<PAGE> 1
EATON VANCE INVESTMENT TRUST
FOR THE FUNDS:
* EV Traditional Florida Limited Maturity Tax Free Fund
* EV Traditional New York Limited Maturity Tax Free Fund
- --------------------------------------------------------------------------------
[DOOR GRAPHIC]
- --------------------------------------------------------------------------------
ANNUAL SHAREHOLDER REPORT
MARCH 31, 1995
<PAGE> 2
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
declined.
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, because
the market realized that this was a local problem. Other Eaton Vance
portfolios were not significantly impacted.
Despite the difficulties that beset the market in 1994, we feel optimistic
about the 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.
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/ Thomas J.Fetter
Thomas J.Fetter
President
May 19, 1995
[PHOTO OF THOMAS J. FETTER]
+ A portion of the Portfolios' income could be subject to Federal alternative
minimum tax.
<TABLE>
<CAPTION>
The after-tax
equivalent
RESULTS FOR Dividends paid NAV Fund's If your combined yield you Federal
THE YEAR ENDING by Fund per share distribution Federal & state would need Tax
MARCH 31, 1995. (During period) at 3/31/95 rate at 3/31/95 tax rate is... is... information*
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
EV Traditional [STATE OF
Florida Limited FLORIDA
Maturity Tax Free Fund $0.339 $10.07 4.67% GRAPHIC] 38.74% 7.62% 99.93%
EV Traditional [STATE OF
New York Limited NEW YORK
Maturity Tax Free Fund $0.346 $10.03 4.69% GRAPHIC] 40.83% 7.93% 100.00%
<FN>
* Percentages represent the amounts of the total dividends paid by the Funds, from net investment income during the year that
ended March 31, 1995, that have been designated as tax-exempt interest dividends. Tax legislation eliminated the exception to
the market discount rules applicable to tax-exempt obligations. As a result, certain tax-exempt obligations acquired by the
Portfolio at market discounts may generate a small amount of ordinary taxable income.
</TABLE>
2
<PAGE> 3
MANAGEMENT DISCUSSION
An interview with Raymond E. Hender, Vice President and Portfolio Manager of
the Florida and New York Limited Maturity Tax Free Portfolios.
Q. RAY, HOW WOULD YOU DESCRIBE THE INTERMEDIATE MARKET OF THE PAST YEAR?
A. All municipal markets were battered in 1994, and the impact was felt
in the intermediate range of the market as well. According to Municipal
Market Data Inc., yields for 10-year municipal bonds rose from 5.35
percent in March 1994 to 6.30 percent in November 1994, a 95 basis point
increase. And five-year municipal yields rose from 4.80 percent to 5.75
percent, also a 95 basis point rise. From those peak levels in November
1994, 10-year yields have since declined to 5.35 percent, and 5-year
yields to 4.95 percent. Interestingly, in the period since bond yields
reached their peaks in November 1994, bonds have regained much of the
ground lost in the previous market sell-off.
Q. HAVE INVESTORS CONTINUED TO EMBRACE THE INTERMEDIATE MARKET?
A. The intermediate range of the market was very attractive to investors
in the midst of the market turbulence of last year. Many investors
sought to shorten their durations and protect the value of their
portfolios. Another factor at work during the market sell-off was an
availability of higher quality bonds in the intermediate sector. That
brought many quality-conscious investors to the intermediate market.
Q. HOW DID THE MARKET VOLATILITY AFFECT YOUR STRATEGY?
A. The Portfolios have always been somewhat cautious in their investment
style, and hence, were relatively well-positioned when the market
started to deteriorate. The premium, or cushion, bond holdings in the
Portfolios were part of a defensive strategy that served us quite well.
We maintained a duration in the mid-to-lower part of our duration range
- around 5 years at March 31 - which limited the impact of rising rates
on the Portfolios. And finally, we took advantage of the opportunity to
improve the quality of the Portfolios as the market deteriorated.
[PHOTO OF RAYMOND E. HENDER]
Q. HOW DOES A SHORTER DURATION HELP TO LIMIT THE PORTFOLIOS' VOLATILITY?
A. Because duration measures the timing of cash flows from coupon payments
over the life of a bond, it provides an approximation of the expected
change in price of a bond from a given change in interest rates. The
average duration of a municipal bond fund provides a similar approximation
of the fund's volatility. A fund with a short duration, such as our
Portfolios, will be less responsive to interest rate changes than a fund
with a long duration. That's an important consideration for investors who
want to limit volatility in their investments.
Q. AS THE MARKET DETERIORATED, DID YOU SHIFT YOUR STRATEGY?
A. While short-term interest rates rose, the yield curve - the difference
in yield between issues of varying maturities - flattened significantly.
The Portfolios were therefore able to "move down the yield curve," and
purchase short-term issues with little or no sacrifice in yield. That
offered a further measure of protection by shortening the Portfolios'
average maturity. Interestingly, in many cases we managed to increase
the Portfolios' average coupon while shortening duration and picking up
additional yield.
Q. DID YOU MAKE OTHER ADJUSTMENTS?
A. We made a deliberate effort during this period to consolidate our
holdings within the Portfolios. Normally, in the first several months
following inception, a Portfolio will be comprised of many small
positions. That is a function of the early growth phase of the
Portfolios. Over time, we hope to reduce the number of individual
holdings. In recent months, we have tried to consolidate some of our
positions, resulting in fewer but larger positions. That certainly helps
to improve the Portfolios' liquidity.
3
<PAGE> 4
Q. DID THE SELL-OFF PROVIDE ANY OPPORTUNITIES?
A. Actually, yes. Toward the end of 1994, as the market decline was in
full swing, we took advantage of the deteriorating market conditions to
realize tax losses. By realizing tax losses and moving into other bonds
we were able to raise the average coupon of the Portfolio. Equally as
important, the shift has potentially important tax considerations. Tax
losses can be carried forward for use against capital gains in the
future, and thus reduce future tax liabilities.
Q. WHAT SECTORS OFFERED SPECIAL VALUE?
A. Insured bonds and escrowed bonds offered especially good value in
this market. Even though insured bonds - which are insured as to
principal and interest payments by one of the major municipal bond
insurers - are top quality issues, they tend to trade in the A-to-Aa
range because of unusually large volume. Therefore, these bonds offer
especially attractive yields as well as the added liquidity that comes
with insurance. Of, course, private insurance does not remove the market
risks associated with these investments.
Q. AND WHAT ARE ESCROWED BONDS?
A. Escrowed bonds are bonds that have been pre-refunded by the issuers
to take advantage of a lower rate environment. Refundings hit the market
in large supply in 1992 and 1993 as interest rates declined sharply. The
large number of refundings created a huge supply on the market and an
unusual opportunity in the intermediate range of the market. For
example, a bond with a maturity of 2020 that was refunded to its call
date in 2000 will trade to that call date. That in effect adds supply to
the intermediate range of the market and offers an opportunity to gain
yield in that sector.
Q. HOW DID ESCROWED BONDS PERFORM?
A. Escrowed bonds performed well throughout the year. Escrowed bonds are
perceived as higher quality issues by investors because the escrow
agreements typically stipulate that the collateral consist of 100
percent Treasury securities. In addition, since this debt was issued
during periods when rates were significantly higher, they have higher
coupons.
Q. LOOKING AHEAD, WHAT IS YOUR OUTLOOK FOR THE INTERMEDIATE-TERM MARKET?
A. While the economy has continued to grow and companies are registering
strong earnings reports, there have been some incremental signs of
weakening. First quarter GDP grew at a 2.8 percent annualized rate, the
slowest pace since 1993. Inventories are up and consumer spending is down.
As we noted earlier, the yield curve has flattened considerably. A weak
economy and a flat yield curve suggest that the intermediate-term segment
of the bond market offers value. Naturally, there is no guarantee that
past trends will be repeated in the future. But for risk-averse
investors who want a competitive level of tax-free income, the
intermediate range of the market merits attention.
- ------------------------------------------------------------------------------
Included in the pages that follow are performance charts that compare your
Fund's total return with that of a broad-based securities market index. The
lines on the chart represent the total returns of $10,000 hypothetical
investments in your Fund and the unmanaged Lehman Brothers 7- year Municipal
Bond Index. The solid line on the chart represents the Fund's performance.
The Fund's total return figure reflects fund expenses and portfolio
transaction costs, and assumes the reinvestment of income dividends and
capital gain distributions. The dashed line represents the Fund's
performance, including the Fund's 2.5 percent maximum sales charge. The
dotted line represents the performance of the Lehman Brothers 7-Year
Municipal Bond Index, a broad-based, widely recognized unmanaged index of
municipal bonds. Whereas the Fund's portfolio is comprised principally of
bonds solely from your individual state, the Index is composed of bonds from
all 50 states and many jurisdictions. The Index's total return does not
reflect any commissions or expenses that would be incurred if an investor
individually purchased or sold the securities represented in the Index.
- ------------------------------------------------------------------------------
4
<PAGE> 5
EV TRADITIONAL FLORIDA LIMITED MATURITY TAX FREE FUND
YOUR INVESTMENT AT WORK
City of St. Cloud, FL [GRAPHIC OF TWO CONNECTING TELEPHONE POLES]
Utility System
Revenue Refunding Bonds
The Electric Utility System serves a rapidly expanding population in the City
of St. Cloud, in central Florida, in a service area encompassing 150 square
miles. The proceeds of these bonds were used to refund outstanding debt of
the City. Rated AAA, the principal and interest payments of the bonds are
being paid by revenues generated by the Electric and Water Utility System.
With a 6.4 percent coupon, the bonds afford the Portfolio an attractive yield
in an insured bond. Naturally, private insurance does not remove the market
risks associated with this investment.
- --------------------------------------------------------------------------------
PORTFOLIO OVERVIEW
Based on market value as of March 31, 1995
[STATE OF Number of issues............................ 98
FLORIDA
GRAPHIC] Average quality............................. AA+
Investment grade............................ 99%
Effective maturity.......................... 5.99 yrs.
Largest sectors:
Escrowed.............................. 21.9%
General obligations................... 11.2
Utilities............................. 10.1
Insured hospitals..................... 9.4*
Insured special tax................... 7.1*
* Private insurance does not remove the market risk associated with
this investment.
- --------------------------------------------------------------------------------
THE STATE OF THE STATE: Florida
The Florida economy posted positive results during 1994 and early 1995, with
an improving labor market. The state benefited from a strong national and
regional recovery, as evidenced by a sharply lower unemployment rate and a
robust housing market. However, Florida's important tourism industry
registered its weakest year for tourism since 1991. Tourist visits in 1994
declined by nearly 3 percent to 39.9 million. While visitors traveling by air
continued to increase, those traveling by auto declined a significant 13
percent. State employment growth was a strong 5.8 percent in 1994, which more
than offset the recession job losses of 1990-1992. Construction activity
remained fairly strong in 1994, with new housing starts rising more than 12
percent. But by year-end, rising interest rates slowed construction growth
somewhat. Meanwhile, growth continued in the service and trade sectors. The
state ended fiscal 1994 with capital reserves of $296 million, benefiting
from higher-than-anticipated corporate income and state sales tax
collections. State projections for 1995 suggest that the economy will be
generally stronger than in 1994, with a personal income growth in the
8 percent range.
- --------------------------------------------------------------------------------
<TABLE>
[LINE GRAPH WITH THE FOLLOWING INFORMATION:]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EV TRADITIONAL FLORIDA LIMITED MATURITY TAX FREE FUND
(INCLUDING SALES CHARGE) AND THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX
Cumulative Life of
Total Return Fund*
------------ -------
With maximum 2.50% sales charge 1.5%
Without maximum sales charge 4.2%
From July 31, 1994, through March 31, 1995
<CAPTION> Lehman Brothers
EV TRADITIONAL FLORIDA LIMITED EV TRADITIONAL FLORIDA LIMITED MATURITY 7-Year Municipal
MATURITY TAX FREE FUND: $10,269 TAX FREE FUND W/MAX SALES CHARGE: $10,012 Bond Index: $10,378
<S> <C> <C> <C> <C>
A B C
1 7/94+ 10,000 9,750 10,000
2 8/94 10,030 9,778 10,052
3 9/94 9,949 9,700 9,956
4 10/94 9,839 9,593 9,856
5 11/94 9,708 9,465 9,712
6 12/94 9,848 9,602 9,860
7 1/95 10,020 9,769 10,045
8 2/95 10,198 9,942 10,271
9 3/95 10,269 10,012 10,378
<FN>
Past performance is not indicative of future results. Investment returns and principal will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their orginial cost. Source: Towers Data Systems, Bethesda, MD. *Investment
operations commenced 7/6/94. +Index information is available only at month-end, therefore, the line comparison begins at the next
month-end following the commencement of the Fund's investment operations.
</TABLE>
5
<PAGE> 6
EV TRADITIONAL NEW YORK LIMITED MATURITY TAX FREE FUND
YOUR INVESTMENT AT WORK
New York Local Government [GRAPHIC OF A DOMED STATE BUILDING]
Assistance Corporation
Bonds issued by the NY Local Government Assistance Corporation (LGAC) have
been among the best performers in the New York market in recent months. Rated
Aaa/AAA, the pre-refunded bonds have a 7 percent coupon. Market dislocation
in late 1994 and early 1995 allowed the Portfolio to add to its LGAC
position. The bonds' security is based on 1 percent of the state's sales tax
revenues, which flows into a "locked box" available for debt service subject
to appropriation. The bonds are additionally prized by investors due to their
limited supply.
- --------------------------------------------------------------------------------
PORTFOLIO OVERVIEW
Based on market value as of March 31, 1995
[STATE OF
NEW YORK Number of issues............................ 93
GRAPHIC]
Average quality............................. AA
Investment grade............................ 100%
Effective maturity.......................... 6.02 yrs.
Largest sectors:
Escrowed/pre-refunded.................. 20.0%
Special tax revenue.................... 9.0
Education.............................. 8.4
Insured transportation................. 8.3*
Transportation......................... 7.4
* Private insurance does not remove the market risk associated with
this investment.
- --------------------------------------------------------------------------------
THE STATE OF THE STATE: New York
The Pataki administration took office in January with an agenda that included
reducing government bureaucracy and lowering taxes while fostering economic
development. That agenda has been hampered by economic setbacks. The state
economy has slowed under the weight of cutbacks in several sectors, including
the key financial services industry. S&P economic projections suggest that job
growth for 1995 will remain below 1 percent, following growth of just
.4 percent in 1994. Personal income in New York rose just 4.7 percent in
1994, slightly below the national average of 4.9 percent, according to the
Commerce Department. The state entered fiscal 1995 facing another large
operating deficit, burdened by Medicaid expenditures that total $10.1
billion. The administration's fiscal 1996 budget calls for a 3.4 percent
decline in spending, including cuts in welfare and social spending. The
proposed social cuts are likely to provoke an intense political debate.
However, if successfully implemented, they could lead to
ratings upgrades.
- --------------------------------------------------------------------------------
<TABLE>
[LINE GRAPH WITH THE FOLLOWING INFORMATION:]
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN EV TRADITIONAL NEW YORK LIMITED MATURITY TAX FREE FUND
(INCLUDING SALES CHARGE) AND THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX
From July 31, 1994, through March 31, 1995
Cumulative Life of
Total Return Fund*
------------ -------
With maximum 2.50% sales charge 1.2%
Without maximum sales charege 3.9%
<CAPTION> Lehman Brothers
EV TRADITIONAL NEW YORK LIMITED EV TRADITIONAL NEW YORK LIMITED MATURITY 7-Year Municipal
MATURITY TAX FREE FUND: $10,270 TAX FREE FUND W/MAX SALES CHARGE: $10,012 Bond Index: $10,378
<S> <C> <C> <C> <C>
A B C
1 7/94+ 10,000 9,749 10,000
2 8/94 10,059 9,806 10,052
3 9/94 9,958 9,708 9,956
4 10/94 9,848 9,601 9,856
5 11/94 9,686 9,443 9,712
6 12/94 9,838 9,590 9,860
7 1/95 10,009 9,758 10,045
8 2/95 10,199 9,942 10,271
9 3/95 10,270 10,012 10,378
<FN>
Past performance is not indicative of future results. Investment returns and principal will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their orginial cost. Source: Towers Data Systems, Bethesda, MD. *Investment
operations commenced 7/6/94. +Index information is available only at month-end, therefore, the line comparison begins at the next
month-end following the commencement of the Fund's investment operations.
</TABLE>
6
<PAGE> 7
<TABLE>
EV Traditional Limited Maturity Tax Free Funds
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------------------
March 31, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
Assets:
Investment in Portfolio-
Identified cost $228,096 $167,411
Unrealized appreciation 4,429 1,853
-------- --------
Total investment in Portfolio, at value (Note 1A) $232,525 $169,264
-------- --------
Receivable from the Administrator (Note 4) $ 11,493 $ 13,702
Deferred organization expenses (Note 1D) 8,670 9,674
-------- --------
Total assets $252,688 $192,640
-------- --------
LIABILITIES:
Dividends payable $ 286 $ 250
Payable to affiliate - Custodian fee 82 82
Accrued expenses 11,575 12,792
-------- --------
Total liabilities $ 11,943 $ 13,124
-------- --------
NET ASSETS $240,745 $179,516
======== ========
SOURCES OF NET ASSETS:
Paid-in capital $237,079 $178,264
Accumulated net realized loss on investment and financial
futures transactions (computed on the basis of identified cost) (515) (407)
Accumulated distributions in excess of net investment income (248) (194)
Unrealized appreciation of investments and financial futures contracts
from Portfolio (computed on the basis of identified cost) 4,429 1,853
-------- --------
Total $240,745 $179,516
======== ========
SHARES OF BENEFICIAL INTEREST OUTSTANDING 23,915 17,906
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
(net assets/shares of beneficial interest outstanding) $ 10.07 $ 10.03
======== ========
COMPUTATION OF OFFERING PRICE PER SHARE
(100/97.50 of net asset value per share) $ 10.33 $ 10.29
======== ========
<FN>
On sales of $100,000 or more, the offering price is reduced.
</TABLE>
See notes to financial statements
7
<PAGE> 8
<TABLE>
STATEMENTS OF OPERATIONS
- ------------------------------------------------------------------------------------------------------------------------------------
Period Ended March 31, 1995*
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
INVESTMENT INCOME (NOTE 1B):
Interest income allocated from Portfolio $ 5,273 $ 3,447
Expenses allocated from Portfolio (526) (338)
-------- --------
Net investment income from Portfolio $ 4,747 $ 3,109
-------- --------
Expenses-
Custodian fees (Note 4) $ 748 $ 749
Printing and postage 9,020 11,319
Legal and accounting 894 525
Amortization of organization expenses (Note 1D) 929 1,107
Transfer and dividend disbursing agent fees 68 43
Miscellaneous 47 106
-------- --------
Total expenses $ 11,706 $ 13,849
Deduct allocation of expenses to the Administrator (Note 4) 11,493 13,702
-------- --------
Net expenses $ 213 $ 147
-------- --------
Net investment income $ 4,534 $ 2,962
-------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss from Portfolio -
Investment transactions (identified cost basis) $ (463) $ (341)
Financial futures contracts (52) (66)
-------- --------
Net realized loss $ (515) $ (407)
-------- --------
Unrealized appreciation of investments $ 4,429 $ 1,853
-------- --------
Net realized and unrealized gain $ 3,914 $ 1,445
-------- --------
Net increase in net assets from operations $ 8,448 $ 4,408
======== ========
<FN>
* For the Traditional Florida Limited and the Traditional New York Limited Funds, the Statements of Operations are for the period
from the start of business, July 5, 1994, and July 6, 1994, respectively, to March 31, 1995.
</TABLE>
See notes to financial statements
8
<PAGE> 9
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Period Ended March 31, 1995*
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 4,534 $ 2,962
Net realized loss on investments (515) (407)
Unrealized appreciation of investments 4,429 1,853
-------- --------
Net increase in net assets from operations $ 8,448 $ 4,408
-------- --------
Distributions to shareholders (Note 2) -
From net investment income $ (4,534) $ (2,962)
In excess of net investment income (248) (194)
-------- --------
Total distributions to shareholders $ (4,782) $ (3,156)
-------- --------
Transactions in shares of beneficial interest (Note 3) -
Proceeds from sales of shares $253,115 $190,691
Net asset value of shares issued to shareholders in payment
of distributions declared 4,329 1,557
Cost of shares redeemed (20,375) (13,994)
-------- --------
Increase in net assets from Fund share transactions $237,069 $178,254
-------- --------
Net increase in net assets $240,735 $179,506
NET ASSETS:
At beginning of period 10 10
-------- --------
At end of period $240,745 $179,516
======== ========
ACCUMULATED DISTRIBUTIONS IN EXCESS OF NET
INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD $ (248) $ (194)
======== ========
<FN>
* For the Traditional Florida Limited and the Traditional New York Limited Funds, the Statements of Changes in Net Assets are for
the period from the start of business, July 5, 1994, and July 6, 1994, respectively, to March 31, 1995.
</TABLE>
See notes to financial statements
9
<PAGE> 10
<TABLE>
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
Period Ended March 31, 1995*
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.000 $ 10.000
--------- ---------
INCOME FROM OPERATIONS:
Net investment income $ 0.321 $ 0.325
Net realized and unrealized gain on investments 0.088 0.051
--------- ---------
Total income from operations $ 0.409 $ 0.376
--------- ---------
LESS DISTRIBUTIONS:
From net investment income $ (0.321) $ (0.325)
In excess of net investment income (0.018) (0.021)
--------- ---------
Total distributions $ (0.339) $ (0.346)
--------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.070 $ 10.030
========= =========
TOTAL RETURN (1) 4.19% 3.87%
RATIOS/SUPPLEMENTAL DATA**:
Net assets, end of period (000 omitted) $ 241 $ 180
Ratio of net expenses to average daily net assets (2) 0.74%+ 0.98%+
Ratio of net investment income to average daily net assets 4.52%+ 5.96%+
<FN>
** For the period from the start of business, July 5, 1994, and July 6, 1994, respectively, to March 31, 1995, the operating
expenses of the Funds reflect an allocation of expenses to the Administrator. Had such actions not been taken, net investment
loss per share and the ratios would have been as follows:
NET INVESTMENT LOSS PER SHARE $ (0.506) $ (1.178)
========= =========
RATIOS (AS A PERCENTAGE OF AVERAGE DAILY NET ASSETS):
Expenses (2) 12.20%+ 28.54%+
Net investment loss (6.94%)+ (21.60%)+
+ Computed on an annualized basis.
(1) 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. Amount is computed on a nonannualized basis.
(2) Includes the Fund's share of its corresponding Portfolio's allocated expenses.
* For the Traditional Florida Limited and the Traditional New York Limited Funds, Financial Highlights are for the period from
the start of business, July 5, 1994, and July 6, 1994, respectively, to March 31, 1995.
</TABLE>
See notes to financial statements
10
<PAGE> 11
Notes to Financial Statements
(1) SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Investment 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 twenty-six Funds, two of
which are included in these financial statements. They include EV Traditional
Florida Limited Maturity Tax Free Fund, ("Traditional Florida Limited Fund")
and EV Traditional New York Limited Maturity Tax Free Fund ("Traditional New
York Limited 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 Limited Fund invests its assets
in the Florida Limited Maturity Tax Free Portfolio and the Traditional New
York Limited Fund invests its assets in the New York Limited Maturity Tax
Free Portfolio. The value of each Fund's investment in its corresponding
Portfolio reflects the Funds' proportionate interest in the net assets of
that Portfolio (0.1% and 0.1% at March 31, 1995 for the Traditional Florida
Limited Fund and Traditional New York Limited Fund, respectively.) The perform
ance 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 Fund's 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 VALUATION - 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 Fund's net investment income consists of the Fund's 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 Fund's 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 March 31, 1995,
the Traditional Florida Limited Fund and Traditional New York Limited Fund,
for federal income tax purposes, had capital loss carryovers of $86 and $120,
respectively, which will reduce each Fund's taxable income arising from
future net realized gain on investments, if any, to the extent permitted by
the Internal Revenue Code, and thus will reduce the amount of distributions
to shareholders which will otherwise be necessary to relieve each Fund of any
liability for federal income taxes. Such capital loss carryovers will expire
on March 31, 2003. 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.
- --------------------------------------------------------------------------------
(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 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.
11
<PAGE> 12
(3) SHARES OF BENEFICIAL INTEREST
<TABLE>
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 for the period from the start of business to March 31, 1995, were as
follows:
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
Sales 25,560 19,146
Issued to shareholders electing to receive payments of distributions in Fund shares 437 157
Redemptions (2,083) (1,398)
------ ------
Net increase 23,914 17,905
====== ======
</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,
$11,493 and $13,702 of expenses related to the operation of the Traditional
Florida Limited Fund and Traditional New York Limited Fund, respectively,
were allocated to EVM. Except as to Trustees of the Funds and the Portfolios
who are not members of EVM's or BMR's organization, officers and Trustees
receive remuneration for their services to each Fund out of such investment
adviser fee. 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 Fund's 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 0.15% of
each Fund's 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 period from the start of business to March 31, 1995.
Certain of the officers and Trustees of the Funds are officers and directors
of EVD.
- --------------------------------------------------------------------------------
(6) INVESTMENT TRANSACTIONS
<TABLE>
Increases and decreases in each Fund's investment in its corresponding Portfolio for the period from the start of business to March
31, 1995 were as follows:
<CAPTION>
TRADITIONAL TRADITIONAL
FLORIDA LIMITED NEW YORK LIMITED
FUND FUND
--------------- ----------------
<S> <C> <C>
Increases $253,115 $190,691
Decreases 29,261 25,990
</TABLE>
12
<PAGE> 13
Independent Auditors' Report
- --------------------------------------------------------------------------------
TO THE TRUSTEES AND SHAREHOLDERS OF EATON VANCE INVESTMENT TRUST:
We have audited the accompanying statements of assets and liabilities of EV
Traditional Florida Limited Maturity Tax Free Fund and EV Traditional New
York Limited Maturity Tax Free Fund (the Funds) (series of Eaton Vance
Investment Trust) as of March 31, 1995, and the related statements of
operations, the statements of changes in net assets and the financial
highlights for the period from the start of business to March 31, 1995. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based upon our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial positions of EV Traditional
Florida Limited Maturity Tax Free Fund Series and EV Traditional New York
Limited Maturity Tax Free Fund Series of Eaton Vance Investment Trust at
March 31, 1995, the results of their operations, the changes in their net
assets and their financial highlights for the period from the start of
business to March 31, 1995, in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 5, 1995
13
<PAGE> 14
<TABLE>
Florida Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS- 100%
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED - 21.9%
Aaa AAA $1,000 Canaveral FL Port Authority,
(FGIC), ETM, 6.30%,
6/1/02 $ 1,067,970
Aaa AAA 1,015 Dade County FL, Educational
Facilities Authority,(MBIA),
Prerefunded to 10/1/01,
7.00%, 10/1/08 1,137,957
Aaa AAA 1,000 Dunnedin FL Hospital,
Mease Health Care,(MBIA),
Prerefunded to 11/15/01,
6.75%, 11/15/21 1,108,800
Aaa AAA 4,100 Florida Board of Education Capital
Outlay, Prerefunded to 6/1/00
7.25%, 6/1/23 4,577,486
Aaa AAA 1,000 Florida MPA, All Requirements
Power Supply Project,
(AMBAC), Prerefunded to 10/1/02,
6.25%, 10/1/21 1,084,500
Aaa AAA 1,500 Florida MPA, Stanton II Project,
(AMBAC), Prerefunded to
10/1/02, 6.50%, 10/1/20 1,649,850
Aaa AAA 1,780 Hollywood FL Water & Sewer, (FGIC),
Prerefunded to 10/1/01
6.375%, 10/1/02 1,934,753
Aaa AAA 1,500 Jacksonville Beach Utilities, (MBIA),
Prerefunded to 10/1/01, 6.50%, 10/1/12 1,640,670
Aaa AAA 2,500 Jacksonville Electric Authority,
Bulk Power Supply System,
Prerefunded to 10/1/00,
6.75%, 10/1/21 2,736,125
Aaa AAA 4,485 Jacksonville Electric Authority,
Bulk Power Supply System,
Prerefunded to 10/1/00,
6.75%, 10/1/16 4,908,608
Aaa AAA 1,400 Jacksonville Electric Authority,
St John's River Power Park,
Prerefunded to 10/1/95,
7.00%, 10/1/02 1,439,452
Aaa AAA 1,665 Kissimmee Utility Authority,
(FGIC), Prerefunded to
10/1/01, 6.50%,
10/1/17 1,821,144
Aaa AAA 1,000 Manatee County Public
Utilities, (MBIA), Prerefunded
to 10/1/01, 6.80%,
10/1/05 1,110,190
Aaa AAA 3,250 Orlando Utility Community
Water & Electric,
Prerefunded to 10/1/01,
6.50%, 10/1/20 3,554,785
Aaa AAA 2,000 Palm Bay FL Utility, Palm
Bay Utility Corporation,
(MBIA) Prerefunded to
10/1/02, 6.20%,
10/1/17 2,156,360
Aaa AAA 2,805 Palm Beach County Criminal
Justice Facilities, (FGIC),
Prerefunded to 6/1/00,
7.00%, 6/1/01 3,100,198
-----------
$35,028,848
-----------
GENERAL OBLIGATIONS - 11.2%
Aa AA $1,500 Florida State Board of
Education, 6.25%,
6/1/01 $ 1,600,545
Aa AA 1,500 Florida State Board of
Education, 6.75%,
6/1/12 1,591,215
Aa AA 2,000 Florida State Board of
Education, 6.75%,
6/1/00 2,169,280
Aa AA 1,000 Florida State Board of
Education, 6.125%,
6/1/12 1,020,770
Aa AA 1,295 Florida State Board of
Education, 6.75%,
6/1/04 1,398,458
NR A 350 Hillsborough County,
(Environmentally Sensitive
Lands Acquisition and
Protection Program), 6.00%,
7/1/03 359,327
Baa1 A- 2,000 Puerto Rico Municipal
Finance Agency, 5.50%,
7/1/01 2,017,640
Baa1 A- 775 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 782,719
</TABLE>
14
<PAGE> 15
<TABLE>
FLORIDA LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Baa1 A- 5,400 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/05 5,454,972
NR NR 1,500 Virgin Islands Public
Finance Authority, 6.80%,
10/1/00 1,588,590
-----------
$17,983,516
-----------
HOSPITALS - 4.6%
NR BBB $470 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 5.00%,
10/1/95 $470,122
NR BBB 490 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 5.50%,
10/1/96 491,857
NR BBB 515 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 6.00%,
10/1/97 520,062
NR BBB 545 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 6.25%,
10/1/98 553,311
Baa1 NR 425 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village
Project), 6.00%, 12/1/98 424,273
Baa1 NR 450 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village
Project), 6.25%, 12/1/99 450,850
Baa1 NR 480 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village
Project), 6.50%, 12/1/00 480,840
NR A- 1,635 Palm Beach County Health
Facilities Authority, Good
Samaritan Health Systems
Inc., 5.60% 10/1/01 1,627,087
A BBB+ 620 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.20%, 8/1/98 618,642
A BBB+ 740 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.35%, 8/1/99 739,371
A BBB+ 780 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.50%, 8/1/00 780,998
A BBB+ 290 St. Johns County Industrial
Development Authority,
(Flagler Hospital Project),
5.60%, 8/1/01 290,432
-----------
$7,447,845
-----------
HOUSING - 1.2%
Baa BBB $2,000 Puerto Rico Housing Bank
and Finance Agency, 5.10%,
12/1/03 $1,860,560
-----------
INDUSTRIAL DEVELOPMENT
REVENUE - 0.9%
Baa2 BBB $1,470 Nassau County PCR,
(ITT Rayonier Incorporated
Project), 5.60%,
6/1/00 $1,476,394
-----------
INSURED GENERAL
OBLIGATION - 4.0%
Aaa AAA $2,475 Dade County Local School
District, (MBIA), 6.40%,
8/1/00 $2,647,879
Aaa AAA 1,500 Dade County Local School
District, (MBIA), 6.00%,
8/1/06 1,544,250
Aaa AAA 500 Duval County Local School
District, (AMBAC), 6.00%,
8/1/03 529,800
Aaa AAA 1,580 Sarasota County FL, (FGIC),
6.25%,10/1/05 1,680,362
-----------
$6,402,291
-----------
INSURED HEALTH CARE - 2.7%
Aaa AAA $4,000 Jacksonville Health Facilities
Authority, (Baptist Medical
Center Project), (MBIA),
7.25%, 6/1/05 $4,341,800
-----------
</TABLE>
15
<PAGE> 16
<TABLE>
FLORIDA LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED HOSPITALS - 9.4%
Aaa AAA $1,050 Hillsborough County
Hospital Authority, (Tampa
General Hospital
Project), (FSA), 5.875%,
10/1/00 $ 1,094,593
Aaa AAA 1,000 City of Lakeland, (Lakeland
Regional Medical Center
Project), (FGIC), 5.40%,
11/15/01 1,018,270
Aaa AAA 2,000 North Broward Hospital
District, (MBIA), 5.80%,
1/1/00 2,074,180
Aaa AAA 1,910 North Broward Hospital
District, (MBIA), 6.00%,
1/1/01 1,998,204
Aaa AAA 1,200 North Broward Hospital
District, (MBIA), 5.95%,
1/1/01 1,254,888
Aaa AAA 1,360 North Broward Hospital
District, (MBIA), 6.20%,
1/1/04 1,443,572
Aaa AAA 1,000 Orange County Health
Facilities Authority, (Adventist
Health System/Sunbelt Inc,)
(CGIC), 5.50%, 11/15/02 1,021,100
Aaa AAA 4,500 South Broward Hospital
District, (AMBAC), 7.50%,
5/1/08 5,090,535
-----------
$14,995,342
-----------
INSURED HOUSING - 1.3%
Aaa AAA $2,000 Florida Housing Finance
Agency, Multi-Family
Housing, (Lantana-Oxford
Project),(FSA), 5.50%, 11/1/07 $ 2,004,820
-----------
INSURED LEASE/CERTIFICATES
OF PARTICIPATION - 0.9%
Aaa AAA $1,150 City of Collier County,
Certificate of Participation,
(FSA), 5.35%, 2/15/02 $ 1,151,219
Aaa AAA 315 Santa Rosa County,
Florida, (FSA), 5.90%, 2/1/01 328,646
-----------
$ 1,479,865
-----------
INSURED MISCELLANEOUS - 2.1%
Aaa AAA $2,000 City of Jacksonville,
Guaranteed Entitlement,
(AMBAC), 5.50%
10/1/02 $ 2,051,720
Aaa AAA 500 Lee County Capital Revenue,
(MBIA), 7.30%, 10/1/07 549,445
Aaa AAA 755 Miami Sports and
Exhibition Authority,
Special Obligation, (FGIC),
5.65%, 10/1/02 779,605
-----------
$ 3,380,770
-----------
INSURED ELECTRIC - 1.3%
Aaa AAA $2,910 City of St. Cloud Utility
System, (MBIA), 6.40%,
8/1/06 $ 2,128,240
-----------
INSURED SOLID WASTE - 0.4%
Aaa AAA $ 535 Pinellas County Resource
Recovery, (MBIA), 6.85% 10/1/03 $ 584,712
-----------
INSURED SPECIAL TAX - 7.1%
Aaa AAA $1,500 Florida Department of
Natural Resources,
Preservation 2000, (MBIA),
7.25%, 7/1/08 $ 1,610,100
Aaa AAA 1,525 Florida Department of
Natural Resources, Preservation 2000,
(AMBAC), 6.70%, 7/1/05 1,660,344
Aaa AAA 2,400 Florida Department of
Natural Resources,
Preservation 2000, (MBIA),
5.75%, 7/1/00 (1) 2,491,824
Aaa AAA 5,150 Tampa FL Utility Tax, (AMBAC), 6.50%,
10/1/02 5,547,374
-----------
$11,309,642
-----------
INSURED TRANSPORTATION - 7.0%
Aaa AAA $1,700 Hillsborough County Aviation
Authority, Tampa International
Airport, (FGIC), 6.60%, 10/1/03 $ 1,818,966
</TABLE>
16
<PAGE> 17
<TABLE>
FLORIDA LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED TRANSPORTATION
(CONTINUED)
Aaa AAA 2,000 Hillsborough County Aviation
Authority, Tampa International
Airport, (FGIC), 6.80%, 10/1/05 2,144,960
Aaa AAA 3,120 Hillsborough County Aviation
Authority, Tampa International
Airport, (FGIC), 6.85%, 10/1/06 3,345,826
Aaa AAA 1,000 Port Everglades Authority
FL, Port Facilities, (FGIC),
7.00%, 9/1/00 1,094,550
Aaa AAA 2,500 Palm Beach County, Florida,
Airport, (MBIA), 7.75%, 10/1/10 2,853,150
-----------
$11,257,452
-----------
INSURED WATER & SEWER - 5.3%
Aaa AAA $ 600 Cape Coral FL Wastewater,
(FSA), 5.75%, 7/1/01 $ 620,220
Aaa AAA 790 Cape Coral FL Wastewater,
(FSA), 6.10%, 7/1/05 824,460
Aaa AAA 1,000 Manatee County FL, Public
Utilities, (MBIA),6.50%, 10/1/04 1,083,940
Aaa AAA 2,000 Manatee County FL, Public
Utilities, (MBIA), 6.75%, 10/1/04 2,210,800
Aaa AAA 1,005 Northern Palm Beach County FL
Water Control District, (MBIA),
7.20%, 11/1/02 1,087,129
Aaa AAA 1,080 Northern Palm Beach County
FL Water Control District, (MBIA),
7.15%, 11/1/03 1,170,731
Aaa AAA 1,000 Pasco County FL, Water & Sewer
Revenue, (FGIC), 5.40%, 10/1/03 1,016,990
Aaa AAA 500 Port Orange FL Water & Sewer Revenue,
(AMBAC), 6.50%, 10/1/04 531,630
-----------
$ 8,545,900
-----------
LEASE REVENUE/CERTIFICATES
OF PARTICIPATION - 0.7%
Baa1 A $1,000 Puerto Rico Public Building
Authority, 6.50%, 7/1/03 $ 1,068,120
-----------
MISCELLANEOUS - 0.6%
Baa BBB $1,000 Puerto Rico Housing Bank &
Finance Agency, 5.00%, 12/1/02 $ 935,200
-----------
SOLID WASTE - 0.7%
A NR $1,165 Brevard County, Florida, Solid
Waste Management System, 5.00%,
4/1/01 $ 1,132,730
-----------
SPECIAL TAX REVENUE - 0.9%
A1 AA- $1,000 Broward County FL, Gas
Tax Revenue Bonds, 6.20%,
9/1/01 $ 1,058,800
Baa1 BBB+ 400 Puerto Rico Infrastructure
Financing Authority, 7.60%,
7/1/00 432,720
-----------
$ 1,491,520
-----------
TRANSPORTATION - 2.9%
Aa A $2,980 Dade County FL, Aviation,
Miami International Airport,
7.20%, 10/1/00 $ 3,098,515
A A 500 Florida Department of Transportation,
Turnpike Revenue Bonds, 7.50%,
7/1/01 549,375
A A 925 Florida Sunshine Skyway
Revenue Bonds, 6.40%,
7/1/04 965,617
-----------
$ 4,613,507
-----------
UTILITIES - 10.1%
Aa1 AA $3,000 Jacksonville Electric Authority,
St. John's River Power Park,
6.50%, 10/1/03 $ 3,288,450
Aa1 AA 2,700 Jacksonville Electric
Authority, 7.50%, 10/1/02 2,909,979
</TABLE>
17
<PAGE> 18
<TABLE>
FLORIDA LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (CONTINUED)
Aa1 AA 4,000 Jacksonville Electric
Authority, St. John's River
Power Park, Crossover
Refunding, 6.95%, 10/1/04 4,351,120
Aa AA- 1,700 City of St. Petersburg,
Florida Public Utility,
6.65%, 10/1/03 1,840,063
Aa AA- 2,000 City of Tallahassee,
Electric Refunding
Bonds, 5.90%, 10/1/05 2,096,100
Aa AA- 1,500 City of Tallahassee,
Consolidated Utility Systems,
6.60%, 10/1/03 1,618,725
-----------
$16,104,437
-----------
WATER & SEWER REVENUE - 2.8%
A3 A+ $ 330 Dunes Community Development
District, (Flagler County, Water
& Sewer Project), 5.40%, 10/1/00 $ 331,703
A3 A+ 345 Dunes Community Development District,
(Flagler County, Water & Sewer
Project), 5.50%, 10/1/01 347,988
A3 A+ 365 Dunes Community Development District,
(Flagler County, Water & Sewer
Project), 5.60%, 10/1/02 369,665
A3 A+ 380 Dunes Community Development District,
(Flagler County, Water & Sewer Project),
5.70%, 10/1/03 386,893
A1 A+ 1,110 Pinellas County FL, Water Revenue
Certificates, 5.90%, 10/1/01 1,135,774
Baa1 A 1,750 Puerto Rico Aqueduct & Sewer Authority,
7.875%, 7/1/17 1,904,525
-----------
$ 4,476,548
-----------
TOTAL INVESTMENTS
(identified cost, $159,193,575) $160,050,059
============
<FN>
(1) Bond has been designated as collateral for financial futures contracts.
</TABLE>
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, 52.6% 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 11.0% to 22.3% of total
investments.
See notes to financial statements.
AMBAC = AMBAC, Inc.
FGIC = Financial Guaranty Insurance Corp.
FSA = Financial Security Assurance Inc.
MBIA = Municipal Bond Investors Assurance Corp.
18
<PAGE> 19
<TABLE>
New York Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS- 100%
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION - 8.4%
Aaa AA+ $ 500 Dormitory Authority of the
State of New York, Columbia
University, 5.10%, 7/1/01 $ 502,875
Aa AA 2,250 Dormitory Authority of the State
of New York, Cornell University,
7.375%, 7/1/20 2,445,322
Aa AA 1,000 Dormitory Authority of
the State of New York,
Cornell University, 7.375%,
7/1/30 1,083,970
NR AA 750 Dormitory Authority of
the State of New York,
Manhattan College, 6.00%,
7/1/03 792,270
NR AA 1,000 Dormitory Authority of the State
of New York, Manhattan College,
6.10%, 7/1/04 1,061,470
A1 A+ 5,955 Dormitory Authority of the State
of New York, University of
Rochester, 6.50%, 7/1/09 (1) 6,151,575
Baa1 BBB+ 1,000 Dormitory Authority of the State
of New York, State University,
7.25%, 5/15/99 1,063,830
Baa1 BBB+ 1,000 Dormitory Authority of the State
of New York, State University,
5.20%, 5/15/03 952,870
-----------
$14,054,182
-----------
ELECTRIC UTILITIES - 5.1%
Aa AA- $3,125 Power Authority of the State of
New York, 6.60%, 1/1/02 $ 3,389,000
Aa AA- 970 Power Authority of the State of
New York, 7.875%, 1/1/07 1,056,476
Aa AA- 2,750 Power Authority of the
State of New York, 8.00%,
1/1/17 2,997,198
Aa AA- 1,000 Power Authority of the State of
New York, 7.60%, 1/1/03 1,083,550
-----------
$ 8,526,224
-----------
ESCROWED/PREREFUNDED - 20.0%
Aaa AAA $4,000 Battery Park City Authority,
Prerefunded to 5/1/99, 7.70%, 5/1/15 $ 4,481,800
Aaa AAA 1,710 The City of New York, Escrowed to
Maturity, (AMBAC), 6.25%, 8/1/02 1,834,060
Aaa AAA 2,625 The City of New York, Prerefunded
to 8/1/02, (MBIA), 6.375%, 8/1/07 2,862,641
Baa1 BBB+ 2,250 Dormitory Authority of the State of
New York, State University, Prerefunded
to 5/15/02, 6.75%, 5/01/21 2,493,158
Aaa AAA 5,000 New York Local Government Assistance
Corporation, Prerefunded to 4/1/01,
7.00%, 4/1/16 5,586,000
Aaa AAA 2,000 New York State Housing Finance Agency,
Escrowed to Maturity, 6.80%, 5/01/01 2,186,300
Aaa AAA 900 New York State Housing Finance
Authority, State University, Escrowed
to Maturity, 7.80%, 5/1/01 1,030,428
Aaa AAA 1,000 New York State Medical Care Facilities
Finance Agency, St. Luke's-Roosevelt
Hospital Center, (MBIA), Prerefunded to
2/15/00, 7.45%, 2/15/29 1,122,410
Aaa AA- 2,275 Power Authority of the State of
New York, Prerefunded to 1/1/96,
7.375%, 1/1/18 2,370,527
</TABLE>
19
<PAGE> 20
<TABLE>
NEW YORK LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED/PREREFUNDED
(CONTINUED)
Aaa AAA 1,000 Suffolk County, New York Water
Authority, (AMBAC), Prerefunded to
6.50%, 7/15/12 1,059,610
Aaa AAA 2,500 Suffolk County, New York Water
Authority, (AMBAC), Prerefunded to
6/1/02, 6.00%, 6/1/17 2,668,075
Aaa AAA 1,505 Suffolk County, New York Water
Authority, (AMBAC), Prerefunded to
6/1/00, 6.90%, 6/1/09 1,660,241
Aaa AAA 1,610 Suffolk County, New York Water
Authority, (AMBAC), Prerefunded to
6/1/00, 6.90%, 6/1/10 1,776,072
Aaa A+ 1,900 Triborough Bridge and Tunnel Authority,
Prerefunded to 1/1/95, 7.00%, 1/1/21 2,108,658
-----------
$33,239,980
-----------
GENERAL OBLIGATIONS - 7.2%
Baa1 A- $1,500 The City of New York, 6.00%, 8/1/00 $ 1,510,680
Baa1 A- 500 The City of New York, 6.875%, 2/1/02 521,570
Baa1 A- 1,000 The City of New York, 6.375%, 8/1/05 998,760
Baa1 A- 1,500 The City of New York, 6.375%, 8/1/06 1,492,065
A A- 1,500 State of New York, 7.50%, 11/15/00 1,671,945
A A- 2,500 State of New York, 7.50%, 11/15/01 2,808,875
A A- 2,000 State of New York, 7.00%, 11/15/02 2,209,080
Baa1 A- 775 Puerto Rico Municipal Finance
Agency, 5.60%, 7/1/02 782,719
-----------
$11,995,694
-----------
HOSPITALS - 7.0%
Baa1 BBB $ 500 Cortland County Industrial
Development Agency, Courtland
Memorial Hospital Inc. Project,
6.15%, 7/1/02 $ 499,075
NR AAA 2,500 New York State Medical Care
Facilities Finance Agency, Mount
Sinai Hospital, 5.40%, 8/15/00 2,526,425
NR AAA 4,000 New York State Medical
Care Facilities Finance Agency,
Mount Sinai Hospital, 5.50%,
8/15/01 4,068,280
Baa1 BBB+ 1,415 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home Revenue
Bonds, 7.625%, 2/15/08 1,495,966
Aa AA 1,000 New York State Medical
Care Facilities Finance
Agency, Hospital and Nursing
Home Revenue Bonds,
7.50%, 2/15/09 1,084,390
Aa AAA 2,000 New York State Medical
Care Facilities Finance Agency,
St. Luke's Hospital Center,
4.65%, 2/15/01 1,916,700
-----------
$11,590,836
-----------
HOUSING - 0.7%
NR AAA $1,050 New York City Housing Development
Corporation, 6.70%, 6/1/00 $ 1,110,070
-----------
INDUSTRIAL DEVELOPMENT
REVENUE - 0.6%
A NR $1,045 United Nations Development
Corporation, 5.70%, 7/1/02 $ 1,059,714
-----------
INSURED EDUCATION - 0.7%
Aaa AAA $1,075 Dormitory Authority of the
State of New York, Mt. Sinai
School of Medicine, (MBIA),
6.75%, 7/1/09 $ 1,144,595
-----------
INSURED GENERAL
OBLIGATIONS - 2.3%
Aaa AAA $ 765 Brookhaven, New York, (MBIA),
5.50%, 5/1/02 $ 786,588
Aaa AAA 2,090 Buffalo, New York, (MBIA), 4.75%,
4/1/03 2,039,819
</TABLE>
20
<PAGE> 21
<TABLE>
NEW YORK LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSURED GENERAL
OBLIGATIONS (CONTINUED)
Aaa AAA 1,000 Suffolk County, New York Water
Authority, (AMBAC), 4.70%, 4/1/03 950,710
-----------
$ 3,777,117
-----------
INSURED HOSPITAL - 2.8%
Aaa AAA $4,450 New York State Medical Care
Facilities Finance Agency,
New York State Hospital, (AMBAC),
6.10%, 2/15/04 $ 4,663,422
-----------
INSURED MISCELLANEOUS - 0.6%
Aaa AAA $1,000 New York State Municipal Bond Bank
Agency, (AMBAC), 6.625%, 3/15/06 $ 1,074,930
-----------
INSURED SOLID WASTE - 0.7%
Aaa AAA $1,000 Dutchess County Resource Recovery
Agency, (FGIC), 7.20%, 1/1/02 $ 1,104,750
-----------
INSURED SPECIAL TAX - 1.2%
Aaa AAA $ 435 New York State Urban Development
Corporation, (MBIA), 5.40%,
4/1/05 $ 436,327
Aaa AAA 1,500 Municipal Assistance Corporation
for the City of New York, (MBIA),
6.875%, 7/1/01 1,597,935
-----------
$ 2,034,262
-----------
INSURED TRANSPORTATION - 8.3%
Aaa AAA $ 905 Metropolitan Transportation Authority
for the City of New York, (MBIA),
5.60%, 7/1/01 $ 932,720
Aaa AAA 1,135 Metropolitan Transportation Authority
for the City of New York, (MBIA),
5.80%, 7/1/03 1,178,493
Aaa AAA 900 Metropolitan Transportation Authority
for the City of New York, (MBIA),
5.30%, 7/1/98 913,527
Aaa AAA 3,500 The Port Authority of New York and
New Jersey, (MBIA), 6.375%, 10/15/17 3,603,005
Aaa AAA 2,500 The Port Authority of New York and
New Jersey, (AMBAC),7.40%, 10/1/12 2,796,650
Aaa AAA 2,000 Triborough Bridge and Tunnel Authority,
(MBIA), 6.20%, 1/1/01 2,110,020
Aaa AAA 2,290 Triborough Bridge and Tunnel Authority,
(FGIC), 5.80%, 1/1/02 2,363,051
-----------
$13,897,466
-----------
INSURED UTILITY - 4.5%
Aaa AAA $5,280 New York State Energy Research and
Development Authority, Central Hudson
Gas, (FGIC), 7.35%, 10/1/14 $ 5,722,306
Aaa AAA 1,600 New York State Power Authority, (MBIA),
7.875%, 1/1/13 1,738,784
-----------
$ 7,461,090
-----------
INSURED WATER AND SEWER - 2.4%
Aaa AAA $1,000 Buffalo New York Sewer Authority,
(FGIC), 5.00%, 7/1/03 $ 978,800
Aaa AAA 1,000 New York City Municipal Water
Finance Authority, (FGIC), 6.00%,
6/15/19 994,840
Aaa AAA 1,000 New York City Municipal Water Finance
Authority, (AMBAC), 5.55%, 6/15/01 1,039,120
Aaa AAA 1,000 New York City Municipal Water Finance
Authority, (AMBAC), 5.80%, 6/15/03 1,052,450
-----------
$ 4,065,210
-----------
LEASE REVENUE/
CERTIFICATES OF
PARTICIPATION - 4.6%
A1 AA $3,000 Battery Park City Authority, 6.00%,
11/1/03 $ 3,086,790
A1 AA 3,500 Housing New York Corporation, 6.00%,
11/1/03 3,649,660
</TABLE>
21
<PAGE> 22
<TABLE>
NEW YORK LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LEASE REVENUE/
CERTIFICATES OF PARTICIPATION
(CONTINUED)
Baa1 BBB 250 New York State Urban Development
Corporation, 7.40%, 1/1/01 270,125
Baa1 BBB 250 New York State Urban Development
Corporation, 7.25%, 4/1/99 265,640
Baa1 A 310 Puerto Rico Public Buildings Authority,
6.00%, 7/1/99 322,865
-----------
$ 7,595,080
-----------
SPECIAL TAX REVENUE - 9.0%
Aa AA- $1,475 Municipal Assistance Corporation for
the City of New York, 6.75%, 7/1/06 $ 1,542,393
Aa AA- 1,530 Municipal Assistance Corporation for
the City of New York, 6.875%, 7/1/07 1,603,868
Aa AA- 2,975 Municipal Assistance Corporation for
the City of New York, 5.75%, 7/1/08 2,988,893
Aa AA- 2,500 Municipal Assistance Corporation for
the City of New York, 7.30%, 7/1/08 2,722,175
A A 1,750 New York Local Government Assistance
Corporation, 7.00%, 4/1/04 1,926,418
A A 2,120 New York Local Government Assistance
Corporation, 7.20%, 4/1/04 2,356,359
A A 750 New York Local Government Assistance
Corporation, 5.90%, 4/1/05 775,860
Baa BBB 660 New York State Medical Care Facilities
Finance Agency, Mental Health Services
Facilities, 7.10%, 8/15/01 706,781
Baa1 BBB+ 350 Puerto Rico Infrastructure Financing
Authority, 7.60%, 7/1/00 378,630
-----------
$15,001,377
-----------
TRANSPORTATION - 7.4%
Baa1 BBB $1,000 Metropolitan Transportation Authority,
5.375%, 7/1/02 $ 972,780
A1 A 1,750 New York State Thruway Authority,
5.375%, 1/1/02 1,766,065
Baa1 BBB 1,500 New York State Thruway Authority,
5.80%, 4/1/00 1,521,960
Baa1 BBB 2,000 New York State Thruway Authority,
6.00%, 4/1/02 2,030,680
Baa1 BBB 1,000 New York State Thruway Authority,
6.00%, 4/1/03 994,980
Baa1 A 2,850 Puerto Rico Highway Authority,
6.75%, 7/1/05 3,026,757
Baa1 A 2,000 Puerto Rico Highway and Transportation
Authority, 4.90%, 7/1/01 1,931,080
-----------
$12,244,302
-----------
WATER & SEWER REVENUE - 6.5%
A A- $1,825 New York City Municipal Water
Finance Authority, 5.70%, 6/15/02 $ 1,857,083
Aa AA- 1,000 New York State Environmental
Facilities Corporation, 7.50%, 3/15/11 1,082,360
Aa A 1,000 New York State Environmental Facilities
Corporation, 6.90%, 6/15/02 1,099,520
Aa A 1,200 New York State Environmental Facilities
Corporation, 6.80%, 6/15/01 1,308,984
Aa AAA 1,000 New York State Environmental Facilities
Corporation, 6.40%, 9/15/01 1,070,550
Aa A 1,125 New York State Environmental Facilities
Corporation, 6.50%, 6/15/04 1,204,200
</TABLE>
22
<PAGE> 23
<TABLE>
NEW YORK LIMITED MATURITY TAX FREE PORTFOLIO (CONTINUED)
- ----------------------------------------------------------------------------------------
TAX-EXEMPT INVESTMENTS (CONTINUED)
- ----------------------------------------------------------------------------------------
<CAPTION>
RATINGS (UNAUDITED) PRINCIPAL
- ------------------- AMOUNT
STANDARD (000
MOODY'S & POOR'S OMITTED) SECURITY VALUE
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER & SEWER
REVENUE (CONTINUED)
Aaa AAA 1,000 New York State
Environmental Facilities
Corporation, County of
Westchester Project,
6.30%, 9/15/05 1,063,090
Aa A 2,000 New York State
Environmental Facilities
Corporation, New York City
Municipal Water Finance
Authority, 6.60%, 6/15/05 2,145,740
------------
$ 10,831,527
------------
TOTAL INVESTMENTS
(identified cost, $167,253,911) $166,471,828
============
<FN>
(1) Bond has been designated as collateral for financial futures contracts.
</TABLE>
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, 31.4% 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 6.7% to 12.3% of total
investments.
See notes to financial statements
AMBAC = AMBAC, Inc.
FGIC = Financial Guaranty Insurance Corp.
FSA = Financial Security Assurance Inc.
MBIA = Municipal Bond Investors Assurance Corp.
23
<PAGE> 24
<TABLE>
Limited Maturity Tax Free Portfolios
Financial Statements
STATEMENTS OF ASSETS AND LIABILITIES
- ----------------------------------------------------------------------------------------------------------------------------------
March 31, 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
PORTFOLIO PORTFOLIO
--------------- ----------------
<S> <C> <C>
ASSETS:
Investments-
Identified cost $159,193,575 $167,253,911
Unrealized appreciation (depreciation) 856,484 (782,083)
------------ ------------
Total investments, at value (Note 1A) $160,050,059 $166,471,828
Cash 685,471 1,610,687
Receivable for investments sold 1,684,454 3,102,308
Interest receivable 3,844,054 3,172,087
Deferred organization expenses (Note 1D) 13,004 7,935
------------ ------------
Total assets $166,277,042 $174,364,845
------------ ------------
LIABILITIES:
Payable for investments purchased $ 1,689,935 $ 723,659
Payable to affiliates -
Trustees' fee 1,767 1,767
Custodian fees 3,829 4,378
Accrued expenses 2,596 2,617
------------ ------------
Total liabilities $ 1,698,127 $ 732,421
------------ ------------
NET ASSETS applicable to investors' interest in Portfolio $164,578,915 $173,632,424
============ ============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and withdrawals $163,865,237 $174,562,413
Unrealized appreciation (depreciation) of investments and
financial futures contracts (computed on the basis of identified cost) 713,678 (929,989)
------------ ------------
Total $164,578,915 $173,632,424
============ ============
</TABLE>
See notes to financial statements
24
<PAGE> 25
<TABLE>
STATEMENTS OF OPERATIONS
- ----------------------------------------------------------------------------------------------------------------------------------
Year ended March 31, 1995
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
PORTFOLIO PORTFOLIO
--------------- ----------------
<S> <C> <C>
INVESTMENT INCOME (NOTE 1B):
Interest income $ 9,416,263 $ 9,774,315
------------ -----------
Expenses-
Investment adviser fee (Note 2) $ 821,095 $ 845,836
Compensation of Trustees not members of the
Investment Adviser's organization (Note 2) 10,020 10,020
Custodian fees (Note 2) 35,497 36,810
Printing and postage 2,985 2,496
Legal and accounting fees 21,962 19,299
Bond pricing 17,906 22,059
Registration fees 270 125
Amortization of organization expenses (Note 1D) 4,204 2,570
Miscellaneous 18,466 13,494
------------ -----------
Total expenses $ 932,405 $ 952,709
------------ -----------
Net investment income $ 8,483,858 $ 8,821,606
------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss -
Investment transactions (identified cost basis) $ (4,033,759) $(2,924,669)
Financial futures contracts (38,678) (45,618)
------------ -----------
Net realized loss $ (4,072,437) $(2,970,287)
------------ -----------
Change in unrealized appreciation(depreciation) -
Investments $ 5,210,496 $ 3,465,809
Financial futures contracts (142,806) (147,906)
------------ -----------
Net unrealized appreciation on investments $ 5,067,690 $ 3,317,903
------------ -----------
Net realized and unrealized gain $ 995,253 $ 347,616
------------ -----------
Net increase in net assets from operations $ 9,479,111 $ 9,169,222
============ ===========
</TABLE>
See notes to financial statements
25
<PAGE> 26
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended March 31, 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
PORTFOLIO PORTFOLIO
--------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 8,483,858 $ 8,821,606
Net realized loss on investment transactions (4,072,437) (2,970,287)
Change in unrealized appreciation of investments 5,067,690 3,317,903
------------- -------------
Net increase in net assets from operations $ 9,479,111 $ 9,169,222
------------- -------------
Capital transactions -
Contributions $ 29,535,670 $ 23,864,886
Withdrawals (60,412,518) (43,169,334)
------------- -------------
Decrease in net assets resulting from capital transactions $ (30,876,848) $ (19,304,448)
------------- -------------
Total decrease in net assets $ (21,397,737) $ (10,135,226)
NET ASSETS:
At beginning of year 185,976,652 183,767,650
------------- -------------
At end of year $ 164,578,915 $ 173,632,424
============= =============
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended March 31, 1994*
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
PORTFOLIO PORTFOLIO
--------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations -
Net investment income $ 5,946,799 $ 6,189,145
Net realized gain on investment transactions 296,913 168,212
Net unrealized depreciation of investments (6,680,426) (6,400,987)
------------ ------------
Net decrease in net assets from operations $ (436,714) $ (43,630)
------------ ------------
Capital transactions -
Contributions $211,148,713 $197,911,959
Withdrawals (24,835,367) (14,200,699)
------------ ------------
Increase in net assets resulting from capital transactions $186,313,346 $183,711,260
------------ ------------
Total increase in net assets $185,876,632 $183,667,630
NET ASSETS:
At beginning of period 100,020 100,020
------------ ------------
At end of period $185,976,652 $183,767,650
============ ============
<FN>
* For the period from the start of business, May 3, 1993, to March 31, 1994.
</TABLE>
See notes to financial statements
26
<PAGE> 27
<TABLE>
SUPPLEMENTARY DATA
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-------------------------
YEAR ENDED MARCH 31,
1995 1994*
-------------------------------------------------------------------
<S> <C> <C>
RATIOS (AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS):
Net expenses 0.52% 0.49%+
Net investment income 4.73% 4.53%+
PORTFOLIO TURNOVER 44% 8%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
--------------------------
YEAR ENDED MARCH 31,
1995 1994*
-------------------------------------------------------------------
<S> <C> <C>
RATIOS (AS A PERCENTAGE OF
AVERAGE DAILY NET ASSETS):
Net expenses 0.52% 0.47%+
Net investment income 4.79% 4.50%+
PORTFOLIO TURNOVER 31% 5%
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
+ Computed on an annualized basis.
* For the period from the start of business, May 3, 1993, to March 31, 1994.
</TABLE>
See notes to financial statements
27
<PAGE> 28
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) SIGNIFICANT ACCOUNTING POLICIES
Florida Limited Maturity Tax Free Portfolio ("Florida Limited Portfolio") and
New York Limited Maturity Tax Free Portfolio ("New York Limited Portfolio"),
collectively the Portfolios, are registered under the Investment Company Act
of 1940 as non-diversified open-end management 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 investor's 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 Portfolio's 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
Portfolio's 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.
G. 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.
28
<PAGE> 29
- --------------------------------------------------------------------------------
(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).
<TABLE>
For the year ended March 31, 1995 each portfolio paid advisory fees as follows:
<CAPTION>
YEAR ENDED MARCH 31, 1995
-------------------------
PORTFOLIO AMOUNT EFFECTIVE RATE*
- --------- ------ ---------------
<S> <C> <C>
Florida Limited $821,095 0.46%
New York Limited $845,836 0.46%
<FN>
* Advisory fees paid as a percentage of average daily net assets.
</TABLE>
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 agreements, 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 Portfolio 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 Trustee Deferred Compensation Plan. For the
year ended March 31, 1995, no significant amounts have been deferred.
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
(3) INVESTMENTS
Purchases and sales of investments, other than U.S. Government securities and short-term obligations, were as follows:
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
--------------- ----------------
PORTFOLIO PORTFOLIO
--------- ---------
<S> <C> <C>
Purchases $76,240,441 $56,299,534
Sales $97,800,247 $68,916,661
</TABLE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
(4) FEDERAL INCOME TAX BASIS OF INVESTMENTS
The cost and unrealized appreciation/depreciation in value of the investments owned by each Portfolio at March 31, 1995,
as computed on a federal income tax basis, are as follows:
<CAPTION>
FLORIDA LIMITED NEW YORK LIMITED
--------------- ----------------
PORTFOLIO PORTFOLIO
--------- ---------
<S> <C> <C>
Aggregate cost $159,193,575 $167,253,911
============ ============
Gross unrealized depreciation $ (1,217,305) $ (1,959,627)
Gross unrealized appreciation 2,073,789 1,177,544
------------ ------------
Net unrealized appreciation (depreciation) $ 856,484 $ (782,083)
============ ============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
29
<PAGE> 30
(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 bank's 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. The Portfolios did not have \
any significant borrowings or allocated fees during the year.
- --------------------------------------------------------------------------------
(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.
<TABLE>
A summary of obligations under these financial instruments at March 31, 1995 is as follows:
<CAPTION>
FUTURES CONTRACTS NET UNREALIZED
PORTFOLIO EXPIRATION DATE CONTRACTS POSITION DEPRECIATION
- --------- ----------------- --------- -------- --------------
<S> <C> <C> <C> <C>
Florida Limited 6/95 84 U.S. Treasury Bonds short $142,806
========
New York Limited 6/95 87 U.S. Treasury Bonds short $147,906
========
</TABLE>
At March 31, 1995 each Portfolio had sufficient cash and/or securities to
cover margin requirements on open futures contracts.
30
<PAGE> 31
Independent Auditors' Report
- --------------------------------------------------------------------------------
TO THE TRUSTEES AND INVESTORS OF FLORIDA LIMITED MATURITY TAX FREE PORTFOLIO
AND NEW YORK LIMITED MATURITY TAX FREE PORTFOLIO:
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of Florida Limited Maturity Tax Free
Portfolio and New York Limited Maturity Tax Free Portfolio as of March 31,
1995, and the related statements of operations for the year then ended, the
statements of changes in net assets and supplementary data for the year then
ended and the period from the start of business to March 31, 1994. These
financial statements and supplementary data are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and supplementary data based upon our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
supplementary data are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned at March 31, 1995, by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements and supplementary data present
fairly, in all material respects, the financial positions of Florida Limited
Maturity Tax Free Portfolio and New York Limited Maturity Tax Free Portfolio
at March 31, 1995, the results of their operations, the changes in their net
assets and their financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 5, 1995
31
<PAGE> 32
Investment Management
- --------------------------------------------------------------------------------
FUNDS OFFICERS
THOMAS J. FETTER
President
JAMES B. HAWKES
Vice President, Trustee
ROBERT MACINTOSH
Vice President
JAMES L. O'CONNOR
Treasurer
JAMES F. ALBAN
Assistant Treasurer
DOUGLAS C. MILLER
Assistant Treasurer
THOMAS OTIS
Secretary
JANET E. SANDERS
Assistant Treasurer and
Assistant Secretary
A. JOHN MURPHY
Assistant Secretary
INDEPENDENT TRUSTEES
DONALD R. DWIGHT
President, Dwight Partners, Inc.
Chairman, Newspaper of New England, Inc.
SAMUEL L. HAYES, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate
School of Business Administration
NORTON H. REAMER
President and Director, United Asset Management Corporation
JOHN L. THORNDIKE
Director, Fiduciary Trust Company
JACK L. TREYNOR
Investment Adviser and Consultant
- --------------------------------------------------------------------------------
PORTFOLIOS OFFICERS
THOMAS J. FETTER
President
JAMES B. HAWKES
Vice President, Trustee
ROBERT MACINTOSH
Vice President
JAMES L. O'CONNOR
Treasurer
JAMES F. ALBAN
Assistant Treasurer
THOMAS OTIS
Secretary
JANET E. SANDERS
Assistant Treasurer and
Assistant Secretary
A. JOHN MURPHY
Assistant Secretary
PORTFOLIO MANAGER
RAYMOND E. HENDER
INDEPENDENT TRUSTEES
DONALD R. DWIGHT
President, Dwight Partners, Inc.
Chairman, Newspaper of New England, Inc.
SAMUEL L. HAYES, III
Jacob H. Schiff Professor of Investment
Banking, Harvard University Graduate
School of Business Administration
NORTON H. REAMER
President and Director, United Asset Management Corporation
JOHN L. THORNDIKE
Director, Fiduciary Trust Company
JACK L. TREYNOR
Investment Adviser and Consultant
32
<PAGE> 33
INVESTMENT ADVISER OF LIMITED MATURITY TAX FREE PORTFOLIOS
Boston Management and Research
24 Federal Street
Boston, MA 02110
ADMINISTRATOR OF EV TRADITIONAL LIMITED MATURITY TAX FREE FUNDS
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
INDEPENDENT AUDITORS
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
33
<PAGE> 34
(THIS SPACE INTENTIONALLY LEFT BLANK)
34
<PAGE> 35
(THIS SPACE INTENTIONALLY LEFT BLANK)
35
<PAGE> 36
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 INVESTMENT TRUST
24 FEDERAL STREET
BOSTON, MA 02110
