $ 500 City of Boynton Beach
Water & Sewer Utility
(AMBAC), 7.40%,
11/1/15 $ 565,255
NR A+ 2,100 Charlotte County,
St. Josephs Hospital,
8.25%, 8/15/18 2,352,126
Aaa AAA 9,225 Dade County, Baptist
Hospital of Miami
Project, 5.75%, 5/1/21 9,101,939
NR BBB 6,000 Escambia County, Baptist
Hospital, Inc. Project
8.70%, 10/1/14 6,645,960
Aaa AAA 7,750 Florida Municipal Power
Agency All-Requirements
Power Supply Project
(AMBAC), 6.25%, 10/1/21 8,404,875
Aaa AAA 5,000 Florida Municipal Power
Agency Stanton II Project
(AMBAC), Variable,
10/1/20 (1) 5,993,600
Aaa AAA 975 Florida Department of
Transportation (FGIC),
6.35%, 7/1/22 1,054,628
Aaa NR 2,500 Jacksonville Health
Facilities Finance
Authority, Daughters
of Charity National
Health System, Inc.,
7.50%, 11/1/15 2,838,275
Aaa AAA 1,185 Jacksonville
Transportation
Authority, 7.375%,
7/1/20 1,331,359
NR NR 3,250 Leesburg Hospital
Medical Project, 7.50%,
7/1/21 3,740,328
NR NR 1,675 Mid-Bay Bridge
Authority, 6.875%,
10/1/22 1,883,387
Aaa AA- 14,485 Orlando Utilities
Commission Water and
Electric, 6.50%,
10/1/20 15,843,403
Aaa AAA 2,000 Orlando & Orange
County Expressway
Authority (FGIC),
8.25%, 7/1/14 2,544,080
Aaa AAA 10,000 Palm Bay Utility
Corporation Project
(MBIA), 6.20%, 10/1/17 10,781,800
NR AAA 2,355 Pinellas County
Health Facilities
Finance Authority,
Sun Coast Health
System, Series A,
8.50%, 3/1/20 2,742,727
Baa1 AAA 315 Puerto Rico Electric
Power Authority,
7.125%, 7/1/14 347,225
NR AAA 680 Puerto Rico Highway
and Transportation
Authority, 6.625%,
7/1/18 755,636
AAA A+ 2,000 Tampa Health Facilities
Finance Authority,
Allegany Health
System, St. Josephs
Hospital, 7.125%,
12/1/05 2,214,800
NR BBB+ 1,035 Volusia County Health
Facilities Finance
Authority, Memorial
Health Systems, 8.125%,
6/1/08 1,189,577
NR BBB+ 3,850 Volusia County Health
Facilities Finance
Authority, Memorial
Health Systems,
8.25%, 6/1/20 4,446,519
-----------
$84,777,499
-----------
GENERAL OBLIGATION - 5.8%
Aa AA $ 1,000 Florida Board of
Education, 6.75%,
6/1/09 $ 1,066,160
Aa AA 16,100 Florida Board of
Education, 6.70%,
6/1/22 17,080,651
Aa AA 8,000 Florida Board of
General Services,
6.60%, 7/1/17 8,413,360
NR BBB 4,675 Guam Government,
5.40%, 11/15/18 4,038,125
A A 7,255 Hillsborough County,
Museum of Science &
Industry, 6.45%, 1/1/22 7,293,306
Baa1 A 2,000 Puerto Rico, 6.50%,
7/1/23 2,044,520
Baa1 A 3,235 Puerto Rico Public
Building Authority, 5.50%,
7/1/21 2,916,029
-----------
$42,852,151
-----------
HEALTH CARE - 6.4%
NR AAA $5,075 Dade County Industrial
Development Authority,
Gramercy Park Nursing
Care Center, 6.60%,
8/1/23 $ 5,176,551
NR AAA 4,285 Dade County Industrial
Development Authority,
Florida Club Care
Center (GNMA),
6.60%, 1/20/18 4,301,326
NR BBB+ 3,350 Escambia County Health
Facilities Authority,
Baptist Hospital, Inc. and
The Baptist Manor, Inc.,
6.75%, 10/1/14 3,349,933
NR BBB+ 8,995 Escambia County Health
Facilities Authority,
Baptist Hospital, Inc.,
6.00%, 10/1/14 8,251,383
Baa1 NR 3,750 Jacksonville Health
Facilities Authority,
National Benevolent
Association, Cypress
Village Florida Project,
7.00%, 12/1/22 3,704,363
A NR 14,000 City of Venice Health
Facilities, 6.00%,
12/1/14 13,498,380
A NR 9,810 City of Venice Health
Facilities, 5.75%,
12/1/24 8,858,822
-----------
$47,140,758
-----------
HOSPITAL REVENUE - 1.3%
NR AA+ $4,750 Jacksonville Health
Facilities Finance
Authority, St. Lukes
Hospital Association
Project, 6.75%,
11/15/13 $4,973,345
A BBB+ 5,000 St. Johns County
Industrial Development
Authority, Flagler
Hospital Project,
6.00%, 8/1/22 4,730,550
-----------
$9,703,895
-----------
HOUSING - 8.5%
NR AAA $630 Broward County HFA
SFMR (GNMA), (AMT),
7.35%, 3/1/23 $ 655,918
NR AAA 1,300 Clay County HFA MFMR
(GNMA), 7.40%, 12/1/25 1,386,528
Aaa NR 2,750 Clay County HFA SFMR
(GNMA), (AMT), 6.55%,
3/1/28 2,763,283
Aaa NR 290 Dade County HFA SFMR
(GNMA), 7.10%, 3/1/17 302,815
Aaa NR 1,260 Dade County HFA SFMR
(GNMA), (AMT), 7.75%,
9/1/22 1,330,069
Aaa NR 1,160 Dade County HFA SFMR
(GNMA), (AMT), 7.25%,
9/1/23 1,205,008
Aaa NR 75 Dade County HFA SFMR
(GNMA), 7.00%, 3/1/24 77,468
Aaa NR 2,540 Escambia County HFA
SFMR (GNMA), (AMT),
7.40%, 10/1/23 2,651,684
Aaa NR 7,500 Escambia County HFA
SFMR (GNMA), (AMT),
6.85%, 10/1/17 7,622,400
Aaa NR 5,000 Escambia County HFA
SFMR (GNMA), (AMT),
6.90%, 10/1/21 5,122,800
Aaa NR 6,250 Escambia County HFA
SFMR (GNMA), (AMT),
6.95%, 10/1/27 6,418,688
NR AAA 1,125 Florida HFA (FHA),
6.35%, 6/1/14 1,134,923
Aaa NR 1,005 Hillsborough County
HFA SFMR (GNMA),
(AMT), 7.875%, 5/1/23 1,076,546
NR NR 3,475 City of North Miami
Health Care Facilities,
The Imperial Club Project,
9.25%, 1/1/13 3,642,043
NR AAA 1,695 Orange County HFA
SFMR (GNMA), (AMT),
7.375%, 9/1/24 1,792,700
Aaa NR 12,000 Orange County HFA
SFMR (GNMA), (AMT),
6.85%, 10/1/27 12,335,880
NR AAA 8,000 Orange County HFA
SFMR (GNMA), (AMT),
6.60%, 4/1/28 7,989,120
Aaa NR 845 Palm Beach County HFA
SFMR (GNMA), 7.60%, 3/1/23 893,723
Aaa NR 1,455 Polk County HFA SFMR
(GNMA), 7.15%, 9/1/23 1,514,393
Baa BBB 1,400 Puerto Rico Urban
Renewal & Housing Corp,
7.875%, 10/1/04 1,557,192
Aaa AAA 915 Puerto Rico Housing
Finance Corp SFMR
(GNMA), 7.65%, 10/15/22 971,801
-----------
$62,444,982
-----------
INDUSTRIAL DEVELOPMENT
REVENUE/POLLUTION CONTROL
REVENUE - 2.2%
Baa1 BBB $8,000 Escambia County,
Champion International
Corporation Project
(AMT), 5.875%, 6/1/22 $ 7,206,240
B3 BB- 9,200 Polk County Industrial
Development Authority
(AMT), 7.525%, 1/1/15 9,354,100
-----------
$16,560,340
-----------
INSURED HEALTHCARE - 0.3%
Aaa AAA $500 Alachua County Health
Facility, Mental Health
Services Project
(CGIC), 7.75%, 7/1/10 $ 558,990
Aaa AAA 2,050 Hillsborough County IDA,
Allegany Health Systems,
J. Knox Village (MBIA),
5.75%, 12/1/21 1,958,488
-----------
$2,517,478
-----------
INSURED HOSPITALS - 5.3%
Aaa AAA $8,000 Charlotte County Health
Care, Bon-Secours Health
System Project (FSA),
Variable, 8/30/27 (1) $ 7,918,640
Aaa AAA 23,355 Jacksonville FL Health
Authority, Daughters of
Charity, 5.00%, 11/15/15 20,362,991
Aaa AAA 2,000 Lee County, Memorial
Hospital (MBIA), Variable,
4/1/20 (1) 2,146,500
Aaa AAA 5,305 Orange County Health
Facilities Finance Authority,
Pooled Hospital Loan Program
- Orlando Regional Medical
Center & Indian River
Memorial Hospital (FGIC),
7.875%, 12/1/25 5,642,133
Aaa AAA 3,000 Orange County Health
Facilities Authority (MBIA),
Variable, 10/1/21 (1) 3,135,960
-----------
$39,206,224
-----------
INSURED HOUSING - 2.2%
Aaa AAA $1,575 Brevard County HFA
SFMR (FSA), 7.00%,
3/1/13 $ 1,637,606
Aaa AAA 1,720 Duval County HFA
SFMR (FGIC), 7.35%,
7/1/24 1,816,010
Aaa AAA 6,530 FL HEFA, Maitland Club
Apartment Project
(AMBAC) (AMT),
6.875%, 8/1/26 6,728,969
Aaa AAA 3,000 FL HFA, Brittany of
Rosemont Project
(AMBAC) (AMT), 6.875%,
8/1/26 3,091,410
Aaa AAA 2,675 Lee County SCA MFMR
(FSA) (AMT), 7.05%,
1/1/30 2,754,234
-----------
$16,028,229
------------
INSURED POLLUTION CONTROL
REVENUE - 0.3%
Aaa AAA $1,000 Citrus County (MBIA),
6.35%, 2/1/22 $1,021,730
Aaa AAA 1,000 Escambia County
Gulf Power Project
(MBIA), 5.80%, 6/1/23 961,080
-----------
$1,982,810
-----------
INSURED MISCELLANEOUS - 1.3%
Aaa AAA $2,000 Escambia County (MBIA),
7.20%, 1/1/15 $2,124,840
Aaa AAA 5,855 Lee County (MBIA),
7.30%, 10/1/07 6,434,001
Aaa AAA 799 Osceola County IDA
Community Provider
Pooled Loan Program,
(CGIC), 7.75%, 7/1/10 836,114
-----------
$9,394,955
-----------
INSURED SOLID WASTE - 0.2%
Aaa AAA $1,500 St. Johns County Solid
Waste Disposal (FGIC),
7.25%, 11/1/10
$1,654,875
-----------
INSURED SPECIAL TAX
REVENUE - 8.7%
Aaa AAA $10,770 FL Department of
Environmental Protection
(AMBAC), 4.60%,
7/1/05 $ 9,922,940
Aaa AAA 11,130 FL Department of
Environmental Protection
(AMBAC), 4.75%,
7/1/06 10,243,273
Aaa AAA 100 FL Department of
Environmental Protection
(AMBAC), 4.75%, 7/1/07 91,128
Aaa AAA 14,250 FL Department of
Environmental Protection
(MBIA), 4.75%, 7/1/09 12,799,493
Aaa AAA 9,875 FL Department of
Environmental Protection
(MBIA), 4.75%, 7/1/10 8,779,566
Aaa AAA 10,000 FL Department of
Environmental Protection
(MBIA), 4.90%, 7/1/13 8,789,600
Aaa AAA 1,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/10 393,220
Aaa AAA 1,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/11 367,270
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/12 685,400
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/13 638,920
Aaa AAA 2,000 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/14 600,660
Aaa AAA 1,500 City of Jacksonville (FGIC)
(AMT), 0%, 10/1/15 419,340
Aaa AAA 1,185 City of Opa-Locka (FGIC),
7.00%, 1/1/14 1,298,168
Aaa AAA 5,000 St. Petersburg Excise Tax
(FGIC), 5.00%, 10/1/16 4,411,600
Aaa AAA 2,000 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/10 804,380
Aaa AAA 1,760 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/12 618,693
Aaa AAA 2,840 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/14 877,475
Aaa AAA 4,000 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/15 1,152,080
Aaa AAA 4,140 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/16 1,122,106
Aaa AAA 2,525 Sunrise Florida Public
Facilities (MBIA), 0%,
10/1/17 644,024
-----------
$64,659,336
-----------
INSURED TRANSPORTATION - 5.2%
Aaa AAA $4,000 Dade County Aviation
Facilities (MBIA) (AMT),
6.55%, 10/1/13 $ 4,148,480
Aaa AAA 4,000 FL State Turnpike
Authority (FGIC), Variable,
7/1/22 (1) 4,194,400
Aaa AAA 5,500 FL State Turnpike
Authority (FGIC), 5.00%,
7/1/19 4,788,960
Aaa AAA 8,600 Greater Orlando Aviation
Authority, Orlando Airport
Facilities (FGIC), (AMT),
6.375%, 10/1/21 (2) 8,688,150
Aaa AAA 7,000 Orlando & Orange County
Expressway Authority (FGIC),
Variable, 7/1/04 (1) 6,655,670
Aaa AAA 10,920 Orlando & Orange County
Expressway Authority
(FGIC), 5.125%, 7/1/20 9,671,735
-----------
$38,147,395
-----------
INSURED UTILITIES - 6.1%
Aaa AAA $41,465 FL Municipal Power
Agency Stanton II Project
(AMBAC), 4.50%, 10/1/27 $32,180,572
Aaa AAA 7,770 FL Municipal Power
Agency Stanton II Project
(AMBAC), 4.50%, 10/1/16 6,364,718
Aaa AAA 2,000 Fort Pierce Utilities
Authority (AMBAC),
5.25%, 10/1/16 1,813,460
Aaa AAA 1,540 Manatee County Public
Utility (FGIC), 0%,
10/1/12 538,600
Aaa AAA 1,750 Puerto Rico Electric
Power Authority (FSA),
Variable, 7/1/02 (1) 1,805,983
Aaa AAA 2,200 Puerto Rico Electric
Power Authority (FSA),
Variable, 7/1/03 (1) 2,294,951
-----------
$44,998,284
-----------
INSURED WATER & SEWER - 6.1%
Aaa AAA $11,450 Broward County Water &
Sewer (AMBAC), 5.125%,
10/1/15 $10,240,308
Aaa AAA 9,500 Dade County Water and
Sewer System (FGIC),
5.00%, 10/1/13 8,476,660
Aaa AAA 2,000 City of Fort Myers
Utility (FGIC), 5.00%,
10/1/19 1,755,860
Aaa AAA 2,000 City of Fort Myers
Utility (FGIC), 5.00%,
10/1/16 1,728,960
Aaa AAA 9,840 Reedy Creek Improvement
District (Orange and
Osceola Counties) (MBIA)
5.00%, 10/1/19 8,551,550
Aaa AAA 4,000 Sanford Water and Sewer
(AMBAC), 4.50%, 10/1/21 3,182,120
Aaa AAA 1,700 St. Johns County Water &
Sewer (MBIA), 0%, 6/1/16 470,186
Aaa AAA 3,550 St. Johns County Water &
Sewer (MBIA), 0%, 6/1/17 923,958
Aaa AAA 5,600 St. Lucie County Utility
System (FGIC), 6.00%.
10/1/20 5,636,400
Aaa AAA 4,000 City of Tampa Water
and Sewer System (FGIC),
6.00%, 10/1/17 4,024,640
-----------
$44,990,642
-----------
LIFE CARE - 1.0%
NR NR $6,895 Atlantic Beach, Fleet
Landing Project, 8.00%,
10/1/24 $7,058,825
-----------
LEASE/CERTIFICATES OF
PARTICIPATION - 1.3%
A1 A $2,280 Florida State Department
of General Services, 7.00%,
9/1/20 $2,420,038
Baa1 A 7,350 PR PBA Educational &
Health Facilities, 5.70%,
7/1/09 7,106,054
-----------
$9,526,091
-----------
NURSING HOMES - 1.1%
NR NR $300 Broward County Industrial
Development Authority,
Beverly Enterprises -
Florida, Inc. Project,
9.80%, 11/1/10 $ 333,390
NR NR 500 Charlotte County Industrial
Development Authority,
Beverly Enterprises, 10.00%,
6/1/11 566,945
NR NR 4,000 Citrus County Industrial
Development Authority,
Beverly Enterprises, 7.25%,
4/1/03 3,931,240
NR NR 725 Highlands County Industrial
Development Authority,
Beverly Enterprises -
Florida, Inc. Project, 9.25%,
7/1/07 796,268
NR NR 435 Okaloosa County, Beverly
Enterprises, 10.75%,
10/1/03 478,704
NR NR 720 Orange County Industrial
Development Authority,
Beverly Enterprises, 9.25%,
8/1/10 791,302
NR NR 1,000 Winter Garden, Beverly
Enterprises, 8.75%, 7/1/12 1,079,100
------------
$7,976,949
------------
SOLID WASTE - 0.6%
A A $3,870 Broward County Waste
Energy Company, L.P.
North Project,
7.95%, 12/1/08 $4,197,363
-----------
SPECIAL TAX REVENUE - 1.6%
A1 A+ $9,500 Orange County 5.375%,
1/1/24 $ 8,523,590
A1 NR 3,000 City of Orlando, 6.00%,
10/1/22 2,940,630
-----------
$11,464,220
-----------
TRANSPORTATION - 5.4%
NR NR $10,140 Mid-Bay Bridge
Authority, 6.125%,
10/1/22 $ 9,108,863
Baa1 A 10,135 Puerto Rico Highway &
Transportation Authority,
5.00%, 7/1/22 8,440,225
Baa1 A 2,500 Puerto Rico Highway &
Transportation Authority,
5.50%, 7/1/17 2,273,300
Baa1 A 4,750 Puerto Rico Highway &
Transportation Authority,
5.50%, 7/1/19 4,302,265
Baa1 A 17,650 Puerto Rico Highway &
Transportation Authority,
5.25%, 7/1/21 15,304,668
-----------
$39,429,322
-----------
UTILITIES - 13.6%
NR BBB $3,850 Guam Power Authority,
6.30%, 10/1/22 $ 3,680,831
NR BBB 32,325 Guam Power Authority,
5.25%, 10/1/23 26,225,273
Aa1 AA 30,000 Jacksonville Electric
Authority, Bulk Power
Supply System, Scherer 4
Project, 5.25%,
10/1/21 26,960,100
Aa1 AA 3,000 Jacksonville Electric
Authority St. Johns
River Park System,
6.50%, 10/1/14 3,094,140
Aa AA- 2,500 Orlando Utilities
Commission Water and
Electric, 5.00%,
10/1/23 2,154,575
Aa AA- 10,000 Orlando Utilities
Commission Water and
Electric, 5.25%,
10/1/23 8,944,500
Aa1 AA 2,850 Orlando Utilities
Commission Water and
Electric, 5.125%, 10/1/19 2,515,467
Aa1 AA 11,395 Orlando Utilities
Commission Water and
Electric, 5.00%, 10/1/23 9,779,303
Aa AA 1,750 Orlando Utilities
Commission Water and
Electric, 5.25%, 10/1/23 1,560,930
Baa1 A- 185 Puerto Rico Electric
Power Authority, 7.125%,
7/1/14 195,739
Baa1 A- 10,000 Puerto Rico Electric
Power Authority, 7.00%,
7/1/21 10,693,900
A2 A+ 2,515 St. Lucie County Solid
Waste Disposal, Florida
Power & Light Company
(AMT), 6.70%, 5/1/27 2,574,807
NR NR 2,000 Virgin Island Water &
Power Authority, 7.40%,
7/1/11 2,106,180
------------
$100,485,744
------------
WATER & SEWER - 0.3%
Baa1 BBB+ $2,500 Hillsborough County
Utility, 6.625%, 8/1/11 $2,569,575
-----------
TOTAL TAX-EXEMPT INVESTMENTS
(identified cost $710,252,094) $737,092,290
============
(1) The above designated securities have been issued as inverse floater bonds.
(2) At March 31, 1995, the market value of securities segregated to cover margin
requirements for open financial futures contracts amounted to $8,688,150.
The Portfolio invests primarily in debt securities issued by Florida
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1995, 35.7% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage by financial
institution ranged from 10.5% to 14.7% of total investments.
See notes to financial statements
<PAGE>
New York Tax Free Portfolio
Portfolio of Investments March 31, 1995 (Unaudited)
- -------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS- 100%
- -------------------------------------------------------------------------------
RATINGS (UNAUDITED) PRINCIPAL
AMOUNT
STANDARD (000
MOODYS & POORS OMITTED) SECURITY VALUE
- ------------------------------------------------------------------------------
EDUCATION - 11.0%
A1 NR $ 6,295 Monroe County IDA,
University of Rochester,
7.25%, 12/1/16 $ 6,672,385
NR BBB- 1,660 City of New Rochelle
IDA Civic Facilities,
College of New
Rochelle, 6.75%,
7/1/22 1,674,492
Baa1 BBB+ 1,300 Dormitory Authority,
State University
Educational Facilities,
7.50%, 5/15/11 1,471,925
Baa1 BBB+ 5,000 Dormitory Authority,
State University
Educational Facilities,
5.25%, 5/15/13 4,417,700
Baa1 BBB+ 6,895 Dormitory Authority,
State University
Educational Facilities,
4.75%, 7/1/14 5,975,345
Baa1 BBB+ 7,600 Dormitory Authority,
State University
Educational Facilities,
5.25%, 5/15/15 6,665,352
Baa1 BBB+ 7,505 Dormitory Authority,
State University
Educational Facilities,
5.25%, 5/15/19 6,484,170
Baa1 BBB+ 6,805 Dormitory Authority,
State University
Educational Facilities,
5.25%, 5/15/21 5,863,936
NR AA 1,300 Dormitory Authority,
State University
Educational Facilities,
Medical College,
(Asset Guarranty),
6.875%, 7/1/21 1,363,609
A1 A+ 950 Dormitory Authority,
University of Rochester,
5.625%, 7/1/12 903,156
Baa1 BBB+ 28,250 Dormitory Authority,
State University
Educational Facilities,
5.50%, 5/15/13 25,855,813
Baa1 BBB+ 2,500 Dormitory Authority,
State University
Educational Facilities,
5.75%, 5/15/24 2,304,975
Baa1 BBB+ 1,900 Dormitory Authority,
State University
Educational Facilities,
5.50%, 5/15/08 1,778,476
--------------
$ 71,431,334
--------------
ELECTRIC UTILITIES - 2.7%
NR BBB $ 4,000 Guam Power Authority
Revenue Bonds,
6.75%, 10/1/24 $ 4,015,760
A1 A 2,500 New York State Energy
Resource & Development
Authority, Brooklyn Union
Gas (RIBS)(AMT), Variable,
7/1/26 (1) 2,759,750
Aa3 A+ 500 New York State Energy
Resource & Development
Authority, Consolidated
Edison (AMT), 7.75%, 1/1/24 527,290
Aa3 A+ 2,365 New York State Energy
Resource & Development
Authority, Consolidated Edison
(AMT), 7.50%, 7/1/25 2,490,463
Aa3 A+ 1,000 New York State Energy
Resource & Development
Authority, Consolidated
Edison (AMT), 7.50%, 1/1/26 1,051,170
Aa AA- 500 Power Authority of the
State of New York,
8.00%, 1/1/17 544,945
Baa1 A- 11,500 Puerto Rico Electric
Power Authority,
0%, 7/1/17 2,821,755
NR NR 3,000 Virgin Islands Water
and Power Authority,
7.40%, 7/1/11 3,159,270
--------------
$ 17,370,403
--------------
ESCROWED - 5.9%
Aaa AAA $ 725 Albany Municipal Water
(MBIA), 7.50%, 12/1/17 $ 803,242
Aaa BBB 1,000 Dormitory Authority,
City University,
7.625%, 7/1/20 1,137,370
Aaa BBB+ 1,530 Dormitory Authority,
State University
Educational Facilities,
7.70%, 5/15/12 1,741,492
NR BBB 1,000 Dormitory Authority,
City University,
8.125%, 7/1/08 1,114,570
Baa1 BBB- 2,250 Dormitory Authority,
Upstate Community
College, 7.20%, 7/1/21 2,532,218
Baa1 NR 2,000 Dormitory Authority,
Upstate Community
College, 7.30%, 7/1/21 2,261,420
Aaa AAA 500 Erie County Water
Authority, Water Works
System, 6.00%, 12/1/08 512,615
Aaa AAA 500 Metropolitan Transportation
Authority Commuter
Facilities Bonds,
7.50%, 7/1/19 563,900
Aaa AAA 1,000 New York Local Government
Assistance Corporation
(LGAC), 7.00%, 4/1/16 1,117,200
Aaa AAA 7,500 New York Local Government
Assistance Corporation,
6.75%, 4/1/21 8,348,250
Aaa BBB 1,000 New York State Housing
Finance Agency Service
Contracts,
7.80%, 9/15/11 1,157,210
Aaa AAA 1,775 New York State Housing
Finance Agency Service
Contracts,
7.375%, 9/15/21 2,039,085
Aaa BBB+ 90 New York State Medical
Care Facilities Finance
Agency, Mental Health
Services Facilities,
7.75%, 8/15/10 102,170
Aaa AAA 450 New York State Medical
Care Facilities Finance
Agency, Mental Health
Services Facilities,
7.875%, 8/15/08 518,144
Aaa AAA 3,320 New York State Medical Care
Facilities Finance Agency,
Mental Health Services
Facilities, 7.50%, 2/15/21 3,786,260
Aaa NR 8,100 New York State Urban
Development Corporation
Correctional Facilities,
6.50%, 1/1/21 8,698,347
NR A 1,760 Puerto Rico Highway &
Transportation Authority,
6.625%, 7/1/18 1,955,764
-----------
$38,389,257
-----------
GENERAL OBLIGATIONS - 4.8%
Baa NR $725 Jamestown,
7.00%, 3/15/07 $778,447
Baa NR 600 Jamestown,
7.00%, 3/15/08 641,142
Baa NR 700 Jamestown,
7.10%, 3/15/09 756,140
Baa NR 700 Jamestown,
7.10%, 3/15/10 755,069
Baa NR 700 Jamestown,
7.10%, 3/15/11 757,246
Baa NR 675 Jamestown,
7.10%, 3/15/12 728,494
Baa NR 675 Jamestown,
7.10%, 3/15/13 730,222
Baa NR 515 Jamestown,
7.10%, 3/15/14 558,368
Baa1 A- 2,500 New York City,
7.50%, 8/15/09 2,603,125
Baa1 A- 2,425 New York City,
7.50%, 2/1/09 2,553,889
Baa1 A- 1,200 New York City,
7.50%, 2/1/16 1,259,712
Baa1 A- 120 New York City,
8.25%, 5/15/16 131,352
Baa1 A- 4,000 New York City,
7.50%, 2/1/18 4,199,040
A A- 3,000 State of New York,
5.60%, 3/1/12 2,891,940
Aa AA 1,700 Onondaga County,
5.875%, 2/15/11 1,716,473
Aa AA 1,600 Onondaga County,
5.875%, 2/15/12 1,607,520
Baa1 A 4,425 Puerto Rico Public Building
Authority, Public Education
and Health Facilities,
5.75%, 7/1/15 4,186,935
Baa1 A 3,750 Puerto Rico Aqueduct &
Sewer Authority,
7.875%, 7/1/17 4,081,125
-----------
$30,936,239
-----------
HEALTH CARE - 21.0%
Aa AAA $1,500 Dormitory Authority,
Long Island Jewish
Medical Center (FHA),
7.75%, 8/15/27 $1,608,240
NR AAA 1,000 Dormitory Authority,
St. Francis Hospital (FHA),
7.65%, 8/1/30 1,116,750
NR AAA 6,705 Dormitory Authority,
United Health Services,
FHA Insured Mortgage,
7.35%, 8/1/29 7,152,692
Aa AAA 4,785 New York State Medical
Care Facilities Finance
Agency (MCFFA), Hospital
Insured Mortgage (FHA),
5.25%, 8/15/14 4,326,214
Aa AA 750 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 7.35%, 2/15/29 799,515
NR AAA 3,855 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA),
6.125%, 2/15/14 3,970,187
NR AAA 3,620 New York State MCFFA,
Hospital and Nursing
Insured Mortgage (FHA)
(Secondary MBIA),
5.75%, 8/15/19 3,442,439
NR AA 9,000 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 6.70%, 8/15/23 9,347,220
Aa AA 6,600 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 7.25%, 2/15/31 7,066,026
Aa AA 1,500 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 6.95%, 2/15/32 1,565,235
Aa AA 2,190 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 7.00%, 8/15/32 2,290,587
Aa AA 3,800 New York State MCFFA,
Hospital and Nursing
Insured Mortgage
(FHA), 6.65%, 8/15/32 3,881,776
Baa1 BBB+ 20,525 New York State MCFFA,
Mental Health Services
Facilities,
5.375%, 2/15/14 (3) 18,258,630
Baa1 BBB+ 1,610 New York State MCFFA,
Mental Health Services
Facilities,
7.625%, 8/15/17 1,745,353
Baa1 BBB+ 10,205 New York State MCFFA,
Mental Health Services
Facilities,
5.25%, 2/15/19 8,734,051
Baa1 BBB+ 11,500 New York State MCFFA,
Mental Health Services
Facilities,
5.25%, 8/15/23 9,752,460
Baa1 BBB+ 145 New York State MCFFA,
Mental Health Services
Facilities,
7.75%, 8/15/10 157,392
Baa1 BBB+ 495 New York State MCFFA,
Mental Health Services
Facilities,
7.875%, 8/15/08 541,748
Baa1 BBB+ 1,230 New York State MCFFA,
Mental Health Services
Facilities,
7.50%, 2/15/21 1,326,469
Aa AA 3,500 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.20%, 8/15/14 3,525,165
Aa AA 2,425 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.20%, 2/15/10 2,435,064
Aa AA 2,500 New York State MCFFA,
Insured Mortgage Project
(FHA), 6.50%, 2/15/35 2,510,175
Aa AA 8,445 New York State MCFFA,
Insured Mortgage Project
(FHA), 5.90%, 8/15/33 8,027,648
Baa1 BBB+ 6,625 New York State MCFFA,
Mental Health Services
Facilities, Series 1994 A,
5.25%, 8/15/23 5,603,094
Aa AA 950 New York State MCFFA,
Insured Mortgage Project
(FHA), 7.45%, 8/15/31 1,023,340
Baa BBB 5,540 New York State MCFFA,
Secured Hospital, 7.35%,
8/15/11 5,774,065
Baa BBB 19,700 New York State MCFFA,
Secured Hospital (Brookdale),
6.80%, 8/15/12 19,729,353
------------
$135,710,888
------------
HOSPITALS - 1.2%
A1 A+ $5,200 Dormitory Authority,
University of Rochester,
Strong Memorial Hospital,
5.50%, 7/1/21 $4,928,612
Baa1 BBB+ 1,800 Syracuse Industrial
Development Agency
(IDA), St. Josephs
Hospital Health Center,
7.50%, 6/1/18 1,883,322
----------
$6,811,934
----------
HOUSING - 5.7%
NR NR $4,783 New York City Housing
Development Corporation
(HDC), Allerville
Project, 6.50%, 11/15/18 $4,811,649
NR NR 2,097 New York City HDC,
Dayton Project,
6.50% 11/15/18 2,109,899
NR AAA 2,550 New York City HDC,
Multi-Unit Management,
7.35%, 6/1/19 2,693,387
Baa A 4,750 New York City HDC,
General Housing,
6.50%, 5/1/22 4,765,913
Aa NR 750 New York State
Mortgage Agency,
7.70%, 10/1/12 722,682
Aa NR 250 New York State
Mortgage Agency,
6.90%, 4/1/03 262,600
Aa NR 8,750 New York State
Mortgage Agency,
6.90%, 4/1/15 9,087,575
Aa NR 1,000 New York State
Mortgage Agency,
7.50%, 4/1/15 1,067,160
Aa NR 1,000 New York State
Mortgage Agency
(AMT), 7.95%, 10/1/21 1,078,400
Aa NR 6,350 New York State
Mortgage Agency
(AMT), 6.40%, 10/1/20 6,271,324
Aa NR 1,000 New York State
Mortgage Agency
(AMT), 6.375%, 10/1/14 1,003,450
NR NR 1,970 Village of North Syracuse
Housing Authority, (AJM
Senior Housing, Inc.
Janus Park Project),
8.00%, 6/1/24 1,849,968
Baa BBB 350 Puerto Rico
Commonwealth Urban
Renewal & Housing
Corporation,
7.875%, 10/1/04 389,298
Aaa AAA 420 Puerto Rico Housing
Financial Corporation
Single-Family (GNMA),
7.65%, 10/15/22 446,074
-----------
$36,559,379
-----------
INDUSTRIAL DEVELOPMENT/
POLLUTION CONTROL 0.4%
Baa3 BB $2,800 Port Authority of
New York and New
Jersey, Delta Airlines,
LaGuardia Airport,
6.95%, 6/1/08 $2,841,216
----------
INSURED COLLEGE &
UNIVERSITY - 1.7%
Aaa AAA $6,950 Dormitory Authority,
Marist College (MBIA),
6.00%, 7/1/22 $6,857,426
Aaa AAA 5,000 Dormitory Authority,
New York University (MBIA),
5.00%, 7/1/11 4,509,400
-----------
$11,366,826
-----------
INSURED GENERAL
OBLIGATIONS - 2.5%
Aaa AAA $1,650 Dutchess County Resource
Recovery Solid Waste
(FGIC), 7.50%, 1/1/09 $1,796,767
Aaa AAA 1,035 Erie County Water
Authority (AMBAC),
0%, 12/1/17 203,978
Aaa AAA 6,795 Islip Resource Recovery
Agency (MBIA), 6.50%,
7/1/09 (2) 6,750,561
Aaa AAA 1,000 Montgomery, Otesgo,
Schoharie Solid Waste
Management Authority
(MBIA), 5.25%, 1/1/14 918,300
Aaa AAA 3,900 New York City Trust for
Cultural Resources,
Museum of Modern Art
(AMBAC), 5.40%, 1/1/12 3,646,812
Aaa AAA 2,480 New York State
Environmental Facilities
Corporation (EFC),
Jamaica Water Supply
Company (AMT) (AMBAC),
7.625%, 4/1/29 2,664,636
-----------
$15,981,054
-----------
INSURED GENERAL OBLIGATIONS
LOCAL - 0.8%
Aaa AAA $465 Chautauqua County
Unlimited Tax (FGIC),
7.30%, 4/1/07 $536,852
Aaa AAA 520 Chautauqua County
Unlimited Tax (FGIC),
6.40%, 9/15/08 560,425
Aaa AAA 770 Chautauqua County
Unlimited Tax (FGIC),
6.40%, 9/15/09 828,820
Aaa AAA 2,000 New York City (AMBAC),
7.00%, 8/1/17 2,167,180
Aaa AAA 500 Oyster Bay (FGIC),
6.60%, 2/15/12 527,480
Aaa AAA 450 Oyster Bay (FGIC),
6.60%, 2/15/13 474,732
----------
$5,095,489
----------
INSURED GENERAL OBLIGATIONS
SCHOOL DISTRICT - 0.2%
Aaa AAA $700 Bethlehem Central
School District (AMBAC),
7.10%, 11/1/08 $800,982
Aaa AAA 700 Bethlehem Central
School District (AMBAC),
7.10%, 11/1/09 798,308
----------
$1,599,290
----------
INSURED GENERAL OBLIGATIONS
TERRITORY - 0.7%
Aaa AAA $4,500 Commonwealth of
Puerto Rico Public
Improvement Residual
Interest Tax Exempt
Securities (FSA), Variable,
7/1/22 (1) $4,441,995
----------
INSURED HEALTH CARE - 2.0%
Aaa AAA $1,500 New York State MCFFA,
Long Term Health Care
(CGIC), 6.80%, 11/1/14 $1,573,275
Aaa AAA 800 New York State MCFFA,
New York Hospital FHA
Insured Mortgage (AMBAC),
6.60%, 2/15/11 847,896
Aaa AAA 3,900 New York State MCFFA,
New York Hospital FHA
Insured Mortgage (AMBAC),
6.75%, 8/15/14 4,131,621
Aaa AAA 6,415 New York State MCFFA,
New York Hospital FHA
Insured Mortgage
(Albany Medical) (AMBAC),
6.125%, 8/15/14 6,410,702
-----------
$12,963,494
-----------
INSURED MISCELLANEOUS - 0.1%
Aaa AAA $500 New York City IDA,
(USTA National Tennis
Center Incorporated
Project) (FSA),
6.375%, 11/15/14 $515,475
--------
INSURED TOLL & TURNPIKE - 1.0%
Aaa AAA $3,000 Triborough Bridge &
Tunnel Authority Residual
Interest Tax Exempt
Securities (MBIA),
Variable, 1/1/12 (1) $3,152,040
Aaa AAA 3,000 Triborough Bridge &
Tunnel Authority Residual
Interest Tax Exempt
Securities (MBIA),
Variable, 1/1/19 (1) 3,021,300
----------
$6,173,340
----------
INSURED WATER & SEWER - 0.0%
Aaa AAA $275 Albany Municipal Water
Financial Authority (MBIA),
7.50%, 12/1/17 $293,208
--------
CERTIFICATE OF
PARTICIPATION - 11.9%
Baa1 BBB $5,100 Dormitory Authority,
City University,
7.00%, 7/1/09 $5,466,384
Baa1 BBB 9,325 Dormitory Authority,
City University,
7.50%, 7/1/10 10,458,267
Baa1 BBB 8,050 Dormitory Authority,
City University,
5.00%, 7/1/20 6,638,755
Baa1 BBB 17,815 Dormitory Authority,
City University,
5.75%, 7/1/13 16,686,242
Baa1 BBB 250 Dormitory Authority,
City University,
6.375%, 7/1/08 251,788
Baa1 BBB 6,125 New York State HFA
Service Contract,
5.375%, 9/15/11 5,497,739
NR BBB 5,865 New York State Thruway
Authority, 0%, 1/1/01 4,211,656
A1 A 1,500 New York State Thruway
Authority, 5.75%, 1/1/12 1,477,680
Baa1 BBB 5,775 New York State Urban
Development Corporation
(UDC) Correctional
Facilities, 5.50%, 1/1/14 5,205,931
Baa1 BBB 500 New York State UDC,
Alfred Technology,
7.875%, 1/1/20 539,180
Baa1 BBB 750 New York State UDC,
Clarkson Center for
Advanced Materials,
7.80%, 1/1/20 806,498
Baa1 BBB 750 New York State UDC,
Clarkson Center for
Advanced Materials,
8.00%, 1/1/20 820,957
Baa1 BBB 8,000 New York State UDC
Correctional Facilities,
5.25%, 1/1/13 6,985,920
Baa1 BBB 5,000 New York State UDC
Correctional Facilities,
5.25%, 1/1/21 4,256,350
Baa1 BBB 5,350 New York State UDC,
Onondaga Co. Convention
Center, 7.875%, 1/1/10 5,862,316
A1 A 1,825 Syracuse - Hancock
International Airport
Certificates of
Participation,
6.625%, 1/1/12 1,903,949
-----------
$77,069,612
-----------
MISCELLANEOUS - 1.2%
NR NR 1,300 New York City IDA,
(YMCA of Greater New
York), 8.00%, 8/1/16 1,378,013
Aaa AAA 7,000 VRDC-IVRC Trust,
Variable Rate,
6/26/02 (1) 6,513,500
----------
$7,891,513
----------
SOLID WASTE - 2.2%
Baa1 A- $2,665 Hempstead IDA Resource
Recovery, American
Refunding Fuel Co.,
7.40%, 12/1/10 $2,779,808
Baa NR 9,530 New York State EFC
Resource Recovery,
Huntington Project,
7.50%, 10/1/12 9,781,783
Baa BBB 1,825 Oneida-Herkimer Solid
Waste Management
Authority Solid
Waste System,
6.75%, 4/1/14 1,844,747
-----------
$14,406,338
-----------
SPECIAL TAX REVENUE - 8.0%
A1 AA $2,160 Battery Park City
Authority, 4.75%, 11/1/19 $1,726,013
A A 12,160 New York State LGAC,
5.00%, 4/1/21 10,274,106
A A 4,500 New York State LGAC,
5.375%, 4/1/16 4,087,035
A A 4,750 New York State LGAC,
5.25%, 4/1/16 4,244,648
A A 2,500 New York State LGAC,
5.25%, 4/1/19 2,202,625
A A 5,225 New York State LGAC,
5.50%, 4/1/17 4,812,591
A A 2,220 New York State LGAC,
5.50%, 4/1/18 2,028,392
A A 7,500 New York State LGAC,
6.00%, 4/1/24 7,269,750
Aa AA- 200 City of New York
Municipal Assistance
Corporation,
7.50%, 7/1/08 215,960
Aa AA- 485 City of New York
Municipal Assistance
Corporation,
7.625%, 7/1/08 525,478
Aa AA- 635 City of New York
Municipal Assistance
Corporation,
7.625%, 7/1/08 699,154
NR BBB+ 2,630 New York State Municipal
Bond Bank Agency,
6.875%, 3/15/06 2,838,480
Baa1 BBB 4,750 New York State Thruway
Authority Contract, Local
& Highway Building, 7.25%,
1/1/10 (4) 5,058,085
Baa1 BBB 3,100 New York State Thruway
Authority Contract, Local
& Highway Building,
5.25%, 4/1/13 2,743,500
Baa1 BBB 3,335 Triborough Bridge &
Tunnel Authority,
Convention Center,
6.00%, 1/1/11 3,242,120
-----------
$51,967,937
-----------
TRANSPORTATION - 11.9%
Baa1 BBB $1,460 Metropolitan Transportation
Authority (MTA)
Commuter Facilities
5.20%, 7/1/04 $1,370,093
Baa1 BBB 2,500 MTA Transit Facilities
Service Contract, 5.30%,
7/1/05 2,334,700
Baa1 BBB 4,025 MTA Transit Facilities
Service Contract,
4.75%, 7/1/19 3,154,554
Baa1 BBB 725 MTA Transit Facilities
Service Contract,
5.75%, 7/1/13 683,544
Baa1 BBB 3,670 MTA Transit Facilities
Service Contract,
4.75%, 7/1/19 2,895,006
Baa1 BBB 1,250 MTA Transit Facilities
Service Contract,
6.00%, 7/1/19 1,187,225
Baa1 BBB 2,055 MTA Transit Facilities
Service Contract,
5.625%, 7/1/16 1,862,385
NR BBB 2,350 New York State Thruway
Authority, Cross Westchester
Expressway Project,
0%, 1/1/03 1,492,179
Baa1 A 4,840 Puerto Rico Highway
and Transportation Authority,
6.625%, 7/1/18 4,978,908
Baa1 A 2,000 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/15 1,848,280
Baa1 A 2,500 Puerto Rico Highway and
Transportation Authority,
5.50%, 7/1/15 2,310,350
A1 AA- 1,500 Port Authority of New
York and New Jersey (AMT),
Variable, 1/15/27 (1) 1,512,840
Aa A+ 5,600 Triborough Bridge and
Tunnel Authority (TBTA)
General Purpose,
4.75%, 1/1/14 4,823,952
Aa A+ 19,875 TBTA General Purpose,
4.75%, 1/1/19 16,553,093
Aa A+ 8,000 TBTA General Purpose,
5.20%, 1/1/20 7,142,000
Aa A+ 10,330 TBTA General Purpose,
5.00%, 1/1/12 9,308,156
Aa A+ 11,580 TBTA General Purpose,
5.50%, 1/1/17 10,961,396
Aa A+ 2,500 TBTA General Purpose,
6.125%, 1/1/21 2,560,300
-----------
$76,978,961
-----------
WATER & SEWER REVENUE - 3.1%
Aa A $11,050 New York State EFC, S
tate Water Pollution
Control, 6.875%, 6/15/10 $11,806,925
Aa A+ 4,545 New York State EFC,
State Water Pollution
Control, 7.20%, 3/15/11 4,893,329
Aa A 2,750 New York State EFC,
State Water Pollution
Control, 7.00%, 6/15/12 2,950,393
Aa A 150 New York State EFC,
State Water Pollution
Control, 7.50%, 6/15/12 164,553
-----------
$19,815,200
-----------
TOTAL TAX-EXEMPT INVESTMENTS
(identified cost $624,512,710) $646,610,382
============
(1) The above security has been issued as an inverse floater bond.
(2) When issued security
(3) At March 31, 1995, the market value of securities segregated to cover when
issued securities amounted to $18,258,630.
(4) At March 31, 1995, the market value of securities segregated to cover
variation margin in open financial futures contracts amounted to $5,058,085.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at March 31, 1995, 9.0% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guarenty assurance agencies. The aggregate percentage by financial
institution ranged from 0.7% to 4.0% of total investments.
See notes to financial statements
<PAGE>
Tax Free Portfolios
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
FLORIDA PORTFOLIO NEW YORK PORTFOLIO
----------------- ------------------
ASSETS:
Investments-
Identified cost $ 710,252,094 $ 624,512,710
Unrealized appreciation 26,840,196 22,097,672
-------------- --------------
Total investments, at value (Note 1A) $ 737,092,290 $ 646,610,382
Cash 300 328
Receivable for investments sold 7,899,562 28,308,431
Interest receivable 16,279,083 10,347,247
Deferred organization expenses (Note 1D) 25,523 18,068
-------------- --------------
Total assets $ 761,296,758 $ 685,284,456
-------------- --------------
LIABILITIES:
Demand note payable (Note 5) $ 9,325,000 $ 5,437,000
Payable for investments purchased - 14,464,769
Payable for when-issued securities
(Note 1F) - 6,795,000
Payable for daily variation margin on open
financial futures contracts (Note 1E) - 8,500
Payable to affiliates -
Trustees fee 5,538 5,061
Custodian fees - -
Accrued expenses 6,417 6,841
-------------- --------------
Total liabilities $ 9,336,955 $ 26,717,171
-------------- --------------
NET ASSETS applicable to investors
interest in Portfolio $ 751,959,803 $ 658,567,285
============== ==============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions
and withdrawals $ 726,748,812 $ 637,167,844
Unrealized appreciation of investments
and financial futures contracts
(computed on the basis of identified
cost) 25,210,991 21,399,441
-------------- --------------
Total $ 751,959,803 $ 658,567,285
============== ==============
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
FLORIDA NEW YORK
PORTFOLIO PORTFOLIO
--------- ---------
INVESTMENT INCOME (NOTE 1B):
Interest income $ 24,460,554 $ 21,241,218
-------------- --------------
Expenses-
Investment adviser fee (Note 2) $ 1,746,663 $ 1,512,146
Compensation of Trustees not members
of the Investment Advisers
organization (Note 2) 11,073 10,218
Custodian fees (Note 2) 8,085 -
Interest expense (Note 5) 128,080 136,382
Legal and accounting fees 34,935 34,912
Bond pricing 11,798 13,591
Amortization of organization expenses
(Note 1D) 4,402 3,131
Miscellaneous 5,944 4,515
-------------- --------------
Total expenses $ 1,950,980 $ 1,714,895
-------------- --------------
Net investment income $ 22,509,574 $ 19,526,323
-------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) -
Investment transactions (identified
cost basis) $ (21,904,398) $ (17,513,388)
Financial futures contracts (822,442) (355,435)
-------------- --------------
Net realized loss on investments $ (22,726,840) $ (17,868,823)
-------------- --------------
Change in unrealized
appreciation(depreciation) -
Investments $ 47,452,859 $ 33,936,258
Financial futures contracts (1,629,205) (833,375)
-------------- --------------
Net unrealized appreciation $ 45,823,654 $ 33,102,883
-------------- --------------
Net realized and unrealized
gain on investments $ 23,096,814 $ 15,234,060
-------------- --------------
Net increase in net assets
from operations $ 45,606,388 $ 34,760,383
============== ==============
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
FLORIDA PORTFOLIO NEW YORK PORTFOLIO
----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 22,509,574 $ 19,526,323
Net realized loss on investments (22,726,840) (17,868,823)
Change in unrealized appreciation
of investments 45,823,654 33,102,883
-------------- --------------
Net decrease in net assets from
operations $ 45,606,388 $ 34,760,383
-------------- --------------
Capital transactions -
Contributions $ 45,345,069 $ 36,582,842
Withdrawals (111,114,807) (68,422,716)
-------------- --------------
Decrease in net assets resulting
from capital transactions $ (65,769,738) $ (31,839,879)
-------------- --------------
Total increase(decrease) in
net assets $ (20,163,350) $ 2,290,509
NET ASSETS:
At beginning of period 772,123,153 655,646,776
-------------- --------------
At end of period $ 751,959,803 $ 658,567,285
============== ==============
- --------------------------------------------------------------------------------
Year Ended September 30, 1994
- --------------------------------------------------------------------------------
FLORIDA PORTFOLIO NEW YORK PORTFOLIO
----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 45,081,235 $ 38,006,256
Net realized loss on investments (5,816,054) (2,555,481)
Change in unrealized depreciation
of investments (84,917,438) (67,884,728)
-------------- --------------
Net decrease in net assets from
operations $ (45,652,257) $ (32,433,953)
-------------- --------------
Capital transactions -
Contributions $ 174,248,758 $ 135,102,754
Withdrawals (128,894,901) (95,828,619)
-------------- --------------
Increase in net assets resulting
from capital transactions $ 45,353,857 $ 39,274,135
-------------- --------------
Total increase (decrease) in
net assets $ (298,400) $ 6,840,182
NET ASSETS:
At beginning of year 772,421,553 648,806,594
-------------- --------------
At end of year $ 772,123,153 $ 655,646,776
============== ==============
See notes to financial statements
<PAGE>
SUPPLEMENTARY DATA
- --------------------------------------------------------------------------------
FLORIDA PORTFOLIO
-----------------------------------
YEAR ENDED SEPTEMBER 30,
-----------------------------------
1995** 1994 1993*
-----------------------------------
RATIOS (AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS):
Expenses 0.53%+ 0.48% 0.47%+
Net investment income 6.11%+ 5.65% 5.53%+
PORTFOLIO TURNOVER 35% 57% 55%
- --------------------------------------------------------------------------------
NEW YORK PORTFOLIO
-----------------------------------
YEAR ENDED SEPTEMBER 30,
-----------------------------------
1995** 1994 1993*
-----------------------------------
RATIOS (AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS):
Expenses 0.54%+ 0.48% 0.48%+
Net investment income 6.19%+ 5.70% 5.64%+
PORTFOLIO TURNOVER 33% 47% 37%
- --------------------------------------------------------------------------------
+ Computed on an annualized basis.
* For the period from the start of business, February 1, 1993, to September 30,
1993.
**For the six months ended March 31, 1995 (unaudited).
See notes to financial statements
<PAGE>
Notes to Financial Statements
(Unaudited)
- --------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
Florida Tax Free Portfolio (Florida Portfolio) and New York Tax Free Portfolio
(New York Portfolio), collectively the Portfolios, are registered under the
Investment Company Act of 1940 as non-diversified open-end investment companies
which were organized as trusts under the laws of the State of New York on May 1,
1992. The Declarations of Trust permit the Trustees to issue interests in the
Portfolios. The following is a summary of significant accounting policies of the
Portfolios. The policies are in conformity with generally accepted accounting
principles.
A. INVESTMENT VALUATIONS - Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Futures contracts listed on commodity
exchanges are valued at closing settlement prices. Short-term obligations,
maturing in sixty days or less, are valued at amortized cost, which approximates
value. Investments for which valuations or market quotations are unavailable are
valued at fair value using methods determined in good faith by or at the
direction of the Trustees.
B. INCOME - Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount when required for federal
income tax purposes.
C. INCOME TAXES - The Portfolios are treated as partnerships for Federal tax
purposes. No provision is made by the Portfolios for federal or state taxes on
any taxable income of the Portfolios because each investor in the Portfolios are
ultimately responsible for the payment of any taxes. Since some of the
Portfolios investors are regulated investment companies that invest all or
substantially all of their assets in the Portfolios, the Portfolios normally
must satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for their respective investors to
satisfy them. The Portfolios will allocate at least annually among their
respective investors each investors distributive share of the Portfolios net
taxable (if any) and tax-exempt investment income, net realized capital gains,
and any other items of income, gain, loss, deductions or credit. Interest income
received by the Portfolios on investments in municipal bonds, which is
excludable from gross income under the Internal Revenue Code, will retain its
status as income exempt from federal income tax when allocated to each
Portfolios investors. The portion of such interest, if any, earned on private
activity bonds issued after August 7, 1986, may be considered a tax preference
item for investors.
D. DEFERRED ORGANIZATION EXPENSES - Costs incurred by a Portfolio in connection
with its organization are being amortized on the straight-line basis over five
years beginning on the date each Portfolio commenced operations.
E. FINANCIAL FUTURES CONTRACTS - Upon the entering of a financial futures
contract, a Portfolio is required to deposit (initial margin) either in cash or
securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by a Portfolio (margin maintenance) each day, dependent on the daily
fluctuations in the value of the underlying security, and are recorded for book
purposes as unrealized gains or losses by a Portfolio. A Portfolios investment
in financial futures contracts is designed only to hedge against anticipated
future changes in interest rates. Should interest rates move unexpectedly, a
Portfolio may not achieve the anticipated benefits of the financial futures
contracts and may realize a loss.
F. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS - The Portfolios may engage in
when-issued and delayed delivery transactions. The Portfolios record when-issued
securities on trade date and maintain security positions such that sufficient
liquid assets will be available to make payment for the securities purchased.
Securities purchased on a when-issued or delayed delivery basis are marked to
market daily and begin earning interest on settlement date.
G. OTHER - Investment transactions are accounted for on a trade date basis.
H. INTERIM FINANCIAL INFORMATION - The interim financial statements relating to
March 31, 1995, and the six-month period then ended have not been audited by
independent certified public accountants, but in the opinion of the Portfolios
management reflect all adjustments, consisting only of normal recurring
adjustments necessary for the fair presentation of the financial statements.
- --------------------------------------------------------------------------------
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Boston Management and Research (BMR), a
wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation for
management and investment advisory services rendered to each Portfolio. The fee
is based upon a percentage of average daily net assets plus a percentage of
gross income (i.e., income other than gains from the sale of securities).
For the six months ended March 31, 1995 each portfolio paid advisory fees as
follows:
PORTFOLIO AMOUNT EFFECTIVE RATE*
- --------- ------ ---------------
Florida $ 1,746,663 0.47%
New York $ 1,512,146 0.48%
* Advisory fees paid as a percentage of average daily net assets (annualized).
Except as to Trustees of the Portfolios who are not members of EVM's or BMR's
organization, officers and Trustees receive remuneration for their services to
the Portfolios out of such investment adviser fee. Investors Bank & Trust
Company (IBT), an affiliate of EVM and BMR, serves as custodian of the
Portfolios. Pursuant to the custodian agreement, IBT receives a fee reduced by
credits which are determined based on the average daily cash balances each
Portfolio maintains with IBT. Certain of the officers and Trustees of the
Portfolios are officers and directors/trustees of the above organizations.
Trustees of the Portfolios that are not affiliated with the Investment Adviser
may elect to defer receipt of all or a portion of their annual fees in
accordance with the terms of the Trustees Deferred Compensation Plan. For the
six months ended March 31, 1995, no significant amounts have been deferred.
- --------------------------------------------------------------------------------
(3) INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations for the six months ended March 31, 1995, were as follows:
FLORIDA NEW YORK
PORTFOLIO PORTFOLIO
--------- ---------
Purchases $ 254,358,524 $ 208,041,599
Sales 288,926,110 231,034,269
- --------------------------------------------------------------------------------
(4) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized depreciation/appreciation in value of the investments
owned by each Portfolio at March 31, 1995, as computed on a federal income tax
basis, are as follows:
FLORIDA NEW YORK
PORTFOLIO PORTFOLIO
--------- ---------
Aggregate Cost $ 710,252,094 $ 629,512,710
============= =============
Gross unrealized appreciation $ 35,175,864 $ 28,254,851
Gross unrealized depreciation 8,335,668 (6,157,159)
------------- -------------
Net unrealized appreciation $ 26,840,196 $ 22,097,672
============= =============
- --------------------------------------------------------------------------------
(5) LINE OF CREDIT
The Portfolios participate with other Portfolios and Funds managed by BMR and
EVM in a $120 million unsecured line of credit agreement with a bank. The line
of credit consists of a $20 million committed facility and a $100 million
discretionary facility. Borrowings will be made by the Portfolios solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each Portfolio or Fund based on its
borrowings at an amount above either the banks adjusted certificate of deposit
rate, a variable adjusted certificate of deposit rate, or a federal funds
effective rate. In addition, a fee computed at an annual rate of 1/4 of 1% on
the $20 million committed facility and on the daily unused portion of the $100
million discretionary facility is allocated among the participating funds and
portfolios at the end of each quarter. At March 31, 1995, the Florida Portfolio
and New York Portfolio had loan balances outstanding pursuant to this line of
credit of $9,325,000 and $5,437,000, respectively. For the six months ended
March 31, 1995, the average daily balance outstanding pursuant to this line of
credit, the average interest rate and the maximum outstanding month end balance
during the period were as follows:
AVERAGE DAILY AVERAGE INTEREST MAXIMUM MONTH
PORTFOLIO BALANCE RATE END BALANCE
- --------- ------------- ---------------- -------------
Florida $2,655,000 7.15% $20,318,000
New York $6,963,000 7.15% $17,359,000
- --------------------------------------------------------------------------------
(6) FINANCIAL INSTRUMENTS
The Portfolios regularly trade in financial instruments with off-balance sheet
risk in the normal course of their investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options and futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment a Portfolio has in particular classes of financial instruments and
does not necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered.
A summary of obligations under these financial instruments at March 31, 1995 is
as follows:
FUTURES
CONTRACTS NET
EXPIRATION UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION DEPRECIATION
- --------- ---------- --------- -------- ------------
Florida 6/95 1,058 U.S. Treasury Bonds short $1,629,205
==========
New York 6/95 543 U.S. Treasury Bonds short $698,231
==========
At March 31, 1995 each Portfolio had sufficient cash and/or securities to cover
margin requirements on open futures contracts.
<PAGE>
Investment Management
- --------------------------------------------------------------------------------
FUNDS OFFICERS INDEPENDENT TRUSTEES
THOMAS J. FETTER DONALD R. DWIGHT
President President, Dwight Partners, Inc.
JAMES B. HAWKES Chairman, Newspaper of New England, Inc.
Vice President, Trustee SAMUEL L. HAYES, III
ROBERT MACINTOSH Jacob H. Schiff Professor of Investment
Vice President Banking, Harvard University Graduate
JAMES L. O'CONNOR School of Business Administration
Treasurer NORTON H. REAMER
BARBARA E. CAMPBELL President and Director, United Asset
Assistant Treasurer Management Corporation
DOUGLAS C. MILLER JOHN L. THORNDIKE
Assistant Treasurer Director, Fiduciary Company Incorporated
THOMAS OTIS JACK L. TREYNOR
Secretary Investment Adviser and Consultant
JANET E. SANDERS
Assistant Treasurer and
Assistant Secretary
A. JOHN MURPHY
Assistant Secretary
- --------------------------------------------------------------------------------
PORTFOLIOS OFFICERS INDEPENDENT TRUSTEES
THOMAS J. FETTER DONALD R. DWIGHT
President and President, Dwight Partners, Inc.
Portfolio Manager of Chairman, Newspaper of New England, Inc.
Florida Tax Free SAMUEL L. HAYES, III
Portfolio Jacob H. Schiff Professor of Investment
JAMES B. HAWKES Banking, Harvard University Graduate
Vice President, Trustee School of Business Administration
ROBERT MACINTOSH NORTON H. REAMER
Vice President President and Director, United Asset
NICOLE ANDERES Management Corporation
Portfolio Manager of JOHN L. THORNDIKE
New York Tax Free Director, Fiduciary Trust Company
Portfolio JACK L. TREYNOR
JAMES L. O'CONNOR Investment Adviser and Consultant
Treasurer
BARBARA E. CAMPBELL
Assistant Treasurer
DOUGLAS C. MILLER
Assistant Treasurer
THOMAS OTIS
Secretary
JANET E. SANDERS
Assistant Treasurer and
Assistant Secretary
<PAGE>
INVESTMENT ADVISER OF STATE TAX FREE PORTFOLIOS
Boston Management and Research
24 Federal Street
Boston, MA 02110
ADMINISTRATOR OF EV TRADITIONAL STATE TAX FREE FUND
Eaton Vance Management
24 Federal Street
Boston, MA 02110
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
TRANSFER AGENT
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
This report must be preceded or accompanied by a current prospectus
which contains more complete information on the Funds, including distribution
plan, sales charges and expenses. Please read the prospectus carefully
before you invest or send money.
EATON VANCE MUNICIPALS TRUST
24 FEDERAL STREET
BOSTON, MA 02110
T-CSRC
