Eaton Vance Investment Trust
For the Funds:
[bullet] EV Classic California Limited Maturity Tax Free Fund
[bullet] EV Classic Connecticut Limited Maturity Tax Free Fund
[bullet] EV Classic Florida Limited Maturity Tax Free Fund
[bullet] EV Classic Massachusetts Limited Maturity Tax Free Fund
[bullet] EV Classic Michigan Limited Maturity Tax Free Fund
[bullet] EV Classic New Jersey Limited Maturity Tax Free Fund
[bullet] EV Classic New York Limited Maturity Tax Free Fund
[bullet] EV Classic Ohio Limited Maturity Tax Free Fund
[bullet] EV Classic Pennsylvania Limited Maturity Tax Free Fund
[LOGO OF DOOR]
Annual Shareholder Report
March 31, 1995
<PAGE>
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------------------------------
Results for the year Dividends NAV Fund's If your The Federal
ending March 31, 1995. paid by per distribution combined after-tax Tax
Fund share rate Federal equivalent information*
(During at at & state yield
period) 3/31/95 3/31/95 tax you
rate would
is... need
is...
- - -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- - --------------------------------------------------------------------------------------------------------
EV Classic California $0.403 $9.52 3.75% [graphic 43.04% 6.58% 99.99%
Limited Maturity Tax state of
Free Fund California]
- - --------------------------------------------------------------------------------------------------------
EV Classic Connecticut $0.388 $9.46 3.63% [graphic 38.88% 5.94% 99.69%
Limited Maturity state of
Tax Free Fund Connecticut]
- - --------------------------------------------------------------------------------------------------------
EV Classic Florida $0.403 $9.52 3.76% [graphic 39.41% 6.21% 99.98%
Limited Maturity Tax state of
Free Fund Florida]
- - --------------------------------------------------------------------------------------------------------
EV Classic $0.413 $9.56 3.84% [graphic 43.68% 6.82% 99.81%
Massachusetts state of
Limited Maturity Tax Massachusetts]
Free Fund
- - --------------------------------------------------------------------------------------------------------
EV Classic Michigan $0.403 $9.48 3.78% [graphic 43.64% 6.71% 100.00%
Limited Maturity Tax state of
Free Fund Michigan]
- - --------------------------------------------------------------------------------------------------------
EV Classic New Jersey $0.398 $9.59 3.67% [graphic 40.21% 6.14% 99.88%
Limited Maturity Tax state of
Free Fund New Jersey]
- - --------------------------------------------------------------------------------------------------------
EV Classic New York $0.403 $9.49 3.77% [graphic 40.83% 6.37% 100.00%
Limited Maturity Tax state of
Free Fund New York]
- - --------------------------------------------------------------------------------------------------------
EV Classic Ohio $0.398 $9.53 3.70% [graphic 40.80% 6.25% 99.99%
Limited Maturity Tax state of
Free Fund Ohio]
- - --------------------------------------------------------------------------------------------------------
EV Classic $0.413 $9.55 3.84% [graphic 45.47% 7.04% 100.00%
Pennsylvania Limited state of
Maturity Tax Free Fund Pennsylvania]
- - --------------------------------------------------------------------------------------------------------
</TABLE>
* 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.
<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, 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,
[Photo] Thomas J. Fetter
/s/ Thomas J. Fetter
Thomas J. Fetter
President
May 19, 1995
+ A portion of the Portfolios' income could be subject to Federal alternative
minimum tax.
<PAGE>
Management Discussion
An interview with Raymond E. Hender, Vice President, and William Ahern,
Assistant Vice President, Portfolio Managers of the Limited Maturity Tax
Free Portfolios.
[Photo: Raymond E. Hender]
Q. Ray, how would you describe the intermediate market of the past year?
R.H.: 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 fallen back 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?
R.H.: 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?
R.H.: 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.
Q. Bill, how does a shorter duration help to limit the Portfolios'
volatility?
W.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?
W.A.: As 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 thereby picked up
additional yield.
Q. Did you make other adjustments?
R.H.: 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.
Q. Did the sell-off provide any opportunities?
W.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
<PAGE>
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.
[Photo: William Ahern]
Q. What sectors offered special value?
R.H.: 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?
W.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 creates an opportunity to gain yield
in that sector.
Q. How did escrowed bonds perform?
W.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. Was the California Limited Maturity Tax Free Portfolio affected by the
Orange County crisis?
R.H.: The California Portfolio did not own any direct obligations of Orange
County at the time of the bankruptcy filing and has not acquired any since
that event. The Portfolio did have a small investment in the securities of
two issuers that were participants in the pool. However, the municipal
bond rating agencies have consistently maintained the quality ratings of
those issues. Our independent research indicates that the issuers will be
able to comfortably continue with timely debt service payments.
Q. Looking ahead, what is your outlook for the intermediate-term market?
R.H.: 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. Of course, there's 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
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.
<PAGE>
EV Classic California Limited Maturity Tax Free Fund
Your investment at work
[Graphic: Mortarboard (hat)]
California Educational
Facilities Authority
Stanford University Revenue Bonds
Stanford University ranks among the most esteemed educational institutions in
the nation, boasting an eminent faculty and a highly selective and competitive
student population. The net proceeds of these bonds were used to pre-refund
oustanding principal and interest payments of previously issued Stanford
University project bonds of the Authority. The University has pledged its full
faith and credit to the payment of the bonds. The bonds, rated Aaa/AAA, have a
coupon of 5.9 percent, providing an attractive yield from a highly regarded
issuer.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of California]
Number of issues ................ 56
Average quality ................. AA
Investment grade ................ 98.7%
Effective maturity .............. 5.87 yrs.
Largest sectors:
Escrowed/pre-refunded .. 22.4%
General obligations .... 9.6
Electric utilities ..... 9.3
Insured hospital revenue 7.6*
Transportation ......... 5.4
* Private insurance does not remove the market risk associated with this
investment.
The State of the State: California
The California economy continued to improve in 1994. While unemployment remains
well above national levels, the state's jobless rate has nonetheless improved to
the 7 percent range. In 1994, the state gained 150,000 jobs. Given the state's
population, that represents only a modest improvement. But following years of
job losses in the defense and technology sectors, the improvement may signal a
long-awaited turn in the state's economic fortunes. Despite the expectation of
continued downsizing in the defense industry, another 220,000 new jobs are
expected in 1995.
The construction industry remains a bright spot. While the level of housing
permits remains significantly lower than the peak year of 1986, housing permits
rose 15 percent in 1994.
While still debt-ridden, the state's financial outlook may brighten due to
tighter fiscal controls. Sales tax and personal income tax revenues have climbed
significantly. With the administration aiming for broad spending cuts and
containment over social spending, there is an increasing likelihood that
California credits may at last stabilize following years of deterioration.
Comparison of Change in Value of a $10,000 Investment in EV Classic California
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 2.8% 0.4% $10,022
- - --------------------------------------------------------------------------
Without CDSC 3.8% 0.4% $10,022
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
California Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10090 10106
- - --------------------------------------------------------------------------
2/94 9934 9887
- - --------------------------------------------------------------------------
3/94 9655 9623
- - --------------------------------------------------------------------------
4/94 9701 9693
- - --------------------------------------------------------------------------
5/94 9758 9741
- - --------------------------------------------------------------------------
6/94 9722 9724
- - --------------------------------------------------------------------------
7/94 9850 9861
- - --------------------------------------------------------------------------
8/94 9866 9913
- - --------------------------------------------------------------------------
9/94 9770 9818
- - --------------------------------------------------------------------------
10/94 9663 9719
- - --------------------------------------------------------------------------
11/94 9512 9577
- - --------------------------------------------------------------------------
12/94 9595 9723
- - --------------------------------------------------------------------------
1/95 9774 9905
- - --------------------------------------------------------------------------
2/95 9972 10128
- - --------------------------------------------------------------------------
3/95 10022 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic Connecticut Limited Maturity Tax Free Fund
[Graphic: Capitol Building]
Your investment at work
Town of Old Saybrook, CT
General Obligations
Old Saybrook, located on the south central coast of Long Island Sound, issued a
series of general obligation bonds in 1989 and 1990 with coupons in the 7
percent range. With rates significantly lower by early 1994, Old Saybrook issued
a new series of bonds to redeem the previously issued bonds on their scheduled
call dates. With coupons in the 4 percent range, the new issue resulted in major
savings for the Town. Because the new issues are insured as to principal and
interest payments by a private municipal bond insurer, they are deemed to be
very high quality by investors. Naturally, private insurance does not remove the
market risks associated with this investment.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of Connecticut]
Number of issues .............. 38
Average quality ............... AA
Investment grade .............. 100%
Effective maturity ............ 5.54 yrs.
Largest sectors:
Insured hospitals .... 17.5%*
Special tax revenue .. 13.3
General obligations .. 11.0
Housing .............. 10.4
Solid waste .......... 7.5
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: Connecticut
While significantly improved in the past year, Connecticut's economy continued
to lag national and regional trends. The state's deep recession exacted a heavy
toll in key industries such as finance, real estate, insurance and defense,
sectors hard-hit by industry restructurings and shrinking government
appropriations. Together, those setbacks eroded the state's economic base.
However, while the employment outlook for those industries remains relatively
weak, job gains in construction, service, trade, health care and tourism have
partially offset those losses and helped pace the Connecticut recovery. The
state's fiscal picture has brightened significantly with an improved economy.
Having encountered massive deficits earlier in the decade, Connecticut pursued
a series of fiscal and budgetary reforms, including instituting a 4 percent
income tax, lowering the state sales tax, eliminating taxes on capital gains,
dividends and interest, and instituting a constitutional expenditure cap,
resulting in a more stable tax revenue base. Having recorded operating surpluses
in each of the past three fiscal years, Connecticut should look forward to
continued fiscal stability and an improving financial future.
Comparison of Change in Value of a $10,000 Investment in EV Classic Connecticut
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 2.8% 0.4% $9,947
- - --------------------------------------------------------------------------
Without CDSC 3.8% 0.4% $9,947
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Connecticut Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10044 10106
- - --------------------------------------------------------------------------
2/94 9856 9887
- - --------------------------------------------------------------------------
3/94 9585 9623
- - --------------------------------------------------------------------------
4/94 9650 9693
- - --------------------------------------------------------------------------
5/94 9665 9741
- - --------------------------------------------------------------------------
6/94 9608 9724
- - --------------------------------------------------------------------------
7/94 9724 9861
- - --------------------------------------------------------------------------
8/94 9749 9913
- - --------------------------------------------------------------------------
9/94 9672 9818
- - --------------------------------------------------------------------------
10/94 9575 9719
- - --------------------------------------------------------------------------
11/94 9464 9577
- - --------------------------------------------------------------------------
12/94 9566 9723
- - --------------------------------------------------------------------------
1/95 9723 9905
- - --------------------------------------------------------------------------
2/95 9888 10128
- - --------------------------------------------------------------------------
3/95 9947 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/27/93. +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.
<PAGE>
EV Classic Florida Limited Maturity Tax Free Fund
[Graphic: Power Lines]
Your investment at work
City of St. Cloud, FL
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
[Graphic: Map of Florida]
Number of issues ..................... 98
Average quality ...................... AA+
Investment grade ..................... 99.0%
Effective maturity ................... 5.99 yrs.
Largest sectors:
Escrowed .................... 21.9%
General obligations ......... 11.2
Utilities ................... 10.1
Insured hospitals ........... 9.4*
Insured special tax revenue.. 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.
Comparison of Change in Value of a $10,000 Investment in EV Classic Florida
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.8% 0.4% $10,044
- - --------------------------------------------------------------------------
Without CDSC 4.8% 0.4% $10,044
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Florida Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10110 10106
- - --------------------------------------------------------------------------
2/94 9904 9887
- - --------------------------------------------------------------------------
3/94 9583 9623
- - --------------------------------------------------------------------------
4/94 9660 9693
- - --------------------------------------------------------------------------
5/94 9727 9741
- - --------------------------------------------------------------------------
6/94 9691 9724
- - --------------------------------------------------------------------------
7/94 9819 9861
- - --------------------------------------------------------------------------
8/94 9826 9913
- - --------------------------------------------------------------------------
9/94 9749 9818
- - --------------------------------------------------------------------------
10/94 9643 9719
- - --------------------------------------------------------------------------
11/94 9512 9577
- - --------------------------------------------------------------------------
12/94 9647 9723
- - --------------------------------------------------------------------------
1/95 9816 9905
- - --------------------------------------------------------------------------
2/95 9994 10128
- - --------------------------------------------------------------------------
3/95 10044 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic Massachusetts Limited Maturity Tax Free Fund
[Graphic: Worker adjusting flow on water main]
Your investment at work
Massachusetts Water
Resources Authority
General Revenue Bonds
The Massachusetts Water Resources Authority is an independent authority of the
Commonwealth that controls water distribution and sewer systems for cities in
eastern Massachusetts. The proceeds of the bonds were used to pay outstanding
amounts of previously issued general obligations. The bonds' principal and
interest payments are paid by revenues derived from wholesale rates and charges
assessed on the cities and towns for water and sewer services.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of Massachusetts]
Number of issues ................... 83
Average quality .................... AA
Investment grade ................... 98.5%
Effective maturity ................. 6.19 yrs.
Largest sectors:
Escrowed/pre-refunded ..... 21.4%
Insured general obligations 14.1*
Hospitals ................. 10.5
General obligations ....... 7.3
Education ................. 6.8
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: Massachusetts
Massachusetts has enjoyed consistent job growth in the past year as the service,
trade, and financial sectors continued to build momentum in 1994. As a result,
the commonwealth's 4.6 percent jobless rate in March 1995 remained well below
the national unemployment rate. Massachusetts maintained its status as the
best-performing state economy in New England.
While the manufacturing sector registered further losses, the services, trade
and construction sectors demonstrated strength. Financial services, led by the
mutual fund industry, was especially strong. Commercial construction activity
increased as the stronger economy continued to reduce the overhang of commercial
office space created in the 1980s. Residential construction also showed
improvement although the rate of growth has slowed somewhat with higher interest
rates.
Debt levels in Massachusetts remain high, but the Commonwealth's fiscal outlook
has benefited from a rebuilding of its financial reserves. Increased fiscal
responsibility together with reduced expenditures have added to the positive
outlook, as evidenced by a series of upgradings in the commonwealth's debt
ratings.
Comparison of Change in Value of a $10,000 Investment in EV Classic
Massachusetts Limited Maturity Tax Free Fund (Including Sales Charge) and the
Lehman Brothers 7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.9% 0.8% $10,094
- - --------------------------------------------------------------------------
Without CDSC 4.9% 0.8% $10,094
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Massachusetts Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10068 10106
- - --------------------------------------------------------------------------
2/94 9892 9887
- - --------------------------------------------------------------------------
3/94 9623 9623
- - --------------------------------------------------------------------------
4/94 9691 9693
- - --------------------------------------------------------------------------
5/94 9749 9741
- - --------------------------------------------------------------------------
6/94 9724 9724
- - --------------------------------------------------------------------------
7/94 9863 9861
- - --------------------------------------------------------------------------
8/94 9890 9913
- - --------------------------------------------------------------------------
9/94 9794 9818
- - --------------------------------------------------------------------------
10/94 9689 9719
- - --------------------------------------------------------------------------
11/94 9559 9577
- - --------------------------------------------------------------------------
12/94 9695 9723
- - --------------------------------------------------------------------------
1/95 9854 9905
- - --------------------------------------------------------------------------
2/95 10033 10128
- - --------------------------------------------------------------------------
3/95 10094 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/9/93. +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.
<PAGE>
EV Classic Michigan Limited Maturity Tax Free Fund
[Graphic: Capitol Building]
Your investment at work
Grand Ledge, MI
General Obligations
Michigan School District
This issue is dedicated to public school funding in this small community west of
Lansing. Rated Aaa/AAA by Moody's and S&P, the bond came to market at a
significant premium. The bond was especially attractive due to its sound credit
quality and coupon of 7.875 percent. However, because the bond already trades at
its call price, it is likely to maintain low volatility, a strong asset in an
uncertain market.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of Michigan]
Number of issues ..................... 37
Average quality ...................... AA-
Investment grade ..................... 98.1%
Effective maturity ................... 6.18 yrs.
Largest sectors:
Insured general obligations.. 13.7%*
Water & sewer revenue ....... 11.3
Lease revenue/COP ........... 11.3
Special tax revenue ......... 10.2
Hospitals ................... 9.9
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: Michigan
A strong surge in the cyclical economy and in domestic auto sales boosted
Michigan's economic output in 1994. Nearly 40 percent of the job growth has been
attributable to growth in the manufacturing sector, primarily autos, with
vehicle production exceeding 14 million units in 1994. Michigan's reliance on
manufacturing can lead to wide economic fluctuations. Yet the state has also
seen growth in the service and trade sectors, a partial buffer against future
cyclical downturns. Michigan continues to benefit from increasing demand from
the ongoing recovery in Europe and should be a major beneficiary from the
anticipated expansion in international trade.
On the fiscal front, Michigan has largely stabilized its finances in recent
years. Operating deficits have been eliminated through spending cuts, reduced
social spending, and the selective use of reserves. Michigan's efforts at
property tax reform to deal with public school funding have been applauded
nationally. Moreover, with a surge in the local economy, corporate and income
tax revenues have increased, restoring reserves and putting the state's finances
on a firmer footing.
Comparison of Change in Value of a $10,000 Investment in EV Classic Michigan
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.3% 0.1% $9,990
- - --------------------------------------------------------------------------
Without CDSC 4.3% 0.1% $9,990
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Michigan Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10079 10106
- - --------------------------------------------------------------------------
2/94 9882 9887
- - --------------------------------------------------------------------------
3/94 9582 9623
- - --------------------------------------------------------------------------
4/94 9659 9693
- - --------------------------------------------------------------------------
5/94 9706 9741
- - --------------------------------------------------------------------------
6/94 9690 9724
- - --------------------------------------------------------------------------
7/94 9797 9861
- - --------------------------------------------------------------------------
8/94 9824 9913
- - --------------------------------------------------------------------------
9/94 9728 9818
- - --------------------------------------------------------------------------
10/94 9611 9719
- - --------------------------------------------------------------------------
11/94 9470 9577
- - --------------------------------------------------------------------------
12/94 9573 9723
- - --------------------------------------------------------------------------
1/95 9763 9905
- - --------------------------------------------------------------------------
2/95 9941 10128
- - --------------------------------------------------------------------------
3/95 9990 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic New Jersey Limited Maturity Tax Free Fund
[Graphic: Worker adjusting flow on water main]
Your investment at work
Ocean County Utilities
Authority of New Jersey
Wastewater Revenue Bonds
An issue of the Ocean County Utilities Authority of New Jersey, these wastewater
revenue bonds provide financing for equipment and maintenance at waste water
treatment facilities. The bonds are popular with New Jersey residents and
environmentalists alike because they help bring sorely needed help to the
environment. Investors find the bonds attractive because they are rated
Aaa/AAA, are insured, and carry an attractive 6.7 percent coupon. The interest
and principal payments are backed by revenues of the County Utilities system.
Naturally, private insurance does not remove the market risks associated with
this investment.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of New Jersey]
Number of issues ..................... 83
Average quality ...................... AA
Investment grade ..................... 99.4%
Effective maturity ................... 6.38 yrs.
Largest sectors:
Transportation .............. 14.6%
General obligations ......... 13.4
Housing ..................... 13.3
Insured general obligations.. 10.3*
Water & sewer revenue ....... 8.0
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: New Jersey
New Jersey continued along the road to recovery in 1994 with strong gains across
a wide range of industry sectors. According to the New Jersey Department of
Labor, net job gains since the bottom of the recession in March 1992 have
surpassed 100,000. Mirroring trends at the national level, the service sectors
accounted for the majority of employment gains, including health care,
transportation, financial services, and temporary business service agencies.
Construction activity rebounded as well on the strength of rising housing
starts, non-residential building, and public works such as water, sewer, roads,
and communications systems. The financial condition of New Jersey deteriorated
throughout the first half of the 1990s due to declining revenues and sharply
rising social costs. As part of its recovery plan, the Whitman administration
has made lowering state taxes a major goal since it took office. In the short
term, balancing those revenue losses with spending cuts will prove challenging.
However, in the long run, these actions should lead to a better fiscal balance.
With an improving economic picture, New Jersey should gradually recognize the
benefits of having a more sound financial structure.
Comparison of Change in Value of a $10,000 Investment in EV Classic New Jersey
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.5% 0.9% $10,086
- - --------------------------------------------------------------------------
Without CDSC 4.5% 0.9% $10,086
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
New Jersey Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10088 10106
- - --------------------------------------------------------------------------
2/94 9932 9887
- - --------------------------------------------------------------------------
3/94 9652 9623
- - --------------------------------------------------------------------------
4/94 9728 9693
- - --------------------------------------------------------------------------
5/94 9775 9741
- - --------------------------------------------------------------------------
6/94 9738 9724
- - --------------------------------------------------------------------------
7/94 9855 9861
- - --------------------------------------------------------------------------
8/94 9871 9913
- - --------------------------------------------------------------------------
9/94 9795 9818
- - --------------------------------------------------------------------------
10/94 9678 9719
- - --------------------------------------------------------------------------
11/94 9547 9577
- - --------------------------------------------------------------------------
12/94 9692 9723
- - --------------------------------------------------------------------------
1/95 9860 9905
- - --------------------------------------------------------------------------
2/95 10015 10128
- - --------------------------------------------------------------------------
3/95 10086 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic New York Limited Maturity Tax Free Fund
[Graphic: Capitol Building]
Your Investment at Work
New York Local Government
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
[Graphic: Map of New York]
Number of issues ................. 93
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 0.4
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.
Comparison of Change in Value of a $10,000 Investment in EV Classic New York
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.3% 0.2% $10,022
- - --------------------------------------------------------------------------
Without CDSC 4.3% 0.2% $10,022
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
New York Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10100 10106
- - --------------------------------------------------------------------------
2/94 9903 9887
- - --------------------------------------------------------------------------
3/94 9612 9623
- - --------------------------------------------------------------------------
4/94 9679 9693
- - --------------------------------------------------------------------------
5/94 9746 9741
- - --------------------------------------------------------------------------
6/94 9710 9724
- - --------------------------------------------------------------------------
7/94 9828 9861
- - --------------------------------------------------------------------------
8/94 9845 9913
- - --------------------------------------------------------------------------
9/94 9737 9818
- - --------------------------------------------------------------------------
10/94 9631 9719
- - --------------------------------------------------------------------------
11/94 9458 9577
- - --------------------------------------------------------------------------
12/94 9604 9723
- - --------------------------------------------------------------------------
1/95 9773 9905
- - --------------------------------------------------------------------------
2/95 9972 10128
- - --------------------------------------------------------------------------
3/95 10022 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic Ohio Limited Maturity Tax Free Fund
[Graphic: Office Buildings]
Your Investment at Work
Ohio Enterprise Bond Fund
Economic Development
Revenue Bonds
The Ohio Enterprise Bond Fund Program was initiated in 1980 to provide loans to
Ohio businesses that will provide jobs and tax revenues to Ohio communities. The
program maintains pooled reserves available to pay the debt service of
participating businesses delinquent on loans, enabling them to obtain interest
rates well below the rates available from other sources. To date, 41 Ohio
businesses have obtained loans, with no access yet needed to the pooled
reserves. The bonds have an attractive coupon of 6.8 percent.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of Ohio]
Number of issues ..................... 39
Average quality ...................... AA-
Investment grade ..................... 97.6%
Effective maturity ................... 6.5 yrs.
Largest sectors:
Insured general obligation .. 17.8%*
Education ................... 15.4
General obligations ......... 13.1
Water & sewer revenue ....... 11.1
Escrowed .................... 10.2
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: Ohio
An increasing economic diversity has improved Ohio's employment mix in the past
decade. Manufacturing has been especially robust in the past year as the
national economy continued to expand. The large automobile industry within the
state has benefited from a strong surge in 1994 auto sales. In addition, the
weak dollar has given an added boost to the state's exporters of durable goods.
While manufacturing still represents the lion's share of jobs -- 21 percent
versus 17 percent for the nation -- growth in the trade and services sectors has
led to greater economic stability for the state. Recent unemployment figures
have generally reflected national trends, with the Ohio jobless rate hovering
near the 4 percent level.
The Ohio financial outlook has strengthened with the stronger economy. Tax
receipts -- especially auto sales tax and use taxes -- have generally exceeded
expectations. Reduced Medicaid caseloads have led to a decrease in lower social
spending. The improved economic performance has enabled the state to expand its
financial reserves. The general fund balance was up sharply in the recent fiscal
year, following years of deterioration.
Comparison of Change in Value of a $10,000 Investment in EV Classic Ohio
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.6% 0.4% $10,032
- - --------------------------------------------------------------------------
Without CDSC 4.6% 0.4% $10,032
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Ohio Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10116 10106
- - --------------------------------------------------------------------------
2/94 9878 9887
- - --------------------------------------------------------------------------
3/94 9588 9623
- - --------------------------------------------------------------------------
4/94 9675 9693
- - --------------------------------------------------------------------------
5/94 9731 9741
- - --------------------------------------------------------------------------
6/94 9705 9724
- - --------------------------------------------------------------------------
7/94 9832 9861
- - --------------------------------------------------------------------------
8/94 9848 9913
- - --------------------------------------------------------------------------
9/94 9741 9818
- - --------------------------------------------------------------------------
10/94 9634 9719
- - --------------------------------------------------------------------------
11/94 9504 9577
- - --------------------------------------------------------------------------
12/94 9648 9723
- - --------------------------------------------------------------------------
1/95 9827 9905
- - --------------------------------------------------------------------------
2/95 9972 10128
- - --------------------------------------------------------------------------
3/95 10032 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic Pennsylvania Limited Maturity Tax Free Fund
[Graphic: Office Buildings]
Your investment at work
PA. Economic Development
Authority - Northampton
Resource Recovery
An issue of the Pennsylvania Economic Development Authority, this bond provides
funding for the Northampton Generating Project, an energy cogeneration facility.
The project is popular with industry because it is a cost-effective way to
produce energy, and popular with environmentalists because it averts further
environmental contamination by industrial by-products. While non-rated, the
bonds have a 6 1/2 percent coupon, but the Portfolio purchased them at a modest
discount for a yield above 7 percent. The bond is characteristic of the recent
efforts to increase the yield of the Portfolio.
Portfolio Overview
Based on market value as of March 31, 1995
[Graphic: Map of Pennsylvania]
Number of issues ...................... 90
Average quality ....................... AA+
Investment grade ...................... 98.7%
Effective maturity .................... 6.24 yrs.
Largest sectors:
Escrowed ..................... 25.0%
Insured general obligations .. 9.5*
Insured education ............ 8.9*
Hospitals .................... 8.8
Insured hospitals ............ 8.2*
* Private insurance does not remove the market risk associated with
this investment.
The State of the State: Pennsylvania
Pennsylvania registered another strong economic showing in 1994 with growth
especially robust in the service, retail and government sectors. In the
goods-producing sectors, construction and durable goods manufacturers also
managed gains, while mining remained an area of weakness.
Pennsylvania weathered the recession of the early 1990s better than its
neighbors in the Northeast because of a smaller dependence on the financial
services, real estate, and defense industries. Elsewhere, because the state's
manufacturers have focused on restructuring and modernizing industrial plants,
the manufacturing sector is now well-positioned to compete in an increasingly
global marketplace. Having suffered through operating deficits during the
recession, Pennsylvania made difficult budget decisions that paid dividends
in the past year in the form of larger-than-expected surpluses. Recent tax cuts
will provide a revenue challenge, especially in light of rising mandated social
and medical spending. But having instituted more effective spending controls,
Pennsylvania has significantly improved its budgetary disciplines and should
enjoy a much improved financial outlook.
Comparison of Change in Value of a $10,000 Investment in EV Classic Pennsylvania
Limited Maturity Tax Free Fund (Including Sales Charge) and the Lehman Brothers
7-Year Municipal Bond Index
From December 31, 1993, through March 31, 1995
- - --------------------------------------------------------------------------
AVERAGE 1 Life of Value of
ANNUAL RETURNS Year Fund* Investment at 3/31
- - --------------------------------------------------------------------------
With CDSC 3.8% 0.7% $10,086
- - --------------------------------------------------------------------------
Without CDSC 4.8% 0.7% $10,086
- - --------------------------------------------------------------------------
- - --------------------------------------------------------------------------
Date EV Classic Lehman Brothers 7-Year
Pennsylvania Municipal Bond Index
Limited
Maturity Tax
Free Fund
- - --------------------------------------------------------------------------
12/93 10000 10000
- - --------------------------------------------------------------------------
1/94 10111 10106
- - --------------------------------------------------------------------------
2/94 9925 9887
- - --------------------------------------------------------------------------
3/94 9625 9623
- - --------------------------------------------------------------------------
4/94 9703 9693
- - --------------------------------------------------------------------------
5/94 9761 9741
- - --------------------------------------------------------------------------
6/94 9736 9724
- - --------------------------------------------------------------------------
7/94 9854 9861
- - --------------------------------------------------------------------------
8/94 9872 9913
- - --------------------------------------------------------------------------
9/94 9776 9818
- - --------------------------------------------------------------------------
10/94 9681 9719
- - --------------------------------------------------------------------------
11/94 9540 9577
- - --------------------------------------------------------------------------
12/94 9687 9723
- - --------------------------------------------------------------------------
1/95 9846 9905
- - --------------------------------------------------------------------------
2/95 10035 10128
- - --------------------------------------------------------------------------
3/95 10086 10233
- - --------------------------------------------------------------------------
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 original cost. Source: Towers Data Systems,
Bethesda, MD. *Investment operations commenced 12/8/93. +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.
<PAGE>
EV Classic Limited Maturity Tax Free Funds
Financial Statements
Statements of Assets and Liabilities
March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic Classic
California Connecticut Florida Massachusetts Classic
Limited Limited Limited Limited Michigan
Fund Fund Fund Fund Limited Fund
----------- ----------- ----------- ----------- -------------
Assets:
<S> <C> <C> <C> <C> <C>
Investments -
Identified cost $8,076,959 $1,583,745 $14,346,532 $5,451,348 $6,844,745
Unrealized appreciation
(depreciation) (79,387) (28,679) (378,458) (91,862) 75,490
--------- --------- --------- --------- -----------
Total investment in
Portfolio, at value (Note
1A) $7,997,572 $1,555,066 $13,968,074 $5,359,486 $6,920,235
Receivable for Fund shares
sold -- -- 5,000 10 55
Receivable from the
Administrator (Note 4) 34,529 24,567 37,904 21,812 25,718
Deferred organization
expenses (Note 1D) 5,447 5,918 1,840 4,973 4,876
--------- --------- --------- --------- -----------
Total assets $8,037,548 $1,585,551 $14,012,818 $5,386,281 $6,950,884
--------- --------- --------- --------- -----------
Liabilities:
Dividends payable $ 7,389 $ 1,413 $ 13,230 $ 5,088 $ 6,461
Payable for Fund shares
redeemed 56,551 -- 221,720 -- 36,669
Payable to affiliates -
Trustees' fees 42 -- 42 42 42
Custodian fees 82 125 82 82 82
Accrued expenses 3,749 1,072 6,282 3,060 3,242
--------- --------- --------- --------- -----------
Total liabilities $ 67,813 $ 2,610 $ 241,356 $ 8,272 $ 46,496
--------- --------- --------- --------- -----------
Net Assets $7,969,735 $1,582,941 $13,771,462 $5,378,009 $6,904,388
========= ========= ========= ========= ===========
Sources of Net Assets:
Paid-in capital $8,625,745 $1,695,044 $14,958,422 $5,598,045 $7,374,017
Accumulated net realized
loss on investment and
financial futures
transactions (computed on
the basis
of identified cost) (571,690) (84,111) (807,288) (124,482) (543,782)
Accumulated undistributed
(distributions in excess
of) net investment income (4,933) 687 (1,214) (3,692) (1,337)
Unrealized appreciation
(depreciation) of
investments and financial
futures contracts from
Portfolio (computed on the
basis of identified cost) (79,387) (28,679) (378,458) (91,862) 75,490
--------- --------- --------- --------- -----------
Total $7,969,735 $1,582,941 $13,771,462 $5,378,009 $6,904,388
========= ========= ========= ========= ===========
Shares of Beneficial
Interest Outstanding 836,909 167,247 1,446,049 562,732 728,006
========= ========= ========= ========= ===========
Net Asset Value, Offering
Price and Redemption Price
Per Share
(net assets / shares of
beneficial interest
outstanding) (Note 6) $ 9.52 $ 9.46 $ 9.52 $ 9.56 $ 9.48
========= ========= ========= ========= ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic
New Jersey New York Ohio Classic
Limited Limited Limited Pennsylvania
Fund Fund Fund Limited Fund
----------- ----------- ----------- -------------
Assets:
<S> <C> <C> <C> <C>
Investments -
Identified cost $3,311,262 $6,442,110 $5,063,855 $10,016,168
Unrealized appreciation (depreciation) (25,483) (166,571) 54,456 (282,482)
--------- --------- --------- -----------
Total investment in Portfolio, at value
(Note 1A) $3,285,779 $6,275,539 $5,118,311 $ 9,733,686
Receivable for Fund shares sold -- 17,010 24,500 12,518
Receivable from the Administrator (Note 4) 20,569 31,253 24,083 44,656
Deferred organization expenses (Note 1D) 5,416 4,569 4,694 4,660
--------- --------- --------- -----------
Total assets $3,311,764 $6,328,371 $5,171,588 $ 9,795,520
--------- --------- --------- -----------
Liabilities:
Dividends payable $ 3,015 $ 6,156 $ 4,723 $ 9,275
Payable for Fund shares redeemed -- 275,398 74,571 28,307
Payable to affiliates -
Trustees' fees -- 42 42 42
Custodian fees 82 82 82 82
Accrued expenses 2,241 4,182 2,646 4,911
--------- --------- --------- -----------
Total liabilities $ 5,338 $ 285,860 $ 82,064 $ 42,617
--------- --------- --------- -----------
Net Assets $3,306,426 $6,042,511 $5,089,524 $ 9,752,903
========= ========= ========= ===========
Sources of Net Assets:
Paid-in capital $3,436,437 $6,391,287 $5,354,068 $10,365,910
Accumulated net realized loss on investment
and financial futures transactions
(computed on the basis of identified cost) (103,015) (181,072) (324,149) (324,541)
Accumulated undistributed (distributions
in excess of) net investment income (1,513) (1,133) 5,149 (5,984)
Unrealized appreciation (depreciation) of
investments and financial futures
contracts from Portfolio (computed on the
basis of identified cost) (25,483) (166,571) 54,456 (282,482)
Total $3,306,426 $6,042,511 $5,089,524 $ 9,752,903
========= ========= ========= ===========
Shares of Beneficial Interest Outstanding 344,827 636,482 534,124 1,021,664
========= ========= ========= ===========
Net Asset Value, Offering Price and
Redemption Price Per Share
(net assets / shares of beneficial
interest outstanding) (Note 6) $ 9.59 $ 9.49 $ 9.53 $ 9.55
========= ========= ========= ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
Year Ended March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic Classic
California Connecticut Florida Massachusetts Classic
Limited Limited Limited Limited Michigan
Fund Fund Fund Fund Limited Fund
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Investment Income (Note 1B):
Interest income allocated from
Portfolio $ 593,101 $111,498 $ 956,765 $ 319,753 $ 437,499
Expenses allocated from
Portfolio (60,282) (3,799) (94,532) (31,803) (38,492)
--------- --------- --------- --------- -----------
Net investment income from
Portfolio $ 532,819 $107,699 $ 862,233 $ 287,950 $ 399,007
--------- --------- --------- --------- -----------
Expenses -
Compensation of Trustees not
members of the
Administrator's organization $ 182 $ 14 $ 139 $ 413 $ 138
Distribution costs (Note 5) 101,727 19,795 162,378 52,694 73,313
Custodian fees (Note 4) 3,884 5,331 4,976 4,957 5,042
Transfer and dividend
disbursing agent fees 4,930 1,045 9,662 3,212 4,948
Printing and postage 17,327 13,385 16,699 12,075 16,677
Legal and accounting services 8,597 5,239 9,712 4,773 7,246
Registration costs 147 524 -- 1,221 --
Amortization of organization
expenses (Note 1D) 3,997 4,241 4,139 4,639 4,392
Miscellaneous 3,636 1,359 6,189 1,617 2,992
--------- --------- --------- --------- -----------
Total expenses $ 144,427 $ 50,933 $ 213,894 $ 85,601 $ 114,748
Deduct allocation of expenses
to the Administrator
(Note 4) 34,529 24,567 37,904 21,812 25,718
--------- --------- --------- --------- -----------
Net expenses $ 109,898 $ 26,366 $ 175,990 $ 63,789 $ 89,030
--------- --------- --------- --------- -----------
Net investment income $ 422,921 $ 81,333 $ 686,243 $ 224,161 $ 309,977
--------- --------- --------- --------- -----------
Realized and Unrealized Gain (Loss)
on Investments:
Net realized gain (loss) from
Portfolio -
Investment transactions
(identified cost basis) $(558,919) $(80,642) $(802,477) $(114,849) $(528,443)
Financial futures contracts (3,842) 1,690 (2,262) (2,773) 9,808
--------- --------- --------- --------- -----------
Net realized loss $(562,761) $(78,952) $(804,739) $(117,622) $(518,635)
Change in unrealized
appreciation of investments
and financial futures
contracts 425,011 61,989 880,692 94,951 497,292
--------- --------- --------- --------- -----------
Net realized and
unrealized gain (loss) $(137,750) $(16,963) $ 75,953 $ (22,671) $ (21,343)
--------- --------- --------- --------- -----------
Net increase in net
assets from operations $ 285,171 $ 64,370 $ 762,196 $ 201,490 $ 288,634
========= ========= ========= ========= ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Operations
Year Ended March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic
New Jersey New York Ohio Classic
Limited Limited Limited Pennsylvania
Fund Fund Fund Limited Fund
----------- ----------- ----------- -------------
Investment Income (Note 1B):
<S> <C> <C> <C> <C>
Interest income allocated from Portfolio $195,413 $ 433,744 $ 334,013 $ 639,047
Expenses allocated from Portfolio (20,117) (42,103) (28,788) (64,136)
--------- --------- --------- ----------
Net investment income from Portfolio $175,296 $ 391,641 $ 305,225 $ 574,911
--------- --------- --------- ----------
Expenses -
Compensation of Trustees not members of
the Administrator's organization $ 77 $ 181 $ 180 $ 181
Distribution costs (Note 5) 33,613 73,912 55,397 108,581
Custodian fees (Note 4) 5,163 4,959 4,679 5,550
Transfer and dividend disbursing agent
fees 2,027 4,832 3,086 6,705
Printing and postage 9,704 13,051 13,868 19,300
Legal and accounting services 3,926 9,712 6,595 9,125
Registration costs -- 192 1,069 1,332
Amortization of organization expenses
(Note 1D) 4,014 4,322 4,361 4,139
Miscellaneous 1,979 3,129 4,457 2,762
--------- --------- --------- ----------
Total expenses $ 60,503 $ 114,290 $ 93,692 $ 157,675
Deduct allocation of expenses to the
Administrator (Note 4) 20,569 31,253 23,965 44,656
--------- --------- --------- ----------
Net expenses $ 39,934 $ 83,037 $ 69,727 $ 113,019
--------- --------- --------- ----------
Net investment income $135,362 $ 308,604 $ 235,498 $ 461,892
--------- --------- --------- ----------
Realized and Unrealized Gain (Loss) on
Investments:
Net realized gain (loss) from Portfolio -
Investment transactions (identified cost
basis) $(99,030) $(171,049) $(309,835) $(291,168)
Financial futures contracts (785) (2,913) 5,788 (1,945)
--------- --------- --------- ----------
Net realized loss $(99,815) $(173,962) $(304,047) $(293,113)
Change in unrealized appreciation of
investments and financial futures
contracts 100,169 105,107 307,142 318,400
--------- --------- --------- ----------
Net realized and unrealized gain
(loss) $ 354 $ (68,855) $ 3,095 $ 25,287
--------- --------- --------- ----------
Net increase in net assets from
operations $135,716 $ 239,749 $ 238,593 $ 487,179
========= ========= ========= ==========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic Classic
California Connecticut Florida Massachusetts Classic
Limited Limited Limited Limited Michigan
Fund Fund Fund Fund Limited Fund
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets:
From operations -
Net investment income $ 422,921 $ 81,333 $ 686,243 $ 224,161 $ 309,977
Net realized loss on
investments (562,761) (78,952) (804,739) (117,622) (518,635)
Change in unrealized
appreciation of
investments 425,011 61,989 880,692 94,951 497,292
--------- --------- --------- --------- -----------
Net increase in net assets
from operations $ 285,171 $ 64,370 $ 762,196 $ 201,490 $ 288,634
--------- --------- --------- --------- -----------
Distributions to
shareholders (Note 2) -
From net investment income $ (422,921) $ (81,333) $ (686,243) $ (224,161) $ (309,977)
In excess of net investment
income (65,025) (10,076) (92,984) (32,437) (42,990)
--------- --------- --------- --------- -----------
Total distributions to
shareholders $ (487,946) $ (91,409) $ (779,227) $ (256,598) $ (352,967)
--------- --------- --------- --------- -----------
Transactions in shares of
beneficial interest
(Note 3)--
Proceeds from sales of
shares $ 4,247,898 $ 1,593,720 $ 9,729,211 $ 3,937,604 $ 3,647,414
Net asset value of shares
issued to shareholders in
payment of distributions
declared 263,751 67,490 538,010 211,505 259,467
Cost of shares redeemed (10,818,154) (2,102,622) (19,014,161) (3,683,373) (5,811,858)
--------- --------- --------- --------- -----------
Increase (decrease) in net
assets from Fund share
transactions $ (6,306,505) $ (441,412) $ (8,746,940) $ 465,736 $(1,904,977)
--------- --------- --------- --------- -----------
Net increase (decrease)
in net assets $ (6,509,280) $ (468,451) $ (8,763,971) $ 410,628 $(1,969,310)
Net Assets:
At beginning of year 14,479,015 2,051,392 22,535,433 4,967,381 8,873,698
--------- --------- --------- --------- -----------
At end of year $ 7,969,735 $ 1,582,941 $ 13,771,462 $ 5,378,009 $ 6,904,388
========= ========= ========= ========= ===========
Accumulated undistributed
(distributions in excess of)
net investment income
included in net assets at
end of period $ (4,933) $ 687 $ (1,214) $ (3,692) $ (1,337)
========= ========= ========= ========= ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<TABLE>
<CAPTION>
Classic Classic Classic Classic
New Jersey New York Ohio Pennsylvania
Limited Fund Limited Fund Limited Fund Limited Fund
-------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations -
Net investment income $ 135,362 $ 308,604 $ 235,498 $ 461,892
Net realized loss on investments (99,815) (173,962) (304,047) (293,113)
Change in unrealized appreciation
of investments 100,169 105,107 307,142 318,400
------------ ------------ ------------ --------------
Net increase in net assets from
operations $ 135,716 $ 239,749 $ 238,593 $ 487,179
------------ ------------ ------------ --------------
Distributions to shareholders
(Note 2) -
From net investment income $ (135,362) $ (308,604) $ (235,498) $ (461,892)
In excess of net investment
income (20,190) (41,058) (25,004) (66,283)
------------ ------------ ------------ --------------
Total distributions to
shareholders $ (155,552) $ (349,662) $ (260,502) $ (528,175)
------------ ------------ ------------ --------------
Transactions in shares of
beneficial interest (Note 3) -
Proceeds from sales of shares $ 2,933,944 $ 6,429,917 $ 3,331,128 $ 5,729,217
Net asset value of shares issued
to shareholders in payment of
distributions declared 140,656 258,129 201,293 419,800
Cost of shares redeemed (2,896,814) (6,860,488) (4,215,716) (10,377,411)
------------ ------------ ------------ --------------
Increase (decrease) in net
assets from Fund share
transactions $ 177,786 $ (172,442) $ (683,295) $ (4,228,394)
------------ ------------ ------------ --------------
Net increase (decrease) in net
assets $ 157,950 $ (282,355) $ (705,204) $ (4,269,390)
Net Assets:
At beginning of year 3,148,476 6,324,866 5,794,728 14,022,293
------------ ------------ ------------ --------------
At end of year $ 3,306,426 $ 6,042,511 $ 5,089,524 $ 9,752,903
============ ============ ============ ==============
Accumulated undistributed
(distributions in excess of) net
investment income included in net
assets at end of year $ (1,513) $ (1,133) $ 5,149 $ (5,984)
============ ============ ============ ==============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1994*
<TABLE>
<CAPTION>
Classic Classic Classic Classic
California Connecticut Florida Massachusetts Classic
Limited Limited Limited Limited Michigan
Fund Fund Fund Fund Limited Fund
----------- ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets:
From operations -
Net investment income $ 58,736 $ 9,335 $ 192,058 $ 23,928 $ 51,814
Net realized loss on
investments (8,929) (5,159) (2,549) (6,860) (25,147)
Unrealized depreciation of
investments (504,398) (90,668) (1,259,150) (186,813) (421,802)
--------- --------- --------- --------- -----------
Net decrease in net assets
from operations $ (454,591) $ (86,492) $ (1,069,641) $ (169,745) $ (395,135)
--------- --------- --------- --------- -----------
Distributions to
shareholders (Note 2) -
From net investment income $ (58,736) $ (9,335) $ (192,058) $ (23,928) $ (51,814)
In excess of net investment
income (17,713) (3,372) (46,323) (6,403) (13,190)
--------- --------- --------- --------- -----------
Total distributions to
shareholders $ (76,449) $ (12,707) $ (238,381) $ (30,331) $ (65,004)
--------- --------- --------- --------- -----------
Transactions in shares of
beneficial interest
(Note 3) -
Proceeds from sales
of shares $16,544,480 $2,313,385 $ 35,609,041 $6,037,534 $10,139,402
Net asset value of shares
issued to shareholders in
payment of distributions
declared 44,414 8,917 156,773 17,027 36,905
Cost of shares redeemed (1,578,849) (171,721) (11,922,369) (887,114) (842,480)
--------- --------- --------- --------- -----------
Increase in net assets
from Fund share transactions $15,010,045 $2,150,581 $ 23,843,445 $5,167,447 $ 9,333,827
--------- --------- --------- --------- -----------
Net increase in net
assets $14,479,005 $2,051,382 $ 22,535,423 $4,967,371 $ 8,873,688
Net Assets:
At beginning of period 10 10 10 10 10
--------- --------- --------- --------- -----------
At end of period $14,479,015 $2,051,392 $ 22,535,433 $4,967,381 $ 8,873,698
========= ========= ========= ========= ===========
Accumulated distributions in
excess of net investment
income included in net
assets at end of period $ (2,785) $ (857) $ (2,022) $ (726) $ (732)
========= ========= ========= ========= ===========
</TABLE>
* For the Classic California Limited, Classic Connecticut Limited, Classic
Florida Limited, Classic Massachusetts Limited, and Classic Michigan
Limited Funds, the Statements of Changes in Net Assets are for the
period from the start of business, December 8, 1993, December 27, 1993,
December 8, 1993, December 9, 1993, and December 8, 1993, respectively, to
March 31, 1994.
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1994*
<TABLE>
<CAPTION>
Classic Classic Classic Classic
New Jersey New York Ohio Pennsylvania
Limited Fund Limited Fund Limited Fund Limited Fund
-------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations -
Net investment income $ 14,492 $ 32,252 $ 40,841 $ 83,221
Net realized loss on investments (3,200) (7,110) (20,102) (31,428)
Unrealized depreciation of
investments (125,652) (271,678) (252,686) (600,882)
------------ ------------ ------------ --------------
Net decrease in net assets from
operations $ (114,360) $ (246,536) $ (231,947) $ (549,089)
------------ ------------ ------------ --------------
Distributions to shareholders
(Note 2) -
From net investment income $ (14,492) $ (32,252) $ (40,841) $ (83,221)
In excess of net investment
income (3,879) (8,866) (11,364) (21,698)
------------ ------------ ------------ --------------
Total distributions to
shareholders $ (18,371) $ (41,118) $ (52,205) $ (104,919)
------------ ------------ ------------ --------------
Transactions in shares of
beneficial interest (Note 3) -
Proceeds from sales of shares $3,763,581 $6,966,156 $ 7,513,135 $16,418,070
Net asset value of shares issued
to shareholders in payment of
distributions declared 14,068 23,336 35,303 70,782
Cost of shares redeemed (496,452) (376,982) (1,469,568) (1,812,561)
------------ ------------ ------------ --------------
Increase in net assets from Fund
share transactions $3,281,197 $6,612,510 $ 6,078,870 $14,676,291
------------ ------------ ------------ --------------
Net increase in net assets $3,148,466 $6,324,856 $ 5,794,718 $14,022,283
Net Assets:
At beginning of period 10 10 10 10
------------ ------------ ------------ --------------
At end of period $3,148,476 $6,324,866 $ 5,794,728 $14,022,293
============ ============ ============ ==============
Accumulated distributions in excess
of net investment income included
in net assets at end of period $ (336) $ (988) $ (1,442) $ (2,890)
============ ============ ============ ==============
</TABLE>
* For the Classic New Jersey Limited, Classic New York Limited, Classic Ohio
Limited, and Classic Pennsylvania Limited Funds, the Statements of Changes
in Net Assets are for the period from the start of business, December 8,
1993, to March 31, 1994.
See notes to financial statements
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic California Classic Connecticut
Limited Limited
------------------------ --------------------------
Year Ended March 31, Year Ended March 31,
------------------------ --------------------------
1995 1994* 1995 1994*
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 9.570 $10.000 $ 9.500 $10.000
-------- -------- -------- ----------
Income (loss) from operations:
Net investment income $ 0.348 $ 0.098 $ 0.344 $ 0.072
Net realized and unrealized gain
(loss) on investments 0.003++ (0.400) 0.002++ (0.475)
Total income (loss) from
operations $ 0.351 $(0.302) $ 0.346 $(0.403)
-------- -------- -------- ----------
Less distributions:
From net investment income $(0.348) $(0.098) $(0.344) $(0.072)
In excess of net investment income (0.053) (0.030) (0.042) (0.025)
-------- -------- -------- ----------
Total distributions $(0.401) $(0.128) $(0.386) $(0.097)
-------- -------- -------- ----------
Net asset value, end of period $ 9.520 $ 9.570 $ 9.460 $ 9.500
======== ======== ======== ==========
Total Return (1) 3.80% (3.16%) 3.78% (4.14%)
Ratios/Supplemental Data**:
Net assets, end of period (000
omitted) $ 7,970 $14,479 $ 1,583 $ 2,051
Ratio of net expenses to average
daily net assets (2) 1.51% 1.48%+ 1.37% 1.38%+
Ratio of net investment income to
average daily net assets 3.75% 2.91%+ 3.70% 2.70%+
**For the following periods, the operating expenses of the Funds reflect an allocation of
expenses to the Administrator and/or Investment Adviser. Had such actions not been taken,
net investment income per share and the ratios would have been:
Net investment income per share $ 0.320 $ 0.081 $ 0.192 $ 0.035
======== ======== ======== ==========
Ratios (As a percentage of average
daily net assets):
Expenses (2) 1.81% 1.98%+ 3.01% 2.78%+
Net investment income 3.45% 2.41%+ 2.06% 1.30%+
</TABLE>
+ Annualized.
++ The per share amount is not in accord with the net realized gain 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.
(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 Classic California Limited and Classic Connecticut Limited Funds,
the Financial Highlights are for the period from the start of business,
December 8, 1993, and December 27, 1993, respectively, to March 31, 1994.
See notes to financial statements
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic Massachusetts
Classic Florida Limited Limited
------------------------ --------------------------
Year Ended March 31, Year Ended March 31,
------------------------ --------------------------
1995 1994* 1995 1994*
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 9.480 $10.000 $ 9.520 $10.000
-------- -------- -------- ----------
Income (loss) from operations:
Net investment income $ 0.353 $ 0.103 $ 0.359 $ 0.107
Net realized and unrealized gain
(loss) on investments 0.088 (0.495) 0.092++ (0.451)
-------- -------- -------- ----------
Total income (loss) from
operations $ 0.441 $(0.392) $ 0.451 $(0.344)
-------- -------- -------- ----------
Less distributions:
From net investment income $(0.353) $(0.103) $(0.359) $(0.107)
In excess of net investment income (0.048) (0.025) (0.052) (0.029)
-------- -------- -------- ----------
Total distributions $(0.401) $(0.128) $(0.411) $(0.136)
-------- -------- -------- ----------
Net asset value, end of period $ 9.520 $ 9.480 $ 9.560 $ 9.520
======== ======== ======== ==========
Total Return (1) 4.81% (4.07%) 4.90% (3.67%)
Ratios/Supplemental Data**:
Net assets, end of period (000
omitted) $13,771 $22,535 $ 5,378 $ 4,967
Ratio of net expenses to average
daily net assets (2) 1.50% 1.39%+ 1.63% 1.49%+
Ratio of net investment income to
average daily net assets 3.81% 3.25%+ 3.82% 3.12%+
</TABLE>
**For the following periods, the operating expenses of the Funds reflect
an allocation of expenses to the Administrator and/or Investment Adviser.
Had such actions not been taken, net investment income per share and the
ratios would have been:
<TABLE>
<S> <C> <C> <C> <C>
Net investment income per share $ 0.334 $ 0.095 $ 0.324 $ 0.077
======== ======== ======== ==========
Ratios (As a percentage of average
daily net assets):
Expenses (2) 1.71% 1.65%+ 2.00% 2.38%+
Net investment income 3.60% 2.99%+ 3.45% 2.23%+
</TABLE>
+ Annualized.
++ Per share amount is not in accord with the net realized and unrealized
gains 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.
(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 Classic Florida Limited and Classic Massachusetts Limited Funds,
the Financial Highlights are for the period from the start of business,
December 8, 1993 and December 9, 1993, respectively, to March 31, 1994.
See notes to financial statements
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic Michigan Limited Classic New Jersey Limited
------------------------ --------------------------
Year Ended March 31, Year Ended March 31,
------------------------ --------------------------
1995 1994* 1995 1994*
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 9.490 $10.000 $ 9.570 $10.000
-------- -------- -------- ----------
Income (loss) from operations:
Net investment income $ 0.352 $ 0.100 $ 0.345 $ 0.099
Net realized and unrealized gain
(loss) on investments 0.039++ (0.484) 0.071 (0.404)
-------- -------- -------- ----------
Total income (loss) from
operations $ 0.391 $(0.384) $ 0.416 $(0.305)
-------- -------- -------- ----------
Less distributions:
From net investment income $(0.352) $(0.100) $(0.345) $(0.099)
In excess of net investment income (0.049) (0.026) (0.051) (0.026)
-------- -------- -------- ----------
Total distributions $(0.401) $(0.126) $(0.396) $(0.125)
-------- -------- -------- ----------
Net asset value, end of period $ 9.480 $ 9.490 $ 9.590 $ 9.570
======== ======== ======== ==========
Total Return (1) 4.26% (3.99%) 4.49% (3.20%)
Ratios/Supplemental Data**:
Net assets, end of period (000
omitted) $ 6,904 $ 8,874 $ 3,306 $ 3,148
Ratio of net expenses to average
daily net assets (2) 1.56% 1.15% + 1.61% 1.57% +
Ratio of net investment income to
average daily net assets 3.80% 3.07% + 3.62% 3.08% +
</TABLE>
**For the following periods, the operating expenses of the Funds reflect
an allocation of expenses to the Administrator and/or Investment Adviser.
Had such actions not been taken, net investment income per share and the
ratios would have been:
<TABLE>
<S> <C> <C> <C> <C>
Net investment income per share $ 0.312 $ 0.061 $ 0.293 $ 0.057
======== ======== ======== ==========
Ratios (As a percentage of average
daily net assets):
Expenses (2) 1.99% 2.35%+ 2.16% 2.88%+
Net investment income 3.37% 1.87%+ 3.07% 1.77%+
</TABLE>
+ Annualized.
++ Per share amount is not in accord with the net realized and unrealized
gain (loss) 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.
(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 Classic Michigan Limited and Classic New Jersey Limited Funds,
the Financial Highlights are for the period from the start of business,
December 8, 1993, to March 31, 1994.
See notes to financial statements
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic New York Limited Classic Ohio Limited
------------------------ --------------------------
Year Ended March 31, Year Ended March 31,
------------------------ --------------------------
1995 1994* 1995 1994*
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 9.500 $10.000 $ 9.500 $10.000
-------- -------- -------- ----------
Income (loss) from operations:
Net investment income $ 0.354 $ 0.100 $ 0.358 $ 0.095
Net realized and unrealized gain
(loss) on investments 0.037++ (0.473) 0.068 (0.473)
-------- -------- -------- ----------
Total income (loss) from
operations $ 0.391 $(0.373) $ 0.426 $(0.378)
-------- -------- -------- ----------
Less distributions:
From net investment income $(0.354) $(0.100) $(0.358) $(0.095)
In excess of net investment income (0.047) (0.027) (0.038) (0.027)
-------- -------- -------- ----------
Total distributions $(0.401) $(0.127) $(0.396) $(0.122)
-------- -------- -------- ----------
Net asset value, end of period $ 9.490 $ 9.500 $ 9.530 $ 9.500
======== ======== ======== ==========
Total Return (1) 4.26% (3.88%) 4.63% (3.91%)
Ratios/Supplemental Data**:
Net assets, end of period (000
omitted) $ 6,043 $ 6,325 $ 5,090 $ 5,795
Ratio of net expenses to average
daily net assets (2) 1.52% 1.61% + 1.60% 1.27% +
Ratio of net investment income to
average daily net assets 3.76% 3.17% + 3.81% 3.04% +
</TABLE>
**For the following periods, the operating expenses of the Funds reflect
an allocation of expenses to the Administrator and/or Investment Adviser.
Had such actions not been taken, net investment income per share and the
ratios would have been:
<TABLE>
<S> <C> <C> <C> <C>
Net investment income per share $ 0.318 $ 0.082 $ 0.311 $ 0.074
======== ======== ======== ==========
Ratios (As a percentage of average
daily net assets):
Expenses (2) 1.90% 2.17%+ 2.10% 1.95%+
Net investment income 3.38% 2.61%+ 3.32% 2.36%+
</TABLE>
+ Annualized.
++Per share amount is not in accord with the net realized and unrealized
gain (loss) 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.
(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 Classic New York Limited and Classic Ohio Limited Funds, the
Financial Highlights are for the period from the start of business,
December 8, 1993, to March 31, 1994.
See notes to financial statements
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic Pennsylvania
Limited
--------------------------
Year Ended March 31,
--------------------------
1995 1994*
<S> <C> <C>
-------- ----------
Net asset value, beginning of
period $ 9.520 $10.000
-------- ----------
Income (loss) from operations:
Net investment income $ 0.359 $ 0.103
Net realized and unrealized gain
(loss) on investments 0.082 (0.453)
-------- ----------
Total income (loss) from
operations $ 0.441 $(0.350)
-------- ----------
Less distributions:
From net investment income $(0.359) $(0.103)
In excess of net investment income (0.052) (0.027)
-------- ----------
Total distributions $(0.411) $(0.130)
-------- ----------
Net asset value, end of period $ 9.550 $ 9.520
======== ==========
Total Return (1) 4.79% (3.65%)
Ratios/Supplemental Data**:
Net assets, end of period
(000 omitted) $ 9,753 $14,022
Ratio of net expenses to average
daily net assets (2) 1.47% 1.38% +
Ratio of net investment income to
average daily net assets 3.83% 3.29% +
</TABLE>
**For the following periods, the operating expenses of the Fund reflects an
allocation of expenses to the Administrator and/or Investment Adviser. Had
such actions not been taken, net investment income per share and the ratios
would have been:
<TABLE>
<S> <C> <C>
Net investment income per share $ 0.324 $ 0.089
======== ==========
Ratios (As a percentage of average
daily net assets):
Expenses (2) 1.84% 1.82%+
Net investment income 3.46% 2.85%+
</TABLE>
+ Annualized.
(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 Classic Pennsylvania Limited Fund, the Financial Highlights are
for the period from the start of business, December 8, 1993, to March 31,
1994.
See notes to financial statements
<PAGE>
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-nine Funds, nine
of which are included in these financial statements. They include EV Classic
California Limited Maturity Tax Free Fund, ("Classic California Limited
Fund"), EV Classic Connecticut Limited Maturity Tax Free Fund ("Classic
Connecticut Limited Fund"), EV Classic Florida Limited Maturity Tax Free Fund
("Classic Florida Limited Fund"), EV Classic Massachusetts Limited Maturity
Tax Free Fund ("Classic Massachusetts Limited Fund"), EV Classic Michigan
Limited Maturity Tax Free Fund ("Classic Michigan Limited Fund"), EV Classic
New Jersey Limited Maturity Tax Free Fund ("Classic New Jersey Limited
Fund"), EV Classic New York Limited Maturity Tax Free Fund ("Classic New York
Limited Fund"), EV Classic Ohio Limited Maturity Tax Free Fund ("Classic Ohio
Limited Fund"), and EV Classic Pennsylvania Limited Maturity Tax Free Fund
("Classic Pennsylvania 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 Classic California
Limited Fund invests its assets in the California Limited Maturity Tax Free
Portfolio, the Classic Connecticut Limited Fund invests its assets in the
Connecticut Limited Maturity Tax Free Portfolio, the Classic Florida Limited
Fund invests its assets in the Florida Limited Maturity Tax Free Portfolio,
the Classic Massachusetts Limited Fund invests its assets in the
Massachusetts Limited Maturity Tax Free Portfolio, the Classic Michigan
Limited Fund invests its assets in the Michigan Limited Maturity Tax Free
Portfolio, the Classic New Jersey Limited Fund invests its assets in the New
Jersey Limited Maturity Tax Free Portfolio, the Classic New York Limited Fund
invests its assets in the New York Limited Maturity Tax Free Portfolio, the
Classic Ohio Limited Fund invests its assets in the Ohio Limited Maturity Tax
Free Portfolio, and Classic Pennsylvania Limited Fund invests its assets in
the Pennsylvania Limited Maturity Tax Free Portfolio. The value of each
Fund's investment in its corresponding Portfolio reflects the Fund's
proportionate interest in the net assets of that Portfolio (9.7%, 9.0%, 8.5%,
4.5%, 20.8%, 3.4%, 3.6%, 13.0% and 8.6% at March 31, 1995 for the Classic
California Limited Fund, Classic Connecticut Limited Fund, Classic Florida
Limited Fund, Classic Massachusetts Limited Fund, Classic Michigan Limited
Fund, Classic New Jersey Limited Fund, Classic New York Limited Fund, Classic
Ohio Limited Fund, and Classic Pennsylvania Limited 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 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 following Funds, for federal income tax purposes, had capital loss
carryovers, 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 the distributions
to shareholders which would otherwise be necessary to relieve the Funds of
any liability for federal income taxes. The amounts and expiration dates of
the capital loss carryovers are as follows:
Fund Amount Expires
- - ------------------------------------ ---------- ----------------
Classic California Limited Fund $116,866 March 31, 2003
Classic Connecticut Limited Fund 33,723 March 31, 2003
6,885 March 31, 2002
Classic Florida Limited Fund 175,896 March 31, 2003
Classic Massachusetts Limited Fund 35,340 March 31, 2003
58 March 31, 2002
Classic Michigan Limited Fund 202,917 March 31, 2003
12,147 March 31, 2002
Classic New Jersey Limited Fund 21,377 March 31, 2003
497 March 31, 2002
Classic New York Limited Fund 42,307 March 31, 2003
195 March 31, 2002
Classic Ohio Limited Fund 144,733 March 31, 2003
13,519 March 31, 2002
Classic Pennsylvania Limited Fund 83,019 March 31, 2003
563 March 31, 2002
Additionally, at March 31, 1995, net capital losses of $411,757, $44,534,
$484,602, $78,469, $328,237, $72,740, $125,687, $167,323, and $191,234, for
the Classic California Limited
<PAGE>
Fund, Classic Connecticut Limited Fund, Classic Florida Limited Fund, Classic
Massachusetts Limited Fund, Classic Michigan Limited Fund, Classic New Jersey
Limited Fund, Classic New York Limited Fund, Classic Ohio Limited Fund, and
Classic Pennsylvania Limited Fund, respectively, attributable to security
transactions incurred after October 31, 1994, are treated as arising on the
first day of the Fund's next taxable year. Dividends paid by each Fund from
net interest on tax-exempt municipal bonds allocated from its corresponding
Portfolio are not included 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. Distribution Costs - For book purposes, commissions paid on the sale of
Fund shares and other distribution costs are charged to operations. For tax
purposes, commissions paid prior to November 23, 1994 were charged to paid-in
capital and commissions paid subsequent to that date were subsequently
charged to operations. The change in the tax accounting practice was prompted
by a recent Internal Revenue Service ruling and has no effect on either the
Funds' current yield or total return (Notes 2 and 5).
F. 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. In addition, each Fund declares each day an
amount equal to the excess of tax basis net income over book basis net
income, which amount is reported for financial statement purposes as a
distribution in excess of net investment income. 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 statement 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. During the
year ended March 31, 1995, $62,877, $11,620, $93,792, $29,471, $42,385,
$19,013, $40,915, $31,595 and $63,189, were reclassified from distributions
in excess of net investment income to paid-in capital, due to permanent
differences between book and tax accounting for distribution costs for the
Classic California Limited Fund, Classic Connecticut Limited Fund, Classic
Florida Limited Fund, Classic Massachusetts Limited Fund, Classic Michigan
Limited Fund, Classic New Jersey Limited Fund, Classic New York Limited Fund,
Classic Ohio Limited Fund, and Classic Pennsylvania Limited Fund,
respectively. Net investment income, net realized gains and net assets were
not affected by these reclassifications.
(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>
Classic Connecticut Limited
Classic California Limited Fund Fund
------------------------------- -----------------------------
Year Ended March 31, Year Ended March 31,
------------------------------- -----------------------------
1995 1994* 1995 1994***
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales 446,064 1,669,023 169,046 232,594
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 27,926 4,473 7,199 914
Redemptions (1,149,774) (160,804) (225,035) (17,472)
Net increase (decrease) (675,784) 1,512,692 (48,790) 216,036
============ ============ =========== ===========
</TABLE>
<PAGE>
(3) Shares of Beneficial Interest (cont'd)
<TABLE>
<CAPTION>
Classic Massachusetts Limited
Classic Florida Limited Fund Fund
------------------------------- -----------------------------
Year Ended March 31, Year Ended March 31,
------------------------------- -----------------------------
1995 1994* 1995 1994**
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales 1,028,811 3,567,968 412,016 610,459
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 57,134 15,909 22,406 1,735
Redemptions (2,017,638) (1,206,136) (393,350) (90,535)
------------ ------------ ----------- -----------
Net increase (decrease) (931,693) 2,377,741 41,072 521,659
============ ============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Classic New Jersey Limited
Classic Michigan Limited Fund Fund
------------------------------- -----------------------------
Year Ended March 31, Year Ended March 31,
------------------------------- -----------------------------
1995 1994* 1995 1994*
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales 382,990 1,017,292 307,217 378,370
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 27,600 3,771 14,838 1,429
Redemptions (617,634) (86,014) (306,159) (50,868)
------------ ------------ ----------- -----------
Net increase (decrease) (207,044) 935,049 15,896 328,931
============ ============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Classic New York Limited Fund Classic Ohio Limited Fund
------------------------------- -----------------------------
Year Ended March 31, Year Ended March 31,
------------------------------- -----------------------------
1995 1994* 1995 1994*
-------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
Sales 679,290 701,855 350,118 755,761
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 27,539 2,382 21,320 3,581
Redemptions (736,398) (38,187) (447,159) (149,498)
------------ ------------ ----------- -----------
Net increase (decrease) (29,569) 666,050 (75,721) 609,844
============ ============ =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Classic Pennsylvania Limited
Fund
-------------------------------
Year Ended March 31,
-------------------------------
1995 1994*
---- -----
<S> <C> <C>
Sales 601,975 1,647,838
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 44,417 7,199
Redemptions (1,097,896) (181,869)
------------ ------------
Net increase (decrease) (451,504) 1,473,168
============ ============
</TABLE>
* For the period from the start of business December 8, 1993 to March 31,
1994.
** For the period from the start of business December 9, 1993 to March 31,
1994.
*** For the period from the start of business December 27, 1993 to March 31,
1994.
(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,
$34,529, $24,567, $37,904, $21,812, $25,718, $20,569, $31,253, $23,965 and
$44,656, of expenses related to the operation of the Classic California
Limited Fund, Classic Connecticut Limited Fund, Classic Florida Limited Fund,
Classic Massachusetts Limited Fund, Classic Michigan Limited Fund, Classic
New Jersey Limited Fund, Classic New York Limited Fund, Classic Ohio Limited
Fund, and Classic Pennsylvania 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
<PAGE>
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) Distribution Plan
Each Fund has adopted a distribution plan (the Plan) pursuant to Rule 12b-1
under the Investment Company Act of 1940. Effective January 30, 1995, the
Trustees of the Funds adopted an Amended Distribution Plan. The Plans require
each of the Funds to pay the Principal Underwriter, Eaton Vance Distributors,
Inc. (EVD), amounts equal to 1/365 of 0.75% of each Funds' daily net assets,
for providing ongoing distribution services and facilities to the respective
Fund. A Fund will automatically discontinue payments to EVD during any period
in which there are no outstanding Uncovered Distribution Charges, which are
equivalent to the sum of (i) 6.25% of the aggregate amount received by the
Fund for shares sold plus (ii) distribution fees calculated by applying the
rate of 1% over the prevailing prime rate to the outstanding balance of
Uncovered Distribution Charges of EVD, reduced by the aggregate amount of
contingent deferred sales charges (see Note 6) and amounts theretofore paid
to EVD. The amount payable to EVD with respect to each day is accrued on such
day as a liability of each Fund and, accordingly, reduces each Fund's net
assets. For the year ended March 31, 1995, Classic California Limited Fund,
Classic Connecticut Limited Fund, Classic Florida Limited Fund, Classic
Massachusetts Limited Fund, Classic Michigan Limited Fund, Classic New Jersey
Limited Fund, Classic New York Limited Fund, Classic Ohio Limited Fund, and
Classic Pennsylvania Limited Fund, paid or accrued $84,772, $16,496,
$135,315, $43,932, $61,092, $28,024, $61,579, $46,270 and $90,441,
respectively, to or payable to EVD representing 0.75% (annualized) of average
daily net assets. At March 31, 1995, the amount of Uncovered Distribution
Charges of EVD calculated under the Plans for Classic California Limited
Fund, Classic Connecticut Limited Fund, Classic Florida Limited Fund, Classic
Massachusetts Limited Fund, Classic Michigan Limited Fund, Classic New Jersey
Limited Fund, Classic New York Limited Fund, Classic Ohio Limited Fund, and
Classic Pennsylvania Limited Fund were approximately $1,286,000, $217,000,
$2,826,000, $594,000, $856,000, $326,000, $748,000, $677,000 and $1,391,000,
respectively.
In addition, the Plans permit the Funds to make monthly payments of service
fees to the Principal Underwriter in amounts not expected to exceed 0.25% of
each Fund's average daily net assets for any fiscal year. The Trustees have
initially implemented the Plans by authorizing the Funds to make monthly
service fee payments to the Principal Underwriter in amounts not expected to
exceed 0.15% of each Fund's average daily net assets for any fiscal year. For
the year ended March 31, 1995, Classic California Limited Fund, Classic
Connecticut Limited Fund, Classic Florida Limited Fund, Classic Massachusetts
Limited Fund, Classic Michigan Limited Fund, Classic New Jersey Limited Fund,
Classic New York Limited Fund, Classic Ohio Limited Fund, and Classic
Pennsylvania Limited Fund paid or accrued service fees to or payable to EVD
in the amount of $16,955, $3,299, $27,063, $8,762, $12,221, $5,589, $12,333,
$9,127, and $18,140, respectively. Pursuant to the Amended Distribution Plan,
on sales made prior to January 30, 1995, EVD makes monthly service fees
payments to Authorized Firms in amounts anticipated to be equivalent to
0.15%, annualized, of the assets maintained in each Fund by their customers.
On sales of shares made on January 30, 1995 and thereafter, EVD currently
expects to pay to an Authorized Firm a service fee at the time of sale equal
to 0.15% of the purchase price of the shares sold by such Authorized Firm and
monthly payments of service fees in amounts not expected to exceed 0.15% per
annum of the Funds average daily net assets based on the value of Fund shares
sold by such Authorized Firm and remaining outstanding for at least one year.
During the first year after a purchase of Fund shares. EVD will retain the
service fee as reimbursement for the service fee payment made to the
Authorized Firm at the time of sale. Service fee payments are made for
personal services and/or maintenance of shareholder accounts. Service fees
paid to EVD and Authorized Firms are separate and distinct from the sales
commissions and distribution fees payable by a Fund to EVD, and as such are
not subject to automatic discontinuance when there are no outstanding
Uncovered Distribution Charges of EVD.
Certain of the officers and Trustees of the Funds are officers or directors
of EVD.
<PAGE>
(6) Contingent Deferred Sales Charges
For shares purchased on or after January 30, 1995, a contingent deferred
sales charge (CDSC) of 1% is imposed on any redemption of Fund shares made
within one year of purchase. Generally, the CDSC is based upon the lower of
the net asset value at date of redemption or date of purchase. No charge is
levied on shares acquired by reinvestment of dividends or capital gains
distributions. No CDSC is levied on shares which have been sold to EVD or its
affiliates or to their respective employees or clients. CDSC charges are paid
to EVD to reduce the amount of Uncovered Distribution Charges calculated
under the Fund's Distribution Plans. CDSC received when no Uncovered
Distribution Charges exist will be credited to the Funds. For the year ended
March 31, 1995, EVD received no CDSC paid by shareholders.
(7) Investment Transactions
Increases and decreases in each Fund's investment in its corresponding
Portfolio for the year ended March 31, 1995, were as follows:
Classic Classic Classic
California Connecticut Florida
Limited Limited Limited
Fund Fund Fund
---------------- -------------- -----------------
Increases $ 4,764,696 $1,603,171 $10,806,356
Decreases 11,542,358 2,202,716 21,300,718
Classic Classic Classic
Massachusetts Michigan New Jersey
Limited Limited Limited
Fund Fund Fund
-------------- ------------ ---------------
Increases $ 4,574,885 $3,936,696 $ 3,121,007
Decreases 3,881,490 6,218,334 3,001,071
Classic Classic Classic
New York Ohio Pennsylvania
Limited Limited Limited
Fund Fund Fund
-------------- ------------ ---------------
Increases $ 6,952,860 $3,469,853 $ 6,026,825
Decreases 6,848,334 4,596,712 10,770,410
<PAGE>
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
Classic California Limited Maturity Tax Free Fund, EV Classic Connecticut
Limited Maturity Tax Free Fund, EV Classic Florida Limited Maturity Tax Free
Fund, EV Classic Massachusetts Limited Maturity Tax Free Fund, EV Classic
Michigan Limited Maturity Tax Free Fund, EV Classic New Jersey Limited
Maturity Tax Free Fund, EV Classic New York Limited Maturity Tax Free Fund,
EV Classic Ohio Limited Maturity Tax Free Fund, and EV Classic Pennsylvania
Limited Maturity Tax Free Fund (the Funds) (series of Eaton Vance Investment
Trust) as of March 31, 1995, the related statements of operations for the
year then ended, the statements of changes in net assets and the financial
highlights for the year ended March 31, 1995 and for the period from the
start of business to March 31, 1994. These financial statements and financial
highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on 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, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the aforementioned funds of Eaton Vance Investment Trust at March 31,
1995, and 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
<PAGE>
California Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Cogeneration - 1.9%
NR BBB- $1,500 Central Valley Finance Authority, Carson
Ice-Gen. Project, 5.20%, 7/1/99 $ 1,475,310
-----------
Education - 4.7%
Aaa AAA $1,500 California Educational Facilities Authority,
Stanford University, 5.90%, 11/1/03 $ 1,575,450
Aaa AAA 2,000 California Educational Facilities Authority,
California Institute of Technology, 6.375%,
1/1/08 2,097,140
-----------
$ 3,672,590
-----------
Escrowed/Prerefunded - 22.4%
Aaa AAA $1,700 California Educational Facilities Authority,
National University, Prerefunded to 5/1/01,
7.15%, 5/1/21 $ 1,904,850
Aaa AAA 2,300 California State Public Works Board,
Department of Corrections, Prerefunded to
9/1/01, 6.50%, 9/1/19 2,520,363
Aaa AAA 1,500 East Bay Municipal Utility District, Water
System Bonds, (AMBAC), Prerefunded to 12/1/01,
6.375%, 6/1/21 1,636,950
Aaa AAA 5,700 Los Angeles County Commission Authority, Sales
Tax Bonds, Prerefunded to 7/1/01, 6.75%,
7/1/18 6,311,781
Aaa AAA 1,500 Puerto Rico Highway, Prerefunded to 7/1/00,
7.75%, 7/1/16 1,722,105
NR AAA 3,000 San Bernadino, California, Certificates of
Participation, Prerefunded to 8/1/01, 7.00%,
8/1/28 3,365,190
-----------
$17,461,239
-----------
Electric Utilities - 9.3%
A2 A+ $ 500 California Pollution Control Financing
Authority, Southern California Edison Company,
6.85%, 12/1/08 $ 527,160
A2 A+ 1,000 California Pollution Control Financing
Authority, Southern California Edison Company,
6.85%, 12/1/08 1,054,320
Aa AA 1,700 Department of Water and Power of the City of
Los Angeles, Electric Plant Revenue Bonds,
5.75%, 11/15/02 1,762,322
Aa AA 1,000 Department of Water and Power of the City of
Los Angeles, Electric Plant Revenue Bonds,
9.00%, 9/1/01 1,202,130
Aa AA- 1,500 Pasadena Electric Works Revenue Bonds, 7.00%,
8/1/09 1,596,210
Aa NR 1,000 Southern California Public Power Authority,
Transportation Project, 7.00%, 7/1/00 1,071,930
-----------
$ 7,214,072
-----------
General Obligations - 9.6%
A1 A $1,625 State of California, 6.80%, 10/1/02 $ 1,778,140
A1 A+ 800 The City of Los Angeles, California, Adult and
Juvenile Detention Center, 7.30%, 6/1/99 867,488
Aa AA- 1,000 Palos Verdes Library District, 6.70%, 8/1/11 1,050,500
Baa1 A- 750 Puerto Rico Municipal Finance Agency, 5.60%,
7/1/02 757,470
A1 AA- 1,870 City and County of San Francisco, 6.50%,
12/15/03 1,984,425
A1 AA- 1,000 City and County of San Francisco, Public
Schools Facilities Improvement Project, 7.60%,
9/1/06 1,073,450
-----------
$ 7,511,473
-----------
Housing - 5.0%
NR AAA $ 100 Redevelopment Agency of the City of Azusa,
SFMR, 6.40%, 10/1/02 $ 105,773
Aa A+ 1,000 Department of Veterans Affairs of the State of
California, Home Purchase Revenue Bonds,
(AMT), 7.50%, 8/1/98 1,030,460
A2 NR 1,000 Orange County, California, Apartment
Development Revenue Bonds, Villa La Paz, LOC
Tokai Bank, 4.50%, 8/15/07 986,340
<PAGE>
Housing (continued)
NR AAA 750 Housing Authority of the County of Santa
Clara, Orchard Glen Apartments, 5.25%, 11/1/97 751,748
NR AA+ 1,000 The City of Palmdale, California, Oasis at
Palmdale Apartments, (FNMA), 5.60%, 12/1/22 993,470
-----------
$3,867,791
-----------
Hospitals - 3.3%
A1 AA- $2,400 California Health Facilities Financing
Authority, Sisters of Providence, 7.50%,
10/1/10 $2,607,816
-----------
Industrial Development Revenue - 2.2%
Aaa AAA $1,700 California Pollution Control Financing
Authority, North County Recycling Center,
6.00%, 7/1/00 $1,752,037
-----------
Insured Education - 2.7%
Aaa AAA $1,000 The Regents of the University of California,
(MBIA), 6.10% 9/1/00 $1,050,950
Aaa AAA 1,000 The Regents of the University of California,
(MBIA), 6.00%, 9/1/02 1,047,930
-----------
$2,098,880
-----------
Insured Electric Utilities - 5.3%
Aaa AAA $1,000 California Pollution Control Financing
Authority, Southern California Edison Company,
(MBIA), 6.85%, 12/1/08 $1,066,570
Aaa AAA 1,900 Northern California Power Agency, (MBIA),
6.00%, 8/1/03 1,993,556
Aaa AAA 1,000 Sacramento Municipal Utility District, (MBIA),
6.20%, 8/15/05 1,061,080
-----------
$4,121,206
-----------
Insured General Obligations - 4.4%
Aaa AAA $1,245 The City and County of San Francisco, School
District Facilities Improvement Projects,
(FGIC), 6.00%, 6/15/01 $1,297,688
Aaa AAA 1,925 Moulton Niguel, California Water District,
(AMBAC), 7.30%, 4/1/12 2,152,766
-----------
$3,450,454
-----------
Insured Hospital Revenue - 7.6%
Aaa AAA $1,750 ABAG Finance Authority, Certificates of
Participation, Stanford University Hospital,
(MBIA), 4.90%, 11/1/03 $1,660,610
Aaa AAA 1,000 ABAG Finance Authority, Certificates of
Participation, Stanford University Hospital,
(MBIA), 5.125%, 11/1/05 942,660
Aaa AAA 1,075 California Health Facilities Financing
Authority, Centinela Hospital Medical Center,
(MBIA), 6.00%, 9/1/01 1,129,588
Aaa AAA 500 Desert Hospital District, Certificates of
Participation, Desert Hospital Corporation
Project, (CGIC), 6.15%, 7/1/02 524,905
Aaa AAA 1,485 The Regents of the University of California,
UCLA Medical Center, (MBIA), 8.00%, 12/1/99 1,663,735
-----------
$5,921,498
-----------
Insured Lease Revenue/
Certificates of Participation - 1.9%
Aaa AAA $1,250 Merced County, California, CSAC Lease Finance
Program, Certificates of Participation, (FSA),
5.60%, 10/1/01 $1,276,513
Aaa AAA 160 San Bernadino County, California, Certificates
of Participation, West Valley Detention Center
Refinancing Project, (MBIA), 5.75%, 11/1/00 166,470
-----------
$1,442,983
-----------
Insured Special Tax - 1.4%
Aaa AAA $1,000 Riverside County Transportation Commission,
(AMBAC), 6.50%, 6/1/01 $1,080,690
-----------
Insured Transportation -1.4%
Aaa AAA $1,000 San Francisco Bay Area Rapid Transit District,
(AMBAC), 6.75%, 7/1/09 $1,057,770
-----------
<PAGE>
Insured Water & Sewer Revenue - 3.3%
Aaa AAA $1,000 Los Angeles Wastewater System, (MBIA), 9.00%,
6/1/00 $ 1,171,610
Aaa AAA 585 Sweetwater Authority, Water Revenue Bonds,
(AMBAC), 7.00%, 4/1/10 621,966
Aaa AAA 750 City of Vallejo, California, Water Improvement
Project, (FGIC), 6.00%, 11/1/00 789,368
-----------
$ 2,582,944
-----------
Lease Revenue/Certificates
of Participation - 1.0%
A A- $ 250 State Public Works Board of the State of
California, State Prison-Madera County, 6.90%,
9/1/99 $ 264,795
Baa1 A 475 Puerto Rico Public Building Authority, 6.50%,
7/1/03 507,357
-----------
$ 772,152
-----------
Special Tax Revenue - 2.6%
Aa AA $2,000 Orange County Local Transportation Authority,
Sales Tax Revenue Bonds, 5.70%, 2/15/03 $ 2,026,340
-----------
Transportation - 5.4%
A1 A+ $1,000 Contra Costa, California Transportation
Authority, 6.40%, 3/1/01 $ 1,065,450
A1 AA- 1,500 Los Angeles County Transportation Commission,
7.40%, 7/1/15 1,594,260
Aa AA- 1,500 Los Angeles Department of Airports, 7.40%,
5/1/10 1,578,675
-----------
$ 4,238,385
-----------
Water & Sewer Revenue - 4.6%
A NR $ 700 Coachella Valley Water District, Flood Control
Project, Certificates of Participation, 5.75%,
10/1/00 $ 697,718
A1 A 2,000 The City of Los Angeles Wastewater System,
6.90%, 6/1/08 (1) 2,109,940
Baa1 A 750 Puerto Rico Aqueduct and Sewer Authority,
7.875%, 7/1/17 816,225
-----------
$ 3,623,883
-----------
Total Investments (identified cost,
$77,371,691) $77,979,513
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by California
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, 30.1% 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 2.7% to 16.6% of total
investments.
See notes to financial statements
<PAGE>
Connecticut Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Education - 6.6%
NR A $ 345 State of Connecticut HEFA, The Taft School
Issue, 4.50%, 7/1/01 $ 329,074
Baa1 A 750 State of Connecticut HEFA, Fairfield
University Issue, 6.90%, 7/1/14 775,140
-----------
$1,104,214
-----------
Electric Revenue - 3.2%
Baa1 A- $ 500 Puerto Rico Electric Power Authority, 7.125%,
7/1/14 $ 529,025
-----------
Escrowed/Prerefunded - 3.3%
Aaa AAA $ 500 South Central Connecticut Regional Water
Authority, (AMBAC), Prerefunded to 8/1/01,
6.50%, 8/1/07 $ 546,045
-----------
General Obligations - 11.0%
NR BBB $ 300 Government of Guam, 4.80%, 11/15/03 $ 283,083
A1 NR 125 Town of Killingly, Connecticut, 6.80%, 9/15/07 132,926
A1 NR 125 Town of Newtown, Connecticut, 4.60%, 6/15/02 122,002
Aa1 AA+ 150 City of Norwalk, Connecticut, 4.65%, 1/15/01 146,577
Baa1 A 100 Commonwealth of Puerto Rico, 4.90%, 7/1/00 97,694
Aa AA- 500 State of Connecticut, 5.95%, 11/15/00 524,930
Aa AA- 500 State of Connecticut, 6.50%, 3/1/03 538,955
-----------
$1,846,167
-----------
Health Care - 0.1%
A1 AA- $ 25 State of Connecticut HEFA, Noble Horizon
Nursing Home, 4.40%, 11/1/98 $ 24,723
-----------
Housing - 10.4%
Aa AA $ 120 Connecticut Housing Finance Authority, 5.45%,
5/15/04 $ 119,566
Aa AA 350 Connecticut Housing Finance Authority, (AMT),
6.90%, 11/15/98 366,499
Aa AA 200 Connecticut Housing Finance Authority, 6.95%,
11/15/01 211,446
Aa AA 1,000 Connecticut Housing Finance Authority, 6.90%,
11/15/99 1,049,570
-----------
$1,747,081
-----------
Insured Transportation - 5.2%
Aaa AAA $ 750 Connecticut State Airport Bonds, Bradley
International Airport, (FGIC), 7.40%, 10/1/04 $ 869,235
-----------
Insured Hospitals - 17.5%
Aaa AAA $ 750 Connecticut Development Authority, Hartford
Hospital Real Estate Corporation Project,
(MBIA), (AMT), 6.875%, 10/1/06 $ 800,017
Aaa AAA 750 Connecticut HEFA, Bristol Hospital Issue,
(MBIA), 7.00%, 7/1/09 801,502
Aaa AAA 500 Connecticut HEFA, Waterbury Hospital Issue,
(FSA), 7.00% 7/1/20 527,730
Aaa AAA 500 Connecticut HEFA, Stamford Hospital Issue,
(MBIA), 6.50%, 7/1/06 (1) 532,695
Aaa AAA 250 Connecticut HEFA, Stamford Hospital Issue,
(MBIA), 6.50%, 7/1/06 266,347
-----------
$2,928,291
-----------
Insured General Obligations - 5.8%
Aaa AAA $ 500 Old Saybrook, Connecticut, (AMBAC), 4.10%,
8/15/01 $ 456,560
Aaa AAA 100 Town of Oxford, Connecticut, (FGIC), 6.90%,
2/1/06 107,647
Aaa AAA 300 City of Waterbury, Connecticut, (FGIC), 4.80%,
4/15/01 294,009
Aaa AAA 125 Town of Windham, Connecticut, (AMBAC), 4.50%,
8/15/01 120,046
-----------
$ 978,262
-----------
Insured Miscellaneous - 4.7%
Aaa AAA $ 725 Woodstock, Connecticut, Special Obligation
Bonds, (AMBAC), 7.00%, 3/1/07 $ 784,508
-----------
Insured Special Tax - 4.0%
Aaa AAA $ 700 Connecticut Special Assessment Unemployment
Compensation Advance Fund Revenue Bonds,
(AMBAC), 4.60%, 5/15/00 $ 676,473
-----------
<PAGE>
Insured Utility - 0.7%
Aaa AAA $ 125 Puerto Rico Telephone Authority, (MBIA),
4.50%, 1/1/00 $ 121,768
-----------
Miscellaneous - 6.7%
A1 AA- $ 500 Connecticut State Development Authority,
4.60%, 11/15/01 $ 479,605
A2 NR 625 Connecticut State Development Authority,
Frito-Lay Incorporated Project, 6.375%, 7/1/04 637,781
-----------
$ 1,117,386
-----------
Solid Waste - 7.5%
A A $ 600 Connecticut State Resource Recovery Authority,
Bridgeport, Connecticut, RESCO Co., 7.625%,
1/1/09 $ 630,762
Baa1 NR 350 Connecticut State Resource Recovery Authority,
4.50%, 7/1/97 345,086
NR A 300 Eastern Connecticut Resource Recovery
Authority, Wheelabrator Lisbon Project, (AMT),
4.90%, 1/1/02 275,046
-----------
$ 1,250,894
-----------
Special Tax Revenue - 13.3%
A1 AA- $ 100 State of Connecticut, Special Tax Obligation
Refunding Bonds, 4.625%, 9/1/00 $ 97,685
A1 AA- 500 State of Connecticut, Special Tax Obligation
Bonds, 6.55%, 12/1/98 528,765
A1 AA- 1,300 State of Connecticut, Special Tax Obligation
Bonds, 7.00%, 10/1/99 1,407,965
Baa1 A 200 Puerto Rico Commonwealth Highway and
Transportation Authority, 4.80%, 7/1/00 193,695
-----------
$ 2,228,110
-----------
Total Investments (identified cost,
$16,798,633) $16,752,182
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Connecticut
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, 41.2% 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 7.6% to 15.4% of total
investment.
See notes to financial statements
<PAGE>
Florida Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<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
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
<PAGE>
Hospitals (continued)
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
-----------
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
<PAGE>
Insured Hospitals (continued)
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
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), 7.15%, 11/1/02 1,087,129
Aaa AAA 1,080 Northern Palm Beach County FL Water Control
District, (MBIA), 7.20%, 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
-----------
<PAGE>
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
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
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
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 11.3% to 22.9% of total
investments.
See notes to financial statements
<PAGE>
Massachusetts Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Education - 6.8%
A1 A+ $1,200 Massachusetts Health and Education Finance
Authority, Tufts University Issue, 7.40%,
8/1/18 $ 1,287,792
A A- 1,000 Massachusetts Industrial Finance Agency, Clark
University Issue, 6.80%, 7/01/06 1,070,460
Aaa NR 5,450 The New England Education Loan Marketing
Corporation, 5.80%, 3/1/02 (1) 5,586,468
-----------
$ 7,944,720
-----------
Electric Utilities - 2.6%
A BBB+ $ 500 Massachusetts Municipal Wholesale Electric
Company, 6.50%, 7/1/02 $ 534,680
A BBB+ 500 Massachusetts Municipal Wholesale Electric
Company, 5.70%, 7/1/01 510,985
A BBB+ 1,000 Massachusetts Municipal Wholesale Electric
Company, 5.70%, 7/1/01 1,021,970
A BBB+ 900 Massachusetts Municipal Wholesale Electric
Company, 6.75%, 7/1/05 971,154
-----------
$ 3,038,789
-----------
Escrowed/Prerefunded - 21.4%
Aaa NR $1,655 City of Boston, Massachusetts, Boston City
Hospital, (FHA), Prerefunded to 8/15/00,
7.15%, 8/15/01 $ 1,845,639
Aaa AAA 1,175 Boston, Massachusetts, Prerefunded to 7/1/01,
6.75%, 7/1/11 1,297,776
Aaa A+ 1,500 The Commonwealth of Massachusetts, Prerefunded
to 12/1/01, 7.50%, 12/1/07 1,705,155
Aaa A+ 1,000 The Commonwealth of Massachusetts, Prerefunded
to 10/1/96, 7.125%, 10/1/05 1,056,710
Aaa A+ 470 The Commonwealth of Massachusetts, Prerefunded
to 12/15/98, 7.375%, 12/1/04 517,945
Aaa A+ 1,000 The Commonwealth of Massachusetts, Prerefunded
to 8/1/01, 6.75%, 8/1/06 1,105,460
Aaa NR 1,000 Lowell, Massachusetts, Prerefunded to 2/15/01,
7.625%, 2/15/10 1,151,440
Aaa AAA 2,000 Lynn, Massachusetts Water and Sewer
Commission, (MBIA), Prerefunded to 12/1/00,
7.25%, 12/1/10 2,249,200
Aaa BBB+ 1,245 Massachusetts Municipal Wholesale Electric
System, Prerefunded to 7/1/02, 6.75%, 7/1/17 1,385,137
NR A+ 1,700 Massachusetts Health and Educational
Facilities Authority, Baystate Medical Center,
Prerefunded to 7/1/99, 7.375%, 7/1/08 1,879,724
NR AAA 1,095 Massachusetts Health and Educational
Facilities Authority, Jordan Hospital Issue,
(FHA), Prerefunded to 8/15/98, 7.85%, 8/15/28 1,217,749
Aaa AAA 1,750 Massachusetts Industrial Finance Agency,
Museum of Science Issue, (FSA), Prerefunded to
11/1/99, 7.30%, 11/1/09 1,947,960
Aaa AAA 6,750 Massachusetts Water Resource Authority,
Prerefunded to 4/1/00, 7.50%, 4/1/09 7,591,725
-----------
$ 24,951,620
-----------
General Obligations - 7.3%
Baa NR $ 750 Greater New Bedford Regional Refuse Management
District, Landfill Bonds, (AMT), 5.00%, 5/1/99 $ 729,292
Baa NR 750 Greater New Bedford Regional Refuse Management
District, Landfill Bonds, (AMT), 5.10%, 5/1/00 720,532
Baa A- 1,000 City of Lawrence, Massachusetts, State
Qualified Bonds, 5.00%, 9/15/02 968,580
Baa A- 500 City of Lawrence, Massachusetts, State
Qualified Bonds, 5.25%, 9/15/04 483,725
Baa1 NR 500 City of Lowell, Massachusetts, State Qualified
Bonds, 5.50%, 8/15/97 507,340
Baa1 NR 650 City of Lowell, Massachusetts, State Qualified
Bonds, 5.75%, 8/15/98 665,041
<PAGE>
General Obligations (continued)
A1 A+ 730 The Commonwealth of Massachusetts Dedicated
Income Tax Bonds, 7.875%, 6/1/97 777,106
A1 A+ 1,240 The Commonwealth of Massachusetts, 6.10%,
6/1/02 1,299,048
Baa1 A- 750 Puerto Rico Municipal Finance Agency, 5.60%,
7/1/02 757,470
A NR 210 Taunton, Massachusetts, 8.00%, 2/1/01 233,929
Baa BBB+ 1,275 Worcester, Massachusetts, 5.85%, 8/1/01 1,295,706
-----------
$ 8,437,769
-----------
Hospitals - 10.5%
Aa AA- $2,180 City of Boston, Massachusetts, Boston City
Hospital, (FHA Insured Mortgage), 5.00%,
2/15/00 $ 2,162,167
Aa AA- 2,160 City of Boston, Massachusetts, Boston City
Hospital, (FHA Insured Mortgage), 5.15%,
2/15/01 2,140,711
A1 A+ 1,000 Massachusetts Health and Educational
Facilities Authority, Brigham and Women's
Hospital Issue, 6.05%, 7/1/99 1,035,280
A A- 1,225 Massachusetts Health and Educational
Facilities Authority, Charlton Memorial
Hospital Issue, 7.00%, 7/1/00 1,301,146
A A- 610 Massachusetts Health and Educational
Facilities Authority, Charlton Memorial
Hospital Issue, 7.10%, 7/1/01 653,871
Aa AA 750 Massachusetts Health and Educational
Facilities Authority, Children's Hospital
Issue, 5.50%,
10/1/02 749,985
Aa AA 500 Massachusetts Health and Educational
Facilities Authority, Children's Hospital
Issue, 5.60%,
10/1/03 501,330
Aa NR 3,000 Massachusetts Health and Educational
Facilities Authority, Daughters of Charity
Issue, 5.75%, 7/1/02 3,054,690
A A 650 Massachusetts Health and Educational
Facilities Authority, New England Deaconess
Hospital Issue, 6.50%, 4/1/04 671,846
-----------
$ 12,271,026
-----------
Housing - 0.2%
NR BBB+ $ 180 Massachusetts Housing Finance Agency, (AMT),
8.10%, 8/1/23 $ 188,632
-----------
Industrial Development Revenue - 0.3%
A2 NR $ 350 Canton, Massachusetts, Industrial Development
Finance Authority, General Signal Corporation,
5.625%, 12/1/02 $ 343,479
-----------
Insured Education - 3.4%
Aaa AAA $ 655 Massachusetts Educational Financing Authority,
(AMBAC), (AMT), 6.40%, 1/1/99 $ 678,147
Aaa AAA 710 Massachusetts Educational Financing Authority,
(AMBAC), (AMT), 6.65%, 1/1/01 746,401
Aaa AAA 2,365 Massachusetts Educational Financing Authority,
(MBIA), (AMT), 7.35%, 1/1/99 2,485,354
-----------
$ 3,909,902
-----------
Insured General Obligations - 14.1%
Aaa AAA $2,000 City of Boston, Massachusetts, (MBIA), 6.375%,
7/1/02 $ 2,147,440
Aaa AAA 1,000 City of Boston, Massachusetts, (AMBAC), 5.20%,
2/1/04 993,640
Aaa AAA 1,000 Chelsea, Massachusetts, (AMBAC), 6.00%,
6/15/02 1,048,600
Aaa AAA 1,500 The Commonwealth of Massachusetts, (FGIC),
7.20%, 3/1/02 1,657,695
<PAGE>
Insured General Obligations (continued)
Aaa AAA 2,500 The Commonwealth of Massachusetts, (FGIC),
6.50%, 6/1/01 2,681,200
Aaa AAA 1,340 Lawrence, Massachusetts, State Qualified
Bonds, (AMBAC), 5.375%, 2/15/04 1,338,499
Aaa AAA 4,000 City of Lowell, Massachusetts, State Qualified
Bonds, (FSA), 5.10%, 1/15/04 3,933,120
Aaa AAA 1,000 Town of Palmer, Massachusetts, (MBIA), 5.50%,
10/1/01 1,011,380
Aaa AAA 1,000 Town of Rockport, Massachusetts, (AMBAC),
6.80%, 12/15/04 1,089,740
Aaa AAA 440 City of Worcester, Massachusetts, (MBIA),
6.80%, 5/15/00 473,422
-----------
$ 16,374,736
-----------
Insured Hospitals - 4.0%
Aaa AAA $1,060 Massachusetts Health and Educational
Facilities Authority, Berkshire Health
Systems, (MBIA), 6.75%, 10/1/19 $ 1,084,973
Aaa AAA 400 Massachusetts Health and Educational
Facilities Authority, Metro West Health,
(AMBAC), 5.80%, 11/15/02 416,164
Aaa AAA 700 Massachusetts Health and Educational
Facilities Authority, Massachusetts General
Hospital Issue, (AMBAC), 4.65%, 7/1/02 663,621
Aaa AAA 1,000 Massachusetts Health and Educational
Facilities Authority, Massachusetts General
Hospital Issue, (AMBAC), 4.85%, 7/1/04 949,180
Aaa AAA 1,000 Massachusetts Health and Educational
Facilities Authority, Central Massachusetts
Medical Center, (AMBAC), 5.50%, 7/1/99 1,022,990
Aaa AAA 540 Massachusetts Health and Educational
Facilities Authority, Central Massachusetts
Medical Center, (AMBAC), 5.70%, 7/1/00 559,429
-----------
$ 4,696,357
-----------
Insured Housing - 3.5%
Aaa AAA $1,900 Massachusetts Housing Finance Agency, (AMBAC),
(AMT), 5.90%, 1/1/03 $ 1,938,760
Aaa AAA 1,840 Massachusetts Housing Finance Agency, (AMBAC),
(AMT), 6.00%, 7/1/04 1,882,982
Aaa AAA 215 Massachusetts Housing Finance Agency, (MBIA),
(AMT), 7.50%, 12/1/06 224,698
-----------
$ 4,046,440
-----------
Insured Miscellaneous - 0.6%
Aaa AAA $ 665 Massachusetts Industrial Finance Agency,
Museum of Fine Arts, (MBIA), 6.20%, 1/1/00 $ 690,802
-----------
Insured Solid Waste - 4.1%
Aaa AAA $1,980 Massachusetts Industrial Finance Agency,
REFUSETECH, Inc. Project, (FSA), 5.35%,
7/1/00 $ 1,994,176
Aaa AAA 2,735 Massachusetts Industrial Finance Agency,
REFUSETECH Inc. Project, (FSA), 5.45%, 7/1/01 2,757,727
-----------
$ 4,751,903
-----------
Insured Transportation - 0.8%
Aaa AAA $ 900 Massachusetts Port Authority, (FGIC), (AMT),
7.10%, 7/1/01 $ 985,941
-----------
Insured Utilities - 3.0%
Aaa AAA $2,000 Massachusetts Municipal Wholesale Electric
Company, (AMBAC), 6.625%, 7/1/03 $ 2,166,420
Aaa AAA 1,225 Massachusetts Municipal Wholesale Electric
Company, (MBIA), 6.40%, 7/1/02 1,304,955
-----------
$ 3,471,375
-----------
Insured Water and Sewer - 0.9%
Aaa AAA $1,000 Lynn Water and Sewer Commission, (FGIC),
5.50%, 6/1/99 $ 1,022,210
-----------
<PAGE>
Special Tax Revenue - 4.5%
A AA- $3,050 The Commonwealth of Massachusetts, 7.00%,
6/1/02 $ 3,372,141
NR NR 1,750 Virgin Islands Public Finance Authority,
6.70%, 10/1/99 1,823,955
-----------
$ 5,196,096
-----------
Transportation - 6.1%
A1 A+ $1,500 Massachusetts Bay Transportation Authority,
5.10%, 3/1/02 $ 1,493,025
A1 A+ 1,000 Massachusetts Bay Transportation Authority,
5.30%, 3/1/04 992,950
Baa1 A 2,000 Puerto Rico Highway and Transportation
Authority, 4.90%, 7/1/01 1,931,080
Baa1 A 1,500 Puerto Rico Highway Authority, 6.75%, 7/1/05 1,593,030
A1 A+ 1,000 Woods Hole, Marthas Vineyard and Nantucket
Steamship Authority, 6.60%, 3/1/03 1,074,280
-----------
$ 7,084,365
-----------
Water & Sewer Revenue - 5.9%
Aa AA- $1,500 Massachusetts Water Pollution Abatement Trust,
4.90%, 2/1/01 $ 1,472,385
Aa A+ 1,500 Massachusetts Water Pollution Abatement Trust,
4.75%, 8/1/04 1,409,340
A A 1,975 Massachusetts Water Resources Authority,
5.875%, 11/1/04 2,033,874
A A 500 Massachusetts Water Resources Authority,
6.30%, 12/1/01 528,820
Baa1 A 1,300 Puerto Rico Aqueduct and Sewer Authority,
7.875%, 7/1/17 1,414,804
-----------
$ 6,859,223
-----------
Total Investments (identified cost,
$116,297,486) $116,265,385
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Massachusetts
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, 40.6% 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 5.5% to 13.3% of total
investments.
See notes to financial statements
<PAGE>
Michigan Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Escrowed/Prerefunded - 8.6%
Aaa AAA $1,500 Dearborn Michigan Economic Development
Corporation, Prerefunded to 8/15/01, 6.95%,
8/15/21 $ 1,675,020
Aaa AAA 1,000 Lansing Michigan Tax Increment Bonds, Escrowed
to Maturity, 6.20%, 10/1/04 1,070,960
-----------
$ 2,745,980
-----------
General Obligations - 4.8%
A1 AA $ 500 Oakland County Michigan Building Authority,
4.75%, 4/1/01 $ 484,805
A1 AA 1,000 Oakland County Michigan Evergreen-Farmington
Sewage Disposal System, 6.50%, 11/1/05 1,052,240
-----------
$ 1,537,045
-----------
Hospitals - 9.9%
A A $1,000 Kent County, Michigan Hospital Finance
Authority, Blodgett Memorial Medical Center,
7.25%, 7/1/05 $ 1,068,140
A NR 535 Marquette Michigan Hospital Finance Authority,
6.625%, 4/1/07 538,922
A A- 500 Michigan State Hospital Finance Authority, The
Detroit Medical Center Obligated Group, 5.00%,
8/15/02 478,590
Aa AA 1,000 Royal Oak, Michigan Hospital Finance
Authority, William Beaumont Hospital, 7.75%,
1/1/03 1,085,460
-----------
$ 3,171,112
-----------
Housing - 3.2%
NR A+ $1,000 Michigan State Housing Development Authority,
6.00%, 4/1/01 $ 1,018,560
-----------
Industrial Development Revenue - 6.4%
NR A+ $ 250 The Economic Development Corporation of the
City of Farmington Hills, North Valley Office
Project, 5.40%, 12/1/06 $ 241,603
NR NR 600 State of Michigan Job Development Authority,
Chrysler Corporation Project, 5.70%, 11/1/99 611,298
NR A+ 750 Michigan Strategic Fund, Welch Foods
Incorporated Project, 6.75%, 7/1/01 794,588
NR BBB 405 Richmond, Michigan Economic Development
Corporation, K-MART Project, 6.30%, 1/1/99 406,279
-----------
$ 2,053,768
-----------
Insured Education - 0.9%
Aaa AAA $ 300 Michigan Higher Education Student Loan
Authority, (AMT), (AMBAC), 4.30%, 10/1/98 $ 292,983
-----------
Insured General Obligations - 13.7%
Aaa AAA $1,000 Comstock, Michigan Public Schools, (CGIC),
6.80%, 5/1/02 $ 1,081,640
Aaa AAA 1,500 Grand Ledge, Michigan Public Schools, (MBIA),
7.875%, 5/1/11 1,760,475
Aaa AAA 225 Jackson County, Michigan, Wastewater Disposal
Facilities-Clark Lake, (MBIA), 8.00%, 4/1/01 256,540
Aaa AAA 425 Jackson County, Michigan, Wastewater Disposal
Facilities-Clark Lake, (MBIA), 8.00%, 4/1/02 485,346
Aaa AAA 250 State of Michigan Municipal Bond Authority,
Local Government Loan Project, (FGIC), 6.80%,
5/1/98 264,308
Aaa AAA 500 State of Michigan Municipal Bond Authority,
Local Government Loan Project, (MBIA), 7.25%,
5/1/20 542,690
-----------
$ 4,390,999
-----------
Insured Hospitals - 4.4%
Aaa AAA $ 355 Michigan State Hospital Finance Authority,
Oakwood Hospital Obligated Group, (FGIC),
4.70%, 11/1/00 $ 348,180
Aaa AAA 1,000 Michigan State Hospital Finance Authority,
Sinai Hospital, (FGIC), 7.00%, 1/1/03 1,050,720
-----------
$ 1,398,900
-----------
<PAGE>
Insured Industrial
Development Revenue - 5.1%
Aaa AAA $1,000 Monroe County, Michigan, The Detroit Edison
Company, (AMBAC), (AMT), 6.35%, 12/1/04 (1) $ 1,060,590
Aaa AAA 500 Monroe County, Michigan, The Detroit Edison
Company, (AMBAC), (AMT), 7.50%, 12/1/19 551,925
----------
$ 1,612,515
----------
Insured Lease Revenue/ Certificate of
Participation - 3.9%
Aaa AAA $1,175 Michigan State Building Authority, (MBIA),
6.40%, 10/1/04 $ 1,255,758
----------
Insured Utility - 3.3%
Aaa AAA $1,000 Western Townships Michigan, Sewer Disposal
System, (CGIC), 6.70%, 1/1/06 $ 1,061,460
----------
Lease Revenue/ Certificates of Participation -
11.3%
A AA- $1,395 State of Michigan Building Authority, 6.40%,
10/1/04 $ 1,481,127
A AA- 1,000 State of Michigan Building Authority, 6.10%,
10/1/01 1,048,980
Baa1 A 1,000 Puerto Rico Public Building Authority, 6.60%,
7/1/04 1,071,220
----------
$ 3,601,327
----------
Miscellaneous - 1.5%
Baa BBB $ 500 Puerto Rico Housing Bank and Finance Agency,
5.00%, 12/1/02 $ 467,600
-----------
Special Tax Revenue - 10.2%
NR A $ 250 Detroit, Michigan, Cobo Hall Expansion
Project, 4.75%, 9/30/00 $ 241,570
A1 AA- 1,375 State of Michigan, Comprehensive
Transportation Refunding Bonds, 7.625%, 5/1/11 1,487,324
NR BBB+ 1,500 Battle Creek, Michigan Downtown Development
Authority, 6.65%, 5/1/02 1,537,200
-----------
$ 3,266,094
-----------
Transportation - 1.5%
Baa1 A $ 500 Puerto Rico Highway and Transportation
Authority, 5.00%, 7/1/02 $ 481,160
-----------
Water & Sewer Revenue - 11.3%
Aa AA $1,000 Michigan Municipal Bond Authority, 7.00%,
10/1/02 $ 1,115,640
A A+ 1,350 Midland, Michigan Water Supply System, 7.20%,
4/1/10 1,444,405
Baa1 A 950 Puerto Rico Aqueduct and Sewer Authority,
7.875%, 7/1/17 1,033,885
-----------
$ 3,593,930
-----------
Total Investments (identified cost,
$31,435,798) $31,949,191
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Michigan
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, 31.3% 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 5.2% to 13.5% of total
investments.
See notes to financial statements
<PAGE>
New Jersey Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Education - 3.5%
NR A- $ 380 New Jersey Educational Facilities Authority,
Drew University, 5.875%, 7/1/03 $ 390,306
NR A+ 380 Higher Education Assistance Authority, (State
of New Jersey), (AMT), NJ Class Loan Program,
5.70%, 1/1/02 377,032
A1 AA 1,895 Rutgers, The State University (The State of
New Jersey) 6.20%, 5/1/04 2,017,834
A AA 250 University of Medicine and Dentistry of New
Jersey Bonds, Series B, 7.05%, 12/1/00 263,300
A A 300 University of Puerto Rico, University System
Revenue Refunding Bonds, Series K, 6.50%,
6/1/04 308,190
-----------
$ 3,356,662
-----------
Escrowed - 1.9%
Aaa AAA $1,635 Commonwealth of Puerto Rico, Prerefunded to
7/1/99, (FGIC), 7.375%, 7/1/04 $ 1,817,777
-----------
General Obligations - 13.4%
NR A+ $1,000 Hudson County, New Jersey, Fiscal Year
Adjustment Bonds, 4.60%, 8/1/01 $ 953,980
Aaa AAA 1,280 County of Morris, New Jersey, 6.50%, 8/1/02 1,391,424
Aa AA 1,000 The Township of Morris, New Jersey, 6.55%,
7/1/02 1,082,920
Aa1 AA+ 1,000 State of New Jersey, 6.20%, 1/15/00 1,058,110
Aa1 AA+ 1,000 State of New Jersey, 7.25%, 4/15/01 1,086,280
Aa NR 1,490 Township of North Brunswick, (Middlesex
County), New Jersey, 6.125%, 5/15/02 1,574,528
Aa NR 1,000 County of Ocean, New Jersey, 6.75%, 7/13/01 1,081,330
Aa NR 1,000 County of Ocean, New Jersey, 6.75%, 7/13/02 1,088,910
Aa NR 1,000 County of Ocean, New Jersey, 6.375%, 4/15/01 1,062,190
Baa1 A- 750 Puerto Rico Municipal Finance Agency, 5.60%,
7/1/02 757,470
Baa1 A 440 Commonwealth of Puerto Rico, 8.00%, 7/1/06 476,370
Aa AA 1,000 South Brunswick, New Jersey, 7.125%, 7/15/02 1,121,000
-----------
$12,734,512
-----------
Health Care - 1.5%
A A- $1,000 New Jersey Health Care Facilities Financing
Authority, (Atlantic City Medical Care
Center), 6.45%, 7/1/02 $ 1,035,450
A A- 340 New Jersey Health Care Facilities Financing
Authority, (Atlantic City Medical Care
Center), 6.25%, 7/1/00 350,802
-----------
$ 1,386,252
-----------
Housing - 13.3%
A1 A+ $1,115 State of New Jersey Housing Finance Agency
Special Pledge Revenue, 8.25%, 11/1/00 $ 1,175,444
NR AA+ 2,220 New Jersey Housing Finance Agency, 6.30%,
11/1/00 2,325,694
NR AA+ 1,500 New Jersey Housing Finance Agency, 6.60%,
11/1/03 1,616,880
NR A+ 2,500 New Jersey Housing and Mortgage Finance
Agency, 6.30%, 11/1/01 2,671,250
NR A+ 1,000 New Jersey Housing and Mortgage Finance
Agency, 6.40%, 11/1/02 1,062,670
NR A+ 2,570 New Jersey Housing and Mortgage Finance
Agency, 6.50%, 11/1/03 2,716,593
NR A+ 1,000 New Jersey Housing and Mortgage Finance
Agency, 6.00%, 11/1/02 1,032,430
-----------
$ 12,600,961
-----------
Industrial Development Revenue - 0.8%
Aa3 NR $ 765 New Jersey Economic Development Authority,
LOC: Bank of Paris, (AMT), 6.00%, 12/1/02 $ 773,805
-----------
Insured Education - 1.5%
Aaa AAA $ 335 New Jersey State Educational Facilities, Seton
Hall University, 6.00%, 7/1/00 $ 353,854
<PAGE>
Insured Education - (continued)
Aaa AAA 1,000 New Jersey State Educational Facilities, Seton
Hall University, 6.10%, 7/1/01 1,065,350
-----------
$ 1,419,204
-----------
Insured General Obligation - 10.3%
Aaa AAA $1,000 Atlantic City, New Jersey, Board of Education,
(AMBAC), 6.00%, 12/1/02 $ 1,050,520
Aaa AAA 1,175 Edison, New Jersey, (AMBAC), 4.70%, 1/1/04 1,122,172
Aaa AAA 500 City of Elizabeth, Union County, New Jersey,
(MBIA), 6.10%, 11/15/99 522,555
Aaa AAA 500 City of Elizabeth, Union County, New Jersey,
(MBIA), 6.20%, 11/15/01 530,770
Aaa AAA 500 City of Elizabeth, Union County, New Jersey,
(MBIA), 6.20%, 11/15/02 532,985
Aaa AAA 1,200 Jackson Township, New Jersey, Local School
District, (FGIC), 6.60%, 6/1/02 1,296,168
Aaa AAA 1,200 Jackson Township, New Jersey, Local School
District, (FGIC), 6.60%, 6/1/03 1,302,876
Aaa AAA 1,200 Kearny, New Jersey, (FSA), 6.50%, 2/1/04 1,291,728
Aaa AAA 850 Roselle, New Jersey, (MBIA), 4.65%, 10/15/03 790,933
Aaa AAA 1,000 South Brunswick Township, New Jersey, Board of
Education, (FGIC), 6.40%, 8/1/03 1,073,810
Aaa AAA 270 Union County, New Jersey, (FSA), 6.375%,
11/1/01 289,148
-----------
$ 9,803,665
-----------
Insured Health Care - 2.3%
Aaa AAA $1,910 New Jersey Health Care Facilities & Financing
Authority, (Dover General Hospital & Medical
Center), (MBIA), 7.00%, 7/1/04 $ 2,137,061
-----------
Insured Housing - 2.0%
Aaa AAA $1,485 New Jersey State Housing and Mortgage Finance
Agency, (MBIA), 7.25%, 10/1/15 $ 1,551,617
Aaa AAA 300 Puerto Rico Housing Bank and Finance Agency,
Special Obligation, (FSA), 5.95%, 10/1/01 310,578
-----------
$ 1,862,195
-----------
Insured Industrial
Development Revenue - 2.0%
Aaa AAA $1,715 Warren County New Jersey Pollution Control
Finance Authority, Resource Recovery, (MBIA),
5.95%, 12/1/01 $ 1,820,009
Aaa AAA 100 Warren County New Jersey Pollution Control
Finance Authority, Resource Recovery, (MBIA),
6.55%, 12/1/06 108,713
-----------
$ 1,928,722
-----------
Insured Solid Waste - 1.7%
Aaa AAA $1,315 The Bergen County Utilities Authority, Solid
Waste System, (FGIC), 5.80%, 6/15/00 $ 1,376,503
Aaa AAA 250 The Bergen County Utilities Authority, Solid
Waste System, (FGIC), 6.00%, 6/15/02 265,385
-----------
$ 1,641,888
-----------
Insured Transportation - 6.6%
Aaa AAA $2,000 New Jersey Turnpike Authority, (AMBAC), 5.90%,
1/1/04 $ 2,082,820
Aaa AAA 1,500 New Jersey Turnpike Authority, (AMBAC), 5.90%,
1/1/03 1,555,380
Aaa AAA 2,325 Port Authority of New York & New Jersey,
(AMBAC), 7.40%, 10/1/12 2,600,884
-----------
$ 6,239,084
-----------
Insured Utilities - 3.2%
Aaa AAA $1,900 Middlesex County, New Jersey, Utility
Authority, (FGIC), 6.00%, 12/1/00 $ 1,991,409
Aaa AAA 1,000 Middlesex County, New Jersey, Utility
Authority, (FGIC), 6.10%, 12/1/01 1,057,450
-----------
$ 3,048,859
-----------
<PAGE>
Insured Water & Sewer - 3.7%
Aaa AAA $ 870 The Ocean County Utilities Authority of New
Jersey, Wastewater Revenue Bonds, (FGIC),
6.40%, 1/1/01 $ 910,907
Aaa AAA 2,460 The Ocean County Utilities Authority of New
Jersey, Wastewater Revenue Bonds, (FGIC),
6.70%, 1/1/07 (1) 2,579,384
-----------
$ 3,490,291
-----------
Lease Revenue/Certificates of Participation -
4.1%
Aa AA- $1,000 Mercer County Improvement Authority, (Richard
J. Hughes Justice Complex), 5.15%, 1/1/03 $ 988,620
Aa AA- 1,000 Mercer County Improvement Authority, (Richard
J. Hughes Justice Complex), 5.15%, 1/1/05 984,140
Aa AA- 1,000 Mercer County Improvement Authority, (Richard
J. Hughes Justice Complex), 5.15%, 1/1/06 974,980
A1 A+ 875 State of New Jersey, Certificates of
Participation, 5.90%, 4/1/99 897,715
-----------
$ 3,845,455
-----------
Solid Waste - 3.4%
Baa NR $ 300 The Atlantic County Utilities Authority (New
Jersey), Solid Waste System, 7.00%, 3/1/08 $ 293,997
A1 AA- 500 Gloucester County Improvement Authority of New
Jersey, (Landfill Project), 5.20%, 9/1/99 503,095
A1 AA- 500 Gloucester County Improvement Authority of New
Jersey, (Landfill Project), 5.40%, 9/1/00 506,035
A1 NR 300 The Passaic County Utilities Authority (New
Jersey), Solid Waste Disposal, 5.70%, 3/1/98 298,008
NR A 1,625 The Union County Utilities Authority (New
Jersey), Solid Waste System, (AMT), 6.85%,
6/15/02 1,660,766
-----------
$ 3,261,901
-----------
Special Tax Revenue - 2.2%
Aa1 AA $1,600 The Monmouth County, New Jersey, Improvement
Authority (Monmouth County Project), 6.70%,
12/1/01 $ 1,732,048
Baa1 BBB+ 300 Puerto Rico Infrastructure Financing
Authority, Special Tax Revenue Bonds, 7.60%,
7/1/00 324,540
-----------
$ 2,056,588
-----------
Transportation - 14.6%
Aa A+ $1,350 New Jersey Transportation Trust Fund
Authority, 6.00%, 6/15/01 $ 1,417,325
Aa A+ 2,300 New Jersey Transportation Trust Fund
Authority, 6.00%, 6/15/02 2,416,012
A1 AA- 500 New Jersey Highway Authority, (Garden State
Parkway), 5.90%, 1/1/04 522,485
A1 AA- 250 New Jersey Highway Authority, (Garden State
Parkway), 6.10%, 1/1/06 261,148
A A 2,500 New Jersey Turnpike Authority, 6.10%, 1/1/99 2,587,200
A A 895 New Jersey Turnpike Authority, 6.40%, 1/1/02 952,128
A1 AA- 500 The Port Authority of New York and New Jersey,
5.50%, 8/1/05 501,125
A1 AA- 480 The Port Authority of New York and New Jersey,
6.90%, 7/1/08 506,813
Baa1 A 2,100 Puerto Rico Highway Authority, 6.75%, 7/1/05 2,230,242
NR A+ 755 South Jersey Port Corporation (An
Instrumentality of the State of New Jersey),
(AMT), 4.75%, 1/1/00 740,534
NR A+ 830 South Jersey Port Corporation (An
Instrumentality of the State of New Jersey),
(AMT), 4.95%, 1/1/02 807,706
NR A+ 910 South Jersey Port Corporation (An
Instrumentality of the State of New Jersey),
(AMT), 5.15%, 1/1/04 886,222
-----------
$13,828,940
-----------
<PAGE>
Water & Sewer Revenue - 8.0%
Aa AA $1,515 New Jersey Wastewater Treatment Trust, 6.70%,
6/15/01 $ 1,638,609
Aa AA 2,000 New Jersey Wastewater Treatment Trust, 6.875%,
6/15/03 2,167,700
Aa AA 1,000 New Jersey Wastewater Treatment Trust, 7.00%,
5/15/09 1,066,580
A A+ 500 New Jersey Water Supply Authority, (Delaware
and Raritan System), (AMT), 7.875%. 11/1/13 546,195
Baa1 A 1,985 Puerto Rico Aqueduct & Sewer Authority,
7.875%, 7/1/17 2,160,275
-----------
$ 7,579,359
-----------
Total Investments (identified cost,
$94,130,013) $94,813,181
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by New Jersey
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, 35.2% 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 6.6% to 14.4% of total
investments.
See notes to the financial statements
<PAGE>
New York Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<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%, 5/15/21 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%, 5/1/01 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
Aaa AAA 1,000 Suffolk County, New York Water Authority,
(AMBAC), Prerefunded to 7/15/97, 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, 7.00%,
1/1/21 2,108,658
-----------
$ 33,239,980
-----------
<PAGE>
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
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
-----------
<PAGE>
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
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
Baa1 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
<PAGE>
Transportation - (continued)
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
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
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
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, 31.3% 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
<PAGE>
Ohio Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Education - 15.4%
A1 A+ $2,345 Ohio State Public Facilities Commission,
Higher Education Facilities, 7.00%, 6/1/04 $ 2,464,735
A1 A+ 1,000 Ohio State Higher Educational Facilities
Revenue Bonds, 6.50%, 5/1/01 1,044,100
A NR 660 The Student Loan Funding Corporation, 6.875%,
8/1/98 690,148
A1 A+ 500 The Student Loan Funding Corporation, 5.75%,
8/1/03 503,235
A1 NR 1,200 The Student Loan Funding Corporation, 5.95%,
8/1/05 1,207,692
-----------
$ 5,909,910
-----------
Escrowed - 10.2%
NR AAA $ 500 Akron, Bath and Copley Joint, Township
Hospital District, (Children's Hospital
Medical Center of Akron), Prerefunded to
11/15/00, 7.45%, 11/15/20 $ 566,785
Aaa AAA 650 Clermont County, Ohio, Water Works, (AMBAC),
Prerefunded to 12/1/01, 6.625%, 12/1/16 716,495
Aaa AAA 500 Franklin County, Ohio, Hospital Revenue, (Mt.
Carmel Health), (AMBAC), Prerefunded to
12/1/00, 7.25%, 6/1/03 558,230
NR AAA 1,900 Franklin County, Ohio, Prerefunded to 12/1/01,
6.375%, 12/1/20 2,067,827
-----------
$ 3,909,337
-----------
General Obligations - 13.1%
NR A+ $1,250 City of Cincinnati School District, (Hamilton
County, Ohio) Revenue Anticipation Notes,
6.05%, 6/15/00 $ 1,292,500
AA1 AA+ 1,090 Columbus, Ohio, 6.30%, 1/1/05 1,159,814
NR NR 300 Kings County, Ohio, Local School District,
7.60%, 12/1/10 331,362
Aa AA 200 State of Ohio, Infrastructure Improvement
Bonds, 6.50%, 8/1/04 219,762
A NR 1,000 Wauseon, Ohio School District, 7.25%, 12/1/10 1,081,870
NR NR 924 Youngstown, Ohio, County School District,
6.40%, 7/1/00 934,496
-----------
$ 5,019,804
-----------
Health Care - 8.1%
Aa2 NR $1,250 Hamilton County, Ohio Hospital Facilities,
(Episcopal Retirement Homes, Inc.), 6.80%,
1/1/08 $ 1,340,200
NR BBB- 680 Marion County, Ohio, Health Care Facilities,
(United Church Homes Project), 5.25%, 11/15/98 657,662
Aa2 NR 1,000 Warren County, Ohio, Hospital Facilities,
(Otterbein Homes Project), 7.20%, 7/1/11 1,091,180
-----------
$ 3,089,042
-----------
Industrial Development Revenue - 2.4%
NR A- $ 855 Ohio Economic Development Commission, (Ohio
Enterprise Bond Fund-Progress Plastics
Products), 6.80%, 12/1/01 $ 910,737
-----------
Insured Education - 3.4%
Aaa AAA $ 350 Ohio State Public Facilities Commission,
(Higher Educational Facilities), (AMBAC),
6.50%, 12/1/01 $ 374,811
Aaa AAA 1,000 Ohio State Public Facilities Commission,
(Higher Educational Facilities), (AMBAC),
4.70%, 6/1/05 933,900
-----------
$ 1,308,711
-----------
Insured General Obligations - 17.8%
Aaa AAA $1,615 Cleveland, Ohio, (MBIA), 6.50%, 11/15/01 $ 1,745,039
Aaa AAA 750 Fairfield County, Ohio, School District,
(AMBAC), 7.75%, 12/1/09 830,482
Aaa AAA 1,000 Lakota, Ohio, School District, (AMBAC), 6.40%,
12/1/00 1,058,510
Aaa AAA 1,350 Mt. Vernon County, Ohio, Local School
District, (FGIC), 7.50%, 12/1/14 1,525,405
<PAGE>
Insured General Obligations (continued)
Aaa AAA 1,000 Toledo, Ohio, (AMBAC), 7.625%, 12/1/04 (1) 1,170,470
Aaa AAA 400 West Geauga, Ohio, Local School District,
(AMBAC), 8.10%, 11/1/03 475,084
-----------
$ 6,804,990
-----------
Insured Hospitals - 6.3%
Aaa AAA $1,080 Portage County Ohio Hospital Revenue Bonds,
(Robinson Hospital Project), (MBIA), 6.50%,
11/15/03 $ 1,176,336
Aaa AAA 1,150 Portage County Ohio Hospital Revenue Bonds,
(Robinson Hospital Project), (MBIA), 6.50%,
11/15/04 1,252,752
-----------
$ 2,429,088
-----------
Insured Utilities - 3.2%
Aaa AAA $ 500 Clevelend, Ohio, Public Power System, (MBIA),
6.10%, 11/15/03 $ 523,100
Aaa AAA 650 Clevelend, Ohio, Public Power System, (MBIA),
7.00%, 11/15/17 708,643
-----------
$ 1,231,743
-----------
Lease Revenue/Certificates
of Participation - 5.5%
A1 A+ $1,000 Ohio Building Authority, (James Rhodes
Project), 6.50%, 10/1/04 $ 1,073,640
A1 A+ 1,000 Ohio Building Authority, (State Correctional
Facilities), 6.375%, 6/1/07 1,050,060
-----------
$ 2,123,700
-----------
Miscellaneous - 2.6%
NR A- $1,000 Ohio State Economic Development Commission,
(ABS Industries, Inc. Project), 5.45%, 6/1/99 $ 1,012,200
-----------
Utilities - 0.9%
NR BBB $ 350 Guam Power Authority, 5.10%, 10/1/03 $ 333,760
-----------
Water & Sewer Revenue - 11.1%
A1 AA- $1,200 City of Columbus, Ohio, Water System Revenue
Refunding Bonds, Issue of 1991, 6.10%, 11/1/03 $ 1,261,980
A1 AA- 900 Hamilton County Ohio Sewer System, (The
Metropolitan District of Greater Cincinnati),
6.40%, 12/1/02 975,636
A1 A 850 Ohio State Water Development Authority,
Pollution Control Facilities, (Phillip Morris
Project), 7.25%, 12/1/08 899,317
Baa1 A 1,000 Puerto Rico Aqueduct & Sewer Authority,
7.875%, 7/1/17 1,088,306
-----------
$ 4,225,239
-----------
Total Investments (identified cost,
$37,781,415) $38,308,261
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Ohio
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, 30.6% 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 4.0% to 16.0% of total
investments.
See notes to financial statements
<PAGE>
Pennsylvania Limited Maturity Tax Free Portfolio
Portfolio of Investments - March 31, 1995
Tax-Exempt Investments - 100%
<TABLE>
<CAPTION>
Ratings (Unaudited)
- - ----------------------
Principal
Amount
Standard (000
Moody's & Poor's omitted) Security Value
- - ---------- -------- --------- ------------------------------------------------ -------------
<S> <C> <C> <C> <C>
Education - 3.5%
NR AAA $ 700 Montgomery County Higher Education and Health
Authority, (Saint Joseph's University), 6.00%,
12/15/02 $ 736,414
Aa A+ 1,500 Pennsylvania Higher Educational Facilities
Authority, (Thomas Jefferson University),
5.90%, 8/15/00 1,568,355
Baa1 BBB 500 Pennsylvania Higher Educational Facilities
Authority, (The Medical College of
Pennsylvania), 7.25%, 3/1/05 519,090
A1 AA- 1,000 The Pennsylvania State University Bonds,
6.25%, 3/1/06 1,062,270
-----------
$ 3,886,129
-----------
Escrowed - 25.0%
Aaa AAA $1,000 Allegheny County, Pennsylvania, Sanitation
Authority, (FGIC) Prerefunded to 12/1/01,
6.50%, 12/1/16 $ 1,080,960
AAA A- 520 Chester County Health and Education Facilities
Authority, (Bryn Mawr Rehabilitation
Hospital), Escrowed to Maturity, 6.50%, 7/1/02 560,269
Aaa AAA 500 Dauphin County Hospital Authority, (Polyclinic
Medical Center of Harrisburg), (MBIA),
Prerefunded to 8/15/99, 6.90%, 8/15/11 538,750
Aaa AAA 1,000 Harrisburg, Pennsylvania Water Revenue
Authority, (FGIC), Prerefunded to 7/15/01,
7.00%, 7/15/06 1,103,610
Aaa AAA 1,355 Manheim Boro, Pennsylvania, Water & Sewer
Authority, (MBIA), Prerefunded to 9/1/01,
6.65%, 9/1/05 1,472,221
Aaa AAA 1,000 Pennsylvania Convention Center Authority,
(FGIC), Escrowed to Maturity, 6.60%, 9/1/00 1,074,840
Aaa AAA 500 Pennsylvania Turnpike Commission, (FGIC),
Escrowed to Maturity, 6.50%, 12/1/01 540,480
Aaa AAA 2,000 The School District of Philadelphia,
Pennsylvania, (AMBAC), Prerefunded to 5/15/02,
6.50%, 5/15/05 2,175,500
Aaa AAA 3,200 Philadelphia Municipal Authority, Justice
Lease Revenue Bonds, (FGIC), Prerefunded to
11/15/01, 7.10%, 11/15/11 3,610,368
Aaa NR 2,500 Philadelphia, Pennsylvania, Hospital & Higher
Education, (Children's Hospital), Prerefunded
to 2/15/02, 6.50%, 2/15/21 2,735,550
Aaa AAA 2,000 The Pittsburgh Water and Sewer Authority,
(FGIC), Prerefunded to 9/1/01, 6.75%, 9/1/10 2,212,900
Aaa AAA 1,185 The Pittsburgh Water and Sewer Authority,
(FGIC), Prerefunded to 9/1/01, 6.50%, 9/1/14 1,295,122
Aaa AAA 2,000 Pleasant Valley School District (Monroe
County, Pennsylvania) (AMBAC), Prerefunded to
3/15/01, 5.85%, 3/1/05 2,075,940
Aaa AAA 1,095 Schuykill County, Pennsylvania, Redevelopment
Authority, (FGIC), Prerefunded to 6/1/01,
6.75%, 6/1/02 1,196,539
Aaa AAA 1,500 Somerset County, Pennsylvania, General
Authority, (FGIC), Escrowed to Maturity,
6.50%, 10/15/01 1,619,565
Aaa AAA 1,000 Somerset County, Pennsylvania, General
Authority, (FGIC), Prerefunded to 10/15/01,
7.00%, 10/15/13 1,107,200
Aa AA+ 500 Temple University of the Commonwealth System,
Hospital & Higher Education, Prerefunded to
8/1/98, 6.90%, 8/1/99 532,580
<PAGE>
Escrowed (continued)
Aaa AAA 3,000 County of Westmoreland, Pennsylvania, (AMBAC),
Prerefunded to 8/1/01, 6.70%, 8/1/09 3,264,570
-----------
$ 28,196,964
-----------
General Obligations - 4.4%
Aa NR $ 325 Chester County, Pennsylvania, 6.50%, 12/15/02 $ 345,062
A1 AA- 1,220 Hatboro-Horsham School District of Montgomery
County, Pennsylvania, 6.70%, 4/1/08 1,302,082
A1 AA- 1,500 Commonwealth of Pennsylvania, 6.00%, 9/15/01 1,580,805
Baa1 A 1,000 The Commonwealth of Puerto Rico, Public
Improvement Refunding Bonds, 5.50%, 7/1/01 1,010,930
Baa1 A- 750 Puerto Rico Municipal Finance Agency, Series
1992 A, 5.60%, 7/1/02 757,470
-----------
$ 4,996,349
-----------
Health Care - 2.9%
Aa AA $1,030 Geisinger, Pennsylvania, Health System, 6.00%,
7/1/01 (2) $ 1,064,433
Aa AA 2,000 Geisinger, Pennsylvania, Health System,
7.375%, 7/1/02 2,170,660
-----------
$ 3,235,093
-----------
Hospitals - 8.8%
NR AAA $1,030 Indiana County, Pennsylvania, Hospital
Authority, (Indiana Hospital Project), (Connie
Lee), 5.75%, 7/1/00 $ 1,059,365
NR AAA 825 Indiana County, Pennsylvania, Hospital
Authority, (Indiana Hospital Project), (Connie
Lee), 5.875%, 7/1/01 853,355
A NR 500 New Castle Area Hospital Authority, (St.
Francis Hospital of New Castle), 5.90%,
11/15/00 506,375
NR BBB 500 Northampton County Hospital Authority, (Easton
Hospital) 6.90%, 1/1/02 504,200
Baa1 BBB+ 1,640 The Hospitals and Higher Education Facilities
Authority of Philadelphia, (Graduate Health
System), 6.70%, 7/1/98 1,687,609
Baa1 BBB+ 1,250 The Hospitals and Higher Education Facilities
Authority of Philadelphia, (Graduate Health
System), 6.90%, 7/1/00 1,288,425
Baa1 BBB+ 2,475 The Hospital and Higher Education Facilities
Authority of Philadelphia, (Temple University
Hospital), 6.00%, 11/15/00 2,478,291
Aa NR 1,650 Pottsville, PA, Hospital Authority, (Daughters
of Charity), 4.75%, 8/15/03 1,560,471
-----------
$ 9,938,091
-----------
Housing - 2.2%
Aaa AAA $2,450 Pennsylvania Housing Finance Agency, (FNMA),
5.70%, 7/1/02 $ 2,485,966
-----------
Industrial Development Revenue - 1.8%
NR A- $1,100 Butler County, PA Industrial Development
Authority, (Sherwood Oaks Project), 5.10%,
6/1/01 $ 1,049,070
A3 A- 1,000 Clinton County, PA, Industrial Development
Authority, (International Paper Company),
5.375%, 5/1/04 975,120
-----------
$ 2,024,190
-----------
Insured Education - 8.9%
Aaa AAA $2,280 Lycoming County Authority, Pennsylvania,
College Revenue Bonds, (AMBAC), 6.00%, 11/1/01 $ 2,402,276
Aaa AAA 1,000 Northampton County Higher Education Authority,
University (Lehigh University), (MBIA), 7.10%,
11/15/09 1,082,370
<PAGE>
Insured Education - (continued)
Aaa AAA 250 Pennsylvania Higher Educational Facilities
Authority (Bryn Mawr College), (FGIC), 6.75%,
12/1/01 269,200
Aaa AAA 6,000 Pennsylvania State Higher Education Assistance
Agency, (FGIC), 6.80%, 12/1/00 (1) 6,314,400
-----------
$ 10,068,246
-----------
Insured General Obligations - 9.5%
Aaa AAA $ 600 Allegheny County, Pennsylvania, (MBIA), 6.80%,
4/1/00 $ 647,388
Aaa AAA 915 Conestoga Valley School District of Lancaster
County, Pennsylvania, (FGIC), 6.80%, 5/1/03 985,858
Aaa AAA 1,235 Dauphin County, Pennsylvania, (MBIA), 6.00%,
8/1/02 1,291,316
Aaa AAA 265 Greensburg Salem School District,
(Westmoreland County, Pennsylvania), (MBIA),
5.80%, 9/15/01 273,739
Aaa AAA 1,000 Commonwealth of Pennsylvania, (MBIA), 6.60%,
1/1/01 1,077,770
Aaa AAA 385 Pennsylvania Finance Authority, (South Side
Area School District, Beaver County Project),
(AMBAC), 5.40%, 9/1/01 388,287
Aaa AAA 1,000 Pennsylvania Public School District Building
Authority, (Hazelton Area School District
Project), (FGIC), 6.50%, 3/1/08 1,042,580
Aaa AAA 275 The School District of Philadelphia,
Pennsylvania, (AMBAC), 6.35%, 5/15/02 293,400
Aaa AAA 750 Pocono Mountain School District, Monroe
County, Pennsylvania, (AMBAC), 5.90%, 10/1/02 780,847
Aaa AAA 1,315 City of Pittsburgh, Pennsylvania, (MBIA),
5.875%, 9/1/00 1,366,271
Aaa AAA 1,385 City of Pittsburgh, Pennsylvania, (MBIA),
6.00%, 9/1/01 1,449,180
Aaa AAA 1,185 City of Reading, Pennsylvania, (Berks County),
School Authority (MBIA), 4.80%, 7/15/04 1,130,241
-----------
$ 10,726,877
-----------
Insured Health Care - 2.9%
Aaa AAA $2,050 Sayre Health Care Facilities Authority,
(Guthrie Medical Center), (AMBAC), 6.50%,
3/1/00 $ 2,187,534
Aaa AAA 1,000 Scranton-Lackawanna Health and Welfare
Authority, (Mercy Health System), (MBIA),
6.90%, 1/1/09 1,061,380
-----------
$ 3,248,914
-----------
Insured Hospitals - 8.2%
Aaa AAA $2,215 The Hospital Authority of Beaver County,
Pennsylvania, (The Medical Center of Beaver,
PA), (AMBAC), 5.90%, 7/1/00 $ 2,309,735
Aaa AAA 500 Delaware County Authority of Pennsylvania,
(Crozer- Chester Medical Center), (MBIA),
7.10%, 12/15/99 540,535
Aaa AAA 1,505 Delaware County Authority of Pennsylvania,
(Crozer- Chester Medical Center), (MBIA),
4.65%, 12/15/02 1,414,745
Aaa AAA 1,000 Erie County, Pennsylvania, Hospital Authority,
(Hamot Health System), (AMBAC), 7.10%, 2/15/10 1,079,520
Aaa AAA 400 Franklin County Industrial Development
Authority, (The Chambersburg Hospital
Project), (FGIC), 5.80%, 7/1/02 414,764
Aaa AAA 500 Lancaster County Hospital Authority, (The
Lancaster General Hospital Project), (AMBAC),
5.80%, 7/1/01 518,710
<PAGE>
Insured Hospitals (continued)
Aaa AAA 525 Lehigh County General Purpose Authority, (St.
Luke's Hospital of Bethlehem, Pennsylvania
Project), (AMBAC), 5.70%, 7/1/01 539,054
Aaa AAA 250 Mt. Lebanon Hospital Authority (Allegheny
County, Pennsylvania) (St. Clair Memorial
Hospital), (FGIC), 5.90%, 7/1/02 260,567
Aaa AAA 2,100 Washington County Hospital Authority,
(Shadyside Hospital Project), (AMBAC), 5.80%,
12/15/02 2,180,178
-----------
$ 9,257,808
-----------
Insured Lease Revenue/ Certificates of
Participation - 4.5%
Aaa AAA $ 500 The Harrisburg Authority (Dauphin County,
Pennsylvania), Lease Revenue Bonds, (FGIC),
6.25%, 6/1/01 $ 529,985
Aaa AAA 1,000 Northumberland County Authority, Pennsylvania,
Lease Revenue Bonds, (MBIA), 6.50%, 10/15/01 1,079,710
Aaa AAA 2,150 Commonwealth of Pennsylvania, Certificates of
Participation, (AMBAC), 4.90%, 7/1/02 2,091,154
Aaa AAA 500 The Philadelphia Municipal Authority, Justice
Lease Revenue Bonds, (MBIA), 6.40%, 11/15/98 521,630
Aaa AAA 810 The Philadelphia Municipal Authority, Justice
Lease Revenue Bonds, (MBIA), 6.60%, 11/15/00 861,240
-----------
$ 5,083,719
-----------
Insured Special Tax - 4.6%
Aaa AAA $ 900 Pennsylvania Intergovernmental Cooperation
Authority, (City of Philadelphia Funding
Program), (FGIC), 5.60%, 6/15/98 $ 917,784
Aaa AAA 2,000 Pennsylvania Intergovernmental Cooperation
Authority, (City of Philadelphia Funding
Program), (FGIC), 6.00%, 6/15/00 2,079,120
Aaa AAA 2,070 Pennsylvania Intergovernmental Cooperation
Authority, (City of Philadelphia Funding
Program), (FGIC), 6.00%, 6/15/02 2,165,551
-----------
$ 5,162,455
-----------
Insured Utilities - 1.9%
Aaa AAA $2,270 City of Philadelphia, Pennsylvania, Gas Works
Revenue Bonds, (AMBAC), 4.40%, 8/1/01 $ 2,127,716
-----------
Insured Water & Sewer - 1.6%
Aaa AAA $ 800 Delaware County Industrial Development
Authority, (Philadelphia Suburban Water
Company Project), (FGIC), 5.95%, 6/1/02 $ 838,296
Aaa AAA 1,000 City of Philadelphia, Pennsylvania, Water and
Wastewater Revenue Bonds, (FSA), 4.875%,
6/15/01 963,950
-----------
$ 1,802,246
-----------
Lease Revenue/Certificates of Participation -
0.5%
Baa1 A $ 500 Puerto Rico Buildings Authority, Public
Education and Health Facilities Bonds, 6.00%,
7/1/99 $ 520,750
-----------
Solid Waste - 2.7%
Baa A- $ 500 Greater Lebanon Refuse Authority of Lebanon
County, Pennsylvania, Solid Waste Revenue,
6.20%, 5/15/99 $ 510,645
Baa A- 500 Greater Lebanon Refuse Authority of Lebanon
County, Pennsylvania, Solid Waste Revenue,
6.20%, 11/15/99 511,790
<PAGE>
Solid Waste (continued)
Baa A- 300 Greater Lebanon Refuse Authority of Lebanon
County, Pennsylvania, Solid Waste Revenue,
6.40%, 5/15/00 308,364
Baa A- 500 Greater Lebanon Refuse Authority of Lebanon
County, Pennsylvania, Solid Waste Revenue,
6.40%, 11/15/00 515,105
NR NR 1,200 Pennsylvania Economic Development Financing
Authority, (Resource Recovery for
Northampton), 6.75%, 1/1/07 1,169,544
-----------
$ 3,015,448
-----------
Special Tax Revenue - 0.5%
Baa1 BBB+ $ 250 Puerto Rico Infrastructure Financing
Authority, Special Tax Revenue Bonds, 7.60%,
7/1/00 $ 270,450
NR NR 250 Virgin Islands Public Finance Authority, (V.I.
General Obligation/Matching Fund Loan Notes),
6.70%, 10/1/99 260,565
-----------
$ 531,015
-----------
Transportation - 3.2%
Aa3 AA- $2,550 Southeastern Pennsylvania Transportation
Authority, LOC: Canadian Imperial Bank of
Commerce, 6.00%, 6/1/99 $ 2,606,941
Aa3 AA- 1,000 Southeastern Pennsylvania Transportation
Authority, LOC: Canadian Imperial Bank of
Commerce, 6.00%, 6/1/01 1,026,750
-----------
$ 3,633,691
-----------
Utility - 0.9%
NR NR $1,000 Virgin Island Water & Power Authority, 7.40%,
7/1/11 $ 1,053,090
-----------
Water & Sewer - 1.5%
NR AA $1,600 Pennsylvania Infrastructure Investment
Authority, (Pennvest Pool Program), 6.45%,
9/1/04 $ 1,726,922
-----------
Total Investments (identified cost,
$112,552,704) $112,721,679
===========
</TABLE>
(1) Security has been segregated to cover margin requirements for open
financial futures contracts.
(2) When-issued security. At March 31, 1995, the Portfolio had sufficient
cash and/or securities segregated as collateral for when-issued securities.
The Portfolio invests primarily in debt securities issued by Pennsylvania
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, 63.7% 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 0.9% to 27.2% of total
investments.
See notes to financial statements
<PAGE>
Limited Maturity Tax Free Portfolios
Financial Statements
Statements of Assets and Liabilities
March 31, 1995
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments -
Identified cost $77,371,691 $16,798,633 $159,193,575 $116,297,486 $31,435,798
Unrealized appreciation
(depreciation) 607,822 (46,451) 856,484 (32,101) 513,393
----------- ----------- ------------ ---------- ------------
Total investments, at
value (Note 1A) $77,979,513 $16,752,182 $160,050,059 $116,265,385 $31,949,191
Cash 1,070,826 253,941 685,471 980,641 1,583,334
Receivable for
investments sold 3,005,286 -- 1,684,454 -- 30,000
Interest receivable 1,378,360 312,099 3,844,054 1,869,231 703,855
Receivable from the
Investment Adviser
(Note 2) -- 8,932 -- -- --
Deferred organization
expenses
(Note 1D) 4,665 4,928 13,004 12,629 6,494
----------- ----------- ------------ ---------- ------------
Total assets $83,438,650 $17,332,082 $166,277,042 $119,127,886 $34,272,874
----------- ----------- ------------ ---------- ------------
Liabilities:
Payable for investments
purchased $ 1,091,135 $ 15,514 $ 1,689,935 $ -- $ 1,072,510
Payable to affiliates -
Trustees' fee 1,003 27 1,767 1,331 273
Custodian fees 1,235 -- 3,829 5,110 1,004
Accrued expenses 1,552 923 2,596 1,903 1,071
----------- ----------- ----------- ----------- ------------
Total liabilities $ 1,094,925 $ 16,464 $ 1,698,127 $ 8,344 $ 1,074,858
----------- ----------- ----------- ----------- ------------
Net Assets applicable to
investors' interest in
Portfolio $82,343,725 $17,315,618 $164,578,915 $119,119,542 $33,198,016
=========== =========== ============ =========== ============
Sources of Net Assets:
Net proceeds from capital
contributions and
withdrawals $81,805,606 $17,375,669 $163,865,237 $119,251,947 $32,711,824
Unrealized appreciation
(depreciation) of
investments and
financial futures
contracts (computed on
the basis of identified
cost) 538,119 (60,051) 713,678 (132,405) 486,192
----------- ----------- ------------ ----------- ------------
Total $82,343,725 $17,315,618 $164,578,915 $119,119,542 $33,198,016
=========== =========== ============ =========== ============
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
March 31, 1995
<TABLE>
<CAPTION>
New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ --------------
<S> <C> <C> <C> <C>
Assets:
Investments -
Identified cost $94,130,013 $167,253,911 $37,781,415 $112,552,704
Unrealized appreciation
(depreciation) 683,168 (782,083) 526,846 168,975
---------- ---------- ---------- ------------
Total investments, at
value (Note 1A) $94,813,181 $166,471,828 $38,308,261 $112,721,679
Cash 683,461 1,610,687 482,147 243,522
Receivable for
investments sold 1,087,042 3,102,308 1,052,397 --
Interest receivable 1,791,795 3,172,087 861,001 1,702,306
Deferred organization
expenses (Note 1D) 5,475 7,935 5,126 8,263
---------- ---------- ---------- ------------
Total assets $98,380,954 $174,364,845 $40,708,932 $114,675,770
---------- ---------- ---------- ------------
Liabilities:
Payable for investments
purchased $ 1,094,769 $ 723,659 $ 1,271,764 $ 1,062,785
Payable to affiliates -
Trustees' fee 1,331 1,767 273 1,331
Custodian fees 3,285 4,378 501 3,500
Accrued expenses 1,894 2,617 1,020 2,109
---------- ---------- ---------- ------------
Total liabilities $ 1,101,279 $ 732,421 $ 1,273,558 $ 1,069,725
---------- ---------- ---------- ------------
Net Assets applicable to
investors' interest in
Portfolio $97,279,675 $173,632,424 $39,435,374 $113,606,045
========== ========== ========== ============
Sources of Net Assets:
Net proceeds from capital
contributions and
withdrawals $96,678,111 $174,562,413 $38,940,829 $113,532,274
Unrealized appreciation
(depreciation) of
investments and
financial futures
contracts (computed on
the basis
of identified cost) 601,564 (929,989) 494,545 73,771
---------- ---------- ---------- ------------
Total $97,279,675 $173,632,424 $39,435,374 $113,606,045
========== ========== ========== ============
</TABLE>
<PAGE>
Statements of Operations
Year Ended March 31, 1995
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan New Jersey
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ---------- ---------- ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest income $ 4,804,758 $ 903,585 $ 9,416,263 $ 6,570,429 $ 1,900,442 $ 5,395,521
-------- -------- -------- ---------- -------- ----------
Expenses -
Investment
adviser fee
(Note 2) $ 418,800 $ 80,031 $ 821,095 $ 559,365 $ 163,811 $ 468,562
Compensation of
Trustees
not members of
the Investment
Adviser's
organization 5,688 126 10,020 5,526 1,544 5,489
Custodian fees
(Note 2) 11,626 9,588 35,497 29,628 10,848 26,901
Printing and Postage 3,262 2,791 2,985 3,756 2,324 3,281
Legal and accounting
services 19,144 14,328 21,962 18,364 13,507 18,006
Bond pricing 16,118 6,779 17,906 14,823 8,093 14,749
Amortization of
organization
expenses (Note 1D) 1,511 2,212 4,204 4,088 2,746 1,789
Miscellaneous 10,845 2,604 18,736 22,047 7,245 16,105
-------- -------- -------- ---------- -------- ----------
Total expenses $ 486,994 $ 118,459 $ 932,405 $ 657,597 $ 210,118 $ 554,882
-------- -------- -------- ---------- -------- ----------
Deduct -
Reduction of
investment
adviser fee
(Note 2) $ -- $ 80,031 $ -- $ -- $ 40,822 $ --
Allocation of
expenses to the
Investment
Adviser (Note 2) -- 8,932 -- -- -- --
-------- -------- -------- ---------- -------- ----------
Total $ -- $ 88,963 $ -- $ -- $ 40,822 $ --
-------- -------- -------- ---------- -------- ----------
Net expenses $ 486,994 $ 29,496 $ 932,405 $ 657,597 $ 169,296 $ 554,882
-------- -------- -------- ---------- -------- ----------
Net investment
income $ 4,317,764 $ 874,089 $ 8,483,858 $ 5,912,832 $ 1,731,146 $ 4,840,639
-------- -------- -------- ---------- -------- ----------
Realized and
Unrealized Gain
(Loss) on
Investments:
Net realized gain
(loss) -
Investment
transactions
(identified cost
basis) $(3,519,469) $(578,837) $(4,033,759) $(2,073,644) $(1,928,641) $(2,408,584)
Financial futures
contracts (22,154) 16,812 (38,678) (27,308) 38,909 (24,401)
-------- -------- -------- ---------- -------- ----------
Net realized loss $(3,541,623) $(562,025) $(4,072,437) $(2,100,952) $(1,889,732) $(2,432,985)
-------- -------- -------- ---------- -------- ----------
Change in unrealized
appreciation
(depreciation) -
Investments $ 3,056,891 $ 603,425 $ 5,210,496 $ 2,892,913 $ 1,976,443 $ 3,014,662
Financial futures
contracts (69,703) (29,499) (142,806) (100,304) (62,974) (81,604)
-------- -------- -------- ---------- -------- ----------
Net unrealized
appreciation
of investments $ 2,987,188 $ 573,926 $ 5,067,690 $ 2,792,609 $ 1,913,469 $ 2,933,058
-------- -------- -------- ---------- -------- ----------
Net realized and
unrealized gain
(loss) $ (554,435) $ 11,901 $ 995,253 $ 691,657 $ 23,737 $ 500,073
-------- -------- -------- ---------- -------- ----------
Net increase in
net assets
from
operations $ 3,763,329 $ 885,990 $ 9,479,111 $ 6,604,489 $ 1,754,883 $ 5,340,712
======== ======== ======== ========== ======== ==========
</TABLE>
<PAGE>
Statements of Operations
Year Ended March 31, 1995
New York Ohio Pennsylvania
Limited Limited Limited
Portfolio Portfolio Portfolio
--------- --------- ---------
Investment Income:
Interest income $ 9,774,315 $ 2,174,340 $ 6,406,100
-------- -------- ------------
Expenses -
Investment adviser
fee (Note 2) $ 845,836 $ 185,368 $ 554,521
Compensation of
Trustees
not members of
the Investment
Adviser's
organization 10,020 1,543 7,552
Custodian fees
(Note 2) 36,810 11,030 29,811
Printing and postage 2,496 2,773 2,750
Legal and accounting
services 19,299 13,808 18,010
Bond pricing 22,059 8,989 16,937
Amortization of
organization
expenses
(Note 1D) 2,570 2,237 2,671
Miscellaneous 13,619 5,289 11,789
-------- -------- ------------
Total expenses $ 952,709 $ 231,037 $ 644,041
-------- -------- ------------
Deduct -
Reduction of
investment adviser
fee (Note 2) -- 44,856 --
-------- -------- ------------
Net expenses $ 952,709 $ 186,181 $ 644,041
-------- -------- ------------
Net investment
income $ 8,821,606 $ 1,988,159 $ 5,762,059
-------- -------- ------------
Realized and
Unrealized Gain
(Loss) on
Investments:
Net realized gain
(loss) -
Investment
transactions
(identified cost
basis) $(2,924,669) $(1,886,650) $(1,961,065)
Financial futures
contracts (45,618) 37,751 (28,867)
-------- -------- ------------
Net realized loss $(2,970,287) $(1,848,899) $(1,989,932)
-------- -------- ------------
Change in unrealized
appreciation
(depreciation) -
Investments $ 3,465,809 $ 2,007,555 $ 2,658,874
Financial futures
contracts (47,906) (68,074) (95,204)
-------- -------- ------------
Net unrealized
appreciation of
investments $ 3,317,903 $ 1,939,481 $ 2,563,670
-------- -------- ------------
Net realized and
unrealized
gain $ 347,616 $ 90,582 $ 573,738
-------- -------- ------------
Net increase in
net assets
from
operations $ 9,169,222 $ 2,078,741 $ 6,335,797
======== ======== ============
See notes to financial statements
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan New Jersey
Limited Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ---------- ------------ ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease)
in Net Assets:
From operations -
Net investment
income $ 4,317,764 $ 874,089 $ 8,483,858 $ 5,912,832 $ 1,731,146 $ 4,840,639
Net realized loss
on investments (3,541,623) (562,025) (4,072,437) (2,100,952) (1,889,732) (2,432,985)
Net unrealized
appreciation of
investments 2,987,188 573,926 5,067,690 2,792,609 1,913,469 2,933,058
------------ ---------- ----------- ------------ ---------- ------------
Net increase in
net assets
from
operations $ 3,763,329 $ 885,990 $ 9,479,111 $ 6,604,489 $ 1,754,883 $ 5,340,712
------------ ---------- ----------- ------------ ---------- ------------
Capital
transactions -
Contributions $ 14,449,584 $ 4,383,626 $ 29,535,670 $ 17,263,223 $ 8,180,397 $ 13,706,598
Withdrawals (31,573,058) (4,720,895) (60,412,518) (24,520,587) (12,345,746) (24,715,358)
------------ ---------- ----------- ------------ ---------- ------------
Decrease in net
assets resulting
from capital
transactions $(17,123,474) $ (337,269) $(30,876,848) $ (7,257,364) $ (4,165,349) $(11,008,760)
------------ ---------- ----------- ------------ ---------- ------------
Total decrease
in net assets $(13,360,145) $ 548,721 $(21,397,737) $ (652,875) $ (2,410,466) $ (5,668,048)
Net Assets:
At beginning of
year 95,703,870 16,766,897 185,976,652 119,772,417 35,608,482 102,947,723
------------ ---------- ----------- ------------ ---------- ------------
At end of year $ 82,343,725 $17,315,618 $164,578,915 $119,119,542 $ 33,198,016 $ 97,279,675
============ ========== =========== ============ ========== ============
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1994*
New York Ohio Pennsylvania
Limited Limited Limited
Portfolio Portfolio Portfolio
--------- --------- ---------
Increase (Decrease) in
Net Assets:
From operations -
Net investment
income $ 8,821,606 $ 1,988,159 $ 5,762,059
Net realized loss on
investments (2,970,287) (1,848,899) (1,989,932)
Net unrealized
appreciation of
investments 3,317,903 1,939,481 2,563,670
------------ ------------ ------------
Net increase in net
assets from
operations $ 9,169,222 $ 2,078,741 $ 6,335,797
------------ ------------ ------------
Capital transactions -
Contributions $ 23,864,886 $ 8,548,567 $ 15,664,244
Withdrawals (43,169,334) (9,169,484) (32,013,516)
------------ ------------ ------------
Decrease in net
assets resulting
from capital
transactions $(19,304,448) $ (620,917) $(16,349,272)
------------ ------------ ------------
Total decrease in
net assets $(10,135,226) $ 1,457,824 $(10,013,475)
Net Assets:
At beginning of year 183,767,650 37,977,550 123,619,520
------------ ------------ ------------
At end of year $173,632,424 $39,435,374 $113,606,045
============ ============ ============
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1994*
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease)
in Net Assets:
From operations -
Net investment
income $ 2,802,105 $ 354,621 $ 5,946,799 $ 4,057,072 $ 843,622
Net realized gain
(loss) on
investment
transactions 129,629 (17,294) 296,913 217,716 (57,075)
Net unrealized
depreciation of
investments (3,284,957) (633,977) (6,680,426) (4,096,978) (1,427,277)
---------- ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets from
operations $ (353,223) $ (296,650) $ (436,714) $ 177,810 $ (640,730)
---------- ----------- ----------- ----------- -----------
Capital
transactions -
Contributions $105,261,603 $17,919,749 $211,148,713 $132,347,508 $38,455,113
Withdrawals (9,304,530) (956,212) (24,835,367) (12,852,921) (2,305,911)
---------- ----------- ----------- ----------- -----------
Increase in net
assets resulting
from capital
transactions $ 95,957,073 $16,963,537 $186,313,346 $119,494,587 $36,149,202
---------- ----------- ----------- ----------- -----------
Total increase
in net assets $ 95,603,850 $16,666,887 $185,876,632 $119,672,397 $35,508,472
Net Assets:
At beginning of
period 100,020 100,010 100,020 100,020 100,010
---------- ----------- ----------- ----------- -----------
At end of period $ 95,703,870 $16,766,897 $185,976,652 $119,772,417 $35,608,482
========== =========== =========== =========== ===========
</TABLE>
* For the California Limited Portfolio, Connecticut Limited Portfolio,
Florida Limited Portfolio, Massachusetts Limited Portfolio, and Michigan
Limited Portfolio, the Statement of Changes in Net Assets is for the period
from the start of business May 3, 1993, April 16, 1993, May 3, 1993, May 3,
1993 and April 16, 1993, respectively, to March 31, 1994.
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1994*
<TABLE>
<CAPTION>
New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
-------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C>
Increase (Decrease) in
Net Assets:
From operations -
Net investment
income $ 3,526,614 $ 6,189,145 $ 837,038 $ 4,067,028
Net realized gain
(loss) on investment
transactions 285,340 168,212 (131,010) 206,170
Net unrealized
depreciation of
investments (3,695,086) (6,400,987) (1,444,936) (4,176,636)
------------ ------------ ------------ --------------
Net increase
(decrease) in net
assets from
operations $ 116,868 $ (43,630) $ (738,908) $ 96,562
------------ ------------ ------------ --------------
Capital transactions -
Contributions $114,051,083 $197,911,959 $41,021,920 $133,644,656
Withdrawals (11,320,248) (14,200,699) (2,405,472) (10,221,718)
------------ ------------ ------------ --------------
Increase in net
assets resulting
from capital
transactions $102,730,835 $183,711,260 $38,616,448 $123,422,938
------------ ------------ ------------ --------------
Total increase in
net assets $102,847,703 $183,667,630 $37,877,540 $123,519,500
Net Assets:
At beginning of
period 100,020 100,020 100,010 100,020
------------ ------------ ------------ --------------
At end of period $102,947,723 $183,767,650 $37,977,550 $123,619,520
============ ============ ============ ==============
</TABLE>
* For the New Jersey Limited Portfolio, New York Limited Portfolio, Ohio
Limited Portfolio, and Pennsylvania Limited Portfolio, the Statement of
Changes in Net Assets is for the period from the start of business May 3,
1993, May 3, 1993, April 16, 1993, and May 3, 1993, respectively, to
March 31, 1994.
<PAGE>
Supplementary Data
California Connecticut
Limited Portfolio Limited Portfolio
-------------------- ----------------------
Year Ended March 31, Year Ended March 31,
1995 1994** 1995 1994*
-------- -------- -------- ----------
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.53% 0.46%+ 0.17% 0.00%+
Net investment income 4.72% 4.50%+ 4.95% 4.53%+
Portfolio Turnover 56% 6% 73% 39%
Net Assets, end of period
(000 omitted) $82,344 $95,704 $17,316 $16,767
++ The operating expenses of the Portfolios may reflect a reduction of the
investment adviser fee and/or an allocation of expenses to the Investment
Adviser. Had such actions not been taken, the ratios would have been as
follows:
Ratios (As a percentage of
average daily net assets):
Net expenses 0.52%+ 0.67% 0.62%+
Net investment income 4.44%+ 4.45% 3.92%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31,
1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
Florida Massachusetts
Limited Portfolio Limited Portfolio
-------------------- ----------------------
Year Ended March 31, Year Ended March 31,
1995 1994* 1995 1994*
-------- -------- -------- ----------
Ratios (As a percentage of
average daily net
assets):
Net expenses 0.52% 0.49%+ 0.54% 0.52%+
Net investment income 4.73% 4.53%+ 4.90% 4.57%+
Portfolio Turnover 44% 8% 46% 8%
Net Assets, end of period
(000 omitted) $164,579 $185,977 $119,120 $119,772
+ Annualized.
* For the period from the start of business, May 3, 1993, to March 31, 1994.
See notes to financial statements
<PAGE>
Supplementary Data
Michigan New Jersey
Limited Portfolio Limited Portfolio
-------------------- ----------------------
Year Ended March 31, Year Ended March 31,
1995 1994* 1995 1994**
------- ------- ------- --------
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.48% 0.00%+ 0.54% 0.54%+
Net investment income 4.88% 4.62%+ 4.73% 4.53%+
Portfolio Turnover 111% 30% 44% 10%
Net Assets, end of period
(000 omitted) $33,198 $35,608 $97,280 $102,948
++ The operating expenses of the Portfolios may reflect a reduction of the
investment adviser fee and/or an allocation of expenses to the Investment
Adviser. Had such actions not been taken, the ratios would have been as
follows:
Ratios (As a percentage of
average daily net
assets):
Net expenses 0.59% 0.54%+
Net investment income 4.77% 4.08%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31,
1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
New York Ohio
Limited Portfolio Limited Portfolio
-------------------- ----------------------
Year Ended March 31, Year Ended March 31,
1995 1994** 1995 1994*
-------- -------- -------- ----------
Ratios (As a percentage of
average daily net
assets)++:
Net expenses 0.52% 0.47%+ 0.46% 0.00%+
Net investment income 4.79% 4.50%+ 4.96% 4.68%+
Portfolio Turnover 31% 5% 120% 33%
Net Assets, end of period
(000 omitted) $173,632 $183,768 $39,435 $37,978
++ The operating expenses of the Portfolios may reflect a reduction of the
investment adviser fee and/or an allocation of expenses to the Investment
Adviser. Had such actions not been taken, the ratios would have been as
follows:
Ratios (As a percentage of
average daily net assets):
Net expenses 0.58% 0.54%+
Net investment income 4.84% 4.14%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31,
1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
<PAGE>
Supplementary Data
Pennsylvania
Limited Portfolio
--------------------
Year Ended March 31,
1995 1994*
------- -------
Ratios (As a percentage of
average daily net
assets):
Net expenses 0.53% 0.50%+
Net investment income 4.77% 4.59%+
Portfolio Turnover 39% 12%
Net Assets, end of period
(000 omitted) $113,606 $123,620
+ Annualized.
* For the period from the start of business, May 3, 1993, to March 31, 1994.
<PAGE>
Notes to Financial Statements
(1) Significant Accounting Policies
California Limited Maturity Tax Free Portfolio (California Limited
Portfolio), Connecticut Limited Maturity Tax Free Portfolio (Connecticut
Limited Portfolio), Florida Limited Maturity Tax Free Portfolio (Florida
Limited Portfolio), Massachusetts Limited Maturity Tax Free Portfolio
(Massachusetts Limited Portfolio), Michigan Limited Maturity Tax Free
Portfolio (Michigan Limited Portfolio), New Jersey Limited Maturity Tax Free
Portfolio (New Jersey Limited Portfolio), New York Limited Maturity Tax Free
Portfolio (New York Limited Portfolio), Ohio Limited Maturity Tax Free
Portfolio (Ohio Limited Portfolio), and Pennsylvania Limited Maturity Tax
Free Portfolio (Pennsylvania 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 is 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, deduction
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.
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.
<PAGE>
(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 year ended March 31, 1995, each Portfolio paid advisory
fees as follows:
Year Ended March 31, 1995
-------------------------------
Portfolio Amount Effective Rate*
- - ---------------------- ---------- -----------------
California Limited $418,800 0.46%
Connecticut Limited 80,031 0.45%
Florida Limited 821,095 0.46%
Massachusetts Limited 559,365 0.46%
Michigan Limited 163,811 0.46%
New Jersey Limited 468,562 0.46%
New York Limited 845,836 0.46%
Ohio Limited 185,368 0.46%
Pennsylvania Limited 554,521 0.46%
To enhance the net income of the Connecticut Limited Portfolio, Michigan
Limited Portfolio, and Ohio Limited Portfolio, BMR made a reduction of its
fees in the amounts of $80,031, $40,822, and $44,856, respectively, for the
year ended March 31, 1995. In addition, $8,932 of other expenses related to
the operation of the Connecticut Limited Portfolio was allocated to BMR for
the year ended March 31, 1995.
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.
* Advisory fees paid as a percentage of average daily net assets.
(3) Investments
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the year ended March 31, 1995 were as follows:
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Purchases $49,423,074 $11,938,912 $76,240,441 $49,735,461 $35,718,992
Sales 66,171,820 11,617,088 97,800,247 51,252,061 37,226,706
</TABLE>
<TABLE>
<CAPTION>
New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Purchases $45,114,351 $56,299,534 $48,849,849 $32,023,630
Sales 51,961,803 68,916,661 46,855,409 42,994,261
</TABLE>
<PAGE>
(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:
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Aggregate cost $77,371,691 $16,798,633 $159,193,575 $116,297,486 $31,435,798
========== =========== =========== =========== =============
Gross unrealized
appreciation $ 855,715 $ 166,927 $ 2,073,789 $ 972,467 $ 625,757
Gross unrealized
depreciation 247,893 213,378 1,217,305 1,004,568 112,364
---------- ----------- ----------- ----------- -------------
Net unrealized
appreciation
(depreciation) $ 607,822 $ (46,451) $ 856,484 $ (32,101) $ 513,393
========== =========== =========== =========== =============
</TABLE>
<TABLE>
<CAPTION>
New Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------- ------------- --------------
<S> <C> <C> <C> <C>
Aggregate cost $94,130,013 $167,253,911 $37,781,415 $112,552,704
========== =========== =========== =============
Gross unrealized
appreciation $ 1,321,485 $ 1,177,544 $ 612,289 $ 1,402,132
Gross unrealized
depreciation 638,318 1,959,627 85,443 1,233,157
Net unrealized
appreciation
(depreciation) $ 1,321,486 $ (782,083) $ 526,846 $ 168,975
========== =========== =========== =============
</TABLE>
(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.
<PAGE>
(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:
<TABLE>
<CAPTION>
Futures
Contract
Expiration Net Unrealized
Portfolio Date Contracts Position Depreciation
<S> <C> <C> <C> <C>
California Limited 6/95 41 US Treasury Bonds Short $ 69,703
Connecticut Limited 6/95 8 US Treasury Bonds Short 13,600
Florida Limited 6/95 84 US Treasury Bonds Short 142,806
Massachusetts
Limited 6/95 59 US Treasury Bonds Short 100,304
Michigan Limited 6/95 16 US Treasury Bonds Short 27,201
New Jersey Limited 6/95 48 US Treasury Bonds Short 81,604
New York Limited 6/95 87 US Treasury Bonds Short 147,906
Ohio Limited 6/95 19 US Treasury Bonds Short 32,301
Pennsylvania Limited 6/95 56 US Treasury Bonds Short 95,204
</TABLE>
At March 31, 1995, each Portfolio had sufficient cash and/or securities to
cover margin requirements on open futures contracts.
<PAGE>
Independent Auditors' Report
To the Trustees and Investors of:
California Limited Maturity Tax Free Portfolio
Connecticut Limited Maturity Tax Free Portfolio
Florida Limited Maturity Tax Free Portfolio
Massachusetts Limited Maturity Tax Free Portfolio
Michigan Limited Maturity Tax Free Portfolio
New Jersey Limited Maturity Tax Free Portfolio
New York Limited Maturity Tax Free Portfolio
Ohio Limited Maturity Tax Free Portfolio
Pennsylvania Limited Maturity Tax Free Portfolio
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of California Limited Maturity Tax
Free Portfolio, Connecticut Limited Maturity Tax Free Portfolio, Florida
Limited Maturity Tax Free Portfolio, Massachusetts Limited Maturity Tax Free
Portfolio, Michigan Limited Maturity Tax Free Portfolio, New Jersey Limited
Maturity Tax Free Portfolio, New York Limited Maturity Tax Free Portfolio,
Ohio Limited Maturity Tax Free Portfolio, and Pennsylvania Limited Maturity
Tax Free Portfolio, as of March 31, 1995, the related statements of
operations for the year then ended, and the statements of changes in net
assets and the supplementary data for each of the years in the two-year
period ended March 31, 1995. These financial statements and supplementary
data are the responsibility of the Trusts' management. Our responsibility is
to express an opinion on the financial statements and supplementary data
based on 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; where replies were received from brokers, we performed other audit
procedures. 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 position of California
Limited Maturity Tax Free Portfolio, Connecticut Limited Maturity Tax Free
Portfolio, Florida Limited Maturity Tax Free Portfolio, Massachusetts Limited
Maturity Tax Free Portfolio, Michigan Limited Maturity Tax Free Portfolio,
New Jersey Limited Maturity Tax Free Portfolio, New York Limited Maturity Tax
Free Portfolio, Ohio Limited Maturity Tax Free Portfolio, and Pennsylvania
Limited Maturity Tax Free Portfolio at March 31, 1995, the results of their
operations, the changes in their net assets and their supplementary data for
the respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 5, 1995
<PAGE>
Investment Management
<TABLE>
<CAPTION>
<S> <C> <C>
Funds Officers Independent Trustees
Thomas J. Fetter Donald R. Dwight
President President, Dwight Partners, Inc.
Chairman, Newspaper of
James B. Hawkes New England, Inc.
Vice President, Trustee
Samuel L. Hayes, III
Robert B. MacIntosh Jacob H. Schiff Professor of
Vice President Investment Banking, Harvard University
Graduate School of Business Administration
James L. O'Connor
Treasurer Norton H. Reamer
President and Director,
Thomas Otis United Asset Management Corporation
Secretary
John L. Thorndike
James F. Alban Director, Fiduciary Company Incorporated
Assistant Treasurer
Jack L. Treynor
Douglas C. Miller Investment Adviser
Assistant Treasurer and Consultant
Janet E. Sanders
Assistant Treasurer and
Assistant Secretary
A. John Murphy
Assistant Secretary
Portfolios Officers Raymond E. Hender
California, Florida, Massachusetts,
Thomas J. Fetter New York, and Pennsylvania Limited
President Maturity Tax Free Portfolios
James B. Hawkes Independent Trustees
Vice President, Trustee
Donald R. Dwight
Robert MacIntosh President, Dwight Partners, Inc.
Vice President Chairman, Newspaper of
New England, Inc.
James L. O'Connor
Treasurer Samuel L. Hayes, III
Jacob H. Schiff Professor of
Thomas Otis Investment Banking, Harvard University
Secretary Graduate School of Business Administration
James F. Alban Norton H. Reamer
Assistant Treasurer President and Director,
United Asset Management Corporation
Janet E. Sanders
Assistant Treasurer and John L. Thorndike
Assistant Secretary Director, Fiduciary Company Incorporated
A. John Murphy Jack L. Treynor
Assistant Secretary Investment Adviser
and Consultant
Portfolio Managers
William H. Ahern
Connecticut, Michigan, New
Jersey, and Ohio Limited
Maturity Tax Free Portfolios
</TABLE>
<PAGE>
Portfolios Investment Adviser
Boston Management and Research
24 Federal Street
Boston, MA 02110
Funds Administrator
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
<PAGE>
(This space intentionally left blank)
<PAGE>
(This space intentionally left blank)
<PAGE>
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
C-9LTFCSRC
