[FRONT COVER]
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: Eaton Vance]
Semi-Annual Shareholder Report
September 30, 1995
<PAGE>
Information about your mutual fund investment
<TABLE>
<CAPTION>
Results for
the six months Fund's
ending Dividends distribution Graphic If your combined The after-tax
September 30, paid by Fund NAV per share rate at outline Federal & state equivalent yield
1995 (During period) at 9/30/95 9/30/95 map of... tax rate is... you would need is...
<S> <C> <C> <C> <C> <C> <C>
EV Classic California
Limited Maturity
Tax Free Fund $0.180 $9.69 3.68% California 43.04% 6.46%
EV Classic Connecticut
Limited Maturity
Tax Free Fund $0.173 $9.65 3.55% Connecticut 33.88% 5.81%
EV Classic Florida
Limited Maturity
Tax Free Fund $0.180 $9.72 3.68% Florida 39.48% 6.08%
EV Classic Massachusetts
Limited Maturity
Tax Free Fund $0.185 $9.73 3.77% Massachusetts 43.68% 6.69%
EV Classic Michigan
Limited Maturity
Tax Free Fund $0.180 $9.64 3.71% Michigan 41.44% 6.34%
EV Classic New Jersey
Limited Maturity
Tax Free Fund $0.177 $9.74 3.61% New Jersey 40.21% 6.04%
EV Classic New York
Limited Maturity
Tax Free Fund $0.180 $9.68 3.70% New York 40.86% 6.26%
EV Classic Ohio
Limited Maturity
Tax Free Fund $0.178 $9.69 3.64% Ohio 40.80% 6.15%
EV Classic Pennsylvania
Limited Maturity
Tax Free Fund $0.185 $9.71 3.78% Pennsylvania 45.33% 6.91%
</TABLE>
<PAGE>
To Shareholders:
The global economy continues to demonstrate a pattern of slow growth with low
inflation. The U.S. economy is no exception, as Gross Domestic Product should
grow only modestly during 1995 at between 2% and 3%, with inflation of less than
3%. These characteristics bode well for all capital markets and particularly
fixed-income markets, including municipal bonds.
Indeed, municipal bonds performed well during the first nine months of 1995 by
realizing strong capital appreciation as a result of this favorable investment
environment. However, during this period, the tax-exempt market underperformed
the taxable market because of concern about the potential passage of major tax
reform (e.g., flat tax, value added tax or consumption tax) legislation.
Were major tax reform to become law, municipal bonds would probably be
underperformers relative to taxable bonds because the current tax-advantaged
status of municipal bonds likely would be eliminated.
However, for many reasons, we at Eaton Vance believe there is little chance of
major tax reform legislation being enacted. For example, the inherent
regressivity of the various flat tax proposals will provoke much opposition, as
will proposals to eliminate such tax breaks as deductions for mortgage interest
and state and local taxes. Also, such proposals could seriously depress entire
sectors of the U.S. economy.
Accordingly, we view this recent underperformance by municipal bonds (because of
fears of tax reform) as a potential buying opportunity. Municipal bonds could
represent an attractive asset class at these current relative trading
relationships, with the potential for future outperformance for those investors
willing to adopt a patient, long-term investment horizon.
In addition, proposals are now circulating in both Congress and the White House
to reduce the nation's budget deficit by severely cutting expenditures over the
next decade. If enacted, such a concept would drastically reduce the federal
government's borrowing needs and, as a result, would exert a meaningful downward
influence on interest rates across the entire yield curve. All fixed-income
instruments, including municipal bonds, would benefit.
We will continue to monitor changes in economic and political conditions and to
pursue the goal of your Fund: to provide you with a competitive distribution of
tax-free income from a portfolio of quality municipal bonds.+
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
November 20, 1995
[Photo: Thomas J. Fetter]
+ A portion of the Portfolios' income could be subject to Federal alternative
minimum tax.
- --------------------------------------------------------------------------------
[Bar chart]
Despite tax policy uncertainties,
tax-exempt bonds yield more
than 89% of Treasury yields
5.90% 30-yr. AA General Obligation(GO) Bonds*
9.21% Taxable equivalent yield of investment
for couple in 36% tax bracket
6.50% 30-yr Treasury Bonds
Principal and interest payments of Treasury securities are guaranteed by the
U.S. government
*GO yield is a compilation of a representative variety of general obligation
bonds and is not necessarily represented by the Fund's yield.
Statistics as of September 30, 1995.
Past performance is no guarantee of future results.
Source: Bloomberg, L.P.
- --------------------------------------------------------------------------------
<PAGE>
Management Discussion
An interview with Raymond E. Hender, Vice President, and William H. Ahern, Vice
President, Portfolio Managers of the Limited Maturity Tax Free Portfolios.
Q. Ray, how would you describe the market climate in recent months?
R.H.: The economy has given a lot of mixed signals in recent months, and that
has added some uncertainty to the market. On one hand, the economy continues to
expand a bit. On the other hand, there is evidence that the economy is reaching
a mature phase. Consumers appear to have nearly exhausted their borrowing power,
and auto and home sales have flagged somewhat. Importantly, inflation has
remained in check, in the 2% range. With inflation posing little threat, we feel
interest rates should be stable-to-modestly lower for the foreseeable future.
Q. What changes have you made to the Portfolios?
R.H.: The Portfolios' objective of seeking to maximize income while limiting net
asset volatility has remained unchanged. We did, however, slightly alter the
make-up of the Portfolios to take advantage of a changing market.
From a credit standpoint, we've added to our holdings of non-rated bonds, which
should provide some new opportunities for the Portfolios. We've also positioned
the Portfolios' investments more evenly along the yield curve to take advantage
of a flatter curve. That's preferable to concentating on one area of the curve.
In some cases, focusing on the short end alone results in minimizing income,
while focusing on the long end may provide too much volatility. Given a flatter
yield curve, we've been able to spread our investment to offer a measure of
protection against getting caught at the wrong end.
With a more constructive outlook for the market, we were comfortable in slightly
increasing the Portfolios' exposure to interest rate changes. Accordingly, we've
sold bonds with the lowest book yield and lowest durations and slightly
increased the Portfolios' average durations.
Finally, from a quality standpoint, the Portfolios have maintained an average
rating of AA.While the rating mix within the Portfolios is changing, our credit
standards remain the same.
[Photo: Raymond E. Hender]
Q. Bill, what is the advantage of investing in non-rated bonds?
W.A.: Non-rated bonds may provide some unusual opportunties for investors. Eaton
Vance has added to its analytical staff in recent months and has thereby
enhanced its research capabilities. We can now provide the intensive research
and constant monitoring that non-rated issues demand. In addition to providing
opportunities to enhance the Portfolios' yields, investing in non-rated bonds
represents a further diversification of the Portfolios. For example, insured
issues -- which now represent 40% of the market -- are insured by only five
major insurance companies. By including bonds with so-called "stand-alone
ratings" -- those without third-party ratings -- we are diversifying away from
these monoline insurers. I think that's a positive development for the
Portfolios.
Q. What changes have you made from a sector standpoint?
W.A.: As just mentioned, we've lightened up on the insured sector a bit. We've
also somewhat reduced the Portfolios' exposure to solid waste bonds and electric
utilities. Finally, we have become more selective with respect to hospitals and
the healthcare sector.
The solid waste sector tends to be very project-specific. Recent court rulings
have eliminated floor supports for some of these projects, so there will be
winners and losers in the resource recovery field. We're focusing on projects we
believe will benefit from these rulings. In the electric utility sector, the
onset of wholesale wheeling has reduced the credit quality of some utilities, as
large customers choose less costly alternatives.
<PAGE>
Q. Why have you been reducing your hospital exposure?
R.H.: The hospital sector has become more competitive with shifting demographics
and rising pressure to reduce health care costs. In a tougher competitive
environment, some hospitals will emerge with a larger market share, while others
will face a bleak future. We've tried to focus on those hospitals and
alternative health care facilities, such as assisted living centers, that will
be among the beneficiaries of the newly competitive climate.
Q. What kind of hospitals are you looking at?
W.A.: We look for hospitals that have especially favorable demographics. Others
may have a unique market niche, such as rehabilitation or organ transplants.
Finally, we look for hospitals that have formed strategic alliances with health
maintenace organizations (HMOs). It's clear that HMOs represent the wave of the
future for health care. The hospitals that have formed these alliances, or have
merged with other institutions, have managed to sharply reduce their cost
structures. As a result, we believe they can deliver health care more
efficiently.
Q. Earlier you mentioned maintaining strict credit standards. Could you expand a
bit on that theme?
R.H.: Certainly. At Eaton Vance, we have established very rigorous credit
standards. We follow a credit-intensive approach and monitor issuers very
closely for any change in their creditworthiness. We try to detect early any
sign of deteriorating conditions that might adversely affect an issuer's cash
flows or compromise its ability to comfortably meet interest payments. Unless a
bond issuer can meet our strict credit criteria, we reject it as a candidate for
investment and direct our investments elsewhere. That is true regardless of the
market climate.
[Photo: William H. Ahern]
Q. We keep hearing about the proposals for a flat tax. Are they likely to pass
in your view?
W.A.: At first blush, the flat tax is very appealing to voters. Who, after all,
doesn't like the idea of lower tax rates? However, the closer people look at
these proposals and their likely ramifications, the less enthusiastic they
become. The dimensions of such large scale changes in the tax code are
far-reaching. Such changes would affect many special interests, not to mention
the possibility of eliminating the deductibility of mortgage interest. Moreover,
by reducing the attractiveness of tax-free bonds, such legislation would
compromise the ability of states and municipalities to raise money for
much-needed projects such as health care facilities, roads and infrastructure
repairs. In my view, that simply will not be tolerated by the American public.
While it's very likely that tax reform will pass in some form, municipal bonds
will likely retain their tax-advantaged status.
Q. Looking ahead, what is your outlook for the market?
R.H.: Because of investors' flat tax concerns -- which are greatly exaggerated
in my view -- the municipal market has lagged the Treasury market in 1995. But
10-year municipal bonds still offer yields that are nearly 83% of 30-year muni
yields, according to Bloomberg Financial, representing value in the intermediate
range. As we noted earlier, the economy shows signs of maturing, usually a
favorable time to consider bonds. And, a flat yield curve typically signals
value in the intermediate range. If the Federal Reserve chooses to lower
interest rates, as has been rumored for many months, the outlook for bonds could
improve further. Naturally, past trends don't always provide a clue to future
performance. But, in my view, fixed-income investors who want to limit their
volatility while enjoying a competitive level of tax-free income, should
consider the intermediate-term market.
<PAGE>
================================================================================
EV Classic California Limited Maturity Tax Free Fund
The California economy continued to grow in 1995 as job creation gathered new
momentum. The state's unemployment rate dipped below 8% for the first time since
1991. While the jobless rate remains well above the national level, the trend is
nonetheless encouraging. Most job growth centered on the services industries.
Total manufacturing employment was largely unchanged, although losses continued
in the aircraft and defense industries. Trade remains a strong suit for
California, as exports rose 15% in 1994 to $81 billion. Trade with the newly
emerging markets of Taiwan, Korea, and Singapore accounts for an increasing
share of that growth. The state's strength in electronics, industrial machinery,
and computers suggest an improving outlook for foreign trade.
- -------------------------------
Portfolio Overview
Based on market value as of September 30, 1995
[Silhouette map of California]
Number of issues 49
Average quality AA
Investment grade 100%
Effective maturity 5.98 yrs.
Largest sectors:
Escrowed/prerefunded 19.1%
General obligation 13.5
Electric utilities 9.3
Insured electric utilities 6.1*
Housing 5.5
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic Connecticut Limited Maturity Tax Free Fund
The economy in Connecticut is beginning to regain its luster. Economic
indicators such as job growth and personal income continue to strengthen from
their late 1980's bout with layoffs. The state's deep recession led to major job
losses in industries such as finance, real estate, insurance and defense, which
were 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 have helped put the state on the road to
recovery. Connecticut has a long history of conservative financial management
and is steadily moving to improve its financial picture.
- ---------------------------------
Portfolio Overview
Based on market value as of September 30, 1995
[Silhouette map of Connecticut]
Number of issues 34
Average quality AA-
Investment grade 100%
Effective maturity 5.78 yrs.
Largest sectors:
General obligations 20.8%
Insured hospitals 15.2*
Housing 8.9
Insured general obligations 7.7*
Insured special tax 7.2*
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic Florida Limited Maturity Tax Free Fund
The Florida economy has been slightly weaker than expected in 1995, as job
growth has slowed and income growth has leveled off. Current state forecasts
call for per capita income to grow 6.5% in 1995, following a 7.4% rise in 1994.
The slowdown reflects a slightly slower growth in population, which is expected
to rise by 1.8% in 1995. An increase in tourism has been generally offset by a
decline in residential construction spending of $200 million in the first six
months of the year. Single family home construction has been hurt by a bias
toward less costly multi-family projects. Commercial construction, on the other
hand, has risen $80 million above state forecasts. Predictably, given the
state's large retirement and tourist-based economy, service industry job growth
continues at a fast pace.
- -------------------------------------
Portfolio Overview
[Silhouette map of Florida]
Based on market value as of September 30, 1995
Number of issues 83
Average quality AA
Investment grade 98.9%
Effective maturity 5.82 yrs.
Largest sectors:
Escrowed/prerefunded 22.8%
General obligations 13.2
Insured hospitals 8.7*
Insured transportation 8.2*
Utilities 7.1
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
<PAGE>
================================================================================
EV Classic Massachusetts Limited Maturity Tax Free Fund
Massachusetts' employment levels have climbed sharply in recent years,
recovering roughly 60% of the jobs lost in the last recession. Recent jobless
rates have remained at or below the national rate, and personal income growth
continues to accelerate. Growth has been especially impressive in the high
technology and financial sectors. In addition, the Commonwealth has greatly
improved its financial position. As a result, Massachusetts now enjoys enhanced
liquidity and more leeway with respect to operations and should record a modest
surplus in the current fiscal year. Reflecting that progress, the Commonwealth's
debt ratings have been upgraded to A1 and A+. The Weld administration has
recently initiated efforts to control social spending. While opening a thorny
political issue, the move could result in further fiscal improvements in the
future.
- ----------------------------------------
Portfolio Overview
[Silhouette map of Massachusetts]
Based on market value as of September 30, 1995
Number of issues 77
Average quality AA
Investment grade 98.3%
Effective maturity 5.74 yrs.
Largest sectors:
Escrowed/prerefunded 21.4%
Insured general obligations 13.1*
Hospitals 10.6
General obligations 9.5
Education 7.4
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic Michigan Limited Maturity Tax Free Fund
Michigan's economy has remained on the upswing in 1995, as the retail,
construction, and manufacturing sectors each continued to post good results.
Motor vehicle sales, while below 1994's blistering 8.5% growth rate, continue at
an annual rate well above 15 million units.The state's wage and salary levels
rose slightly from last year, with construction employment especially robust,
registering a 12% gain. Michigan's tax revenues are running well above last
year's, with most of the revenue increase the result of strong growth in income,
single-business, and use taxes. As a result of cost containment measures, tax
and educational funding reforms, strong personal income growth and tax revenue
growth, Michigan's financial picture has brightened.
- ---------------------------------
Portfolio Overview
[Silhouette map of Michigan]
Based on market value as of September 30, 1995
Number of issues 30
Average quality AA-
Investment grade 100%
Effective maturity 6.00 yrs.
Largest sectors:
Insured general obligations 16.1%*
General obligations 14.7
Hospitals 10.4
Special tax revenue 10.2
Water & sewer revenue 8.5
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic New Jersey Limited Maturity Tax Free Fund
The New Jersey economy has reflected the slower activity of the national
scene.The state's unemployment rate stood at 6.8% in July, well above the
national rate. On a more positive note, the service sector continued to add
jobs. More than two-thirds of the 52,000 private sector jobs created in the past
year were generated by the business, management, engineering, retailing, food
services, and health care.While housing starts were depressed, outlays for
commercial construction and public works projects remained fairly strong. New
Jersey has benefited from its increasingly well-managed financial operations and
a strong display of fiscal prudence. Implementing stricter cost controls and
reductions in expenditures, New Jersey is providing a model for other states
hoping to control social spending.
- -----------------------------------
Portfolio Overview
[Silhouette map of New Jersey]
Based on market value as of September 30, 1995
Number of issues 78
Average quality AA
Investment grade 99.6%
Effective maturity 6.62 yrs.
Largest sectors:
General obligations 13.3%
Housing 13.1
Transportation 12.9
Insured general obligations 11.8*
Insured transportation 8.5*
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
<PAGE>
================================================================================
EV Classic New York Limited Maturity Tax Free Fund
The state economy has suffered from cutbacks in key industries, with job growth
remaining flat. Moreover, New York is nearing a critical juncture, facing rising
social costs at a time when the administration is proposing tax cuts. Governor
Pataki's goal of matching spending to ongoing revenue resources is positive for
the state's long-term credit standing but may produce near-term turmoil. The
1996-97 budget talks are likely to be especially contentious given the need to
balance tax reductions with spending cuts. The state anxiously awaits the
outcome of the Medicaid funding debate in Congress, given its $10 billion
Medicaid bill. New Yorkers also face the issue of debt reform, which, if passed
by voters, could lead to a more responsible borrowing process.
- --------------------------------------
Portfolio Overview
[Silhouette map of New York
Based on market value as of September 30, 1995
Number of issues 81
Average quality AA
Investment grade 100%
Effective maturity 5.73 yrs.
Largest sectors:
Escrowed/prerefunded 15.5%
Education 9.5
Insured transportation 8.6*
Special tax revenue 8.5
General obligations 8.1
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic Ohio Limited Maturity Tax Free Fund
The Ohio job market remained strong in 1995. The state's 5.2% unemployment rate
in September was ranked third lowest among the eleven largest states. Orders for
durable goods remained robust, providing a boost to the state's manufacturing
sector. Demand for automobiles, auto parts, and aircraft equipment was
particularly strong. And the state's manufacturing sector remains a major
beneficiary of foreign demand. While personal income tax receipts were running
slightly below estimates for the year, corporate tax receipts were significantly
higher than expected. Moreover, the Ohio financial outlook remains encouraging,
helped by a tightening of the pursestrings with regard to social spending and a
generally optimistic economic outlook.
- ---------------------------------------
Portfolio Overview
[Silhouette map of Ohio]
Based on market value as of September 30, 1995
Number of issues 40
Average quality AA-
Investment grade 91.9%
Effective maturity 6.97 yrs.
Largest sectors:
Insured general obligations 23.5%*
General obligations 16.7
Health care 8.5
Water & sewer revenue 8.2
Industrial development revenue 8.1
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
EV Classic Pennsylvania Limited Maturity Tax Free Fund
The Pennsylvania economy continues to improve, with the service sector
accounting for nearly two-thirds of the state's job gains, with health services
and social services pacing the gains. Durable goods manufacturing also added
significantly to job growth, led by metals and industrial machinery.
Pennsylvania has now posted three consecutive years with surplus operations.
That marks a significant departure from the early 1990s, when a declining
cyclical economy and rising social costs wreaked havoc with the state's
finances. Importantly, with an improved economic mix, Pennsylvania's fiscal
outlook has benefited from a tax package implemented in 1991, as well as from
stricter cost controls and an improving revenue base resulting from a stronger
economy.
- -------------------------------------
Portfolio Overview
[Silhouette map of Pennsylvania]
Based on market value as of September 30, 1995
Number of issues 84
Average quality AA
Investment grade 96.7%
Effective maturity 6.01 yrs.
Largest sectors:
Escrowed/prerefunded 23.2%
Hospitals 11.7
Insured hospitals 9.6*
Insured general obligations 7.5*
Insured education 5.7*
* Private insurance does not remove the risk of loss of principal due to changes
in market conditions that is associated with this investment.
================================================================================
<PAGE>
EV Classic Limited Maturity Tax Free Funds
Financial Statements
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<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>
Assets:
Investments -
Identified cost $7,188,802 $1,052,775 $8,804,199 $5,215,417 $3,923,116
Unrealized appreciation
(depreciation) 59,534 5,035 (95,600) 37,869 174,642
--------- --------- --------- --------- -----------
Total investment in
Portfolio, at value
(Note 1A) $7,248,336 $1,057,810 $8,708,599 $5,253,286 $4,097,758
Receivable for Fund
shares sold 53,153 -- -- -- 568
Receivable from the
Administrator (Note 4) 14,911 5,349 11,564 12,297 7,334
Deferred organization
expenses (Note 1D) 6,836 7,309 4,623 7,037 6,772
--------- --------- --------- --------- -----------
Total assets $7,323,236 $1,070,468 $8,724,786 $5,272,620 $4,112,432
--------- --------- --------- --------- -----------
Liabilities:
Dividends payable $ 5,872 $ 837 $ 7,113 $ 4,349 $ 3,358
Payable for Fund shares
redeemed -- 2,110 26,196 908 --
Payable to affiliates -
Trustees' fees 43 -- 43 43 --
Custodian fee 84 84 84 84 84
Accrued expenses 3,349 2,000 3,999 2,974 2,780
--------- --------- --------- --------- -----------
Total liabilities $ 9,348 $ 5,031 $ 37,435 $ 8,358 $ 6,222
--------- --------- --------- --------- -----------
Net Assets $7,313,888 $1,065,437 $8,687,351 $5,264,262 $4,106,210
========= ========= ========= ========= ===========
Sources of Net Assets:
Paid-in capital $7,836,348 $1,151,194 $9,646,742 $5,385,174 $4,489,013
Accumulated net realized
loss on investment and
financial futures
transactions (computed
on the basis of
identified cost) (582,119) (90,024) (862,357) (154,109) (556,456)
Accumulated undistributed
(distributions in
excess of) net
investment income 125 (768) (1,434) (4,672) (989)
Unrealized appreciation
(depreciation) of
investments from
Portfolio (computed
on the basis of
identified cost) 59,534 5,035 (95,600) 37,869 174,642
--------- --------- --------- --------- -----------
Total $7,313,888 $1,065,437 $8,687,351 $5,264,262 $4,106,210
========= ========= ========= ========= ===========
Shares of Beneficial
Interest Outstanding 754,577 110,355 893,358 540,952 425,866
========= ========= ========= ========= ===========
Net Asset Value, Offering
Price and Redemption
Price Per Share
(net assets / shares of
beneficial interest
outstanding) (Note 6) $9.69 $9.65 $9.72 $9.73 $9.64
========= ========= ========= ========= ===========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Classic Classic Classic
New Jersey New York Ohio Classic
Limited Limited Limited Pennsylvania
Fund Fund Fund Limited Fund
----------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Assets:
Investments -
Identified cost $2,404,162 $4,844,271 $4,245,448 $8,032,988
Unrealized appreciation
(depreciation) 35,350 (39,076) 132,286 (62,042)
--------- --------- --------- -----------
Total investment in
Portfolio, at value
(Note 1A) $2,439,512 $4,805,195 $4,377,734 $7,970,946
Receivable for Fund
shares sold -- -- 250 10,000
Receivable from the
Administrator (Note 4) 13,913 11,398 -- 16,168
Deferred organization
expenses (Note 1D) 6,802 6,514 6,625 6,419
--------- --------- --------- -----------
Total assets $2,460,227 $4,823,107 $4,384,609 $8,003,533
--------- --------- --------- -----------
Liabilities:
Dividends payable $ 1,960 $ 3,898 $ 3,513 $ 6,609
Payable for Fund shares
redeemed -- 25,000 139,295 33,880
Payable to affiliates -
Trustees' fees 43 43 -- 43
Custodian fee 84 84 84 84
Accrued expenses 2,278 3,139 3,628 3,842
--------- --------- --------- -----------
Total liabilities $ 4,365 $ 32,164 $ 146,520 $ 44,458
--------- --------- --------- -----------
Net Assets $2,455,862 $4,790,943 $4,238,089 $7,959,075
========= ========= ========= ===========
Sources of Net Assets:
Paid-in capital $2,539,878 $5,031,671 $4,425,321 $8,419,510
Accumulated net realized
loss on investment and
financial futures
transactions (computed
on the basis of
identified cost) (119,477) (200,602) (321,220) (393,175)
Accumulated undistributed
(distributions in
excess of) net
investment income 111 (1,050) 1,702 (5,218)
Unrealized appreciation
(depreciation) of
investments from
Portfolio (computed on
the basis of
identified cost) 35,350 (39,076) 132,286 (62,042)
--------- --------- --------- -----------
Total $2,455,862 $4,790,943 $4,238,089 $7,959,075
========= ========= ========= ===========
Shares of Beneficial
Interest Outstanding 252,243 495,140 437,492 819,527
========= ========= ========= ===========
Net Asset Value, Offering
Price and Redemption
Price Per Share
(net assets / shares of
beneficial interest
outstanding) (Note 6) $9.74 $9.68 $9.69 $9.71
========= ========= ========= ===========
</TABLE>
<PAGE>
Statements of Operations
Six Months Ended September 30, 1995 (Unaudited)
<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 $202,912 $34,173 $273,321 $146,244 $140,521
Expenses allocated from
Portfolio (21,077) (2,058) (28,712) (15,376) (17,036)
--------- --------- --------- --------- -----------
Net investment income
from Portfolio $181,835 $32,115 $244,609 $130,868 $123,485
--------- --------- --------- --------- -----------
Expenses -
Compensation of Trustees
not members of the
Administrator's
organization $ 468 $ -- $ 83 $ 83 $ 40
Distribution costs
(Note 5) 34,103 5,916 46,157 25,116 22,040
Custodian fee (Note 4) 1,167 1,428 1,502 1,669 1,291
Transfer and dividend
disbursing agent fees 1,629 377 1,844 544 1,872
Printing and postage 3,977 3,189 4,068 3,358 3,744
Legal and accounting
services 8,302 4,254 8,338 6,299 6,487
Registration costs -- -- -- 1,000 358
Miscellaneous 23 -- -- -- --
--------- --------- --------- --------- -----------
Total expenses $ 49,669 $15,164 $ 61,992 $ 38,069 $ 35,832
Deduct preliminary
allocation of expenses
to the Administrator
(Note 4) 14,911 5,349 11,564 12,297 7,334
--------- --------- --------- --------- -----------
Net expenses $ 34,758 $ 9,815 $ 50,428 $ 25,772 $ 28,498
--------- --------- --------- --------- -----------
Net investment income $147,077 $22,300 $194,181 $105,096 $ 94,987
--------- --------- --------- --------- -----------
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss)
from Portfolio -
Investment transactions
(identified cost basis) $ 26,796 $ 487 $ (1,812) $ (1,930) $ 13,619
Financial futures
contracts (37,225) (6,400) (53,257) (27,697) (26,293)
--------- --------- --------- --------- -----------
Net realized loss on
investments $(10,429) $(5,913) $(55,069) $(29,627) $(12,674)
Change in unrealized
appreciation of
investments 138,921 33,714 282,858 129,731 99,152
--------- --------- --------- --------- -----------
Net realized and
unrealized gain on
investments $128,492 $27,801 $227,789 $100,104 $ 86,478
--------- --------- --------- --------- -----------
Net increase in
net assets from
operations $275,569 $50,101 $421,970 $205,200 $181,465
========= ========= ========= ========= ===========
</TABLE>
<PAGE>
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Classic Classic Classic
New Jersey New York Ohio Classic
Limited Limited Limited Pennsylvania
Fund Fund Fund Limited Fund
----------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Investment Income
(Note 1B):
Interest income allocated
from Portfolio $ 77,216 $142,265 $135,439 $228,453
Expenses allocated from
Portfolio (8,110) (14,520) (15,734) (24,239)
--------- --------- --------- -----------
Net investment income
from Portfolio $ 69,106 $127,745 $119,705 $204,214
--------- --------- --------- -----------
Expenses-
Compensation of Trustees
not members of the
Administrator's
organization $ -- $ 378 $ 40 $ 83
Distribution costs
(Note 5) 13,152 24,673 21,458 38,617
Custodian fee (Note 4) 1,638 1,426 1,502 1,422
Transfer and dividend
disbursing agent fees 310 136 1,606 2,402
Printing and postage 8,833 3,376 3,559 3,817
Legal and accounting
services 4,001 6,291 6,777 8,838
--------- --------- --------- -----------
Total expenses $ 27,934 $ 36,280 $ 34,942 $ 55,179
Deduct preliminary
allocation of expenses
to the Administrator
(Note 4) 13,913 11,398 -- 16,168
--------- --------- --------- -----------
Net expenses $ 14,021 $ 24,882 $ 34,942 $ 39,011
--------- --------- --------- -----------
Net investment income $ 55,085 $102,863 $ 84,763 $165,203
--------- --------- --------- -----------
Realized and Unrealized
Gain (Loss) on
Investments:
Net realized gain (loss)
from Portfolio -
Investment transactions
(identified cost basis) $ (1,085) $ 8,204 $ 28,091 $(25,312)
Financial futures
contracts (15,377) (27,734) (25,162) (43,322)
--------- --------- --------- -----------
Net realized gain
(loss) on investments $(16,462) $(19,530) $ 2,929 $(68,634)
Change in unrealized
appreciation
of investments 60,833 127,495 77,830 220,440
--------- --------- --------- -----------
Net realized and
unrealized gain on
investments $ 44,371 $107,965 $ 80,759 $151,806
--------- --------- --------- -----------
Net increase in
net assets from
operations $ 99,456 $210,828 $165,522 $317,009
========= ========= ========= ===========
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Six Months Ended September 30, 1995 (Unaudited)
<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 $ 147,077 $ 22,300 $ 194,181 $ 105,096 $ 94,987
Net realized loss on
investments (10,429) (5,913) (55,069) (29,627) (12,674)
Change in unrealized
appreciation of
investments 138,921 33,714 282,858 129,731 99,152
--------- --------- --------- --------- -----------
Net increase in net
assets from operations $ 275,569 $ 50,101 $ 421,970 $ 205,200 $ 181,465
--------- --------- --------- --------- -----------
Distributions to
shareholders (Note 2) -
From net investment
income $ (142,019) $ (22,300) $ (194,181) $ (105,096) $ (94,639)
In excess of net
investment income -- (1,455) (220) (980) --
--------- --------- --------- --------- -----------
Total distributions to
shareholders $ (142,019) $ (23,755) $ (194,401) $ (106,076) $ (94,639)
--------- --------- --------- --------- -----------
Transactions in shares of
beneficial interest
(Note 3) -
Proceeds from sales of
shares $ 694,697 $ 3,038 $ 256,807 $ 521,333 $ 111,960
Net asset value of
shares issued to
shareholders in
payment of
distributions declared 96,770 16,873 125,174 84,171 65,464
Cost of shares redeemed (1,580,864) (563,761) (5,693,661) (818,375) (3,062,428)
--------- --------- --------- --------- -----------
Decrease in net assets
from Fund share
transactions $ (789,397) $ (543,850) $(5,311,680) $ (212,871) $(2,885,004)
--------- --------- --------- --------- -----------
Net decrease in net
assets $ (655,847) $ (517,504) $(5,084,111) $ (113,747) $(2,798,178)
Net Assets:
At beginning of period 7,969,735 1,582,941 13,771,462 5,378,009 6,904,388
--------- --------- --------- --------- -----------
At end of period $ 7,313,888 $1,065,437 $ 8,687,351 $5,264,262 $ 4,106,210
========= ========= ========= ========= ===========
Accumulated undistributed
(distributions in excess
of) net investment
income included in net
assets at end of period $ 125 $ (768) $ (1,434) $ (4,672) $ (989)
========= ========= ========= ========= ===========
</TABLE>
<PAGE>
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Classic Classic Classic
New Jersey New York Ohio Classic
Limited Limited Limited Pennsylvania
Fund Fund Fund Limited Fund
----------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations -
Net investment income $ 55,085 $ 102,863 $ 84,763 $ 165,203
Net realized gain (loss) on
investments (16,462) (19,530) 2,929 (68,634)
Change in unrealized appreciation of
investments 60,833 127,495 77,830 220,440
--------- --------- --------- -----------
Net increase in net assets from
operations $ 99,456 $ 210,828 $ 165,522 $ 317,009
--------- --------- --------- -----------
Distributions to shareholders
(Note 2) -
From net investment income $ (53,461) $ (102,780) $ (84,763) $ (164,437)
In excess of net investment income -- -- (3,447) --
--------- --------- --------- -----------
Total distributions to shareholders $ (53,461) $ (102,780) $ (88,210) $ (164,437)
--------- --------- --------- -----------
Transactions in shares of beneficial
interest (Note 3) -
Proceeds from sales of shares $ 176,440 $ 331,213 $ 32,769 $ 358,857
Net asset value of shares issued to
shareholders in payment of
distributions declared 46,663 90,229 50,313 133,945
Cost of shares redeemed (1,119,662) (1,781,058) (1,011,829) (2,439,202)
--------- --------- --------- -----------
Decrease in net assets from Fund
share transactions $ (896,559) $(1,359,616) $ (928,747) $(1,946,400)
--------- --------- --------- -----------
Net decrease in net assets $ (850,564) $(1,251,568) $ (851,435) $(1,793,828)
--------- --------- --------- -----------
Net Assets:
At beginning of period 3,306,426 6,042,511 5,089,524 9,752,903
--------- --------- --------- -----------
At end of period $ 2,455,862 $ 4,790,943 $ 4,238,089 $ 7,959,075
========= ========= ========= ===========
Accumulated undistributed (distributions
in excess of) net investment income
included in net assets at end of
period $111 $(1,050) $1,702 $(5,218)
========= ========= ========= ===========
</TABLE>
<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>
<PAGE>
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
----------- ----------- ----------- -------------
<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>
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic California Limited Classic Connecticut Limited
---------------------------------- -----------------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ ------------------
Six Months Six Months
Ended Ended
September September
30, 30,
1995 1995
(unaudited) 1995 1994* (unaudited) 1995 1994*
------------ ------- ------- ------------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.520 $ 9.570 $10.000 $ 9.460 $ 9.500 $10.000
---------- ----- ----- ---------- ----- -----
Income (loss) from
operations:
Net investment income $ 0.179 $ 0.348 $ 0.098 $ 0.161 $ 0.344 $ 0.072
Net realized and
unrealized gain (loss)
on investments 0.170 0.003++ (0.400) 0.201 0.002++ (0.475)
---------- ----- ----- ---------- ----- -----
Total income (loss) from
operations $ 0.349 $ 0.351 $(0.302) $ 0.362 $ 0.346 $(0.403)
---------- ----- ----- ---------- ----- -----
Less distributions:
From net investment
income $(0.179) $ (0.348) $(0.098) $(0.161) $ (0.344) $(0.072)
In excess of net
investment income -- (0.053) (0.030) (0.011) (0.042) (0.025)
---------- ----- ----- ---------- ----- -----
Total distributions $(0.179) $ (0.401) $(0.128) $(0.172) $ (0.386) $(0.097)
---------- ----- ----- ---------- ----- -----
Net asset value, end of
period $ 9.690 $ 9.520 $ 9.570 $ 9.650 $ 9.460 $ 9.500
========== ===== ===== ========== ===== =====
Total Return (1) 3.70% 3.80% (3.16%) 3.87% 3.78% (4.14%)
Ratios/Supplemental
Data**:
Net assets, end of period
(000 omitted) $ 7,314 $ 7,970 $14,479 $ 1,065 $ 1,583 $ 2,051
Ratio of net expenses to
average daily net
assets (2) 1.52%+ 1.51% 1.48%+ 1.85%+ 1.37% 1.38%+
Ratio of net investment
income to average daily
net assets 3.88%+ 3.75% 2.91%+ 3.40%+ 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 $ 0.161 $ 0.320 $ 0.081 $ 0.103 $ 0.192 $ 0.035
========== ===== ===== ========== ===== =====
Ratios (As a percentage of average daily
net assets):
Expenses (2) 1.92%+ 1.81% 1.98%+ 3.10%+ 3.01% 2.78%+
Net investment income 3.48%+ 3.45% 2.41%+ 2.16%+ 2.06% 1.30%+
</TABLE>
+ Annualized
++ The 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 each 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.
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic Florida Limited Classic Massachusetts Limited
---------------------------------- -----------------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ ------------------
Six Months Six Months
Ended Ended
September September
30, 30,
1995 1995
(unaudited) 1995 1994* (unaudited) 1995 1994*
------------ ------- ------- ------------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.520 $ 9.480 $10.000 $ 9.560 $ 9.520 $10.000
---------- ----- ----- ---------- ----- -----
Income (loss) from
operations:
Net investment income $ 0.179 $ 0.353 $ 0.103 $ 0.182 $ 0.359 $ 0.107
Net realized and
unrealized gain (loss)
on investments 0.200 0.088 (0.495) 0.172 0.092++ (0.451)
---------- ----- ----- ---------- ----- -----
Total income (loss) from
operations $ 0.379 $ 0.441 $(0.392) $ 0.354 $ 0.451 $(0.344)
---------- ----- ----- ---------- ----- -----
Less distributions:
From net investment
income $(0.179) $(0.353) $(0.103) $(0.182) $ (0.359) $(0.107)
In excess of net
investment income -- (0.048) (0.025) (0.002) (0.052) (0.029)
---------- ----- ----- ---------- ----- -----
Total distributions $(0.179) $(0.401) $(0.128) $(0.184) $ (0.411) $(0.136)
---------- ----- ----- ---------- ----- -----
Net asset value, end of
period $ 9.720 $ 9.520 $ 9.480 $ 9.730 $ 9.560 $ 9.520
========== ===== ===== ========== ===== =====
Total Return (1) 4.02% 4.81% (4.07%) 3.75% 4.90% (3.67%)
Ratios/Supplemental
Data**:
Net assets, end of period
(000 omitted) $ 8,687 $13,771 $22,535 $ 5,264 $ 5,378 $ 4,967
Ratio of net expenses to
average daily net
assets (2) 1.56%+ 1.50% 1.39%+ 1.49%+ 1.63% 1.49%+
Ratio of net investment
income to average daily
net assets 3.80%+ 3.81% 3.25%+ 3.77%+ 3.82% 3.12%+
**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 $ 0.169 $ 0.334 $ 0.095 $ 0.161 $ 0.324 $ 0.077
========== ===== ===== ========== ===== =====
Ratios (As a percentage of average daily net assets):
Expenses (2) 1.78%+ 1.71% 1.65%+ 1.93%+ 2.00% 2.38%+
Net investment income 3.58%+ 3.60% 2.99%+ 3.33%+ 3.45% 2.23%+
</TABLE>
+ Annualized
++ The 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 each 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.
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic Michigan Limited Classic New Jersey Limited
---------------------------------- -----------------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ ------------------
Six Months Six Months
Ended Ended
September September
30, 30,
1995 1995
(unaudited) 1995 1994* (unaudited) 1995 1994*
------------ ------- ------- ------------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.480 $ 9.490 $10.000 $ 9.590 $ 9.570 $10.000
---------- ----- ----- ---------- ----- -----
Income (loss) from
operations:
Net investment income $ 0.179 $ 0.352 $ 0.100 $ 0.176 $ 0.345 $ 0.099
Net realized and
unrealized gain (loss)
on investments 0.160 0.039++ (0.484) 0.150 0.071 (0.404)
---------- ----- ----- ---------- ----- -----
Total income (loss) from
operations $ 0.339 $ 0.391 $(0.384) $ 0.326 $ 0.416 $(0.305)
---------- ----- ----- ---------- ----- -----
Less distributions:
From net investment
income $(0.179) $(0.352) $(0.100) $(0.176) $(0.345) $(0.099)
In excess of net
investment income -- (0.049) (0.026) -- (0.051) (0.026)
---------- ----- ----- ---------- ----- -----
Total distributions $(0.179) $(0.401) $(0.126) $(0.176) $(0.396) $(0.125)
---------- ----- ----- ---------- ----- -----
Net asset value, end of
period $ 9.640 $ 9.480 $ 9.490 $ 9.740 $ 9.590 $ 9.570
========== ===== ===== ========== ===== =====
Total Return (1) 3.62% 4.26% (3.99%) 3.44% 4.49% (3.20%)
Ratios/Supplemental
Data**:
Net assets, end of period
(000 omitted) $ 4,106 $ 6,904 $ 8,874 $ 2,456 $ 3,306 $ 3,148
Ratio of net expenses to
average daily net assets
(2) 1.91%+ 1.56% 1.15%+ 1.56%+ 1.61% 1.57%+
Ratio of net investment
income to average daily
net assets 3.87%+ 3.80% 3.07%+ 3.78%+ 3.62% 3.08%+
**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 $ 0.166 $ 0.312 $ 0.061 $ 0.132 $ 0.293 $ 0.057
========== ===== ===== ========== ===== =====
Ratios (As a percentage of average daily
net assets):
Expenses (2) 2.21%+ 1.99% 2.35%+ 2.50%+ 2.16% 2.88%+
Net investment income 3.57%+ 3.37% 1.87%+ 2.82%+ 3.07% 1.77%+
</TABLE>
+ Annualized
++ The 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 each 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.
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Classic New York Limited Classic Ohio Limited
---------------------------------- -----------------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ ------------------
Six Months Six Months
Ended Ended
September September
30, 30,
1995 1995
(unaudited) 1995 1994* (unaudited) 1995 1994*
------------ ------- ------- ------------ ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.490 $ 9.500 $10.000 $ 9.530 $ 9.500 $10.000
---------- ----- ----- ---------- ----- -----
Income (loss) from
operations:
Net investment income $ 0.179 $ 0.354 $ 0.100 $ 0.170 $ 0.358 $ 0.095
Net realized and
unrealized gain (loss)
on investments 0.190 0.037++ (0.473) 0.167 0.068 (0.473)
---------- ----- ----- ---------- ----- -----
Total income (loss) from
operations $ 0.369 $ 0.391 $(0.373) $ 0.337 $ 0.426 $(0.378)
---------- ----- ----- ---------- ----- -----
Less distributions:
From net investment
income $(0.179) $(0.354) $(0.100) $(0.170) $(0.358) $(0.095)
In excess of net
investment income -- (0.047) (0.027) (0.007) (0.038) (0.027)
---------- ----- ----- ---------- ----- -----
Total distributions $(0.179) $(0.401) $(0.127) $(0.177) $(0.396) $(0.122)
---------- ----- ----- ---------- ----- -----
Net asset value, end of
period $ 9.680 $ 9.490 $ 9.500 $ 9.690 $ 9.530 $ 9.500
========== ===== ===== ========== ===== =====
Total Return (1) 3.93% 4.26% (3.88%) 3.58% 4.63% (3.91%)
Ratios/Supplemental
Data**:
Net assets, end of period
(000 omitted) $ 4,791 $ 6,043 $ 6,325 $ 4,238 $ 5,090 $ 5,795
Ratio of net expenses to
average daily net assets
(2) 1.47%+ 1.52% 1.61%+ 2.15%+ 1.60% 1.27%+
Ratio of net investment
income to average daily
net assets 3.76%+ 3.76% 3.17%+ 3.56%+ 3.81% 3.04%+
**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 $ 0.160 $ 0.318 $ 0.082 $ 0.311 $ 0.074
========== ===== ===== ===== =====
Ratios (As a percentage of average daily
net assets):
Expenses (2) 1.89%+ 1.90% 2.17%+ 2.10% 1.95%+
Net investment income 3.34%+ 3.38% 2.61%+ 3.32% 2.36%+
</TABLE>
+ Annualized
++ The 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 each 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.
<PAGE>
Financial Highlights
Classic Pennsylvania Limited
------------------------------------
Year Ended March 31,
--------------------
Six Months
Ended
September
30,
1995
(unaudited) 1995 1994*
------------ ------- ---------
Net asset value, beginning
of period $ 9.550 $ 9.520 $10.000
---------- ----- -------
Income (loss) from
operations:
Net investment income $ 0.184 $ 0.359 $ 0.103
Net realized and
unrealized gain (loss)
on investments 0.160 0.082 (0.453)
---------- ----- -------
Total income (loss)
from operations $ 0.344 $ 0.441 $(0.350)
---------- ----- -------
Less distributions:
From net investment
income $(0.184) $(0.359) $(0.103)
In excess of net
investment income -- (0.052) (0.027)
---------- ----- -------
Total distributions $(0.184) $(0.411) $(0.130)
---------- ----- -------
Net asset value, end of
period $ 9.710 $ 9.550 $ 9.520
========== ===== =======
Total Return (1) 3.64% 4.79% (3.65%)
Ratios/Supplemental
Data**:
Net assets, end of period
(000 omitted) $7,959 $9,753 $14,022
Ratio of net expenses to
average daily net assets
(2) 1.51%+ 1.47% 1.38%+
Ratio of net investment
income to average daily
net assets 3.85%+ 3.83% 3.29%+
**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:
Net investment income per
share $ 0.166 $ 0.324 $ 0.089
========== ===== =======
Ratios (As a percentage of average daily
net assets):
Expenses (2) 1.88%+ 1.84% 1.82%+
Net investment income 3.48%+ 3.46% 2.85%+
+ 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 each 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.
<PAGE>
Notes to Financial Statements
(Unaudited)
(1) Significant Accounting Policies
Eaton Vance Investment Trust (the Trust) is an entity of the type commonly
known as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Trust presently consists of twenty-six Funds, 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 (10.4%, 6.6%,
6.1%, 4.7%, 15.1%, 2.7%, 3.1%, 11.6% and 7.7% at September 30, 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 33,723 March 31, 2003
Limited Fund 6,885 March 31, 2002
Classic Florida Limited
Fund 175,896 March 31, 2003
Classic Massachusetts 35,340 March 31, 2003
Limited Fund 58 March 31, 2002
Classic Michigan Limited 202,917 March 31, 2003
Fund 12,147 March 31, 2002
Classic New Jersey 21,377 March 31, 2003
Limited Fund 497 March 31, 2002
Classic New York Limited 42,307 March 31, 2003
Fund 195 March 31, 2002
Classic Ohio Limited 144,733 March 31, 2003
Fund 13,519 March 31, 2002
Classic Pennsylvania 83,019 March 31, 2003
Limited Fund 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 current 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. Other - Investment transactions are accounted for on a trade date basis.
F. Interim Financial Information - The interim financial statements relating
to September 30, 1995 and for the six-month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Fund's management, reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
(2) Distributions to Shareholders
The net income of each Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Distributions are paid monthly. Distributions of
allocated realized capital gains, if any, are made at least annually.
Shareholders may reinvest capital gain distributions in additional shares of
a Fund at the net asset value as of the ex-dividend date. Distributions are
paid in the form of additional shares or, at the election of the shareholder,
in cash. The Funds distinguish between distributions on a tax basis and a
financial reporting basis. Generally accepted accounting principles require
that only distributions in excess of tax basis earnings and profits be
reported in the financial statements as a return of capital. Differences in
the recognition or classification of income between the financial statements
and tax earnings and profits which result in temporary over distributions for
financial 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. The tax treatment of distributions for the calendar year
will be reported to shareholders prior to February 1, 1996 and will be based
on tax accounting methods which may differ from amounts determined for
financial statement purposes.
(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 California Limited Classic Connecticut Limited
Fund Fund
----------------------------- -------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended September 30, Year Ended
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
-------------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Sales 71,882 446,064 318 169,046
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 10,048 27,926 1,765 7,199
Redemptions (164,261) (1,149,774) (58,975) (225,035)
------------ --------- ------------ -----------
Net decrease (82,331) (675,784) (56,892) (48,790)
============ ========= ============ ===========
</TABLE>
<PAGE>
(3) Shares of Beneficial Interest (cont'd)
<TABLE>
<CAPTION>
Classic Massachusetts Limited
Classic Florida Limited Fund Fund
----------------------------- -------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended September 30, Year Ended
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
-------------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Sales 26,698 1,028,811 54,006 412,016
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 12,978 57,134 8,717 22,406
Redemptions (592,367) (2,017,638) (84,503) (393,350)
------------ --------- ------------ -----------
Net increase (decrease) (552,691) (931,693) (21,780) 41,072
============ ========= ============ ===========
</TABLE>
<TABLE>
<CAPTION>
Classic Michigan Limited Fund Classic New Jersey Limited Fund
----------------------------- -------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended September 30, Year Ended
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
-------------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Sales 11,710 382,990 18,258 307,217
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 6,843 27,600 4,826 14,838
Redemptions (320,693) (617,634) (115,668) (306,159)
------------ --------- ------------ -----------
Net increase (decrease) (302,140) (207,044) (92,584) 15,896
============ ========= ============ ===========
</TABLE>
<TABLE>
<CAPTION>
Classic New York Limited Fund Classic Ohio Limited Fund
----------------------------- -------------------------------
Six Months Six Months
Ended Ended
September 30, Year Ended September 30, Year Ended
1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995
-------------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Sales 34,562 679,290 3,415 350,118
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 9,398 27,539 5,234 21,320
Redemptions (185,302) (736,398) (105,281) (447,159)
------------ --------- ------------ -----------
Net decrease (141,342) (29,569) (96,632) (75,721)
============ ========= ============ ===========
</TABLE>
Classic Pennsylvania Limited
Fund
-----------------------------
Six Months
Ended
September 30, Year Ended
1995 March 31,
(Unaudited) 1995
-------------- -----------
Sales 37,129 601,975
Issued to shareholders
electing to receive
payments of
distributions in Fund
shares 13,889 44,417
Redemptions (253,155) (1,097,896)
------------ ---------
Net decrease (202,137) (451,504)
============ =========
(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,
$14,911, $5,349, $11,564, $12,297, $7,334, $13,913, $11,398 and $16,168, 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, and Classic Pennsylvania Limited
Fund, respectively, were allocated, on a preliminary basis, to EVM. Except as
to Trustees of the Funds and the Portfolios who are not members of EVM's or
BMR's organization, officers and Trustees receive
<PAGE>
remuneration for their services to each Fund out of such investment adviser
fee. Investors Bank & Trust Company (IBT), an affiliate of EVM, serves as
custodian to the Funds and the Portfolios. Pursuant to the respective
custodian agreements, IBT receives a fee reduced by credits which are
determined based on the average cash balances the Funds or the Portfolios
maintain with IBT. For the six months ended September 30, 1995, credits used
to reduce custodian fees amounted to $335, $31, $211, $27, $76 and $80 for
the Classic California Limited Fund, Classic Connecticut Limited Fund,
Classic Michigan Limited Fund, Classic New Jersey Limited Fund, Classic New
York Limited Fund and Classic Pennsylvania Limited Fund, respectively. The
Classic Florida Limited Fund, Classic Massachusetts Limited Fund and Classic
Ohio Limited Fund did not earn any credits during the six months ended
September 30, 1995. 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 Funds net
assets. For the six months ended September 30, 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 $28,420, $4,930,
$38,465, $20,930, $18,367, $10,960, $20,561, $17,882 and $32,181,
respectively, to or payable to EVD representing 0.75% (annualized) of average
daily net assets. At September 30, 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 $1,364,000, $223,000,
$2,946,000, $636,000, $888,000, $395,000, $777,000, $690,000 and $1,451,000,
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 six months ended September 30, 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 $5,683, $986, $7,692, $4,186, $3,673, $2,192, $4,112,
$3,576, and $6,436, 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 six months
ended September 30, 1995, EVD received approximately $80, $250, $120, $70,
$300, $110, $330, $260, and $160, respectively, of CDSC paid by shareholders
of 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.
(7) Investment Transactions
Increases and decreases in each Fund's investment in its corresponding
Portfolio for the six months ended September 30, 1995, were as follows:
Classic Classic Classic
California Connecticut Florida
Limited Limited Limited
Fund Fund Fund
------------- ----------- --------------
Increases $ 726,619 $ 29,327 $ 352,487
Decreases 1,786,182 586,498 6,084,360
Classic Classic Classic
Massachusetts Michigan New Jersey
Limited Limited Limited
Fund Fund Fund
----------- --------- ------------
Increases $ 571,759 $ 172,907 $ 205,595
Decreases 908,932 3,205,347 1,165,342
Classic Classic Classic
New York Ohio Pennsylvania
Limited Limited Limited
Fund Fund Fund
----------- --------- ------------
Increases $ 417,420 $ 95,817 $ 429,838
Decreases 2,123,474 1,036,858 2,548,598
<PAGE>
California Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- --------------------------- ------------
Cogeneration - 2.2%
NR BBB- $1,500 Central Valley Finance
Authority, Carson
Ice-Gen. Project, 5.20%,
7/1/99 $ 1,509,990
----------
Education - 5.5%
Aaa AAA $1,500 California Educational
Facilities Authority,
Stanford University,
5.90%, 11/1/03 $ 1,613,235
Aaa AAA 2,000 California Educational
Facilities Authority,
California Institute of
Technology, 6.375%,
1/1/08 2,122,740
----------
$ 3,735,975
----------
Escrowed/Prerefunded - 19.1%
NR A- $1,700 California Educational
Facilities Authority,
National University,
Prerefunded to 5/1/01,
7.15%, 5/1/21 $ 1,946,398
Aaa AAA 2,300 California State Public
Works Board, Department
of Corrections,
Prerefunded to 9/1/01,
6.50%, 9/1/19 2,577,955
Aaa AAA 1,500 East Bay Municipal
Utility District, Water
System Bonds, (AMBAC),
Prerefunded to 6/1/01,
6.375%, 6/1/21 1,676,805
Aaa AAA 2,000 Los Angeles County
Commission Authority,
Sales Tax Bonds,
Prerefunded to 7/1/01,
6.75%, 7/1/18 2,261,700
NR AAA 1,000 Puerto Rico Highway,
Prerefunded to 7/1/00,
7.75%, 7/1/16 1,160,470
NR AAA 100 Redevelopment Agency of
the City of Azusa, SFMR,
Escrowed to Maturity,
6.40%, 10/1/02 107,564
NR AAA 3,000 San Bernadino,
California, Certificates
of Participation,
Prerefunded to 8/1/01,
7.00%, 8/1/28 3,434,910
----------
$13,165,802
----------
Electric Utilities - 9.3%
A2 A+ $ 500 California Pollution
Control Financing
Authority, Southern
California Edison
Company, Series C, 6.85%,
12/1/08 $ 533,035
A2 A+ 1,000 California Pollution
Control Financing
Authority, Southern
California Edison
Company, Series D, 6.85%,
12/1/08 1,066,070
Aa AA- 1,700 Department of Water and
Power of the City of Los
Angeles, Electric Plant
Revenue Bonds, 5.75%,
11/15/02 1,799,399
Aa AA- 2,000 Southern California
Public Power Authority,
5.50%, 7/1/12 1,911,320
Aa NR 1,000 Southern California
Public Power Authority,
Transmission Project,
7.00%, 7/1/00 1,078,170
----------
$ 6,387,994
----------
General Obligations - 13.5%
A1 A $1,625 State of California,
6.80%, 10/1/02 $ 1,835,633
A1 A 1,100 State of California,
6.10%, 9/1/04 1,185,250
Aa AA- 1,000 Palos Verdes Library
District, 6.70%, 8/1/11 1,061,160
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 791,760
Baa1 A 475 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 521,184
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
A1 AA- 1,870 City and County of San
Francisco, 6.50%,
12/15/03 2,021,657
A1 AA- 1,000 City and County of San
Francisco, Public Schools
Facilities Improvement
Project, 7.60%, 9/1/06 1,072,480
----------
$ 9,261,512
----------
Housing - 5.5%
Aa A+ $1,000 Department of Veterans
Affairs of the State of
California, Home Purchase
Revenue Bonds, (AMT),
7.50%, 8/1/98 $ 1,026,330
A2 NR 1,000 Orange County,
California, Apartment
Development Revenue
Bonds, Villa La Paz, LOC
Tokai Bank, 4.50%,
8/15/07 986,610
<PAGE>
Housing (continued)
NR AA+ 750 Housing Authority of the
County of Santa Clara,
Orchard Glen Apartments,
5.25%, 11/1/98 752,888
NR AAA 1,000 The City of Palmdale,
California, Oasis at
Palmdale Apartments,
(FNMA), 5.60%, 12/1/99 1,027,530
----------
$3,793,358
----------
Hospitals - 3.9%
A1 AA- $2,400 California Health
Facilities Financing
Authority, Sisters of
Providence, 7.50%,
10/1/10 $2,653,608
----------
Industrial Development
Revenue - 2.5%
Aaa AAA $1,700 California Pollution
Control Financing
Authority, North County
Recycling Center, 6.00%,
7/1/00 $1,700,000
----------
Insured Education - 1.6%
Aaa AAA $1,000 The Regents of the
University of California,
(MBIA), 6.00%, 9/1/02 $1,079,550
----------
Insured Electric Utilities - 6.1%
Aaa AAA $1,000 California Pollution
Control Financing
Authority, Southern
California Edison
Company, (MBIA), 6.85%,
12/1/08 $1,075,070
Aaa AAA 1,900 Northern California Power
Agency, (MBIA), 6.00%,
8/1/03 2,048,409
Aaa AAA 1,000 Sacramento Municipal
Utility District, (MBIA),
6.20%, 8/15/05 1,083,780
----------
$4,207,259
----------
Insured General Obligations - 4.8%
Aaa AAA $1,000 The City and County of
San Francisco, School
District Facilities
Improvement Projects,
(FGIC), 6.00%, 6/15/01 $1,072,490
Aaa AAA 1,925 Moulton Niguel,
California Water
District, (AMBAC), 7.30%,
4/1/12 2,186,165
----------
$3,258,655
----------
Insured Hospital Revenue - 5.1%
Aaa AAA $1,750 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 4.90%, 11/1/03 $1,739,553
Aaa AAA 1,000 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 5.125%, 11/1/05 994,900
Aaa AAA 750 ABAG Finance Authority,
Certificates of
Participation, Stanford
University Hospital,
(MBIA), 5.875%, 11/1/06 786,383
----------
$3,520,836
----------
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 $1,315,475
----------
Insured Transportation - 1.6%
Aaa AAA $1,000 San Francisco Bay Area
Rapid Transit District,
(AMBAC), 6.75%, 7/1/09 $1,080,410
----------
Insured Water & Sewer
Revenue - 2.1%
Aaa AAA $ 585 Sweetwater Authority,
Water Revenue Bonds,
(AMBAC), 7.00%, 4/1/10 $ 634,058
Aaa AAA 750 City of Vallejo,
California, Water
Improvement Project,
(FGIC), 6.00%, 11/1/00 804,368
----------
$1,438,426
----------
Lease Revenue/Certificate of
Participation - 2.9%
Aa NR $2,000 University of California,
Central Chiller Project,
5.20%, 11/1/07 $1,954,360
----------
Special Tax Revenue - 3.0%
Aa AA $2,000 Orange County Local
Transportation Authority,
Sales Tax Revenue Bonds,
5.70%, 2/15/03 $2,053,000
----------
<PAGE>
Transportation - 3.9%
A1 NR $1,000 Contra Costa, California
Transportation Authority,
6.40%, 3/1/01 $ 1,080,300
Aa AA 1,500 Los Angeles Department of
Airports, 7.40%, 5/1/10 1,590,000
----------
$ 2,670,300
----------
Water & Sewer Revenue - 5.5%
A NR $ 700 Coachella Valley Water
District, Flood Control
Project, Certificates of
Participation, 5.75%,
10/1/00 $ 714,263
A1 A 2,000 The City of Los Angeles
Wastewater System, 6.90%,
6/1/08 2,188,380
Baa1 A 750 Puerto Rico Aqueduct and
Sewer Authority, 7.875%,
7/1/17 832,125
----------
$ 3,734,768
----------
Total tax-exempt
investments (identified
cost $66,519,577) $68,521,278
==========
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 September 30, 1995, 23.2% 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 range from 1.9% to 12.9% of total
investments.
See notes to financial statements
<PAGE>
Connecticut Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- -------------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- -------- ------- -------- -------------------------- -----------
Education - 7.1%
NR A $ 345 State of Connecticut
HEFA, The Taft School
Issue, 4.50%, 7/1/01 $ 338,141
Baa1 BBB+ 750 State of Connecticut
HEFA, Fairfield
University Issue, 6.90%,
7/1/14 783,390
---------
$1,121,531
---------
Electric Revenue - 3.5%
Baa1 A- $ 500 Puerto Rico Electric
Power Authority, 7.125%,
7/1/14 $ 545,250
---------
Escrowed/Prerefunded - 3.5%
Aaa AAA $ 500 South Central
Connecticut Regional
Water Authority,
(AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 $ 557,050
---------
General Obligations - 20.8%
Aa AA- $ 500 State of Connecticut,
5.95%, 11/15/00 $ 534,645
Aa AA- 500 State of Connecticut,
6.50%, 3/1/03 551,050
Aa AA 250 Town of Danbury,
Connecticut, 7.00%,
8/1/04 287,805
NR BBB 300 Government of Guam,
4.80%, 11/15/03 287,331
A1 NR 125 Town of Killington,
Connecticut, 6.80%,
9/15/07 133,905
A1 NR 125 Town of Newton,
Connecticut, 4.60%,
6/15/02 125,420
Baa1 A 250 Commonwealth of Puerto
Rico, 7.50%, 7/1/04 294,765
Baa1 A 285 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 300,869
Baa1 A- 500 Puerto Rico Municipal
Finance Agency, 5.70%,
7/1/03 516,685
Baa1 A- 250 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/06 256,935
---------
$3,289,410
---------
Hospital Revenue - 4.3%
NR BBB- $ 640 Connecticut Health and
Educational Facilities
Authority, New Britain
Hospital, 7.50%, 7/1/06 $ 683,834
---------
Housing - 8.9%
Aa AA $ 120 Connecticut Housing
Finance Authority,
5.45%, 5/15/04 $ 120,401
Aa AA 200 Connecticut Housing
Finance Authority,
6.95%, 11/15/01 210,734
Aa AA 1,000 Connecticut Housing
Finance Authority,
6.90%, 11/15/99 1,068,250
---------
$1,399,385
---------
Insured Transportation - 5.6%
Aaa AAA $ 750 Connecticut State
Airport Bonds, Bradley
International Airport,
(FGIC), 7.40%, 10/1/04 $ 886,230
---------
Insured Hospitals - 15.2%
Aaa AAA $ 695 Connecticut Development
Authority, Hartford
Hospital Real Estate
Corporation Project,
(MBIA), (AMT), 6.875%,
10/1/06 $ 751,545
Aaa AAA 750 Connecticut HEFA,
Bristol Hospital Issue,
(MBIA), 7.00%, 7/1/09 824,753
Aaa AAA 500 Connecticut HEFA,
Waterbury Hospital
Issue, (FSA), 7.00%
7/1/20 549,835
Aaa AAA 250 Connecticut HEFA,
Stamford Hospital Issue,
(MBIA), 6.50%, 7/1/06 269,653
---------
$2,395,786
---------
Insured General Obligations - 7.7%
Aaa AAA $ 315 New Haven, Connecticut,
(FGIC), 5.25%, 8/1/06 $ 314,458
Aaa AAA 500 Old Saybrook,
Connecticut, (AMBAC),
4.10%, 8/15/01 490,270
Aaa AAA 100 Town of Oxford,
Connecticut, (FGIC),
6.90%, 2/1/06 108,465
Aaa AAA 300 City of Waterbury,
Connecticut, (FGIC),
4.80%, 4/15/01 303,480
---------
$1,216,673
---------
Insured Miscellaneous - 5.1%
Aaa AAA $ 725 Woodstock, Connecticut
Special Obligation
Bonds, (AMBAC), 7.00%,
3/1/07 $ 800,705
---------
Insured Special Tax - 7.2%
Aaa AAA $ 525 Connecticut Special
Assessment Unemployment
Compensation Advance
Fund Revenue Bonds,
(AMBAC), 4.60%, 5/15/00 $ 529,316
<PAGE>
Insured Special Tax (continued)
Aaa AAA 600 Connecticut Special Tax,
(FGIC), 5.10%, 6/1/03 608,310
---------
$ 1,137,626
---------
Miscellaneous - 7.2%
A1 AA- $500 Connecticut State
Development Authority,
4.60%, 11/15/01 $ 500,765
A2 NR 625 Connecticut State
Development Authority,
Frito-Lay Incorporated
Project, 6.375%, 7/1/04 638,537
---------
$ 1,139,302
---------
Solid Waste - 1.8%
NR A- $300 Eastern Connecticut
Resource Recovery
Authority, Wheelabrator
Lisbon Project, (AMT),
4.90%, 1/1/02 $ 290,265
---------
Special Tax Revenue - 2.1%
A1 AA- $300 State of Connecticut,
Special Tax Obligation
Bonds, 7.00%, 10/1/99 $ 326,905
---------
Total tax-exempt
investments (identified
cost $15,417,395) $15,789,952
=========
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 September 30, 1995, 40.8% 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 range from 3.5% to 14.1% of total
investments.
See notes to financial statements
<PAGE>
Florida Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
--------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ --------------------------- -------------
Escrowed/Prerefunded - 22.8%
Aaa AAA $1,015 Dade County FL,
Educational Facilities
Authority, (MBIA),
Prerefunded to 10/1/01,
7.00%, 10/1/08 $ 1,162,510
Aaa AAA 1,000 Dunnedin FL Hospital,
Mease Health Care,
(MBIA), Prerefunded to
11/15/01, 6.75%, 11/15/21 1,134,270
Aaa AAA 3,000 Florida Board of
Education Capital Outlay,
Prerefunded to 6/1/00
7.25%, 6/1/23 3,405,330
Aaa AAA 1,500 Florida Department of
Natural Resources,
Preservation 2000,
(MBIA), 7.25%, 7/1/08 1,650,120
Aaa AAA 1,000 Florida MPA, All
Requirements Power Supply
Project, (AMBAC),
Prerefunded to 10/1/02,
6.25%, 10/1/21 1,112,240
Aaa AAA 1,500 Florida MPA, Stanton II
Project, (AMBAC),
Prerefunded to 6/1/02,
6.50%, 10/1/20 1,690,575
Aaa AAA 1,780 Hollywood FL Water &
Sewer, (FGIC),
Prerefunded to 10/1/02
6.375%, 10/1/02 1,980,837
Aaa AAA 1,500 Jacksonville Beach
Utilities, (MBIA),
Prerefunded to 10/1/01,
6.50%, 10/1/12 1,678,995
Aaa AAA 2,500 Jacksonville Electric
Authority, Bulk Power
Supply System,
Prerefunded to 10/1/00,
6.75%, 10/1/21 2,790,875
Aaa AAA 4,485 Jacksonville Electric
Authority, Bulk Power
Supply System,
Prerefunded to 10/1/00,
6.75%, 10/1/16 5,006,830
Aaa AAA 1,000 Manatee County Public
Utilities, (MBIA),
Prerefunded to 10/1/01,
6.80%, 10/1/05 1,134,930
Aaa AAA 3,250 Orlando Utility Community
Water & Electric,
Prerefunded to 10/1/01,
6.50%, 10/1/20 3,637,823
Aaa AAA 2,000 Palm Bay FL Utility, Palm
Bay Utility Corporation,
(MBIA) Prerefunded to
10/1/02, 6.20%, 10/1/17 2,218,560
Aaa AAA 2,805 Palm Beach County
Criminal Justice
Facilities, (FGIC),
Prerefunded to 6/1/00,
7.00%, 6/1/01 3,154,727
-----------
$31,758,622
-----------
General Obligations - 13.2%
Aa AA $1,500 Florida State Board of
Education, 6.25%, 6/1/01 $ 1,635,990
Aa AA 1,500 Florida State Board of
Education, 6.75%, 6/1/12 1,670,535
Aa AA 2,000 Florida State Board of
Education, 6.75%, 6/1/00 2,207,360
Aa AA 1,295 Florida State Board of
Education, 6.75%, 6/1/04 1,423,412
NR A 350 Hillsborough County,
(Environmentally
Sensitive Lands
Acquisition and
Protection Program),
6.00%, 7/1/03 370,136
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 1,097,230
Baa1 A- 2,000 Puerto Rico Municipal
Finance Agency, 5.50%,
7/1/01 2,057,240
Baa1 A- 775 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 798,134
Baa1 A- 5,400 Puerto Rico Municipal
Finance Agency, 5.875%,
7/1/05 5,587,704
NR NR 1,500 Virgin Islands Public
Finance Authority, 6.80%,
10/1/00 1,602,960
-----------
$18,450,701
-----------
Hospitals - 3.9%
NR BBB $ 470 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc.,
and Baptist Manor Inc.)
5.00%, 10/1/95 $ 470,005
NR BBB 490 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc.,
and Baptist Manor Inc.)
5.50%, 10/1/96 493,278
NR BBB 515 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc.,
and Baptist Manor Inc.)
6.00%, 10/1/97 523,276
NR BBB 545 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc.,
and Baptist Manor Inc.)
6.25%, 10/1/98 558,690
<PAGE>
Hospitals (continued)
Baa1 NR 425 Jacksonville Health
Facilities Authority,
(National Benevolent
Association - Cypress
Village Project), 6.00%,
12/1/98 429,573
Baa1 NR 450 Jacksonville Health
Facilities Authority,
(National Benevolent
Association - Cypress
Village Project), 6.25%,
12/1/99 457,839
Baa1 NR 480 Jacksonville Health
Facilities Authority,
(National Benevolent
Association - Cypress
Village Project), 6.50%,
12/1/00 489,821
NR A- 1,635 Palm Beach County Health
Facilities Authority,
Good Samaritan Health
Systems Inc., 5.60%
10/1/01 1,670,807
A BBB+ 290 St. Johns County
Industrial Development
Authority, (Flagler
Hospital Project), 5.60%,
8/1/01 296,911
-----------
$ 5,390,200
-----------
Housing - 1.4%
Baa BBB $2,000 Puerto Rico Housing Bank
and Finance Agency,
5.10%, 12/1/03 $ 1,961,960
-----------
Industrial Development
Revenue - 2.6%
Baa2 BBB $1,470 Nassau County PCR, (ITT
Rayonier Incorporated
Project), 5.60%, 6/1/00 $ 1,492,109
B1 BB+ 2,000 Polk County, Florida,
Industrial Development
Authority, (IMC
Fertilizer), 7.525%,
1/1/15 2,089,640
-----------
$ 3,581,749
-----------
Insured General
Obligations - 5.4%
Aaa AAA $2,475 Dade County Local School
District, (MBIA), 6.40%,
8/1/00 $ 2,705,868
Aaa AAA 1,500 Dade County Local School
District, (MBIA), 6.00%,
8/1/06 1,573,320
Aaa AAA 1,000 Dade County Local School
District, (MBIA), 5.20%,
8/1/07 1,007,330
Aaa AAA 500 Duval County Local School
District, (AMBAC), 6.00%,
8/1/03 542,790
Aaa AAA 1,580 Sarasota County FL,
(FGIC), 6.25%, 10/1/05 1,707,222
-----------
$ 7,536,530
-----------
Insured Health Care - 3.2%
Aaa AAA $4,000 Jacksonville Health
Facilities Authority,
(Baptist Medical Center
Project), (MBIA), 7.25%,
6/1/05 (1) $ 4,436,280
-----------
Insured Hospitals - 8.7%
Aaa AAA $1,050 Hillsborough County
Hospital Authority,
(Tampa General Hospital
Project), (FSA), 5.875%,
10/1/00 $ 1,126,493
Aaa AAA 2,000 Hillsborough County
Hospital Authority,
(Tampa General Hospital
Project), (FSA), 6.375%,
10/1/13 2,081,100
Aaa AAA 1,000 City of Lakeland,
(Lakeland Regional
Medical Center Project),
(FGIC), 5.40%, 11/15/01 1,057,980
Aaa AAA 1,360 North Broward Hospital
District, (MBIA), 6.20%,
1/1/04 1,480,972
Aaa AAA 1,000 Orange County Health
Facilities Authority,
(Adventist Health System/
Sunbelt Inc,) (CGIC),
5.50%, 11/15/02 1,063,370
Aaa AAA 4,500 South Broward Hospital
District, (AMBAC), 7.50%,
5/1/08 5,260,725
-----------
$12,070,640
-----------
Insured Housing - 1.4%
Aaa AAA $2,000 Florida Housing Finance
Agency, Multi-Family
Housing, (Lantana-Oxford
Project), (FSA), 5.50%,
11/1/07 $ 2,006,920
-----------
Insured Lease Revenue/Certificates
of Participation - 1.1%
Aaa AAA $1,150 City of Collier County,
Certificate of
Participation, (FSA),
5.35%, 2/15/02 $ 1,193,827
Aaa AAA 315 Santa Rosa County,
Florida, (FSA), 5.90%,
2/1/01 338,118
-----------
$ 1,531,945
-----------
<PAGE>
Insured Miscellaneous - 2.5%
Aaa AAA $2,000 City of Jacksonville,
Guaranteed Entitlement,
(AMBAC), 5.50% 10/1/02 $ 2,134,880
Aaa AAA 500 Lee County Capital
Revenue, (MBIA), 7.30%,
10/1/07 557,640
Aaa AAA 755 Miami Sports and
Exhibition Authority,
Special Obligation,
(FGIC), 5.65%, 10/1/02 809,858
-----------
$ 3,502,378
-----------
Insured Solid Waste - 0.4%
Aaa AAA $ 535 Pinellas County Resource
Recovery, (MBIA), 6.85%
10/1/03 $ 599,216
-----------
Insured Special Tax - 5.3%
Aaa AAA $1,525 Florida Department of
Natural Resources,
Preservation 2000,
(AMBAC), 6.70%, 7/1/05 $ 1,713,277
Aaa AAA 5,150 Tampa FL Utility Tax,
(AMBAC), 6.50%, 10/1/02 5,703,419
-----------
$ 7,416,696
-----------
Insured Transportation - 8.2%
Aaa AAA $1,700 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.60%, 10/1/03 $ 1,855,601
Aaa AAA 2,000 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.80%, 10/1/05 2,186,000
Aaa AAA 3,120 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.85%, 10/1/06 3,408,600
Aaa AAA 1,000 Port Everglades Authority
FL, Port Facilities,
(FGIC), 7.00%, 9/1/00 1,119,680
Aaa AAA 2,500 Palm Beach County,
Florida, Airport, (MBIA),
7.75%, 10/1/10 2,917,700
-----------
$11,487,581
-----------
Insured Water & Sewer - 5.5%
Aaa AAA $ 600 Cape Coral FL Wastewater,
(FSA), 5.75%, 7/1/01 $ 640,026
Aaa AAA 790 Cape Coral FL Wastewater,
(FSA), 6.10%, 7/1/05 845,087
Aaa AAA 2,000 Manatee County FL, Public
Utilities, (MBIA), 6.75%,
10/1/04 2,291,520
Aaa AAA 1,005 Northern Palm Beach
County FL Water Control
District, (MBIA), 7.15%,
11/1/02 1,107,329
Aaa AAA 1,080 Northern Palm Beach
County FL Water Control
District, (MBIA), 7.15%,
11/1/03 1,188,875
Aaa AAA 1,000 Pasco County FL, Water &
Sewer Revenue, (FGIC),
5.40%, 10/1/03 1,060,530
Aaa AAA 500 Port Orange FL Water &
Sewer Revenue, (AMBAC),
6.50%,10/1/04 541,210
-----------
$ 7,674,577
-----------
Miscellaneous - 0.7%
Baa BBB $1,000 Puerto Rico Housing Bank
& Finance Agency, 5.00%,
12/1/02 $ 982,830
-----------
Solid Waste - 0.8%
A NR $1,165 Brevard County, Florida,
Solid Waste Management
System 5.00%, 4/1/01 $ 1,174,448
-----------
Special Tax Revenue - 0.3%
Baa1 BBB+ $ 400 Puerto Rico
Infrastructure Financing
Authority, 7.60%, 7/1/00 $ 437,924
-----------
Transportation - 0.7%
A A $ 925 Florida Sunshine Skyway
Revenue Bonds, 6.40%,
7/1/04 $ 994,856
-----------
Utilities - 7.1%
Aa1 AA $3,000 Jacksonville Electric
Authority, St. John's
River Power Park, 6.50%,
10/1/03 $ 3,362,670
Aa1 AA 4,000 Jacksonville Electric
Authority, St. John's
River Power Park,
Crossover Refunding,
6.95%, 10/1/04 4,420,080
Aa AA- 2,000 City of Tallahassee,
Electric Refunding Bonds,
5.90%, 10/1/05 2,151,560
-----------
$ 9,934,310
-----------
Water & Sewer Revenue - 4.6%
A3 A+ $ 330 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project), 5.40%,
10/1/00 $ 342,695
<PAGE>
Water & Sewer Revenue (continued)
A3 A+ 345 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project), 5.50%,
10/1/01 360,180
A3 A+ 365 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project), 5.60%,
10/1/02 382,166
A3 A+ 380 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project), 5.70%,
10/1/03 400,155
A1 A+ 1,110 Pinellas County FL, Water
Revenue Certificates,
5.90%, 10/1/01 1,139,126
Aa AA- 1,700 St. Petersberg FL, Public
Utility Revenue, 6.65%,
10/1/03 1,941,625
Baa1 A 1,750 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 1,871,136
-----------
$ 6,437,083
-----------
Total tax-exempt
investments (identified
cost, $134,625,228) $139,367,446
===========
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 September 30, 1995, 41.7% 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 range from 0.8% to 15.1% of total
investments.
See notes to financial statements
<PAGE>
Massachusetts Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- --------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ --------------------------- ------------
Education - 7.4%
A1 A+ $1,200 Massachusetts Health and
Education Finance
Authority, Tufts
University Issue, 7.40%,
8/1/18 $ 1,293,444
A A- 1,000 Massachusetts Industrial
Finance Agency, Clark
University Issue, 6.80%,
7/01/06 1,095,940
Aaa NR 5,450 The New England Education
Loan Marketing
Corporation, 5.80%,
3/1/02 5,695,359
----------
$ 8,084,743
----------
Electric Utilities - 4.8%
A BBB+ $ 500 Massachusetts Municipal
Wholesale Electric
Company, 6.50%, 7/1/02 $ 544,515
A BBB+ 500 Massachusetts Municipal
Wholesale Electric
Company, 5.70%, 7/1/01 520,270
A BBB+ 1,000 Massachusetts Municipal
Wholesale Electric
Company, 5.70%, 7/1/01 1,040,540
A BBB+ 900 Massachusetts Municipal
Wholesale Electric
Company, 6.75%, 7/1/05 988,416
Baa1 A- 2,000 Puerto Rico Electric
Power Authority, 7.00%,
7/1/07 2,156,140
----------
$ 5,249,881
----------
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 $ 1,871,209
Aaa AAA 1,175 Boston, Massachusetts,
(MBIA), Prerefunded to
7/1/01, 6.75%, 7/1/11 1,319,196
Aaa A+ 1,000 The Commonwealth of
Massachusetts,
Prerefunded to 10/1/96,
7.125%, 10/1/05 1,049,810
Aaa A+ 470 The Commonwealth of
Massachusetts,
Prerefunded to 12/15/98,
7.375%, 12/15/04 519,698
Aaa A+ 1,000 The Commonwealth of
Massachusetts,
Prerefunded to 8/1/01,
6.75%, 8/1/06 1,124,030
Aaa NR 1,000 Lowell, Massachusetts,
Prerefunded to 2/15//01,
7.625%, 2/15/10 1,165,770
Aaa AAA 2,000 Lynn, Massachusetts Water
and Sewer Commission,
(MBIA), Prerefunded to
12/1/00, 7.25%, 12/1/10 2,282,300
Aaa BBB+ 1,245 Massachusetts Municipal
Wholesale Electric
System, Prerefunded to
7/1/02, 6.75%, 7/1/17 1,409,091
NR A+ 1,700 Massachusetts Health and
Educational Facilities
Authority, Baystate
Medical Center,
Prerefunded to 7/1/99,
7.375%, 7/1/08 1,898,322
NR AAA 1,085 Massachusetts Health and
Educational Facilities
Authority, Jordan
Hospital Issue, (FHA),
Prerefunded to 8/15/98,
7.85%, 8/15/28 1,206,867
Aaa AAA 1,750 Massachusetts Industrial
Finance Agency, Museum of
Science Issue, (FSA),
Prerefunded to 11/1/99,
7.30%, 11/1/09 1,966,668
Aaa AAA 6,750 Massachusetts Water
Resource Authority,
Prerefunded to 4/1/00,
7.50%, 4/1/09 7,675,763
----------
$23,488,724
----------
General Obligations - 9.5%
Baa NR $ 750 Greater New Bedford
Regional Refuse
Management District,
Landfill Bonds, (AMT),
5.00%, 5/1/99 $ 743,685
Baa NR 750 Greater New Bedford
Regional Refuse
Management District,
Landfill Bonds, (AMT),
5.10%, 5/1/00 737,970
Baa A- 1,000 City of Lawrence,
Massachusetts State
Qualified Bonds, 5.00%,
9/15/02 998,230
Baa A- 500 City of Lawrence,
Massachusetts State
Qualified Bonds, 5.25%,
9/15/04 500,690
Baa1 NR 500 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.50%,
8/15/97 511,055
Baa1 NR 650 City of Lowell,
Massachusetts, State
Qualified Bonds, 5.75%,
8/15/98 671,385
<PAGE>
General Obligations (continued)
A1 A+ 730 The Commonwealth of
Massachusetts Dedicated
Income Tax Bonds, 7.875%,
6/1/97 775,253
A1 A+ 1,240 The Commonwealth of
Massachusetts, 6.10%,
6/1/02 1,343,329
A1 A+ 1,000 The Commonwealth of
Massachusetts, 6.25%,
7/1/04 1,100,190
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
Baa1 A 750 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 791,760
A NR 210 Taunton, Massachusetts,
8.00%, 2/1/01 240,059
Baa1 BBB+ 1,275 Worcester, Massachusetts,
6.80%, 5/15/00 1,327,109
----------
$10,513,103
----------
Hospitals - 10.6%
Aa AA- $2,180 City of Boston,
Massachusetts, Boston
City Hospital, (FHA
Insured Mortgage), 5.00%,
2/15/00 $ 2,207,969
Aa AA- 2,160 City of Boston,
Massachusetts, Boston
City Hospital, (FHA
Insured Mortgage), 5.15%,
2/15/01 2,203,416
A A- 1,225 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.00%, 7/1/00 1,317,537
A A- 610 Massachusetts Health and
Educational Facilities
Authority, Charlton
Memorial Hospital Issue,
7.10%, 7/1/01 663,991
Aa AA 750 Massachusetts Health and
Educational Facilities
Authority, Children's
Hospital Issue, 5.50%,
10/1/02 775,463
Aa AA 500 Massachusetts Health and
Educational Facilities
Authority, Children's
Hospital Issue, 5.60%,
10/1/03 517,230
Aa NR 3,000 Massachusetts Health and
Educational Facilities
Authority, Daughters of
Charity Issue, 5.75%,
7/1/02 3,141,120
A A 650 Massachusetts Health and
Educational Facilities
Authority, New England
Deaconess Hospital Issue,
6.50%, 4/1/04 689,098
----------
$11,515,824
----------
Housing - 0.2%
NR BBB+ $ 180 Massachusetts Housing
Finance Agency, (AMT),
8.10%, 8/1/23 $ 188,089
----------
Industrial Development
Revenue - 0.3%
A2 NR $ 350 Canton, Massachusetts,
Industrial Development
Finance Authority,
General Signal
Corporation, 5.625%,
12/1/02 $ 353,147
----------
Insured Education - 3.5%
Aaa AAA $ 635 Massachusetts Educational
Financing Authority,
(AMBAC), (AMT), 6.40%,
1/1/99 $ 661,041
Aaa AAA 690 Massachusetts Educational
Financing Authority,
(AMBAC), (AMT), 6.65%,
1/1/01 731,421
Aaa AAA 2,300 Massachusetts Educational
Financing Authority,
(MBIA), (AMT), 7.35%,
1/1/99 2,399,544
----------
$ 3,792,006
----------
Insured General Obligations - 13.1%
Aaa AAA $1,000 City of Boston,
Massachusetts, (MBIA),
6.375%, 7/1/02 $ 1,093,320
Aaa AAA 1,000 City of Boston,
Massachusetts, (AMBAC),
5.20%, 2/1/04 1,017,490
Aaa AAA 1,000 Chelsea, Massachusetts,
(AMBAC), 6.00%, 6/15/02 1,073,870
Aaa AAA 1,500 The Commonwealth of
Massachusetts, (FGIC),
7.20%, 3/1/02 1,676,550
Aaa AAA 2,500 The Commonwealth of
Massachusetts, (FGIC),
6.50%, 6/1/01 2,743,200
<PAGE>
Insured General Obligations (continued)
Aaa AAA 4,000 City of Lowell,
Massachusetts, State
Qualified Bonds, (FSA),
5.10%,
1/15/04 4,050,880
Aaa AAA 1,000 Town of Palmer,
Massachusetts, (MBIA),
5.50%, 10/1/01 1,043,470
Aaa AAA 1,000 Town of Rockport,
Massachusetts, (AMBAC),
6.80%, 12/15/04 1,105,360
Aaa AAA 440 City of Worcester,
Massachusetts, (MBIA),
6.80%, 5/15/00 483,441
----------
$14,287,581
----------
Insured Hospitals - 3.8%
Aaa AAA $1,060 Massachusetts Health and
Educational Facilities
Authority, Berkshire
Health Systems, (MBIA),
6.75%, 10/1/19 $ 1,130,638
Aaa AAA 400 Massachusetts Health and
Educational Facilities
Authority, Metro West
Health, (AMBAC), 5.80%,
11/15/02 427,068
Aaa AAA 1,000 Massachusetts Health and
Educational Facilities
Authority, Massachusetts
General Hospital Issue,
(AMBAC), 4.85%, 7/1/04 994,300
Aaa AAA 1,000 Massachusetts Health and
Educational Facilities
Authority, Central
Massachusetts Medical
Center, (AMBAC), 5.50%,
7/1/99 1,042,040
Aaa AAA 540 Massachusetts Health and
Educational Facilities
Authority, Central
Massachusetts Medical
Center, (AMBAC), 5.70%,
7/1/00 569,236
----------
$ 4,163,282
----------
Insured Housing - 3.6%
Aaa AAA $1,900 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 5.90%, 1/1/03 $ 1,965,322
Aaa AAA 1,840 Massachusetts Housing
Finance Agency, (AMBAC),
(AMT), 6.00%, 7/1/04 1,913,342
----------
$ 3,878,664
----------
Insured Solid Waste - 1.7%
Aaa AAA $1,735 Massachusetts Industrial
Finance Agency,
REFUSETECH Inc. Project,
(FSA), 5.45%, 7/1/01 $ 1,805,875
----------
Insured Transportation - 0.9%
Aaa AAA $ 900 Massachusetts Port
Authority, (FGIC), (AMT),
7.10%, 7/1/01 $ 1,002,762
Insured Utility - 3.3%
Aaa AAA $2,000 Massachusetts Municipal
Wholesale Electric
Company, (AMBAC), 6.625%,
7/1/03 $ 2,229,400
Aaa AAA 1,225 Massachusetts Municipal
Wholesale Electric
Company, (MBIA), 6.40%,
7/1/02 1,342,539
----------
$ 3,571,939
----------
Insured Water & Sewer - 1.0%
Aaa AAA $1,000 Lynn Water and Sewer
Commission, (FGIC),
5.50%, 6/1/99 $ 1,039,470
----------
Special Tax Revenue - 4.9%
A1 AA- $3,050 The Commonwealth of
Massachusetts, 7.00%,
6/1/02 $ 3,435,673
NR NR 1,750 Virgin Islands Public
Finance Authority, 6.70%,
10/1/99 1,858,378
----------
$ 5,294,051
----------
Transportation - 4.9%
A1 A+ $1,500 Massachusetts Bay
Transportation Authority,
5.10%, 3/1/02 $ 1,540,305
A1 A+ 1,000 Massachusetts Bay
Transportation Authority,
5.30%, 3/1/04 1,033,510
Baa1 A 1,500 Puerto Rico Highway
Authority, 6.75%, 7/1/05 1,625,220
A1 A+ 1,000 Woods Hole, Martha's
Vineyard and Nantucket
Steamship Authority,
6.60%, 3/1/03 1,117,650
----------
$ 5,316,685
----------
Water & Sewer Revenue - 5.1%
Aa A+ $1,500 Massachusetts Water
Pollution Abatement
Trust, 4.75%, 8/1/04 $ 1,479,705
<PAGE>
Water & Sewer Revenue (continued)
A A 1,975 Massachusetts Water
Resources Authority,
5.875%, 11/1/04 2,095,297
A A 500 Massachusetts Water
Resources Authority,
6.30%, 12/1/01 542,308
Baa1 A 1,300 Puerto Rico Aqueduct and
Sewer Authority, 7.875%,
7/1/17 1,442,350
----------
$ 5,559,660
----------
Total tax-exempt
investments (identified
cost $106,487,409) $109,105,486
==========
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 September 30, 1995, 30.9% 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 range from 5.4% to 12.6% of total
investments.
See notes to financial statements
<PAGE>
Michigan Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- --------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ ------------------------ -----------
Education - 4.1%
A1 AA- $1,000 Michigan State
University, 6.00%,
8/15/06 $1,053,230
---------
Escrowed/Prerefunded - 6.5%
Aaa AAA $1,000 Dearborn Michigan
Economic Development
Corporation,
Prerefunded to
8/15/01, 6.95%, 8/5/21 $1,137,590
A1 AA+ 500 Lansing Michigan Tax
Increment Bonds,
Escrowed to Maturity,
6.20%, 10/1/04 548,715
---------
$1,686,305
---------
General Obligation - 14.7%
NR BBB- $ 500 Detroit, Michigan,
5.70%, 5/1/02 $ 495,660
Ba1 BBB 650 Detroit, Michigan,
6.25%, 4/1/05 660,212
Ba1 BBB 495 Detroit, Michigan,
6.40%, 4/1/05 502,727
A1 AA 1,000 Oakland County
Michigan
Evergreen-Farmington
Sewage Disposal
System, 6.50%, 11/1/05 1,062,090
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.60%, 7/1/04 1,097,050
---------
$3,817,739
---------
Hospitals - 10.4%
A A $1,000 Kent County, Michigan
Hospital Finance
Authority, Blodgett
Memorial Medical
Center, 7.25%, 7/1/05 $1,077,480
A NR 535 Marquette Michigan
Hospital Finance
Authority, 6.625%,
4/1/07 540,061
Aa AA 1,000 Royal Oak, Michigan
Hospital Finance
Authority, William
Beaumont Hospital,
7.75%, 1/1/03 1,083,650
---------
$2,701,191
---------
Housing - 4.1%
NR A+ $1,000 Michigan State Housing
Development Authority,
6.00%, 4/1/01 $1,052,390
---------
Industrial Development
Revenue - 4.5%
NR A+ $ 750 Michigan Strategic
Fund, Welch Foods
Incorporated Project,
6.75%, 7/1/01 $ 800,588
NR BBB 360 Richmond, Michigan
Economic Development
Corporation, K-MART
Project, 6.30%, 1/1/99 364,680
---------
$1,165,268
---------
Insured Education -
1.9%
Aaa AAA $ 500 Michigan Higher
Education Student Loan
Authority, (AMBAC),
(AMT), 5.65%, 4/1/07 $ 503,410
---------
Insured General
Obligations - 16.1%
Aaa AAA $1,000 Comstock, Michigan
Public Schools,
(CGIC), 6.80%, 5/1/02 $1,092,570
Aaa AAA 1,500 Grand Ledge, Michigan
Public Schools,
(MBIA), 7.875%, 5/1/11 1,773,315
Aaa AAA 225 Jackson County,
Michigan, Wastewater
Disposal
Facilities-Clark Lake,
(MBIA), 8.00%, 4/1/01 261,043
Aaa AAA 425 Jackson County,
Michigan, Wastewater
Disposal
Facilities-Clark Lake,
(MBIA), 8.00%, 4/1/02 494,139
Aaa AAA 500 State of Michigan
Municipal Bond
Authority, Local
Government Loan
Project, (MBIA),
7.25%, 5/1/20 545,865
---------
$4,166,932
---------
Insured Industrial
Development Revenue - 4.2%
Aaa AAA $1,000 Monroe County,
Michigan, The Detroit
Edison Company,
(AMBAC), (AMT), 6.35%,
12/1/04 $1,077,570
---------
Insured Utility - 4.2%
Aaa AAA $1,000 Western Townships
Michigan, Sewer
Disposal System,
(CGIC), 6.70%, 1/1/06 $1,075,660
---------
Lease Revenue/
Certificates of
Participation - 8.4%
A1 AA- $1,000 State of Michigan
Building Authority,
6.40%, 10/1/04 $1,092,570
A1 AA- 1,000 State of Michigan
Building Authority,
6.10%, 10/1/01 1,081,570
---------
$2,174,140
---------
<PAGE>
Special Tax Revenue - 10.2%
A1 AA- $ 875 Michigan State
Comprehensive Trans,
7.625%, 5/1/11 $ 542,905
Baa1 A 500 Puerto Rico Highway
and Transportation,
5.00%, 7/1/02 502,230
NR BBB+ 1,500 Battle Creek, Michigan
Downtown Development
Authority, 6.65%,
5/1/02 1,599,975
---------
$ 2,645,110
---------
Utility - 2.2%
Baa1 A- $ 535 Puerto Rico Electric
Power Authority,
6.125%, 7/1/09 $ 556,507
---------
Water & Sewer Revenue - 8.5%
Aa AA $1,000 Michigan Municipal
Bond Authority, 7.00%,
10/1/02 $ 1,140,180
Baa1 A 950 Puerto Rico Aqueduct
and Sewer Authority,
7.875%, 7/1/17 1,054,024
---------
$ 2,194,204
---------
Total tax-exempt
investments
(identified cost
$24,819,371) $25,869,656
=========
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 September 30, 1995, 26.4% of the securities in the
portfolio of investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The aggregate
percentage by financial institution range from 6.1% to 11.9% of total
investments.
See notes to financial statements
<PAGE>
New Jersey Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- --------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ --------------------------- ------------
Education - 3.6%
NR A- $ 380 New Jersey Educational
Facilities Authority,
Drew University, 5.875%,
7/1/03 $ 400,345
NR A+ 360 Higher Education
Assistance Authority,
(State of New Jersey),
(AMT), NJ Class Loan
Program, 5.70%,
1/1/02 360,148
A1 AA 1,895 Rutgers, The State
University (The State of
New Jersey) 6.20%, 5/1/04 2,062,878
A AA 250 University of Medicine
and Dentistry of New
Jersey Bonds, Series B,
7.05%, 12/1/00 262,425
----------
$ 3,085,796
----------
Escrowed - 2.5%
Aaa AAA $1,635 Commonwealth of Puerto
Rico, Prerefunded to
7/1/99, (FGIC), 7.375%,
7/1/04 $ 1,830,824
A A 300 University of Puerto
Rico, University System
Revenue Refunding Bonds,
Series K, 6.50%, 6/1/04 317,550
----------
$ 2,148,374
----------
General Obligations - 13.3%
Aa NR $1,000 Cherrry Hill Township,
New Jersey, 6.20%, 6/1/08 $ 1,053,240
Aaa AAA 1,280 County of Morris, New
Jersey, 6.50%, 8/1/02 1,433,690
Aa AA 1,000 The Township of Morris,
New Jersey, 6.55%, 7/1/02 1,111,840
Aa1 AA+ 1000 State of New Jersey,
7.25%, 4/15/01 1,099,270
Aa1 AA+ 1000 State of New Jersey,
6.00%, 8/1/04 1,076,900
Aa NR 1,000 County of Ocean, New
Jersey, 6.75%, 7/13/01 1,112,680
Aa NR 1,000 County of Ocean, New
Jersey, 6.375%, 4/15/01 1,090,370
Baa1 A- 750 Puerto Rico Municipal
Finance Agency, 5.60%,
7/1/02 772,388
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 1,055,680
Baa1 A 440 Commonwealth of Puerto
Rico, 8.00%, 7/1/06 482,368
Aa AA 1,000 South Brunswick, New
Jersey, 7.125%, 7/15/02 1,141,800
----------
$11,430,226
----------
Health Care - 2.6%
A A- $1,000 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.45%, 7/1/02 $ 1,057,410
A A- 340 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.25%, 7/1/00 356,106
A A- 750 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.55%, 7/1/03 798,053
----------
$ 2,211,569
----------
Housing - 13.1%
NR AA+ $2,000 New Jersey Housing
Finance Agency, 6.30%,
11/1/00 $ 2,096,920
NR AA+ 1,500 New Jersey Housing
Finance Agency, 6.60%,
11/1/03 1,600,290
NR A+ 2,500 New Jersey Housing and
Mortgage Finance Agency,
6.30%, 11/1/01 2,660,275
NR A+ 1000 New Jersey Housing and
Mortgage Finance Agency,
6.40%, 11/1/02 1,057,500
NR A+ 2,570 New Jersey Housing and
Mortgage Finance Agency,
6.50%, 11/1/03 2,708,215
NR A+ 1,000 New Jersey Housing and
Mortgage Finance Agency,
6.00%, 11/1/02 1,039,010
----------
$11,162,210
----------
Industrial Development
Revenue - 0.9%
Aa3 NR $ 765 New Jersey Economic
Development Authority,
LOC: Bank of Paris,
(AMT), 6.00%, 12/1/02 $ 787,766
----------
Insured Education - 1.7%
Aaa AAA $ 335 New Jersey State
Educational Facilities,
Seton Hall University,
6.00%, 7/1/00 $ 356,507
Aaa AAA 1,000 New Jersey State
Educational Facilities,
Seton Hall University,
6.10%, 7/1/01 1,075,890
----------
$ 1,432,397
----------
<PAGE>
Insured General
Obligations - 11.8%
Aaa AAA $1,000 Atlantic City, New
Jersey, Board of
Education, (AMBAC),
6.00%, 12/1/02 $ 1,076,280
Aaa AAA 1,175 Edison, New Jersey,
(AMBAC), 4.70%, 1/1/04 1,165,412
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.10%, 11/15/99 534,350
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.20%, 11/15/01 541,905
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.20%, 11/15/02 541,355
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School
District, (FGIC), 6.60%,
6/1/02 1,328,232
Aaa AAA 1,200 Jackson Township, New
Jersey, Local School
District, (FGIC), 6.60%,
6/1/03 1,336,152
Aaa AAA 1,200 Kearney, New Jersey,
(FSA), 6.50%, 2/1/04 1,323,672
Aaa AAA 850 Roselle, New Jersey,
(MBIA), 4.65%, 10/15/03 841,007
Aaa AAA 1,000 South Brunswick Township,
New Jersey, Board of
Education, (FGIC), 6.40%,
8/1/03 1,095,750
Aaa AAA 270 Union County, New Jersey,
(FSA), 6.375%, 11/1/01 293,498
----------
$10,077,613
----------
Insured Health Care - 2.5%
Aaa AAA $1,910 New Jersey Health Care
Facilities & Financing
Authority, (Dover General
Hospital & Medical
Center), (MBIA), 7.00%,
7/1/04 $ 2,176,197
----------
Insured Housing - 2.1%
Aaa AAA $1,440 New Jersey State Housing
and Mortgage Finance
Agency, (MBIA), 7.25%,
10/1/15 $ 1,505,923
Aaa AAA 300 Puerto Rico Housing Bank
and Finance Agency,
Special Obligation,
(FSA), 5.95%, 10/1/01 309,897
----------
$ 1,815,820
----------
Insured Industrial Development
Revenue - 4.4%
Aaa AAA $2,500 New Jersey Economic
Development Authority,
Market Transition 5.70%,
7/1/05 $ 2,629,500
Aaa AAA 1,000 New Jersey Economic
Development Authority,
Market Transition 5.80%,
7/1/07 1,042,950
Aaa AAA 100 Warren County New Jersey
Pollution Control Finance
Authority, Resource
Recovery, (MBIA), 6.55%,
12/1/06 110,563
----------
$ 3,783,013
----------
Insured Solid Waste - 1.9%
Aaa AAA $1,315 The Bergen County
Utilities Authority,
Solid Waste System,
(FGIC), 5.80%, 6/15/00 $ 1,391,112
Aaa AAA 250 The Bergen County
Utilities Authority,
Solid Waste System,
(FGIC), 6.00%, 6/15/02 268,170
----------
$ 1,659,282
----------
Insured Transportation - 8.5%
Aaa AAA $1,500 New Jersey Turnpike
Authority, (AMBAC),
5.90%, 1/1/03 $ 1,581,975
Aaa AAA 2,000 New Jersey Turnpike
Authority, (AMBAC),
5.90%, 1/1/04 2,148,140
Aaa AAA 895 New Jersey Turnpike
Authority, (AMBAC),
6.40%, 1/1/02 981,976
Aaa AAA 2,325 Port Authority of New
York & New Jersey,
(AMBAC), 7.40%, 10/1/12 2,610,254
----------
$ 7,322,345
----------
Insured Utility - 1.3%
Aaa AAA $1,000 Middlesex County, New
Jersey, Utility
Authority, (FGIC) 6.10%,
12/1/01 $ 1,083,470
----------
Insured Water & Sewer - 2.3%
Aaa AAA $ 870 The Ocean County
Utilities Authority of
New Jersey, Wastewater
Revenue Bonds, (FGIC),
6.40%, 1/1/01 $ 905,914
<PAGE>
Insured Water & Sewer (continued)
Aaa AAA 1,000 The Ocean County
Utilities Authority of
New Jersey, Wastewater
Revenue Bonds, (FGIC),
6.70%, 1/1/07 1,044,860
----------
$ 1,950,774
----------
Lease Revenue/Certficates
of Participation - 3.4%
Aa AA- $1,000 Mercer County Improvement
Authority, (Richard J.
Hughes Justice Complex),
5.15%, 1/1/05 $ 1,000,700
Aa AA- 1,000 Mercer County Improvement
Authority, (Richard J.
Hughes Justice Complex),
5.15%, 1/1/06 1,000,220
A1 A+ 875 State of New Jersey,
Certificates of
Participation, 5.90%,
4/1/99 914,165
----------
$ 2,915,085
----------
Solid Waste - 5.5%
Baa NR $ 300 The Atlantic County
Utilities Authority (New
Jersey), Solid Waste
System, 7.00%, 3/1/08 $ 302,433
A1 AA- 500 Gloucester County
Improvement Authority of
New Jersey, (Landfill
Project), 5.20%, 9/1/99 514,740
A1 AA- 500 Gloucester County
Improvement Authority of
New Jersey, (Landfill
Project), 5.40%, 9/1/00 519,150
NR BBB- 1,250 New Jersey Economic
Development Authority,
Heating & Cooling,
(Trigen-Trenton
Project), 6.10%, 12/1/04 1,254,388
A1 NR 300 The Passaic County
Utilities Authority (New
Jersey), Solid Waste
Disposal, 5.70%, 3/1/98 308,667
NR A 1,700 The Union County
Utilities Authority (New
Jersey), Solid Waste
System, (AMT), 7.20%,
6/15/04 1,784,779
----------
$ 4,684,157
----------
Special Tax Revenue - 0.4%
Baa1 BBB+ $ 300 Puerto Rico
Infrastructure Financing
Authority, Special Tax
Revenue Bonds, 7.60%,
7/1/00 $ 328,443
----------
Transportation - 12.9%
Aa A+ $1,350 New Jersey Transportation
Trust Fund Authority,
6.00%, 6/15/01 $ 1,443,663
Aa A+ 2,300 New Jersey Transportation
Trust Fund Authority,
6.00%, 6/15/02 2,469,901
A1 AA- 500 New Jersey Highway
Authority, (Garden State
Parkway), 5.90%, 1/1/04 534,570
A1 AA- 250 New Jersey Highway
Authority, (Garden State
Parkway), 6.10%, 1/1/06 267,960
A1 AA- 500 The Port Authority of New
York and New Jersey,
5.50% 8/1/05 521,370
A1 AA- 480 The Port Authority of New
York and New Jersey,
6.90%, 7/1/08 516,787
Baa1 A 2,600 Puerto Rico Highway
Authority, 6.75%, 7/1/05 2,817,048
NR A+ 755 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 4.75%, 1/1/00 759,553
NR A+ 830 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 4.95%, 1/1/02 831,702
NR A+ 910 South Jersey Port
Corporation (An
Instrumentality of the
State of New Jersey),
(AMT), 5.15%, 1/1/04 918,436
----------
$11,080,990
----------
Utilities - 2.7%
Baa1 A- $ 990 Puerto Rico Electric
Power Authority, 6.125%,
7/1/08 $ 1,037,946
Baa1 A- 1,250 Puerto Rico Electric
Power Authority, 6.125%,
7/1/08 1,300,250
----------
$ 2,338,196
----------
<PAGE>
Water & Sewer Revenue - 2.6%
Baa1 A $1,985 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 $ 2,202,354
----------
Total tax-exempt
investments (identified
cost, $83,167,449) $85,676,077
==========
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 September 30, 1995, 36.5% 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 range from 5.4% to 13.9% of total
investments.
See notes to financial statements
<PAGE>
New York Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
-------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
- ------ ----- ------ ------------------------- -------------
Education - 9.5%
Aaa AA+ $ 500 Dormitory Authority of
the State of New York,
Columbia University,
5.10%, 7/1/01 $ 516,525
Aa AA 2,250 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/20 2,539,035
Aa AA 1,000 Dormitory Authority of
the State of New York,
Cornell University,
7.375%, 7/1/30 1,128,460
NR AA 1,000 Dormitory Authority of
the State of New York,
Manhattan College,
6.10%, 7/1/04 1,094,020
A1 A+ 5,955 Dormitory Authority of
the State of New York,
University of
Rochester, 6.50%,
7/1/09 6,179,444
Baa1 BBB 1,000 Dormitory Authority of
the State of New York,
City University, 6.10%,
7/1/01 1,053,200
Baa1 BBB+ 1,000 Dormitory Authority of
the State of New York,
State University,
7.25%, 5/15/99 1,083,430
Baa1 BBB+ 1,000 Dormitory Authority of
The State of New York,
State University,
5.20%, 5/15/03 999,310
-----------
$14,593,424
-----------
Electric Utility - 2.9%
Aa AA- $3,125 Power Authority of the
State of New York,
6.60%, 1/1/02 $ 3,469,406
Aa AA- 970 Power Authority of the
State of New York,
7.875%, 1/1/07 1,056,301
-----------
$ 4,525,707
-----------
Escrowed/Prerefunded - 15.5%
Aaa AAA $1,710 The City of New York,
Escrowed to Maturity,
(AMBAC), 6.25%, 8/1/02 $ 1,873,527
Aaa NR 2,250 Dormitory Authority of
the State of New York,
State University,
Prerefunded to 5/15/02,
6.75%, 5/15/21 2,556,338
Aaa AAA 5,000 New York Local
Government Assistance
Corporation,
Prerefunded to 4/1/01,
7.00%, 4/1/16 5,680,500
Aaa AAA 2,000 New York State Housing
Finance Agency,
Escrowed to Maturity,
6.80%, 5/15/01 2,224,480
Aaa AAA 900 New York State Housing
Finance Authority,
State University,
Escrowed to Maturity,
7.80%, 5/1/01 1,044,954
Aaa AA- 2,275 Power Authority of the
State of New York,
Prerefunded to 1/1/96,
7.375%, 1/1/18 2,339,724
NR AA- 2,750 Power Authority of the
State of New York,
Prerefunded to 1/1/98,
8.00%, 1/1/17 3,019,280
Aaa AAA 2,500 Suffolk County, New
York Water Authority,
(AMBAC), Prerefunded to
6/1/02, 6.00%, 6/1/17 2,735,525
Aaa A+ 1,900 Triborough Bridge and
Tunnel Authority,
Prerefunded to 1/1/95,
7.25%, 1/1/06 2,141,984
-----------
$23,616,312
-----------
General Obligations - 8.1%
Baa1 BBB+ $ 500 The City of New York,
6.875%, 2/1/02 $ 533,510
Baa1 BBB+ 1,000 The City of New York,
6.375%, 8/1/05 1,028,740
Baa1 BBB+ 3,000 The City of New York,
6.40%, 8/1/03 3,130,770
Baa1 BBB+ 1,500 The City of New York,
6.375%, 8/1/06 1,527,660
A A- 1,500 State of New York,
7.50%, 11/15/00 1,710,765
A A- 1,000 State of New York,
7.50%, 11/15/01 1,155,830
A A- 2,000 State of New York,
7.00%, 11/15/02 2,277,880
Baa1 A 1,000 Puerto Rico
Commonwealth, 6.35%,
7/1/10 1,055,680
-----------
$12,420,835
-----------
Hospitals - 5.4%
Baa BBB $ 500 Cortland County
Industrial Development
Agency, Cortland
Memorial Hospital Inc.
Project, 6.15%, 7/1/02 $ 510,710
NR AAA 2,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.40%,
8/15/00 2,056,600
NR AAA 3,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.50%,
8/15/01 3,112,230
<PAGE>
Hospitals (continued)
Baa1 BBB+ 1,415 New York State Medical
Care Facilities Finance
Agency, Hospital and
Nursing Home Revenue
Bonds, 7.625%, 2/15/08 1,523,219
Aa AA 1,000 New York State Medical
Care Facilities Finance
Agency, Hospital and
Nursing Home Revenue
Bonds, 7.50%, 2/15/09 1,094,350
-----------
$ 8,297,109
-----------
Housing - 0.7%
NR AAA $1,050 New York City Housing
Development
Corporation, 6.70%,
6/1/00 $ 1,109,430
-----------
Industrial Development
Revenue - 0.7%
A NR $1,045 United Nations
Development
Corporation, 5.70%,
7/1/02 $ 1,099,152
-----------
Insured Education - 2.8%
Aaa AAA $1,075 Dormitory Authority of
the State of New York,
Mt. Sinai School of
Medicine, (MBIA),
6.75%, 7/1/09 $ 1,163,763
Aaa AAA 2,000 Dormitory Authority of
the State of New York,
(FGIC), 7.00% 7/1/13 2,173,660
Aaa AAA 1,000 Dormitory Authority of
the State of New York,
City University,
(FGIC), 5.25%, 7/1/06 1,015,510
-----------
$ 4,352,933
-----------
Insured General
Obligations - 2.3%
Aaa AAA $ 765 Brookhaven, New York,
(MBIA), 5.50%, 5/1/02 $ 800,557
Aaa AAA 2,750 Nassau County, New
York, (FGIC), 5.10%,
8/1/04 2,790,783
-----------
$ 3,591,340
-----------
Insured Hospital - 4.9%
Aaa AAA $4,450 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.10%, 2/15/04 $ 4,815,657
Aaa AAA 2,500 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.20%, 2/15/05 2,723,900
-----------
$ 7,539,557
-----------
Insured Housing - 1.3%
Aa AA $2,000 New York City Housing
Development
Corporation, (FHA),
5.40%, 11/1/05 $ 1,998,360
-----------
Insured Miscellaneous - 0.7%
Aaa AAA $1,000 New York State
Municipal Bond Bank
Agency, (AMBAC),
6.625%, 3/15/06 $ 1,089,480
-----------
Insured Solid Waste - 0.7%
Aaa AAA $1,000 Duchess County Resource
Recovery Agency,
(FGIC), 7.20%, 1/1/02 $ 1,114,730
-----------
Insured Special Tax - 0.7%
Aaa AAA $1,500 Municipal Assistance
Corporation for the
City of New York,
(MBIA), 6.875%, 7/1/01 $ 1,060,030
-----------
Insured Transportation - 8.6%
Aaa AAA $ 905 Metropolitan
Transportation
Authority for the City
of New York, (MBIA),
5.60%, 7/1/01 $ 951,065
Aaa AAA 1,135 Metropolitan
Transportation
Authority for the City
of New York, (MBIA),
5.80%, 7/1/03 1,209,081
Aaa AAA 3,500 The Port Authority of
New York and New
Jersey, (MBIA), 6.375%,
10/15/17 3,632,020
Aaa AAA 2,500 The Port Authority of
New York and New
Jersey, (AMBAC), 7.40%,
10/1/12 2,806,725
Aaa AAA 2,000 Triborough Bridge and
Tunnel Authority,
(MBIA), 6.20%, 1/1/01 2,157,980
Aaa AAA 2,290 Triborough Bridge and
Tunnel Authority,
(FGIC), 5.80%, 1/1/02 2,432,324
-----------
$13,189,195
-----------
<PAGE>
Insured Utility - 5.0%
Aaa AAA $5,280 New York State Energy
Research and
Development Authority,
Central Hudson Gas,
(FGIC), 7.375%,
10/1/14 $ 5,955,365
Aaa AAA 1,600 New York State Power
Authority, (MBIA),
7.875%, 1/1/13 1,755,344
-----------
$ 7,710,709
-----------
Insured Water & Sewer - 2.7%
Aaa AAA $1,000 Buffalo New York Sewer
Authority, (FGIC),
5.00%, 7/1/03 $ 1,014,020
Aaa AAA 1,000 New York City Municipal
Water Finance
Authority, (FGIC),
6.00%, 6/15/19 1,003,170
Aaa AAA 1,000 New York City Municipal
Water Finance
Authority, (AMBAC),
5.55%, 6/15/01 1,045,530
Aaa AAA 1,000 New York City Municipal
Water Finance
Authority, (AMBAC),
5.80%, 6/15/03 1,060,340
-----------
$ 4,123,060
-----------
Lease Revenue/
Certificates of
Participation - 5.8%
A1 AA $3,000 Battery Park City
Authority, 6.00%,
11/1/03 $ 3,223,950
A1 AA 3,500 Housing New York
Corporation, 6.00%,
11/1/03 3,659,075
Baa1 A 2,000 Puerto Rico Public
Buildings Authority,
5.30%, 7/1/03 2,033,200
-----------
$ 8,916,225
-----------
Special Tax Revenue - 8.5%
Aa AA- $2,975 Municipal Assistance
Corporation for the
City of New York,
5.75%, 7/1/08 $ 3,047,412
Aa AA- 2,500 Municipal Assistance
Corporation for the
City of New York,
7.30%, 7/1/08 2,786,175
Aa AA- 1,000 Municipal Assistance
Corporation for the
City of New York,
6.75%, 7/1/96 1,058,650
A A 1,750 New York Local
Government Assistance
Corporation, 7.00%,
4/1/04 1,945,615
A A 2,120 New York Local
Government Assistance
Corporation, 7.20%,
4/1/04 2,378,237
A A 750 New York Local
Government Assistance
Corporation, 5.90%,
4/1/05 791,985
Baa1 BBB+ 660 New York State Medical
Care Facilities Finance
Agency, Mental Health
Services Facilities,
7.10%, 8/15/01 717,783
Baa1 BBB+ 350 Puerto Rico
Infrastructure
Financing Authority,
7.60%, 7/1/00 383,184
-----------
$13,109,041
-----------
Transportation - 7.6%
Baa1 BBB $1,000 Metropolitan
Transportation
Authority, 5.375%,
7/1/02 $ 1,017,140
A1 A 1,750 New York State Thruway
Authority, 5.375%,
1/1/02 1,809,290
Baa1 BBB 1,500 New York State Thruway
Authority, 5.80%,
4/1/00 1,553,220
Baa1 BBB 2,000 New York State Thruway
Authority, 6.00%,
4/1/02 2,086,060
Baa1 BBB 1,000 New York State Thruway
Authority, 6.00%,
4/1/03 1,039,050
Baa1 A 2,850 Puerto Rico Highway
Authority, 6.75%,
7/1/05 3,087,918
Aa A+ 1,000 Triborough Bridge and
Tunnel Authority,
6.75%, 1/1/02 1,090,630
-----------
$11,683,308
-----------
Water & Sewer Revenue - 5.6%
A A- $1,825 New York City Municipal
Water Finance
Authority, 5.70%,
6/15/02 $ 1,909,461
Aa AA- 1,000 New York State
Environmental
Facilities Corporation,
7.50%, 3/15/11 1,105,490
Aa A 1,000 New York State
Environmental
Facilities Corporation,
6.90%, 6/15/02 1,128,390
Aa A 1,125 New York State
Environmental
Facilities Corporation,
6.50%, 6/15/04 1,224,641
Aaa AAA 1,000 New York State
Environmental
Facilities Corporation,
County of Westchester
Project, 6.30%, 9/15/05 1,095,127
<PAGE>
Water & Sewer Revenue (continued)
Aa A 2,000 New York State
Environmental
Facilities Corporation,
New York City Municipal
Water Finance
Authority, 6.60%,
6/15/05 2,181,740
-----------
$ 8,644,849
-----------
Total tax-exempt
investments (identified
cost $150,966,523) $153,784,786
===========
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 September 30, 1995, 29.7% 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 range from 9.0% to 11.4% of total
investments.
See notes to financial statements
<PAGE>
Ohio Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- --------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ ---------------------------- ------------
Education - 5.7%
A NR $ 325 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 6.875%, 8/1/98 $ 339,099
A1 A+ 500 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.75%, 8/1/03 513,570
A1 NR 1,200 The Student Loan Funding
Corporation of Cincinatti,
(AMT), 5.95%, 8/1/05 1,232,316
----------
$2,084,985
----------
Escrowed - 4.7%
Aaa AAA $ 650 Clermont County, Ohio,
Water Works, (AMBAC),
Prerefunded to 12/1/01,
6.625%, 12/1/16 $ 731,530
NR NR 900 Franklin County, Ohio,
Prerefunded to 12/1/01,
6.375%, 12/1/20 998,361
----------
$1,729,891
----------
General Obligations - 16.7%
NR A+ $ 750 City of Cincinatti School
District, (Hamilton
County, Ohio) Revenue
Anticipation Notes, 6.05%,
6/15/00 $ 789,585
NR NR 500 Cleveland, Ohio, City
School District, 6.50%,
6/15/97 502,560
Aaa AAA 1,090 Columbus, Ohio, 6.30%,
1/1/05 1,192,776
NR NR 300 Kings County, Ohio, Local
School District, 7.60%,
12/1/10 336,324
Aa AA 200 State of Ohio,
Infrastructure Improvement
Bonds, 6.50%, 8/1/04 224,514
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.25%, 7/1/08 1,064,290
A NR 1,000 Wauseon, Ohio School
District, 7.25%, 12/1/10 1,089,850
NR NR 924 Youngstown, Ohio, County
School District, 6.40%,
7/1/00 955,083
----------
$6,154,982
----------
Health Care - 8.5%
Aa2 NR $1,250 Hamilton County, Ohio
Hospital Facilities,
(Episcopal Retirement
Homes, Inc.), 6.80%,
1/1/08 $1,363,675
NR BBB- 680 Marion County, Ohio,
Health Care Facilties,
(United Church Homes
Project), 5.25%, 11/15/98 669,814
Aa2 NR 1,000 Warren County, Ohio,
Hospital Facilities,
(Otterbein Homes Project),
7.20,
7/1/11 1,104,030
----------
$3,137,519
----------
Hospitals - 7.0%
A A- $1,000 Erie County Hospital
Improvement (Fireland
Community Hospital
Project), 6.75%, 1/1/08 $1,059,410
Baa BBB 500 Hamilton County Ohio
Health System (Providence
Hospital Project), 6.00%,
7/1/01 506,960
NR NR 990 Mt. Vernon Ohio Hospital,
(Knox Community Hospital),
7.875%, 6/1/12 1,025,531
----------
$2,591,901
----------
Industrial Development
Revenue - 8.1%
NR A- $1,020 Ohio Economic Development
Commission, (ABS
Industries) (AMT), 6.00%,
6/1/04 $1,035,014
NR A- 1,000 Ohio Economic Development
Commission, (Ohio
Enterprise Bond
Fund-Progress Plastics
Products), (AMT), 5.60%,
6/1/02 1,005,980
NR A- 855 Ohio Economic Development
Commission, (Ohio
Enterprise Bond
Fund-Progress Plastics
Products), (AMT), 6.80%,
12/1/01 928,564
----------
$2,969,558
----------
Insured Education - 3.7%
Aaa AAA $ 350 Ohio State Public
Facilities Commission,
(Higher Educational
Facilities), (AMBAC),
6.50%, 12/1/01 381,651
<PAGE>
Insured Education (continued)
Aaa AAA 1,000 Ohio State Public
Facilities Commission,
(Higher Educational
Facilities), (AMBAC),
4.70%, 6/1/05 985,450
----------
$ 1,367,101
----------
Insured General
Obligations - 23.5%
Aaa AAA $1,615 Cleveland, Ohio, (MBIA),
6.50%, 11/15/01 $ 1,784,963
Aaa AAA 1,350 Mt. Vernon County, Ohio,
Local School District,
(FGIC), 7.50%, 12/1/14 1,571,508
Aaa AAA 1,760 Southwest Licking Ohio
School Facilities
Improvement, (FGIC),
7.10%, 12/1/16 1,985,245
Aaa AAA 1,000 West Clermont Ohio School
District, (AMBAC), 7.125%,
12/1/19 1,140,990
Aaa AAA 1,500 West Clermont Ohio School
District, (AMBAC), 6.90%,
12/1/12 1,672,680
Aaa AAA 400 West Geauga, Ohio, Local
School District, (AMBAC),
8.10%, 11/1/03 482,712
----------
$ 8,638,098
----------
Insured Hospitals - 6.7%
Aaa AAA $1,080 Portage County Ohio
Hospital Revenue Bonds,
(Robinson Hospital
Project), (MBIA), 6.50%,
11/15/03 $ 1,195,236
Aaa AAA 1,150 Portage County Ohio
Hospital Revenue Bonds,
(Robinson Hospital
Project), (MBIA), 6.50%,
11/15/04 1,275,845
----------
$ 2,471,081
----------
Insured Utilties - 3.4%
Aaa AAA $ 500 Clevelend, Ohio, Public
Power System, (MBIA),
6.10%, 11/15/03 $ 546,385
Aaa AAA 650 Clevelend, Ohio, Public
Power System, (MBIA),
7.00%, 11/15/17 712,875
----------
$ 1,259,260
----------
Lease Revenue/Certificate
of Participation - 1.5%
A1 A+ $ 500 Ohio Building Authority,
(State Correctional
Facilities) 6.50%, 10/1/04 $ 547,760
----------
Special Tax - 1.4%
NR NR $ 504 Columbus Ohio Special
Assessment, 6.05%, 9/15/05 $ 505,054
----------
Utility - 0.9%
NR BBB $ 350 Guam Power Authority,
5.10%, 10/1/03 $ 344,813
----------
Water & Sewer Revenue - 8.2%
A1 AA- $ 900 Hamilton County Ohio Sewer
System, (The Metropolitan
District of Greater
Cincinatti), 6.40%,
12/1/02 $ 986,652
A1 A 850 Ohio State Water
Development Authority,
Pollution Control
Facilities, (Phillip
Morris Project),
7.25%,12/1/08 906,616
Baa1 A 1,000 Puerto Rico Aqueduct &
Sewer Authority, 7.875%,
7/1/17 1,109,500
----------
$ 3,002,768
----------
Total tax-exempt
investments (identified
cost, $35,685,052) $36,804,771
==========
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 September 30, 1995, 37.3% 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 range from 9.7% to 15.0% of total
investments.
See notes to financial statements
<PAGE>
Pennsylvania Limited Maturity Tax Free Portfolio
Portfolio of Investments - September 30, 1995 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- --------------------------
Principal
Standard Amount
& (000
Moody's Poor's omitted) Security Value
------ ----- ------ -------------------------- -------------
Education - 3.8%
NR AAA $ 700 Montgomery County Higher
Education and Health
Authority, (Saint
Joseph's University),
6.00%, 12/15/02 $ 747,481
Aa A+ 1,500 Pennsylvania Higher
Educational Facilities
Authority, (Thomas
Jefferson University),
5.90%, 8/15/00 1,598,130
Baa1 BBB 500 Pennsylvania Higher
Educational Facilities
Authority, (The Medical
College of
Pennsylvania), 7.25%,
3/1/05 530,465
A1 AA- 1,000 The Pennsylvania State
University Bonds, 6.25%,
3/1/06 1,073,770
-----------
$ 3,949,846
-----------
Escrowed/Prerefunded - 23.2%
Aaa AAA $1,000 Allegheny County,
Pennsylvania, Sanitation
Authority, (FGIC)
Prerefunded to 12/1/01,
6.50%, 12/1/16 $ 1,103,630
AAA A- 520 Chester County Health
and Education Facilities
Authority, (Bryn Mawr
Rehabilitation
Hospital), Escrowed to
Maturity, 6.50%, 7/1/02 568,786
Aaa AAA 500 Dauphin County Hospital
Authority, (Polyclinic
Medical Center of
Harrisburg), (MBIA),
Prerefunded to 8/15/99,
6.90%, 8/15/11 544,860
Aaa AAA 1,000 Harrisburg, Pennsylvania
Water Revenue Authority,
(FGIC), Prerefunded to
7/15/01, 7.00%, 7/15/06 1,123,210
Aaa AAA 1,355 Manheim Boro,
Pennsylvania, Water &
Sewer Authority, (MBIA),
Prerefunded to 9/1/01,
6.65%, 9/1/05 1,500,893
Aaa AAA 500 Pennsylvania Turnpike
Commission, (FGIC),
Escrowed to Maturity,
6.50%, 12/1/01 551,815
Aaa AAA 3,200 Philadelphia Municipal
Authority, Justice Lease
Revenue Bonds, (FGIC),
Prerefunded to 11/15/01,
7.10%, 11/15/11 3,679,648
Aaa NR 2,500 Philadelphia,
Pennsylvania, Hospital &
Higher Education,
(Children's Hospital),
Prerefunded to 2/15/02,
6.50%, 2/15/21 2,789,375
Aaa AAA 2,000 The Pittsburgh Water and
Sewer Authority, (FGIC),
Prerefunded to 9/1/01,
6.75%, 9/1/10 2,256,260
Aaa AAA 2,000 Pleasant Valley School
District (Monroe County,
Pennsylvania) (AMBAC),
Prerefunded to 3/15/01,
5.85%, 3/1/05 2,124,120
Aaa AAA 1,095 Schuykill County,
Pennsylvania,
Redevelopment Authority,
(FGIC), Prerefunded to
6/1/01, 6.75%, 6/1/02 1,210,117
Aaa AAA 1,500 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Escrowed to Maturity,
6.50%,
10/15/01 1,652,715
Aaa AAA 1,000 Somerset County,
Pennsylvania, General
Authority, (FGIC),
Prerefunded to 10/15/01,
7.00%, 10/15/13 1,127,920
Aa AA+ 500 Temple University of the
Commonwealth System,
Hospital & Higher
Education, Prerefunded
to 8/1/98, 6.90%, 8/1/99 534,880
Aaa AAA 3,000 County of Westmoreland,
Pennsylvania, (AMBAC),
Prerefunded to 8/1/01,
6.70%, 8/1/09 3,326,550
-----------
$24,094,779
-----------
General Obligations - 4.7%
Aa NR $ 325 Chester County,
Pennsylvania, 6.50%,
12/15/02 $ 357,448
<PAGE>
General Obligations (continued)
A1 AA- 1,220 Hatboro-Horsham School
District of Montgomery
County, Pennsylvania,
6.70%, 4/1/08 1,319,125
A1 AA- 1,500 Commonwealth of
Pennsylvania, 6.00%,
9/15/01 1,617,015
Baa1 A 1,000 The Commomwealth of
Puerto Rico, Public
Improvement Refunding
Bonds, 5.50%, 7/1/01 1,042,320
Baa1 A 500 Puerto Rico Public
Building Authority,
6.00%, 7/1/99 526,045
-----------
$ 4,861,953
-----------
Health Care - 4.2%
NR NR $1,120 Delaware County,
Pennsylvania, Industrial
Development Authority,
(Glen Riddle Project),
8.125%, 9/1/05 $ 1,121,355
Aa AA 1,030 Geisinger, Pennsylvania,
Health System, 6.00%,
7/1/01 1,083,910
Aa AA 2,000 Geisinger, Pennsylvania,
Health System, 7.375%,
7/1/01 2,186,820
-----------
$ 4,392,085
-----------
Hospitals - 11.7%
NR AAA $1,030 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project),
(CLEE), 5.75%, 7/1/00 $ 1,072,292
NR AAA 825 Indiana County,
Pennsylvania, Hospital
Authority, (Indiana
Hospital Project),
(CLEE), 5.875%, 7/1/01 866,019
Baa1 BBB+ 1,000 Monroeville,
Pennsylvania, Hospital
Authority, (Forbes
Health), 5.75%, 10/1/05
(1) 983,610
A NR 500 New Castle Area Hospital
Authority, (St. Francis
Hospital of New Castle),
5.90%, 11/15/00 515,505
NR BBB 500 Northampton County
Hospital Authority,
(Easton Hospital) 6.90%,
1/1/02 514,700
Baa1 BBB+ 1,640 The Hospitals and Higher
Education Facilities
Authority of
Philadelphia, (Graduate
Health System), 6.70%,
7/1/98 1,704,895
Baa1 BBB+ 1,250 The Hospitals and Higher
Education Facilities
Authority of
Philadelphia, (Graduate
Health System), 6.90%,
7/1/00 1,328,450
Baa1 BBB+ 1,000 The Hospitals and Higher
Education Facilities
Authority of
Philadelphia, (Graduate
Health System), 7.00%,
7/1/05 1,073,840
Baa1 BBB+ 2,475 The Hospital and Higher
Education Facilities
Authority of
Philadelphia, (Temple
University Hospital),
6.00%, 11/15/00 2,524,921
Aa NR 1,535 Pottsville, PA, Hospital
Authority, (Daughters of
Charity), 4.75%, 8/15/03 1,495,612
-----------
$12,079,844
-----------
Housing - 3.7%
Aaa AAA $2,450 Pennsylvania Housing
Finance Agency, (FNMA),
5.70%, 7/1/02 $ 2,486,677
Aa AA 1,250 Pennsylvania Housing
Finance Agency, (FHA),
7.125%, 4/1/14 1,297,188
-----------
$ 3,783,865
-----------
Industrial Development
Revenue - 2.9%
NR A- $1,100 Butler County, PA
Industrial Development
Authority, (Sherwood
Oaks Project), 5.10%,
6/1/01 $ 1,074,073
NR NR 885 Chester County, PA,
Industrial Development
Authority, 8.00%, 9/1/05 886,805
A3 A- 1,000 Clinton County, PA,
Industrial Development
Authority,
(International Paper
Company), 5.375%, 5/1/04 1,006,430
-----------
$ 2,967,308
-----------
<PAGE>
Insured Education - 5.7%
Aaa AAA $2,280 Lycoming County
Authority,
Pennnsylvania, College
Revenue Bonds, (AMBAC),
6.00%, 11/1/01 $2,438,688
Aaa AAA 1,000 Northampton County
Higher Education
Authority, (Lehigh
University), (MBIA),
7.10%, 11/15/09 1,102,500
Aaa AAA 2,000 Pennsylvania State
Higher Education
Assistance Agency,
(FGIC), 6.80%, 12/1/00 2,145,760
Aaa AAA 250 Pennsylvania Higher
Educational Facilities
Authority (Bryn Mawr
College), (FGIC), 6.75%,
12/1/01 271,373
-----------
$5,958,321
-----------
Insured General
Obligations - 7.5%
Aaa AAA $ 915 Conestoga Valley School
Disrtict of Lancaster
County, Pennsylvania,
(FGIC), 6.80%, 5/1/03 $ 998,402
Aaa AAA 1,235 Dauphin County,
Pennsylvania, (MBIA),
6.00%, 8/1/02 1,323,253
Aaa AAA 265 Greensburg Salem School
District, (Westmoreland
County, Pennsylvania),
(MBIA), 5.80%, 9/15/01 282,649
Aaa AAA 1,000 Commonwealth of
Pennsylvania, (MBIA),
6.60%, 1/1/01 1,095,040
Aaa AAA 385 Pennsylvania Finance
Authority, (South Side
Area School District,
Beaver County Project),
(AMBAC), 5.40%, 9/1/01 399,549
Aaa AAA 1,000 Pennsylvania Public
School District Building
Authority, (Hazelton
Area School District
Project), (FGIC), 6.50%,
3/1/08 1,055,240
Aaa AAA 275 The School District of
Philadelphia,
Pennsylvania, (AMBAC),
6.35%, 5/15/02 298,568
Aaa AAA 750 Pocono Mountain School
District, Monroe County,
Pennsylvania, (AMBAC),
5.90%, 10/1/02 795,113
Aaa AAA 1,385 City of Pittsburgh,
Pennsylvania, (MBIA),
6.00%, 9/1/01 1,494,637
-----------
$7,742,451
-----------
Insured Health Care - 2.1%
Aaa AAA $2,050 Sayre Health Care
Facilities Authority,
(Guthrie Medical
Center), (AMBAC), 6.50%,
3/1/00 $2,208,773
-----------
Insured Hospitals - 9.6%
Aaa AAA $2,215 The Hospital Authority
of Beaver County,
Pennsylvania, (The
Medical Center of
Beaver, PA), (AMBAC),
5.90%, 7/1/00 $2,349,783
Aaa AAA 500 Delaware County
Authority of
Pennsylvania, (Crozer-
Chester Medical Center),
(MBIA), 7.10%, 12/15/99 549,170
Aaa AAA 2,000 Delaware County
Authority of
Pennsylvania, (Delaware
Memorial Hospital),
(MBIA), 5.125%, 8/15/06 1,987,520
Aaa AAA 1,000 Erie County,
Pennsylvania, Hospital
Authority, (Hamot Health
System), (AMBAC), 7.10%,
2/15/10 1,086,850
Aaa AAA 400 Franklin County
Industrial Development
Authority,
(The Chambersburg
Hospital Project),
(FGIC), 5.80%, 7/1/02 420,888
Aaa AAA 500 Lancaster County
Hospital Authority, (The
Lancaster General
Hospital Project),
(AMBAC), 5.80%, 7/1/01 528,900
Aaa AAA 525 Lehigh County General
Purpose Authority, (St.
Luke's Hospital of
Bethlehem, Pennsylvania
Project), (AMBAC),
5.70%, 7/1/01 552,185
<PAGE>
Insured Hospitals (continued)
Aaa AAA 250 Mt. Lebanon Hospital
Authority (Allegheny
County, Pennsylvania)
(St. Clair Memorial
Hospital), (FGIC),
5.90%, 7/1/02 264,330
Aaa AAA 2,100 Washington County
Hospital Authority,
(Shadyside Hospital
Project), (AMBAC),
5.80%, 12/15/02 2,214,597
-----------
$9,954,223
-----------
Insured Lease Revenue/
Certificates of
Participation - 3.0%
Aaa AAA $ 500 The Harrisburg Authority
(Dauphin County,
Pennsylvania), Lease
Revenue Bonds, (FGIC),
6.25%, 6/1/01 $ 538,075
Aaa AAA 1,000 Northumberland County
Authority, Pennsylvania,
Lease Revenue Bonds,
(MBIA), 6.50%, 10/15/01 1,101,810
Aaa AAA 500 The Philadelphia
Municipal Authority,
Justice Lease Revenue
Bonds, (MBIA), 6.40%,
11/15/98 534,020
Aaa AAA 810 The Philadelphia
Municipal Authority,
Justice Lease Revenue
Bonds, (MBIA), 6.60%,
11/15/00 890,757
-----------
$3,064,662
-----------
Insured Special Tax - 2.1%
Aaa AAA $2,070 Pennsylvania
Intergovernmental
Cooperation Authority,
(City of Philadelphia
Funding Program),
(FGIC), 6.00%, 6/15/02 $2,225,374
-----------
Insured Transportation - 4.3%
Aaa AAA $4,250 Pennsylvania State
Turnpike Commisssion,
(AMBAC), 6.25%, 6/1/11 $4,427,778
-----------
Insured Water & Sewer - 1.7%
Aaa AAA $ 700 Delaware County
Industrial Development
Authority, (Philadelphia
Suburban Water Conpany
Project), (FGIC), 5.95%,
6/1/02 $ 743,722
Aaa AAA 1,000 City of Philadelphia,
Pennsylvania, Water and
Wastewater Revenue
Bonds, (FSA), 4.875%,
6/15/01 1,012,570
-----------
$1,756,292
-----------
Solid Waste - 3.0%
Baa A- $ 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 5/15/99 $ 517,240
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.20%, 11/15/99 519,390
Baa A- 300 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 5/15/00 313,452
Baa A- 500 Greater Lebanon Refuse
Authority of Lebanon
County, Pennsylvania,
Solid Waste Revenue,
6.40%, 11/15/00 524,545
NR NR 1,200 Pennsylvania Economic
Development Financing
Authority, (Resource
Recovery for
Northampton), 6.75%,
1/1/07 1,206,396
-----------
$3,081,023
-----------
Special Tax Revenue - 0.5%
Baa1 BBB+ $ 250 Puerto Rico
Infrastructure Financing
Authority, Special Tax
Revenue Bonds, 7.60%,
7/1/00 $ 273,703
NR NR 250 Virgin Islands Public
Finance Authority, (V.I.
General Obligation/
Matching Fund Loan
Notes), 6.70%, 10/1/99 265,483
-----------
$ 539,186
-----------
Transportation - 3.6%
Aa3 AA- $2,550 Southeastern
Pennsylvania
Transportation
Authority, LOC: Canadian
Imperial Bank of
Commerce, 6.00%, 6/1/99 $2,681,886
<PAGE>
Transportation (continued)
Aa3 AA- 1,000 Southeastern
Pennsylvania
Transportation
Authority, LOC: Canadian
Imperial Bank of
Commerce, 6.00%, 6/1/01 1,063,860
-----------
$ 3,745,746
-----------
Utility - 1.0%
NR NR $1,000 Virgin Island Water &
Power Authority, 7.40%,
7/1/11 $ 1,050,210
-----------
Water & Sewer - 1.7%
NR AA $1,600 Pennsylvania
Infrastructure
Investment Authority,
(Pennvest Pool Program),
6.45%, 9/1/04 $ 1,764,684
-----------
Total tax-exempt
investments (identified
cost, $100,829,234) $103,648,403
===========
(1) When-issued security. At September 30, 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 September 30, 1995, 36.0% 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 range from 0.5% to 16.7% of total
investments.
See notes to financial statements
<PAGE>
Limited Maturity Tax Free Portfolios
Financial Statements
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<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 $66,519,577 $15,417,395 $134,625,228 $106,487,409 $24,819,371
Unrealized appreciation 2,001,701 372,557 4,742,218 2,618,077 1,050,285
-------- -------- --------- --------- ----------
Total investments, at
value (Note 1A) $68,521,278 $15,789,952 $139,367,446 $109,105,486 $25,869,656
Cash 150,948 11,199 717,672 459,999 485
Receivable for
investments sold -- 55,000 -- -- 1,079,040
Interest receivable 1,199,741 271,044 3,327,349 1,757,622 582,448
Deferred organization
expenses (Note 1D) 3,908 3,640 10,895 10,579 4,933
-------- -------- --------- --------- ----------
Total assets $69,875,875 $16,130,835 $143,423,362 $111,333,686 $27,536,562
-------- -------- --------- --------- ----------
Liabilities:
Demand note payable
(Note 5) $ -- $ -- $ -- $ -- $ 444,000
Payable to affiliates -
Trustees' fees 1,397 43 2,590 1,908 426
Custodian fees -- 72 2,618 1,350 339
Accrued expenses 1,507 1,125 2,693 2,338 1,272
-------- -------- --------- --------- ----------
Total liabilities $ 2,904 $ 1,240 $ 7,901 $ 5,596 $ 446,037
-------- -------- --------- --------- ----------
Net Assets applicable to
investors' interest in
Portfolio $69,872,971 $16,129,595 $143,415,461 $111,328,090 $27,090,525
======== ======== ========= ========= ==========
Sources of Net Assets:
Net proceeds from capital
contributions and
withdrawals $67,871,270 $15,757,038 $138,673,243 $108,710,013 $26,040,240
Unrealized appreciation
of investments
(computed on the basis
of identified cost) 2,001,701 372,557 4,742,218 2,618,077 1,050,285
-------- -------- --------- --------- ----------
Total $69,872,971 $16,129,595 $143,415,461 $111,328,090 $27,090,525
======== ======== ========= ========= ==========
</TABLE>
See notes to financial statements
<PAGE>
Statements of Assets and Liabilities
September 30, 1995 (Unaudited)
<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 $83,167,449 $150,966,523 $35,685,052 $100,829,234
Unrealized appreciation 2,508,628 2,818,263 1,119,719 2,819,169
-------- --------- -------- -----------
Total investments, at
value (Note 1A) $85,676,077 $153,784,786 $36,804,771 $103,648,403
Cash 671 621,235 274,726 413,143
Receivable for
investments sold 4,425,566 -- -- --
Interest receivable 1,552,264 2,769,529 722,895 1,560,256
Deferred organization
expenses (Note 1D) 4,578 6,647 3,838 6,923
-------- --------- -------- -----------
Total assets $91,659,156 $157,182,197 $37,806,230 $105,628,725
-------- --------- -------- -----------
Liabilities:
Demand note payable
(Note 5) $ 325,000 $ -- $ -- $ --
Payable for investments
purchased 1,819,085 -- -- 2,113,655
Payable to affiliates -
Trustees' fee 1,396 2,590 427 1,908
Custodian fees -- 3,034 98 --
Accrued expenses 2,220 2,750 1,454 2,438
-------- --------- -------- -----------
Total liabilities $ 2,147,701 $ 8,374 $ 1,979 $ 2,118,001
-------- --------- -------- -----------
Net Assets applicable to
investors' interest in
Portfolio $89,511,455 $157,173,823 $37,804,251 $103,510,724
======== ========= ======== ===========
Sources of Net Assets:
Net proceeds from capital
contributions and
withdrawals $87,002,827 $154,355,560 $36,684,532 $100,691,555
Unrealized appreciation
of investments
(computed on the basis
of identified cost) 2,508,628 2,818,263 1,119,719 2,819,169
-------- --------- -------- -----------
Total $89,511,455 $157,173,823 $37,804,251 $103,510,724
======== ========= ======== ===========
</TABLE>
<PAGE>
Statements of Operations
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest income (Note 1B) $2,055,893 $440,409 $4,047,304 $3,062,695 $ 835,120
------- ------- ------- --------- --------
Expenses -
Investment adviser fee
(Note 2) $ 176,371 $ 38,380 $ 351,182 $ 265,896 $ 69,945
Compensation of Trustees
not members of the
Investment Adviser's
organization 3,529 98 6,248 4,693 971
Custodian fees (Note 2) 19,955 5,833 39,730 27,475 9,006
Printing and postage -- 1,002 -- -- --
Legal and accounting
services 19,428 18,299 28,228 24,265 21,928
Amortization of
organization
expenses (Note 1D) 757 1,288 2,108 2,050 1,561
Miscellaneous 12,123 3,661 12,432 9,128 6,078
------- ------- ------- --------- --------
Total expenses $ 232,163 $ 68,561 $ 439,928 $ 333,507 $ 109,489
------- ------- ------- --------- --------
Deduct preliminary
reduction of
investment adviser fee
(Note 2) $ -- $ 35,286 $ -- $ -- $ --
Deduct reduction of
custodian fees
(Note 2) 18,486 4,013 12,321 11,608 7,047
------- ------- ------- --------- --------
Total $ 18,486 $ 39,299 $ 12,321 $ 11,608 $ 7,047
------- ------- ------- --------- --------
Net expenses $ 213,677 $ 29,262 $ 427,607 $ 321,899 $ 102,442
------- ------- ------- --------- --------
Net investment income $1,842,216 $411,147 $3,619,697 $2,740,796 $ 732,678
------- ------- ------- --------- --------
Realized and Unrealized
Gain (Loss) on
Investments:
Net realized gain (loss) -
Investment
transactions
(identified
cost basis) $ 258,229 $ 9,950 $ (9,718) $ (39,766) $ 89,569
Financial futures
contracts (392,888) (77,970) (785,149) (575,026) (155,939)
------- ------- ------- --------- --------
Net realized loss on
investments $ (134,659) $(68,020) $ (794,867) $ (614,792) $ (66,370)
------- ------- ------- --------- --------
Change in unrealized
appreciation -
Investments $1,393,879 $419,008 $3,885,734 $2,650,178 $ 536,892
Financial futures
contracts 69,703 13,600 142,806 100,304 27,201
------- ------- ------- --------- --------
Net unrealized
appreciation of
investments $1,463,582 $432,608 $4,028,540 $2,750,482 $ 564,093
------- ------- ------- --------- --------
Net realized and
unrealized gain on
investments $1,328,923 $364,588 $3,233,673 $2,135,690 $ 497,723
------- ------- ------- --------- --------
Net increase in net
assets from
operations $3,171,139 $775,735 $6,853,370 $4,876,486 $1,230,401
======= ======= ======= ========= ========
</TABLE>
<PAGE>
Statements of Operations
Six Months Ended September 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
New
Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income (Note 1B) $2,489,042 $4,335,568 $1,090,834 $2,890,795
------- ------- ------- ----------
Expenses -
Investment adviser fee
(Note 2) $ 215,061 $ 379,668 $ 90,213 $ 249,262
Compensation of Trustees
not members of the
Investment Adviser's
organization 3,200 6,248 972 4,694
Custodian fee (Note 2) 22,474 43,155 11,390 25,892
Legal and accounting
services 24,128 28,628 21,928 24,128
Amortization of
organization expenses
(Note 1D) 897 1,288 1,288 1,340
Miscellaneous 9,854 10,041 6,198 15,276
------- ------- ------- ----------
Total expenses $ 275,614 $ 469,028 $ 131,989 $ 320,592
Deduct reduction of
custodian fees
(Note 2) 13,592 25,625 4,597 13,572
------- ------- ------- ----------
Net expenses $ 262,022 $ 443,403 $ 127,392 $ 307,020
------- ------- ------- ----------
Net investment income $2,227,020 $3,892,165 $ 963,442 $2,583,775
------- ------- ------- ----------
Realized and Unrealized
Gain (Loss) on
Investments:
Net realized gain (loss) -
Investment
transactions
(identified cost
basis) $ (24,897) $ 268,341 $ 231,074 $ (314,525)
Financial futures
contracts (467,818) (834,507) (198,591) (545,788)
------- ------- ------- ----------
Net realized
gain (loss) on
investments $ (492,715) $ (566,166) $ 32,483 $ (860,313)
------- ------- ------- ----------
Change in unrealized
appreciation -
Investments $1,825,460 $3,600,346 $ 592,873 $2,650,194
Financial futures
contracts 81,604 147,906 32,301 95,204
------- ------- ------- ----------
Net unrealized
appreciation of
investments $1,907,064 $3,748,252 $ 625,174 $2,745,398
------- ------- ------- ----------
Net realized and
unrealized gain on
investments $1,414,349 $3,182,086 $ 657,657 $1,885,085
------- ------- ------- ----------
Net increase in net
assets from
operations $3,641,369 $7,074,251 $1,621,099 $4,468,860
======= ======= ======= ==========
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Six Months Ended September 30, 1995 (Unaudited)
<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 $ 1,842,216 $ 411,147 $ 3,619,697 $ 2,740,796 $ 732,678
Net realized loss on
investments (134,659) (68,020) (794,867) (614,792) (66,370)
Change in unrealized
appreciation of
investments 1,463,582 432,608 4,028,540 2,750,482 564,093
---------- --------- ---------- ---------- -----------
Net increase in net
assets from
operations $ 3,171,139 $ 775,735 $ 6,853,370 $ 4,876,486 $ 1,230,401
---------- --------- ---------- ---------- -----------
Capital transactions -
Contributions $ 1,290,241 $ 601,391 $ 4,437,740 $ 2,320,808 $ 520,163
Withdrawals (16,932,134) (2,563,149) (32,454,564) (14,988,746) (7,858,055)
---------- --------- ---------- ---------- -----------
Decrease in net
assets resulting
from capital
transactions $(15,641,893) $(1,961,758) $(28,016,824) $(12,667,938) $(7,337,892)
---------- --------- ---------- ---------- -----------
Total decrease in
net assets $(12,470,754) $(1,186,023) $(21,163,454) $ (7,791,452) $(6,107,491)
Net Assets:
At beginning of period 82,343,725 17,315,618 164,578,915 119,119,542 33,198,016
---------- --------- ---------- ---------- -----------
At end of period $ 69,872,971 $16,129,595 $143,415,461 $111,328,090 $27,090,525
========== ========= ========== ========== ===========
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Six Months Ended September 30, 1995 (Unaudited)
<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 $ 2,227,020 $ 3,892,165 $ 963,442 $ 2,583,775
Net realized gain (loss)
on investments (492,715) (566,166) 32,483 (860,313)
Change in unrealized
appreciation of
investments 1,907,064 3,748,252 625,174 2,745,398
---------- ---------- --------- ------------
Net increase in net
assets from operations $ 3,641,369 $ 7,074,251 $ 1,621,099 $ 4,468,860
---------- ---------- --------- ------------
Capital transactions -
Contributions $ 1,142,131 $ 5,054,457 $ 818,313 $ 2,639,124
Withdrawals (12,551,720) (28,587,309) (4,070,535) (17,203,305)
---------- ---------- --------- ------------
Decrease in net assets
resulting from capital
transactions $(11,409,589) $(23,532,852) $(3,252,222) $(14,564,181)
---------- ---------- --------- ------------
Total decrease in net
assets $ (7,768,220) $(16,458,601) $(1,631,123) $(10,095,321)
Net Assets:
At beginning of period 97,279,675 173,632,424 39,435,374 113,606,045
---------- ---------- --------- ------------
At end of period $ 89,511,455 $157,173,823 $37,804,251 $103,510,724
========== ========== ========= ============
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Year Ended 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>
Increase (Decrease) in Net
Assets:
From operations -
Net investment income $ 4,317,764 $ 874,089 $ 8,483,858 $ 5,912,832 $ 1,731,146
Net realized loss on
investments (3,541,623) (562,025) (4,072,437) (2,100,952) (1,889,732)
Net unrealized
appreciation of
investments 2,987,188 573,926 5,067,690 2,792,609 1,913,469
---------- -------- ---------- --------- -----------
Net increase in net
assets from operations $ 3,763,329 $ 885,990 $ 9,479,111 $ 6,604,489 $ 1,754,883
---------- -------- ---------- --------- -----------
Capital transactions -
Contributions $ 14,449,584 $ 4,383,626 $ 29,535,670 $ 17,263,223 $ 8,180,397
Withdrawals (31,573,058) (4,720,895) (60,412,518) (24,520,587) (12,345,746)
---------- -------- ---------- --------- -----------
Decrease in net assets
resulting from capital
transactions $(17,123,474) $ (337,269) $(30,876,848) $ (7,257,364) $ (4,165,349)
---------- -------- ---------- --------- -----------
Total decrease in
net assets $(13,360,145) $ 548,721 $(21,397,737) $ (652,875) $ (2,410,466)
Net Assets:
At beginning of year 95,703,870 16,766,897 185,976,652 119,772,417 35,608,482
---------- -------- ---------- --------- -----------
At end of year $ 82,343,725 $17,315,618 $164,578,915 $119,119,542 $ 33,198,016
========== ======== ========== ========= ===========
</TABLE>
<PAGE>
Statements of Changes in Net Assets
Year Ended March 31, 1995
<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 $ 4,840,639 $ 8,821,606 $ 1,988,159 $ 5,762,059
Net realized loss on
investments (2,432,985) (2,970,287) (1,848,899) (1,989,932)
Net unrealized
appreciation of
investments 2,933,058 3,317,903 1,939,481 2,563,670
---------- ---------- -------- ------------
Net increase in net
assets from
operations $ 5,340,712 $ 9,169,222 $ 2,078,741 $ 6,335,797
---------- ---------- -------- ------------
Capital transactions -
Contributions $ 13,706,598 $ 23,864,886 $ 8,548,567 $ 15,664,244
Withdrawals (24,715,358) (43,169,334) (9,169,484) (32,013,516)
---------- ---------- -------- ------------
Decrease in net assets
resulting from capital
transactions $(11,008,760) $(19,304,448) $ (620,917) $(16,349,272)
---------- ---------- -------- ------------
Total decrease in net
assets $ (5,668,048) $(10,135,226) $ 1,457,824 $(10,013,475)
Net Assets:
At beginning of year 102,947,723 183,767,650 37,977,550 123,619,520
---------- ---------- -------- ------------
At end of year $ 97,279,675 $173,632,424 $39,435,374 $113,606,045
========== ========== ======== ============
</TABLE>
<PAGE>
Supplementary Data
<TABLE>
<CAPTION>
California Connecticut
Limited Portfolio Limited Portfolio
------------------------------------ -------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ -------------------
Six Months Six Months
Ended Ended
September 30, September 30,
1995 1995
(unaudited) 1995 1994** (unaudited) 1995 1994*
-------------- ------- ------- -------------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a
percentage of
average daily net
assets)++:
Net expenses 0.60%+ 0.53% 0.46%+ 0.39%+ 0.17% 0.00%+
Net investment
income 4.80%+ 4.72% 4.50%+ 4.87%+ 4.95% 4.53%+
Portfolio Turnover 8% 56% 6% 25% 73% 39%
Net Assets, end of
period
(000 omitted) $69,873 $82,344 $95,704 $16,130 $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):
Expenses 0.52%+ 0.81%+ 0.67% 0.62%+
Net investment
income 4.44%+ 4.45%+ 4.45% 3.92%+
</TABLE>
<TABLE>
<CAPTION>
Florida Massachusetts
Limited Portfolio Limited Portfolio
------------------------------------ -------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ -------------------
Six Months Six Months
Ended Ended
September 30, September 30,
1995 1995
(unaudited) 1995 1994** (unaudited) 1995 1994**
-------------- ------- ------- -------------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a
percentage of
average daily net
assets):
Net expenses 0.57%+ 0.52% 0.49%+ 0.57%+ 0.54% 0.52%+
Net investment
income 4.71%+ 4.73% 4.53%+ 4.70%+ 4.90% 4.57%+
Portfolio Turnover 3% 44% 8% 4% 46% 8%
Net Assets, end of
period
(000 omitted) $143,415 $164,579 $185,977 $111,328 $119,120 $119,772
</TABLE>
+ Annualized.
* or 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
<TABLE>
<CAPTION>
Michigan New Jersey
Limited Portfolio Limited Portfolio
---------------------------------- -------------------------------------
Year Ended Year Ended
March 31, March 31,
---------------- -------------------
Six Months Six Months
Ended Ended
September 30, September 30,
1995 1995
(unaudited) 1995 1994* (unaudited) 1995 1994**
-------------- ------ ------ -------------- ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a
percentage of
average daily net
assets)++:
Net expenses 0.73%+ 0.48% 0.00%+ 0.59%+ 0.54% 0.54%+
Net investment income 4.91%+ 4.88% 4.62%+ 4.74%+ 4.73% 4.53%+
Portfolio Turnover 17% 111% 30% 17% 44% 10%
Net Assets, end of
period
(000 omitted) $27,091 $33,198 $35,608 $89,511 $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):
Expenses 0.59% 0.54%+
Net investment income 4.77% 4.08%+
</TABLE>
<TABLE>
<CAPTION>
New York Ohio
Limited Portfolio Limited Portfolio
------------------------------------ ------------------------------------
Year Ended Year Ended
March 31, March 31,
------------------ ------------------
Six Months Six Months
Ended Ended
September 30, September 30,
1995 1995
(unaudited) 1995 1994** (unaudited) 1995 1994*
-------------- ------- ------- -------------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Ratios (As a percentage
of average daily net
assets)++:
Net expenses 0.56%+ 0.52% 0.47%+ 0.68%+ 0.46% 0.00%+
Net investment income 4.65%+ 4.79% 4.50%+ 5.00%+ 4.96% 4.68%+
Portfolio Turnover 12% 31% 5% 33% 120% 33%
Net Assets, end of period
(000 omitted) $157,174 $173,632 $183,768 $37,804 $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):
Expenses 0.58% 0.54%+
Net investment income 4.84% 4.14%+
</TABLE>
+ 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
--------------------------------------
Six Months
Ended
September 30, Year Ended March
1995 31,
-------------------
(unaudited) 1995 1994**
--------------- ------- --------
Ratios (As a percentage of average daily net assets):
Net expenses 0.59%+ 0.53% 0.50%+
Net investment income 4.74%+ 4.77% 4.59%+
Portfolio Turnover 11% 39% 12%
Net Assets, end of period
(000 omitted) $103,511 $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
(Unaudited)
(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.
H. Interim Financial Information - The interim financial statements relating
to September 30, 1995 and for the six month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Portfolio's management, reflect all adjustments, consisting only of
normal recurring adjustments, necessary for the fair presentation of the
financial statements.
<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 six months ended September 30, 1995, each Portfolio paid
advisory fees as follows:
Six Months Ended
September 30, 1995
-------------------------
Effective
Portfolio Amount Rate*
------------------------------ ------- --------------
California Limited $176,371 0.46%
Connecticut Limited 38,380 0.46%
Florida Limited 351,182 0.46%
Massachusetts Limited 265,896 0.46%
Michigan Limited 69,945 0.47%
New Jersey Limited 215,061 0.46%
New York Limited 379,668 0.45%
Ohio Limited 90,213 0.47%
Pennsylvania Limited 249,262 0.46%
To enhance the net income of the Connecticut Limited Portfolio, BMR made a
preliminary reduction of its fees in the amount of $35,286 for the six months
ended September 30, 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. For the six months ended September 30, 1995,
credits used to reduce custodian fees amounted to $18,486, $4,013, $12,321,
$11,608, $7,047, $13,592, $25,625, $4,597 and $13,572 for the California
Limited Portfolio, Connecticut Limited Portfolio, Florida Limited Portfolio,
Massachusetts Limited Portfolio, Michigan Limited Portfolio, New Jersey
Limited Portfolio, New York Limited Portfolio, Ohio Limited Portfolio and
Pennsylvania Limited Portfolio, respectively. 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 six months ended September 30, 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 six months ended September 30, 1995 were as
follows:
California Connecticut Florida Massachusetts Michigan
Limited Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- ----------- ---------
Purchases $ 6,607,831 $4,125,355 $ 5,162,750 $ 4,003,173 $ 4,897,812
Sales 17,509,328 5,470,573 29,275,564 13,451,271 11,525,334
New
Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- -----------
Purchases $15,200,880 $18,971,165 $12,407,753 $11,758,908
Sales 25,889,803 34,910,838 14,670,529 22,905,817
<PAGE>
(4) Federal Income Tax Basis of Investments
The cost and unrealized appreciation/depreciation in value of the investments
owned by each Portfolio at September 30, 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 $66,519,577 $15,417,395 $134,625,229 $106,487,409 $24,819,371
======= ======= ======= ========= =======
Gross
unrealized
appreciation $ 2,135,020 $ 408,314 $ 4,948,721 $ 2,684,696 $ 1,053,224
Gross
unrealized
depreciation 133,319 35,757 206,503 66,619 2,939
------- ------- ------- --------- -------
Net
unrealized
appreciation $ 2,001,701 $ 372,557 $ 4,742,218 $ 2,618,077 $ 1,050,285
========= =========== ============ ============ ===========
</TABLE>
New
Jersey New York Ohio Pennsylvania
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- -----------
Aggregate cost $83,167,449 $150,966,523 $35,685,052 $100,829,234
======= ======= ======= =========
Gross
unrealized
appreciation $ 2,594,969 $ 3,131,891 $ 1,130,783 $ 2,972,292
Gross
unrealized
depreciation 86,341 313,628 11,064 153,123
------- ------- ------- ---------
Net
unrealized
appreciation $ 2,508,628 $ 2,818,263 $ 1,119,719 $ 2,819,169
======= ======= ======= =========
(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 period.
(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. The Portfolios had no such obligations outstanding at
September 30, 1995.
<PAGE>
Investment Management
Funds
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President, Trustee
Robert B. MacIntosh
Vice President
James L. O'Connor
Treasurer
Thomas Otis
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspaper of
New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of
Investment Banking, Harvard University
Graduate School of Business Administration
Norton H. Reamer
President and Director,
United Asset Management Corporation
John L. Thorndike
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser
and Consultant
Portfolios
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President, Trustee
Robert B. MacIntosh
Vice President
William H. Ahern, Jr.
Vice President and Portfolio Manager of
Connecticut, Michigan, New Jersey,
and Ohio Limited Maturity Tax Free
Portfolios
Raymond E. Hender
Vice President and Portfolio Manager
of California, Florida, Massachusetts,
New York, and Pennsylvania Limited
Maturity Tax Free Portfolios
James L. O'Connor
Treasurer
Thomas Otis
Secretary
Independent Trustees
Donald R. Dwight
President, Dwight Partners, Inc.
Chairman, Newspaper of
New England, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of
Investment Banking, Harvard University
Graduate School of Business Administration
Norton H. Reamer
President and Director,
United Asset Management Corporation
John L. Thorndike
Director, Fiduciary Company Incorporated
Jack L. Treynor
Investment Adviser
and Consultant
<PAGE>
Investment Adviser of Limited Maturity Tax Free Portfolios
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of EV Classic Limited Maturity Tax Free Funds
Eaton Vance Management
24 Federal Street
Boston, MA 02110
Principal Underwriter
Eaton Vance Distributors, Inc.
24 Federal Street
Boston, MA 02110
(617) 482-8260
Custodian
Investors Bank & Trust Company
24 Federal Street
Boston, MA 02110
Transfer Agent
The Shareholder Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
<PAGE>
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<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
