<PAGE>
EDUCATION
[LOGO]
[PHOTO]
Semiannual Report September 30, 1999
EATON VANCE California
LIMITED Connecticut
MATURITY Florida
MUNICIPALS Massachusetts
FUNDS Michigan
New Jersey
New York
Ohio
Pennsylvania
Global Management-Global Distribution
[PHOTO]
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
LETTER TO SHAREHOLDERS
[PHOTO]
Thomas J. Fetter
President
The past year has proved to be increasingly challenging for the municipal
market. At the outset, continued low inflation provided a fairly positive
environment for the tax-exempt sector. The U.S. economy grew 4.6% in the first
quarter, before posting a more moderate 2.3% growth rate in the second quarter,
according to revised figures. However, while inflation appeared to remain fairly
well in check, rising energy prices and labor cost pressures caught the eye of
the Federal Reserve. In late June, the Fed raised its Federal funds rate - a key
short-term interest rate barometer - by 25 basis points (.25%), and repeated the
move in August.
Municipal bonds gained ground on Treasuries in the first quarter of 1999, as
supply pressures, which weighed so heavily on the municipal market in 1998,
eased somewhat. In the summer and early fall, however, the municipal market
encountered some turmoil amid uncertainty about possible Federal Reserve
actions, as well as confusion over tax proposals pending in Congress. For the
six months ended September 30, 1999, the Lehman Brothers 7-Year Municipal Bond
Index - a widely recognized, unmanaged index of intermediate-term municipal
bonds - posted a return of -0.89%.*
Municipal bonds remain an undervalued asset class...
Intermediate-term municipal bonds can be a compelling investment alternative for
conservative investors. At September 30, 1999 the ratio of intermediate-term
municipal yields to similar maturity Treasury yields was 80%. However, the
intermediate-term segment has historically tended to be significantly less
volatile than longer-term bonds. With their competitive yields, lower volatility
and tax-exempt status, municipal bonds merit consideration from risk-conscious,
income-oriented investors.
*It is not possible to invest directly in an Index.
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
INTERMEDIATE-TERM MUNICIPAL BOND YIELDS REACH 80% OF TREASURY YIELDS
4.59% 7.17%
5-year AAA-rated Taxable eqvivalent yield
General Obligation (GO) in 36% tax bracket
Bonds*
5.79%
5-Year Treasury bond
Principal and interest payments of Treasury securities are guaranteed by the
U.S. government
*GO yields are a compilation of a representative variety of general obligations
and are not necessarily representative of the Funds' yield. Statistics as of
September 30, 1999.
Past performance is no guarantee of future results.
Source: Bloomberg, L.P.
With the 2000 elections nearing, tax reform has once again become a political
football...
Once again, the prospects of lower taxes are threatened by a political stalemate
in Washington. The administration has vetoed recent tax cuts passed by Congress.
Meanwhile, taxpayers continue to bear the burden of high taxes while facing the
challenge of paying for college tuition, caring for elderly parents, or trying
to plan for retirement.
At Eaton Vance, we believe that, amid rising surpluses and modest inflation
pressures, the outlook for bonds is quite favorable. And, at their recent
levels, municipal bonds remain an especially attractive fixed-income
alternative. In this uncertain climate, municipals can represent a prudent way
to diversify one's investment portfolio while lowering one's tax burden. We
believe that municipals merit strong consideration from today's tax-conscious
investors.
Sincerely,
/s/ Thomas J. Fetter
Thomas J. Fetter
President
November 11, 1999
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MUTUAL FUND SHARES ARE NOT INSURED 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.
- --------------------------------------------------------------------------------
2
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EATON VANCE CALIFORNIA LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 1999
INVESTMENT UPDATE
[PHOTO]
Cynthia J. Clemson
Portfolio Manager
THE ECONOMY
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- - The California economy retained its robust momentum in 1999, marking the sixth
year of expansion. The services sector fueled the state's growth, with new
technologies, business services, biotechnology, multimedia, electronics and
entertainment posting major job gains. The state's September 1999 unemployment
rate declined to 4.9% from 6.0% a year ago.
- - California's construction sector remained in a fast-growth mode, growing 15%
in the second quarter alone. More than 88,000 construction jobs have been
created in the past year, with specialty trades such as plumbing, painting,
flooring and electrical workers leading the way.
- - The strong economic news was tempered somewhat in the manufacturing sector,
which registered a modest job decline. California exports declined by 6.5% in
the first half of the year, the result of weaker demand from Asia's troubled
economies.
THE FUND
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- - During the six months ended September 30, 1999, the Fund's Class A and Class B
shares had total returns of -2.92% and -3.26%, respectively.(1) For Class A
and Class B, these returns resulted from a decline in net asset value (NAV)
per share to $9.82 on September 30, 1999 from $10.35 on March 31, 1999, and
the reinvestment of $0.229 and $0.194 per share, respectively, in tax-free
income.(2)
- - Based on the most recent distributions and an NAV on September 30, 1999 of
$9.82 per share for Class A and Class B, distribution rates were 4.58% and
3.87%, respectively.(3)
- - The SEC 30-day yields for Class A and B shares at September 30, 1999 were
4.08% and 3.42%, respectively.(4)
MANAGEMENT UPDATE
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- - The intermediate-term California municipal market has been characterized in
recent months by fairly quiet trading activity and limited supply. The
Portfolio maintained its "barbell" strategy, with a portion of the Portfolio
concentrated in high-quality and insured* bonds and another portion committed
to higher-coupon issues.
- - The Portfolio continued to find value in the non-rated segment of the market,
with particular emphasis on special assessment district bonds. Typically,
these bonds are used as an alternative to general obligations to finance the
infrastructure needs of fast-growing California communities.
- - Management continued its efforts to improve the Portfolio's call protection.
With the decline of interest rates from their highs earlier in the decade,
many bonds are now approaching call dates. Call protection has therefore
become an increasingly important strategic consideration.
PORTFOLIO STATISTICS(5)
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<TABLE>
<S> <C>
- - Number of Issues: 42
- - Duration: 6.6 years
- - Average Rating: AA-
- - Average Call: 9.7 years
- - Average Dollar Price: $93.83
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 65.3%
BBB 9.5%
Non-Rated 25.2%
</TABLE>
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FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -2.40% -3.08%
Five Years N.A. 3.78
Life of Fund+ 4.30 3.99
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -4.57% -5.88%
Five Years N.A. 3.78
Life of Fund+ 3.98 3.99
</TABLE>
+Inception date: Class A: 6/27/96; Class B: 5/29/92
5 LARGEST SECTORS(5)
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BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Escrowed/Prerefunded 16.3%
Special Tax Revenue 10.4%
Insured - Lease Revenue* 9.6%
Insured - Electric Utilities* 7.5%
Insured - Special Tax Revenue* 7.4%
</TABLE>
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(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
shares. (2) A portion of the Fund's income could be subject to federal income
tax, alternative minimum tax, or state income tax. (3) The Fund's distribution
rate represents actual distributions paid to shareholders and is calculated by
dividing the last distribution per share (annualized) by the net asset value.(4)
The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period and
annualizing the result. (5) Portfolio Statistics, Ratings Distribution and 5
Largest Sectors are as of 9/30/99 only and may not be representative of the
Portfolio's current or future investments. (6) Returns are historical and are
calculated by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year. *Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
3
<PAGE>
EATON VANCE CONNECTICUT LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999
INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
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- - Reflecting a sound state economy, the Connecticut Department of Labor
projects that personal income will increase by 5.2% in the fourth quarter of
1999 from a year earlier. The state's employment indexes have been stable
throughout the year, with no dramatic trends apparent. The September 1999
unemployment rate was 2.7%, down from 3.4% a year ago.
- - Manufacturing activity in Connecticut increased slightly from July 1998 to
July 1999, as measured by the Connecticut Manufacturing Production Index.
Average weekly earnings in the manufacturing industry increased by 3.3% over
the same time period.
- - The 1999 housing market in Connecticut has nearly matched the torrid pace set
last year. Through July alone, the state issued 6,491 new housing permits,
with six of Connecticut's eight counties outpacing last year's rate.
THE FUND
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- - During the six months ended September 30, 1999, the Fund's Class A and
Class B shares had total returns of -2.22% and -2.58%, respectively.(1) For
Class A and Class B, these returns resulted from a decline in net asset value
(NAV) per share to $9.69 on September 30, 1999 from $10.13 on March 31, 1999,
and the reinvestment of $0.214 and $0.179 per share, respectively, in
tax-free income.(2)
- - Based on the most recent distributions and an NAV on September 30, 1999 of
$9.69 per share for Class A and Class B, distribution rates were 4.13% and
3.41%, respectively.(3)
- - The SEC 30-day yields for Class A and B shares at September 30, 1999 were
3.53% and 2.85%, respectively.(4)
MANAGEMENT UPDATE
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- - A Connecticut Airport Revenue bond for Bradley International Airport was the
Portfolio's largest holding at September 30, 1999. Bradley has enjoyed 11.5%
passenger growth in 1999, benefiting from expansion of service by major
carriers as well as the start of service by low-cost carriers such as
MetroJet and Southwest.
- - Prerefunded bonds provided a measure of support in a difficult market
environment. For example, Connecticut HEFA's issue for New Britain Hospital
is prerefunded to 2002. Because the bond is escrowed and backed by U.S.
Treasury bonds, it has tended to maintain a relatively stable price while
providing an attractive 7.5% coupon.
- - Industrial development bonds (IDB) provided the Portfolio excellent income
while financing commercial initiatives and creating job opportunities. The
Portfolio's IDB holdings included bonds for Frito-Lay Company, American
Airlines, and International Paper Co.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 31
- - Duration: 5.8 years
- - Average Rating: AA-
- - Average Call: 5.3 years
- - Average Dollar Price: $100.32
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 51.6%
AA 8.6%
A 14.6%
BBB 19.0%
Non-Rated 6.2%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -1.08% -1.78%
Five Years N.A. 3.98
Life of Fund+ 3.68 3.39
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -3.34% -4.62%
Five Years N.A. 3.98
Life of Fund+ 3.32 3.39
</TABLE>
+Inception date: Class A: 1/21/97; Class B: 4/16/93
5 LARGEST SECTORS(5)
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BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Insured - Transportation* 11.3%
General Obligations 11.1%
Insured - Water & Sewer* 10.3%
Insured - Hospital* 7.8%
Insured - General Obligations* 6.8%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
shares. (2) A portion of the Fund's income could be subject to federal income
tax, alternative minimum tax, or state income tax. (3) The Fund's distribution
rate represents actual distributions paid to shareholders and is calculated by
dividing the last distribution per share (annualized) by the net asset value.(4)
The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period and
annualizing the result. (5) Portfolio Statistics, Ratings Distribution and 5
Largest Sectors are as of 9/30/99 only and may not be representative of the
Portfolio's current or future investments. (6) Returns are historical and are
calculated by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year. *Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
4
<PAGE>
EATON VANCE FLORIDA LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999 INVESTMENT UPDATE
[PHOTO]
Cynthia J. Clemson
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - The Florida economy expanded further in 1999, with the fast-growing service
sector leading the way. Propelled by tourism and retirement services, Florida
has added 300,000 employees to its service sector payrolls in the past three
years alone. The September 1999 jobless rate was just 3.9%, down from 4.2% a
year earlier.
- - Tourism continued to rebound following last year's devastating wildfires.
Theme park and convention business posted strong gains, as Central Florida
opened new parks, accompanied by the construction of new hotels, restaurants,
retirement communities and entertainment facilities.
- - Florida's manufacturing sector has weakened in 1999 in response to slower
foreign demand. Exports, which slowed to a 5% growth rate in 1998, have
suffered from continued weak demand from Asia, with citrus fruits and
chemical exports especially hard-hit.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A, Class B
and Class C shares had total returns of -2.58%, -2.95% and -3.03%,
respectively.(1) For Class A and Class B, these returns resulted from a
decline in net asset value (NAV) per share to $9.78 on September 30, 1999 from
$10.27 on March 31, 1999, and the reinvestment of $0.227 and $0.189 per share,
respectively, in tax-free income.(2) For Class C, this return resulted from a
decline in NAV to $9.24 from $9.71, and the reinvestment of $0.178 per share
in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 1999 of
$9.78 per share for Class A and Class B, and $9.24 for Class C, distribution
rates were 4.62%, 3.87% and 3.84%, respectively.(3)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 1999 were
4.28%, 3.62% and 3.62%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - In a quiet Florida market, insured bonds again dominated state issuance,
reflecting the demands of quality-conscious Florida investors. Insured* bonds
represented 50.3% of the Portfolio's holdings at September 30, 1999. Insured*
transportation bonds, general obligations, and insured* water and sewer
issues were the Portfolio's largest weightings.
- - The Portfolio took advantage of the recent rise in interest rates by
establishing tax losses that can be used to offset future capital gains. The
proceeds of those sales were used to buy bonds with more attractive yields.
- - Management continued its efforts to improve the Portfolio's call protection.
With the decline of interest rates from their highs earlier in the decade,
many bonds are now approaching call dates. Call protection has therefore
become an increasingly important strategic consideration.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 47
- - Duration: 6.7 years
- - Average Rating: AA
- - Average Call: 6.6 years
- - Average Dollar Price: $97.88
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 54.5%
AA 17.6%
A 8.6%
BBB 9.8%
Non-Rated 9.5%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -2.08% -2.79% -2.89%
Five Years N.A. 3.46 3.40
Life of Fund+ 4.21 3.89 2.49
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -4.28% -5.60% -3.82%
Five Years N.A. 3.46 3.40
Life of Fund+ 3.88 3.89 2.49
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Insured - Transportation* 11.3%
General Obligations 11.1%
Insured - Water & Sewer* 10.3%
Insured - Hospital* 7.8%
Insured - General Obligations* 6.8%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
and Class C shares. (2) A portion of the Fund's income could be subject to
federal income tax, alternative minimum tax, or state intangibles tax. (3) The
Fund's distribution rate represents actual distributions paid to shareholders
and is calculated by dividing the last distribution per share (annualized) by
the net asset value. (4) The Fund's SEC yield is calculated by dividing the net
investment income per share for the 30-day period by the offering price at the
end of the period and annualizing the result. (5) Portfolio Statistics, Ratings
Distribution and 5 Largest Sectors are as of 9/30/99 only and may not be
representative of the Portfolio's current or future investments. (6) Returns are
historical and are calculated by determining the percentage change in net asset
value with all distributions reinvested. SEC returns for Class A reflect the
maximum 2.25% sales charge. SEC returns for Class B reflect applicable CDSC
based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year;
1% - 4th year. Class C 1-year SEC return reflects 1% CDSC. *Private insurance
does not decrease the risk of loss of principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
5
<PAGE>
EATON VANCE MASSACHUSETTS LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999
INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
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- - The Massachusetts economy continued its strong momentum in the first half of
1999. The September 1999 unemployment rate was 2.9%, well below the national
rate. Financial services, retail trade, health services and technology were
again among the largest sources of new jobs.
- - The construction sector added significantly to employment in the
Commonwealth. Residential and commercial building has been aided by a strong
housing market and large commercial projects like Boston's Central Artery and
Seaport projects.
- - Massachusetts tax revenues continued to reflect the strong state economy in
the first half of 1999, according to the Department of Revenue and Taxation.
Tax revenues rose, reflecting a sharp increase in individual income tax
collections and windfall capital gains taxes from a rising stock market.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A, Class B
and Class C shares had total returns of -2.70%, -3.07% and -3.00%,
respectively.(1) For Class A and Class B, these returns resulted from a
decline in net asset value (NAV) per share to $9.82 on September 30, 1999 from
$10.32 on March 31, 1999, and the reinvestment of $0.224 and $0.185 per share,
respectively, in tax-free income.(2) For Class C, this return resulted from a
decline in NAV to $9.39 from $9.86, and the reinvestment of $0.176 per share
in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 1999 of
$9.82 per share for Class A and Class B, and $9.39 for Class C, distribution
rates were 4.54%, 3.75% and 3.74%, respectively.(3)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 1999 were
4.19%, 3.54% and 3.54%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Hospital bonds were the Portfolio's largest sector weighting. Amid changing
reimbursement policies and pressures on hospitals to reduce costs, the
Portfolio focused on institutions with sound fundamentals that are likely to
emerge as winners in an increasingly competitive industry.
- - The Portfolio sought to add value through non-rated bonds. Non-rated issues
tend to be research-intensive investments and often offer an attractive yield
advantage over rated bonds with similar maturities.
- - The Portfolio took advantage of the recent rise in interest rates by
establishing tax losses that can be used to offset future capital gains. The
proceeds of those sales were used to buy bonds with more attractive yields
and trading characteristics.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 52
- - Duration: 7.1 years
- - Average Rating: AA-
- - Average Call: 7.9 years
- - Average Dollar Price: $97.68
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 32.0%
AA 29.9%
A 5.4%
BBB 25.4%
BB 1.7%
Non-Rated 5.6%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -2.17% -2.91% -2.81%
Five Years N.A. 3.76 3.68
Life of Fund+ 4.26 3.94 2.81
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -4.36% -5.72% -3.75%
Five Years N.A. 3.76 3.68
Life of Fund+ 3.94 3.94 2.81
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Hospital 18.7%
General Obligations 14.1%
Escrowed/Prerefunded 11.2%
Education 9.7%
Insured - General Obligations* 8.0%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
and Class C shares. (2) A portion of the Fund's income could be subject to
federal income tax, alternative minimum tax, or state income tax. (3) The Fund's
distribution rate represents actual distributions paid to shareholders and is
calculated by dividing the last distribution per share (annualized) by the net
asset value. (4) The Fund's SEC yield is calculated by dividing the net
investment income per share for the 30-day period by the offering price at the
end of the period and annualizing the result. (5) Portfolio Statistics, Ratings
Distribution and 5 Largest Sectors are as of 9/30/99 only and may not be
representative of the Portfolio's current or future investments. (6) Returns are
historical and are calculated by determining the percentage change in net asset
value with all distributions reinvested. SEC returns for Class A reflect the
maximum 2.25% sales charge. SEC returns for Class B reflect applicable CDSC
based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year;
1% - 4th year. Class C 1-year SEC return reflects 1% CDSC. *Private insurance
does not decrease the risk of loss of principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
6
<PAGE>
EATON VANCE MICHIGAN LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999 INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - Michigan's economy continued to generate new jobs in 1999. While the state's
September 1999 jobless rate rose to 3.4%, slightly higher than the 3.3% level
of a year ago, job growth in non-manufacturing areas offset weaker export
demand from Asia. Meanwhile, Michigan's total work force expanded by nearly
50,000 workers.
- - Automotive sales remain a crucial segment of the Michigan economy. U.S. sales
of cars and light trucks in the first half of 1999 were 7.0%higher than in
the same period last year. On the production side, U.S. car production is up
4.5% this year, while U.S. truck production has grown by 16.0% in 1999.
- - Personal income growth in Michigan continued to expand in 1999. Real
disposable income, a leading indicator of future expenditures in durable
goods such as automobiles and appliances, grew by 2.4% in the second quarter
of 1999. Rising incomes have resulted in significantly higher state tax
revenues.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A and
Class B shares had total returns of -3.09% and -3.44%, respectively.(1) For
Class A and Class B, these returns resulted from a decline in net asset value
(NAV) per share to $9.45 on September 30, 1999 from $9.97 on March 31, 1999,
and the reinvestment of $0.214 and $0.178 per share, respectively, in
tax-free income.(2)
- - Based on the most recent distributions and an NAV on September 30, 1999 of
$9.45 per share for Class A and Class B, distribution rates were 4.52% and
3.77%, respectively.(3)
- - The SEC 30-day yields for Class A and B shares at September 30, 1999 were
3.69% and 3.02%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Insured* general obligations constituted the largest sector weighting at
September 30, 1999. While the underlying credits have benefited from a strong
state economy, these high-quality bonds provide upside potential in the event
of a market rally.
- - Escrowed bonds represented a large weighting for the Portfolio. The bonds are
escrowed and backed by Treasury bonds, and, therefore, they are viewed as
very high quality investments. An escrowed issue for Grand Ledge Public
School District was the largest holding, carrying an attractive 7.875%
coupon.
- - The Portfolio maintained its exposure to selected non-rated bonds. Bonds
issued for nursing homes, life care facilities and hospices afforded the
Portfolio above-average coupons and the possibility of future credit
upgrades.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 28
- - Duration: 7.2 years
- - Average Rating: AA-
- - Average Call: 7.9 years
- - Average Dollar Price: $96.28
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 43.0%
AA 14.1%
A 11.0%
BBB 23.7%
B 1.3%
Non-Rated 6.9%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -2.86% -3.52%
Five Years N.A. 3.68
Life of Fund+ 3.43 3.11
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -5.01% -6.31%
Five Years N.A. 3.68
Life of Fund+ 3.06 3.11
</TABLE>
+Inception date - Class A: 10/22/96; Class B: 4/16/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Insured - General Obligations* 18.0%
Escrowed/Prerefunded 17.3%
Hospital 15.3%
Special Tax Revenue 10.8%
Insured - Electric Utilities* 5.5%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
shares. (2) A portion of the Fund's income could be subject to federal income
tax, alternative minimum tax, or state income tax. (3) The Fund's distribution
rate represents actual distributions paid to shareholders and is calculated by
dividing the last distribution per share (annualized) by the net asset value.(4)
The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period and
annualizing the result. (5) Portfolio Statistics, Ratings Distribution and 5
Largest Sectors are as of 9/30/99 only and may not be representative of the
Portfolio's current or future investments. (6) Returns are historical and are
calculated by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year. *Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
7
<PAGE>
EATON VANCE NEW JERSEY LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 1999
INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - The New Jersey economy continued to expand in 1999, although some industries
fared better than others. The service sector, especially retailing, personnel
supply services, and computer programming, again generated the lion's share
of new jobs, while manufacturing fared less well. The state's September 1999
unemployment rate was 4.6%, unchanged from a year ago.
- - Construction activity in New Jersey remained brisk, benefiting from continued
low interest rates and strong consumer confidence. Residential building
permits rose 17% in the first half of 1999 compared to the same period a year
ago.
- - New Jersey continued to benefit from its proximity to New York's financial
markets. Financial services giant Merrill Lynch began construction this year
on a 450-acre office complex in Hopewell Township. When completed in late
2000, the facility is expected to employ 1,500 workers.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A and
Class B shares had total returns of -2.03% and -2.41%, respectively.(1) These
returns resulted from a decline in net asset value (NAV) per share to $9.88
on September 30, 1999 from $10.32 on March 31, 1999, and the reinvestment of
$0.232 and $0.193 per share, respectively, in tax-free income.(2)
- - Based on the most recent distributions and an NAV on September 30, 1999 of
$9.88 per share for Class A and Class B, distribution rates were 4.69% and
3.90%, respectively.(3)
- - The SEC 30-day yields for Class A and B shares at September 30, 1999 were
4.02% and 3.36%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Insured* general obligations (GOs) were again the Portfolio's largest sector
weighting. Ample supply of GOs created good diversification and excellent
income opportunities in bonds of very high quality.
- - The Portfolio retained its exposure to industrial development bonds. These
bonds financed projects for companies that included Holt Hauling and
Continental Airlines and generated above-average income for the Portfolio.
- - Management remained very selective with respect to hospital bonds. The
Portfolio's holdings included bonds for the Atlantic City Medical Care
Center. The century-old facility provides specialized trauma, surgical and
infectious disease care for residents in the New Jersey Shore area.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 47
- - Duration: 6.4 years
- - Average Rating: AA
- - Average Call: 6.8 years
- - Average Dollar Price: $99.05
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 60.7%
AA 13.3%
A 8.5%
BBB 8.3%
BB 2.9%
B 0.8%
Non-Rated 5.5%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -1.47% -2.21%
Five Years N.A. 3.81
Life of Fund+ 4.35 4.02
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -3.67% -5.04%
Five Years N.A. 3.81
Life of Fund+ 4.02 4.02
</TABLE>
+Inception date - Class A: 6/27/96; Class B: 6/1/92
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Insured - General Obligations* 28.1%
Insured - Hospital* 11.8%
Cogeneration 9.4%
Hospital 9.0%
Insured - Transportation* 7.8%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
shares. (2) Aportion of the Fund's income could be subject to federal income
tax, alternative minimum tax, or state income tax. (3) The Fund's distribution
rate represents actual distributions paid to shareholders and is calculated by
dividing the last distribution per share (annualized) by the net asset value.(4)
The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period and
annualizing the result. (5) Portfolio Statistics, Ratings Distribution and 5
Largest Sectors are as of 9/30/99 only and may not be representative of the
Portfolio's current or future investments. (6) Returns are historical and are
calculated by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year. *Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
8
<PAGE>
EATON VANCE NEW YORK LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999 INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - New York state's economy made further gains in 1999, although subject to
significant regional disparities. Most new jobs were created in the New York
City area, with the upstate region lagging. The state's September 1999
jobless rate was 5.3%, above the national rate, but an improvement from the
5.5% level of a year ago.
- - Wall Street continued to play an increasingly large role in the New York City
economy. In 1998, the securities industry accounted for 19% of city
residents' total earnings. Wall Street has also been a prime driver of job
creation, with 9% of all jobs tied to the securities industry.
- - Manufacturing remained a sore spot for the state, with continuing losses in
the auto and electronics industries. However, computer manufacturing again
proved an exception. Since 1992, 43,000 new jobs have been created in the
computer industry.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A, Class B
and Class C shares had total returns of -2.04%, -2.42% and -2.50%,
respectively.(1) For Class A and Class B, these returns resulted from a
decline in net asset value (NAV) per share to $10.11 on September 30, 1999
from $10.56 on March 31, 1999, and the reinvestment of $0.236 and $0.195 per
share, respectively, in tax-free income.(2) For Class C, this return resulted
from a decline in NAV to $9.57 from $10.00, and the reinvestment of $0.182
per share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 1999 of
$10.11 per share for Class A and Class B, and $9.57 for Class C, distribution
rates were 4.65%, 3.86% and 3.79%, respectively.(3)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 1999 were
4.32%, 3.67% and 3.65%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Lease revenue/certificates of participation (COP) constituted the Portfolio's
largest sector weighting at September 30, 1999. COPs are an alternative
financing tool that are often used to finance the purchase of equipment for
transportation and power generation projects.
- - The Portfolio also has a major concentration in housing bonds, which were
well diversified among New York City, State and county issues. The
Portfolio's holdings included bonds that financed multi-family housing
proejcts as well as issues that provided mortgage financing for New York
residents.
- - Non-rated bonds remained a source of above-average income for the Portfolio.
Given the preponderance of insured* issues in the market, management
continued to search for research-driven opportunities among senior life care,
assisted living and cogeneration projects.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 42
- - Duration: 6.6 years
- - Average Rating: A
- - Average Call: 7.5 years
- - Average Dollar Price: $97.26
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 16.7%
AA 20.0%
A 27.4%
BBB 26.9%
Non-Rated 9.0%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -1.28% -2.03% -2.01%
Five Years N.A. 4.21 4.15
Life of Fund+ 4.65 4.33 3.09
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -3.54% -4.86% -2.95%
Five Years N.A. 4.21 4.15
Life of Fund+ 4.33 4.33 3.09
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 5/29/92; Class C:12/8/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Lease Revenue/Certificates of Participation 14.0%
Housing 12.2%
Hospital 8.9%
Water & Sewer 8.1%
Special Tax Revenues 7.7%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
and Class C shares. (2) A portion of the Fund's income could be subject to
federal income tax, alternative minimum tax, or state income tax. (3) The Fund's
distribution rate represents actual distributions paid to shareholders and is
calculated by dividing the last distribution per share (annualized) by the net
asset value.(4) The Fund's SEC yield is calculated by dividing the net
investment income per share for the 30-day period by the offering price at the
end of the period and annualizing the result. (5) Portfolio Statistics, Ratings
Distribution and 5 Largest Sectors are as of 9/30/99 only and may not be
representative of the Portfolio's current or future investments. (6) Returns are
historical and are calculated by determining the percentage change in net asset
value with all distributions reinvested. SEC returns for Class A reflect the
maximum 2.25% sales charge. SEC returns for Class B reflect applicable CDSC
based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year;
1% - 4th year. Class C 1-year SEC return reflects 1% CDSC. *Private insurance
does not decrease the risk of loss of principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
9
<PAGE>
EATON VANCE OHIO LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999 INVESTMENT UPDATE
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - The Ohio economy remained robust in 1999 and continued to generate strong
job growth. Over the past year, the number of employed Ohioans has increased
by nearly 200,000, with the total labor force reaching a new high. The
state's September 1999 jobless rate was 4.4%, slightly above the 4.3% rate
a year ago.
- - Despite the rise in interest rates during the year, Ohio's manufacturing
sector posted impressive gains, amid strong domestic demand for durable goods
and an improving trade picture due to improving Asian economies.
- - The Greater Cincinnati area remains an increasingly important, regional
financial services center. In the most recent expansion, Fifth Third Bancorp
unveiled plans to build a new operations center in Madisonville. The new
facility will house 2,000 employees and will be backed, in part, by state and
city tax abatements.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A and
Class B shares had total returns of -2.27% and -2.64%, respectively.(1) These
returns resulted from a decline in net asset value (NAV) per share to $9.65
on September 30, 1999 from $10.11 on March 31, 1999, and the reinvestment of
$0.231 and $0.195 per share, respectively, in tax-free income.(2)
- - Based on the most recent distributions and an NAV on September 30, 1999 of
$9.65 per share for Class A and Class B, distribution rates were 4.72% and
3.99%, respectively.(3)
- - The SEC 30-day yields for Class A and B shares at September 30, 1999 were
4.16% and 3.50%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Insured general obligations (GOs)* represented the Portfolio's largest sector
weighting at September 30, 1999. School district bonds remained a prime
source of new issues, providing some excellent income opportunities in very
high quality investments.
- - Industrial development bonds (IDB) remained a focus of the Portfolio, as
underlying issuers have benefited from a strong economy. The Portfolio's
IDB holdings constituted a diverse range of issuers, including Republic
Engineered Steel, The Rock and Roll Hall of Fame and Emory Air Freight.
- - The Portfolio took advantage of the recent rise in interest rates by
establishing tax losses that can be used to offset future capital gains. The
proceeds of those sales were used to buy bonds with more attractive yields
and trading characteristics.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 45
- - Duration: 6.6 years
- - Average Rating: AA-
- - Average Call: 7.1 years
- - Average Dollar Price: $101.00
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 45.1%
AA 13.8%
A 19.0%
BBB 6.8%
Non-Rated 15.3%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -1.40% -2.12%
Five Years N.A. 4.02
Life of Fund+ 3.85 3.52
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C>
One Year -3.65% -4.95%
Five Years N.A. 4.02
Life of Fund+ 3.48 3.52
</TABLE>
+Inception date: Class A: 10/22/96; Class B: 4/16/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Insured - General Obligations* 27.5%
Industrial Development Revenue 13.8%
General Obligations 11.4%
Escrowed/Prerefunded 11.3%
Hospital 8.4%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
shares. (2) A portion of the Fund's income could be subject to federal income
tax, alternative minimum tax, or state income tax. (3) The Fund's distribution
rate represents actual distributions paid to shareholders and is calculated by
dividing the last distribution per share (annualized) by the net asset value.(4)
The Fund's SEC yield is calculated by dividing the net investment income per
share for the 30-day period by the offering price at the end of the period and
annualizing the result. (5) Portfolio Statistics, Ratings Distribution and 5
Largest Sectors are as of 9/30/99 only and may not be representative of the
Portfolio's current or future investments. (6) Returns are historical and are
calculated by determining the percentage change in net asset value with all
distributions reinvested. SEC returns for Class A reflect the maximum 2.25%
sales charge. SEC returns for Class B reflect applicable CDSC based on the
following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year; 1% - 4th
year. *Private insurance does not decrease the risk of loss of principal
associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
10
<PAGE>
EATON VANCE PENNSYLVANIA LIMITED MATURITY MUNICIPALS FUND
AS OF SEPTEMBER 30, 1999
INVESTMENT UPDATE
[PHOTO]
Timothy T. Browse
Portfolio Manager
THE ECONOMY
- --------------------------------------------------------------------------------
- - The Pennsylvania economy posted strong growth in the past year, generating
more than 33,000 new jobs. The service sector was the main driver of job
creation, with business services, financial services and entertainment
leading the way. The jobless rate was 4.5% in September 1999, down slightly
from the 4.7% rate of a year ago.
- - Pittsburgh is in the middle of a construction boom, with office building
projects under way for companies such as PNCBank and Mellon Bank. By 2001,
the expansion of the city's Lawrence Convention Center should be completed,
as will new stadiums for the Pittsburgh Pirates and Pittsburgh Steelers.
- - The manufacturing sector again shed jobs over the past year due to weakness
in exports to crisis-plagued Asia. Electronics, metals and transportation
equipment were especially weak areas, while furniture and lumber production
were unusually strong.
THE FUND
- --------------------------------------------------------------------------------
- - During the six months ended September 30, 1999, the Fund's Class A, Class B
and Class C shares had total returns of -2.28%, -2.66% and -2.73%,
respectively.(1) For Class A and Class B, these returns resulted from a
decline in net asset value (NAV) per share to $10.03 on September 30, 1999
from $10.50 on March 31, 1999, and the reinvestment of $0.231 and $0.192 per
share, respectively, in tax-free income.(2) For Class C, this return resulted
from a decline in NAV to $9.48 from $9.93, and the reinvestment of $0.181 per
share in tax-free income.(2)
- - Based on the most recent distributions and NAVs on September 30, 1999 of
$10.03 per share for Class A and Class B, and $9.48 for Class C, distribution
rates were 4.60%, 3.81% and 3.80%, respectively.(3)
- - The SEC 30-day yields for Class A, B and C shares at September 30, 1999 were
4.27%, 3.61% and 3.62%, respectively.(4)
MANAGEMENT UPDATE
- --------------------------------------------------------------------------------
- - Hospital bonds remained the Portfolio's largest sector weighting, with an
emphasis on institutions with the ability to grow, such as Lehigh County's
Muhlenberg Hospital. Recent construction will allow Muhlenberg to upgrade its
facilities in specialties such as oncology, pediatrics, and psychiatric and
cardiac care.
- - Escrowed bonds remained a major investment. Because the bonds are
pre-refunded to their approaching call dates, they provided relatively stable
performance in a volatile market climate, as well as an excellent income
stream.
- - The Portfolio was able to limit its exposure to market volatility by
balancing high-quality, insured* bonds with non-rated nonds. Non-rated issues
often carry higher coupons which make them less vulnerable to market
declines.
PORTFOLIO STATISTICS(5)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
- - Number of Issues: 56
- - Duration: 6.8 years
- - Average Rating: A+
- - Average Call: 6.9 years
- - Average Dollar Price: $96.14
</TABLE>
RATINGS DISTRIBUTION(5)
- --------------------------------------------------------------------------------
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
AAA 46.8%
AA 4.6%
A 11.9%
BBB 23.1%
Non-Rated 13.6%
</TABLE>
- --------------------------------------------------------------------------------
FUND INFORMATION
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PERFORMANCE(6) CLASS A CLASS B CLASS C
- --------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -1.49% -2.23% -2.30%
Five Years N.A. 4.01 3.95
Life of Fund+ 4.62 4.30 3.01
<CAPTION>
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year -3.75% -5.06% -3.24%
Five Years N.A. 4.01 3.95
Life of Fund+ 4.30 4.30 3.01
</TABLE>
+Inception Dates - Class A: 6/27/96; Class B: 6/1/92; Class C:12/8/93
5 LARGEST SECTORS(5)
- --------------------------------------------------------------------------------
BY TOTAL INVESTMENTS
[EDGAR REPRESENTATION OF PRINTED GRAPHIC]
<TABLE>
<S> <C>
Hospital 16.5%
Escrowed/Prerefunded 10.4%
Insured - Transportation* 9.3%
Insured - General Obligations* 6.7%
Insured - Education* 5.9%
</TABLE>
- --------------------------------------------------------------------------------
(1) These returns do not include the 2.25% maximum sales charge for Class A
shares or the applicable contingent deferred sales charges (CDSC) for Class B
and Class C shares. (2) A portion of the Fund's income could be subject to
federal income tax, alternative minimum tax, or state income tax. (3) The Fund's
distribution rate represents actual distributions paid to shareholders and is
calculated by dividing the last distribution per share (annualized) by the net
asset value.(4) The Fund's SEC yield is calculated by dividing the net
investment income per share for the 30-day period by the offering price at the
end of the period and annualizing the result. (5) Portfolio Statistics, Ratings
Distribution and 5 Largest Sectors are as of 9/30/99 only and may not be
representative of the Portfolio's current or future investments. (6) Returns are
historical and are calculated by determining the percentage change in net asset
value with all distributions reinvested. SEC returns for Class A reflect the
maximum 2.25% sales charge. SEC returns for Class B reflect applicable CDSC
based on the following schedule: 3% - 1st year; 2.5% - 2nd year; 2% - 3rd year;
1% - 4th year. Class C 1-year SEC return reflects 1% CDSC. *Private insurance
does not decrease the risk of loss of principal associated with this investment.
Past performance is no guarantee of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Yield will vary.
11
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Assets
- ---------------------------------------------------------------------------------------------------------------
Investment in Limited Maturity
Municipals Portfolio --
Identified cost $26,103,356 $7,853,745 $51,239,177 $46,867,217 $ 9,429,868
Unrealized appreciation
(depreciation) (37,241) 124,906 (132,418) (168,339) 199,994
- ---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $26,066,115 $7,978,651 $51,106,759 $46,698,878 $ 9,629,862
- ---------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold $ -- $ -- $ 4,104 $ 24,986 $ --
- ---------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $26,066,115 $7,978,651 $51,110,863 $46,723,864 $ 9,629,862
- ---------------------------------------------------------------------------------------------------------------
Liabilities
- ---------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ -- $ -- $ 175,896 $ 21,297 $ 9,445
Dividends payable 45,706 15,123 90,242 72,845 16,821
Payable to affiliate for Trustees' fees 15 -- -- 1 45
Accrued expenses 23,970 9,824 43,901 53,655 10,862
- ---------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 69,691 $ 24,947 $ 310,039 $ 147,798 $ 37,173
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $25,996,424 $7,953,704 $50,800,824 $46,576,066 $ 9,592,689
- ---------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ---------------------------------------------------------------------------------------------------------------
Paid-in capital $28,194,004 $8,328,818 $54,458,667 $48,492,696 $10,824,284
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (2,074,968) (543,000) (3,417,035) (1,701,443) (1,403,277)
Accumulated undistributed (distributions
in excess of) net
investment income (85,371) 42,980 (108,390) (46,848) (28,312)
Net unrealized appreciation
(depreciation) from Portfolio
(computed on the basis of identified
cost) (37,241) 124,906 (132,418) (168,339) 199,994
- ---------------------------------------------------------------------------------------------------------------
TOTAL $25,996,424 $7,953,704 $50,800,824 $46,576,066 $ 9,592,689
- ---------------------------------------------------------------------------------------------------------------
Class A Shares
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $23,761,838 $6,858,927 $42,725,212 $39,454,728 $ 9,022,573
SHARES OUTSTANDING 2,420,662 707,671 4,370,380 4,016,836 954,266
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.82 $ 9.69 $ 9.78 $ 9.82 $ 9.45
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset
value per share) $ 10.05 $ 9.91 $ 10.01 $ 10.05 $ 9.67
- ---------------------------------------------------------------------------------------------------------------
Class B Shares
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $ 2,234,586 $1,094,777 $ 4,688,835 $ 2,375,866 $ 570,116
SHARES OUTSTANDING 227,642 112,954 479,622 241,885 60,298
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.82 $ 9.69 $ 9.78 $ 9.82 $ 9.45
- ---------------------------------------------------------------------------------------------------------------
Class C Shares
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $ -- $ -- $ 3,386,777 $ 4,745,472 $ --
SHARES OUTSTANDING -- -- 366,495 505,314 --
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ -- $ -- $ 9.24 $ 9.39 $ --
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
On sales of $100,000 or more, the offering price of Class A shares is reduced.
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
Assets
- ------------------------------------------------------------------------------------------------
Investment in Limited Maturity
Municipals Portfolio --
Identified cost $37,114,234 $56,071,284 $21,045,283 $44,169,773
Unrealized appreciation
(depreciation) 664,638 531,746 22,015 (139,202)
- ------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN PORTFOLIO, AT VALUE $37,778,872 $56,603,030 $21,067,298 $44,030,571
- ------------------------------------------------------------------------------------------------
Receivable for Fund shares sold $ 2,670 $ 484 $ -- $ 2,408
- ------------------------------------------------------------------------------------------------
TOTAL ASSETS $37,781,542 $56,603,514 $21,067,298 $44,032,979
- ------------------------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed $ 25,000 $ 99,957 $ -- $ 408,095
Dividends payable 62,131 94,994 44,275 74,839
Payable to affiliate for Trustees' fees 45 3 45 --
Accrued expenses 33,420 51,077 17,839 35,937
- ------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 120,596 $ 246,031 $ 62,159 $ 518,871
- ------------------------------------------------------------------------------------------------
NET ASSETS $37,660,946 $56,357,483 $21,005,139 $43,514,108
- ------------------------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------------------------
Paid-in capital $39,194,969 $57,254,604 $22,205,010 $44,655,061
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (2,150,127) (1,361,814) (1,287,549) (989,461)
Accumulated undistributed (distributions
in excess of) net
investment income (48,534) (67,053) 65,663 (12,290)
Net unrealized appreciation
(depreciation) from Portfolio
(computed on the basis of identified
cost) 664,638 531,746 22,015 (139,202)
- ------------------------------------------------------------------------------------------------
TOTAL $37,660,946 $56,357,483 $21,005,139 $43,514,108
- ------------------------------------------------------------------------------------------------
Class A Shares
- ------------------------------------------------------------------------------------------------
NET ASSETS $35,210,677 $50,455,709 $19,092,936 $36,422,750
SHARES OUTSTANDING 3,564,911 4,990,800 1,979,053 3,632,984
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.88 $ 10.11 $ 9.65 $ 10.03
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of net asset
value per share) $ 10.11 $ 10.34 $ 9.87 $ 10.26
- ------------------------------------------------------------------------------------------------
Class B Shares
- ------------------------------------------------------------------------------------------------
NET ASSETS $ 2,450,269 $ 3,860,138 $ 1,912,203 $ 2,620,008
SHARES OUTSTANDING 248,077 381,823 198,207 261,332
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.88 $ 10.11 $ 9.65 $ 10.03
- ------------------------------------------------------------------------------------------------
Class C Shares
- ------------------------------------------------------------------------------------------------
NET ASSETS $ -- $ 2,041,636 $ -- $ 4,471,350
SHARES OUTSTANDING -- 213,288 -- 471,576
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ -- $ 9.57 $ -- $ 9.48
- ------------------------------------------------------------------------------------------------
</TABLE>
On sales of $100,000 or more, the offering price of Class A shares is reduced.
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Investment Income
- ---------------------------------------------------------------------------------------------------------------
Interest allocated from Portfolio $ 724,456 $ 232,429 $ 1,474,147 $ 1,335,336 $ 281,923
Expenses allocated from Portfolio (97,963) (34,678) (177,057) (157,499) (48,111)
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 626,493 $ 197,751 $ 1,297,090 $ 1,177,837 $ 233,812
- ---------------------------------------------------------------------------------------------------------------
Expenses
- ---------------------------------------------------------------------------------------------------------------
Trustees fees and expenses $ 139 $ 124 $ 572 $ 574 $ 102
Distribution and service fees
Class A 18,536 5,426 34,041 31,400 7,148
Class B 10,230 5,846 25,504 12,252 2,434
Class C -- -- 16,906 21,593 --
Legal and accounting services 1,838 3,362 1,979 8,746 1,688
Printing and postage 2,045 1,627 2,603 2,718 1,721
Custodian fee 2,900 3,239 4,429 4,191 2,567
Transfer and dividend disbursing agent
fees 12,647 4,074 24,401 23,013 5,440
Registration fees 288 192 273 684 355
Miscellaneous 2,436 1,769 3,424 3,356 1,066
- ---------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 51,059 $ 25,659 $ 114,132 $ 108,527 $ 22,521
- ---------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian fee $ -- $ 667 $ -- $ -- $ --
- ---------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 667 $ -- $ -- $ --
- ---------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 51,059 $ 24,992 $ 114,132 $ 108,527 $ 22,521
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 575,434 $ 172,759 $ 1,182,958 $ 1,069,310 $ 211,291
- ---------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolio
- ---------------------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 70,172 $ (4,376) $ 160,768 $ 62,325 $ 25,953
Financial futures contracts 12,401 (1,684) 35,679 76,073 21,332
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 82,573 $ (6,060) $ 196,447 $ 138,398 $ 47,285
- ---------------------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments $(1,495,902) $(366,301) $(2,861,847) $(2,561,480) $(571,626)
Financial futures contracts 6,664 -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,489,238) $(366,301) $(2,861,847) $(2,561,480) $(571,626)
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,406,665) $(372,361) $(2,665,400) $(2,423,082) $(524,341)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (831,231) $(199,602) $(1,482,442) $(1,353,772) $(313,050)
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
Investment Income
- ------------------------------------------------------------------------------------------------
Interest allocated from Portfolio $ 1,061,410 $ 1,682,391 $ 606,116 $ 1,316,869
Expenses allocated from Portfolio (125,249) (197,067) (82,012) (155,736)
- ------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $ 936,161 $ 1,485,324 $ 524,104 $ 1,161,133
- ------------------------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------------------------
Trustees fees and expenses $ 102 $ 1,132 $ 102 $ 573
Distribution and service fees
Class A 26,818 40,991 14,752 29,558
Class B 12,589 20,438 9,309 14,415
Class C -- 10,025 -- 23,478
Legal and accounting services 1,871 1,689 2,598 1,775
Printing and postage 2,716 3,621 1,705 2,965
Custodian fee 2,215 4,968 2,378 3,919
Transfer and dividend disbursing agent
fees 20,297 31,699 7,874 25,005
Registration fees 316 802 1,824 258
Miscellaneous 2,636 3,350 1,593 3,251
- ------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 69,560 $ 118,715 $ 42,135 $ 105,197
- ------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 866,601 $ 1,366,609 $ 481,969 $ 1,055,936
- ------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Portfolio
- ------------------------------------------------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 98,560 $ 105,467 $ 29,250 $ 13,844
Financial futures contracts 53,058 91,523 30,118 63,922
- ------------------------------------------------------------------------------------------------
NET REALIZED GAIN $ 151,618 $ 196,990 $ 59,368 $ 77,766
- ------------------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments $(1,818,811) $(2,895,025) $(1,047,419) $(2,307,972)
- ------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $(1,818,811) $(2,895,025) $(1,047,419) $(2,307,972)
- ------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED LOSS $(1,667,193) $(2,698,035) $ (988,051) $(2,230,206)
- ------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (800,592) $(1,331,426) $ (506,082) $(1,174,270)
- ------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 575,434 $ 172,759 $ 1,182,958 $ 1,069,310 $ 211,291
Net realized gain (loss) 82,573 (6,060) 196,447 138,398 47,285
Net change in unrealized appreciation
(depreciation) (1,489,238) (366,301) (2,861,847) (2,561,480) (571,626)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (831,231) $ (199,602) $(1,482,442) $(1,353,772) $ (313,050)
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders -- $
From net investment income
Class A $ (534,725) $ (150,159) $(1,026,264) $ (929,641) $ (201,903)
Class B (40,709) (23,879) (104,287) (49,745) (9,388)
Class C -- -- (70,458) (87,698) --
In excess of net investment income
Class A (27,846) (6,677) -- -- (8,221)
Class B (3,132) -- (2,510) -- (515)
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (606,412) $ (180,715) $(1,203,519) $(1,067,084) $ (220,027)
- ---------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 534,031 $ 257,572 $ 1,630,399 $ 1,937,026 $ 561,336
Class B 394,587 91,400 214,735 1,012,795 102,391
Class C -- -- 258,441 922,410 --
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 237,350 85,166 404,979 500,655 120,391
Class B 18,095 15,184 24,781 33,319 4,911
Class C -- -- 27,759 59,405 --
Cost of shares redeemed
Class A (1,859,947) (677,348) (6,444,527) (4,367,929) (941,239)
Class B (458,921) (362,240) (1,597,395) (1,282,317) (161,942)
Class C -- -- (663,730) (1,219,664) --
Net asset value of shares exchanged
Class A 190,335 130,882 1,211,410 1,046,441 28,133
Class B (190,335) (130,882) (1,211,410) (1,046,441) (28,133)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $(1,134,805) $ (590,266) $(6,144,558) $(2,404,300) $ (314,152)
- ---------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,572,448) $ (970,583) $(8,830,519) $(4,825,156) $ (847,229)
- ---------------------------------------------------------------------------------------------------------------
Net Assets
- ---------------------------------------------------------------------------------------------------------------
At beginning of period $28,568,872 $8,924,287 $59,631,343 $51,401,222 $10,439,918
- ---------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $25,996,424 $7,953,704 $50,800,824 $46,576,066 $ 9,592,689
- ---------------------------------------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
invesment income included in net assets
- ---------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $ (85,371) $ 42,980 $ (108,390) $ (46,848) $ (28,312)
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 866,601 $ 1,366,609 $ 481,969 $ 1,055,936
Net realized gain 151,618 196,990 59,368 77,766
Net change in unrealized appreciation
(depreciation) (1,818,811) (2,895,025) (1,047,419) (2,307,972)
- ------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (800,592) $(1,331,426) $ (506,082) $(1,174,270)
- ------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (821,965) $(1,246,202) $ (442,436) $ (887,490)
Class B (53,017) (85,589) (41,454) (59,785)
Class C -- (41,457) -- (97,243)
In excess of net investment income
Class A -- -- (19,142) --
Class B (13) (77) -- --
- ------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (874,995) $(1,373,325) $ (503,032) $(1,044,518)
- ------------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 2,268,826 $ 3,694,160 $ 444,740 $ 1,128,004
Class B 157,944 386,418 104,818 105,226
Class C -- 584,746 -- 171,411
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 525,014 711,276 290,880 406,101
Class B 37,375 61,122 24,801 40,627
Class C -- 28,701 -- 71,804
Cost of shares redeemed
Class A (2,621,317) (9,404,094) (1,106,286) (4,328,772)
Class B (678,217) (1,465,686) (324,212) (1,164,141)
Class C -- (1,212,705) -- (1,334,718)
Net asset value of shares exchanged
Class A 485,355 970,682 167,039 760,587
Class B (485,355) (970,682) (167,039) (760,587)
- ------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS $ (310,375) $(6,616,062) $ (565,259) $(4,904,458)
- ------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(1,985,962) $(9,320,813) $(1,574,373) $(7,123,246)
- ------------------------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------------------------
At beginning of period $39,646,908 $65,678,296 $22,579,512 $50,637,354
- ------------------------------------------------------------------------------------------------
AT END OF PERIOD $37,660,946 $56,357,483 $21,005,139 $43,514,108
- ------------------------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
invesment income included in net assets
- ------------------------------------------------------------------------------------------------
AT END OF PERIOD $ (48,534) $ (67,053) $ 65,663 $ (12,290)
- ------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,359,556 $ 383,329 $ 2,787,742 $ 2,251,010 $ 454,663
Net realized gain 378,072 19,410 640,439 448,633 114,622
Net change in unrealized appreciation
(depreciation) (263,964) 16,999 (704,172) (457,661) (178,974)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,473,664 $ 419,738 $ 2,724,009 $ 2,241,982 $ 390,311
- ---------------------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $(1,261,736) $ (315,775) $(2,327,941) $(1,944,036) $ (420,416)
Class B (127,848) (68,388) (275,336) (182,561) (39,337)
Class C -- -- (209,162) (154,877) --
In excess of net investment income
Class A (135) (7,965) -- -- (14,144)
Class B (1,820) -- (1,526) (2,636) (499)
Class C -- -- -- (3,195) --
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(1,391,539) $ (392,128) $(2,813,965) $(2,287,305) $ (474,396)
- ---------------------------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 363,844 $ 464,104 $ 700,316 $ 2,487,913 $ 442,579
Class B 756,317 260,113 814,557 1,504,280 199,415
Class C -- -- 1,429,966 1,586,272 --
Issued in reorganization of EV
Traditional and Classic Limited
Maturity Municipals Funds Funds
Class A 3,133,613 1,063,816 4,524,349 -- 895,423
Class C -- -- 6,552,371 4,459,306 --
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 487,926 156,613 816,049 953,546 214,151
Class B 61,904 46,445 79,403 123,499 28,483
Class C -- -- 100,040 128,935 --
Cost of shares redeemed
Class A (6,698,846) (1,375,758) (11,155,505) (8,510,101) (2,131,033)
Class B (714,328) (283,561) (735,278) (2,367,643) (141,463)
Class C -- -- (4,132,890) (945,891) --
Net asset value of shares exchanged
Class A 3,033,129 1,151,393 4,440,205 4,963,466 1,261,515
Class B (3,033,129) (1,151,393) (4,440,205) (4,963,466) (1,261,515)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS $(2,609,570) $ 331,772 $(1,006,622) $ (579,884) $ (492,445)
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $(2,527,445) $ 359,382 $(1,096,578) $ (625,207) $ (576,530)
- ---------------------------------------------------------------------------------------------------------------
Net Assets
- ---------------------------------------------------------------------------------------------------------------
At beginning of year $31,096,317 $ 8,564,905 $60,727,921 $52,026,429 $11,016,448
- ---------------------------------------------------------------------------------------------------------------
AT END OF YEAR $28,568,872 $ 8,924,287 $59,631,343 $51,401,222 $10,439,918
- ---------------------------------------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
invesment income included in net assets
- ---------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ (54,393) $ 50,936 $ (87,829) $ (49,074) $ (19,576)
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED FUND LIMITED FUND LIMITED FUND LIMITED FUND
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,853,923 $ 2,984,365 $ 1,028,033 $ 2,335,635
Net realized gain 167,298 367,409 25,486 555,688
Net change in unrealized appreciation
(depreciation) (303,151) (13,529) (81,392) (774,579)
- ------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,718,070 $ 3,338,245 $ 972,127 $ 2,116,744
- ------------------------------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $(1,668,828) $(2,615,897) $ (909,646) $(1,926,225)
Class B (183,025) (260,257) (121,712) (204,064)
Class C -- (95,851) -- (207,418)
In excess of net investment income
Class A -- -- (20,743) --
Class B (919) -- -- --
Class C -- (726) -- --
- ------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $(1,852,772) $(2,972,731) $(1,052,101) $(2,337,707)
- ------------------------------------------------------------------------------------------------
Transactions in shares of beneficial
interest --
Proceeds from sale of shares
Class A $ 381,983 $ 1,246,351 $ 402,554 $ 597,926
Class B 599,064 1,074,287 605,499 464,936
Class C -- 1,408,720 -- 1,237,308
Issued in reorganization of EV
Traditional and Classic Limited
Maturity Municipals Funds Funds
Class A 839,250 543,752 1,671,340 --
Class C -- 2,285,786 -- 5,132,765
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 980,571 1,367,952 544,757 813,506
Class B 143,996 188,523 80,845 134,020
Class C -- 64,571 -- 151,274
Cost of shares redeemed
Class A (6,663,082) (12,152,775) (2,703,497) (8,402,426)
Class B (999,616) (1,343,662) (304,762) (819,038)
Class C -- (1,033,218) -- (689,222)
Net asset value of shares exchanged
Class A 5,301,665 7,108,382 2,422,090 4,252,261
Class B (5,301,665) (7,108,382) (2,422,090) (4,252,261)
- ------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS $(4,717,834) $(6,349,713) $ 296,736 $(1,378,951)
- ------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $(4,852,536) $(5,984,199) $ 216,762 $(1,599,914)
- ------------------------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------------------------
At beginning of year $44,499,444 $71,662,495 $22,362,750 $52,237,268
- ------------------------------------------------------------------------------------------------
AT END OF YEAR $39,646,908 $65,678,296 $22,579,512 $50,637,354
- ------------------------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess of) net
invesment income included in net assets
- ------------------------------------------------------------------------------------------------
AT END OF YEAR $ (40,140) $ (60,337) $ 86,726 $ (23,708)
- ------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
19
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.350 $10.330 $ 9.980 $ 9.940
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.218 $ 0.453 $ 0.459 $ 0.363
Net realized and unrealized
gain (loss) (0.519) 0.030 0.362 0.037(3)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.301) $ 0.483 $ 0.821 $ 0.400
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.218) $(0.463) $(0.459) $(0.360)
In excess of net investment
income (0.011) --(4) (0.012) --
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.229) $(0.463) $(0.471) $(0.360)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.820 $10.350 $10.330 $ 9.980
- ------------------------------------------------------------------------------------
TOTAL RETURN(5) (2.92)% 4.56% 8.56% 3.84%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $23,762 $26,170 $25,780 $14,718
Ratios (As a percentage of
average daily net assets):
Expenses(6) 1.04%(7) 0.95% 0.96% 0.90%(7)
Expenses after custodian
fee reduction(6) 1.04%(7) 0.94% 0.94% 0.89%(7)
Net investment income 4.33%(7) 4.37% 4.51% 4.76%(7)
Portfolio Turnover of the
Portfolio 11% 29% 40% 57%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) The per share amount is not in accord with the net realized and unrealized
gain (loss) on investments for the period because of the timing of sales of
Fund shares and the amount of the per share realized and unrealized gains
and losses at such time.
(4) Distributions in excess of net investment income are less than $0.001 per
share.
(5) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(6) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(7) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
20
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND -- CLASS B
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.350 $10.330 $ 9.980 $10.080 $ 9.950 $10.050
- ----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------
Net investment income $ 0.180 $ 0.382 $ 0.386 $ 0.393 $ 0.385 $ 0.367
Net realized and unrealized
gain (loss) (0.516) 0.025 0.362 (0.097) 0.134 (0.027)
- ----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.336) $ 0.407 $ 0.748 $ 0.296 $ 0.519 $ 0.340
- ----------------------------------------------------------------------------------------------------------
Less distributions
- ----------------------------------------------------------------------------------------------------------
From net investment income $(0.180) $(0.382) $(0.386) $(0.393) $(0.385) $(0.367)
In excess of net investment
income (0.014) (0.005) (0.012) (0.003) (0.004) (0.066)
From net realized gain -- -- -- -- -- (0.007)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.194) $(0.387) $(0.398) $(0.396) $(0.389) $(0.440)
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.820 $10.350 $10.330 $ 9.980 $10.080 $ 9.950
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (3.26)% 3.99% 7.60% 2.99% 5.27% 3.53%
- ----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,235 $ 2,399 $ 5,316 $25,386 $54,241 $78,857
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.79%(5) 1.62% 1.76% 1.71% 1.63% 1.55%
Expenses after custodian
fee reduction(3) 1.79%(5) 1.61% 1.74% 1.70% 1.59% --
Net investment income 3.58%(5) 3.71% 3.76% 3.91% 3.81% 3.72%
Portfolio Turnover of the
Portfolio 11% 29% 40% 57% 36% 56%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
21
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CONNECTICUT LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.130 $10.110 $ 9.790 $ 9.870
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.205 $ 0.431 $ 0.429 $ 0.087
Net realized and unrealized
gain (loss) (0.431) 0.031 0.333 (0.082)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.226) $ 0.462 $ 0.762 $ 0.005
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.205) $(0.431) $(0.429) $(0.085)
In excess of net investment
income (0.009) (0.011) (0.013) --
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.214) $(0.442) $(0.442) $(0.085)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.690 $10.130 $10.110 $ 9.790
- ------------------------------------------------------------------------------------
TOTAL RETURN(3) (2.22)% 4.45% 7.99% (0.13)%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 6,859 $ 7,514 $ 6,034 $ 586
Ratios (As a percentage of
average daily net assets):
Net expenses(4) 1.33%(5) 1.16% 1.20% 0.70%(5)
Net expenses after
custodian fee
reduction(4) 1.28%(5) 1.13% 1.18% 0.66%(5)
Net investment income 4.15%(5) 4.25% 4.26% 5.06%(5)
Portfolio Turnover of the
Portfolio 3% 5% 23% 46%
- ------------------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of
the investment adviser fee, an allocation of expenses to the Administrator, or
both. Had such actions not been taken, the ratios and net investment income per
share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.56%(5) 1.39% 1.43% 0.94%(5)
Expenses after custodian
fee reduction(4) 1.51%(5) 1.36% 1.41% 0.90%(5)
Net investment income 3.92%(5) 4.02% 4.03% 4.82%(5)
Net investment income per
share $ 0.193 $ 0.408 $ 0.406 $ 0.083
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
January 21, 1997, to March 31, 1997.
(3) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(4) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
22
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CONNECTICUT LIMITED FUND -- CLASS B
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.130 $10.110 $ 9.790 $ 9.850 $ 9.690 $ 9.690
- ----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------
Net investment income $ 0.170 $ 0.365 $ 0.357 $ 0.398 $ 0.379 $ 0.373
Net realized and unrealized
gain (loss) (0.431) 0.025 0.333 (0.089) 0.150 0.026
- ----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.261) $ 0.390 $ 0.690 $ 0.309 $ 0.529 $ 0.399
- ----------------------------------------------------------------------------------------------------------
Less distributions
- ----------------------------------------------------------------------------------------------------------
From net investment income $(0.179) $(0.370) $(0.370) $(0.369) $(0.369) $(0.373)
In excess of net investment
income -- -- -- -- -- (0.026)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.179) $(0.370) $(0.370) $(0.369) $(0.369) $(0.399)
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.690 $10.130 $10.110 $ 9.790 $ 9.850 $ 9.690
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.58)% 3.90% 7.02% 3.21% 5.50% 4.27%
- ----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,095 $ 1,410 $ 2,531 $10,227 $13,014 $15,613
Ratios (As a percentage of
average daily net assets):
Net expenses(3)(4) 2.05%(5) 1.81% 1.92% 1.72% 1.53% 1.23%
Net expenses after
custodian fee
reduction(3) 2.00%(5) 1.78% 1.90% 1.68% 1.49% --
Net investment income 3.42%(5) 3.60% 3.62% 3.93% 3.78% 3.89%
Portfolio Turnover of the
Portfolio 3% 5% 23% 46% 52% 73%
- ----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of the investment adviser
fee, an allocation of expenses to the Administrator, or both. Had such actions not been taken, the
ratios and net investment income per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 2.28%(5) 2.04% 2.15% 1.96% 1.86% 1.81%
Expenses after custodian
fee reduction(3) 2.23%(5) 2.01% 2.13% 1.92% -- --
Net investment income 3.19%(5) 3.37% 3.39% 3.69% 3.45% 3.31%
Net investment income per
share $ 0.255 $ 0.342 $ 0.334 $ 0.374 $ 0.346 $ 0.317
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the offset arrangements with
its service providers. The expense ratios for the year ended March 31, 1995
have not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
23
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.270 $10.290 $ 9.980 $10.030
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.224 $ 0.453 $ 0.465 $ 0.357
Net realized and unrealized
gain (loss) (0.487) (0.018) 0.307 (0.049)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.263) $ 0.435 $ 0.772 $ 0.308
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.227) $(0.455) $(0.462) $(0.357)
In excess of net investment
income -- -- -- (0.001)
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.227) $(0.455) $(0.462) $(0.358)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.780 $10.270 $10.290 $ 9.980
- ------------------------------------------------------------------------------------
TOTAL RETURN(3) (2.58)% 4.10% 8.06% 2.88%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $42,725 $49,355 $50,116 $34,321
Ratios (As a percentage of
average daily net assets):
Expenses(4) 0.95%(5) 0.90% 0.90% 0.89%(5)
Expenses after custodian
fee reduction(4) 0.93%(5) 0.88% 0.88% 0.87%(5)
Net investment income 4.45%(5) 4.38% 4.61% 4.65%(5)
Portfolio Turnover of the
Portfolio 11% 16% 38% 66%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(4) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
24
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS B
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.270 $10.290 $ 9.980 $10.170 $10.080 $ 10.060
- ----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------
Net investment income $ 0.185 $ 0.378 $ 0.391 $ 0.388 $ 0.383 $ 0.375
Net realized and unrealized
gain (loss) (0.486) (0.018) 0.307 (0.185) 0.096 0.090
- ----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.301) $ 0.360 $ 0.698 $ 0.203 $ 0.479 $ 0.465
- ----------------------------------------------------------------------------------------------------------
Less distributions
- ----------------------------------------------------------------------------------------------------------
From net investment income $(0.185) $(0.378) $(0.388) $(0.388) $(0.383) $ (0.375)
In excess of net investment
income (0.004) (0.002) -- (0.005) (0.006) (0.058)
From net realized gain -- -- -- -- -- (0.012)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.189) $(0.380) $(0.388) $(0.393) $(0.389) $ (0.445)
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.780 $10.270 $10.290 $ 9.980 $10.170 $ 10.080
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.95)% 3.54% 7.08% 2.05% 4.78% 4.79%
- ----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,689 $ 6,326 $10,612 $48,418 $116,781 $149,581
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.70%(5) 1.63% 1.66% 1.65% 1.57% 1.50%
Expenses after custodian
fee reduction(3) 1.68%(5) 1.61% 1.64% 1.63% 1.56% --
Net investment income 3.69%(5) 3.67% 3.84% 3.86% 3.74% 3.77%
Portfolio Turnover of the
Portfolio 11% 16% 38% 66% 20% 44%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangement with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
25
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FLORIDA LIMITED FUND -- CLASS C
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 --------------------
(UNAUDITED)(1) 1999(1)
<S> <C> <C>
- --------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.710 $ 9.730
- --------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------
Net investment income $ 0.175 $ 0.356
Net realized and unrealized
loss (0.467) (0.012)
- --------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.292) $ 0.344
- --------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------
From net investment income $(0.178) $(0.364)
- --------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.178) $(0.364)
- --------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.240 $ 9.710
- --------------------------------------------------------------------------
TOTAL RETURN(2) (3.03)% 3.57%
- --------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 3,387 $ 3,950
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.70%(4) 1.66%
Expenses after custodian
fee reduction(3) 1.68%(4) 1.64%
Net investment income 3.70%(4) 3.65%
Portfolio Turnover of the
Portfolio 11% 16%
- --------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
26
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.320 $10.330 $ 9.990 $ 9.940
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.224 $ 0.450 $ 0.457 $ 0.359
Net realized and unrealized
gain (loss) (0.500) (0.004) 0.339 0.040(3)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.276) $ 0.446 $ 0.796 $ 0.399
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.224) $(0.456) $(0.456) $(0.349)
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.224) $(0.456) $(0.456) $(0.349)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.820 $10.320 $10.330 $ 9.990
- ------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.70)% 4.19% 8.29% 3.83%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $39,455 $43,436 $43,575 $23,995
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.98%(6) 0.94% 0.96% 0.91%(6)
Expenses after custodian
fee reduction(5) 0.96%(6) 0.91% 0.92% 0.89%(6)
Net investment income 4.45%(6) 4.35% 4.53% 4.76%(6)
Portfolio Turnover of the
Portfolio 9% 19% 46% 60%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) The per share amount is not in accord with the net realized and unrealized
gain (loss) on investments for the period because of the timing of sales of
Fund shares and the amount of the per share realized and unrealized gains
and losses at such time.
(4) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(5) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(6) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
27
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS B
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 -----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.320 $10.330 $ 9.990 $10.100 $ 9.980 $ 9.960
- -----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------------------------------------
Net investment income $ 0.186 $ 0.373 $ 0.384 $ 0.378 $ 0.383 $ 0.383
Net realized and unrealized
gain (loss) (0.501) (0.005) 0.339 (0.106) 0.126 0.082
- -----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.315) $ 0.368 $ 0.723 $ 0.272 $ 0.509 $ 0.465
- -----------------------------------------------------------------------------------------------------------
Less distributions
- -----------------------------------------------------------------------------------------------------------
From net investment income $(0.185) $(0.373) $(0.383) $(0.382) $(0.383) $ (0.383)
In excess of net investment
income -- (0.005) -- -- (0.006) (0.055)
From net realized gain -- -- -- -- -- (0.007)
- -----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.185) $(0.378) $(0.383) $(0.382) $(0.389) $ (0.445)
- -----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.820 $10.320 $10.330 $ 9.990 $10.100 $ 9.980
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (3.07)% 3.60% 7.33% 2.74% 5.08% 4.84%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,376 $ 2,747 $ 8,451 $41,090 $91,809 $113,338
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.73%(5) 1.70% 1.70% 1.68% 1.60% 1.57%
Expenses after custodian
fee reduction(3) 1.71%(5) 1.67% 1.66% 1.66% 1.58% --
Net investment income 3.69%(5) 3.61% 3.85% 3.90% 3.71% 3.89%
Portfolio Turnover of the
Portfolio 9% 19% 46% 60% 27% 46%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
28
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND -- CLASS C
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 --------------------
(UNAUDITED)(1) 1999(1)
<S> <C> <C>
- --------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.860 $ 9.880
- --------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------
Net investment income $ 0.178 $ 0.354
Net realized and unrealized
loss (0.472) (0.006)
- --------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.294) $ 0.348
- --------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------
From net investment income $(0.176) $(0.360)
In excess of net investment
income -- (0.008)
- --------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.176) $(0.368)
- --------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.390 $ 9.860
- --------------------------------------------------------------------------
TOTAL RETURN(2) (3.00)% 3.56%
- --------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,745 $ 5,217
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74%(4) 1.70%
Expenses after custodian
fee reduction(3) 1.72%(4) 1.67%
Net investment income 3.69%(4) 3.57%
Portfolio Turnover of the
Portfolio 9% 19%
- --------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
29
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MICHIGAN LIMITED FUND -- CLASS A
------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------
(UNAUDITED) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.970 $ 10.040 $ 9.740 $ 9.740
- ---------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------
Net investment income $ 0.205 $ 0.424 $ 0.430 $ 0.201
Net realized and unrealized
gain (loss) (0.511) (0.056) 0.329 0.001
- ---------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ (0.306) $ 0.368 $ 0.759 $ 0.202
- ---------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------
From net investment income $ (0.206) $ (0.424) $ (0.430) $ (0.201)
In excess of net investment
income (0.008) (0.014) (0.029) (0.001)
- ---------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.214) $ (0.438) $ (0.459) $ (0.202)
- ---------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.450 $ 9.970 $ 10.040 $ 9.740
- ---------------------------------------------------------------------------------------
TOTAL RETURN(3) (3.09)% 3.53% 8.23% 1.89%
- ---------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 9,023 $ 9,786 $ 9,177 $ 406
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.39%(5) 1.32% 1.36% 1.18%(5)
Expenses after custodian
fee reduction(4) 1.36%(5) 1.29% 1.32% 1.15%(5)
Net investment income 4.24%(5) 4.23% 4.32% 4.56%(5)
Portfolio Turnover of the
Portfolio 6% 16% 21% 28%
- ---------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
October 22, 1996, to March 31, 1997.
(3) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(4) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
30
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
MICHIGAN LIMITED FUND -- CLASS B
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------------
(UNAUDITED) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.970 $ 10.040 $ 9.740 $ 9.730 $ 9.630 $ 9.650
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------------------------------
Net investment income $ 0.169 $ 0.356 $ 0.357 $ 0.382 $ 0.383 $ 0.364
Net realized and unrealized
gain (loss) (0.511) (0.053) 0.329 0.012 0.090 0.030
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ (0.342) $ 0.303 $ 0.686 $ 0.394 $ 0.473 $ 0.394
- ---------------------------------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------------------------------
From net investment income $ (0.169) $ (0.368) $ (0.386) $ (0.384) $ (0.373) $ (0.364)
In excess of net investment
income (0.009) (0.005) -- -- -- (0.050)
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.178) $ (0.373) $ (0.386) $ (0.384) $ (0.373) $ (0.414)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.450 $ 9.970 $ 10.040 $ 9.740 $ 9.730 $ 9.630
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (3.44)% 3.06% 7.24% 4.14% 4.95% 4.24%
- ---------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 570 $ 654 $ 1,839 $ 13,431 $ 18,705 $ 26,048
Ratios (As a percentage of
average daily net assets):
Net expenses(3)(4) 2.14%(5) 2.02% 2.04% 1.99% 1.78% 1.55%
Net expenses after
custodian fee
reduction(3) 2.11%(5) 1.99% 2.00% 1.96% 1.75% --
Net investment income 3.47%(5) 3.56% 3.72% 3.91% 3.92% 3.82%
Portfolio Turnover of the
Portfolio 6% 16% 21% 28% 40% 111%
- ---------------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of the investment adviser fee,
an allocation of expenses to the Administrator, or both. Had such actions not been taken, the ratios and net
investment income per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.66%
Net investment income 3.71%
Net investment income per
share $ 0.354
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any offset
arrangements with its service providers. The expense ratios for the year
ended March 31, 1995 have not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
31
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS A
------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 10.320 $ 10.350 $ 10.070 $ 9.960
- ---------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------
Net investment income $ 0.230 $ 0.463 $ 0.464 $ 0.362
Net realized and unrealized
gain (loss) (0.438) (0.030) 0.279 0.102(3)
- ---------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ (0.208) $ 0.433 $ 0.743 $ 0.464
- ---------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------
From net investment income $ (0.232) $ (0.463) $ (0.463) $ (0.354)
- ---------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.232) $ (0.463) $ (0.463) $ (0.354)
- ---------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.880 $ 10.320 $ 10.350 $ 10.070
- ---------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.03)% 4.04% 7.69% 4.48%
- ---------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 35,211 $ 36,591 $ 35,879 $ 22,230
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.99%(6) 0.95% 0.99% 0.88%(6)
Expenses after custodian
fee reduction(5) 0.96%(6) 0.95% 0.98% 0.85%(6)
Net investment income 4.55%(6) 4.47% 4.56% 4.75%(6)
Portfolio Turnover of the
Portfolio 9% 13% 21% 37%
- ---------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) The per share amounts are not in accord with the net realized and
unrealized gain (loss) on investments for the period because of the timing
of sales of Fund shares and the amount of the per share realized and
unrealized gains and losses at such time.
(4) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(5) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(6) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
32
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW JERSEY LIMITED FUND -- CLASS B
------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 10.320 $ 10.350 $ 10.070 $ 10.110 $ 10.020 $ 10.030
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ---------------------------------------------------------------------------------------------------------------
Net investment income $ 0.192 $ 0.383 $ 0.391 $ 0.375 $ 0.383 $ 0.370
Net realized and unrealized
gain (loss) (0.439) (0.028) 0.279 (0.026) 0.093 0.068
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ (0.247) $ 0.355 $ 0.670 $ 0.349 $ 0.476 $ 0.438
- ---------------------------------------------------------------------------------------------------------------
Less distributions
- ---------------------------------------------------------------------------------------------------------------
From net investment income $ (0.193) $ (0.383) $ (0.390) $ (0.389) $ (0.383) $ (0.370)
In excess of net investment
income -- (0.002) -- -- (0.003) (0.060)
From net realized gain -- -- -- -- -- (0.018)
- ---------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $ (0.193) $ (0.385) $ (0.390) $ (0.389) $ (0.386) $ (0.448)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.880 $ 10.320 $ 10.350 $ 10.070 $ 10.110 $ 10.020
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.41)% 3.46% 6.73% 3.53% 4.79% 4.53%
- ---------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ---------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,450 $ 3,056 $ 8,620 $ 34,691 $ 78,039 $ 93,361
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.74%(5) 1.72% 1.72% 1.69% 1.60% 1.56%
Expenses after custodian
fee reduction(3) 1.71%(5) 1.72% 1.71% 1.66% 1.58% --
Net investment income 3.79%(5) 3.70% 3.85% 3.90% 3.77% 3.73%
Portfolio Turnover of the
Portfolio 9% 13% 21% 37% 42% 44%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
33
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.560 $10.510 $10.040 $10.000
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.236 $ 0.468 $ 0.461 $ 0.357
Net realized and unrealized
gain (loss) (0.450) 0.047 0.470 0.035(3)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.214) $ 0.515 $ 0.931 $ 0.392
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.236) $(0.465) $(0.461) $(0.352)
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.236) $(0.465) $(0.461) $(0.352)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.110 $10.560 $10.510 $10.040
- ------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.04)% 4.78% 9.61% 3.74%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $50,456 $57,864 $59,442 $35,932
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.96%(6) 0.91% 0.93% 0.88%(6)
Expenses after custodian
fee reduction(5) 0.95%(6) 0.91% 0.91% 0.86%(6)
Net investment income 4.54%(6) 4.42% 4.50% 4.67%(6)
Portfolio Turnover of the
Portfolio 8% 17% 53% 58%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) The per share amount is not in accord with the net realized and unrealized
gain (loss) on investments for the period because of the timing of sales of
Fund shares and the amount of the per share realized and unrealized gains
and losses at such time.
(4) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(5) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(6) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
34
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS B
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.560 $10.510 $10.040 $10.150 $ 10.030 $ 10.040
- ------------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------------------------------
Net investment income $ 0.195 $ 0.386 $ 0.388 $ 0.387 $ 0.374 $ 0.378
Net realized and unrealized
gain (loss) (0.450) 0.050 0.470 (0.109) 0.135 0.049
- ------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.255) $ 0.436 $ 0.858 $ 0.278 $ 0.509 $ 0.427
- ------------------------------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------------------------------
From net investment income $(0.195) $(0.386) $(0.388) $(0.387) $ (0.374) $ (0.378)
In excess of net investment
income -- -- -- (0.001) (0.015) (0.055)
From net realized gain -- -- -- -- -- (0.004)
- ------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.195) $(0.386) $(0.388) $(0.388) $ (0.389) $ (0.437)
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.110 $10.560 $10.510 $10.040 $ 10.150 $ 10.030
- ------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.42)% 4.20% 8.65% 2.79% 5.12% 4.41%
- ------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 3,860 $ 5,078 $12,220 $60,097 $133,846 $166,691
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.71%(5) 1.68% 1.70% 1.63% 1.57% 1.51%
Expenses after custodian
fee reduction(3) 1.70%(5) 1.68% 1.68% 1.61% 1.55% --
Net investment income 3.77%(5) 3.67% 3.77% 3.84% 3.66% 3.81%
Portfolio Turnover of the
Portfolio 8% 17% 53% 58% 32% 31%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
35
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND -- CLASS C
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 --------------------
(UNAUDITED)(1) 1999(1)
<S> <C> <C>
- --------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.000 $ 9.950
- --------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------
Net investment income $ 0.187 $ 0.368
Net realized and unrealized
gain (loss) (0.435) 0.053
- --------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.248) $ 0.421
- --------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------
From net investment income $(0.182) $(0.368)
In excess of net investment
income -- (0.003)
- --------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.182) $(0.371)
- --------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.570 $10.000
- --------------------------------------------------------------------------
TOTAL RETURN(2) (2.50)% 4.28%
- --------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,042 $ 2,737
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.71%(4) 1.67%
Expenses after custodian
fee reduction(3) 1.70%(4) 1.67%
Net investment income 3.81%(4) 3.65%
Portfolio Turnover of the
Portfolio 8% 17%
- --------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
36
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.110 $10.140 $ 9.820 $ 9.860
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.222 $ 0.458 $ 0.461 $ 0.205
Net realized and unrealized
gain (loss) (0.451) (0.019) 0.331 (0.037)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.229) $ 0.439 $ 0.792 $ 0.168
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.222) $(0.453) $(0.461) $(0.205)
In excess of net investment
income (0.009) (0.016) (0.011) (0.003)
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.231) $(0.469) $(0.472) $(0.208)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.650 $10.110 $10.140 $ 9.820
- ------------------------------------------------------------------------------------
TOTAL RETURN(3) (2.27)% 4.19% 8.40% 1.51%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $19,093 $20,375 $18,114 $ 952
Ratios (As a percentage of
average daily net assets):
Expenses(4) 1.10%(5) 1.03% 1.11% 1.08%(5)
Expenses after custodian
fee reduction(4) 1.07%(5) 1.00% -- 1.05%(5)
Net investment income 4.50%(5) 4.51% 4.57% 4.75%(5)
Portfolio Turnover of the
Portfolio 9% 19% 29% 34%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
October 22, 1996, to March 31, 1997.
(3) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(4) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
37
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
OHIO LIMITED FUND -- CLASS B
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.110 $10.140 $ 9.820 $ 9.840 $ 9.730 $ 9.730
- ----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- ----------------------------------------------------------------------------------------------------------
Net investment income $ 0.186 $ 0.386 $ 0.389 $ 0.408 $ 0.398 $ 0.382
Net realized and unrealized
gain (loss) (0.451) (0.023) 0.331 (0.033) 0.085 0.032
- ----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.265) $ 0.363 $ 0.720 $ 0.375 $ 0.483 $ 0.414
- ----------------------------------------------------------------------------------------------------------
Less distributions
- ----------------------------------------------------------------------------------------------------------
From net investment income $(0.195) $(0.393) $(0.400) $(0.395) $(0.373) $(0.382)
In excess of net investment
income -- -- -- -- -- (0.032)
- ----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.195) $(0.393) $(0.400) $(0.395) $(0.373) $(0.414)
- ----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.650 $10.110 $10.140 $ 9.820 $ 9.840 $ 9.730
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.64)% 3.62% 7.43% 3.89% 5.07% 4.41%
- ----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data+
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 1,912 $ 2,205 $ 4,249 $24,587 $29,759 $34,279
Ratios (As a percentage of
average daily net assets):
Net expenses(3)(4) 1.83%(5) 1.75% 1.80% 1.84% 1.67% 1.49%
Net expenses after
custodian fee
reduction(3) 1.80%(5) 1.72% -- 1.81% 1.65% --
Net investment income 3.76%(5) 3.79% 3.92% 4.06% 4.04% 3.95%
Portfolio Turnover of the
Portfolio 9% 19% 29% 34% 47% 120%
- ----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund and the Portfolio may reflect a reduction of the investment adviser
fee, an allocation of expenses to the Administrator. Had such actions not been taken, the ratios and
net investment income per share would have been as follows:
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.60%
Net investment income 3.84%
Net investment income per
share $ 0.371
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratios for the
year ended March 31, 1995 have not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
38
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS A
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997(2)
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.500 $10.550 $10.100 $10.030
- ------------------------------------------------------------------------------------
Income (loss) from operations
- ------------------------------------------------------------------------------------
Net investment income $ 0.234 $ 0.477 $ 0.481 $ 0.371
Net realized and unrealized
gain (loss) (0.473) (0.051) 0.445 0.063(3)
- ------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.239) $ 0.426 $ 0.926 $ 0.434
- ------------------------------------------------------------------------------------
Less distributions
- ------------------------------------------------------------------------------------
From net investment income $(0.231) $(0.476) $(0.476) $(0.364)
- ------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.231) $(0.476) $(0.476) $(0.364)
- ------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.030 $10.500 $10.550 $10.100
- ------------------------------------------------------------------------------------
TOTAL RETURN(4) (2.28)% 3.90% 9.52% 4.15%
- ------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $36,423 $41,048 $43,961 $27,907
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.99%(6) 0.94% 0.97% 0.90%(6)
Expenses after custodian
fee reduction(5) 0.96%(6) 0.92% 0.95% 0.88%(6)
Net investment income 4.55%(6) 4.52% 4.67% 4.83%(6)
Portfolio Turnover of the
Portfolio 11% 16% 36% 51%
- ------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the commencement of offering of Class A shares,
June 27, 1996, to March 31, 1997.
(3) The per share amount is not in accord with the net realized and unrealized
gain (loss) on investments for the period because of the timing of sales of
Fund shares and the amount of the per share realized and unrealized gains
and losses at such time.
(4) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(5) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(6) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
39
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS B
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 -----------------------------------------------------
(UNAUDITED)(1) 1999(1) 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $10.500 $10.550 $10.100 $10.190 $10.090 $ 10.100
- -----------------------------------------------------------------------------------------------------------
Income (loss) from operations
- -----------------------------------------------------------------------------------------------------------
Net investment income $ 0.196 $ 0.400 $ 0.407 $ 0.392 $ 0.388 $ 0.374
Net realized and unrealized
gain (loss) (0.474) (0.053) 0.445 (0.081) 0.110 0.065
- -----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.278) $ 0.347 $ 0.852 $ 0.311 $ 0.498 $ 0.439
- -----------------------------------------------------------------------------------------------------------
Less distributions
- -----------------------------------------------------------------------------------------------------------
From net investment income $(0.192) $(0.397) $(0.402) $(0.401) $(0.388) $ (0.374)
In excess of net investment
income -- -- -- -- (0.010) (0.069)
From net realized gain -- -- -- -- -- (0.006)
- -----------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.192) $(0.397) $(0.402) $(0.401) $(0.398) $ (0.449)
- -----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $10.030 $10.500 $10.550 $10.100 $10.190 $ 10.090
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.66)% 3.33% 8.55% 3.12% 4.98% 4.50%
- -----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 2,620 $ 3,787 $ 8,277 $33,971 $84,407 $103,553
Ratios (As a percentage of
average daily net assets):
Expenses(3)(4) 1.74%(5) 1.69% 1.71% 1.69% 1.62% 1.57%
Expenses after custodian
fee reduction(3) 1.71%(5) 1.67% 1.69% 1.67% 1.60% --
Net investment income 3.80%(5) 3.79% 3.95% 4.05% 3.79% 3.75%
Portfolio Turnover of the
Portfolio 11% 16% 36% 51% 24% 39%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) 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, as well as its corresponding
Portfolio, to increase its expense ratio by the effect of any expense
offset arrangements with its service providers. The expense ratio for the
year ended March 31, 1995 has not been adjusted to reflect this change.
(5) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
40
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND -- CLASS C
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 --------------------
(UNAUDITED)(1) 1999(1)
<S> <C> <C>
- --------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.930 $ 9.980
- --------------------------------------------------------------------------
Income (loss) from operations
- --------------------------------------------------------------------------
Net investment income $ 0.185 $ 0.374
Net realized and unrealized
loss (0.454) (0.042)
- --------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $(0.269) $ 0.332
- --------------------------------------------------------------------------
Less distributions
- --------------------------------------------------------------------------
From net investment income $(0.181) $(0.382)
- --------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.181) $(0.382)
- --------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.480 $ 9.930
- --------------------------------------------------------------------------
TOTAL RETURN(2) (2.73)% 3.36%
- --------------------------------------------------------------------------
Ratios/Supplemental Data
- --------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 4,471 $ 5,803
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74%(4) 1.71%
Expenses after custodian
fee reduction(3) 1.71%(4) 1.69%
Net investment income 3.81%(4) 3.74%
Portfolio Turnover of the
Portfolio 11% 16%
- --------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) Total 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
reinvested at the net asset value on the reinvestment date. Total return is
not computed on an annualized basis.
(3) Includes the Fund's share of its corresponding Portfolio's allocated
expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
41
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
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 investment
management company. The Trust presently consists of ten Funds, nine of which
are included in these financial statements. They include Eaton Vance
California Limited Maturity Municipals Fund ("California Limited Fund"),
Eaton Vance Connecticut Limited Maturity Municipals Fund ("Connecticut
Limited Fund"), Eaton Vance Florida Limited Maturity Municipals Fund
("Florida Limited Fund"), Eaton Vance Massachusetts Limited Maturity
Municipals Fund ("Massachusetts Limited Fund"), Eaton Vance Michigan Limited
Maturity Municipals Fund ("Michigan Limited Fund"), Eaton Vance New Jersey
Limited Maturity Municipals Fund ("New Jersey Limited Fund"), Eaton Vance New
York Limited Maturity Municipals Fund ("New York Limited Fund"), Eaton Vance
Ohio Limited Maturity Municipals Fund ("Ohio Limited Fund") and Eaton Vance
Pennsylvania Limited Maturity Municipals Fund ("Pennsylvania Limited Fund").
The Funds may offer three classes of shares: Class A (formerly Class II),
Class B (formerly Class I) and Class C. Class A shares are generally sold
subject to a sales charge imposed at time of purchase. Class B and Class C
shares are sold at net asset value and are subject to a contingent deferred
sales charge (see Note 6). Class B shares held longer than (i) four years or
(ii) the time at which the contingent deferred sales charge applicable to
such shares expires will automatically convert to Class A shares. Each class
represents a pro rata interest in the Fund, but votes separately on
class-specific matters and (as noted before) is subject to different
expenses. Realized and unrealized gains and losses are allocated daily to
each class of shares based on the relative net assets of each class to the
total net assets of the Fund. Net investment income, other than class
specific expenses, is allocated daily to each class of shares based upon the
ratio of the value of each class' paid shares to the total value of all paid
shares. Each class of shares differs in its distribution plan and certain
other class specific expenses. 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 California Limited Fund invests its
assets in the California Limited Maturity Municipals Portfolio, the
Connecticut Limited Fund invests its assets in the Connecticut Limited
Maturity Municipals Portfolio, the Florida Limited Fund invests its assets in
the Florida Limited Maturity Municipals Portfolio, the Massachusetts Limited
Fund invests its assets in the Massachusetts Limited Maturity Municipals
Portfolio, the Michigan Limited Fund invests its assets in the Michigan
Limited Maturity Municipals Portfolio, the New Jersey Limited Fund invests
its assets in the New Jersey Limited Maturity Municipals Portfolio, the New
York Limited Fund invests its assets in the New York Limited Maturity
Municipals Portfolio, the Ohio Limited Fund invests its assets in the Ohio
Limited Maturity Municipals Portfolio and the Pennsylvania Limited Fund
invests its assets in the Pennsylvania 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 (99.99%
at September 30, 1999 for each Fund except Connecticut Limited Fund, Michigan
Limited Fund and Ohio Limited Fund which were 98.5%, 98.7% and 99.3%,
respectively). The performance of each Fund is directly affected by the
performance of its corresponding Portfolio. The financial statements of each
Portfolio, including the portfolio of investments, are included elsewhere in
this report and should be read in conjunction with each Fund's financial
statements.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A Investment Valuation -- Valuation of securities by the Portfolios is
discussed in Note 1A of the Portfolios' Notes to Financial Statements, which
are included elsewhere in this report.
B Income -- Each Fund's net investment income consists of each 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 September 30,
1999, the following Funds, for federal income tax purposes, had capital loss
carryovers, which will reduce each Fund's taxable income arising from future
net realized gain on investments, if any, to the extent permitted by the
Internal Revenue Code, and thus will reduce the amount of the distributions
to shareholders which would otherwise be necessary to relieve the Funds of
any liability for federal income or excise taxes. A portion of such capital
loss carryovers were acquired through the Fund Reorganization
42
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
(see Note 8) and may be subject to certain limitations. The amounts and
expiration dates of the capital loss carryovers are as follows:
<TABLE>
<CAPTION>
FUND AMOUNT EXPIRES
<S> <C> <C>
--------------------------------------------------------------------
California Limited Fund $ 49,293 March 31, 2005
2,010,530 March 31, 2004
97,718 March 31, 2003
Connecticut Limited Fund 595 March 31, 2006
2,392 March 31, 2005
298,644 March 31, 2004
235,754 March 31, 2003
Florida Limited Fund 355,606 March 31, 2006
133,020 March 31, 2005
2,955,585 March 31, 2004
169,273 March 31, 2003
Massachusetts Limited Fund 197,971 March 31, 2006
30,086 March 31, 2005
1,533,591 March 31, 2004
78,192 March 31, 2003
Michigan Limited Fund 128,453 March 31, 2006
910,654 March 31, 2004
409,992 March 31, 2003
New Jersey Limited Fund 213,255 March 31, 2006
1,767,217 March 31, 2004
321,276 March 31, 2003
New York Limited Fund 20,866 March 31, 2005
1,537,944 March 31, 2004
Ohio Limited Fund 762,343 March 31, 2004
580,024 March 31, 2003
Pennsylvania Limited Fund 25,743 March 31, 2005
1,041,487 March 31, 2004
</TABLE>
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 intends 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 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.
E 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 daily cash balances the Funds or the Portfolios maintain with
IBT. All significant credit balances used to reduce each Fund's custodian
fees are reported as a reduction of operating expenses on the Statement of
Operations.
F Other -- Investment transactions are accounted for on a trade-date basis.
G Interim Financial Statements -- The interim financial statements relating to
September 30, 1999 and for the six months 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 each Fund is determined daily and substantially all of the
net income so determined is declared as a dividend to shareholders of record
at the time of declaration. Dividends are declared separately for each class
of shares. 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 the
same class of a Fund at the net asset value as of the reinvestment date.
Distributions are paid in the form of additional shares of the same class or,
at the election of the shareholder, in cash. The Funds distinguish between
distributions on a tax basis and a financial reporting basis. Generally
accepted accounting principles require that only distributions in excess of
tax basis earnings and profits be reported in the financial statements as a
return of capital. Differences in the recognition or classification of income
between the financial statements and tax earnings and profits which result in
temporary over distributions for financial statement purposes are classified
as distributions in excess of net investment income or accumulated net
realized gains. Permanent differences between book and tax accounting
relating to distributions are reclassified to paid-in capital. The tax
treatment of distributions for the calendar year will be reported to
shareholders prior to February 1, 2000 and will be based on tax accounting
methods which may differ from amounts determined for financial statement
purposes.
43
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
3 Shares of Beneficial Interest
- -------------------------------------------
The Funds' Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest (without par
value). Such shares may be issued in a number of different series (such as
the Funds) and classes. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
<S> <C> <C>
----------------------------------------------------------------------------
Sales 34,330 35,063
Issued to shareholders electing to
receive payments of distributions in
Fund shares 23,640 47,022
Redemptions (184,066) (645,502)
Exchange to Class A shares 18,990 293,151
Issued to EV Traditional California
Limited Fund shareholders -- 303,260
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (107,106) 32,994
----------------------------------------------------------------------------
<CAPTION>
CALIFORNIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 39,738 72,974
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,799 5,973
Redemptions (26,651) (68,913)
Exchange to Class A shares (18,990) (293,151)
----------------------------------------------------------------------------
NET DECREASE (4,104) (283,117)
----------------------------------------------------------------------------
<CAPTION>
CONNECTICUT LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 12,816 45,699
Issued to shareholders electing to
receive payments of distributions in
Fund shares 8,594 15,432
Redemptions (68,507) (135,597)
Exchange to Class A shares 13,296 113,698
Issued to EV Traditional Connecticut
Limited Fund shareholders -- 105,182
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (33,801) 144,414
----------------------------------------------------------------------------
<CAPTION>
CONNECTICUT LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 9,038 25,949
Issued to shareholders electing to
receive payments of distributions in
Fund shares 1,531 4,567
Redemptions (23,558) (27,899)
Exchange to Class A shares (13,296) (113,698)
----------------------------------------------------------------------------
NET DECREASE (26,285) (111,081)
----------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 42,280 67,765
Issued to shareholders electing to
receive payments of distributions in
Fund shares 40,413 79,022
Redemptions (639,138) (1,081,189)
Exchange to Class A shares 121,524 430,954
Issued to EV Traditional Florida Limited
Fund shareholders -- 439,652
----------------------------------------------------------------------------
NET DECREASE (434,921) (63,796)
----------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 21,284 79,523
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,467 7,697
Redemptions (38,665) (71,236)
Exchange to Class A shares (121,524) (430,954)
----------------------------------------------------------------------------
NET DECREASE (136,438) (414,970)
----------------------------------------------------------------------------
<CAPTION>
FLORIDA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 26,667 146,199
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,929 10,261
Redemptions (70,022) (422,687)
Issued to EV Classic Florida Limited
Fund shareholders -- 673,148
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (40,426) 406,921
----------------------------------------------------------------------------
</TABLE>
44
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 87,567 239,891
Issued to shareholders electing to
receive payments of distributions in
Fund shares 49,733 91,990
Redemptions (433,574) (821,910)
Exchange to Class A shares 103,356 479,506
----------------------------------------------------------------------------
NET DECREASE (192,918) (10,523)
----------------------------------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 99,170 143,453
Issued to shareholders electing to
receive payments of distributions in
Fund shares 3,307 11,932
Redemptions (23,379) (228,227)
Exchange to Class A shares (103,356) (479,506)
----------------------------------------------------------------------------
NET DECREASE (24,258) (552,348)
----------------------------------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 94,625 160,484
Issued to shareholders electing to
receive payments of distributions in
Fund shares 6,170 13,021
Redemptions (124,399) (95,723)
Issued to EV Classic Massachusetts
Limited Fund shareholders -- 451,136
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (23,604) 528,918
----------------------------------------------------------------------------
<CAPTION>
MICHIGAN LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 54,689 44,059
Issued to shareholders electing to
receive payments of distributions in
Fund shares 12,424 21,324
Redemptions (97,457) (212,469)
Exchange to Class A shares 2,861 125,890
Issued to EV Traditional Michigan
Limited Fund shareholders -- 89,196
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (27,483) 68,000
----------------------------------------------------------------------------
<CAPTION>
MICHIGAN LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 10,542 19,565
Issued to shareholders electing to
receive payments of distributions in
Fund shares 506 2,839
Redemptions (13,467) (14,047)
Exchange to Class A shares (2,861) (125,890)
----------------------------------------------------------------------------
NET DECREASE (5,280) (117,533)
----------------------------------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 177,088 36,737
Issued to shareholders electing to
receive payments of distributions in
Fund shares 52,059 94,464
Redemptions (258,803) (642,677)
Exchange to Class A shares 48,046 511,723
Issued to EV Traditional New Jersey
Limited Fund shareholders -- 81,047
----------------------------------------------------------------------------
NET INCREASE 18,390 81,294
----------------------------------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 15,467 56,963
Issued to shareholders electing to
receive payments of distributions in
Fund shares 3,699 13,888
Redemptions (19,191) (96,239)
Exchange to Class A shares (48,046) (511,723)
----------------------------------------------------------------------------
NET DECREASE (48,071) (537,111)
----------------------------------------------------------------------------
</TABLE>
45
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
NEW YORK LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 265,163 118,314
Issued to shareholders electing to
receive payments of distributions in
Fund shares 68,868 129,324
Redemptions (915,649) (1,151,988)
Exchange to Class A shares 94,230 674,211
Issued to EV Traditional New York
Limited Fund shareholders -- 51,712
----------------------------------------------------------------------------
NET DECREASE (487,388) (178,427)
----------------------------------------------------------------------------
<CAPTION>
NEW YORK LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 36,992 101,333
Issued to shareholders electing to
receive payments of distributions in
Fund shares 5,913 17,857
Redemptions (47,692) --
Exchange to Class A shares (94,230) (674,211)
----------------------------------------------------------------------------
NET DECREASE (99,017) (555,021)
----------------------------------------------------------------------------
<CAPTION>
NEW YORK LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 60,011 140,868
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,933 6,449
Redemptions (123,371) (103,241)
Issued to EV Classic New York Limited
Fund shareholders -- 229,639
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (60,427) 273,715
----------------------------------------------------------------------------
<CAPTION>
OHIO LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 27,907 39,510
Issued to shareholders electing to
receive payments of distributions in
Fund shares 29,506 53,583
Redemptions (111,547) (266,104)
Exchange to Class A shares 17,093 238,326
Issued to EV Traditional Ohio Limited
Fund shareholders -- 164,848
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (37,041) 230,163
----------------------------------------------------------------------------
<CAPTION>
OHIO LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 10,499 59,687
Issued to shareholders electing to
receive payments of distributions in
Fund shares 2,511 7,956
Redemptions (15,894) (29,956)
Exchange to Class A shares (17,093) (238,326)
----------------------------------------------------------------------------
NET DECREASE (19,977) (200,639)
----------------------------------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 35,433 56,567
Issued to shareholders electing to
receive payments of distributions in
Fund shares 39,555 77,080
Redemptions (423,981) (797,334)
Exchange to Class A shares 74,159 403,468
----------------------------------------------------------------------------
NET DECREASE (274,834) (260,219)
----------------------------------------------------------------------------
</TABLE>
46
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 10,306 44,074
Issued to shareholders electing to
receive payments of distributions in
Fund shares 3,950 12,704
Redemptions (39,288) (77,641)
Exchange to Class A shares (74,159) (403,468)
----------------------------------------------------------------------------
NET DECREASE (99,191) (424,331)
----------------------------------------------------------------------------
<CAPTION>
PENNSYLVANIA LIMITED FUND
----------------------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1999 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 1999
----------------------------------------------------------------------------
<S> <C> <C>
Sales 17,605 123,863
Issued to shareholders electing to
receive payments of distributions in
Fund shares 7,392 15,159
Redemptions (137,570) (69,088)
Issued to EV Traditional Pennsylvania
Limited Fund shareholders -- 514,215
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (112,573) 584,149
----------------------------------------------------------------------------
</TABLE>
4 Transactions with Affiliates
- -------------------------------------------
Eaton Vance Management (EVM) serves as the Administrator of each Fund, but
receives no compensation. Each of 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. Certain of the
officers and Trustees of the Funds and Portfolios are officers of the above
organizations (Note 5). The Funds were informed that Eaton Vance
Distributors, Inc. (EVD), a subsidiary of EVM and the Funds' principal
underwriter, received $997, $340, $929, $546, $79, $1,041, $937, $424 and
$1,296 as its portion of the sales charge on sales of Class A shares from
California Limited Fund, Connecticut Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, Michigan Limited Fund, New Jersey Limited Fund,
New York Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund,
respectively, for the six months ended September 30, 1999.
Except as to Trustees of the Funds and 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 Distribution and Service Plans
- -------------------------------------------
Each Fund has adopted a distribution plan ("Class B Plans" and "Class C
Plans") pursuant to Rule 12b-1 under the Investment Company Act of 1940 and a
service plan ("Class A Plans")(collectively the "Plans"). The Plans require
the Funds to pay the principal underwriter, EVD amounts equal to 1/365 of
0.75% of each Funds Class B and Class C daily net assets, for providing
ongoing distribution services and facilities to the respective Fund. A Fund
will automatically discontinue payments to EVD during any period in which
there are no outstanding Uncovered Distribution Charges, which are equivalent
to the sum of (i) 3% (3-1/2% for Connecticut Limited Fund, Michigan Limited
Fund and Ohio Limited Fund) of the aggregate amount received by the Fund for
Class B shares sold plus, (ii) interest calculated by applying the rate of 1%
over the prevailing prime rate to the outstanding balance of Uncovered
Distribution Charges of EVD reduced by the aggregate amount of contingent
deferred sales charges (see Note 6) and amounts theretofore paid to EVD. The
amount payable to EVD with respect to each day is accrued on such day as a
liability of each Fund and, accordingly, reduces each Fund's net assets. For
the six months ended September 30, 1999, California Limited Fund, Connecticut
Limited Fund, Florida Limited Fund, Massachusetts Limited Fund, Michigan
Limited Fund, New Jersey Limited Fund, New York Limited Fund, Ohio Limited
Fund and Pennsylvania Limited Fund paid or accrued $8,525, $4,958, $21,253,
$10,210, $2,028, $10,491, $17,032, $7,894 and $12,012, respectively for
Class B shares, and Florida Limited Fund, Massachusetts Limited Fund, New
York Limited Fund and Pennsylvania Limited Fund paid or accrued $14,088,
$17,994, $8,354, and $19,565, respectively for Class C shares, to or payable
to EVD representing 0.75% (annualized) of average daily net assets
attributable to Class B and Class C shares. At September 30, 1999, the amount
of Uncovered Distribution Charges of EVD calculated under the Plans for
California Limited Fund, Connecticut Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, Michigan Limited Fund, New Jersey Limited Fund,
New York Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund were
approximately $273,000, $221,000, $563,000, $332,000, $385,000, $173,000,
$405,000, $48,100 and $296,000, respectively for Class B shares, and for
Florida Limited Fund, Massachusetts Limited Fund, New York Limited Fund, and
Pennsylvania Limited Fund
47
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
the amount of Uncovered Distribution Charges of EVD were approximately
$4,295,000, $979,000, $1,134,000 and $2,028,000, respectively for Class C
shares.
In addition, the Plans permit all classes of each Fund to make monthly
payments of service fees to EVD investment dealers and other persons in
amounts not expected to exceed 0.25% of each Fund's average daily net assets
for any fiscal year. The Trustees initially implemented the Plans by
authorizing the Funds to make quarterly service fee payments to EVD and
investment dealers equal to 0.15% per annum of each Fund's average daily net
assets attributable to Class A and Class B shares based on the value of Fund
shares sold by such persons and remaining outstanding for at least one year.
On October 4, 1999, the Trustees approved service fee payments equal to 0.15%
per annum of the Fund's average daily net assets attributable to Class A and
Class B shares for any fiscal year on shares of the Trust sold on or after
October 12, 1999. The Class C Plans require Florida Limited Fund,
Massachusetts Limited Fund, New York Limited Fund and Pennsylvania Limited
Fund to make monthly payments of service fees in amounts not expected to
exceed 0.25% of each Fund's average daily net assets attributable to Class C
shares for any fiscal year. For the six months ended September 30, 1999, the
California Limited Fund, Connecticut Limited Fund, Florida Limited Fund,
Massachusetts Limited Fund, Michigan Limited Fund, New Jersey Limited Fund,
New York Limited Fund, Ohio Limited Fund and Pennsylvania Limited Fund paid
or accrued service fees to or payable to EVD in the amount of $18,536,
$5,426, $34,041, $31,400, $7,148, $26,818, $40,991, $14,752 and $29,558,
respectively for Class A shares, and $1,705, $888, $4,251, $2,042, $406,
$2,098, $3,406, $1,415 and $2,403, respectively for Class B shares. For the
six months ended September 30, 1999, Florida Limited Fund, Massachusetts
Limited Fund, New York Limited Fund and Pennsylvania Limited Fund paid or
accrued service fees to or payable to EVD in the amount of $2,818, $3,599,
$1,671 and $3,913, respectively for Class C shares. Service fee payments are
made for personal services and/or maintenance of shareholder accounts.
Service fees paid to EVD and investment dealers are separate and distinct
from the sales commissions and distribution fees payable by the Fund to EVD,
and as such are not subject to automatic discontinuance when there are no
outstanding Uncovered Distribution Charges of EVD.
Certain officers and Trustees of the Fund are officers or directors of EVD.
6 Contingent Deferred Sales Charge
- -------------------------------------------
A contingent deferred sales charge (CDSC) generally is imposed on redemptions
of Class B shares made within four years of purchase and on redemptions of
Class C shares within one year of purchase. Generally, the CDSC is based upon
the lower of the net asset value at date of redemption or date of purchase.
No charge is levied on Class B and Class C shares acquired by reinvestment of
dividends or capital gains distributions. The CDSC for Class B shares is
imposed at declining rates that begin at 3% in the case of redemptions in the
first year of purchase. Class C shares are subject to a 1% CDSC if redeemed
within one year of purchase. No CDSC is levied on shares which have been sold
to EVM or its affiliates or to their respective employees or clients and
maybe waived under certain other limited conditions. CDSC charges are paid to
EVD to reduce the amount of Uncovered Distribution Charges calculated under
each Fund's Distribution Plan. CDSC charges received when no Uncovered
Distribution Charges exist will be credited to the Fund. For the six months
ended September 30, 1999, EVD received approximately $6,000, $1,000, $1,000,
$1,000, $2,000, $1,000, $3,000, $400 and $3,000, respectively for Class B
shares, of CDSC paid by shareholders of California Limited Fund, Connecticut
Limited Fund, Florida Limited Fund, Massachusetts Limited Fund, Michigan
Limited Fund, New Jersey Limited Fund, New York Limited Fund, Ohio Limited
Fund and Pennsylvania Limited Fund and $1,000, $4,000 and $1,000,
respectively for Class C shares, of CDSC paid by shareholders of Florida
Limited Fund, Massachusetts Limited Fund, New York Limited Fund, and
Pennsylvania Limited Fund.
7 Investment Transactions
- -------------------------------------------
Increases and decreases in each Fund's investment in its corresponding
Portfolio for the six months ended September 30, 1999 were as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED FUND
<S> <C>
-----------------------------------------------------
Increases $ 885,378
Decreases 2,717,186
<CAPTION>
CONNECTICUT LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 347,766
Decreases 1,156,029
<CAPTION>
FLORIDA LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 2,119,645
Decreases 9,592,776
</TABLE>
48
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 3,898,533
Decreases 7,497,845
<CAPTION>
MICHIGAN LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 664,349
Decreases 1,224,759
<CAPTION>
NEW JERSEY LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 2,486,392
Decreases 3,757,169
<CAPTION>
NEW YORK LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 4,700,831
Decreases 12,757,943
<CAPTION>
OHIO LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 481,479
Decreases 1,609,488
<CAPTION>
PENNSYLVANIA LIMITED FUND
-----------------------------------------------------
<S> <C>
Increases $ 1,436,374
Decreases 7,107,411
</TABLE>
8 Transfer of Net Assets
- -------------------------------------------
Effective on April 1, 1998, Class I and Class II shares of EV Marathon
California Limited Fund, EV Marathon Connecticut Limited Fund, EV Marathon
Florida Limited Fund, EV Marathon Massachusetts Limited Fund, EV Marathon
Michigan Limited Fund, EV Marathon New Jersey Limited Fund, EV Marathon New
York Limited Fund, EV Marathon Ohio Limited Fund, and EV Marathon
Pennsylvania Limited Fund were designated Class B and Class A shares,
respectively. In addition, the Funds acquired the net assets of EV
Traditional California Limited Fund, EV Traditional Connecticut Limited Fund,
EV Traditional Florida Limited Fund, EV Traditional Michigan Limited Fund, EV
Traditional New Jersey Limited Fund, EV Traditional New York Limited Fund,
and EV Traditional Ohio Limited Fund as well as the net assets of EV Classic
Florida Limited Fund, EV Classic Massachusetts Limited Fund, EV Classic New
York Limited Fund, and EV Classic Pennsylvania Limited Fund, pursuant to an
Agreement and Plan of Reorganization dated June 23, 1997. In accordance with
the agreement, the Funds, at the closing, issued Class A shares and Class C
shares as follows:
<TABLE>
<CAPTION>
AGGREGATE NET ASSET
CLASS A SHARES VALUE OF VALUE PER
FUND ISSUED SHARES ISSUED SHARE
<S> <C> <C> <C>
----------------------------------------------------------------------------------
California Limited Fund 303,260 $3,133,613 $10.33
Connecticut Limited Fund 105,182 1,063,816 10.11
Florida Limited Fund 439,652 4,524,349 10.29
Michigan Limited Fund 89,196 895,423 10.04
New Jersey Limited Fund 81,047 839,250 10.35
New York Limited Fund 51,712 543,752 10.51
Ohio Limited Fund 164,848 1,671,340 10.14
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE NET ASSET
CLASS C SHARES VALUE OF VALUE PER
FUND ISSUED SHARES ISSUED SHARE
<S> <C> <C> <C>
----------------------------------------------------------------------------------
Florida Limited Fund 673,148 $6,552,371 $9.73
Massachusetts Limited Fund 451,136 4,459,306 9.88
New York Limited Fund 229,639 2,285,786 9.95
Pennsylvania Limited Fund 514,215 5,132,765 9.98
</TABLE>
The transaction was structured for tax purposes to qualify as a tax free
reorganization under the Internal Revenue Code. The net assets acquired,
including unrealized appreciation at the date of the transaction were as
follows:
<TABLE>
<CAPTION>
CLASS A AND CLASS C CLASS A AND CLASS C
FUND ACQUIRED NET ASSETS UNREALIZED APPRECIATION
<S> <C> <C>
--------------------------------------------------------------------------------------
California Limited Fund $ 3,133,613 $109,134
Connecticut Limited Fund 1,063,816 44,459
Florida Limited Fund 11,076,720 243,990
Massachusetts Limited Fund 4,459,306 166,397
Michigan Limited Fund 895,423 113,532
New Jersey Limited Fund 839,250 57,157
New York Limited Fund 2,829,538 114,001
Ohio Limited Fund 1,671,340 116,658
Pennsylvania Limited Fund 5,132,765 173,931
</TABLE>
49
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
Directly after the merger, the combined net assets of the Funds and the net
asset value of Class A shares, Class B shares, and Class C shares were as
follows:
<TABLE>
<CAPTION>
CLASS A NET CLASS B NET CLASS C NET
COMBINED ASSET VALUE ASSET VALUE ASSET VALUE
FUND NET ASSETS PER SHARE PER SHARE PER SHARE
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------
California Limited Fund $34,229,930 $10.33 $10.33 $ --
Connecticut Limited Fund 9,628,721 10.11 10.11 --
Florida Limited Fund 71,804,641 10.29 10.29 9.73
Massachusetts Limited Fund 56,485,735 10.33 10.33 9.88
Michigan Limited Fund 11,911,871 10.04 10.04 --
New Jersey Limited Fund 45,338,694 10.35 10.35 --
New York Limited Fund 74,492,033 10.51 10.51 9.95
Ohio Limited Fund 24,034,090 10.14 10.14 --
Pennsylvania Limited Fund 57,370,033 10.55 10.55 9.98
</TABLE>
9 Subsequent Event
- -------------------------------------------
Prior to the opening of business on November 1,1999, the shares of both Eaton
Vance Connecticut Limited Maturity Municipals Fund and Eaton Vance Michigan
Limited Maturity Municipals Fund were exchanged for shares of Eaton Vance
National Limited Maturity Municipals Fund of equal value. The transaction was
structured for tax purposes to qualify as a "tax free" reorganization under
the Internal Revenue Code to the Funds and their shareholders.
50
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 96.7%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Electric Utilities -- 4.0%
- ----------------------------------------------------------------------------
$1,000 California Pollution Control Financing
Authority, (San Diego Gas & Electric),
5.90%, 6/1/14(1) $ 1,048,580
- ----------------------------------------------------------------------------
$ 1,048,580
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 16.3%
- ----------------------------------------------------------------------------
$1,500 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
4.90%, 11/1/03(2) $ 1,544,565
1,000 ABAG Finance Authority Certificates of
Participation, (Stanford University
Hospital), (MBIA), Escrowed to Maturity,
5.125%, 11/1/05 1,039,660
500 California Statewide Communities
Development Corp., (Pacific Homes),
Prerefunded to 4/1/03, 5.90%, 4/1/09 536,490
1,000 Sacramento Cogeneration Authority,
(Procter & Gamble), Prerefunded to
7/1/05, 6.50%, 7/1/21 1,119,290
- ----------------------------------------------------------------------------
$ 4,240,005
- ----------------------------------------------------------------------------
General Obligations -- 1.1%
- ----------------------------------------------------------------------------
$ 300 Capistrano Unified School District,
5.65%, 9/1/15 $ 285,300
- ----------------------------------------------------------------------------
$ 285,300
- ----------------------------------------------------------------------------
Hospital -- 5.2%
- ----------------------------------------------------------------------------
$ 355 Eastern Plumas Health Care, (District
Hospital), 7.50%, 8/1/07 $ 365,842
300 San Benito Health Care District,
5.375%, 10/1/12 280,668
350 San Gorgonio Memorial Health Care
District, 5.80%, 5/1/14 328,300
400 Stockton Health Facilities, (Dameron
Hospital), 5.70%, 12/1/14 383,892
- ----------------------------------------------------------------------------
$ 1,358,702
- ----------------------------------------------------------------------------
Housing -- 2.0%
- ----------------------------------------------------------------------------
$ 510 Corona SFMR, 6.05%, 5/1/27 $ 509,969
- ----------------------------------------------------------------------------
$ 509,969
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 2.6%
- ----------------------------------------------------------------------------
$ 750 California Pollution Control Financing
Authority, (Browning Ferris Industries),
(AMT), 5.80%, 12/1/16 $ 687,172
- ----------------------------------------------------------------------------
$ 687,172
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Education -- 2.9%
- ----------------------------------------------------------------------------
$ 475 California Educational Facilities
Authority, (San Diego University),
(AMBAC), 0.00%, 10/1/15 $ 195,505
250 Golden West Schools Financing Authority,
(MBIA), 5.80%, 2/1/16 261,158
285 Golden West Schools Financing Authority,
(MBIA), 5.80%, 8/1/16 297,962
- ----------------------------------------------------------------------------
$ 754,625
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 7.5%
- ----------------------------------------------------------------------------
$1,000 Sacramento Municipal Utility District,
(AMBAC), 5.60%, 8/15/16(1) $ 1,010,020
1,000 Southern California Public Power
Authority Project, (AMBAC),
5.00%, 7/1/17 935,630
- ----------------------------------------------------------------------------
$ 1,945,650
- ----------------------------------------------------------------------------
Insured-General Obligations -- 7.2%
- ----------------------------------------------------------------------------
$1,080 Fillmore Unified School District,
(FGIC), 0.00%, 7/1/15 $ 450,727
1,000 Mt. Diablo School District, (AMBAC),
5.70%, 8/1/14 1,023,430
705 Ukiah Unified School District, (FGIC),
0.00%, 8/1/10 406,989
- ----------------------------------------------------------------------------
$ 1,881,146
- ----------------------------------------------------------------------------
Insured-Hospital -- 5.9%
- ----------------------------------------------------------------------------
$1,900 Riverside County, (Riverside County
Hospital), (MBIA), 0.00%, 6/1/21 $ 536,104
1,000 Tri City Hospital District, (MBIA),
5.625%, 2/15/17 999,930
- ----------------------------------------------------------------------------
$ 1,536,034
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 9.6%
- ----------------------------------------------------------------------------
$2,000 Anaheim Public Financing Authority,
(Public Improvements), (FSA),
0.00%, 9/1/19 $ 637,260
500 California State Public Works Board,
(California Community College), (AMBAC),
5.625%, 3/1/16 504,980
1,355 California State Public Works Board,
(Department of Corrections), (AMBAC),
5.25%, 12/1/13 1,360,962
- ----------------------------------------------------------------------------
$ 2,503,202
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 7.4%
- ----------------------------------------------------------------------------
$2,000 San Mateo County Transportation
District, (MBIA), 5.25%, 6/1/17 $ 1,942,680
- ----------------------------------------------------------------------------
$ 1,942,680
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
51
<PAGE>
CALIFORNIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Transportation -- 6.8%
- ----------------------------------------------------------------------------
$ 750 San Francisco, City and County Airports,
(FGIC), 5.50%, 5/1/16 $ 752,033
500 San Francisco, City and County Airports,
(MBIA), 5.60%, 5/1/13 507,840
1,000 San Joaquin Hills, Transportation
Corridor Agency Bridge & Toll Road,
(MBIA), 0.00%, 1/15/12 521,030
- ----------------------------------------------------------------------------
$ 1,780,903
- ----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 3.1%
- ----------------------------------------------------------------------------
$ 750 California Statewide Communities
Development Authority, (San Gabriel
Valley), 5.50%, 9/1/14 $ 799,575
- ----------------------------------------------------------------------------
$ 799,575
- ----------------------------------------------------------------------------
Nursing Home -- 2.7%
- ----------------------------------------------------------------------------
$ 750 ABAG Finance Authority, (American
Baptist Homes), 5.75%, 10/1/17 $ 712,140
- ----------------------------------------------------------------------------
$ 712,140
- ----------------------------------------------------------------------------
Special Tax Revenue -- 10.4%
- ----------------------------------------------------------------------------
$ 300 Alameda Public Financing Authority,
5.45%, 9/2/14 $ 286,281
300 Brentwood Infrastructure Financing
Authority, 5.50%, 9/2/12 285,207
300 Corona Public Financing Authority,
5.70%, 9/1/13 286,425
200 Fontana Redevelopment Agency, (Jurupa
Hills), 5.50%, 10/1/17 190,668
360 Irvine, Improvement Bond Act 1915,
(Assessment District North 97-16, Group
Two), 5.40%, 9/2/10 347,915
390 Pomona Redevelopment Agency, (West Holt
Avenue Redevelopment), 5.50%, 5/1/13 375,008
295 Rancho Cucamonga Public Finance
Authority, 5.75%, 9/2/12 290,239
300 Roseville Special Tax, 6.00%, 9/1/11(3) 300,111
365 Torrance Redevelopment Agency,
5.50%, 9/1/12 349,524
- ----------------------------------------------------------------------------
$ 2,711,378
- ----------------------------------------------------------------------------
Transportation -- 1.0%
- ----------------------------------------------------------------------------
$ 290 Port Redwood City, (AMT), 5.40%, 6/1/19 $ 269,251
- ----------------------------------------------------------------------------
$ 269,251
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Water and Sewer -- 1.0%
- ----------------------------------------------------------------------------
$ 250 Santa Margarita Water District,
6.10%, 9/1/14 $ 249,620
- ----------------------------------------------------------------------------
$ 249,620
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 96.7%
(identified cost $25,259,837) $25,215,932
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 3.3% $ 850,193
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $26,066,125
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 59.2% 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 insured by
financial institutions ranged from 2.5% to 30.3% of total investments.
(1) Security (or a portion thereof) has been segregated to cover when-issued
securities.
(2) Security (or a portion thereof) has been segregated to cover margin
requirements on open financial futures contracts.
(3) When-issued security.
SEE NOTES TO FINANCIAL STATEMENTS
52
<PAGE>
CONNECTICUT LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.1%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Education -- 4.3%
- ---------------------------------------------------------------------------
$200 Connecticut HEFA, (Quinnipiac College),
6.00%, 7/1/13 $ 198,592
140 Connecticut HEFA, (Sacred Heart
University), 6.00%, 7/1/08 151,698
- ---------------------------------------------------------------------------
$ 350,290
- ---------------------------------------------------------------------------
Electric Utilities -- 2.6%
- ---------------------------------------------------------------------------
$250 Puerto Rico Electric Power Authority,
4.75%, 7/1/24 $ 212,947
- ---------------------------------------------------------------------------
$ 212,947
- ---------------------------------------------------------------------------
Escrowed / Prerefunded -- 13.3%
- ---------------------------------------------------------------------------
$460 Connecticut HEFA, (New Britain
Hospital), Prerefunded to 7/1/02,
7.50%, 7/1/06 $ 492,094
300 Connecticut HEFA, (Quinnipiac College),
Prerefunded to 07/01/03, 6.00%, 7/1/13 320,916
250 South Central Connecticut Regional Water
Authority, (AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 265,270
- ---------------------------------------------------------------------------
$1,078,280
- ---------------------------------------------------------------------------
General Obligations -- 15.3%
- ---------------------------------------------------------------------------
$200 Avon, 5.00%, 1/15/12 $ 196,652
190 Connecticut State, 0.00%, 11/15/10 106,636
150 Connecticut State, 5.125%, 8/15/11 150,163
100 Danbury, 5.00%, 8/1/17 93,119
265 New Fairfield, 4.90%, 8/1/13 256,700
115 Puerto Rico, 0.00%, 7/1/08 74,449
400 Puerto Rico Aqueduct and Sewer
Authority, 5.00%, 7/1/19 360,020
- ---------------------------------------------------------------------------
$1,237,739
- ---------------------------------------------------------------------------
Hospital -- 1.5%
- ---------------------------------------------------------------------------
$125 Connecticut HEFA, (Griffin Hospital),
6.00%, 7/1/13 $ 121,681
- ---------------------------------------------------------------------------
$ 121,681
- ---------------------------------------------------------------------------
Housing -- 1.0%
- ---------------------------------------------------------------------------
$ 80 Connecticut HFA, MRB, (AMT),
7.40%, 11/15/99 $ 80,088
- ---------------------------------------------------------------------------
$ 80,088
- ---------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Industrial Development Revenue -- 12.1%
- ---------------------------------------------------------------------------
$625 Connecticut Development Authority,
(Frito Lay), 6.375%, 7/1/04 $ 632,519
250 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 254,725
100 Sprague, Environmental Improvement,
(International Paper Co.), (AMT),
5.70%, 10/1/21 95,365
- ---------------------------------------------------------------------------
$ 982,609
- ---------------------------------------------------------------------------
Insured-Education -- 5.2%
- ---------------------------------------------------------------------------
$200 Connecticut HEFA, (Choate Rosemary
Hall), (MBIA), 5.00%, 7/1/14 $ 190,452
240 University of Connecticut, (FGIC),
5.00%, 2/1/15 227,302
- ---------------------------------------------------------------------------
$ 417,754
- ---------------------------------------------------------------------------
Insured-General Obligations -- 14.5%
- ---------------------------------------------------------------------------
$250 Bradford, (FGIC), 5.40%, 2/15/14 $ 247,642
400 Bridgeport, (AMBAC), 6.00%, 9/1/06 430,520
500 Old Saybrook, (AMBAC), 4.10%, 8/15/01 500,475
- ---------------------------------------------------------------------------
$1,178,637
- ---------------------------------------------------------------------------
Insured-Hospital -- 13.3%
- ---------------------------------------------------------------------------
$150 Connecticut HEFA, (Greenwich Hospital),
(MBIA), 5.75%, 7/1/06 $ 158,967
300 Connecticut HEFA, (Middlesex Health
Services), (MBIA), 5.125%, 7/1/17 275,376
370 Connecticut HEFA, (St. Raphael
Hospital), (AMBAC), 5.10%, 7/1/07 376,967
250 Connecticut HEFA, (Stamford Hospital),
(MBIA), 6.50%, 7/1/06 264,708
- ---------------------------------------------------------------------------
$1,076,018
- ---------------------------------------------------------------------------
Insured-Special Tax Revenue -- 1.9%
- ---------------------------------------------------------------------------
$150 Woodstock, Special Obligation Bonds,
(AMBAC), 7.00%, 3/1/07 $ 156,363
- ---------------------------------------------------------------------------
$ 156,363
- ---------------------------------------------------------------------------
Insured-Transportation -- 8.2%
- ---------------------------------------------------------------------------
$600 Connecticut State Airport, (Bradley
International Airport), (FGIC),
7.40%, 10/1/04 $ 664,410
- ---------------------------------------------------------------------------
$ 664,410
- ---------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
53
<PAGE>
CONNECTICUT LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Solid Waste -- 3.1%
- ---------------------------------------------------------------------------
$250 Eastern Connecticut Resources Recovery
Authority, (Wheelabrator Lisbon), (AMT),
5.00%, 1/1/03 $ 248,243
- ---------------------------------------------------------------------------
$ 248,243
- ---------------------------------------------------------------------------
Water and Sewer -- 1.8%
- ---------------------------------------------------------------------------
$150 Connecticut State Clean Water Fund,
4.875%, 5/1/09 $ 149,199
- ---------------------------------------------------------------------------
$ 149,199
- ---------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.1%
(identified cost $7,830,338) $7,954,258
- ---------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.9% $ 158,018
- ---------------------------------------------------------------------------
Net Assets -- 100.0% $8,112,276
- ---------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 47.3% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 11.2% to 21.7% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
54
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.2%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Cogeneration -- 1.2%
- ----------------------------------------------------------------------------
$ 500 Palm Beach County, (Okeelanta Power),
(AMT), 6.85%, 2/15/21(1) $ 307,500
500 Palm Beach County, (Osceola Power),
(AMT), 6.95%, 1/1/22(1) 302,500
- ----------------------------------------------------------------------------
$ 610,000
- ----------------------------------------------------------------------------
Electric Utilities -- 6.0%
- ----------------------------------------------------------------------------
$1,000 Jacksonville Electric Authority, (St.
Johns River Power Park), 5.375%, 10/1/16 $ 971,790
2,000 Tallahassee Electric, 5.90%, 10/1/05 2,107,320
- ----------------------------------------------------------------------------
$ 3,079,110
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.0%
- ----------------------------------------------------------------------------
$1,000 Virgin Islands Public Finance Authority,
(Matching Loan Fund Notes), Escrowed to
Maturity, 6.80%, 10/1/00 $ 1,032,390
- ----------------------------------------------------------------------------
$ 1,032,390
- ----------------------------------------------------------------------------
General Obligations -- 11.1%
- ----------------------------------------------------------------------------
$3,000 Florida State Board of Education,
5.55%, 6/1/11 $ 3,078,630
2,000 Puerto Rico Municipal Finance Agency,
5.50%, 7/1/01 2,044,880
500 Puerto Rico Public Building Authority,
6.50%, 7/1/03 532,815
- ----------------------------------------------------------------------------
$ 5,656,325
- ----------------------------------------------------------------------------
Hospital -- 7.1%
- ----------------------------------------------------------------------------
$1,250 Escambia County Health Facilities
Authority, (Baptist Hospital, Inc. and
Baptist Manor, Inc.), 6.00%, 10/1/14 $ 1,258,750
1,000 Jacksonville Health Facilities
Authority, (Charity Obligation Group),
5.25%, 8/15/19 932,750
450 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village),
6.25%, 12/1/99 451,296
480 Jacksonville Health Facilities
Authority, (National Benevolent
Association-Cypress Village),
6.50%, 12/1/00 490,354
500 West Orange Healthcare District,
5.50%, 2/1/10 486,335
- ----------------------------------------------------------------------------
$ 3,619,485
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Housing -- 0.8%
- ----------------------------------------------------------------------------
$ 425 Clearwater Housing Authority, (Hamptons
at Clearwater), 5.40%, 5/1/13 $ 420,950
- ----------------------------------------------------------------------------
$ 420,950
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 4.1%
- ----------------------------------------------------------------------------
$2,000 Polk County IDR, (IMC Fertilizer),
(AMT), 7.525%, 1/1/15 $ 2,076,100
- ----------------------------------------------------------------------------
$ 2,076,100
- ----------------------------------------------------------------------------
Insured-Cogeneration -- 5.7%
- ----------------------------------------------------------------------------
$2,000 Dade County, Resource Recovery
Facilities, (AMBAC), (AMT),
5.30%, 10/1/07 $ 2,035,880
1,000 Tampa Solid Waste System, (McKay Bay
Refuse to Energy), (AMBAC),
4.75%, 10/1/17 866,010
- ----------------------------------------------------------------------------
$ 2,901,890
- ----------------------------------------------------------------------------
Insured-General Obligations -- 6.8%
- ----------------------------------------------------------------------------
$2,000 Dade County Local School District,
(MBIA), 5.00%, 2/15/15 $ 1,880,200
520 Dade County, (MBIA), 0.00%, 10/1/06 367,968
330 Dade County, (MBIA), 0.00%, 10/1/08 207,874
1,000 Miami-Dade County School District,
(FSA), 5.375%, 8/1/15 996,230
- ----------------------------------------------------------------------------
$ 3,452,272
- ----------------------------------------------------------------------------
Insured-Hospital -- 7.8%
- ----------------------------------------------------------------------------
$2,500 Naples, (Naples Community Hospital
Inc.), (MBIA), 5.50%, 10/1/16 $ 2,455,350
1,000 Orange County Health Facilities
Authority, (Adventist Health
System/Sunbelt, Inc.), (FSA),
5.50%, 11/15/02 1,035,130
500 Sarasota County Public Hospital, (MBIA),
5.25%, 7/1/18 475,620
- ----------------------------------------------------------------------------
$ 3,966,100
- ----------------------------------------------------------------------------
Insured-Housing -- 4.5%
- ----------------------------------------------------------------------------
$1,165 Florida Housing Finance Authority,
(Leigh Meadows Apartments), (AMBAC),
5.85%, 9/1/10 $ 1,205,833
1,075 Florida Housing Finance Authority,
(Stottert Arms Apartments), (AMBAC),
5.90%, 9/1/10 1,108,755
- ----------------------------------------------------------------------------
$ 2,314,588
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
55
<PAGE>
FLORIDA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.0%
- ----------------------------------------------------------------------------
$1,000 Palm Beach County Criminal Justice
Facilities, (FGIC), 5.375%, 6/1/10 $ 1,027,730
- ----------------------------------------------------------------------------
$ 1,027,730
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 1.8%
- ----------------------------------------------------------------------------
$2,000 Miami-Dade County Professional Sports
Franchise Facilities, (MBIA),
0.00%, 10/1/13 $ 924,160
- ----------------------------------------------------------------------------
$ 924,160
- ----------------------------------------------------------------------------
Insured-Transportation -- 11.3%
- ----------------------------------------------------------------------------
$1,000 Broward County Airport System, (MBIA),
5.375%, 10/1/13 $ 986,460
1,500 Broward County Port Facilities, (MBIA),
5.375%, 9/1/12 1,494,405
2,000 Dade County, Seaport Revenue, (MBIA),
5.125%, 10/1/16 1,887,480
1,400 Hillsborough County Aviation Authority,
(Tampa International Airport), (FGIC),
6.85%, 10/1/06 1,428,112
- ----------------------------------------------------------------------------
$ 5,796,457
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 12.1%
- ----------------------------------------------------------------------------
$2,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/11 $ 2,014,700
1,000 Dade County, Water and Sewer System,
(FGIC), 5.25%, 10/1/21 938,610
2,000 Manatee County, Public Utilities,
(MBIA), 6.75%, 10/1/04 2,201,000
1,000 Pasco County, Water and Sewer Revenue,
(FGIC), 5.40%, 10/1/03 1,038,750
- ----------------------------------------------------------------------------
$ 6,193,060
- ----------------------------------------------------------------------------
Nursing Home -- 4.2%
- ----------------------------------------------------------------------------
$ 500 Citrus County IDA, (Beverly
Enterprises), 5.00%, 4/1/03 $ 488,920
500 Lee County IDA, (Shell Point Village),
5.50%, 11/15/21 443,855
250 Lee County IDA, (Shell Point Village),
5.75%, 11/15/15 238,760
1,000 Volusia County, (Beverly Enterprises),
5.875%, 7/1/07 981,200
- ----------------------------------------------------------------------------
$ 2,152,735
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 3.8%
- ----------------------------------------------------------------------------
$1,000 Highlands County HFA, (Adventist Health
System), 5.25%, 11/15/20 $ 887,810
600 North Miami HFA, (Imperial Club),
6.75%, 1/1/33 549,852
600 Okaloosa County, Retirement Rental
Housing, (Encore Retirement Partners),
6.125%, 2/1/14 529,164
- ----------------------------------------------------------------------------
$ 1,966,826
- ----------------------------------------------------------------------------
Special Tax Revenue -- 5.9%
- ----------------------------------------------------------------------------
$ 540 Longleaf Community Development District,
6.20%, 5/1/09 $ 517,595
650 North Springs, Improvement District,
Special Assessment Revenue, (Heron Bay),
7.00%, 5/1/19 669,142
2,000 Orlando Capital Improvements,
5.00%, 10/1/18 1,822,580
- ----------------------------------------------------------------------------
$ 3,009,317
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.2%
(identified cost $50,331,914) $50,199,495
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.8% $ 907,273
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $51,106,768
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 53.0% 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 insured by
financial institutions ranged from 4.1% to 25.7% of total investments.
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
56
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 99.8%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Cogeneration -- 2.0%
- ----------------------------------------------------------------------------
$1,000 Massachusetts IFA, (Ogden Haverhill),
(AMT), 5.50%, 12/1/13 $ 950,350
- ----------------------------------------------------------------------------
$ 950,350
- ----------------------------------------------------------------------------
Education -- 9.7%
- ----------------------------------------------------------------------------
$ 400 Massachusetts Development Finance
Agency, (Xaverian Brothers High School),
5.55%, 7/1/19 $ 379,512
1,000 Massachusetts HEFA, (Williams College),
5.50%, 7/1/14 999,410
500 Massachusetts IFA, (Belmont Hill
School), 5.15%, 9/1/13 472,645
500 Massachusetts IFA, (Dana Hall),
5.90%, 7/1/27 476,830
1,030 Massachusetts IFA, (Park School),
5.50%, 9/1/16 1,010,512
750 Massachusetts IFA, (St. Johns High
School, Inc.), 5.70%, 6/1/18 714,757
500 Massachusetts IFA, (Wentworth Institute
of Technology), 5.55%, 10/1/13 477,295
- ----------------------------------------------------------------------------
$ 4,530,961
- ----------------------------------------------------------------------------
Electric Utilities -- 2.2%
- ----------------------------------------------------------------------------
$1,000 Massachusetts Municipal Wholesale
Electric Co., 5.70%, 7/1/01 $ 1,020,010
- ----------------------------------------------------------------------------
$ 1,020,010
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.2%
- ----------------------------------------------------------------------------
$ 785 Massachusetts Bay Transportation
Authority, Prerefunded to 3/01/05,
5.75%, 3/1/18 $ 838,349
905 Massachusetts HEFA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 989,400
626 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
Escrowed to Maturity, 7.125%, 7/15/02 655,012
500 Massachusetts HEFA, (Sisters of
Providence Hospital), Escrowed to
Maturity, 6.00%, 11/15/00 511,895
2,000 Massachusetts Turnpike Authority,
Escrowed to Maturity, 5.00%, 1/1/20 1,847,580
400 Massachusetts Turnpike Authority,
Escrowed to Maturity, (FGIC),
5.125%, 1/1/23 371,068
- ----------------------------------------------------------------------------
$ 5,213,304
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
General Obligations -- 14.1%
- ----------------------------------------------------------------------------
$ 500 Burlington, 5.00%, 2/1/15 $ 476,530
500 Burlington, 5.00%, 2/1/16 471,440
1,000 Massachusetts, 5.00%, 11/1/14 946,690
1,000 Massachusetts, 5.40%, 11/1/06 1,038,980
1,260 Massachusetts Bay Transportation
Authority, 5.50%, 3/1/08 1,323,718
215 Massachusetts Bay Transportation
Authority, 5.75%, 3/1/18 215,439
2,500 Massachusetts State Federal Highway,
Grant Anticipation Notes,
0.00%, 6/15/15 1,026,150
1,000 Woods Hole, Martha's Vineyard and
Nantucket Steamship Authority,
6.60%, 3/1/03 1,064,680
- ----------------------------------------------------------------------------
$ 6,563,627
- ----------------------------------------------------------------------------
Health Care-Miscellaneous -- 1.4%
- ----------------------------------------------------------------------------
$ 200 Massachusetts Development Finance
Agency, (Human Services), 6.60%, 8/15/29 $ 192,454
500 Massachusetts Development Finance
Agency, (New England Center for
Children), 5.30%, 11/1/08 481,620
- ----------------------------------------------------------------------------
$ 674,074
- ----------------------------------------------------------------------------
Hospital -- 18.7%
- ----------------------------------------------------------------------------
$ 750 Massachusetts HEFA, (Caritas Christi
Obligation Group), 5.70%, 7/1/15 $ 701,115
500 Massachusetts HEFA, (Dana Farber Cancer
Institute), 6.50%, 12/1/05 534,295
3,000 Massachusetts HEFA, (Daughters of
Charity Issue), 5.75%, 7/1/02 3,081,060
770 Massachusetts HEFA, (Jordan Hospital),
5.00%, 10/1/11 718,395
750 Massachusetts HEFA,
(Milford-Whitinsville Regional
Hospital), 5.75%, 7/15/13 708,315
860 Massachusetts HEFA, (New England Health
Systems), 6.125%, 8/1/13 837,640
1,845 Massachusetts HEFA, (North Adams
Regional Hospital), 6.25%, 7/1/04 1,911,346
250 Massachusetts HEFA, (Partners Healthcare
System), 5.00%, 7/1/09 242,382
- ----------------------------------------------------------------------------
$ 8,734,548
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 0.7%
- ----------------------------------------------------------------------------
$ 350 Massachusetts Development Finance
Agency, (YMCA of Greater Boston),
5.25%, 11/1/13 $ 320,275
- ----------------------------------------------------------------------------
$ 320,275
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
57
<PAGE>
MASSACHUSETTS LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Education -- 2.2%
- ----------------------------------------------------------------------------
$1,015 Massachusetts IFA, (Dexter School),
(MBIA), 5.40%, 5/1/13 $ 1,010,605
- ----------------------------------------------------------------------------
$ 1,010,605
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 4.6%
- ----------------------------------------------------------------------------
$2,000 Massachusetts Municipal Wholesale
Electric Co., (AMBAC), 6.625%, 7/1/03 $ 2,145,180
- ----------------------------------------------------------------------------
$ 2,145,180
- ----------------------------------------------------------------------------
Insured-General Obligations -- 8.0%
- ----------------------------------------------------------------------------
$ 750 Haverhill, (FGIC), 5.00%, 6/15/17 $ 686,010
2,000 Massachusetts Bay Transportation
Authority, (AMBAC), 5.25%, 3/1/11 2,077,780
1,000 Massachusetts, (AMBAC), 5.00%, 7/1/12 980,070
- ----------------------------------------------------------------------------
$ 3,743,860
- ----------------------------------------------------------------------------
Insured-Hospital -- 3.0%
- ----------------------------------------------------------------------------
$1,500 Massachusetts HEFA, (Lowell General
Hospital), (FSA), 5.25%, 6/1/16 $ 1,419,375
- ----------------------------------------------------------------------------
$ 1,419,375
- ----------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 3.1%
- ----------------------------------------------------------------------------
$1,400 Massachusetts IFA, (Nantucket Electric),
(AMBAC), (AMT), 5.30%, 7/1/04 $ 1,433,810
- ----------------------------------------------------------------------------
$ 1,433,810
- ----------------------------------------------------------------------------
Lease Revenue/Certificates of Participation -- 3.6%
- ----------------------------------------------------------------------------
$1,650 Puerto Rico, ITEM & ECFA, (Guaynabo
Municipal Government), 5.375%, 7/1/06 $ 1,705,490
- ----------------------------------------------------------------------------
$ 1,705,490
- ----------------------------------------------------------------------------
Nursing Home -- 4.3%
- ----------------------------------------------------------------------------
$ 500 Massachusetts Development Finance
Agency, (Odd Fellows Home of
Massachusetts), 6.25%, 1/1/15 $ 483,920
515 Massachusetts HEFA, (Christopher House),
6.25%, 1/1/07 515,474
965 Massachusetts IFA, (Age Institute of
Massachusetts), 7.60%, 11/1/05 992,010
- ----------------------------------------------------------------------------
$ 1,991,404
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Pooled Loans -- 5.5%
- ----------------------------------------------------------------------------
$1,595 Massachusetts Water Pollution Abatement
Trust, 0.00%, 8/1/12 $ 798,856
1,775 Massachusetts Water Pollution Abatement
Trust, 5.25%, 8/1/14 1,755,244
- ----------------------------------------------------------------------------
$ 2,554,100
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 2.1%
- ----------------------------------------------------------------------------
$ 600 Massachusetts Development Finance
Agency, (Berkshire Retirement),
5.60%, 7/1/19 $ 543,426
500 Massachusetts IFA, (Forge Hill), (AMT),
6.75%, 4/1/30 444,465
- ----------------------------------------------------------------------------
$ 987,891
- ----------------------------------------------------------------------------
Special Tax Revenue -- 2.6%
- ----------------------------------------------------------------------------
$ 500 Massachusetts Special Obligations,
5.00%, 6/1/14 $ 479,145
750 Virgin Islands Public Finance Authority,
(Matching Loan Fund Notes),
6.70%, 10/1/99 750,068
- ----------------------------------------------------------------------------
$ 1,229,213
- ----------------------------------------------------------------------------
Transportation -- 0.8%
- ----------------------------------------------------------------------------
$ 400 Rail Connections, Inc., (Rte. 128
Parking Garage), 5.30%, 7/1/09 $ 390,072
- ----------------------------------------------------------------------------
$ 390,072
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.8%
(identified cost $46,786,488) $46,618,149
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.2% $ 80,739
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $46,698,888
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Massachusetts
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 1999, 21.7% 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 insured by
financial institutions ranged from 2.2% to 14.2% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
58
<PAGE>
MICHIGAN LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Economic Development Revenue -- 1.3%
- ---------------------------------------------------------------------------
$ 150 Michigan State Strategic Fund, (Crown
Paper), 6.25%, 8/1/12 $ 128,457
- ---------------------------------------------------------------------------
$ 128,457
- ---------------------------------------------------------------------------
Escrowed / Prerefunded -- 17.3%
- ---------------------------------------------------------------------------
$1,000 Grand Ledge Public School District,
(MBIA), Prerefunded to 5/1/04,
7.875%, 5/1/11 $1,153,940
500 Michigan Municipal Bond Authority,
Escrowed to Maturity, 7.00%, 10/1/02 537,940
- ---------------------------------------------------------------------------
$1,691,880
- ---------------------------------------------------------------------------
General Obligations -- 5.4%
- ---------------------------------------------------------------------------
$ 495 Detroit, 6.40%, 4/1/05 $ 528,051
- ---------------------------------------------------------------------------
$ 528,051
- ---------------------------------------------------------------------------
Hospital -- 15.3%
- ---------------------------------------------------------------------------
$ 255 John Tolfree Health System Corp.,
(Michigan Mortgage), 5.50%, 9/15/07 $ 245,412
300 Kent Hospital Finance Authority,
(Spectrum Health), 5.25%, 1/15/09 298,560
100 Mecosta County, (Michigan General
Hopital), 5.75%, 5/15/09 97,692
100 Michigan Hospital Finance Authority,
(Central MI Community Hospital),
6.00%, 10/1/05 103,923
100 Michigan Hospital Finance Authority,
(Central MI Community Hospital),
6.10%, 10/1/06 104,427
225 Michigan Hospital Finance Authority,
(Central MI Community Hospital),
6.20%, 10/1/07 236,153
400 Michigan Hospital Finance Authority,
(Gratiot Community Hospital),
6.10%, 10/1/07 408,700
- ---------------------------------------------------------------------------
$1,494,867
- ---------------------------------------------------------------------------
Industrial Development Revenue -- 3.7%
- ---------------------------------------------------------------------------
$ 350 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 $ 356,615
- ---------------------------------------------------------------------------
$ 356,615
- ---------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Insured-Electric Utilities -- 5.5%
- ---------------------------------------------------------------------------
$ 500 Monroe County, (The Detroit Edison Co.),
(AMBAC), (AMT), 6.35%, 12/1/04 $ 533,020
- ---------------------------------------------------------------------------
$ 533,020
- ---------------------------------------------------------------------------
Insured-General Obligations -- 18.0%
- ---------------------------------------------------------------------------
$ 500 Detroit School District, (AMBAC),
6.50%, 5/1/10 $ 555,175
250 Fowlerville, Community Schools District,
(FSA), 4.50%, 5/1/15 216,822
500 Hartland School District, (FGIC),
5.125%, 5/1/17 466,520
100 Parchment School District, (MBIA),
5.00%, 5/1/25 89,702
225 Paw Paw, Public School District, (FGIC),
5.00%, 5/1/21 204,145
250 Portage, Public Schools, (FSA),
4.50%, 5/1/14 219,978
- ---------------------------------------------------------------------------
$1,752,342
- ---------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 1.9%
- ---------------------------------------------------------------------------
$ 300 Michigan Building Authority, Facilities
Program, (AMBAC), 0.00%, 10/15/08 $ 189,600
- ---------------------------------------------------------------------------
$ 189,600
- ---------------------------------------------------------------------------
Insured-Transportation -- 5.1%
- ---------------------------------------------------------------------------
$ 770 Puerto Rico Highway and Transportation
Authority, (AMBAC), 0.00%, 7/1/16 $ 309,255
200 Wayne Charter County Airport, (Detroit
Metropolitan Wayne County), (MBIA),
(AMT), 5.25%, 12/1/13 192,348
- ---------------------------------------------------------------------------
$ 501,603
- ---------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 5.3%
- ---------------------------------------------------------------------------
$ 500 Michigan Building Authority,
6.10%, 10/1/01 $ 518,620
- ---------------------------------------------------------------------------
$ 518,620
- ---------------------------------------------------------------------------
Miscellaneous -- 1.6%
- ---------------------------------------------------------------------------
$ 150 Pittsfield Township EDC, (Arbor
Hospice), 7.875%, 8/15/27 $ 150,981
- ---------------------------------------------------------------------------
$ 150,981
- ---------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
59
<PAGE>
MICHIGAN LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ---------------------------------------------------------------------------
Nursing Home -- 4.2%
- ---------------------------------------------------------------------------
$ 395 Michigan Hospital Finance Authority,
(Presbyterian Villages), 6.20%, 1/1/06 $ 409,801
- ---------------------------------------------------------------------------
$ 409,801
- ---------------------------------------------------------------------------
Senior Living / Life Care -- 3.0%
- ---------------------------------------------------------------------------
$ 300 Kalamazoo, (Friendship Village),
6.125%, 5/15/17 $ 293,496
- ---------------------------------------------------------------------------
$ 293,496
- ---------------------------------------------------------------------------
Special Tax Revenue -- 10.8%
- ---------------------------------------------------------------------------
$ 500 Battle Creek Downtown Development
Authority, 6.65%, 5/1/02 $ 523,070
2,000 Detroit Downtown Development Authority
Tax Increment, 0.00%, 7/1/21 527,680
- ---------------------------------------------------------------------------
$1,050,750
- ---------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.4%
(identified cost $9,403,236) $9,600,083
- ---------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.6% $ 160,889
- ---------------------------------------------------------------------------
Net Assets -- 100.0% $9,760,972
- ---------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 43.0% 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 insured by
financial institutions ranged from 4.6% to 16.5% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
60
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 98.9%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Assisted Living -- 1.7%
- ----------------------------------------------------------------------------
$ 595 New Jersey EDA, (Chelsea at East
Brunswick), (AMT), 8.00%, 10/1/07 $ 628,564
- ----------------------------------------------------------------------------
$ 628,564
- ----------------------------------------------------------------------------
Cogeneration -- 9.4%
- ----------------------------------------------------------------------------
$2,150 New Jersey EDA, (Trigen-Trenton), (AMT),
6.10%, 12/1/05 $ 2,210,565
735 New Jersey EDA, (Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 774,374
550 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 564,432
- ----------------------------------------------------------------------------
$ 3,549,371
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 4.5%
- ----------------------------------------------------------------------------
$ 350 Elizabeth, (General Improvements and
Sewer Utilities), (MBIA), Prerefunded to
11/15/00, 6.20%, 11/15/02 $ 365,914
310 New Jersey EDA, (Cadbury Corp.),
Prerefunded to 7/1/01, 8.00%, 7/1/15 337,962
2,030 New Jersey EDA, (Princeton Custodial
Receipts), Escrowed to Maturity,
0.00%, 12/15/12 996,527
- ----------------------------------------------------------------------------
$ 1,700,403
- ----------------------------------------------------------------------------
General Obligations -- 6.1%
- ----------------------------------------------------------------------------
$ 500 Jersey City School District,
6.25%, 10/1/10 $ 548,185
1,050 Puerto Rico, 0.00%, 7/1/08 679,749
1,000 South Brunswick, 7.125%, 7/15/02 1,072,690
- ----------------------------------------------------------------------------
$ 2,300,624
- ----------------------------------------------------------------------------
Hospital -- 9.0%
- ----------------------------------------------------------------------------
$ 340 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.25%, 7/1/00 $ 345,630
1,000 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.45%, 7/1/02 1,041,380
750 New Jersey Health Care Facilities
Financing Authority, (Atlantic City
Medical Care Center), 6.55%, 7/1/03 789,915
350 New Jersey Health Care Facilities
Financing Authority, (Burdette Tomlin
Memorial Hospital), 5.40%, 7/1/14 335,244
880 New Jersey Health Care Facilities
Financing Authority, (St. Elizabeth's
Hospital), 5.75%, 7/1/08 888,589
- ----------------------------------------------------------------------------
$ 3,400,758
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 3.4%
- ----------------------------------------------------------------------------
$ 300 New Jersey EDA, (Continental Airlines,
Inc.), (AMT), 6.25%, 9/15/19 $ 295,122
425 New Jersey EDA, (Economic Growth),
(AMT), 6.00%, 12/1/02 432,956
500 New Jersey EDA, (Holt Hauling), (AMT),
7.90%, 3/1/27 541,855
- ----------------------------------------------------------------------------
$ 1,269,933
- ----------------------------------------------------------------------------
Insured-Education -- 1.4%
- ----------------------------------------------------------------------------
$ 500 New Jersey Educational Facilities
Authority, (Seton Hall University),
(FGIC), 6.10%, 7/1/01 $ 516,375
- ----------------------------------------------------------------------------
$ 516,375
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 5.0%
- ----------------------------------------------------------------------------
$1,000 Middlesex County Utilities Authority,
(FGIC), 6.10%, 12/1/01 $ 1,040,430
1,000 Puerto Rico Electric Power Authority,
(MBIA), 4.50%, 7/1/18 857,100
- ----------------------------------------------------------------------------
$ 1,897,530
- ----------------------------------------------------------------------------
Insured-General Obligations -- 28.1%
- ----------------------------------------------------------------------------
$1,000 Atlantic City Board of Education,
(AMBAC), 6.00%, 12/1/02 $ 1,050,560
1,175 Edison, (AMBAC), 4.70%, 1/1/04 1,186,867
150 Elizabeth, (General Improvements and
Sewer Utilities), (MBIA),
6.20%, 11/15/02 156,435
1,200 Kearney, (FSA), 6.50%, 2/1/04 1,276,764
725 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/11 730,372
825 Monroe Township Board of Education,
(FGIC), 5.20%, 8/1/14 811,627
500 Puerto Rico Public Finance Corp.,
(AMBAC), 5.375%, 6/1/17 491,345
850 Roselle, (MBIA), 4.65%, 10/15/03 860,124
1,000 South Brunswick Township Board of
Education, (FGIC), 6.40%, 8/1/03 1,071,750
2,000 Washington Township Board of Education,
(MBIA), 5.125%, 2/1/15 1,929,840
1,000 West Deptford Township, (AMBAC),
5.90%, 3/1/09 1,059,970
- ----------------------------------------------------------------------------
$10,625,654
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
61
<PAGE>
NEW JERSEY LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Hospital -- 11.8%
- ----------------------------------------------------------------------------
$1,300 New Jersey Health Care Facilities
Financing Authority, (AHS Hospital
Corp.), (AMBAC), 6.00%, 7/1/12 $ 1,382,836
1,910 New Jersey Health Care Facilities
Financing Authority, (Dover General
Hospital and Medical Center), (MBIA),
7.00%, 7/1/04 2,101,382
1,000 New Jersey Health Care Facilities
Financing Authority, (St. Barnabas
Health), (MBIA), 5.25%, 7/1/13 985,010
- ----------------------------------------------------------------------------
$ 4,469,228
- ----------------------------------------------------------------------------
Insured-Solid Waste -- 0.7%
- ----------------------------------------------------------------------------
$ 250 Bergen County Utilities Authority, Solid
Waste System, (FGIC), 6.00%, 6/15/02 $ 260,900
- ----------------------------------------------------------------------------
$ 260,900
- ----------------------------------------------------------------------------
Insured-Transportation -- 7.8%
- ----------------------------------------------------------------------------
$1,000 New Jersey Turnpike Authority, (FSA),
5.90%, 1/1/03 $ 1,044,770
895 New Jersey Turnpike Authority, (FSA),
6.40%, 1/1/02 935,123
1,000 Port Authority of New York and New
Jersey, (AMBAC), 5.125%, 7/15/14 966,710
- ----------------------------------------------------------------------------
$ 2,946,603
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 1.6%
- ----------------------------------------------------------------------------
$ 565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/16 $ 218,260
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/17 204,920
565 Pennsville Sewer Authority, (MBIA),
0.00%, 11/1/18 192,027
- ----------------------------------------------------------------------------
$ 615,207
- ----------------------------------------------------------------------------
Solid Waste -- 2.1%
- ----------------------------------------------------------------------------
$ 300 Atlantic County Utilities Authority,
Solid Waste System, 7.00%, 3/1/08 $ 301,815
500 Gloucester County Improvement Authority,
Solid Waste System, 5.40%, 9/1/00 506,785
- ----------------------------------------------------------------------------
$ 808,600
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Transportation -- 6.3%
- ----------------------------------------------------------------------------
$1,000 New Jersey Transportation Authority,
Variable Rate, 6/15/17(1),(2) $ 846,060
600 Port Authority of New York and New
Jersey, 5.375%, 10/15/16 574,176
1,000 Port Authority of New York and New
Jersey, 5.375%, 3/1/28 953,260
- ----------------------------------------------------------------------------
$ 2,373,496
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 98.9%
(identified cost $36,698,608) $37,363,246
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 1.1% $ 415,636
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $37,778,882
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 58.1% 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 insured by
financial institutions ranged from 8.7% to 21.1% of total investments.
(1) Security has been issued as an inverse floater bond.
(2) Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
SEE NOTES TO FINANCIAL STATEMENTS
62
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 91.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Assisted Living -- 0.9%
- ----------------------------------------------------------------------------
$ 500 Glen Cove IDA, (Regency at Glen Cove),
9.50%, 7/1/12 $ 524,365
- ----------------------------------------------------------------------------
$ 524,365
- ----------------------------------------------------------------------------
Cogeneration -- 2.7%
- ----------------------------------------------------------------------------
$ 950 Port Authority of New York and New
Jersey, (KIAC), (AMT), 6.50%, 10/1/01 $ 974,928
600 Suffolk County IDA, (Nissequogue
Cogeneration Partners Facility), (AMT),
5.50%, 1/1/23 545,694
- ----------------------------------------------------------------------------
$ 1,520,622
- ----------------------------------------------------------------------------
Education -- 0.3%
- ----------------------------------------------------------------------------
$ 100 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/15 $ 96,531
105 New York Dormitory Authority, (State
University Educational Facilities),
5.25%, 5/15/19(1) 98,805
- ----------------------------------------------------------------------------
$ 195,336
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 2.4%
- ----------------------------------------------------------------------------
$1,000 New York State Medical Care Facilities
Finance Agency, (New York State
Hospital), (AMBAC), Escrowed to
Maturity, 6.10%, 2/15/04 $ 1,062,960
260 New York, Prerefunded to 8/01/02,
6.375%, 8/1/06 278,223
- ----------------------------------------------------------------------------
$ 1,341,183
- ----------------------------------------------------------------------------
General Obligations -- 5.1%
- ----------------------------------------------------------------------------
$ 750 New York City, 0.00%, 8/1/07 $ 505,447
1,000 New York City, 0.00%, 8/1/08 635,880
1,000 New York City, 0.00%, 8/1/08 635,880
1,025 New York City, 6.375%, 8/1/06 1,086,018
- ----------------------------------------------------------------------------
$ 2,863,225
- ----------------------------------------------------------------------------
Hospital -- 8.9%
- ----------------------------------------------------------------------------
$ 500 Chautauqua County IDA, (Womans Christian
Association), 6.35%, 11/15/17 $ 474,765
580 Fulton County IDA, (Nathan Littauer
Hospital), 5.75%, 11/1/09 557,711
500 New York City, Health and Hospital
Corp., 5.25%, 2/15/17 458,830
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Hospital (continued)
- ----------------------------------------------------------------------------
$2,000 New York State Dormitory Authority,
(Department of Health), 5.375%, 7/1/08 $ 2,024,900
1,000 New York State Dormitory Authority,
(Nyack Hospital), 6.00%, 7/1/06 1,023,710
500 Oneida County IDA, (St. Elizabeth
Medical Center), 5.50%, 12/1/10 474,360
- ----------------------------------------------------------------------------
$ 5,014,276
- ----------------------------------------------------------------------------
Hotel -- 0.8%
- ----------------------------------------------------------------------------
$1,210 Niagara County IDA, (Wintergarden Inn
Associates), 9.75%, 6/1/11(2) $ 477,950
- ----------------------------------------------------------------------------
$ 477,950
- ----------------------------------------------------------------------------
Housing -- 12.2%
- ----------------------------------------------------------------------------
$3,870 New York City Housing Development Corp.,
MFMR, 5.625%, 5/1/12 $ 3,977,160
1,500 New York State Mortgage Agency Revenue,
(AMT), 6.45%, 10/1/21 1,549,395
1,000 New York State Mortgage Agency, (AMT),
5.20%, 10/1/08 1,001,350
400 Westchester County IDA, (Children's
Village), 5.375%, 3/15/19 368,280
- ----------------------------------------------------------------------------
$ 6,896,185
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 6.8%
- ----------------------------------------------------------------------------
$2,000 Port Authority of New York and New
Jersey, (Delta Airlines), 6.95%, 6/1/08 $ 2,128,360
1,700 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.25%, 6/1/26 1,732,130
- ----------------------------------------------------------------------------
$ 3,860,490
- ----------------------------------------------------------------------------
Insured-Education -- 3.7%
- ----------------------------------------------------------------------------
$1,075 New York State Dormitory Authority, (Mt.
Sinai School of Medicine), (MBIA),
6.75%, 7/1/09 $ 1,139,812
500 New York State Dormitory Authority, (New
York University), (AMBAC),
5.75%, 7/1/12(3) 510,045
500 Niagara County IDA, (Niagara
University), (AMBAC), 5.25%, 10/1/18 468,310
- ----------------------------------------------------------------------------
$ 2,118,167
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
63
<PAGE>
NEW YORK LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-General Obligations -- 2.3%
- ----------------------------------------------------------------------------
$2,750 New York State Local Government
Assistance Corp., (MBIA), 0.00%, 4/1/13 $ 1,321,787
- ----------------------------------------------------------------------------
$ 1,321,787
- ----------------------------------------------------------------------------
Insured-Transportation -- 7.6%
- ----------------------------------------------------------------------------
$2,240 Metropolitan Transportation Authority
for the City of New York, (FGIC),
5.70%, 7/1/10(1) $ 2,328,122
1,000 Metropolitan Transportation Authority,
(FGIC), 5.25%, 7/1/17 946,330
1,000 Monroe County Airport Authority,
(Greater Rochester International),
(MBIA), 5.875%, 1/1/18(3) 1,028,200
- ----------------------------------------------------------------------------
$ 4,302,652
- ----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 14.0%
- ----------------------------------------------------------------------------
$2,180 New York State Energy Research and
Development Authority, (Western NY
Nuclear Service Center), 6.00%, 4/1/06 $ 2,297,894
2,000 New York State HFA, 6.375%, 11/1/03(1) 2,131,540
1,485 New York State Thruway Authority,
0.00%, 1/1/04 1,211,211
1,300 New York State Thruway Authority,
5.25%, 4/1/13 1,248,377
1,000 New York State Urban Development Corp.,
(Youth Facilities), 5.75%, 4/1/10 1,026,120
- ----------------------------------------------------------------------------
$ 7,915,142
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 0.7%
- ----------------------------------------------------------------------------
$ 400 Mt. Vernon IDA, (Wartburg Senior
Housing, Inc.), 6.15%, 6/1/19 $ 386,256
- ----------------------------------------------------------------------------
$ 386,256
- ----------------------------------------------------------------------------
Special Tax Revenue -- 7.7%
- ----------------------------------------------------------------------------
$4,500 New York State Local Government
Assistance Corp., 5.25%, 4/1/16 $ 4,338,810
- ----------------------------------------------------------------------------
$ 4,338,810
- ----------------------------------------------------------------------------
Transportation -- 7.2%
- ----------------------------------------------------------------------------
$1,000 Port Authority of New York and New
Jersey, (AMT), 5.75%, 4/1/16 $ 998,410
3,000 Port Authority of New York and New
Jersey, (AMT), 6.00%, 7/1/14 3,076,650
- ----------------------------------------------------------------------------
$ 4,075,060
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Water and Sewer -- 8.1%
- ----------------------------------------------------------------------------
$3,000 New York City Municipal Water Finance
Authority, 5.125%, 6/15/21 $ 2,718,900
1,825 New York City Municipal Water Finance
Authority, 5.70%, 6/15/02 1,885,992
- ----------------------------------------------------------------------------
$ 4,604,892
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 91.4%
(identified cost $51,224,652) $51,756,398
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 8.6% $ 4,846,641
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $56,603,039
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 17.0% 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 insured by
financial institutions ranged from 3.9% to 6.7% of total investments.
(1) Security (or a portion thereof) has been segregated to cover
when-issued securities.
(2) Non-income producing security.
(3) When-issued security.
SEE NOTES TO FINANCIAL STATEMENTS
64
<PAGE>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 100.2%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 11.3%
- ----------------------------------------------------------------------------
$ 240 Greene County IDA, (Fairview Extended
Care), Prerefunded to 1/1/01,
10.125%, 1/1/11 $ 262,426
1,000 Warren County, (Otterbein Homes),
Prerefunded to 7/1/01, 7.20%, 7/1/11 1,069,480
1,000 Wauseon School District, Prerefunded to
12/01/00, 7.25%, 12/1/10 1,058,410
- ----------------------------------------------------------------------------
$ 2,390,316
- ----------------------------------------------------------------------------
General Obligations -- 11.4%
- ----------------------------------------------------------------------------
$ 500 Hamilton School District, 6.15%, 12/1/15 $ 532,530
300 Kings County Local School District,
7.60%, 12/1/10 334,707
250 Oak Hills, 5.60%, 12/1/17 248,150
675 Ohio, 0.00%, 8/1/04 539,939
500 Ohio, 0.00%, 8/1/05 379,310
250 Ohio, 0.00%, 8/1/08 160,345
210 Youngstown County School District,
6.40%, 7/1/00 211,978
- ----------------------------------------------------------------------------
$ 2,406,959
- ----------------------------------------------------------------------------
Hospital -- 8.4%
- ----------------------------------------------------------------------------
$1,000 Erie County, (Firelands Community
Hospital), 6.75%, 1/1/08 $ 1,059,040
250 Hamilton County Health Care Facilities
Authority, (Twin Towers Improvements),
5.75%, 10/1/19 238,717
250 Hamilton County Health System,
(Providence Hospital), 6.00%, 7/1/01 256,975
250 Parma, Hospital Improvement Revenue,
(Parma Community General Hospital
Association), 5.25%, 11/1/13 234,472
- ----------------------------------------------------------------------------
$ 1,789,204
- ----------------------------------------------------------------------------
Housing -- 2.7%
- ----------------------------------------------------------------------------
$ 295 Cuyahoga County, (Rolling Hills Apts.),
(AMT), 8.00%, 1/1/28 $ 289,124
290 Lucas County, (Country Creek), (AMT),
8.00%, 7/1/26 277,658
- ----------------------------------------------------------------------------
$ 566,782
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 13.8%
- ----------------------------------------------------------------------------
$ 500 Cuyahoga County, (Rock and Roll Hall of
Fame), 5.45%, 12/1/05 $ 505,095
250 Cuyahoga County, (Rock and Roll Hall of
Fame), 5.85%, 12/1/08 254,970
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Industrial Development Revenue (continued)
- ----------------------------------------------------------------------------
$ 500 Dayton, Special Facilities Revenue,
(Emery Airline Freight), 5.625%, 2/1/18 $ 464,070
1,020 Ohio Economic Development Commission,
(ABS Industries), (AMT), 6.00%, 6/1/04 1,054,680
385 Ohio Economic Development Commission,
(Progress Plastics Products), (AMT),
6.80%, 12/1/01 391,095
250 Ohio Solid Waste Revenue, (Republic
Engineered Steels, Inc.), (AMT),
9.00%, 6/1/21 263,422
- ----------------------------------------------------------------------------
$ 2,933,332
- ----------------------------------------------------------------------------
Insured-Education -- 4.5%
- ----------------------------------------------------------------------------
$1,000 Ohio Public Facilities Commission,
(Higher Educational Facilities),
(AMBAC), 4.30%, 12/1/08 $ 948,320
- ----------------------------------------------------------------------------
$ 948,320
- ----------------------------------------------------------------------------
Insured-General Obligations -- 27.5%
- ----------------------------------------------------------------------------
$ 265 Clinton Massie Local School District,
(AMBAC), 0.00%, 12/1/11 $ 138,476
265 Clinton Massie Local School District,
(MBIA), 0.00%, 12/1/09 157,148
225 Finneytown Local School District,
(FGIC), 6.15%, 12/1/11 245,351
500 Forest Hills Local School District,
(MBIA), 6.00%, 12/1/09 540,060
1,000 Southwest Licking School Facilities
Improvement, (FGIC), 7.10%, 12/1/16 1,123,540
500 South-Western City School District,
Franklin and Pickway Counties, (AMBAC),
4.75%, 12/1/26 419,330
500 Strongsville City School District,
(MBIA), 5.375%, 12/1/12 507,515
1,500 West Clermont School District, (AMBAC),
6.90%, 12/1/12 1,675,500
500 West Clermont School District, (AMBAC),
7.125%, 12/1/19 556,520
460 Wyoming, School District, (FGIC),
5.75%, 12/1/17 472,802
- ----------------------------------------------------------------------------
$ 5,836,242
- ----------------------------------------------------------------------------
Insured-Hospital -- 4.8%
- ----------------------------------------------------------------------------
$ 500 Cuyahoga County, (Metrohealth System),
(MBIA), 5.50%, 2/15/12 $ 508,730
500 Lucas County, (Promedia Healthcare
Obligation Group), (AMBAC),
5.625%, 11/15/14 502,145
- ----------------------------------------------------------------------------
$ 1,010,875
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
65
<PAGE>
OHIO LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Industrial Development Revenue -- 2.5%
- ----------------------------------------------------------------------------
$ 500 Akron Economic Development, (MBIA),
6.00%, 12/1/12 $ 534,550
- ----------------------------------------------------------------------------
$ 534,550
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.2%
- ----------------------------------------------------------------------------
$ 500 Cleveland, (Cleveland Stadium), (AMBAC),
5.25%, 11/15/17 $ 469,640
- ----------------------------------------------------------------------------
$ 469,640
- ----------------------------------------------------------------------------
Insured-Water and Sewer -- 2.4%
- ----------------------------------------------------------------------------
$ 500 Hamilton County Sewer System, (FGIC),
5.50%, 12/1/11 $ 516,785
- ----------------------------------------------------------------------------
$ 516,785
- ----------------------------------------------------------------------------
Lease Revenue / Certificates of Participation -- 0.9%
- ----------------------------------------------------------------------------
$ 200 Union County, (Pleasant Valley Joint
Fire District), 6.125%, 12/1/19 $ 193,094
- ----------------------------------------------------------------------------
$ 193,094
- ----------------------------------------------------------------------------
Nursing Home -- 3.6%
- ----------------------------------------------------------------------------
$ 600 Cuyahoga County HFA, (Benjamin Rose
Institute), 5.50%, 12/1/17 $ 541,830
210 Fairfield EDA, (Beverly Enterprises),
8.50%, 1/1/03 218,883
- ----------------------------------------------------------------------------
$ 760,713
- ----------------------------------------------------------------------------
Pooled Loans -- 0.9%
- ----------------------------------------------------------------------------
$ 200 Toledo Lucas County Port Authority
Development Revenue, (Northwest Ohio
Bond Fund), 5.10%, 5/15/12 $ 185,378
- ----------------------------------------------------------------------------
$ 185,378
- ----------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 1.9%
- ----------------------------------------------------------------------------
$ 200 Ohio HFA, Retirement Rental Housing,
(Encore Retirement Partners),
6.75%, 3/1/19 $ 183,626
250 Summit County Healthcare Facilities
Revenue, (Village at Saint Edward),
5.75%, 12/1/25 224,232
- ----------------------------------------------------------------------------
$ 407,858
- ----------------------------------------------------------------------------
Special Tax Revenue -- 1.4%
- ----------------------------------------------------------------------------
$ 303 Columbus Special Assessment,
6.05%, 9/15/05 $ 305,839
- ----------------------------------------------------------------------------
$ 305,839
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 100.2%
(identified cost $21,232,925) $21,255,887
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.2)% $ (49,966)
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $21,205,921
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
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, 1999, 43.8% of the securities in the portfolio of
investments are backed by bond insurance of various financial institutions and
financial guaranty assurance agencies. The aggregate percentage insured by
financial institutions ranged from 10.6% to 22.2% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
66
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 99.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Assisted Living -- 4.5%
- ----------------------------------------------------------------------------
$ 835 Chester County IDA, (Kimberton),
8.00%, 9/1/05 $ 873,802
1,060 Delaware County IDA, (Glen Riddle),
(AMT), 8.125%, 9/1/05 1,118,205
- ----------------------------------------------------------------------------
$ 1,992,007
- ----------------------------------------------------------------------------
Certificates of Participation -- 1.1%
- ----------------------------------------------------------------------------
$ 500 Cliff House Trust, PA, (AMT),
6.625%, 6/1/27 $ 500,000
- ----------------------------------------------------------------------------
$ 500,000
- ----------------------------------------------------------------------------
Cogeneration -- 3.7%
- ----------------------------------------------------------------------------
$1,500 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 $ 1,616,400
- ----------------------------------------------------------------------------
$ 1,616,400
- ----------------------------------------------------------------------------
Education -- 2.9%
- ----------------------------------------------------------------------------
$ 740 Pennsylvania HEFA, (Delaware Valley
College of Science and Agriculture),
5.25%, 4/5/12 $ 689,384
625 Pennsylvania HEFA, (Gwynedd-Mercy
College), 5.60%, 11/1/22 580,331
- ----------------------------------------------------------------------------
$ 1,269,715
- ----------------------------------------------------------------------------
Escrowed / Prerefunded -- 10.4%
- ----------------------------------------------------------------------------
$ 500 Harrisburg Authority, (FSA), Escrowed to
Maturity, 6.25%, 6/1/01 $ 517,020
1,500 Somerset County, General Authority,
(FGIC), Escrowed to Maturity,
6.50%, 10/15/01 1,568,835
875 Virgin Islands Water and Power
Authority, Prerefunded to 7/1/01,
7.40%, 7/1/11 930,466
5,000 Westmoreland County, Municipal
Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19 1,574,250
- ----------------------------------------------------------------------------
$ 4,590,571
- ----------------------------------------------------------------------------
General Obligations -- 0.5%
- ----------------------------------------------------------------------------
$ 500 Puerto Rico, 0.00%, 7/1/16 $ 195,645
- ----------------------------------------------------------------------------
$ 195,645
- ----------------------------------------------------------------------------
Hospital -- 16.5%
- ----------------------------------------------------------------------------
$1,000 Allentown, Area Hospital Authority,
(Sacred Heart Hospital), 6.50%, 11/15/08 $ 1,036,350
650 Hazleton Health Services Authority, (St.
Joseph's Hospital), 5.85%, 7/1/06 661,453
1,200 Lehigh County, General Purpose
Authority, (Muhlenberg Hospital),
5.75%, 7/15/10 1,261,944
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Hospital (continued)
- ----------------------------------------------------------------------------
$ 200 McKean County Hospital Authority,
(Bradford Hospital), 5.375%, 10/1/03 $ 199,772
1,000 Monroeville Hospital Authority, (Forbes
Health), 5.75%, 10/1/05 975,000
1,030 Montgomery County HEFA, (Montgomery
Hospital), 6.25%, 7/1/06 1,065,236
500 New Castle Area Hospital Authority, (St.
Francis Hospital of New Castle),
5.90%, 11/15/00 507,160
245 Northhampton County Hospital Authority,
(Easton Hospital), 6.90%, 1/1/02 249,577
1,350 South Fork Municipal Authority, (Lee
Hospital), 5.50%, 7/1/11 1,288,588
- ----------------------------------------------------------------------------
$ 7,245,080
- ----------------------------------------------------------------------------
Housing -- 2.2%
- ----------------------------------------------------------------------------
$1,000 Pennsylvania HFA, Single Family, (AMT),
5.85%, 10/1/27 $ 979,770
- ----------------------------------------------------------------------------
$ 979,770
- ----------------------------------------------------------------------------
Industrial Development Revenue -- 5.0%
- ----------------------------------------------------------------------------
$1,200 Erie IDA, (International Paper), (AMT),
5.85%, 12/1/20 $ 1,161,720
1,000 Puerto Rico Port Authority, (American
Airlines), (AMT), 6.30%, 6/1/23 1,016,050
- ----------------------------------------------------------------------------
$ 2,177,770
- ----------------------------------------------------------------------------
Insured-Education -- 5.9%
- ----------------------------------------------------------------------------
$2,000 Allegheny County, Higher Education
Building Authority, (Duquesne
University), (AMBAC), 5.00%, 3/1/16 $ 1,850,900
700 Montgomery County HEFA, (Saint Joseph's
University), (CLEE), 6.00%, 12/15/02 734,293
- ----------------------------------------------------------------------------
$ 2,585,193
- ----------------------------------------------------------------------------
Insured-Electric Utilities -- 5.8%
- ----------------------------------------------------------------------------
$ 500 Beaver County IDA, (Ohio Edison Co.),
(FGIC), 7.00%, 6/1/21 $ 527,420
2,000 Cambria County IDA, (Pennsylvania
Electric Co.), (MBIA), 5.35%, 11/1/10 2,042,700
- ----------------------------------------------------------------------------
$ 2,570,120
- ----------------------------------------------------------------------------
Insured-General Obligations -- 6.7%
- ----------------------------------------------------------------------------
$1,635 Harrisburg, (AMBAC), 0.00%, 9/15/12 $ 804,322
1,355 McKeesport, (FGIC), 0.00%, 10/1/11 709,397
1,000 Pennsylvania, (AMBAC), 5.00%, 11/15/15 939,290
500 Pleasant Valley School District, (FGIC),
5.00%, 9/1/10 507,365
- ----------------------------------------------------------------------------
$ 2,960,374
- ----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
67
<PAGE>
PENNSYLVANIA LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Insured-Hospital -- 4.3%
- ----------------------------------------------------------------------------
$1,000 Allegheny County Hospital Development
Authority, (South Hills Health), (MBIA),
5.50%, 5/1/08 $ 1,032,040
825 Indiana County Hospital Authority,
(Indiana Hospital), (CLEE),
5.875%, 7/1/01 847,143
- ----------------------------------------------------------------------------
$ 1,879,183
- ----------------------------------------------------------------------------
Insured-Lease Revenue / Certificates of Participation -- 2.4%
- ----------------------------------------------------------------------------
$1,000 Northumberland County Authority, (MBIA),
6.50%, 10/15/01 $ 1,045,890
- ----------------------------------------------------------------------------
$ 1,045,890
- ----------------------------------------------------------------------------
Insured-Solid Waste -- 1.1%
- ----------------------------------------------------------------------------
$ 500 Lancaster County, Solid Waste Management
Authority Resources Recovery System,
(AMBAC), 5.375%, 12/15/15 $ 484,195
- ----------------------------------------------------------------------------
$ 484,195
- ----------------------------------------------------------------------------
Insured-Special Tax Revenue -- 1.6%
- ----------------------------------------------------------------------------
$ 400 Pennsylvania Intergovernmental
Cooperative Authority, (Philadelphia
Funding Program), (FGIC), 5.25%, 6/15/11 $ 399,792
350 Pittsburgh and Allegheny County, Public
Auditorium Authority, (AMBAC),
5.00%, 2/1/24 310,170
- ----------------------------------------------------------------------------
$ 709,962
- ----------------------------------------------------------------------------
Insured-Transportation -- 9.3%
- ----------------------------------------------------------------------------
$1,000 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/10 $ 1,037,960
590 Allegheny County Airport Revenue,
(MBIA), 5.75%, 1/1/12 606,945
1,000 Philadelphia Airport Revenue, (FGIC),
5.375%, 7/1/14 965,360
1,000 Southeastern Pennsylvania Transportation
Authority, (FGIC), 5.55%, 3/1/14 1,001,770
500 Southeastern Transportation Authority,
(FGIC), 5.25%, 3/1/13 492,180
- ----------------------------------------------------------------------------
$ 4,104,215
- ----------------------------------------------------------------------------
Nursing Home -- 2.2%
- ----------------------------------------------------------------------------
$ 250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.30%, 6/1/02 $ 249,085
250 Chartiers Valley, Industrial and
Commercial Development Authority,
(Beverly Enterprises), 5.35%, 6/1/03 248,145
250 Clarion County IDA, (Beverly
Enterprises, Inc.), 5.50%, 5/1/03 245,100
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------------------------
Nursing Home (continued)
- ----------------------------------------------------------------------------
$ 250 Green County IDA, (Beverly Enterprises,
Inc.), 5.50%, 3/1/08 $ 238,028
- ----------------------------------------------------------------------------
$ 980,358
- ----------------------------------------------------------------------------
Senior Living / Life Care -- 3.7%
- ----------------------------------------------------------------------------
$ 335 Crawford County Hospital Authority,
(Wesbury United Methodist Community),
6.00%, 8/15/11 $ 329,674
245 Delaware County Authority, (White Horse
Village), 6.30%, 7/1/03 252,526
505 Delaware County Authority, (White Horse
Village), 6.40%, 7/1/04 524,114
535 Hazleton Health Services Authority,
(Hazleton General Hospital),
5.50%, 7/1/07 532,218
- ----------------------------------------------------------------------------
$ 1,638,532
- ----------------------------------------------------------------------------
Solid Waste -- 5.1%
- ----------------------------------------------------------------------------
$ 500 Greater Lebanon Refuse Authority,
6.20%, 11/15/99 $ 501,405
300 Greater Lebanon Refuse Authority,
6.40%, 5/15/00 304,290
500 Greater Lebanon Refuse Authority,
6.40%, 11/15/00 512,165
1,000 Schuykill County IDA, 5.10%, 10/1/19 923,550
- ----------------------------------------------------------------------------
$ 2,241,410
- ----------------------------------------------------------------------------
Transportation -- 4.5%
- ----------------------------------------------------------------------------
$1,000 Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09 $ 956,280
1,000 Southeastern Pennsylvania Transportation
Authority, 6.00%, 6/1/01 1,029,610
- ----------------------------------------------------------------------------
$ 1,985,890
- ----------------------------------------------------------------------------
Total Tax-Exempt Investments -- 99.4%
(identified cost $43,891,483) $43,752,280
- ----------------------------------------------------------------------------
Other Assets, Less Liabilities -- 0.6% $ 278,301
- ----------------------------------------------------------------------------
Net Assets -- 100.0% $44,030,581
- ----------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax preference
item for purposes of the Federal Alternative Minimum Tax.
The Portfolio invests primarily in debt securities issued by Pennsylvania
municipalities. The ability of the issuers of the debt securities to meet their
obligations may be affected by economic developments in a specific industry or
municipality. In order to reduce the risk associated with such economic
developments, at September 30, 1999, 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 insured by
financial institutions ranged from 1.2% to 17.7% of total investments.
SEE NOTES TO FINANCIAL STATEMENTS
68
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Assets
- -------------------------------------------------------------------------------------------------------------------------
Investments --
Identified cost $25,259,837 $7,830,338 $50,331,914 $46,786,488 $9,403,236
Unrealized appreciation
(depreciation) (43,905) 123,920 (132,419) (168,339) 196,847
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $25,215,932 $7,954,258 $50,199,495 $46,618,149 $9,600,083
- -------------------------------------------------------------------------------------------------------------------------
Cash $ 498,545 $ 47,243 $ -- $ -- $ --
Receivable for investments
sold 309,823 -- -- -- --
Interest receivable 353,226 111,996 1,022,787 672,922 206,003
- -------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $26,377,526 $8,113,497 $51,222,282 $47,291,071 $9,806,086
- -------------------------------------------------------------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------------------------------------------------------------
Payable for daily
variation margin on
open financial futures
contracts $ 8,125 $ -- $ -- $ -- $ --
Demand note payable -- -- 100,000 500,000 --
Payable for when-issued
securities 300,900 -- -- -- --
Due to bank -- -- 11,879 87,996 44,842
Payable to affiliate for
Trustees' fees 64 1 1 -- 3
Accrued expenses 2,312 1,220 3,634 4,187 269
- -------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 311,401 $ 1,221 $ 115,514 $ 592,183 $ 45,114
- -------------------------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $26,066,125 $8,112,276 $51,106,768 $46,698,888 $9,760,972
- -------------------------------------------------------------------------------------------------------------------------
Sources of Net Assets
- -------------------------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $26,103,366 $7,988,356 $51,239,187 $46,867,227 $9,564,125
Net unrealized
appreciation
(depreciation)
(computed on the basis
of identified cost) (37,241) 123,920 (132,419) (168,339) 196,847
- -------------------------------------------------------------------------------------------------------------------------
TOTAL $26,066,125 $8,112,276 $51,106,768 $46,698,888 $9,760,972
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
69
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Assets
- ------------------------------------------------------------------------------------------------------
Investments --
Identified cost $36,698,608 $51,224,652 $21,232,925 $43,891,483
Unrealized appreciation
(depreciation) 664,638 531,746 22,962 (139,203)
- ------------------------------------------------------------------------------------------------------
INVESTMENTS, AT VALUE $37,363,246 $51,756,398 $21,255,887 $43,752,280
- ------------------------------------------------------------------------------------------------------
Cash $ -- $ 135,587 $ -- $ --
Receivable for investments
sold 55,000 5,150,000 -- --
Interest receivable 532,521 1,118,382 357,527 716,345
- ------------------------------------------------------------------------------------------------------
TOTAL ASSETS $37,950,767 $58,160,367 $21,613,414 $44,468,625
- ------------------------------------------------------------------------------------------------------
Liabilities
- ------------------------------------------------------------------------------------------------------
Demand note payable $ 100,000 $ -- $ 400,000 $ 400,000
Payable for when-issued
securities -- 1,553,300 -- --
Due to bank 68,195 -- 4,010 33,760
Payable to affiliate for
Trustees' fees -- 2 -- --
Accrued expenses 3,690 4,026 3,483 4,284
- ------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 171,885 $ 1,557,328 $ 407,493 $ 438,044
- ------------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN
PORTFOLIO $37,778,882 $56,603,039 $21,205,921 $44,030,581
- ------------------------------------------------------------------------------------------------------
Sources of Net Assets
- ------------------------------------------------------------------------------------------------------
Net proceeds from capital
contributions and
withdrawals $37,114,244 $56,071,293 $21,182,959 $44,169,784
Net unrealized
appreciation
(depreciation)
(computed on the basis
of identified cost) 664,638 531,746 22,962 (139,203)
- ------------------------------------------------------------------------------------------------------
TOTAL $37,778,882 $56,603,039 $21,205,921 $44,030,581
- ------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
70
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Investment Income
- -------------------------------------------------------------------------------------------------------------------------
Interest $ 724,456 $ 236,086 $ 1,474,147 $ 1,335,336 $ 285,639
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 724,456 $ 236,086 $ 1,474,147 $ 1,335,336 $ 285,639
- -------------------------------------------------------------------------------------------------------------------------
Expenses
- -------------------------------------------------------------------------------------------------------------------------
Investment adviser fee $ 62,250 $ 20,138 $ 126,626 $ 114,168 $ 23,875
Trustees fees and expenses 1,304 125 5,119 5,118 194
Legal and accounting
services 18,985 16,967 22,752 22,756 16,709
Custodian fee 10,463 6,744 18,273 16,604 6,380
Miscellaneous 4,961 2,840 7,480 5,508 3,003
- -------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 97,963 $ 46,814 $ 180,250 $ 164,154 $ 50,161
- -------------------------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian
fee $ -- $ 1,525 $ 3,193 $ 6,655 $ 1,415
Reduction of investment
adviser fee -- 10,065 -- -- --
- -------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ -- $ 11,590 $ 3,193 $ 6,655 $ 1,415
- -------------------------------------------------------------------------------------------------------------------------
NET EXPENSES $ 97,963 $ 35,224 $ 177,057 $ 157,499 $ 48,746
- -------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 626,493 $ 200,862 $ 1,297,090 $ 1,177,837 $ 236,893
- -------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- -------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss)
--
Investment transactions
(identified cost
basis) $ 70,172 $ (4,492) $ 160,768 $ 62,325 $ 26,291
Financial futures
contracts 12,401 (1,712) 35,679 76,073 21,611
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) $ 82,573 $ (6,204) $ 196,447 $ 138,398 $ 47,902
- -------------------------------------------------------------------------------------------------------------------------
Change in unrealized
appreciation
(depreciation) --
Investments (identified
cost basis) $(1,495,902) $(372,032) $(2,861,848) $(2,561,480) $(579,143)
Financial futures
contracts 6,664 -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION
(DEPRECIATION) $(1,489,238) $(372,032) $(2,861,848) $(2,561,480) $(579,143)
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED LOSS $(1,406,665) $(378,236) $(2,665,401) $(2,423,082) $(531,241)
- -------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS $ (780,172) $(177,374) $(1,368,311) $(1,245,245) $(294,348)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
71
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------
Investment Income
- ------------------------------------------------------------------------------------------------------
Interest $ 1,061,410 $ 1,682,391 $ 610,000 $ 1,316,869
- ------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,061,410 $ 1,682,391 $ 610,000 $ 1,316,869
- ------------------------------------------------------------------------------------------------------
Expenses
- ------------------------------------------------------------------------------------------------------
Investment adviser fee $ 89,656 $ 142,691 $ 51,194 $ 111,313
Trustees fees and expenses 1,306 4,453 191 5,119
Legal and accounting
services 18,985 23,272 17,027 22,756
Custodian fee 18,840 21,642 12,793 15,440
Miscellaneous 2,615 8,531 4,612 7,271
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 131,402 $ 200,589 $ 85,817 $ 161,899
- ------------------------------------------------------------------------------------------------------
Deduct --
Reduction of custodian
fee $ 6,153 $ 3,631 $ 3,279 $ 6,163
- ------------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 6,153 $ 3,631 $ 3,279 $ 6,163
- ------------------------------------------------------------------------------------------------------
NET EXPENSES $ 125,249 $ 196,958 $ 82,538 $ 155,736
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 936,161 $ 1,485,433 $ 527,462 $ 1,161,133
- ------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
- ------------------------------------------------------------------------------------------------------
Net realized gain (loss)
--
Investment transactions
(identified cost
basis) $ 98,560 $ 105,467 $ 29,414 $ 13,844
Financial futures
contracts 53,058 91,523 30,308 63,922
- ------------------------------------------------------------------------------------------------------
NET REALIZED GAIN $ 151,618 $ 196,990 $ 59,722 $ 77,766
- ------------------------------------------------------------------------------------------------------
Change in unrealized
appreciation
(depreciation) --
Investments (identified
cost basis) $(1,818,811) $(2,895,025) $(1,054,107) $(2,307,973)
- ------------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION
(DEPRECIATION) $(1,818,811) $(2,895,025) $(1,054,107) $(2,307,973)
- ------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED LOSS $(1,667,193) $(2,698,035) $ (994,385) $(2,230,207)
- ------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS
FROM OPERATIONS $ (731,032) $(1,212,602) $ (466,923) $(1,069,074)
- ------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
72
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 626,493 $ 200,862 $ 1,297,090 $ 1,177,837 $ 236,893
Net realized gain (loss) 82,573 (6,204) 196,447 138,398 47,902
Net change in unrealized
appreciation (depreciation) (1,489,238) (372,032) (2,861,848) (2,561,480) (579,143)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (780,172) $ (177,374) $(1,368,311) $(1,245,245) $ (294,348)
- --------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 885,378 $ 347,766 $ 2,119,645 $ 3,898,533 $ 664,349
Withdrawals (2,717,186) (1,156,029) (9,592,776) (7,497,845) (1,224,759)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $(1,831,808) $ (808,263) $(7,473,131) $(3,599,312) $ (560,410)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,611,980) $ (985,637) $(8,841,442) $(4,844,557) $ (854,758)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
At beginning of period $28,678,105 $ 9,097,913 $59,948,210 $51,543,445 $10,615,730
- --------------------------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $26,066,125 $ 8,112,276 $51,106,768 $46,698,888 $ 9,760,972
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
73
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS (UNAUDITED) CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 936,161 $ 1,485,433 $ 527,462 $ 1,161,133
Net realized gain (loss) 151,618 196,990 59,722 77,766
Net change in unrealized
appreciation (depreciation) (1,818,811) (2,895,025) (1,054,107) (2,307,973)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
OPERATIONS $ (731,032) $ (1,212,602) $ (466,923) $(1,069,074)
- -------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 2,486,392 $ 4,700,831 $ 481,479 $ 1,436,374
Withdrawals (3,757,169) (12,757,943) (1,609,488) (7,107,411)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $(1,270,777) $ (8,057,112) $(1,128,009) $(5,671,037)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $(2,001,809) $ (9,269,714) $(1,594,932) $(6,740,111)
- -------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------
At beginning of period $39,780,691 $ 65,872,753 $22,800,853 $50,770,692
- -------------------------------------------------------------------------------------------------------------
AT END OF PERIOD $37,778,882 $ 56,603,039 $21,205,921 $44,030,581
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
74
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
CALIFORNIA CONNECTICUT FLORIDA MASSACHUSETTS MICHIGAN
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 1,484,759 $ 453,121 $ 3,088,390 $ 2,503,033 $ 522,260
Net realized gain 378,072 19,689 640,439 448,633 116,055
Net change in unrealized
appreciation (depreciation) (263,964) 17,207 (704,172) (457,661) (181,207)
- --------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,598,867 $ 490,017 $ 3,024,657 $ 2,494,005 $ 457,108
- --------------------------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 4,228,958 $ 1,959,442 $ 7,572,648 $ 10,696,524 $ 1,993,253
Withdrawals (11,447,139) (3,186,038) (22,890,275) (18,230,235) (3,931,845)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (7,218,181) $(1,226,596) $(15,317,627) $ (7,533,711) $(1,938,592)
- --------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,619,314) $ (736,579) $(12,292,970) $ (5,039,706) $(1,481,484)
- --------------------------------------------------------------------------------------------------------------------------------
Net Assets
- --------------------------------------------------------------------------------------------------------------------------------
At beginning of year $ 34,297,419 $ 9,834,492 $ 72,241,180 $ 56,583,151 $12,097,214
- --------------------------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 28,678,105 $ 9,097,913 $ 59,948,210 $ 51,543,445 $10,615,730
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
75
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS PORTFOLIOS AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 1999
<TABLE>
<CAPTION>
NEW JERSEY NEW YORK OHIO PENNSYLVANIA
INCREASE (DECREASE) IN NET ASSETS LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO LIMITED PORTFOLIO
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 2,028,602 $ 3,283,070 $ 1,140,232 $ 2,590,278
Net realized gain 167,298 367,409 25,626 555,688
Net change in unrealized
appreciation (depreciation) (303,151) (13,529) (81,834) (774,576)
- -------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $ 1,892,749 $ 3,636,950 $ 1,084,024 $ 2,371,390
- -------------------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 6,467,196 $ 10,991,896 $ 4,003,683 $ 7,028,085
Withdrawals (14,119,117) (23,447,532) (6,502,512) (16,336,396)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (7,651,921) $(12,455,636) $(2,498,829) $ (9,308,311)
- -------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (5,759,172) $ (8,818,686) $(1,414,805) $ (6,936,921)
- -------------------------------------------------------------------------------------------------------------
Net Assets
- -------------------------------------------------------------------------------------------------------------
At beginning of year $ 45,539,863 $ 74,691,439 $24,215,658 $ 57,707,613
- -------------------------------------------------------------------------------------------------------------
AT END OF YEAR $ 39,780,691 $ 65,872,753 $22,800,853 $ 50,770,692
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
76
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------
Expenses(1) 0.72%(2) 0.62% 0.61% 0.63% 0.58% 0.53%
Expenses after custodian fee
reduction 0.72%(2) 0.61% 0.59% 0.61% 0.55% --
Net investment income 4.63%(2) 4.67% 4.86% 4.98% 4.82% 4.72%
Portfolio Turnover 11% 29% 40% 57% 36% 56%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $26,066 $28,678 $34,297 $43,194 $59,216 $82,344
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
77
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.84%(2) 0.60% 0.54% 0.54% 0.39% 0.17%
Net expenses after cusodian
fee reduction 0.81%(2) 0.57% 0.52% 0.50% 0.35% --
Net investment income 4.60%(2) 4.79% 4.96% 5.09% 4.91% 4.95%
Portfolio Turnover 3% 5% 23% 46% 52% 73%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $8,112 $9,098 $9,834 $12,274 $14,862 $17,316
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 1.07%(2) 0.83% 0.77% 0.78% 0.72% 0.67%
Expenses after custodian fee
reduction 1.04%(2) 0.80% 0.75% 0.74% 0.68% --
Net investment income 4.37%(2) 4.56% 4.73% 4.85% 4.58% 4.45%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
78
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
FLORIDA LIMITED PORTFOLIO
---------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 -----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -------------------------------------------------------------------------------------------------------------
Expenses(1) 0.66%(2) 0.59% 0.58% 0.59% 0.55% 0.52%
Expenses after custodian fee
reduction 0.64%(2) 0.57% 0.55% 0.57% 0.54% --
Net investment income 4.72%(2) 4.68% 4.90% 4.90% 4.73% 4.73%
Portfolio Turnover 11% 16% 38% 66% 20% 44%
- -------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $51,107 $59,948 $72,241 $92,909 $127,835 $164,579
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
79
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------------------------
Expenses(1) 0.66%(2) 0.60% 0.60% 0.60% 0.57% 0.54%
Expenses after custodian fee
reduction 0.64%(2) 0.57% 0.56% 0.58% 0.55% --
Net investment income 4.76%(2) 4.67% 4.90% 4.97% 4.72% 4.90%
Portfolio Turnover 9% 19% 46% 60% 27% 46%
- ------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $46,699 $51,543 $56,583 $69,670 $97,135 $119,120
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
80
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.98%(2) 0.82% 0.71% 0.79% 0.68% 0.48%
Net expenses after custodian
fee reduction 0.95%(2) 0.79% 0.67% 0.76% 0.64% --
Net investment income 4.63%(2) 4.72% 5.00% 5.09% 5.00% 4.88%
Portfolio Turnover 6% 16% 21% 28% 40% 111%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $9,761 $10,616 $12,097 $14,996 $21,191 $33,198
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 0.59%
Net investment income 4.77%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
81
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- -----------------------------------------------------------------------------------------------------------
Expenses(1) 0.68%(2) 0.62% 0.62% 0.61% 0.57% 0.54%
Expenses after custodian fee
reduction 0.65%(2) 0.62% 0.61% 0.58% 0.55% --
Net investment income 4.84%(2) 4.78% 4.91% 4.96% 4.78% 4.73%
Portfolio Turnover 9% 13% 21% 37% 42% 44%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $37,779 $39,781 $45,540 $58,266 $80,173 $97,280
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
82
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
----------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- --------------------------------------------------------------------------------------------------------------
Expenses(1) 0.65%(2) 0.59% 0.61% 0.58% 0.55% 0.52%
Expenses after custodian fee
reduction 0.64%(2) 0.59% 0.59% 0.56% 0.53% --
Net investment income 4.82%(2) 4.74% 4.81% 4.87% 4.66% 4.79%
Portfolio Turnover 8% 17% 53% 58% 32% 31%
- --------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $56,603 $65,873 $74,691 $100,014 $138,728 $173,632
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
83
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
OHIO LIMITED PORTFOLIO
-------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ---------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Ratios to average daily net assets+
- -----------------------------------------------------------------------------------------------------------
Net expenses(1) 0.78%(2) 0.67% 0.64% 0.68% 0.63% 0.46%
Net expenses after cusodian
fee reduction 0.75%(2) 0.64% 0.64% 0.65% 0.61% --
Net investment income 4.78%(2) 4.85% 5.05% 5.20% 5.06% 4.96%
Portfolio Turnover 9% 19% 29% 34% 47% 120%
- -----------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $21,206 $22,801 $24,216 $28,470 $33,529 $39,435
- -----------------------------------------------------------------------------------------------------------
+ The operating expenses of the Portfolio may reflect a reduction of the investment adviser fee, an
allocation of expenses to the Investment Adviser, or both. Had such actions not been taken, the ratios
would have been as follows:
Expenses(1) 0.58%
Net investment income 4.84%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratios for the year ended March 31, 1995 have not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
84
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
--------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 1999 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------
Ratios to average daily net assets
- ------------------------------------------------------------------------------------------------------------
Expenses(1) 0.68%(2) 0.62% 0.60% 0.61% 0.58% 0.53%
Expenses after custodian fee
reduction 0.65%(2) 0.60% 0.58% 0.59% 0.56% --
Net investment income 4.84%(2) 4.83% 5.03% 5.11% 4.81% 4.77%
Portfolio Turnover 11% 16% 36% 51% 24% 39%
- ------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $44,031 $45,667 $57,708 $67,876 $92,194 $113,606
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(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 the Portfolio to increase its expense ratio by
the effect of any expense offset arrangements with its service providers.
The expense ratio for the year ended March 31, 1995 has not been adjusted
to reflect this change.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
85
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
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), Massachusetts Limited Maturity Municipals Portfolio
(Massachusetts 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), Ohio Limited
Maturity Municipals Portfolio (Ohio Limited Portfolio) and Pennsylvania
Limited Maturity Municipals Portfolio (Pennsylvania Limited Portfolio),
collectively the Portfolios, are registered under the Investment Company Act
of 1940 as non-diversified open-end management investment companies which
were organized as trusts under the laws of the State of New York on May 1,
1992. The Declarations of Trust permit the Trustees to issue interests in the
Portfolios. The following is a summary of significant accounting policies of
the Portfolios. The policies are in conformity with generally accepted
accounting principles.
A Investment Valuations -- Municipal bonds are normally valued on the basis of
valuations furnished by a pricing service. Taxable obligations, if any, for
which price quotations are readily available are normally valued at the mean
between the latest bid and asked prices. Futures contracts listed on
commodity exchanges are valued at closing settlement prices. Short-term
obligations, maturing in sixty days or less, are valued at amortized cost,
which approximates value. Investments for which valuations or market
quotations are unavailable are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B Income -- Interest income is determined on the basis of interest accrued,
adjusted for amortization of premium or discount when required for Federal
income tax purposes.
C Federal 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 Portfolio's 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 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 for both
hedging against anticipated future changes in interest rates and investment
purposes. Should interest rates move unexpectedly, a Portfolio may not
achieve the anticipated benefits of the financial futures contracts and may
realize a loss.
E When-issued and Delayed Delivery Transactions -- The Portfolio 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 payments 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.
F 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
daily cash balances each Portfolio maintains with IBT. All significant credit
balances used to reduce the Portfolios' custodian fees are reflected as a
reduction of operating expenses on the Statement of Operations.
86
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
G Use of Estimates -- The preparation of the 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.
H Other -- Investment transactions are accounted for on a trade date basis.
I Interim Financial Statements -- The interim financial statements relating to
September 30, 1999 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
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, 1999, each Portfolio paid
advisory fees as follows:
<TABLE>
<CAPTION>
PORTFOLIO AMOUNT EFFECTIVE RATE*
<S> <C> <C>
-------------------------------------------------------------------
California Limited $ 62,250 0.46%
Connecticut Limited 20,138 0.46%
Florida Limited 126,626 0.46%
Massachusetts Limited 114,168 0.46%
Michigan Limited 23,875 0.47%
New Jersey Limited 89,656 0.46%
New York Limited 142,691 0.47%
Ohio Limited 51,194 0.47%
Pennsylvania Limited 111,313 0.46%
</TABLE>
* As a percentage of average daily net assets (annualized).
To enhance the net income of the Connecticut Limited Portfolio, BMR made a
reduction of its fee in the amount of $10,065.
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. 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, 1999, no significant amounts have been deferred.
Certain of the officers and one Trustee of the Portfolios are officers of the
above organizations.
3 Investments
- -------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, for the six months ended September 30, 1999 were as
follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
Purchases $ 2,904,983
Sales 5,722,636
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 264,338
Sales 793,513
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 5,808,540
Sales 12,235,565
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 4,419,737
Sales 5,172,336
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 556,079
Sales 840,375
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 3,549,642
Sales 3,928,009
</TABLE>
87
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 5,111,647
Sales 15,456,283
<CAPTION>
OHIO LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 2,027,716
Sales 2,666,532
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
Purchases $ 4,949,644
Sales 8,867,594
</TABLE>
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, 1999, as computed on a
federal income tax basis, are as follows:
<TABLE>
<CAPTION>
CALIFORNIA LIMITED PORTFOLIO
<S> <C>
-----------------------------------------------------
AGGREGATE COST $25,259,837
-----------------------------------------------------
Gross unrealized appreciation $ 551,451
Gross unrealized depreciation (595,356)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (43,905)
-----------------------------------------------------
<CAPTION>
CONNECTICUT LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $ 7,830,338
-----------------------------------------------------
Gross unrealized appreciation $ 220,223
Gross unrealized depreciation (96,303)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 123,920
-----------------------------------------------------
<CAPTION>
FLORIDA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $50,331,914
-----------------------------------------------------
Gross unrealized appreciation $ 851,953
Gross unrealized depreciation (984,373)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (132,420)
-----------------------------------------------------
<CAPTION>
MASSACHUSETTS LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $46,786,488
-----------------------------------------------------
Gross unrealized appreciation $ 838,206
Gross unrealized depreciation (1,006,545)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (168,339)
-----------------------------------------------------
<CAPTION>
MICHIGAN LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $ 9,403,236
-----------------------------------------------------
Gross unrealized appreciation $ 376,680
Gross unrealized depreciation (179,833)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 196,847
-----------------------------------------------------
<CAPTION>
NEW JERSEY LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $36,698,608
-----------------------------------------------------
Gross unrealized appreciation $ 1,091,700
Gross unrealized depreciation (427,062)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 664,638
-----------------------------------------------------
<CAPTION>
NEW YORK LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $51,224,652
-----------------------------------------------------
Gross unrealized appreciation $ 1,122,089
Gross unrealized depreciation (590,343)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 531,746
-----------------------------------------------------
<CAPTION>
OHIO LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $21,232,925
-----------------------------------------------------
Gross unrealized appreciation $ 391,376
Gross unrealized depreciation (368,414)
-----------------------------------------------------
NET UNREALIZED APPRECIATION $ 22,962
-----------------------------------------------------
</TABLE>
88
<PAGE>
LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 1999
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PENNSYLVANIA LIMITED PORTFOLIO
-----------------------------------------------------
<S> <C>
AGGREGATE COST $43,891,483
-----------------------------------------------------
Gross unrealized appreciation $ 618,973
Gross unrealized depreciation (758,176)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (139,203)
-----------------------------------------------------
</TABLE>
5 Line of Credit
- -------------------------------------------
The Portfolios participate with other portfolios and funds managed by BMR and
EVM and its affiliates in a $130 million ($120 million effective October 12,
1999) unsecured line of credit agreement with a group of banks. The
Portfolios may temporarily borrow from the line of credit to satisfy
redemption requests or settle investment transactions. Interest is charged to
each portfolio or fund based on its borrowings at an amount above either the
Eurodollar rate or federal funds effective rate. In addition, a fee computed
at an annual rate of 0.10% on the daily unused portion of the line of credit
is allocated among the participating portfolios and funds at the end of each
quarter. At September 30, 1999, the Florida Limited Portfolio, Massachusetts
Limited Portfolio, New Jersey Limited Portfolio, Ohio Limited Portfolio and
Pennsylvania Limited Portfolio, had balances outstanding pursuant to this
line of credit of $100,000, $500,000, $100,000, $400,000, and $400,000,
respectively. The Portfolios did not have any significant borrowings or
allocated fees during the six months ended September 30, 1999.
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 futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
A summary of obligations under these financial instruments at September 30,
1999, is as follows:
<TABLE>
<CAPTION>
FUTURES
CONTRACTS
EXPIRATION NET UNREALIZED
PORTFOLIO DATE CONTRACTS POSITION APPRECIATION
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------
California Limited 12/99 10 US Treasury Bond Short $6,664
</TABLE>
7 Subsequent Event
- -------------------------------------------
Prior to the opening of business on November 1,1999, the shares of both Eaton
Vance Connecticut Limited Maturity Municipals Portfolio and Eaton Vance
Michigan Limited Maturity Municipals Portfolio were exchanged for shares of
Eaton Vance National Limited Maturity Municipals Portfolio of equal value.
The transaction was structured for tax purposes to qualify as a "tax free"
reorganization under the Internal Revenue Code to the Portfolio.
89
<PAGE>
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS AS OF SEPTEMBER 30, 1999
INVESTMENT MANAGEMENT
EATON VANCE LIMITED MATURITY MUNICIPALS FUNDS
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking
Emeritus, Harvard University Graduate School of
Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
LIMITED MATURITY MUNICIPALS PORTFOLIOS
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President and Trustee
Robert B. MacIntosh
Vice President
William H. Ahern, Jr.
Vice President and Portfolio Manager of
Connecticut, Massachusetts, Michigan,
New Jersey, New York and Ohio Limited
Maturity Municipals Portfolios
Cynthia J. Clemson
Vice President and Portfolio Manager of
California and Florida Limited Maturity
Municipals Portfolios
Timothy T. Browse
Vice President and Portfolio
Manager of Pennsylvania
Limited Maturity Municipals Portfolio
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
President and Chief Executive Officer,
National Financial Partners
Donald R. Dwight
President, Dwight Partners, Inc.
Samuel L. Hayes, III
Jacob H. Schiff Professor of Investment Banking
Emeritus, Harvard University Graduate School of
Business Administration
Norton H. Reamer
Chairman and Chief Executive Officer,
United Asset Management Corporation
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
90
<PAGE>
INVESTMENT ADVISER OF
LIMITED MATURITY MUNICIPALS PORTFOLIO
Boston Management and Research
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF
EATON VANCE LIMITED MATURITY MUNICIPALS FUND
Eaton Vance Management
The Eaton Vance Building
255 State Street
Boston, MA 02109
PRINCIPAL UNDERWRITER
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
(617)482-8260
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, MA 02116
TRANSFER AGENT
First Data Investor Services Group, Inc.
Attention: Eaton Vance Funds
P.O. Box 5123
Westborough, MA 01581-5123
Eaton Vance Investment Trust
The Eaton Vance Building
255 State Street
Boston, MA 02109
- --------------------------------------------------------------------------------
This report must be preceded or accompanied by a current prospectus which
contains more complete information on the Fund, including its distribution plan,
sales charges and expenses. Please read the prospectus carefully before you
invest or send money.
- --------------------------------------------------------------------------------
3-4636-11/99 9LTF5RG-11/99
