Eaton Vance Investment Trust
For the Funds:
(bullet) EV Traditional California Limited Maturity Municipals Fund
(bullet) EV Traditional Connecticut Limited Maturity Municipals Fund
(bullet) EV Traditional Florida Limited Maturity Municipals Fund
(bullet) EV Traditional Michigan Limited Maturity Municipals Fund
(bullet) EV Traditional New Jersey Limited Maturity Municipals Fund
(bullet) EV Traditional New York Limited Maturity Municipals Fund
(bullet) EV Traditional Ohio Limited Maturity Municipals Fund
[LOGO: HOUSE]
Semi-Annual Shareholder Report
September 30, 1996
Table of Contents
Item Page
Six-month results 3
President's letter to shareholders 4
Portfolio Managers' Discussion 5-6
Management Reports:
EV Traditional California Limited Maturity Municipals Fund 7
EV Traditional Connecticut Limited Maturity Municipals Fund 8
EV Traditional Florida Limited Maturity Municipals Fund 9
EV Traditional Michigan Limited Maturity Municipals Fund 10
EV Traditional New Jersey Limited Maturity Municipals Fund 11
EV Traditional New York Limited Maturity Municipals Fund 12
EV Traditional Ohio Limited Maturity Municipals Fund 13
Financial Statements 14
Fund shares are not guaranteed by the FDIC and are not deposits or
other obligations of, or guaranteed by, any depository institution.
Shares are subject to investment risks, including possible loss of
principal invested.
Information about your mutual fund investment:
<TABLE>
<CAPTION>
Results for the Total return Dividends paid NAV If your combined The after-tax
six months ended (excl. sales by Fund per share at Fund's distribution Federal & state distribution rate
September 30, 1996 charge) (during period) 9/30/96 rate at 9/30/96 tax rate is... you would need is...
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<S> <C> <C> <C> <C> <C> <C>
EV Traditional
California Limited
Maturity Municipals Fund 1.8% $0.215 $9.61 4.47% 43.04% 7.85%
EV Traditional
Connecticut Limited
Maturity Municipals Fund 1.9% $0.208 $9.58 4.33% 38.88% 7.08%
EV Traditional
Florida Limited Maturity
Municipals Fund 1.8% $0.235 $10.07 4.67% 38.74% 7.62%
EV Traditional
Michigan Limited Maturity
Municipals Fund 2.2% $0.215 $9.57 4.49% 41.44% 7.67%
EV Taditional
New Jersey Limited
Maturity Municipals Fund 2.0% $0.213 $9.65 4.40% 40.21% 7.36%
EV Traditional
New York Limited
Maturity Municipals Fund 1.8% $0.235 $10.17 4.62% 40.86% 7.81%
EV Traditional
Ohio Limited Maturity
Municipals Fund 2.6% $0.213 $9.64 4.41% 40.80% 7.45%
[GRAPHIC OF THE STATES CALIFORNIA, CONNECTICUT, FLORIDA, MICHIGAN, NEW JERSEY, NEW YORK, OHIO, AND PENNSYLVANIA
OMITTED IN COLUMN SIX]
</TABLE>
To Shareholders
Following an upbeat 1995, the bond market encountered difficulty in
the first half of 1996, as the investment climate changed
dramatically.
The year started favorably enough, with the Federal Reserve lowering
the Federal Funds Rate - the rate banks charge each other for
overnight loans and a key short-term interest rate barometer - to
5.25%. Investors' optimism was short-lived, however, as Fed Chairman
Alan Greenspan suggested in his spring Congressional testimony that,
in light of current economic growth, the next move in rates would
likely be higher. Subsequent employment data showed that job
creation was exceeding market estimates and that the labor market
was indeed tightening.
While job growth has cooled in recent months from the blistering
pace set early in the year, the economy has nonetheless failed to
give a clear indication of its long-term direction. Accordingly, the
Federal Reserve has effectively put its monetary policy on hold.
Despite the uncertainty in the market, there are several reasons we
believe an investment in municipal bonds continues to represent good
value for tax-conscious investors. First, while turning in somewhat
faster growth than expected, the nation's economy remains subdued.
GDP grew at a revised 4.8% rate in the second quarter - a relatively
strong showing - but was followed by a 2.2% growth rate in the third
quarter, according to preliminary figures. Interestingly, recent
indicators, including the Federal Reserve's "beige book," an
anecdotal regional economic survey, suggest a possible slowdown in
the first half of 1997. Most importantly, by most measures,
inflation remains well under control.
Second, whatever the outcome of the various tax cut proposals that
have marked the campaigns of both major political parties, it is
certain that the tax structure will remain sharply progressive. That
means that municipal bonds should retain their relative value.
[GRAPHIC OMITTED TAX-EXEMPT BONDS YIELD CHART]
Tax-exempt bonds yield 81% of Treasury yields
30-yr. AAA Gerneral
Obligation (GO) Bonds* 5.61%
Taxable equivalent yield
of investment for couple
in 36% tax bracket 8.77%
30-year Treasury Bonds 6.92%
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, 1996.
Past performance is no guarnatee of future results.
Source: Bloomberg, L.P.
Third, on the budget front, the deficit has been reduced
significantly. At present, the deficit as a percentage of GDP is the
smallest of all industrialized nations, alleviating near-term
borrowing needs.
Finally, and perhaps most important, the tax burden of our citizens
is still extraordinarily high. Municipal bonds remain the best way
for most individuals to relieve that burden and keep more of what
they work so hard to earn. We believe that, despite the occasional
market fluctuations, a steadfast, long-term outlook is the best way
to reap the advantages of tax-free investing.
Sincerely,
/S/Thomas J. Fetter
Thomas J. Fetter
President
November 10, 1996
[PHOTO OF THOMAS J. FETTER OMITTED]
Management Discussion
[PHOTO OF RAYMOND E. HENDER OMITTED]
An interview with Raymond E. Hender, Vice President, and William H.
Ahern, Vice President, Portfolio Managers of the Limited Maturity
Municipals Portfolios.
Q. Ray, how would you describe the bond market in recent months?
Mr. Hender: Volatility has certainly been the hallmark of the bond
market for much of the year. Many investors had been anticipating a
slowdown in the second half of the year. However, the economy not
only maintained its momentum, but proved a bit stronger than
expected. For example, third quarter GDP rose 2.2%, following a 4.6%
surge in the second quarter attributed to a rebuilding of inventories
by business. The economy's strength in the face of weaker expectations
has contributed to the bond market's increasing volatility during the year.
Q. Bill, why has the market been unable to settle on one direction?
Mr. Ahern: The employment reports in March and April started the
ball rolling, with much stronger-than-expected job data. However, no
sooner had the market digested that information, than we again saw
some anecdotal signs of weakness. That pattern continued through the
period. Finally, prior to the Fed's most recent Open Market Committee
meeting in September, the market anticipated that the Fed would elect
to raise interest rates. Defying expectations, the Fed decided to
stand pat. Actually, the mere threat of a Fed rate hike had caused
the market to adjust, eliminating the need for Fed action. In any
event, the market's expectations contributed to the volatility
throughout the period and made this a fairly difficult investment
environment. That's been as true of the municipal market as it has
of the Treasury market.
Q. How would you characterize supply and demand in the municipal
market?
Mr. Hender: Municipal supply has been relatively light but still
on a par with reduced demand. With a strong stock market for much
of the year, investors have generally focused less on fixed-income
vehicles. Much of the municipal supply has consisted of insured bonds,
which made the municipal market more generic in nature. By that, I mean
that quality spreads - the yield difference between bonds of varying
quality - have diminished. That has made it considerably more difficult
to find bargains in the investment grade segment of the market.
Q. What changes have you made to the Portfolios in recent months?
Mr. Hender: We've made several shifts in the past several months.
First, we've extended the durations of the Portfolios beyond the
mid-point of our range. Recent signs point to a weakening of the
economy at some point, either in the fourth quarter of this year
or some time early next year. By extending duration - a measure of
responsiveness to interest rate changes - we are increasing the
Portfolios' exposure to a potential market rally. Second, we've added
more aggressive coupons to the Portfolios by trading current and
premium coupon bonds for discount bonds. Typically, discounts have greater
potential for capital appreciation in a stable-to-lower interest
rate environment. Finally, we've improved the Portfolios' call
protection, which also tends to improve upside potential.
Mr. Ahern: In a generic market like this, we've also redoubled our
efforts in the non-rated segment of the market. While the Portfolios
remain highly diversified, our selective use of non-rated bonds
should provide new opportunities. In those efforts, we benefit from
the depth and ample resources of the Eaton Vance research department.
Q. That's an interesting point. Could you focus briefly on Eaton
Vance's municipal research department?
Mr. Ahern: At Eaton Vance, we maintain a strong research effort
that provides a continuous flow of information between our analysts
and our portfolio managers. We have analysts dedicated to each state
as well as to various industry sectors, such as electric utilities,
co-generation facilities, or transportation projects. By having
analysts dedicated to these various sectors and states, we can be
assured of full coverage of the important developments within those
areas and know that our standards are applied uniformly. That is
particularly critical in assessing non-rated bonds or lower-rated
bonds.
[PHOTO OF WILLIAM H. AHERN OMITTED]
Q. Why is that so important today?
Mr. Hender: As Bill indicated earlier, the market is increasingly
generic, with insured bonds representing a growing percentage of new
issuance. Therefore, we are looking at non-rated bonds to find value
and attractive new yield opportunities. Our analysts visit hundreds
of company, state, local, and agency officials annually. They also
maintain close contact with outside research sources and major
credit ratings agencies to monitor the fiscal progress of state and
local issuers. This in-depth research is helpful in determining
which bonds may present good opportunities, and, conversely, which
do not meet our criteria.
Q. How would you assess the current market from a credit standpoint?
Mr. Ahern: From a credit standpoint, this has been a relatively calm
period. Unlike recent years, which saw a number of credit
disappointments, such as the difficulties in Orange County, the
fiscal health of states and municipalities has improved somewhat in
the current economic environment. State and local budgets have
clearly benefited from lower interest rates. And employment growth -
while certainly not robust - has helped boost tax revenues at the
state level. Every new job created provides additional tax revenue,
and in many cases, helps reduce spending on social services. That
has created a better credit climate.
Q. Have you made many sector changes to the Portfolios?
Mr. Hender: There has not been much change in terms of sectors. As
Bill indicated, the states have done fairly well in the past year,
and, as a result, the general obligation sector has been fairly
stable. Elsewhere, we continue to monitor the electric utility
sector closely. Deregulation, together with wholesale and retail
wheeling - the sale of power to customers in other service areas -
is certain to radically alter that industry. In the health care
sector, we have upgraded the quality of our hospital holdings,
focusing increasingly on the large, well-managed systems that should
fare well in a changing health care scene.
Mr. Ahern: We've also favored several subsets of health care,
including continuing care communities and nursing homes. These
alternative care facilities are beneficiaries of the nation's aging
population as well as the push in the political arena to find more
effective and less costly ways to deliver high-quality health care.
Finally, we have been increasingly selective in the solid waste
sector. The New Jersey court mandates initially sent shockwaves
through the entire solid waste sector. But the market is once again
focusing on the underlying fundamentals of individual projects and
we have limited our exposure to those that we view as the strongest.
Q. Looking ahead, what is your outlook for the market?
Mr. Hender: Predicting the direction of interest rates with any
degree of certainty is difficult. I would, however, agree with the
consensus that the economy is likely to weaken in the near-term. The
major question is whether the sharp employment growth of this year
will fuel inflation. If inflation does not result, we are likely to
see a stable-to-lower interest rate scenario. That should be a
favorable backdrop for the overall bond market.
In the municipal bond market, the vast majority of refunding has
been completed. Therefore, the market is not likely to suffer from
severe supply pressures in the coming year. That's important because
there should then be a good balance between supply and demand.
Naturally, past trends don't always provide a clue to future
performance. But intermediate-term municipal bonds should continue to
offer yields that are over 80% of taxable yields, according to Bloomberg
Financial. In my view, that illustrates the continuing degree of
value in this segment of the municipal market. And for investors who
want to enjoy the benefits of tax-free income while limiting their
volatility and exposure to interest rate risk, the intermediate-term
sector of the market still merits close attention.
EV Traditional California Limited Maturity Municipals Fund
The State of the State: California
California's economy has had a difficult time since it was hit by
the recession of 1991-1992. Total state employment just recently
reached the pre-recession peak of 14.5 million recorded in mid-1990.
Employment growth, however, has been sporadic. Annualized growth
this year has ranged from 2.0% to 2.5%. In 1994, the state added
256,000 jobs, but only 89,000 in 1995. Much of the job growth has
taken place in the San Francisco Bay Area, where employment in
business services has increased 17% in the past year. By contrast,
unemployment in the Los Angeles Area was 7.25%, a slight increase
over the same 12-month period. Overall, the state's unemployment
remained well above the national average. Wages have fallen
somewhat, indicating the continuing effects of job losses in the
aerospace industry.
Financially, California's tax revenues have improved with the
recovery, but the state remains burdened with structural budget
problems - most notably, an increase in school funding and mandatory
criminal sentencing. Should revenues decline, these legislated
programs could have an adverse effect on the budget.
Nevertheless, the overall economic picture in California has
brightened enough to warrant a rating increase from "A" to "A+" by
Standard & Poor's.
[GRAPHIC OF THE STATE CALIFORNIA OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 29
Average quality AA
Investment grade 100%
Effective maturity 5.27 yrs.
Largest sectors:
Escrowed/prerefunded 21.8%
Insured hospital revenue 18.5*
Education 7.4
Electric utility 6.3
Insured lease revenue/COPs 5.2*
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF BUILDING OMITTED]
Your Investment at work
San Bernardino, CA
Joint Power Financing Authority
Lease Revenue Bond
The California Department of Transportation builds and maintains the
state's highway system. The proceeds of this bond issue were used to
build an office building and parking facility in San Bernardino for
the use of Department employees. The new building will allow the
Department to consolidate 1,200 employees currently working in
higher-priced, rented buildings.
The bonds, rated A/A by Moody's and Standard & Poor's, respectively,
have a 5.4% coupon and are expected to benefit from California's
continued rebound from recession. California has regained all of the
jobs lost from the recession of the early 1990s and has successfully
diversified from the aerospace and defense industries into
entertainment, electronics and apparel. The Department of
Transportation will be responsible for making the lease payments
that back interest payments on the bonds.
The Portfolio's Five Largest Holdings:*
Loma Linda, CA
Hospital Revenue Bonds (MBIA)
Aaa/AAA 5.00% 12/1/13
San Bernadino, CA
Certificates of Participation
NR/AAA 7.00% 8/1/28
California Health Facilities Financing Authority
Catholic Health West (AMBAC)
Aaa/AAA 5.00% 7/1/14
California Health Facilities Authority
Sisters of Providence
A1/AA- 7.5% 10/1/10
The City of Los Angeles
Wastewater System
A1/A 6.90% 6/1/08
*By market value as of September 30, 1996.
EV Traditional Connecticut Limited Maturity Municipals Fund
The State of the State: Connecticut
Unemployment in Connecticut has fallen sharply in the past year, as
employment growth has outpaced that of the nation as a whole. There
are 9,000 fewer people on the state's jobless rolls. Non-farm job
growth has resulted in a gain of more than 13,000 jobs during that
period, with the largest increases in the services and trade areas.
The construction, retail and finance sectors were particularly
strong, with government hiring also adding to the state's momentum.
The construction sector has enjoyed a rebound, with the number of
construction contracts more than doubling in the past year and
reaching their highest level since 1987. Manufacturing employment
continued to register a loss, marking the twelfth consecutive year
of decline. Personal income for state residents is up 1.9%,
according to the state's Department of Labor. The improved economy
has eased some of the state's fiscal pressures. Total tax
collections are running more than 9% above the fiscal year 1995
level of $6.8 billion, driven primarily by an increase in personal
income tax collections. However, the state's accumulated deficit
must still be addressed.
[GRAPHIC OF STATE OF CONNECTICUT OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 31
Average quality AA-
Investment grade 100%
Effective maturity 9.30 yrs.
Largest sectors:
General obligations 14.0%
Insured hospitals 13.7*
Insured general obligations 11.4*
Education 11.1
Housing 7.1
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF GRADUATION CAP OMITTED]
Your investment at work
Connecticut Health &
Educational Facilities Authority
Fairfield University
Fairfield University is a private university established in 1942 and
located in Fairfield, in southwestern Connecticut. The school has a
current enrollment of approximately 3,200 full-time undergraduate
and graduate students and 1,700 part-time undergraduate, graduate
and continuing education students. This bond was issued in 1994 to
help fund new construction, renovations, and improvements to a
number of facilities on the Fairfield campus, including: the
renovation of Canisius Hall, an academic facility; the construction
of new athletic locker facilities; the installation of networking
wiring in dormitories; and various repairs to buildings and
equipment. The bond is rated Baa1/BBB+and is a good example of the
Portfolio's efforts to find value and attractive yield opportunities
among lower-rated investment-grade bonds.
The Portfolio's Five Largest Holdings*
Connecticut State Airport Bonds
Bradley International Airport (FGIC)
Aaa/AAA 7.40% 10/1/04
State of Connecticut
Health Education Finance Authority
Fairfield University
Baa1/BBB+ 6.90% 7/1/14
Connecticut Housing Finance Authority
Aa/AA 6.9% 11/15/99
State of Connecticut
Health Education Facilities Authority
New Britain Hospital
NR/BBB- 7.50% 7/1/06
Connecticut Development Authority
Frito-Lay Project
A2/NR 6.375% 7/1/04
*By market value as of September 30, 1996.
EV Traditional Florida Limited Maturity Municipals Fund
The State of the State: Florida
Florida's economy has grown steadily since 1993, led by a strong
service sector which comprises over one-third of the state's
employment and consists mainly of health and business services.
Total employment increased by 5% from 1993 to 1995, and the
unemployment rate decreased from 8.2% in 1992 to 5.2% at the end of
the second quarter of 1996. Other strong sectors include construction
and trade which, along with service, account for two-thirds of
employment in Florida. Tourism was hit hard by the recession in the
early 1990s, but has rebounded strongly in the past few years. The
tourism industry provides the foundation for much of the state's
economy and is expected to grow by 4.3% through fiscal 1997, according
to Standard & Poor's.
Though dependent on a cyclical 6% sales and use tax, Florida's
finances are well managed, and the state maintains a healthy working
capital reserve. Governor Chiles has proposed bond issuance totalling
$1.14 billion for fiscal 1997, which will provide funding in four
main areas: Public Education, Environmental Preservation, Right-of-Way
Acquisition, and Prison and Detention. As required by law, all bond
issues must be backed by a specific revenue stream to receive the
"full faith and credit" approval from the Florida state government.
[GRAPHIC OF THE STATE FLORIDA OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 56
Average quality AA
Investment grade 98.5%
Effective maturity 8.31 yrs.
Largest sectors:
Escrowed 21.3%
General obligations 18.1
Utility 9.9
Insured hospitals 9.3*
Insured transportation 7.6*
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF TREE OMITTED]
Your investment at work
Nassau County, FL
Pollution Control Bonds
ITT/Rayonier Inc. Project
Rayonier, Inc. is a leading international company engaged in the
trading, merchandising and manufacture of logs, timber and forest
products. At its production facility in northeastern Florida,
Rayonier manufactures several grades of pulp used in textiles,
packaging, cosmetics, film, plastics, detergents and paints.
Rayonier is also among the top makers of fluff pulp, used in
absorbent products such as disposable diapers, sanitary products,
and industrial napkins. The proceeds of these bonds were used to
finance the acquisition, construction, and installation of air and
water pollution control facilities serving the company's pulp mill
in Fernandina Beach, in Nassau County, Florida. This industrial
development bond is an example of a municipal bond investment being
used to encourage economic initiatives while providing support for
the environment.
The Portfolio's Top Five Holdings*
Jacksonville, FL
Bulk Power Supply System
Aaa/AAA 6.75% 10/1/16
Florida Department of
Natural Resources (MBIA)
Aaa/AAA 5.25% 7/1/10
Jacksonville, FL Baptist
Health Facilities Authority (MBIA)
Medical Center Project
Aaa/AAA 7.25% 6/1/05
Florida State Board of
Education
Aa/AA 5.5% 6/1/11
Orlando Utility
Community Water & Electric
Aaa/AAA 6.5% 10/1/20
*By market value as of September 30, 1996.
EV Traditional Michigan Limited Maturity Municipals Fund
The State of the State: Michigan
The Michigan economy continued to gather momentum in the first half
of 1996 and has now expanded more than twice as fast as the nation
in the 5-year period since 1991. The state's August unemployment
rate was 4.5%, well below the national rate of 5.1%. The state
enjoys a $1.1 billion fiscal surplus, as tax receipts continue to
run above the pace of previous fiscal years. The Michigan economy
has been boosted by the resurgence in the auto industry, which now
accounts for 11% of the state's workforce. Detroit's Big Three
enjoyed profits totalling $13 billion in 1995, and as a signal of
confidence in the industry's future, Chrysler and General Motors
have each unveiled plans to spend more than $1 billion to expand
manufacturing plant facilities in the state. Meanwhile, the state
has had success in drawing foreign investments. A revamped tax code
is generally viewed as friendlier to business and is seen as a
strong incentive to relocate within the state. For example, Thyssen,
a large German steel producer, has announced plans to build a steel
processing plant in the metropolitan Detroit area. Elsewhere, state
welfare caseloads continue to decline, recently reaching 90,000, a
record low. Meanwhile, the state's wage and salary levels continue
to rise.
[GRAPHIC OF THE STATE MICHIGAN OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 28
Average quality A+
Investment grade 98.4%
Effective maturity 8.98 yrs.
Largest sectors:
Escrowed/prerefunded 18.3%
Insured general obligations 16.2*
Hospitals 14.3
Special tax revenue 11.8
General obligations 8.6
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF MEDICAL SYMBOL OMITTED]
Your investment at work
City of Flint, MI
Hospital Building Authority
Hurley Medical Center
The Flint Hospital Building Authority was organized in 1948 and
authorized to issue bonds to finance the acquisition, furnishing,
equipping, operation, maintenance and repair of hospital-related
facilities serving the City's residents. The Hurley Medical Center
is a well-regarded, 495-bed, tertiary care teaching facility in the
Flint area. Hurley Center is in tune with the Portfolio's more
selective stance toward health care issues. In an increasingly
competitive health care industry, the Portfolio has focused on
facilities that are well-positioned due to demographics or market
niche.
Interest and principal payments are made by the Authority from cash
rentals paid by the City of Flint based on revenues generated by the
Medical Center. This Baa/NR bond has a 6% coupon and reflects the
Portfolio's efforts to find value in non-rated and lower-rated
investment quality bonds.
The Portfolio's Five Largest Holdings*
Grand Ledge, MI
Public School District (MBIA)
Aaa/AAA 7.875% 10/1/04
Battle Creek, MI
Downtown Development Authority
NR/BBB+ 6.65% 5/1/02
Monroe County, MI
The Detroit Edison Company (AMBAC)
Aaa/AAA 6.35% 12/1/04
Michigan State Housing
Development Authority
NR/A+ 6.00% 4/1/01
Michigan State Hospital
Finance Authority
Gratiot Community Hospital
NR/BBB 6.10% 10/1/07
*By market value as of September 30, 1996.
EV Traditional New Jersey Limited Maturity Municipals Fund
The State of the State: New Jersey
The New Jersey economy has showed signs of improvement but continues
to lag the national trends. The state's August unemployment rate of
6.1% was somewhat higher than the national rate. The bulk of new
jobs produced in New Jersey during the six-month period has been in
the services sector, including business services, healthcare, and
retail trade. The construction sector has presented a mixed picture.
Through the first four months of 1996, residential construction
permits declined 11% from the same period a year ago, in part due to
unfavorable weather conditions. Highway and other infrastructure
projects, however, increased significantly. The administration's
regulatory reforms have helped draw businesses to the state, which
has boosted job growth. New Jersey's budget continues to enjoy a
healthy surplus, although payments to the state pension fund have
been reduced. The state's three-year, 30% tax cut and continuing
cost controls continue to give New Jersey a high profile among
states seeking to lift economic growth. New Jersey revenues rose to
$4.7 billion in 1995 from $4.5 billion in 1994.
[GRAPHIC OF THE STATE NEW JERSEY OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 63
Average quality AA
Investment grade 99.2%
Effective maturity 8.95 yrs.
Largest sectors:
Insured general obligations 21.4%*
Insured transportation 13.6*
General obligations 10.2
Housing 7.8
Escrowed 6.9
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF AIRPLANE OMITTED]
Your investment at work
Port of New York and New Jersey
Special Project Bonds
Delta Air Lines, Inc. Project
The Port Authority of New York and New Jersey is a joint authority
that oversees the administration of the area's metropolitan
airports, sea terminals, tunnels, and highways. This bond provided
funding for a construction project on the Delta Airlines passenger
terminal building at LaGuardia Airport, together with construction
and maintenance of aircraft loading positions, airport roads, runway
aprons and taxiways, aircraft parking areas, and automobile parking
areas. While contributing to job creation in the metropolitan New
York/New Jersey area, the project upgraded facilities at one of the
nation's busiest airports. This issue is rated Baa3/BB+ by Moody's
and Standard & Poor's, respectively, and has a 6.1% coupon.
The Portfolio's Five Largest Holdings*
New Jersey Housing &
Mortgage Finance Agency
NR/A+ 6.50% 11/1/03
Jersey City, New Jersey
School District
A/AA 6.25% 10/1/10
New Jersey Economic Development Authority
Heating & Cooling
Trigen-Trenton Project
NR/BBB- 6.10% 12/1/04
Puerto Rico Aqueduct &
Sewer Authority
Baa1/AAA 7.875% 7/1/17
State of New Jersey
Rutgers, The State University (MBIA)
A1/AA 6.2% 5/1/04
*By market value as of September 30, 1996.
EV Traditional New York Limited Maturity Municipals Fund
The State of the State: New York
New York's economy has continued its relatively slow rate of growth
in 1996, with mediocre economic results for the state offset by a
Wall Street-led recovery in New York City. The securities industry,
concentrated primarily in New York City, has emerged as a key part
of the state's overall economy, accounting for 2.5% of the state's
private sector employment and over 5% for that of New York City.
Average wages for the securities industry, at $127,800 in 1995, are
among the highest in the state. By comparison, average wages
excluding this industry were $32,300 in 1995. Overall, employment in
the state is up 1% over the previous year, and this rate of growth
is not expected to change significantly through 1997. The
unemployment rate, at 6.4% in July of this year, was more than a
full percentage point higher than that of the nation. New York is
still one of the wealthiest states in the country, with a personal
income that is 118% of the nation, but the rate of growth in
personal income has slowed considerably since the 1990-1991
recession.
New York's budget has been balanced due to higher than expected
revenues from the securities industry, but problems remain. Though
the governor's three-year income tax cut was implemented for the
1996-97 budget, spending cuts have been slow to materialize. And
with the enactment of the new federal welfare bill, New York's
costly social programs could become especially burdensome if not
brought under stricter control.
[GRAPHIC OF THE STATE NEW YORK OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 55
Average quality AA-
Investment grade 99.2%
Effective maturity 8.60 yrs.
Largest sectors:
Transportation 12.4%
Education 10.4
General obligation 10.2
Insured transportation 9.7*
Escrowed/prerefunded 9.5
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF GRADUATION CAP OMITTED]
Your investment at work
Dormitory Authority of the
State of New York
State University of New York
The Dormitory Authority of New York State provides financing for
construction and repair projects to public and private educational
facilities throughout the state, including projects for the many
campuses of the State University system. Rated Aaa by Moody's, these
escrowed bonds provide an attractive 6.75% coupon from a well-
regarded issuer. Escrowed bonds are bonds that have been pre-
refunded by the issuers to take advantage of a lower rate
environment. Refundings hit the market in large supply in 1992 and
1993 as interest rates declined sharply. The large number of
refundings created a huge supply on the market and an unusual
opportunity in the intermediate range of the market. These bonds
have a stated maturity of 2021 but have been refunded to 2002. As a
result, investors enjoy the yield of a longer-maturity bond, but
with the volatility of a shorter-maturity bond.
The Portfolio's Five Largest Holdings:*
Dormitory Authority of the
State of New York
University of Rochester
A1/A+ 6.50% 7/1/09
New York State Energy Research & Development Authority: Central
Hudson Gas (FGIC)
Aaa/AAA 7.375% 10/1/14
New York City
Housing Development Corporation (Multi-Family)
Aa/AA 5.625% 5/1/12
New York State Medical Care Facilities Finance Agency
New York State Hospital (AMBAC)
Aaa/AAA 6.1% 2/15/04
New York Urban Development Corporation
Baa1/BBB 5.375% 1/1/15
*By market value as of September 30, 1996.
EV Traditional Ohio Limited Maturity Municipals Fund
The State of the State: Ohio
Ohio has benefited in the past few years from an increasing
diversification of its economy. The state has relied historically on
manufacturing, but this sector has declined in importance, following
a national trend. Still, manufacturing remains a larger percentage
of the economy in Ohio than in the U.S. According to the Federal
Reserve Bank of Cleveland, 17% of Ohio's workers were categorized as
operators, fabricators, and laborers, versus 14% nationally. This
could explain a projected growth rate that is slower in Ohio than it
is in the U.S. The FRBC estimates that through the year 2005, the
U.S. economy will grow at an average annual rate of 1.5%, compared
to 1.1% in Ohio. Nevertheless, the diversifying economy - led by the
service and trade sectors - has brought much stability to the state,
and the positive effects of economic diversification should
continue.
Ohio's government has done an admirable job of managing the state's
finances, with significant cuts in spending leading to budgetary
surpluses over the past few years. Moreover, the budget is balanced
through 1997. This conservative fiscal management has earned the
state high bond ratings from both Moody's and Standard & Poor's.
[GRAPHIC OF THE STATE OHIO OMITTED]
Portfolio Overview
Based on market value as of September 30, 1996
Number of issues 36
Average quality AA-
Investment grade 88.5%
Effective maturity 8.52 yrs.
Largest sectors:
Insured general obligations 24.4%*
Hospitals 15.7
General obligations 14.2
Industrial development revenue 8.5
Escrowed 7.4
* Private insurance does not remove the market risks associated with
this investment.
[GRAPHIC OF MEDICAL SYMBOL OMITTED]
Your investment at work
County of Erie, OH Hospital Improvement Bonds
Firelands Community
Hospital Project
Firelands Community Hospital is an acute care, community-based,
general hospital located in Sandusky, Ohio. With over 220 beds in
two facilities, Firelands provides a full range of allopathic and
osteopathic services to the residents of Sandusky and Erie County.
The hospital benefits from a favorable niche position as the only
hospital in the county to offer obstetrical, psychiatric, physical
rehabilitation, outpatient mental health, and chemical dependency
treatment. Firelands also serves as a teaching site for medical
interns enrolled at area universities. With an attractive coupon of
6.75%, this issue, rated A/A- by Moody's and Standard & Poor's,
respectively, represents the Portfolio's ongoing focus on value in
lower-rated investment-grade bonds.
The Portfolio's Five Largest Holdings*
Southwest Licking, OH
School Facilities Improvement (FGIC)
Aaa/AAA 7.10% 12/1/16
West Clermont, OH
School District (AMBAC)
Aaa/AAA 6.90% 12/1/12
Mt. Vernon County, OH
Local School District (FGIC)
Aaa/AAA 7.5% 12/1/14
The Student Loan Funding Corporation
of Cincinnati, OH (AMT)
A1/NR 5.95% 8/1/05
Ohio State Public Facilities Commission
Higher Educational Facilities (AMBAC)
Aaa/AAA 4.3% 12/1/08
*By market value as of September 30, 1996.
EV Traditional Limited Maturity Municipals Fund
Financial Statements
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
September 30, 1996 (Unaudited)
Traditional Traditional Traditional Traditional
California Connecticut Florida Michigan
Limited Fund Limited Fund Limited Fund Limited Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investment in Portfolio --
Identified cost $ 3,200,183 $ 1,524,879 $ 3,385,809 $ 1,410,687
Unrealized appreciation (depreciation) 52,843 12,771 (23,226) 115,600
------------ ------------ ------------ ------------
Total investment in Portfolio, at value (Note 1A) $ 3,253,026 $ 1,537,650 $ 3,362,583 $ 1,526,287
Receivable from the Administrator (Note 4) 10,591 9,710 11,495 10,042
Deferred organization expenses (Note 1D) 4,677 5,001 2,445 4,628
------------ ------------ ------------ ------------
Total assets $ 3,268,294 $ 1,552,361 $ 3,376,523 $ 1,540,957
------------ ------------ ------------ ------------
Liabilities:
Dividends payable $ 7,856 $ 1,434 $ 4,353 $ 3,367
Accrued expenses 4,175 2,446 15,651 1,996
------------ ------------ ------------ ------------
Total liabilities $ 12,031 $ 3,880 $ 20,004 $ 5,363
------------ ------------ ------------ ------------
Net Assets $ 3,256,263 $ 1,548,481 $ 3,356,519 $ 1,535,594
============ ============ ============ ============
Sources of Net Assets:
Paid-in capital $ 3,803,547 $ 1,646,544 $ 3,402,518 $ 1,922,547
Accumulated net realized loss on investment and
financial futures transactions (computed on the basis
of identified cost) (600,270) (109,653) (20,514) (501,934)
Accumulated undistributed (distributions in excess of)
net investment income 143 (1,181) (2,259) (619)
Unrealized appreciation (depreciation) of investments and
financial futures contracts from Portfolio
(computed on the basis of identified cost) 52,843 12,771 (23,226) 115,600
------------ ------------ ------------ ------------
Total $ 3,256,263 $ 1,548,481 $ 3,356,519 $ 1,535,594
============ ============ ============ ============
Shares of Beneficial Interest Outstanding 338,787 161,637 333,224 160,453
============ ============ ============ ============
Net Asset Value and Redemption Price Per Share
(net assets / shares of beneficial interest outstanding) $ 9.61 $ 9.58 $10.07 $ 9.57
====== ====== ====== ======
Computation of Offering Price Per Share
(100/97.50 of net asset value per share) $ 9.86 $ 9.83 $10.33 $ 9.82
====== ====== ====== ======
On sales of $50,000 or more, the offering price is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Assets and Liabilities
September 30, 1996 (Unaudited)
Traditional Traditional Traditional
New Jersey New York Ohio
Limited Fund Limited Fund Limited Fund
------------ ------------ ------------
<S> <C> <C> <C>
Assets:
Investment in Portfolio --
Identified cost $ 1,642,598 $ 450,011 $ 2,835,253
Unrealized appreciation 32,943 15,057 72,681
------------ ------------ ------------
Total investment in Portfolio, at value (Note 1A) $ 1,675,541 $ 465,068 $ 2,907,934
Receivable from the Administrator (Note 4) 8,031 6,658 3,632
Deferred organization expenses (Note 1D) 4,655 5,148 4,529
------------ ------------ ------------
Total assets $ 1,688,227 $ 476,874 $ 2,916,095
------------ ------------ ------------
Liabilities:
Dividends payable $ 6,222 $ 1,201 $ 7,317
Payable for Fund shares redeemed 27,923 -- --
Accrued expenses 1,332 656 2,753
------------ ------------ ------------
Total liabilities $ 35,477 $ 1,857 $ 10,070
------------ ------------ ------------
Net Assets $ 1,652,750 $ 475,017 $ 2,906,025
============ ============ ============
Sources of Net Assets:
Paid-in capital $ 1,746,857 $ 458,606 $ 3,120,705
Accumulated net realized gain (loss) on investment and
financial futures transactions (computed on the basis
of identified cost) (126,985) 2,531 (287,811)
Accumulated undistributed (distributions in excess of)
net investment income (65) (1,177) 450
Unrealized appreciation of investments and
financial futures contracts from Portfolio
(computed on the basis of identified cost) 32,943 15,057 72,681
------------ ------------ ------------
Total $ 1,652,750 $ 475,017 $ 2,906,025
============ ============ ============
Shares of Beneficial Interest Outstanding 171,248 46,714 301,577
============ ============ ============
Net Asset Value and Redemption Price Per Share
(net assets / shares of beneficial interest outstanding) $ 9.65 $10.17 $ 9.64
====== ====== ======
Computation of Offering Price Per Share
(100/97.50 of net asset value per share) $ 9.90 $10.43 $ 9.89
====== ====== ======
On sales of $50,000 or more, the offering price is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Operations
Six Months Ended September 30, 1996 (Unaudited)
Traditional Traditional Traditional Traditional
California Connecticut Florida Michigan
Limited Fund Limited Fund Limited Fund Limited Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investment Income (Note 1B):
Interest income allocated from Portfolio $ 104,522 $ 44,469 $ 65,216 $ 52,642
Expenses allocated from Portfolio (11,841) (4,477) (7,288) (7,133)
------------ ------------ ------------ ------------
Net investment income from Portfolio $ 92,681 $ 39,992 $ 57,928 $ 45,509
------------ ------------ ------------ ------------
Expenses --
Distribution costs (Note 5) $ 3,990 $ 1,826 $ 1,138 $ 1,751
Custodian fees (Note 1F) 1,500 1,495 1,499 1,499
Transfer and dividend disbursing agent fees 1,211 512 807 468
Printing and postage 3,953 3,467 1,249 3,664
Legal and accounting services 7,017 6,029 2,427 5,543
Registration costs - - - 1,250
Amortization of organization expenses (Note 1D) 1,083 1,157 2,075 1,072
Miscellaneous 669 761 5,299 880
------------ ------------ ------------ ------------
Total expenses $ 19,423 $ 15,247 $ 14,494 $ 16,127
Deduct --
Preliminary allocation of expenses to
the Administrator (Note 4) 10,591 9,710 11,495 10,042
------------ ------------ ------------ ------------
Net expenses $ 8,832 $ 5,537 $ 2,999 $ 6,085
------------ ------------ ------------ ------------
Net investment income $ 83,849 $ 34,455 $ 54,929 $ 39,424
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from Portfolio --
Investment transactions (identified cost basis) $ (10,442) $ 1,312 $ (9,183) $ 15,038
Financial futures contracts (23,066) (5,104) (11,846) (9,716)
------------ ------------ ------------ ------------
Net realized gain (loss) $ (33,508) $ (3,792) $ (21,029) $ 5,322
Change in unrealized appreciation (depreciation)
of investments 6,568 (1,632) 12,151 (13,350)
------------ ------------ ------------ ------------
Net realized and unrealized loss $ (26,940) $ (5,424) $ (8,878) $ (8,028)
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 56,909 $ 29,031 $ 46,051 $ 31,396
============ ============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Operations
Six Months Ended September 30, 1996 (Unaudited)
Traditional Traditional Traditional
New Jersey New York Ohio
Limited Fund Limited Fund Limited Fund
------------ ------------ ------------
<S> <C> <C> <C>
Investment Income (Note 1B):
Interest income allocated from Portfolio $ 49,689 $ 12,066 $ 92,627
Expenses allocated from Portfolio (5,245) (1,285) (10,924)
------------ ------------ ------------
Net investment income from Portfolio $ 44,444 $ 10,781 $ 81,703
------------ ------------ ------------
Expenses --
Distribution costs (Note 5) $ 1,359 $ 263 $ 2,371
Custodian fees (Note 1F) 1,499 1,499 1,333
Transfer and dividend disbursing agent fees 612 121 885
Printing and postage 3,633 1,345 3,796
Legal and accounting services 3,592 2,416 5,909
Amortization of organization expenses (Note 1D) 1,076 1,086 1,051
Miscellaneous 529 549 986
------------ ------------ ------------
Total expenses $ 12,300 $ 7,279 $ 16,331
Deduct --
Preliminary allocation of expenses to
the Administrator (Note 4) 8,031 6,658 3,632
------------ ------------ ------------
Net expenses $ 4,269 $ 621 $ 12,699
------------ ------------ ------------
Net investment income $ 40,175 $ 10,160 $ 69,004
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) from Portfolio --
Investment transactions (identified cost basis) $ 426 $ (286) $ 17,491
Financial futures contracts (6,797) (1,831) (9,295)
------------ ------------ ------------
Net realized gain (loss) $ (6,371) $ (2,117) $ 8,196
Change in unrealized appreciation (depreciation)
of investments 1,236 784 (5,405)
------------ ------------ ------------
Net realized and unrealized gain (loss) $ (5,135) $ (1,333) $ 2,791
------------ ------------ ------------
Net increase in net assets from operations $ 35,040 $ 8,827 $ 71,795
============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Ended September 30, 1996 (Unaudited)
Traditional Traditional Traditional Traditional
California Connecticut Florida Michigan
Limited Fund Limited Fund Limited Fund Limited Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 83,849 $ 34,455 $ 54,929 $ 39,424
Net realized gain (loss) on investments (33,508) (3,792) (21,029) 5,322
Change in unrealized appreciation (depreciation)
of investments 6,568 (1,632) 12,151 (13,350)
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 56,909 $ 29,031 $ 46,051 $ 31,396
------------ ------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income $ (83,849) $ (34,455) $ (54,929) $ (39,424)
In excess of net investment income (125) (1,106) (629) (1,458)
------------ ------------ ------------ ------------
Total distributions to shareholders $ (83,974) $ (35,561) $ (55,558) $ (40,882)
------------ ------------ ------------ ------------
Transactions in shares of beneficial interest (Note 3) --
Proceeds from sales of shares $ 10,809 $ 25,650 $ 1,026,448 $ 3,214
Net asset value of shares issued to shareholders in
payment of distributions declared 52,167 28,539 34,111 30,502
Cost of shares redeemed (1,579,734) (227,105) (19,965) (828,830)
------------ ------------ ------------ ------------
Increase (decrease) in net assets from
Fund share transactions $ (1,516,758) $ (172,916) $ 1,040,594 $ (795,114)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets $ (1,543,823) $ (179,446) $ 1,031,087 $ (804,600)
Net Assets:
At beginning of period 4,800,086 1,727,927 2,325,432 2,340,194
------------ ------------ ------------ ------------
At end of period $ 3,256,263 $ 1,548,481 $ 3,356,519 $ 1,535,594
============ ============ ============ ============
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at
end of period $ 143 $ (1,181) $ (2,259) $ (619)
============ ============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Ended September 30, 1996 (Unaudited)
Traditional Traditional Traditional
New Jersey New York Ohio
Limited Fund Limited Fund Limited Fund
------------ ------------ ------------
<S> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 40,175 $ 10,160 $ 69,004
Net realized gain (loss) on investments (6,371) (2,117) 8,196
Change in unrealized appreciation (depreciation)
of investments 1,236 784 (5,405)
------------ ------------ ------------
Net increase in net assets from operations $ 35,040 $ 8,827 $ 71,795
------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income $ (40,078) $ (10,160) $ (69,004)
In excess of net investment income -- (544) (1,228)
------------ ------------ ------------
Total distributions to shareholders $ (40,078) $ (10,704) $ (70,232)
------------ ------------ ------------
Transactions in shares of beneficial interest (Note 3) --
Proceeds from sales of shares $ 2,952 $ 49,184 $ 4,682
Net asset value of shares issued to shareholders in
payment of distributions declared 34,783 4,199 29,083
Cost of shares redeemed (286,667) (1,126) (672,429)
------------ ------------ ------------
Increase (decrease) in net assets from
Fund share transactions $ (248,932) $ 52,257 $ (638,664)
------------ ------------ ------------
Net increase (decrease) in net assets $ (253,970) $ 50,380 $ (637,101)
Net Assets:
At beginning of period 1,906,720 424,637 3,543,126
------------ ------------ ------------
At end of period $ 1,652,750 $ 475,017 $ 2,906,025
============ ============ ============
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at
end of period $ (65) $ (1,177) $ 450
============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
Traditional Traditional Traditional Traditional
California Connecticut Florida Michigan
Limited Fund Limited Fund Limited Fund Limited Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 263,388 $ 47,800 $ 41,551 $ 156,361
Net realized gain (loss) on investments 4,999 (21,750) 1,459 36,526
Change in unrealized appreciation (depreciation)
of investments 125,662 43,082 (39,806) 53,460
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 394,049 $ 69,132 $ 3,204 $ 246,347
------------ ------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income $ (258,258) $ (47,800) $ (41,551) $ (154,185)
In excess of net investment income - (762) (1,811) -
------------ ------------ ------------ ------------
Total distributions to shareholders $ (258,258) $ (48,562) $ (43,362) $ (154,185)
------------ ------------ ------------ ------------
Transactions in shares of beneficial interest (Note 3) --
Proceeds from sales of shares $ 766,925 $ 769,941 $ 2,140,838 $ 123,386
Net asset value of shares issued to shareholders in
payment of distributions declared 172,382 35,104 30,957 102,234
Cost of shares redeemed (4,244,747) (680,629) (46,950) (4,881,976)
------------ ------------ ------------ ------------
Increase (decrease) in net assets from
Fund share transactions $ (3,305,440) $ 124,416 $ 2,124,845 $ (4,656,356)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets $ (3,169,649) $ 144,986 $ 2,084,687 $ (4,564,194)
Net Assets:
At beginning of year 7,969,735 1,582,941 240,745 6,904,388
------------ ------------ ------------ ------------
At end of year $ 4,800,086 $ 1,727,927 $ 2,325,432 $ 2,340,194
============ ============ ============ ============
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at
end of year $ 268 $ (75) $ (1,630) $ 839
============ ============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Year Ended March 31, 1996
Traditional Traditional Traditional
New Jersey New York Ohio
Limited Fund Limited Fund Limited Fund
------------ ------------ ------------
<S> <C> <C> <C>
Increase (Decrease) in Net Assets:
From operations --
Net investment income $ 98,254 $ 35,062 $ 162,780
Net realized gain (loss) on investments (17,599) 5,055 28,142
Change in unrealized appreciation of investments 57,190 12,421 23,630
------------ ------------ ------------
Net increase in net assets from operations $ 137,845 $ 52,538 $ 214,552
------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income $ (96,903) $ (35,062) $ (162,780)
In excess of net investment income -- (439) (3,471)
------------ ------------ ------------
Total distributions to shareholders $ (96,903) $ (35,501) $ (166,251)
------------ ------------ ------------
Transactions in shares of beneficial interest (Note 3) --
Proceeds from sales of shares $ 354,799 $ 1,369,335 $ 185,818
Net asset value of shares issued to shareholders in
payment of distributions declared 83,122 16,411 90,926
Cost of shares redeemed (1,878,569) (1,157,662) (1,871,443)
------------ ------------ ------------
Increase (decrease) in net assets from
Fund share transactions $ (1,440,648) $ 228,084 $ (1,594,699)
------------ ------------ ------------
Net increase (decrease) in net assets $ (1,399,706) $ 245,121 $ (1,546,398)
Net Assets:
At beginning of year 3,306,426 179,516 5,089,524
------------ ------------ ------------
At end of year $ 1,906,720 $ 424,637 $ 3,543,126
============ ============ ============
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at
end of year $ (162) $ (633) $ 1,678
============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
Traditional California Limited
------------------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ------------------------------------------
(Unaudited) 1996 1995 1994*
---------------------------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.650 $ 9.520 $ 9.570 $ 10.000
-------- -------- -------- --------
Income (loss) from operations:
Net investment income $ 0.215 $ 0.376 $ 0.348 $ 0.098
Net realized and unrealized
gain (loss) on investments (0.040) 0.124 0.003++ (0.400)
-------- -------- -------- --------
Total income (loss) from operations $ 0.175 $ 0.500 $ 0.351 $ (0.302)
-------- -------- -------- --------
Less distributions:
From net investment income $ (0.215) $ (0.370) $ (0.348) $ (0.098)
In excess of net investment income -- -- (0.053) (0.030)
-------- -------- -------- --------
Total distributions $ (0.215) $ (0.370) $ (0.401) $ (0.128)
-------- -------- -------- --------
Net asset value, end of period $ 9.610 $ 9.650 $ 9.520 $ 9.570
======== ======== ======== ========
Total Return (1) 1.84% 5.39% 3.80% (3.16%)
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 3,256 $ 4,800 $ 7,970 $ 14,479
Ratio of net expenses to average daily net assets (2)(3) 1.12%+ 1.54% 1.51% 1.48%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 1.11%+ 1.50% -- --
Ratio of net investment income to
average daily net assets 4.52%+ 3.90% 3.75% 2.91%+
** For the following periods, the operating expenses of the Fund 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 $ 0.188 $ 0.350 $ 0.320 $ 0.081
======== ======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 1.69%+ 1.81% 1.81% 1.98%+
Expenses after custodian fee reduction (2) 1.68%+ 1.77% -- --
Net investment income 3.95%+ 3.63% 3.45% 2.41%+
+ 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 the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, December 8, 1993 to March 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Traditional Connecticut Limited
------------------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ------------------------------------------
(Unaudited) 1996 1995 1994*
---------------------------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.610 $ 9.460 $ 9.500 $ 10.000
-------- -------- -------- --------
Income (loss) from operations:
Net investment income $ 0.201 $ 0.350 $ 0.344 $ 0.072
Net realized and unrealized
gain (loss) on investments (0.024) 0.156 0.002++ (0.475)
-------- -------- -------- --------
Total income (loss) from operations $ 0.177 $ 0.506 $ 0.346 $ (0.403)
-------- -------- -------- --------
Less distributions:
From net investment income $ (0.201) $ (0.350) $ (0.344) $ (0.072)
In excess of net investment income (0.006) (0.006) (0.042) (0.025)
-------- -------- -------- --------
Total distributions $ (0.207) $ (0.356) $ (0.386) $ (0.097)
-------- -------- -------- --------
Net asset value, end of period $ 9.580 $ 9.610 $ 9.460 $ 9.500
======== ======== ======== ========
Total Return (1) 1.88% 5.49% 3.78% (4.14%)
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 1,548 $ 1,728 $ 1,583 $ 2,051
Ratio of net expenses to average daily net assets (2)(3) 1.28%+ 1.62% 1.37% 1.38%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 1.23%+ 1.58% -- --
Ratio of net investment income to
average daily net assets 4.22%+ 3.62% 3.70% 2.70%+
** For the following periods, the operating expenses of the Fund 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 $ 0.144 $ 0.228 $ 0.192 $ 0.035
======== ======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 2.47%+ 2.88% 3.01% 2.78%+
Expenses after custodian fee reduction (2) 2.42%+ 2.84% -- --
Net investment income 3.03%+ 2.36% 2.06% 1.30%+
+ 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 the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, December 27, 1993, to March 31, 1994.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Traditional Florida Limited
--------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 --------------------------------
(Unaudited) 1996 1995
---------------------------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.120 $ 10.070 $ 10.000
-------- -------- --------
Income (loss) from operations:
Net investment income $ 0.232 $ 0.451 $ 0.321
Net realized and unrealized
gain (loss) on investments (0.047) 0.070++ 0.088
-------- -------- --------
Total income from operations $ 0.185 $ 0.521 $ 0.409
-------- -------- --------
Less distributions:
From net investment income $ (0.232) $ (0.451) $ (0.321)
In excess of net investment income (0.003) (0.020) (0.018)
-------- -------- --------
Total distributions $ (0.235) $ (0.471) $ (0.339)
-------- -------- --------
Net asset value, end of period $ 10.070 $ 10.120 $ 10.070
======== ======== ========
Total Return (1) 1.76% 5.33% 4.19%
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 3,357 $ 2,325 $ 241
Ratio of net expenses to average daily net assets (2)(3) 0.87%+ 0.89% 0.74%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 0.86%+ 0.87% --
Ratio of net investment income to
average daily net assets 4.57%+ 4.26% 4.52%+
** For the following periods, the operating expenses of the Fund reflect an allocation of expenses to the Administrator and/or
Investment Adviser. Had such actions not been taken, net investment income (loss) per share and the ratios would have been:
Net investment income (loss) per share $ 0.184 $ 0.283 $ (0.506)
======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 1.82%+ 2.48% 12.20%+
Expenses after custodian fee reduction (2) 1.81%+ 2.46% --
Net investment income (loss) 3.62%+ 2.67% (6.94%)+
+ 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 the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, July 5, 1994, to March 31, 1995.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Traditional Michigan Limited
------------------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ------------------------------------------
(Unaudited) 1996 1995 1994*
---------------------------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.580 $ 9.480 $ 9.490 $ 10.000
-------- -------- -------- --------
Income (loss) from operations:
Net investment income $ 0.207 $ 0.376 $ 0.352 $ 0.100
Net realized and unrealized
gain (loss) on investments (0.002) 0.095 0.039++ (0.484)
-------- -------- -------- --------
Total income (loss) from operations $ 0.205 $ 0.471 $ 0.391 $ (0.384)
-------- -------- -------- --------
Less distributions:
From net investment income $ (0.207) $ (0.371) $ (0.352) $ (0.100)
In excess of net investment income (0.008) -- (0.049) (0.026)
-------- -------- -------- --------
Total distributions $ (0.215) $ (0.371) $ (0.401) $ (0.126)
-------- -------- -------- --------
Net asset value, end of period $ 9.570 $ 9.580 $ 9.480 $ 9.490
======== ======== ======== ========
Total Return (1) 2.18% 5.10% 4.26% (3.99%)
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 1,536 $ 2,340 $ 6,904 $ 8,874
Ratio of net expenses to average daily net assets (2)(3) 1.50%+ 1.83% 1.56% 1.15%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 1.47%+ 1.79% -- --
Ratio of net investment income to
average daily net assets 4.39%+ 3.94% 3.80% 3.07%+
** For the following periods, the operating expenses of the Fund 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 $ 0.155 $ 0.345 $ 0.312 $ 0.061
======== ======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 2.62%+ 2.15% 1.99% 2.35%+
Expenses after custodian fee reduction (2) 2.59%+ 2.11% -- --
Net investment income 3.27%+ 3.62% 3.37% 1.87%+
+ 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 the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, December 8, 1993, to March 31, 1994.
</TABLE>
<TABLE>
<CAPTION>
Traditional New Jersey Limited
------------------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ------------------------------------------
(Unaudited) 1996 1995 1994*
---------------------------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.670 $ 9.590 $ 9.570 $ 10.000
-------- -------- -------- --------
Income (loss) from operations:
Net investment income $ 0.213 $ 0.368 $ 0.345 $ 0.099
Net realized and unrealized
gain (loss) on investments (0.020) 0.077 0.071 (0.404)
-------- -------- -------- --------
Total income (loss) from operations $ 0.193 $ 0.445 $ 0.416 $ (0.305)
-------- -------- -------- --------
Less distributions:
From net investment income $ (0.213) $ (0.365) $ (0.345) $ (0.099)
In excess of net investment income -- -- (0.051) (0.026)
-------- -------- -------- --------
Total distributions $ (0.213) $ (0.365) $ (0.396) $ (0.125)
-------- -------- -------- --------
Net asset value, end of period $ 9.650 $ 9.670 $ 9.590 $ 9.570
======== ======== ======== ========
Total Return (1) 2.02% 4.77% 4.49% (3.20%)
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 1,653 $ 1,907 $ 3,306 $ 3,148
Ratio of net expenses to average daily net assets (2)(3) 1.08%+ 1.54% 1.61% 1.57%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 1.05%+ 1.52% -- --
Ratio of net investment income to
average daily net assets 4.44%+ 3.78% 3.62%+ 3.08%+
** For the following periods, the operating expenses of the Fund 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 $ 0.170 $ 0.291 $ 0.293 $ 0.057
======== ======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 1.97%+ 2.30% 2.16% 2.88%+
Expenses after custodian fee reduction (2) 1.94%+ 2.28% -- --
Net investment income 3.55%+ 3.02% 3.07% 1.77%+
+ Annualized.
(1) Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net
asset value on the last day of each period reported. Dividends and distributions, if any, are assumed to be reinvested at
the net asset value on the payable date. Amount is computed on a nonannualized basis.
(2) Includes the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, December 8, 1993, to March 31, 1994.
</TABLE>
<TABLE>
<CAPTION>
Traditional New York Limited
--------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 --------------------------------
(Unaudited) 1996 1995
---------------------------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.220 $ 10.030 $ 10.000
-------- -------- --------
Income (loss) from operations:
Net investment income $ 0.223 $ 0.465 $ 0.325
Net realized and unrealized
gain (loss) on investments (0.038) 0.196 0.051
-------- -------- --------
Total income (loss) from operations $ 0.185 $ 0.661 $ 0.376
-------- -------- --------
Less distributions:
From net investment income $ (0.223) $ (0.465) $ (0.325)
In excess of net investment income (0.012) (0.006) (0.021)
-------- -------- --------
Total distributions $ (0.235) $ (0.471) $ (0.346)
-------- -------- --------
Net asset value, end of period $ 10.170 $ 10.220 $ 10.030
======== ======== ========
Total Return (1) 1.84% 6.68% 3.87%
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 475 $ 425 $ 180
Ratio of net expenses to average daily net assets (2)(3) 0.83%+ 0.61% 0.98%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 0.82%+ 0.58% --
Ratio of net investment income to
average daily net assets 4.39%+ 4.52% 5.96%+
** For the following periods, the operating expenses of the Fund reflect an allocation of expenses to the Administrator and/or
Investment Adviser. Had such actions not been taken, net investment income (loss) per share and the ratios would have been:
Net investment income (loss) per share $ 0.077 $ 0.233 $ (1.178)
======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 3.71%+ 2.87% 28.54%+
Expenses after custodian fee reduction (2) 3.70%+ 2.84% --
Net investment income (loss) 1.51%+ 2.26% (21.60%)+
+ Annualized.
(1) Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net
asset value on the last day of each period reported. Dividends and distributions, if any, are assumed to be reinvested at
the net asset value on the payable date. Amount is computed on a nonannualized basis.
(2) Includes the Fund's share of its corresponding Portfolio's allocated expenses.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, July 6, 1994, to March 31, 1995.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Traditional Ohio Limited
------------------------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ------------------------------------------
(Unaudited) 1996 1995 1994*
---------------------------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.610 $ 9.530 $ 9.500 $ 10.000
-------- -------- -------- --------
Income (loss) from operations:
Net investment income $ 0.209 $ 0.358 $ 0.358 $ 0.095
Net realized and unrealized
gain (loss) on investments 0.034 0.088 0.068 (0.473)
-------- -------- -------- --------
Total income (loss) from operations $ 0.243 $ 0.446 $ 0.426 $ (0.378)
-------- -------- -------- --------
Less distributions:
From net investment income $ (0.209) $ (0.358) $ (0.358) $ (0.095)
In excess of net investment income (0.004) (0.008) (0.038) (0.027)
-------- -------- -------- --------
Total distributions $ (0.213) $ (0.366) $ (0.396) $ (0.122)
-------- -------- -------- --------
Net asset value, end of period $ 9.640 $ 9.610 $ 9.530 $ 9.500
======== ======== ======== ========
Total Return (1) 2.56% 4.81% 4.63% (3.91%)
Ratios/Supplemental Data**:
Net assets, end of period (000 omitted) $ 2,906 $ 3,543 $ 5,090 $ 5,795
Ratio of net expenses to average daily net assets (2)(3) 1.52%+ 2.01% 1.60% 1.27%+
Ratio of net expenses to average daily net assets
after custodian fee reduction (2) 1.50%+ 1.99% -- --
Ratio of net investment income to
average daily net assets 4.37%+ 3.70% 3.81% 3.04%+
** For the following periods, the operating expenses of the Fund 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 $ 0.198 $ 0.311 $ 0.074
======== ======== ========
Ratios (As a percentage of average daily net assets):
Expenses (2)(3) 1.75%+ 2.10% 1.95%+
Expenses after custodian fee reduction (2) 1.73%+ -- --
Net investment income 4.14%+ 3.32% 2.36%+
+ 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.
(3) The expense ratios for the year ended March 31, 1996 and periods thereafter have been adjusted to reflect a change in
reporting requirements. The new reporting guidelines require the Fund to increase its expense ratio by the effect of any
expense offset arrangements with its service providers. The expense ratios for each of the periods ended on or before
March 31, 1995 have not been adjusted to reflect this change.
* For the period from the start of business, December 8, 1993, to March 31, 1994.
See notes to financial statements
</TABLE>
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-four Funds, seven of which are included in these financial
statements. They include EV Traditional California Limited Maturity
Municipals Fund ("Traditional California Limited Fund"), EV
Traditional Connecticut Limited Maturity Municipals Fund
("Traditional Connecticut Limited Fund"), EV Traditional Florida
Limited Maturity Municipals Fund, ("Traditional Florida Limited
Fund"), EV Traditional Michigan Limited Maturity Municipals Fund
("Traditional Michigan Limited Fund"), EV Traditional New Jersey
Limited Maturity Municipals Fund ("Traditional New Jersey Limited
Fund"), EV Traditional New York Limited Maturity Municipals Fund
("Traditional New York Limited Fund")and EV Traditional Ohio Limited
Maturity Municipals Fund ("Traditional Ohio Limited Fund"). Each
Fund invests all of its investable assets in interests in a separate
corresponding open-end management investment company (a
"Portfolio"), a New York Trust, having the same investment objective
as its corresponding Fund. The Traditional California Limited Fund
invests its assets in the California Limited Maturity Municipals
Portfolio, the Traditional Connecticut Limited Fund invests its
assets in the Connecticut Limited Maturity Municipals Portfolio, the
Traditional Florida Limited Fund invests its assets in the Florida
Limited Maturity Municipals Portfolio, the Traditional Michigan
Limited Fund invests its assets in the Michigan Limited Maturity
Municipals Portfolio, the Traditional New Jersey Limited Fund
invests its assets in the New Jersey Limited Maturity Municipals
Portfolio, the Traditional New York Limited Fund invests its assets
in the New York Limited Maturity Municipals Portfolio and the Ohio
Limited Fund invests its assets in the Ohio Limited Maturity
Municipals 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 (6.4%, 10.9%, 3.1%, 8.8%, 2.4%,
0.4% and 9.5% at September 30, 1996 for the Traditional California
Limited Fund, Traditional Connecticut Limited Fund, Traditional
Florida Limited Fund, Traditional Michigan Limited Fund, Traditional
New Jersey Limited Fund, Traditional New York Limited Fund and
Traditional Ohio 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 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, 1996, the following Funds,
for federal income tax purposes, had capital loss carryovers, which
will reduce taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Internal Revenue
Code, and thus will reduce the amount of distributions to
shareholders which would otherwise be necessary to relieve the Funds
of any liability for federal income or excise tax.
The amounts and expiration dates of the capital loss carryovers are
as follows:
Fund Amount Expires
- ---- ------ -------
Traditional California Limited Fund $373,739 March 31, 2004
116,865 March 31, 2003
Traditional Connecticut Limited Fund 49,875 March 31, 2004
37,427 March 31, 2003
6,885 March 31, 2002
Traditional Michigan Limited Fund 280,688 March 31, 2004
202,917 March 31, 2003
12,147 March 31, 2002
Traditional New Jersey Limited Fund 81,999 March 31, 2004
21,376 March 31, 2003
497 March 31, 2002
Traditional Ohio Limited Fund 134,780 March 31, 2004
144,732 March 31, 2003
13,519 March 31, 2002
Dividends paid by each Fund from net interest on tax-exempt
municipal bonds allocated from its corresponding Portfolio are not
includable by shareholders as gross income for federal income tax
purposes because each Fund and Portfolio intend to meet certain
requirements of the Internal Revenue Code applicable to regulated
investment companies which will enable the Funds to pay exempt-
interest dividends. The portion of such interest, if any, earned on
private activity bonds issued after August 7, 1986, may be
considered a tax preference item to shareholders.
D. Deferred Organization Expenses -- Costs incurred by a Fund in
connection with its organization, including registration costs, are
being amortized on the straight-line basis over five years.
E. Use of Estimates -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expense
during the reporting period. Actual results could differ from those
estimates.
F. Expense Reduction -- Investors Bank & Trust Company (IBT) 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. All significant credit
balances used to reduce each Fund's custodian fees are reflected as
a reduction of operating expenses on the statement of operations.
G. Other -- Investment transactions are accounted for on a trade
date basis.
H. Interim Financial Information -- The interim financial statements
relating to September 30, 1996 and for the six month period then
ended have not been audited by independent certified public
accountants, but in the opinion of the Funds' management reflect all
adjustments consisting only of normal recurring adjustments,
necessary for the fair presentation of the financial statements.
(2) Distributions to Shareholders
The net income of a 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 income
and capital gain distributions in additional shares of a Fund at the
net asset value as of the ex-dividend date. Distributions are paid
in the form of additional shares or, at the election of the
shareholder, in cash. The Funds distinguish between distributions on
a tax basis and a financial reporting basis. Generally accepted
accounting principles require that only distributions in excess of
tax basis earnings and profits be reported in the financial
statements as a return of capital. Differences in the recognition
or classification of income between the financial statements and tax
earnings and profits which result in temporary over distributions
for financial statements purposes are classified as distributions in
excess of net investment income or accumulated net realized gains.
Permanent differences between book and tax accounting relating to
distributions are reclassified to paid-in capital. The tax
treatment of distributions for the calendar year will be reported to
shareholders prior to February 1, 1997 and will be based on tax
accounting methods which may differ from amounts determined for
financial statement purposes.
(3) Shares of Beneficial Interest
<TABLE>
<CAPTION>
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:
Traditional California Traditional Connecticut Traditional Florida
Limited Fund Limited Fund Limited Fund
---------------------------- ---------------------------- ----------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
September 30, Ended September 30, Ended September 30, Ended
1996 March 31, 1996 March 31, 1996 March 31,
(Unaudited) 1996 (Unaudited) 1996 (Unaudited) 1996
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Sales 1,132 79,260 2,685 79,771 102,126 207,359
Issued to shareholders electing
to receive
payments of distributions in
Fund shares 5,444 17,785 2,995 3,640 3,399 3,014
Redemptions (165,200) (436,543) (23,772) (70,930) (2,005) (4,584)
------- ------- ------ ------ ------- -------
Net increase (decrease) (158,624) (339,498) (18,091) 12,481 103,520 205,789
======= ======= ====== ====== ======= =======
<CAPTION>
Traditional Michigan Traditional New Jersey Traditional New York
Limited Fund Limited Fund Limited Fund
---------------------------- ---------------------------- ----------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
September 30, Ended September 30, Ended September 30, Ended
1996 March 31, 1996 March 31, 1996 March 31,
(Unaudited) 1996 (Unaudited) 1996 (Unaudited) 1996
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Sales 338 12,885 308 36,458 1,848 135,541
Issued to shareholders electing
to receive
payments of distributions in
Fund shares 3,206 10,623 3,625 8,541 414 1,602
Redemptions (87,370) (507,235) (29,858) (192,653) (111) (113,486)
------ ------- ------ ------- ----- -------
Net increase (decrease) (83,826) (483,727) (25,925) (147,654) 2,151 23,657
====== ======= ====== ======= ===== =======
<CAPTION>
Traditional Ohio
Limited Fund
----------------------------
Six Months
Ended Year
September 30, Ended
1996 March 31,
(Unaudited) 1996
------------ ------------
<S> <C> <C>
Sales 489 19,075
Issued to shareholders electing
to receive
payments of distributions in
Fund shares 3,040 9,399
Redemptions (70,664) (193,886)
------ -------
Net decrease (67,135) (165,412)
====== =======
</TABLE>
(4) Transactions with Affiliates
Eaton Vance Management (EVM) serves as the Administrator of each
Fund, but receives no compensation. The Portfolios have engaged
Boston Management and Research (BMR), a subsidiary of EVM, to render
investment advisory services. See Note 2 of the Portfolios' Notes to
Financial Statements which are included elsewhere in this report. To
enhance the net income of the Funds for the six months ended
September 30, 1996, $10,591, $9,710, $11,495, $10,042, $8,031,
$6,658 and $3,632 of expenses related to the operation of the
Traditional California Limited Fund, Traditional Connecticut Limited
Fund, Traditional Florida Limited Fund, Traditional Michigan Limited
Fund, Traditional New Jersey Limited Fund, Traditional New York
Limited Fund, and Traditional Ohio Limited Fund, respectively, were
allocated on a preliminary basis, to EVM. Certain of the officers
and Trustees of the Funds and Portfolios are officers and
directors/trustees of the above organizations (Note 5) Except as to
Trustees of the Funds and the Portfolios who are not members of
EVM's or BMR's organization, officers and Trustees receive
remuneration for their services to each Fund out of the investment
adviser fee earned by BMR.
(5) Service Plan
Each Fund has adopted a Service Plan designed to meet the service
fee requirements of the sales charge rule of the National
Association of Securities Dealers, Inc. The Service Plans provide
that each Fund may make service fee payments to EVD, Authorized
Firms, or other persons in amounts not exceeding 0.25% of each
Fund's average daily net assets for any fiscal year. The Trustees
have initially implemented each Plan by authorizing the Fund to make
quarterly service fee payments to the Principal Underwriter and
Authorized Firms in amounts not exceeding 0.15% of each Fund's
average daily net assets for any fiscal year which is attributable
to shares of a Fund sold by such persons and remaining outstanding
for at least one year. Service fee payments are made for personal
services and/or the maintenance of shareholder accounts. For the six
months ended September 30, 1996, Traditional California Limited
Fund, Traditional Connecticut Limited Fund, Traditional Florida
Limited Fund, Traditional Michigan Limited Fund, Traditional New
Jersey Limited Fund, Traditional New York Limited Fund and
Traditional Ohio Limited Fund paid or accrued service fees of
$3,990, $1,826, $1,138, $1,751, $1,359, $263 and $2,371,
respectively.
Certain of the officers and Trustees of the Funds are officers or
directors of EVD.
(6) Investment Transactions
<TABLE>
<CAPTION>
Increases and decreases in each Fund's investment in its corresponding Portfolio for the six months
ended September 30, 1996 were as follows:
Traditional California Traditional Connecticut Traditional Florida
Limited Fund Limited Fund Limited Fund
----------------------- ----------------------- -----------------------
<S> <C> <C> <C>
Increases $ 51,025 $ 40,783 $1,042,525
Decreases 1,665,652 250,451 50,184
Traditional Michigan Traditional New Jersey Traditional New York
Limited Fund Limited Fund Limited Fund
----------------------- ----------------------- -----------------------
Increases $ 30,598 $ 30,298 $68,277
Decreases 872,631 280,244 17,099
Traditional Ohio
Limited Fund
-----------------------
Increases $ 9,904
Decreases 737,379
</TABLE>
<TABLE>
<CAPTION>
California Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration - 3.0%
NR BBB- $1,500 Central Valley Finance
Authority, Carson Ice
Project, 5.20%, 7/1/99 $1,510,155
--------------
Education - 7.4%
Aaa AAA $1,500 California Educational
Facilities Authority, Stanford
University, 5.90%, 11/1/03 $2,112,820
Aaa AAA 2,000 California Educational
Facilities Authority,
California Institute of
Technology, 6.375%, 1/1/08 1,586,250
--------------
$3,699,070
--------------
Escrowed/Prerefunded - 21.8%
A1 AA- $2,400 California Health Facilities,
Sisters of Providence,
Prerefunded to 10/1/00,
7.50%, 10/1/10 $2,700,720
Aaa AAA 1,000 California State Public
Works Board, Department
of Corrections, Prerefunded
to 9/1/01, 6.50%, 9/1/19 1,103,270
Aa AA 1,500 Los Angeles Department of
Airports, Prerefunded to
5/1/97, 7.40%, 5/1/10 1,562,070
Aaa AAA 1,925 Moulton Niguel, California,
Water District, (AMBAC),
Prerefunded to 4/1/00,
7.30%, 4/1/12 2,137,058
NR AAA 3,000 San Bernadino, California,
Certificates of Participation,
Prerefunded to 8/1/01,
7.00%, 8/1/28 (2) 3,370,350
--------------
$10,873,468
--------------
Electric Utility - 6.3%
A2 A+ $1,000 California Pollution
Control Financing
Authority, Southern
California Edison
Company, Series D,
6.85%, 12/1/08 $1,074,590
A2 A 2,000 California Pollution
Control Financing
Authority, San Diego Gas
& Electric, 5.90%, 6/1/14 2,059,740
--------------
$3,134,330
--------------
General Obligations - 3.7%
Aa AA- $1,000 Palos Verdes CA, Library
District, 6.70%, 8/1/11 $1,061,690
Baa1 A 750 Commonwealth of
Puerto Rico, 6.35%, 7/1/10 794,610
--------------
$1,856,300
--------------
Housing - 2.1%
Aa A+ $1,000 Department of Veterans
Affairs of the State of
California, Home Purchase
Revenue Bonds, (AMT),
7.50%, 8/1/98 $1,035,180
--------------
Insured Electric Utility - 5.2%
Aaa AAA $1,500 Sacramento Municipal
Utility District, (AMBAC),
5.60%, 8/15/16 $1,489,230
Aaa AAA 1,000 Sacramento Municipal
Utility District, (MBIA),
6.20%, 8/15/05 1,077,380
--------------
$2,566,610
--------------
Insured General Obligation - 4.0%
Aaa AAA $2,000 Mt. Diablo, CA School
District (AMBAC),
5.70%, 8/1/14 $1,997,600
--------------
Insured Hospital Revenue - 18.5%
Aaa AAA $1,750 ABAG Finance Authority,
Certificates of Participation,
Stanford University Hospital,
(MBIA), 4.90%, 11/1/03 $1,743,718
Aaa AAA 1,000 ABAG Finance Authority,
Certificates of Participation,
Stanford University Hospital,
(MBIA), 5.125%, 11/1/05 997,440
Aaa AAA 3,750 Loma Linda, CA, Hospital
Revenue, (MBIA),
5.00%, 12/1/13 3,480,225
Aaa AAA 3,250 California Health Facilities
Financing Authority,
(Catholic Health West),
(AMBAC), 5.00%, 7/1/14 3,028,707
--------------
$9,250,090
--------------
Insured Lease Revenue/
Certificates of Participation - 5.2%
Aaa AAA $1,355 California State Public
Works Board - Department
of Corrections, (AMBAC),
5.25%, 12/1/13 $1,301,572
Aaa AAA 1,250 Merced County, California,
CSAC Lease Finance
Program, Certificates of
Participation, (FSA),
5.60%, 10/1/01 1,301,812
--------------
$2,603,384
--------------
Insured Special
Tax Revenue - 2.5%
Aaa AAA $1,250 Los Angeles Metropolitan
Transportation Authority
Sales Tax, (AMBAC),
5.70%, 7/1/12 $1,253,850
--------------
Insured Transportation - 3.8%
Aaa AAA $1,905 Los Angeles Department of
Airports, (Los Angeles
International Airport),
(FGIC), (AMT),
5.625%, 5/15/12 $1,878,597
--------------
Lease Revenue/
Certificate of Participation - 2.0%
A A $1,920 San Bernadino Joint Power
Finance Authority Lease
Revenue Bonds,
5.40%, 12/1/08 $976,420
--------------
Nursing Homes - 4.0%
NR A+ $2,000 California Statewide
Communities Development
Corporation, (Pacific
Homes), 5.90%, 4/1/09 $2,003,940
--------------
Special Tax Revenue - 4.1%
Aa AA $2,000 Orange County Local
Transportation Authority,
Sales Tax Revenue Bonds,
5.70%, 2/15/03 $2,070,981
--------------
Transportation - 2.1%
A1 NR $1,000 Contra Costa, California,
Transportation Authority,
6.40%, 3/1/01 $1,073,130
--------------
Water & Sewer Revenue - 4.3%
A1 A $2,000 The City of Los Angeles
Wastewater System,
6.90%, 6/1/08 (1) $2,154,480
--------------
Total Tax-Exempt
Investments (identified
cost, $48,626,770) $49,937,585
==============
(1) Security has been segregated to cover margin requirements on open financial
futures contracts.
The Portfolio invests primarily in debt securities issued by California municipalities.
The ability of the issuers of the debt securities to meet their obligations may be
affected by economic developments in a specific industry or municipality. In order
to reduce the risk associated with such economic developments, at September 30, 1996,
39.2% 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 2.6% to 22.4% of total
investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Connecticut Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 11.1%
NR BBB- $500 State of Connecticut
HEFA, Quinnipiac College,
6.00%, 7/1/13 $478,580
NR BBB- 285 State of Connecticut
HEFA, University of
New Haven, 6.00% 7/1/06 283,723
Baa1 BBB+ 750 State of Connecticut
HEFA, Fairfield University,
6.90%, 7/1/14 (1) 782,438
--------------
$1,544,741
--------------
Electric Revenue - 3.9%
Baa1 A- $500 Puerto Rico Electric
Power Authority,
7.125%, 7/1/14 $535,690
--------------
Escrowed/Prerefunded - 4.0%
Aaa AAA $500 South Central Connecticut
Regional Water Authority,
(AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 $548,695
--------------
General Obligations - 14.0%
Aa AA $500 Brandford, Connecticut,
5.40%, 2/15/14 $491,125
Aa AA- 400 State of Connecticut,
5.125%, 8/15/11 382,912
Aa NR 190 Norwich, Connecticut,
5.00%, 8/1/14 180,104
Aa NR 190 Norwich, Connecticut,
5.00%, 8/1/15 178,718
Baa1 A- 500 Puerto Rico Aqueduct &
Sewer Authority,
5.00%, 7/1/19 451,525
Baa1 A- 250 Puerto Rico Municipal
Finance Agency,
5.875%, 7/1/06 256,297
--------------
$1,940,681
--------------
Hospital Revenue - 4.6%
NR BBB- $600 Connecticut Health and
Educational Facilities
Authority, New
Britain Hospital,
7.50%, 7/1/06 $639,576
--------------
Housing - 7.1%
Aa AA $200 Connecticut Housing
Finance Authority,
6.95%, 11/15/01 $209,320
Aa AA 750 Connecticut Housing
Finance Authority,
6.90%, 11/15/99 773,790
--------------
$983,110
--------------
Industrial Development
Revenue - 6.4%
A2 NR $625 Connecticut Development
Authority - Frito Lay
Project, 6.375%,
7/1/04 $637,144
Baa3 BB+ 250 Puerto Rico Port
Authority, (American
Airlines), 6.25%, 6/1/26 252,862
--------------
$890,006
--------------
Insured Education - 3.3%
Aaa AAA $500 University of Connecticut,
(FGIC), 5.00%, 2/1/16 (1) $460,925
--------------
Insured General Obligations - 11.4%
Aaa AAA $500 Bridgeport, Connecticut,
(AMBAC), 6.00%, 9/1/06 $533,040
Aaa AAA 250 Hartford, Connecticut,
(FGIC), 5.40%, 10/1/09 249,535
Aaa AAA 315 New Haven, Connecticut,
(FGIC), 5.25%, 8/1/06 317,621
Aaa AAA 500 Old Saybrook, Connecticut,
(AMBAC), 4.10%, 8/15/01 485,575
--------------
$1,585,771
--------------
Insured Hospitals - 13.7%
Aaa AAA $150 Connecticut HEFA,
Greenwich Hospital Issue,
(MBIA), 5.75% 7/1/06 $155,881
Aaa AAA 500 Connecticut HEFA,
Waterbury Hospital Issue,
(FSA), 7.00% 7/1/20 537,575
Aaa AAA 250 Connecticut HEFA,
Stamford Hospital Issue,
(MBIA), 6.50%, 7/1/06 267,620
Aaa AAA 470 Connecticut HEFA,
St. Raphael Hospital Issue,
(AMBAC), 6.50%, 7/1/06 464,224
Aaa AAA 500 Connecticut HEFA,
Veteran Memorial
Hospital Issue, (MBIA),
5.375%, 7/1/16 479,695
--------------
$1,904,995
--------------
Insured Miscellaneous - 3.9%
Aaa AAA $500 Woodstock, Connecticut
Special Obligation Bonds,
(AMBAC), 7.00%, 3/1/07 $545,135
--------------
Insured Transportation - 6.3%
Aaa AAA $750 Connecticut State Airport
Bonds, Bradley International
Airport, (FGIC),
7.40%, 10/1/04 $873,330
--------------
Insured Utility - 3.8%
Aaa AAA $500 Connecticut Municipal
Electric Authority,
(MBIA), 6.00%, 1/1/07 $528,560
--------------
Miscellaneous - 3.1%
Aa AA- $410 Connecticut State
Development Authority,
5.85%, 11/15/07 $428,434
--------------
Water & Sewer Revenue - 3.4%
Aaa AA+ $500 Connecticut State Clean
Water Revenue,
4.875%, 5/1/09 $472,306
--------------
Total Tax-Exempt
Investments (identified
cost, $13,652,704) $13,881,955
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Connecticut
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1996, 42.4% 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 3.9% to 18.6% of total
investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Florida Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Escrowed - 21.3%
Aaa AAA $1,015 Dade County, FL,
Educational Facilities
Authority,(MBIA),
Prerefunded to
10/1/01, 7.00%, 10/1/08 $1,138,769
Aaa AAA 1,500 Dade County, FL, Local
School District, (FGIC),
Prerefunded to
8/1/01, 6.00%, 8/1/06 1,593,210
Aaa AAA 1,000 Dunnedin, Florida,
Hospital, Mease Health
Care, (MBIA), Prerefunded
to 11/15/01, 6.75%,
11/15/21 1,112,810
Aa AAA 1,500 Florida Board of
Education Capital Outlay,
Prerefunded to 6/1/01
6.75%, 6/1/12 1,645,920
Aaa AAA 1,500 Florida Department of
Natural Resources,
Preservation 2000,
(MBIA), Prerefunded to
7/1/98,7.25%, 7/1/08 1,607,895
Aaa AAA 4,485 Jacksonville Electric
Authority, Bulk Power
Supply System, Prerefunded
to 10/1/00, 6.75%, 10/1/16 4,906,500
Aaa AAA 3,250 Orlando Utility
Community Water &
Electric, Prerefunded to
10/1/01, 6.50%, 10/1/20 3,574,513
Aaa AAA 2,000 Palm Bay, FL, Utility,
Palm Bay Utility
Corporation, (MBIA)
Prerefunded to 10/1/02,
6.20%, 10/1/17 2,185,400
Aaa AAA 2,805 Palm Beach County
Criminal Justice Facilities,
(FGIC), Prerefunded to
6/1/00, 7.00%, 6/1/01 3,086,706
Baa1 AAA 1,750 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98,
7.875%, 7/1/17 1,895,652
--------------
$22,747,375
--------------
General Obligations - 18.1%
Aa AA $4,000 Florida State Board of
Education, 5.00%, 6/1/14 $3,762,600
Aa AA 3,000 Florida State Board of
Education, 5.00%, 6/1/09 2,896,080
Aa AA 1,500 Florida State Board of
Education, 5.125%, 6/1/18 1,396,875
Aa AA 4,000 Florida State Board of
Education, 5.50%, 6/1/11 4,022,040
Baa1 A 1,000 Puerto Rico Public
Building Authority,
6.50%, 7/1/03 1,086,670
Baa1 A- 2,000 Puerto Rico Municipal
Finance Agency,
5.50%, 7/1/01 2,048,380
Baa1 A- 2,500 Puerto Rico Municipal
Finance Agency,
5.875%, 7/1/05 2,578,875
NR NR 1,500 Virgin Islands Public
Finance Authority,
6.80%, 10/1/00 1,587,210
--------------
$19,378,730
--------------
Hospitals - 2.3%
NR BBB $515 Escambia County Health
Facilities Authority,
(Baptist Hospital Inc., and
Baptist Manor Inc.),
6.00%, 10/1/97 $519,486
NR BBB 545 Escambia County Health
Facilities Authority, (Baptist
Hospital Inc., and Baptist
Manor Inc.) 6.25%, 10/1/98 554,984
Baa1 NR 425 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress Village
Project), 6.00%, 12/1/98 437,338
Baa1 NR 450 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress Village
Project), 6.25%, 12/1/99 467,955
Baa1 NR 480 Jacksonville Health
Facilities Authority,
(National Benevolent
Association-Cypress Village
Project), 6.50%, 12/1/00 503,582
--------------
$2,483,345
--------------
Housing - 1.8%
Baa BBB $2,000 Puerto Rico Housing
Bank and Finance Agency,
5.10%, 12/1/03 $1,969,260
--------------
Industrial Development
Revenue - 3.4%
Baa2 BBB $1,470 Nassau County PCR,
(ITT Rayonier Incorporated
Project), 5.60%, 6/1/00 $1,497,577
B1 BB+ 2,000 Polk County, Florida,
Industrial Development
Authority, (IMC Fertilizer),
(AMT), 7.525%, 1/1/15 2,091,040
--------------
$3,588,617
--------------
Insured Cogeneration - 3.2%
Aaa AAA $2,000 Dade County, Florida,
Resource Recovery
Facilities, (AMBAC),
(AMT), 5.30%, 10/1/07 $1,978,660
Aaa AAA 1,500 Dade County, Florida,
Resource Recovery
Facilities, (AMBAC),
(AMT), 5.35%, 10/1/08 1,476,540
--------------
$3,455,200
--------------
Insured General Obligation - 3.6%
Aaa AAA $2,000 Dade County Local School
District, (MBIA),
6.40%, 8/1/00 $2,133,540
Aaa AAA 1,580 Sarasota County, FL,
(FGIC), 6.25%, 10/1/05 1,701,202
--------------
$3,834,742
--------------
Insured Hospital - 9.3%
Aaa AAA $2,000 Hillsborough County
Hospital Authority,
(Tampa General Hospital
Project), (FSA),
6.375%, 10/1/13 $2,104,040
Aaa AAA 4,000 Jacksonville Health
Facilities Authority,
(Baptist Medical Center
Project), (MBIA),
7.25%, 6/1/05 (1) 4,342,640
Aaa AAA 1,000 City of Lakeland,
(Lakeland Regional
Medical Center Project),
(FGIC), 5.40%, 11/15/01 1,035,590
Aaa AAA $1,360 North Broward Hospital
District, (MBIA),
6.20%, 1/1/04 $1,464,489
Aaa AAA 1,000 Orange County Health
Facilities Authority,
(Adventist Health
System/Sunbelt Inc,)
(CGIC), 5.50%, 11/15/02 1,036,130
--------------
$9,982,889
--------------
Insured Housing - 2.2%
Aaa AAA $1,240 Florida Housing Finance
Agency, (Leigh Meadows
Apartments), (AMBAC),
5.85%, 9/1/10 $1,247,316
Aaa AAA 1,140 Florida Housing Finance
Agency, (Stottert Arms
Apartments), (AMBAC),
5.90%, 9/1/10 1,146,703
--------------
$2,394,019
--------------
Insured Miscellaneous - 2.0%
Aaa AAA $2,000 City of Jacksonville,
Guaranteed Entitlement,
(AMBAC), 5.50% 10/1/02 $2,086,980
--------------
Insured Special Tax - 4.6%
Aaa AAA $5,000 Florida Department of
Natural Resources,
(MBIA), 5.25%, 7/1/10 $4,894,200
--------------
Insured Transportation - 7.6%
Aaa AAA $2,000 Dade County, Florida,
Seaport Revenue, (MBIA),
5.125%, 10/1/16 $1,893,460
Aaa AAA 3,120 Hillsborough County
Aviation Authority, Tampa
International Airport,
(FGIC), 6.85%, 10/1/06 3,363,266
Aaa AAA 2,500 Palm Beach County,
Florida, Airport, (MBIA),
7.75%, 10/1/10 2,870,725
--------------
$8,127,451
--------------
Insured Water & Sewer - 7.6%
Aaa AAA $3,000 Dade County FL, Water &
Sewer Revenue, (FGIC),
5.00%, 10/1/09 $2,880,840
Aaa AAA 2,000 Manatee County FL,
Public Utilities, (MBIA),
6.75%, 10/1/04 2,247,920
Aaa AAA 1,000 Pasco County FL, Water &
Sewer Revenue,(FGIC),
5.40%, 10/1/03 1,037,690
Aaa AAA 2,000 Tampa, Florida, Water &
Sewer Revenue, (FGIC),
5.25%, 10/1/13 1,934,520
--------------
$8,100,970
--------------
Utility - 9.9%
Aa AA $2,000 Gainesville, Florida Utility
System Revenue,
5.00%, 10/1/15 $1,843,180
Aa1 AA 3,000 Jacksonville Electric
Authority, St. John's River
Power Park, 6.50%, 10/1/03 3,314,970
Aa1 AA 3,500 Jacksonville Electric
Authority, St. John's River
Power Park, 5.25%, 10/1/20 3,326,085
Aa AA- 2,000 City of Tallahassee, Electric
Refunding Bonds,
5.90%, 10/1/05 2,117,420
--------------
$10,601,655
--------------
Water & Sewer Revenue - 3.1%
A3 A+ $330 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project), 5.40%,
10/1/00 $338,323
A3 A+ 345 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project),
5.50%, 10/1/01 354,839
A3 A+ $365 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project),
5.60%, 10/1/02 $376,220
A3 A+ 380 Dunes Community
Development District,
(Flagler County, Water &
Sewer Project),
5.70%, 10/1/03 393,269
Aa AA- 1,700 St. Petersburg, FL, Public
Utility Revenue,
6.65%, 10/1/03 1,833,571
--------------
$3,296,222
--------------
Total Tax-Exempt
Investments (identified
cost, $104,324,918) $106,941,655
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Florida municipalities.
The ability of the issuers of the debt securities to meet their obligations may be
affected by economic developments in a specific industry or municipality. In order
to reduce the risk associated with such economic developments, at September 30, 1996,
40.1% of the securities in the portfolio of investments are backed by bond insurance
of various financial institutions and financial guaranty assurance agencies. The
aggregate percentage by financial institution range from 1.0% to 24.2% of total
investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Michigan Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Escrowed/Prerefunded - 18.3%
Aaa AAA $1,500 Grand Ledge, Michigan
Public School District,
(MBIA), Prerefunded
to 5/1/04, 7.875%,
10/1/04 $1,805,655
Baa1 AAA 750 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98,
7.875%, 7/1/17 812,423
Aaa AAA 2,305 Romulus, Michigan
Community School
District, Prerefunded to
5/1/07, 0.00%, 5/1/22 481,399
--------------
$3,099,477
--------------
General Obligations - 8.6%
Ba1 BBB $650 Detroit, Michigan,
6.25%, 4/1/05 $665,893
Ba1 BBB 495 Detroit, Michigan,
6.40%, 4/1/05 512,013
Baa1 A 250 Puerto Rico Public
Building Authority,
6.60%, 7/1/04 272,295
--------------
$1,450,201
--------------
Hospitals - 14.3%
Baa NR $525 Flint, Michigan Hospital
Authority, (Hurley Medical
Center), 6.00%, 7/1/05 $513,093
A NR 505 Marquette Michigan
Hospital Finance Authority,
6.625%, 4/1/07 509,954
NR BBB 100 Michigan Hospital Finance
Authority, (Central MI.
Community Hospital),
6.00%, 10/1/05 100,412
NR BBB 100 Michigan Hospital
Finance Authority,
(Central MI. Community
Hospital), 6.10%, 10/1/06 100,444
NR BBB 225 Michigan Hospital
Finance Authority,
(Central MI. Community
Hospital), 6.20%, 10/1/07 226,066
NR BBB 1,000 Michigan State Hospital
Finance Authority,
(Gratiot Community
Hospital), 6.10%, 10/1/07 974,260
--------------
$2,424,229
--------------
Housing - 6.2%
NR A+ $1,000 Michigan State Housing
Development Authority,
6.00%, 4/1/01 $1,050,050
--------------
Industrial Development
Revenue - 4.6%
NR BB $270 Richmond, Michigan
Economic Development
Corporation, K-MART
Project, 6.30%, 1/1/99 $269,131
Baa3 BB+ 500 Puerto Rico Port Authority
(American Airlines),
(AMT) 6.25%, 6/1/26 505,725
--------------
$774,856
--------------
Insured General Obligations - 16.2%
Aaa AAA $500 Comstock, Michigan
Public Schools, (CGIC),
6.80%, 5/1/02 $540,415
Aaa AAA 500 Detroit, Michigan, School
District,(AMBAC),
6.50%, 5/1/10 546,860
Aaa AAA 500 Imlay, Michigan, School
District, 5.40%, 5/1/17 481,935
Aaa AAA 500 State of Michigan
Municipal Bond Authority,
Local Government Loan
Project, (MBIA),
5.375%, 11/1/17 474,895
Aaa AAA 750 Willow Run, Michigan,
Community School District,
(AMBAC), 5.00%, 5/1/16 688,507
--------------
$2,732,612
--------------
Insured Industrial
Development Revenue - 6.3%
Aaa AAA $1,000 Monroe County, Michigan,
The Detroit Edison
Company, (AMBAC),
(AMT), 6.35%, 12/1/04 (1) $1,070,790
--------------
Insured Water & Sewer
Revenue - 3.0%
Aaa AAA $525 Detroit, Michigan, Water
Revenue, 5.10%, 7/1/07 $513,492
--------------
Lease Revenue/Certificate
of Participation - 3.1%
A1 AA- $1,000 State of Michigan Building
Authority, 6.10%, 10/1/01 $530,835
--------------
Nursing Homes - 2.3%
NR NR $395 Michigan Hospital Finance
Authority, (Presbyterian
Villages), 6.20%, 1/1/06 $395,778
--------------
Solid Waste - 2.0%
Ba1 BBB- $350 Central Wayne, Michigan,
Sanitation Authority,
6.40%, 7/1/06 $343,014
--------------
Special Tax Revenue - 11.8%
NR A- $2,000 Detroit, Michigan,
Downtown Development
Authority Tax Increment,
0.00%, 7/1/21 $407,840
NR BBB+ 1,500 Battle Creek, Michigan
Downtown Development
Authority, 6.65%, 5/1/02 1,583,280
--------------
$1,991,120
--------------
Water & Sewer Revenue - 3.3%
Aa AA 500 Michigan Municipal
Bond Authority,
7.00%, 10/1/02 $558,090
--------------
Total Tax-Exempt
Investments (identified
cost, $16,446,546) $16,934,544
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Michigan
municipalities. The ability of the issuers of the debt securities to
meet their obligations may be affected by economic developments in a
specific industry or municipality. In order to reduce the risk associated
with such economic developments, at September 30, 1996, 25.5% 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
2.8% to 19.3% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
New Jersey Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration - 4.7%
NR BBB- $2,250 New Jersey Economic
Development Authority,
Heating & Cooling,
(Trigen-Trenton Project),
(AMT), 6.10%, 12/1/04 $2,264,130
NR BB+ 385 New Jersey Economic
Development Authority,
Electric Energy Facilities,
(Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 416,000
NR NR 550 Port Authority of New York
& New Jersey, (KIAC
Project), (AMT),
6.50%, 10/1/01 564,806
--------------
$3,244,936
--------------
Education - 4.1%
NR BBB+ $380 New Jersey Educational
Facilities Authority, Drew
University, 5.875%, 7/1/03 $395,933
NR A+ 340 Higher Education Assistance
Authority, (State of New
Jersey), (AMT), NJ Class
Loan Program,
5.70%, 1/1/02 341,646
A1 AA 1,895 Rutgers, The State
University (The State of
New Jersey), (MBIA),
6.20%, 5/1/04 2,040,877
--------------
$2,778,456
--------------
Escrowed - 6.9%
Aa1 AA+ $1,000 State of New Jersey,
Prerefunded to 8/1/02,
6.00%, 8/1/04 $1,064,090
Aaa AAA 1,325 Port Authority of New York
& New Jersey, (AMBAC),
Pre-refunded to 10/1/02,
7.40%, 10/1/12 1,523,776
Baa1 AAA 1,985 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98,
7.875%, 7/1/17 2,150,212
--------------
$4,738,078
--------------
General Obligations - 10.2%
Aaa AA+ $265 Middlesex County,
New Jersey, Improvement
Authority, 5.60%, 3/1/11 $264,984
Aaa AAA 1,000 County of Morris,
New Jersey, 6.50%, 8/1/02 1,097,150
A AA 2,195 Jersey City, New Jersey,
School District,
6.25%, 10/1/10 2,325,559
Baa1 A- 750 Puerto Rico Municipal
Finance Agency,
5.60%, 7/1/02 769,530
Baa1 A 1,285 Commonwealth of Puerto
Rico, 6.35%, 7/1/10 1,361,432
Aa AA 1,000 South Brunswick,
New Jersey,
7.125%, 7/15/02 1,119,850
Aaa AA+ 5 Union County,
New Jersey, Improvement
Authority, 5.50%, 11/15/08 5,101
--------------
$6,943,606
--------------
Hospitals - 3.2%
A A- $1,000 New Jersey Health
Care Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.45%, 7/1/02 $1,053,170
A A- 340 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.25%, 7/1/00 353,729
A A- 750 New Jersey Health Care
Facilities Financing
Authority, (Atlantic City
Medical Care Center),
6.55%, 7/1/03 795,525
--------------
$2,202,424
--------------
Housing - 7.8%
NR A+ $1,500 New Jersey Housing and
Mortgage Finance
Agency, 6.30%, 11/1/01 $1,582,980
NR A+ 2,570 New Jersey Housing and
Mortgage Finance Agency,
6.50%, 11/1/03 (1) 2,709,602
NR A+ 1,000 New Jersey Housing and
Mortgage Finance Agency,
6.00%, 11/1/02 1,035,910
--------------
$5,328,492
--------------
Industrial Development
Revenue - 1.0%
Aa3 NR $690 New Jersey Economic
Development Authority,
LOC: Bank of Paris,
(AMT), 6.00%, 12/1/02 $707,036
--------------
Insured Education - 3.0%
Aaa AAA $1,000 Essex County, New Jersey,
Improvement Authority,
(Guaranteed County
College Project), (AMBAC),
5.25%, 12/1/16 $959,110
Aaa AAA 1,000 New Jersey State
Educational Facilities,
Seton Hall University,
(FGIC), 6.10%, 7/1/01 1,063,630
--------------
$2,022,740
--------------
Insured General Obligations - 21.4%
Aaa AAA $1,000 Atlantic City, New Jersey,
Board of Education,
(AMBAC), 6.00%, 12/1/02 $1,062,180
Aaa AAA 1,175 Edison, New Jersey,
(AMBAC), 4.70%, 1/1/04 1,149,514
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.10%, 11/15/99 526,260
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.20%, 11/15/01 535,365
Aaa AAA 500 City of Elizabeth, Union
County, New Jersey,
(MBIA) 6.20%, 11/15/02 536,390
Aaa AAA 2,000 Essex County, New Jersey,
(AMBAC), 5.375%,
9/1/10 1,968,160
Aaa AAA 1,200 Jackson Township,
New Jersey, Local School
District, (FGIC),
6.60%, 6/1/02 1,313,328
Aaa AAA 1,200 Jackson Township,
New Jersey, Local School
District, (FGIC),
6.60%, 6/1/03 1,323,240
Aaa AAA 1,200 Kearney, New Jersey, (FSA),
6.50%, 2/1/04 1,311,660
Aaa AAA 850 Roselle, New Jersey, (MBIA),
4.65%, 10/15/03 839,953
Aaa AAA 1,000 South Brunswick Township,
New Jersey, Board of
Education, (FGIC),
6.40%, 8/1/03 1,084,260
Aaa AAA $1,000 South River, New Jersey,
School District, (FGIC),
5.00%, 12/1/09 $1,052,854
Aaa AAA 2,000 Washington Township,
New Jersey, Board of
Education, 5.125%, 2/1/15 1,887,460
--------------
$14,590,624
--------------
Insured Hospital - 3.2%
Aaa AAA $1,910 New Jersey Health Care
Facilities & Financing
Authority, (Dover General
Hospital & Medical Center),
(MBIA), 7.00%, 7/1/04 $2,152,589
--------------
Insured Industrial
Development Revenue - 1.6%
Aaa AAA $1,000 New Jersey Economic
Development Authority,
Market Transition
5.80%, 7/1/09 $1,020,030
Aaa AAA 100 Warren County
New Jersey Pollution
Control Finance Authority,
Resource Recovery,
(MBIA), 6.55%, 12/1/06 109,766
--------------
$1,129,796
--------------
Insured Lease Revenue/
Certificate of Participation - 0.9%
Aaa AAA $595 Hudson County,
New Jersey, Certificates of
Participation, (MBIA),
6.20%, 6/1/03 $628,772
--------------
Insured Solid Waste - 0.4%
Aaa AAA $250 The Bergen County
Utilities Authority, Solid
Waste System, (FGIC),
6.00%, 6/15/02 $266,708
--------------
Insured Transportation - 13.6%
Aaa AAA $2,000 New Jersey Transportation
Trust Fund Authority,
(MBIA), 5.00%, 6/15/15 $1,877,260
Aaa AAA 1,500 New Jersey Turnpike
Authority, (FSA),
5.90%, 1/1/03 1,572,330
Aaa AAA 1,000 New Jersey Turnpike
Authority, (MBIA),
5.90%, 1/1/04 1,051,560
Aaa AAA $895 New Jersey Turnpike
Authority, (FSA),
6.40%, 1/1/02 $958,044
Aaa AAA 2,000 Port Authority of New York
& New Jersey, (AMBAC),
5.125%, 7/15/14 1,908,860
Aaa AAA 2,000 Port Authority of New York
& New Jersey, (AMBAC),
5.20%, 7/15/21 1,872,980
--------------
$9,241,034
--------------
Insured Utility - 1.6%
Aaa AAA $1,000 Middlesex County,
New Jersey, Utility
Authority, (FGIC)
6.10%, 12/1/01 $1,065,310
--------------
Lease Revenue/Certificates
Of Participation - 2.4%
A1 A+ $720 New Jersey Economic
Development Authority,
Lease Revenue,
(Green Lights Energy
Project), 5.00%, 1/15/06 $705,809
A1 A+ 875 State of New Jersey,
Certificates of Participation,
5.90%, 4/1/99 900,681
--------------
$1,606,490
--------------
Life Care - 0.5%
NR NR $310 New Jersey Economic
Development Authority,
(Cadbury Corporation
Project), 8.00%, 7/1/15 $322,239
--------------
Solid Waste - 4.2%
Baa NR $300 The Atlantic County
Utilities Authority
(New Jersey), Solid Waste
System, 7.00%, 3/1/08 $296,502
A1 AA- 500 Gloucester County
Improvement Authority of
New Jersey, (Landfill
Project), 5.20%, 9/1/99 511,450
A1 NR 300 The Passaic County
Utilities Authority
(New Jersey), Solid
Waste Disposal,
5.70%, 3/1/98 305,058
NR A 1,700 The Union County
Utilities Authority
(New Jersey), Solid
Waste System, (AMT),
7.20%, 6/15/04 1,729,818
--------------
$2,842,828
--------------
Transportation - 3.7%
A1 AA- $250 New Jersey Highway
Authority, (Garden State
Parkway), 6.10%, 1/1/06 $264,960
Baa3 BB+ 1,625 Port Authority of New York
& New Jersey, (Delta
Airlines), 6.10%, 12/1/04 1,731,746
A1 AA- 500 Port Authority of New York
& New Jersey,
5.50%, 7/1/06 510,160
--------------
$2,506,866
--------------
Utility - 5.6%
Baa1 BBB+ $1,000 Puerto Rico Electric
Power Authority,
6.125%, 7/1/08 $1,045,789
Baa1 BBB+ 1,785 Puerto Rico Electric
Power Authority,
6.125%, 7/1/09 1,853,100
Baa1 BBB+ 1,000 Puerto Rico Electric
Power Authority,
6.125%, 7/1/08 915,860
--------------
$3,814,749
--------------
Total Tax-Exempt
Investments (identified
cost, $66,515,858) $68,133,773
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by New Jersey
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1996, 45.7% 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 5.6% to 16.4% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
New York Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cogeneration - 0.8%
NR NR $950 Port Authority of New York
& New Jersey - KIAC
Project, 6.50%, 10/1/01 $975,574
--------------
Education - 10.4%
Baa1 BBB $1,000 City University of
New York, John Jay College,
6.00%, 8/15/06 $1,013,280
NR AA 1,000 Dormitory Authority of the
State of New York,
Manhattan College,
6.10%, 7/1/04 1,049,530
A1 A+ 5,955 Dormitory Authority of the
State of New York,
University of Rochester,
6.50%, 7/1/09 (1) 6,146,989
Baa1 BBB 1,000 Dormitory Authority of the
State of New York, City
University, 6.10%, 7/1/01 1,039,860
NR AA 1,000 Dormitory Authority of the
State of New York, Nursing
Home, (Our Lady of
Consolation), (FHA),
5.20%, 8/1/05 995,730
Baa1 BBB+ 1,000 Dormitory Authority of the
State of New York, State
University, 7.25%, 5/15/99 1,064,560
Baa1 BBB+ 1,000 Dormitory Authority of
The State of New York,
State University,
5.20%, 5/15/03 997,170
--------------
$12,307,119
--------------
Escrowed/Prerefunded - 9.5%
Aaa NR $1,250 Dormitory Authority of
the State of New York,
State University,
Prerefunded to
5/15/02, 6.75%, 5/15/21 $1,394,375
Aaa AAA 2,000 New York State Housing
Finance Agency, Escrowed
to Maturity, 6.80%, 5/15/01 2,179,660
Aaa AA- 2,500 Port Authority of New York
& New Jersey, (AMBAC),
Prerefunded to
10/1/02, 7.40%, 10/1/12 2,875,050
NR AA- 2,000 Power Authority of the
State of New York,
Prerefunded to
1/1/98, 8.00%, 1/1/17 2,130,240
Aaa AAA 2,500 Suffolk County, New York
Water Authority, (AMBAC),
Prerefunded to 6/1/02,
6.00%, 6/1/17 2,698,150
--------------
$11,277,475
--------------
General Obligations - 10.2%
Baa1 BBB+ $1,000 The City of New York,
6.375%, 8/1/05 $1,033,120
Baa1 BBB+ 3,000 The City of New York,
6.40%, 8/1/03 3,148,200
Baa1 BBB+ 1,500 The City of New York,
6.375%, 8/1/06 1,543,050
A A- 1,500 State of New York,
7.50%, 11/15/00 1,650,720
A A- 1,000 State of New York,
7.50%, 11/15/01 1,119,690
A A- 2,000 State of New York,
7.00%, 11/15/02 2,221,740
Baa1 A 1,350 Puerto Rico
Commonwealth,
6.35%, 7/1/10 1,430,298
--------------
$12,146,818
--------------
Hospitals - 7.1%
Baa1 BBB $2,340 Dormitory Authority of
New York, Department of
Health, 5.375%, 7/1/08 $2,255,900
NR AAA 2,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.40%, 8/15/00 2,050,260
NR AAA 3,000 New York State Medical
Care Facilities Finance
Agency, Mount Sinai
Hospital, 5.50%, 8/15/01 3,103,140
Baa NR 1,000 New York State Dormitory
Authority, Nyack Hospital,
6.00%, 7/1/06 1,005,750
--------------
$8,415,050
--------------
Housing - 4.2%
Aa AA $5,100 New York City Housing
Development Corporation,
(Multi-Family),
5.625%, 5/1/12 $5,014,116
--------------
Industrial Development
Revenue - 1.5%
Baa3 BB+ $1,700 Puerto Rico Port
Authority - American
Airlines, 6.25%, 6/1/26 $1,719,465
--------------
Insured Education - 4.7%
Aaa AAA $1,075 Dormitory Authority of
the State of New York,
Mt. Sinai School of
Medicine, (MBIA),
6.75%, 7/1/09 $1,159,581
Aaa AAA 2,550 Dormitory Authority of
the State of New York,
State University,
(AMBAC), 5.25%, 7/1/14 2,444,670
Aaa AAA 2,000 Dormitory Authority of
the State of New York,
State University, (AMBAC),
5.25%, 7/1/06 1,975,000
--------------
$5,579,251
--------------
Insured Hospital - 6.3%
Aaa AAA $4,450 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.10%, 2/15/04 $4,736,936
Aaa AAA 2,500 New York State Medical
Care Facilities Finance
Agency, New York State
Hospital, (AMBAC),
6.20%, 2/15/05 2,695,800
--------------
$7,432,736
--------------
Insured Lease Revenue/
Certificate of Participation - 1.6%
Aaa AAA $2,000 City University of
New York - John Jay
College, (AMBAC),
6.00%, 8/15/08 $1,923,660
--------------
Insured Miscellaneous - 0.9%
Aaa AAA $1,000 New York State Municipal
Bond Bank Agency,
(AMBAC), 6.625%,
3/15/06 $1,084,270
--------------
Insured Transportation - 9.7%
Aaa AAA $2,240 Metropolitan Transportation
Authority for the City of
New York, (MBIA),
5.70%, 7/1/10 $2,256,934
Aaa AAA 3,500 The Port Authority of
New York and New Jersey,
(MBIA), 6.375%, 10/15/17 3,713,850
Aaa AAA 1,000 The Port Authority of
New York and New Jersey,
(AMBAC), 5.20%, 7/15/15 956,030
Aaa AAA 2,000 Triborough Bridge and
Tunnel Authority, (MBIA),
6.20%, 1/1/01 2,121,140
Aaa AAA 2,290 Triborough Bridge and
Tunnel Authority, (FGIC),
5.80%, 1/1/02 2,390,554
--------------
$11,438,508
--------------
Insured Utility - 5.1%
Aaa AAA $500 New York State Energy
Research and Development
Authority, Gas Facilities,
(Brooklyn Union Gas),
(MBIA), 5.50%, 1/1/21 $486,255
Aaa AAA 5,000 New York State Energy
Research and Development
Authority, Central Hudson
Gas, (FGIC), 7.375%,
10/1/14 5,503,000
--------------
$5,989,255
--------------
Insured Water and Sewer - 1.7%
Aaa AAA $1,000 New York City Municipal
Water Finance Authority,
(AMBAC), 5.80%, 6/15/03 $1,051,950
Aaa AAA 1,000 Suffolk County, New York,
Water Authority, (MBIA),
5.00%, 6/1/15 922,300
--------------
$1,974,250
--------------
Lease Revenue/Certificates
of Participation - 6.8%
A1 AA $3,500 Housing New York
Corporation, 6.00%,
11/1/03 $3,655,435
Baa1 BBB 4,715 New York Urban
Development Corporation,
5.375%, 1/1/15 4,346,192
--------------
$8,001,627
--------------
Special Tax Revenue - 4.6%
A A $3,725 New York Local
Government Assistance
Corporation, 5.25%,
4/1/16 $3,541,805
A A 1,750 New York Local
Government Assistance
Corporation, 7.00%, 4/1/04 1,928,517
--------------
$5,470,322
--------------
Transportation - 12.4%
A1 A $1,750 New York State Thruway
Authority, 5.375%, 1/1/02 $1,794,398
A A- 1,645 New York State Thruway
Authority, 5.80%, 4/1/09 1,661,730
Baa1 BBB 1,000 New York State Thruway
Authority, 6.00%, 4/1/03 1,039,150
Baa1 BBB 3,000 New York State Thruway
Authority, 5.75%, 4/1/16 2,924,550
A1 AA- 3,000 Port Authority of New York
& New Jersey, (AMT),
6.00%, 7/1/14 3,055,380
Baa3 BB+ 2,875 Port Authority of New York
& New Jersey,
(Delta Airlines),
6.95%, 6/1/08 3,063,858
Aa A+ 1,250 Triborough Bridge &
Tunnel Authority,
4.75%, 1/1/19 1,102,663
--------------
$14,641,729
--------------
Water & Sewer Revenue - 2.5%
A A- $1,825 New York City Municipal
Water Finance Authority,
5.70%, 6/15/02 $1,901,285
Aaa AAA 1,000 New York State
Environmental Facilities
Corporation, County of
Westchester Project,
5.60%, 9/15/13 1,001,281
--------------
$2,902,566
--------------
Total Tax-Exempt
Investments (identified
cost, $116,927,363) $118,293,791
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by New York
municipalities. The ability of the issuers of the debt securities to meet
their obligations may be affected by economic developments in a specific
industry or municipality. In order to reduce the risk associated with such
economic developments, at September 30, 1996, 30.0% 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 8.0% to 18.1% of total
investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Ohio Limited Maturity Municipals Portfolio
Portfolio of Investments - September 30, 1996 (Unaudited)
Tax-Exempt Investments - 100%
Ratings (Unaudited)
- ------------------------- Principal
Amount
Standard (000
Moody's & Poor's Omitted) Security Value
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education - 5.8%
A1 A+ $500 The Student Loan Funding
Corporation of Cincinnati,
(AMT), 5.75%, 8/1/03 $505,290
A1 NR 1,200 The Student Loan Funding
Corporation of Cincinnati,
(AMT), 5.95%, 8/1/05 1,212,600
--------------
$1,717,890
--------------
Escrowed - 7.4%
Aaa AAA $650 Clermont County, Ohio,
Water Works, (AMBAC),
Prerefunded to 12/1/01,
6.625%, 12/1/16 $721,676
NR NR 350 Cuyahoga County, Ohio,
(Judson Retirement
Community), Escrowed to
11/15/99, 8.875%,
11/15/19 403,175
Baa1 AAA 1,000 Puerto Rico Aqueduct &
Sewer Authority,
Prerefunded to 7/1/98
7.875%, 7/1/17 1,083,230
--------------
$2,208,081
--------------
General Obligations - 14.2%
NR NR $500 Cleveland, Ohio, City
School District, 6.50%,
6/15/97 $500,680
Aa NR 500 Hamilton County, Ohio,
5.00%, 12/1/16 458,330
NR A+ 300 Kings County, Ohio, Local
School District, 7.60%,
12/1/10 336,789
Baa1 A 1,000 Commonwealth of Puerto
Rico, 6.25%, 7/1/08 1,058,980
A NR 1,000 Wauseon, Ohio School
District, 7.25%, 12/1/10 1,079,760
NR NR 770 Youngstown, Ohio,
County School District,
6.40%, 7/1/00 789,419
--------------
$4,223,958
--------------
Hospitals - 15.7%
A A- $1,000 Erie County Hospital
Improvement (Fireland
Community Hospital
Project), 6.75%, 1/1/08 $1,057,240
Aa NR 1,000 Franklin County, Ohio,
Hospital Improvement,
(Children' s Hospital),
5.75%, 11/1/15 995,360
Baa BBB 500 Hamilton County Ohio
Health System (Providence
Hospital Project),
6.00%, 7/1/01 506,105
NR NR 990 Mt. Vernon Ohio Hospital,
(Knox Community
Hospital), 7.875%,6/1/12 1,020,225
Aa2 NR 1,000 Warren County, Ohio,
Hospital Facilities,
(Otterbein Homes
Project), 7.20%, 7/1/11 1,093,830
--------------
$4,672,760
--------------
Housing - 4.3%
NR AAA $1,000 Cuyahoga County, Ohio,
Multifamily Housing,
(National Terminal
Apts. Project),
6.40%, 7/1/16 $1,006,430
NR NR 300 Lucas County, Ohio,
Economic Development
Multifamily Housing
(County Creek Project),
8.00%, 7/1/26 285,012
--------------
$1,291,442
--------------
Industrial Development
Revenue - 8.5%
Aa NR $650 Cuyahoga County, Ohio,
IDR, (Chippewa Place
Project), 5.80% 8/1/05 $663,436
NR A- 1,020 Ohio Economic
Development Commission,
(ABS Industries)
(AMT), 6.00%, 6/1/04 1,046,316
NR A- 765 Ohio Economic
Development Commission,
(Ohio Enterprise Bond
Fund-Progress Plastics
Products), (AMT),
6.80%, 12/1/01 828,694
--------------
$2,538,446
--------------
Insured Education - 3.8%
Aaa AAA $1,250 Ohio State Public
Facilities Commission,
(Higher Educational
Facilities), (AMBAC),
4.30%, 12/1/08 $1,127,450
--------------
Insured General Obligations - 24.4%
Aaa AAA $1,000 Cleveland, Ohio, (MBIA),
6.50%, 11/15/01 $1,088,050
Aaa AAA 300 Huron County, Ohio,
(Landfill Refunding),
(MBIA), 5.50%, 12/1/08 302,625
Aaa AAA 1,350 Mt. Vernon County, Ohio,
Local School District,
(FGIC), 7.50%, 12/1/14 1,566,040
Aaa AAA 1,760 Southwest Licking Ohio
School Facilities
Improvement, (FGIC),
7.10%, 12/1/16 1,700,640
Aaa AAA 400 St. Henry, Ohio, Local
School District, (MBIA),
5.25%, 12/1/19 377,468
Aaa AAA 1,000 West Clermont Ohio
School District, (AMBAC),
7.125%, 12/1/19 570,175
Aaa AAA 1,500 West Clermont Ohio
School District, (AMBAC),
6.90%, 12/1/12 (1) 1,672,245
--------------
$7,277,243
--------------
Insured Hospital - 3.7%
Aaa AAA $1,000 Portage County Ohio
Hospital Revenue Bonds,
(Robinson Hospital Project),
(MBIA), 6.50%, 11/15/04 $1,097,600
--------------
Insured Transportation - 3.2%
Aaa AAA $1,000 Dayton, Ohio, Airport
Revenue, (James M. Cox -
Dayton International
Airport), (AMBAC),
5.25%, 12/1/15 $952,340
--------------
Insured Utility - 1.8%
Aaa AAA $500 Cleveland, Ohio, Public
Power System, (MBIA),
6.10%, 11/15/03 $538,760
--------------
Insured Water & Sewer - 2.1%
Aaa AAA $690 Bellefontaine, Ohio,
Water System Mortgage
Revenue, (AMBAC),
5.00%, 12/1/15 $635,580
--------------
Life Care - 2.2%
NR BBB- $680 Marion County, Ohio,
Health Care Facilities,
(United Church Homes
Project), 5.25%, 11/15/98 $675,131
--------------
Nursing Homes - 1.2%
NR NR $300 Greene County, Ohio,
First Mortgage, (Fairview
Extended Care),
10.125%, 1/1/11 $339,504
--------------
Special Tax - 1.7%
NR NR $504 Columbus Ohio Special
Assessment, 6.05%, 9/15/05 $501,221
--------------
Total Tax-Exempt
Investments (identified
cost, $29,217,526) $29,797,406
==============
(1) Security has been segregated to cover margin requirements on open
financial futures contracts.
The Portfolio invests primarily in debt securities issued by Ohio municipalities.
The ability of the issuers of the debt securities to meet their obligations may be
affected by economic developments in a specific industry or municipality. In order
to reduce the risk associated with such economic developments, at September 30,
1996, 39.0% 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 11.0% to
19.1% of total investments.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Limited Maturity Municipals Portfolios
Financial Statements
Statments of Assets and Liabilities
September 30, 1996 (Unaudited)
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments --
Identified cost $48,626,770 $13,652,704 $104,324,918 $16,446,546
Unrealized appreciation 1,310,815 229,251 2,616,737 487,998
------------ ------------ ------------ ------------
Total investments, at value
(Note 1A) $49,937,585 $13,881,955 $106,941,655 $16,934,544
Cash 300,741 24,512 128 540
Receivable for daily variation
margin on open financial
futures contracts (Note 1E) 14,063 3,938 15,469 4,500
Receivable for investments sold 1,710,228 -- 490,000 --
Interest receivable 872,066 219,245 2,387,597 398,525
Deferred organization expenses
(Note 1D) 2,401 1,064 6,679 1,811
------------ ------------ ------------ ------------
Total assets $52,837,084 $14,130,714 $109,841,528 $17,339,920
------------ ------------ ------------ ------------
Liabilities:
Demand note payable (Note 5) $-- $ -- $89,000 $16,000
Payable for investments purchased 1,988,773 -- -- --
Payable to affiliate --
Trustees' fee 1,543 41 2,044 1,237
Accrued expenses 4,508 1,651 10,872 1,010
------------ ------------ ------------ ------------
Total liabilities $1,994,824 $1,692 $101,916 $18,247
------------ ------------ ------------ ------------
Net Assets applicable to
investors' interest in
Portfolio $50,842,260 $14,129,022 $109,739,612 $17,321,673
============ ============ ============ ============
Sources of Net Assets:
Net proceeds from capital
contributions and withdrawals $49,591,121 $13,918,106 $107,188,518 $16,854,396
Unrealized appreciation of
investments and financial
futures contracts (computed on the
basis of identified cost) 1,251,139 210,916 2,551,094 467,277
------------ ------------ ------------ ------------
Total $50,842,260 $14,129,022 $109,739,612 $17,321,673
============ ============ ============ ============
<CAPTION>
Statements of Assets and Liabilities
September 30, 1996 (Unaudited)
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Assets:
Investments --
Identified cost $66,515,858 $116,927,363 $29,124,986
Unrealized appreciation 1,617,915 1,366,428 672,420
------------ ------------ ------------
Total investments, at value
(Note 1A) $68,133,773 $118,293,791 $29,797,406
Cash 315 2,175,768 110,001
Receivable for daily variation
margin on open financial futures
contracts (Note 1E) 17,156 11,250 4,219
Receivable for investments sold 1,301,997 -- 574,868
Interest receivable 1,110,661 2,082,335 561,895
Deferred organization expenses
(Note 1D) 2,785 4,070 1,261
------------ ------------ ------------
Total assets $70,566,687 $122,567,214 $31,049,650
------------ ------------ ------------
Liabilities:
Demand note payable (Note 5) $912,000 $ -- $ --
Payable for investments purchased -- 1,993,130 301,742
Payable to affiliate --
Trustees' fee 1,544 2,044 417
Accrued expenses 6,126 10,816 2,612
------------ ------------ ------------
Total liabilities $919,670 $2,005,990 $304,771
------------ ------------ ------------
Net Assets applicable to investors'
interest in Portfolio $69,647,017 $120,561,224 $30,744,879
============ ============ ============
Sources of Net Assets:
Net proceeds from capital
contributions and withdrawals $68,106,374 $119,242,536 $30,086,705
Unrealized appreciation of
investments and financial futures
contracts (computed on the basis of
identified cost) 1,540,643 1,318,688 658,174
------------ ------------ ------------
Total $69,647,017 $120,561,224 $30,744,879
============ ============ ============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of Operations
Six Months Ended September 30, 1996 (Unaudited)
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income $1,536,294 $393,886 $3,194,008 $563,180
------------ ------------ ------------ ------------
Expenses --
Investment adviser fee (Note 2) $128,123 $33,271 $270,842 $45,718
Compensation of Trustees not
members of the Investment
Adviser's organization 3,224 123 4,216 82
Custodian fees (Note 1G) 16,619 6,784 32,239 8,174
Legal and accounting services 18,520 14,220 20,420 18,420
Amortization of organization
expenses (Note 1D) 499 1,288 2,108 1,561
Miscellaneous 10,674 4,325 17,769 5,647
------------ ------------ ------------ ------------
Total expenses $177,659 $60,011 $347,594 $79,602
------------ ------------ ------------ ------------
Deduct --
Reduction of investment
adviser fee (Note 2) $ -- $16,677 $ -- $ --
Reduction of custodian
fee (Note 1G) 1,815 3,346 3,859 2,416
------------ ------------ ------------ ------------
Total $1,815 $20,023 $3,859 $2,416
------------ ------------ ------------ ------------
Net expenses $175,844 $39,988 $343,735 $77,186
------------ ------------ ------------ ------------
Net investment income $1,360,450 $353,898 $2,850,273 $485,994
------------ ------------ ------------ ------------
Realized and Unrealized Gain
(Loss) on Investments:
Net realized gain (loss) --
Investment transactions
(identified cost basis) ($122,600) $11,875 ($447,887) $162,171
Financial futures contracts (350,046) (44,410) (604,420) (98,059)
------------ ------------ ------------ ------------
Net realized gain (loss) ($472,646) ($32,535) ($1,052,307) $64,112
------------ ------------ ------------ ------------
Change in unrealized
appreciation (depreciation) --
Investments $272,386 $2,525 $312,799 ($90,436)
Financial futures contracts (59,675) (15,159) (65,643) (15,958)
------------ ------------ ------------ ------------
Net unrealized appreciation
(depreciation) of investments $212,711 ($12,634) $247,156 ($106,394)
------------ ------------ ------------ ------------
Net realized and unrealized loss ($259,935) ($45,169) ($805,151) ($42,282)
------------ ------------ ------------ ------------
Net increase in net assets
from operations $1,100,515 $308,729 $2,045,122 $443,712
============ ============ ============ ============
<CAPTION>
Statements of Operations (Continued)
Six Months Ended September 30, 1996 (Unaudited)
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Investment Income:
Interest income $2,065,062 $3,511,702 $929,511
------------ ------------ ------------
Expenses --
Investment adviser fee (Note 2) $173,692 $300,218 $75,224
Compensation of Trustees not
members of the Investment
Adviser's organization 3,225 4,217 828
Custodian fees (Note 1G) 22,025 36,484 11,385
Legal and accounting services 18,420 20,420 18,420
Amortization of organization
expenses (Note 1D) 897 1,289 1,288
Miscellaneous 9,408 14,611 6,201
------------ ------------ ------------
Total expenses $227,667 $377,239 $113,346
Deduct --
Reduction of custodian
fee (Note 1G) 9,927 4,890 3,217
------------ ------------ ------------
Net expenses $217,740 $372,349 $110,129
------------ ------------ ------------
Net investment income $1,847,322 $3,139,353 $819,382
------------ ------------ ------------
Realized and Unrealized Gain
(Loss) on Investments:
Net realized gain (loss) --
Investment transactions
(identified cost basis) $13,590 ($55,254) $170,489
Financial futures contracts (286,485) (553,518) (89,321)
------------ ------------ ------------
Net realized gain (loss) ($272,895) ($608,772) $81,168
------------ ------------ ------------
Change in unrealized
appreciation (depreciation) --
Investments $127,275 ($16,010) ($1,381)
Financial futures contracts (63,883) (47,740) (14,246)
------------ ------------ ------------
Net unrealized appreciation
(depreciation) of investments $63,392 ($63,750) ($15,627)
------------ ------------ ------------
Net realized and unrealized
gain (loss) ($209,503) ($672,522) $65,541
------------ ------------ ------------
Net increase in net assets
from operations $1,637,819 $2,466,831 $884,923
============ ============ ============
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets
Six Months Ended September 30, 1996 (Unaudited)
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease)
in Net Assets:
From operations --
Net investment income $1,360,450 $353,898 $2,850,273 $485,994
Net realized gain (loss)
on investments (472,646) (32,535) (1,052,307) 64,112
Change in unrealized appreciation
of investments 212,711 (12,634) 247,156 (106,394)
------------ ------------ ------------ ------------
Net increase in net assets
from operations $1,100,515 $308,729 $2,045,122 $443,712
------------ ------------ ------------ ------------
Capital transactions --
Contributions $7,819,944 $639,611 $21,639,528 $251,914
Withdrawals (17,294,279) (1,680,844) (41,780,049) (4,565,359)
------------ ------------ ------------ ------------
Decrease in net assets resulting
from capital transactions ($9,474,335) ($1,041,233) ($20,140,521) ($4,313,445)
------------ ------------ ------------ ------------
Total decrease in net assets ($8,373,820) ($732,504) ($18,095,399) ($3,869,733)
Net Assets:
At beginning of period 59,216,080 14,861,526 127,835,011 21,191,406
------------ ------------ ------------ ------------
At end of period $50,842,260 $14,129,022 $109,739,612 $17,321,673
============ ============ ============ ============
<CAPTION>
Statements of Changes in Net Assets (Continued)
Six Months Ended September 30, 1996 (Unaudited)
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
------------ ------------ ------------
Increase (Decrease)
in Net Assets:
From operations --
Net investment income $1,847,322 $3,139,353 $819,382
Net realized gain (loss)
on investments (272,895) (608,772) 81,168
Change in unrealized appreciation
of investments 63,392 (63,750) (15,627)
------------ ------------ ------------
Net increase in net assets
from operations $1,637,819 $2,466,831 $884,923
------------ ------------ ------------
Capital transactions --
Contributions $15,071,160 $21,586,967 $446,624
Withdrawals (27,234,538) (42,221,053) (4,116,043)
------------ ------------ ------------
Decrease in net assets resulting
from capital transactions ($12,163,378) ($20,634,086) ($3,669,419)
------------ ------------ ------------
Total decrease in net assets ($10,525,559) ($18,167,255) ($2,784,496)
Net Assets:
At beginning of period 80,172,576 138,728,479 33,529,375
------------ ------------ ------------
At end of period $69,647,017 $120,561,224 $30,744,879
============ ============ ============
<CAPTION>
Statements of Changes in Net Assets(Continued)
Year Ended March 31, 1996
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ ------------
Increase (Decrease)
in Net Assets:
From operations --
Net investment income $3,416,052 $795,358 $6,849,405 $1,341,190
Net realized gain (loss)
on investments 690,889 16,771 295,731 313,930
Change in unrealized appreciation
of investments 500,309 283,601 1,590,260 87,479
------------ ------------ ------------ ------------
Net increase in net assets
from operations $4,607,250 $1,095,730 $8,735,396 $1,742,599
------------ ------------ ------------ ------------
Capital transactions --
Contributions $2,502,298 $1,702,174 $10,648,982 $748,500
Withdrawals (30,237,193) (5,251,996) (56,128,282) (14,497,709)
------------ ------------ ------------ ------------
Decrease in net assets resulting
from capital transactions ($27,734,895) ($3,549,822) ($45,479,300) ($13,749,209)
------------ ------------ ------------ ------------
Total decrease in net assets ($23,127,645) ($2,454,092) ($36,743,904) ($12,006,610)
Net Assets:
At beginning of year 82,343,725 17,315,618 164,578,915 33,198,016
------------ ------------ ------------ ------------
At end of year $59,216,080 $14,861,526 $127,835,011 $21,191,406
============ ============ ============ ============
<CAPTION>
Statements of Changes in Net Assets (Continued)
Year Ended March 31, 1996
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
------------ ------------ ------------
<S> <C> <C> <C>
Increase (Decrease)
in Net Assets:
From operations --
Net investment income $4,281,726 $7,387,952 $1,869,100
Net realized gain (loss)
on investments 83,359 217,916 230,400
Change in unrealized appreciation
of investments 875,687 2,312,427 179,256
------------ ------------ ------------
Net increase in net assets
from operations $5,240,772 $9,918,295 $2,278,756
------------ ------------ ------------
Capital transactions --
Contributions $2,138,038 $7,273,143 $1,242,994
Withdrawals (24,485,909) (52,095,383) (9,427,749)
------------ ------------ ------------
Decrease in net assets resulting
from capital transactions ($22,347,871) ($44,822,240) ($8,184,755)
------------ ------------ ------------
Total decrease in net assets ($17,107,099) ($34,903,945) ($5,905,999)
Net Assets:
At beginning of year 97,279,675 173,632,424 39,435,374
------------ ------------ ------------
At end of year $80,172,576 $138,728,479 $33,529,375
============ ============ ============
See notes to financial statments
</TABLE>
<TABLE>
<CAPTION>
Supplementary Data
California Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, ----------------------------------
(Unaudited) 1996 1995 1994**
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.65%+ 0.58% 0.53% 0.46%+
Net Expenses after
custodian fee reduction 0.64%+ 0.55% -- --
Net investment income 4.95%+ 4.82% 4.72% 4.50%+
Portfolio Turnover 18% 36% 56% 6%
Net Assets, end of period
(000 omitted) $50,842 $59,216 $82,344 $95,704
++ 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 (1) 0.52%+
Expenses after custodian
fee reduction --
Net investment income 4.44%+
<CAPTION>
Supplementary Data (continued)
Connecticut Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ----------------------------------
(Unaudited) 1996 1995 1994*
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.60%+ 0.39% 0.17% 0.00%+
Net Expenses after
custodian fee reduction 0.56%+ 0.35% -- --
Net investment income 4.92%+ 4.91% 4.95% 4.53%+
Portfolio Turnover 33% 52% 73% 39%
Net Assets, end of period
(000 omitted) $14,129 $14,862 $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 (1) 0.83%+ 0.72% 0.67% 0.62%+
Expenses after custodian
fee reduction 0.79%+ -- -- --
Net investment income 4.69%+ 4.58% 4.45% 3.92%+
<CAPTION>
Supplementary Data (continued)
Florida Limited Portfolio
-------------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, ----------------------------------
(Unaudited) 1996 1995 1994**
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.60%+ 0.55% 0.52% 0.49%+
Net expenses after
custodian fee reduction 0.59%+ 0.54% -- --
Net investment income 4.86%+ 4.73% 4.73% 4.53%+
Portfolio Turnover 28% 20% 44% 8%
Net Assets, end of period
(000 omitted) $109,740 $127,835 $164,579 $185,977
</TABLE>
<TABLE>
<CAPTION>
Supplementary Data (continued)
Michigan Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, 1996 ----------------------------------
(Unaudited) 1996 1995 1994*
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.83%+ 0.68% 0.48% 0.00%+
Net expenses after
custodian fee reduction 0.80%+ 0.64% -- --
Net investment income 5.04%+ 5.00% 4.88% 4.62%+
Portfolio Turnover 14% 40% 111% 30%
Net Assets, end of period
(000 omitted) $17,322 $21,191 $33,198 $35,608
++ 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 (1) 0.59% 0.54%+
Net investment income 4.77% 4.08%+
<CAPTION>
Supplementary Data (continued)
New Jersey Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, ----------------------------------
(Unaudited) 1996 1995 1994**
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.61%+ 0.57% 0.54% 0.54%+
Net Expenses after
custodian fee reduction 0.58%+ 0.55% -- --
Net investment income 4.93%+ 4.78% 4.73% 4.53%+
Portfolio Turnover 18% 42% 44% 10%
Net Assets, end of period
(000 omitted) $69,647 $80,173 $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 (1)
Net investment income
<CAPTION>
Supplementary Data (continued)
New York Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, ----------------------------------
(Unaudited) 1996 1995 1994**
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net
assets)++:
Net expenses (1) 0.58%+ 0.55% 0.52% 0.47%+
Net Expenses after
custodian fee reduction 0.57%+ 0.53% -- --
Net investment income 4.80%+ 4.66% 4.79% 4.50%+
Portfolio Turnover 21% 32% 31% 5%
Net Assets, end of period
(000 omitted) $120,561 $138,728 $173,632 $183,768
++ 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 (1)
Net investment income
<CAPTION>
Supplementary Data (continued)
Ohio Limited Portfolio
----------------------------------------------------
Six Months Ended Year Ended March 31,
September 30, --------------------------------
(Unaudited) 1996 1995 1994**
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Ratios
(As a percentage of
average daily net assets)
Net expenses (1) 0.71%+ 0.63% 0.46% 0.00%+
Net Expenses after
custodian fee reduction 0.69%+ 0.61% -- --
Net investment income 5.16%+ 5.06% 4.96% 4.68%+
Portfolio Turnover 17% 47% 120% 33%
Net Assets, end of period
(000 omitted) $30,745 $33,529 $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 (1) 0.58% 0.54%+
Net investment income 4.84% 4.14%+
+ Annualized.
* For the period from the start of business, April 16, 1993, to March 31, 1994.
** For the period from the start of business, May 3, 1993, to March 31, 1994.
(1) The expense ratios for the year ended March 31, 1996, and periods thereafter, have
been adjusted to reflect a change in reporting requirements.The new reporting guidelines
require each Portfolio to increase its expense ratio by the effect of any offset arrangements
with its service providers. The expense ratios for each of the periods ended March 31, 1995
and 1994 have not been adjusted to reflect this change.
See notes to financial statements
</TABLE>
Notes to Financial Statements
(Unaudited)
(1) Significant Accounting Policies
California Limited Maturity Municipals Portfolio (California Limited
Portfolio), Connecticut Limited Maturity Municipals Portfolio
(Connecticut Limited Portfolio), Florida Limited Maturity Municipals
Portfolio (Florida Limited Portfolio), Michigan Limited Maturity
Municipals Portfolio (Michigan Limited Portfolio), New Jersey Limited
Maturity Municipals Portfolio (New Jersey Limited Portfolio), New York
Limited Maturity Municipals Portfolio (New York Limited Portfolio), and
Ohio Limited Maturity Municipals Portfolio (Ohio 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. Expense Reduction -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolios. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined
based on the average cash balances each Portfolio maintains with IBT.
All significant credit balances used to reduce each Portfolio's
custodian fees are reflected as a reduction of operating expenses in the
Statements of Operations.
H. Use of Estimates -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
I. Other -- Investment transactions are accounted for on a trade date
basis.
J. Interim Financial Information -- The interim financial statements
relating to September 30, 1996 and for the six month period then ended
have not been audited by independent certified public accountants, but
in the opinion of the Portfolios' management reflect all adjustments
consisting only of normal recurring adjustments, necessary for the fair
presentation of the financial statements.
(2) Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research
(BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM), as
compensation for management and investment advisory services rendered to
each Portfolio. The fee is based upon a percentage of average daily net
assets plus a percentage of gross income (i.e., income other than gains
from the sale of securities). For the six months ended September 30,
1996, each Portfolio paid advisory fees as follows:
Portfolio Amount Effective Rate*
- ---------- ---------- ---------------
California Limited $128,123 0.47%
Connecticut Limited 33,271 0.46%
Florida Limited 270,842 0.46%
Michigan Limited 45,718 0.47%
New Jersey Limited 173,692 0.46%
New York Limited 300,218 0.46%
Ohio Limited 75,224 0.47%
To enhance the net income of the Connecticut Limited Portfolio, BMR made
a reduction of its fee in the amount of $16,677 for the six months ended
September 30, 1996.
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. Certain
of the officers and Trustees of the Portfolios are officers and
directors/trustees of the above organizations.
Trustees of the Portfolios that are not affiliated with the Investment
Adviser may elect to defer receipt of all or a percentage of their
annual fees in accordance with the terms of the Trustees Deferred
Compensation Plan. For the six months ended September 30, 1996, no
significant amounts have been deferred.
* Advisory fees paid as a percentage of average daily net assets
(annualized).
<TABLE>
<CAPTION>
(3) Investments
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the six months ended September 30, 1996 were as follows:
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
--------------- ------------ --------- ---------
<S> <C> <C> <C> <C>
Purchases $ 9,811,742 $4,681,367 $31,836,410 $26,876,803
Sales 19,585,647 5,271,602 48,849,046 46,394,716
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
--------------- ------------ ---------
Purchases $ 12,912,676 $26,377,260 $5,244,592
Sales 23,491,569 44,229,354 8,943,987
</TABLE>
<TABLE>
<CAPTION>
(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, 1996, as computed
on a federal income tax basis, are as follows:
California Connecticut Florida Michigan
Limited Limited Limited Limited
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ---------- ----------
<S> <C> <C> <C> <C>
Aggregate
cost $ 48,626,770 $ 13,652,704 $104,324,918 16,446,546
============ ============ ============ ==========
Gross
unrealized
appreciation $1,386,454 $ 268,245 $ 2,806,678 $597,550
Gross
unrealized
depreciation 75,639 38,994 189,941 109,552
------------ ------------ ---------- ----------
Net
unrealized
appreciation $1,310,815 $ 229,251 $2,616,737 $ 487,998
============ ============ ============ ==========
New Jersey New York Ohio
Limited Limited Limited
Portfolio Portfolio Portfolio
------------ ------------ ------------
Aggregate
cost $ 66,515,858 $116,927,363 $ 29,124,986
============ ============ ============
Gross
unrealized
appreciation $1,807,450 $ 1,897,947 $ 752,648
Gross
unrealized
depreciation 189,535 531,519 80,228
------------ ------------ ------------
Net
unrealized
appreciation $1,617,915 $ 1,366,428 $ 672,420
============ ============ ============
</TABLE>
(5) Line of Credit
The Portfolios participate with other portfolios and funds managed by
BMR and EVM in a $120 million unsecured line of credit agreement with a
bank, a portion of which is discretionary. Each portfolio may
temporarily borrow up to 5% of its total assets to satisfy redemption
requests or settle transactions. 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 daily
unused portion of the facility is allocated among the participating
funds and portfolios at the end of each quarter. At September 30, 1996,
the Florida Limited Portfolio, Michigan Limited Portfolio and New Jersey
Limited Portfolio had balances outstanding pursuant to this line of
credit of $89,000, $16,000 and $912,000, respectively. The Portfolios
did not have any significant borrowings or allocated fees during the six
months ended September 30, 1996.
(6) Financial Instruments
The Portfolios regularly trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities to assist
in managing exposure to various market risks. These financial
instruments include written options and futures contracts and may
involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment a Portfolio has in particular classes of financial
instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these
instruments is meaningful only when all related and offsetting
transactions are considered.
A summary of obligations under these financial instruments at September
30, 1996 is as follows:
Futures Contracts
Expiration Net Unrealized
Portfolio Date Contracts Position Depreciation
- ----------- ----- --------------------- --------- --------------
California
Limited 12/96 50 U.S. Treasury Bonds Short $59,676
Connecticut
Limited 12/96 14 U.S. Treasury Bonds Short 18,335
Florida
Limited 12/96 55 U.S. Treasury Bonds Short 65,643
Michigan
Limited 12/96 16 U.S. Treasury Bonds Short 20,721
New Jersey
Limited 12/96 61 U.S. Treasury Bonds Short 77,272
New York
Limited 12/96 40 U.S. Treasury Bonds Short 47,740
Ohio
Limited 12/96 15 U.S. Treasury Bonds Short 14,246
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 Municipals Portfolios
Raymond E. Hender
Vice President and Portfolio Manager of California, Florida
and New York Municipals 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
Investment Adviser of Limited Maturity Municipals Portfolios
Boston Management and Research
24 Federal Street
Boston, MA 02110
Administrator of EV Traditional Limited Maturity Municipals 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
89 South Street
P.O. Box 1537
Boston, MA 02205-1537
Transfer Agent
First Data Investor Services Group, Inc.
BOS725
P.O. Box 1559
Boston, MA 02104
Auditors
Deloitte & Touche LLP
125 Summer Street
Boston, MA 02110
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
T-7CSRC-11/96
