<PAGE>
[LOGO] MUTUAL FUNDS FOR PEOPLE WHO PAY TAXES-Registered Trademark-
[PHOTO - Description needed]
Semiannual Report September 30, 2000
[PHOTO - Description needed]
EATON VANCE
NATIONAL
LIMITED MATURITY
MUNICIPALS
FUND
[PHOTO - Description needed]
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
[PHOTO]
William H. Ahern
Portfolio Manager
THE ECONOMY
--------------------------------------------------------------------------------
- The picture brightened somewhat for municipal bonds in the six-month period
ended September 30, 2000. That was especially welcome following the
disappointing returns of 1999, when bond funds, including Eaton Vance Limited
Maturity Municipals Funds, reacted negatively to a succession of interest rate
hikes.
- Following Federal Funds rate increases in March and again in May, the U.S.
economy showed, in the ensuing months, the effects of the Fed's actions. In
the third quarter, GDP growth slowed to a moderate 2.7%. While expressing
concerns about sharply higher energy prices, the Federal Reserve left rates
unchanged at its August meeting and signaled that its sustained string of rate
hikes may be near an end.
THE FUND
--------------------------------------------------------------------------------
- During the six months ended September 30, 2000, the Fund's Class A, Class B
and Class C shares had total returns of 3.35%, 2.93% and 2.94%,
respectively.(1) For Class A and Class B, these returns resulted from an
increase in net asset value (NAV) per share to $9.85 on September 30, 2000
from $9.79 on March 31, 2000, and the reinvestment of $0.262 and $0.222 per
share, respectively, in tax-free income.(2) For Class C, this return resulted
from an increase in NAV to $9.22 from $9.16, and the reinvestment of $0.205
per share in tax-free income.(2)
- Based on the most recent distributions and NAVs on September 30, 2000 of $9.85
per share for Class A and Class B, and $9.22 for Class C, distribution rates
were 5.31%, 4.51% and 4.44%, respectively.(3) The distribution rates of Class
A, Class B and Class C are equivalent to taxable rates of 8.79%, 7.47% and
7.35.(4)
- The SEC 30-day yields for Class A, B and C shares at September 30, 2000 were
5.03%, 4.39% and 4.39%, respectively.(5) The SEC 30-day yields of Class A,
Class B and Class C are equivalent to taxable yields of 8.33%, 7.27% and
7.27%.(4)
MANAGEMENT UPDATE
--------------------------------------------------------------------------------
- Amid a slowing economy, the municipal bond market has responded favorably in
recent months to the prospect of a more stable interest rate environment. The
funds in the Lipper Intermediate Municipal Debt Fund Classification had an
average total return of 3.27% in the six-month period ended September 30,
2000, well above the -1.68% return for all of 1999.(6)
- Escrowed bonds represented a large weighting for the Portfolio. The bonds are
escrowed and backed by Treasury bonds, and, therefore, are viewed as very high
quality investments. An escrowed issue for a Maricopa County, Arizona
Multifamily housing project was the largest holding.
- The Portfolio had a large exposure to industrial development revenue bonds.
Management maintained a broad industry diversification, including paper,
airlines and steel as well as non-cyclical areas such as food.
- The Portfolio took advantage of the prolonged rise in interest rates to
establish 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.
RATINGS DISTRIBUTION(7)
--------------------------------------------------------------------------------
[CHART - Description needed]
<TABLE>
<S> <C>
Non-Rated 31.6%
AAA 28.3%
AA 5.3%
A 10.2%
BBB 21.5%
BB 3.1%
</TABLE>
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FUND INFORMATION
as of September 30, 2000
PERFORMANCE(8) CLASS A CLASS B CLASS C
--------------------------------------------------------------------------------
Average Annual Total Returns (at net asset value)
--------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 3.27% 2.45% 2.46%
Five Years N.A. 3.46 3.23
Life of Fund+ 4.63 4.33 3.00
SEC Average Annual Total Returns (including sales charge or applicable CDSC)
--------------------------------------------------------------------------------
One Year 0.97% -0.49% 1.48%
Five Years N.A. 3.46 3.23
Life of Fund+ 4.08 4.33 3.00
+Inception dates: Class A: 6/27/96; Class B: 5/22/92; Class C: 12/8/93
</TABLE>
<TABLE>
<CAPTION>
5 LARGEST SECTORS(7)
--------------------------------------------------------------------------------
By net assets
<S> <C>
Escrowed/Prerefunded 17.7%
Industrial Development Bonds 11.4%
Cogeneration 8.3%
Hospital 7.7%
General Obligations 6.4%
</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
and Class C shares. (2) A portion of the Fund's income could be subject to
federal income tax and/or alternative minimum tax, or state and local 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) Taxable-equivalent rates assume a
maximum 39.6% federal income tax rate. A lower rate would result in lower
tax-equivalent figures. (5) 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. (6) It is not possible to
invest directly in an Index or Lipper Classification. (7) Portfolio
Statistics, Ratings Distribution and 5 Largest Sectors are as of 9/30/00 only
and may not be representative of the Portfolio's current or future
investments. (8) 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.
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.
2
<PAGE>
INVESTMENT ADVISER OF NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO
BOSTON MANAGEMENT AND RESEARCH
The Eaton Vance Building
255 State Street
Boston, MA 02109
ADMINISTRATOR OF EATON VANCE NATIONAL 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
PFPC, INC.
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02904-9653
(800) 262-1122
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
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.
--------------------------------------------------------------------------------
439-11/00 LNASRC
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF SEPTEMBER 30, 2000
<S> <C>
Assets
-----------------------------------------------------
Investment in National Limited Maturity
Municipals Portfolio, at value
(identified cost, $86,886,114) $86,087,941
Receivable for Fund shares sold 1,375
-----------------------------------------------------
TOTAL ASSETS $86,089,316
-----------------------------------------------------
Liabilities
-----------------------------------------------------
Payable for Fund shares redeemed $ 738,459
Dividends payable 174,369
Accrued expenses 105,699
-----------------------------------------------------
TOTAL LIABILITIES $ 1,018,527
-----------------------------------------------------
NET ASSETS $85,070,789
-----------------------------------------------------
Sources of Net Assets
-----------------------------------------------------
Paid-in capital $91,816,000
Accumulated net realized loss from
Portfolio (computed on the basis of
identified cost) (6,060,768)
Accumulated undistributed net investment
income 113,730
Net unrealized depreciation from
Portfolio (computed on the basis of
identified cost) (798,173)
-----------------------------------------------------
TOTAL $85,070,789
-----------------------------------------------------
Class A Shares
-----------------------------------------------------
NET ASSETS $72,678,207
SHARES OUTSTANDING 7,378,577
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.85
MAXIMUM OFFERING PRICE PER SHARE
(100 DIVIDED BY 97.75 of $9.85) $ 10.08
-----------------------------------------------------
Class B Shares
-----------------------------------------------------
NET ASSETS $ 5,904,742
SHARES OUTSTANDING 599,232
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.85
-----------------------------------------------------
Class C Shares
-----------------------------------------------------
NET ASSETS $ 6,487,840
SHARES OUTSTANDING 703,477
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE
(net assets DIVIDED BY shares of
beneficial interest outstanding) $ 9.22
-----------------------------------------------------
</TABLE>
On sales of $100,000 or more, the offering price of Class A shares is
reduced.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2000
<S> <C>
Investment Income
----------------------------------------------------
Interest allocated from Portfolio $2,757,462
Expenses allocated from Portfolio (276,461)
----------------------------------------------------
NET INVESTMENT INCOME FROM PORTFOLIO $2,481,001
----------------------------------------------------
Expenses
----------------------------------------------------
Trustees fees and expenses $ 1,090
Distribution and service fees
Class A 55,233
Class B 28,471
Class C 31,066
Transfer and dividend disbursing agent
fees 43,275
Registration fees 21,732
Printing and postage 6,945
Custodian fee 5,782
Legal and accounting services 1,732
Miscellaneous 3,078
----------------------------------------------------
TOTAL EXPENSES $ 198,404
----------------------------------------------------
NET INVESTMENT INCOME $2,282,597
----------------------------------------------------
Realized and Unrealized
Gain (Loss) from Portfolio
----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 44,064
Financial futures contracts (835)
----------------------------------------------------
NET REALIZED GAIN $ 43,229
----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 443,997
Financial futures contracts 33,132
----------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $ 477,129
----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 520,358
----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $2,802,955
----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
3
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) SEPTEMBER 30, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
From operations --
Net investment income $ 2,282,597 $ 4,416,859
Net realized gain (loss) 43,229 (11,006)
Net change in unrealized
appreciation (depreciation) 477,129 (5,722,267)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 2,802,955 $ (1,316,414)
----------------------------------------------------------------------------
Distributions to shareholders --
From net investment income
Class A $ (1,966,457) $ (3,798,298)
Class B (143,529) (255,520)
Class C (154,461) (425,763)
In excess of net investment income
Class B -- (4,101)
Class C -- (10,859)
----------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS $ (2,264,447) $ (4,494,541)
----------------------------------------------------------------------------
Transactions in shares of beneficial interest --
Proceeds from sale of shares
Class A $ 2,659,098 $ 7,602,253
Class B 534,989 1,785,208
Class C 1,003,006 3,548,099
Issued in reorganizations (see Note
8)
Class A -- 14,683,269
Class B -- 1,555,876
Net asset value of shares issued to
shareholders in payment of
distributions declared
Class A 828,218 1,468,257
Class B 64,669 122,091
Class C 80,519 276,603
Cost of shares redeemed
Class A (6,351,023) (16,114,691)
Class B (1,187,867) (3,010,386)
Class C (2,343,554) (6,552,453)
Net asset value of shares exchanged
Class A -- 594,717
Class B -- (594,717)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM FUND SHARE TRANSACTIONS $ (4,711,945) $ 5,364,126
----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (4,173,437) $ (446,829)
----------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------
At beginning of period $ 89,244,226 $ 89,691,055
----------------------------------------------------------------------------
AT END OF PERIOD $ 85,070,789 $ 89,244,226
----------------------------------------------------------------------------
Accumulated undistributed net investment income included in
net assets
----------------------------------------------------------------------------
AT END OF PERIOD $ 113,730 $ 95,580
----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
4
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 --------------------------------------------------
(UNAUDITED) 2000(1) 1999 1998 1997(2)
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.790 $10.490 $10.580 $10.070 $10.030
----------------------------------------------------------------------------------------------------------
Income (loss) from operations
----------------------------------------------------------------------------------------------------------
Net investment income $ 0.264 $ 0.516 $ 0.519 $ 0.527 $ 0.393
Net realized and unrealized
gain (loss) 0.058 (0.692) (0.090) 0.488 0.033(3)
----------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.322 $(0.176) $ 0.429 $ 1.015 $ 0.426
----------------------------------------------------------------------------------------------------------
Less distributions
----------------------------------------------------------------------------------------------------------
From net investment income $(0.262) $(0.524) $(0.519) $(0.505) $(0.386)
----------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.850 $ 9.790 $10.490 $10.580 $10.070
----------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 3.35% (1.68)% 3.89% 10.50% 4.06%
----------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $72,678 $75,081 $73,048 $59,992 $37,072
Ratios (As a percentage of
average daily net assets):
Expenses(5) 0.98%(6) 1.03% 0.98% 0.99% 0.99%(6)
Expenses after custodian
fee reduction(5) 0.98%(6) 1.01% 0.97% 0.98% 0.97%(6)
Net investment income 5.37%(6) 5.14% 4.96% 5.16% 5.14%(6)
Portfolio Turnover of the
Portfolio 2% 27% 26% 41% 68%
----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Net investment income per share was computed using average shares
outstanding.
(2) For the period from the start of business, 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 the Portfolio's allocated expenses.
(6) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
5
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ---------------------------------------------------------------
(UNAUDITED) 2000(1) 1999 1998(1) 1997 1996
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.790 $10.490 $10.580 $10.070 $10.170 $ 10.130
-----------------------------------------------------------------------------------------------------------------------
Income (loss) from operations
-----------------------------------------------------------------------------------------------------------------------
Net investment income $ 0.222 $ 0.438 $ 0.412 $ 0.454 $ 0.428 $ 0.413
Net realized and unrealized
gain (loss) 0.060 (0.693) (0.066) 0.488 (0.098) 0.040
-----------------------------------------------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.282 $(0.255) $ 0.346 $ 0.942 $ 0.330 $ 0.453
-----------------------------------------------------------------------------------------------------------------------
Less distributions
-----------------------------------------------------------------------------------------------------------------------
From net investment income $(0.222) $(0.438) $(0.436) $(0.432) $(0.430) $ (0.413)
In excess of net investment
income -- (0.007) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.222) $(0.445) $(0.436) $(0.432) $(0.430) $ (0.413)
-----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.850 $ 9.790 $10.490 $10.580 $10.070 $ 10.170
-----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) 2.93% (2.46)% 3.29% 9.52% 3.30% 4.51%
-----------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 5,905 $ 6,452 $ 5,450 $11,538 $48,692 $112,027
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.73%(4) 1.81% 1.73% 1.73% 1.69% 1.64%
Expenses after custodian
fee reduction(3) 1.73%(4) 1.79% 1.72% 1.72% 1.67% 1.63%
Net investment income 4.63%(4) 4.36% 4.23% 4.42% 4.37% 4.04%
Portfolio Turnover of the
Portfolio 2% 27% 26% 41% 68% 68%
-----------------------------------------------------------------------------------------------------------------------
</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 the Portfolio's allocated expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
6
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 -----------------------
(UNAUDITED) 2000(1) 1999
<S> <C> <C> <C>
-------------------------------------------------------------------------------
Net asset value -- Beginning
of period $ 9.160 $ 9.820 $ 9.920
-------------------------------------------------------------------------------
Income (loss) from operations
-------------------------------------------------------------------------------
Net investment income $ 0.208 $ 0.401 $ 0.407
Net realized and unrealized
gain (loss) 0.057 (0.651) (0.089)
-------------------------------------------------------------------------------
TOTAL INCOME (LOSS) FROM
OPERATIONS $ 0.265 $(0.250) $ 0.318
-------------------------------------------------------------------------------
Less distributions
-------------------------------------------------------------------------------
From net investment income $(0.205) $(0.400) $(0.411)
In excess of net investment
income -- (0.010) (0.007)
-------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS $(0.205) $(0.410) $(0.418)
-------------------------------------------------------------------------------
NET ASSET VALUE -- END OF
PERIOD $ 9.220 $ 9.160 $ 9.820
-------------------------------------------------------------------------------
TOTAL RETURN(2) 2.94% (2.57)% 3.24%
-------------------------------------------------------------------------------
Ratios/Supplemental Data
-------------------------------------------------------------------------------
Net assets, end of period
(000's omitted) $ 6,488 $ 7,712 $11,193
Ratios (As a percentage of
average daily net assets):
Expenses(3) 1.74%(4) 1.90% 1.81%
Expenses after custodian
fee reduction(3) 1.74%(4) 1.88% 1.80%
Net investment income 4.64%(4) 4.26% 4.10%
Portfolio Turnover of the
Portfolio 2% 27% 26%
-------------------------------------------------------------------------------
</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 the Portfolio's allocated expenses.
(4) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
7
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
Eaton Vance National Limited Maturity Municipals Fund (the Fund) is a
diversified series of Eaton Vance Investment Trust (the Trust). The Trust is
an entity of the type commonly known as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Fund offers three classes of
shares: Class A, Class B and Class C shares. 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 below) is subject to
different expenses. Realized and unrealized gains or 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. The Fund invests all of its investable assets
in interests in the National Limited Maturity Municipals Portfolio (the
Portfolio), a New York trust, having the same investment objective as the
Fund. The value of the Fund's investment in the Portfolio reflects the Fund's
proportionate interest in the net assets of the Portfolio (99.9% at
September 30, 2000). The performance of the Fund is directly affected by the
performance of the Portfolio. The financial statements of the Portfolio,
including the portfolio of investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements.
The following is a summary of significant accounting policies consistently
followed by the Fund 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 Portfolio is discussed
in Note 1A of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report.
B Income -- The Fund's net investment income consists of the Fund's pro-rata
share of the net investment income of the Portfolio, less all actual and
accrued expenses of the Fund determined in accordance with generally accepted
accounting principles.
C Federal Taxes -- The 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, if any, and
tax-exempt income, including any net realized gain on investments.
Accordingly, no provision for federal income or excise tax is necessary. At
March 31, 2000, the Fund, for federal income tax purposes, had a capital loss
carryover of $5,823,610 which will reduce the taxable income arising from
future net realized gain on investments, if any, to the extent permitted by
the Internal Revenue Code and thus will reduce the amount of distributions to
shareholders which would otherwise be necessary to relieve the Fund of any
liability for federal income tax. Such capital loss carryover will expire on
March 31, 2002 ($637,442), March 31, 2003 ($2,468,748), March 31, 2004
($1,216,547), March 31, 2005 ($1,120,027), March 31, 2006 ($320,446), and
March 31, 2007 ($60,400). Dividends paid by the Fund from net interest on
tax-exempt municipal bonds allocated from the Portfolio are not includable by
shareholders as gross income for federal income tax purposes because the Fund
and Portfolio intend to meet certain requirements of the Internal Revenue
Code applicable to regulated Investment companies which will enable the Fund
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 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 income 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 Fund and the Portfolio. Pursuant to the respective custodian
agreements, IBT receives a fee reduced by credits which are determined based
on the average daily cash balances the Fund or the Portfolio maintains with
IBT. All significant credit balances used to reduce the Fund's custodian fees
are reported as a reduction of total expenses in the Statement of Operations.
8
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
F Other -- Investment transactions are accounted for on a trade-date basis.
G Interim Financial Statements -- The interim financial statements relating to
September 30, 2000 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the Fund's
management reflect all adjustments, consisting only of normal recurring
adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders
-------------------------------------------
The net income of the 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 the 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 Fund distinguishes 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
over distributions for financial statement purposes only 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, 2001 and will be based on tax accounting methods which may differ
from amounts determined for financial statement purposes.
3 Shares of Beneficial Interest
-------------------------------------------
The Fund's 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 Fund) and classes. Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS A (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 270,044 635,898
Issued to shareholders electing to
receive payments of distributions in
Fund shares 84,743 146,371
Redemptions (648,953) (1,617,034)
Exchange from Class B shares -- 58,758
Issued to Eaton Vance Connecticut
Limited Maturity Municipals and
Michigan Limited Maturity Municipals
Funds Shareholders -- 1,484,659
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (294,166) 708,652
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS B (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 55,054 271,966
Issued to shareholders electing to
receive payments of distributions in
Fund shares 6,626 12,126
Redemptions (121,781) (242,935)
Exchange to Class A shares -- (58,758)
Issued to Eaton Vance Connecticut
Limited Maturity Municipals and
Michigan Limited Maturity Municipals
Funds Shareholders -- 157,318
----------------------------------------------------------------------------
NET INCREASE (DECREASE) (60,101) 139,717
----------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 2000 YEAR ENDED
CLASS C (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
Sales 109,492 375,439
Issued to shareholders electing to
receive payments of distributions in
Fund shares 8,809 29,243
Redemptions (257,065) (702,642)
----------------------------------------------------------------------------
NET DECREASE (138,764) (297,960)
----------------------------------------------------------------------------
</TABLE>
9
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
4 Transactions with Affiliates
-------------------------------------------
Eaton Vance Management (EVM) serves as the administrator of the Fund, but
receives no compensation. The Portfolio has engaged Boston Management and
Research (BMR), a subsidiary of EVM, to render investment advisory services.
See Note 2 of the Portfolio's Notes to Financial Statements which are
included elsewhere in this report. Certain officers and Trustees of the Fund
and of the Portfolio are officers of the above organizations. The Fund was
informed that Eaton Vance Distributors, Inc. (EVD), a subsidiary of EVM and
the Fund's principal underwriter, received $3,465 from the Fund as its
portion of the sales charge on sales of Class A shares for the six months
ended September 30, 2000.
Except as to Trustees of the Fund and the Portfolio who are not members of
EVM's organization, officers and Trustees receive remuneration for their
services to the Fund out of such investment adviser fee.
5 Distribution and Service Plans
-------------------------------------------
The Fund has in effect a distribution plan for Class B shares (Class B Plan)
and for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the
Investment Company Act of 1940 and a service plan for Class A shares
(Class A Plan), (collectively, the Plans). The Class B and Class C Plans
require the Fund to pay EVD amounts equal to 1/365 of 0.75% of the Fund's
daily net assets attributable to Class B and Class C shares for providing
ongoing distribution services and facilities to the Fund. The 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% 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 of each respective class, reduced by the
aggregate amount of contingent deferred sales charges (see Note 6) and
amounts theretofore paid to or payable to EVD. The amount payable to EVD with
respect to each day is accrued on such day as a liability of the Fund and,
accordingly, reduces The Fund's net assets. For the six months ended
September 30, 2000, the Fund paid or accrued $23,726 and $25,888 for Class B
and Class C shares, respectively, to EVD, representing 0.75% (annualized) of
the average daily net assets for Class B and Class C shares. At
September 30, 2000, the amount of Uncovered Distribution Charges of EVD
calculated under the Plan was approximately $1,074,000 and $5,199,000 for
Class B and Class C shares, respectively.
The Plans authorize each class to make payments of service fees to EVD,
investment dealers and other persons in amounts not exceeding 0.25% of the
Fund's average daily net assets for each fiscal year. The Trustees initially
implemented the Plans by authorizing the Fund to make quarterly payments of
service fees to EVD and investment dealers in amounts equal to 0.15% per
annum of the 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 the service fee payments equal to 0.15% per annum of the Trust'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 Plan permits the Fund to make monthly payments of service fees in
amounts not expected to exceed 0.25% of the Fund's average daily net assets
attributable to Class C shares for any fiscal year. Service fee payments will
be made for personal services and/or the maintenance of shareholder accounts.
Service fees 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. Service fee payments for the six months ended September 30,
2000 amounted to $55,233, $4,745, and $5,178 for Class A, Class B, and
Class C shares, respectively.
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 made within one year of purchase. Generally, the CDSC is based
upon the lower of the net asset value at date of redemption or date of
purchase. No charge is levied on 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 may be waived under certain other limited
conditions. CDSC charges are paid to EVD to reduce the amount of Uncovered
Distribution Charges calculated under the Fund's Distribution Plan (see
Note 5). CDSC charges received when no Uncovered Distribution Charges exist
will be credited to the Fund. EVD received
10
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
approximately $6,000 and $0,000 of CDSC paid by shareholders for Class B
shares and Class C shares, respectively, for the six months ended
September 30, 2000.
7 Investment Transactions
-------------------------------------------
Increases and decreases in the Fund's investment in the Portfolio for the six
months ended September 30, 2000, aggregated $4,240,420 and $11,090,381,
respectively.
8 Transfer of Net Assets
-------------------------------------------
Prior to the opening of business on November 1, 1999, the Fund acquired the
net assets of Eaton Vance Connecticut Limited Maturity Municipals and Eaton
Vance Michigan Limited Maturity Municipals Funds pursuant to an Agreement and
Plan of Reorganization dated November 1, 1999. In accordance with the
agreement, the Fund issued 635,443 Class A and 105,507 Class B shares having
a total aggregate value of $7,327,990 for Eaton Vance Connecticut Limited
Maturity Municipals Fund net assets and 849,216 Class A and 51,811 Class B
shares having a total aggregate value of $8,911,155 for Eaton Vance Michigan
Limited Maturity Municipals Fund net assets. As a result, the Fund issued
0.968 shares of Class A and Class B for each share of Class A and Class B of
Eaton Vance Connecticut Limited Maturity Municipals Fund and 0.940 shares of
Class A and Class B for each share of Class A and Class B of Eaton Vance
Michigan Limited Maturity Municipals Fund. The transaction was structured for
tax purposes to qualify as a tax free reorganization under the Internal
Revenue Code. The Eaton Vance Connecticut Limited Maturity Municipals and
Eaton Vance Michigan Limited Maturity Municipals Funds' net assets at the
date of the transaction were $7,327,990 and $8,911,155 including $90,062 and
$101,045 of unrealized appreciation, respectively. Directly after the merger,
the combined net assets of the Eaton Vance National Limited Maturity
Municipals Fund were $97,445,012 with a net asset value of $9.89, $9.89 and
$9.25 for Class A, Class B and Class C, respectively.
11
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED)
TAX-EXEMPT INVESTMENTS -- 97.4%
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Assisted Living -- 1.0%
------------------------------------------------------------------------
$ 825 New Jersey EDA, (Chelsea at East
Brunswick), (AMT), 8.00%, 10/1/07 $ 852,175
------------------------------------------------------------------------
$ 852,175
------------------------------------------------------------------------
Cogeneration -- 8.3%
------------------------------------------------------------------------
$ 250 Eastern Connecticut Resources Recovery
Authority, (Wheelabrator Lisbon), (AMT),
5.00%, 1/1/03 $ 243,647
955 New Jersey EDA, (Trigen-Trenton), (AMT),
6.10%, 12/1/05 961,007
1,225 New Jersey EDA, (Vineland Cogeneration),
(AMT), 7.875%, 6/1/19 1,262,387
500 Palm Beach County, FL, (Okeelanta
Power), (AMT), 6.85%, 2/15/21(1) 285,500
500 Palm Beach County, FL, (Osceola Power),
(AMT), 6.95%, 1/1/22(1) 285,500
1,800 Pennsylvania EDA, (Resource
Recovery-Northampton), (AMT),
6.75%, 1/1/07 1,827,198
2,000 Pennsylvania EDA, (Resource
Recovery-Colver), (AMT), 7.05%, 12/1/10 2,047,820
56 Robbins, IL, Resource Recovery, (AMT),
0.00%, 10/15/09 26,166
28 Robbins, IL, Resource Recovery, (AMT),
7.25%, 10/15/09 26,489
121 Robbins, IL, Resource Recovery, (AMT),
7.25%, 10/15/24 110,608
180 Robbins, IL, Resource Recovery, (AMT),
8.375%, 10/15/16 46,719
70 Robbins, IL, Resource Recovery, (AMT),
8.375%, 10/15/16 18,281
------------------------------------------------------------------------
$ 7,141,322
------------------------------------------------------------------------
Education -- 4.0%
------------------------------------------------------------------------
$1,000 Arkansas State Student Loan Authority,
(AMT), 6.25%, 6/1/10 $ 1,037,260
200 Connecticut HEFA, (Quinnipiac College),
6.00%, 7/1/13 200,920
140 Connecticut HEFA, (Sacred Heart
University), 6.00%, 7/1/08 151,320
850 New Hampshire HEFA, (Colby-Sawyer
College), 7.20%, 6/1/12 894,659
1,700 University of Illinois, 0.00%, 4/1/15 752,301
1,000 University of Illinois, 0.00%, 4/1/16 414,580
------------------------------------------------------------------------
$ 3,451,040
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Electric Utilities -- 2.2%
------------------------------------------------------------------------
$1,000 Clark County, NV, (Nevada Power), (AMT),
5.90%, 10/1/30 $ 891,250
1,000 North Carolina Municipal Power Agency,
(Catawba Electric Revenue),
6.375%, 1/1/13 1,033,710
------------------------------------------------------------------------
$ 1,924,960
------------------------------------------------------------------------
Escrowed / Prerefunded -- 17.7%
------------------------------------------------------------------------
$ 410 Connecticut HEFA, (New Britain
Hospital), Prerefunded to 7/1/02,
7.50%, 7/1/06 $ 426,584
300 Connecticut HEFA, (Quinnipiac College),
Prerefunded to 07/01/03, 6.00%, 7/1/13 316,143
850 Florence, KY, Housing Facilities,
(Bluegrass Housing), Escrowed to
Maturity, 7.25%, 5/1/07 903,839
1,500 Grand Ledge, MI, Public School District,
(MBIA), Prerefunded to 5/1/04,
7.875%, 5/1/11 1,688,865
4,185 Illinois Development Finance Authority,
(Regency Park), Escrowed to Maturity,
0.00%, 7/15/25 880,859
3,500 Maricopa County, AZ, IDA, Multifamily,
Escrowed to Maturity, 6.45%, 1/1/17 3,740,975
895 Maricopa County, AZ, IDA, Multifamily,
Escrowed to Maturity, 7.876%, 1/1/11 1,015,789
583 Massachusetts HEFA,
(Milford-Whitinsville Hospital),
Escrowed to Maturity, 7.125%, 7/15/02 599,796
3,000 Massachusetts Turnpike Authority,
Escrowed to Maturity, 5.00%, 1/1/20 2,821,260
500 Michigan Municipal Bond Authority,
Escrowed to Maturity, 7.00%, 10/1/02 524,255
630 Richardson, TX, Hospital Authority
(Baylor/Richardson Medical Center),
Prerefunded to 12/01/03, 6.50%, 12/1/12 672,626
1,255 Saint Tammany, LA, Public Trust Finance
Authority, (Christwood), Escrowed to
Maturity, 8.75%, 11/15/05 1,386,938
250 South Central Connecticut Regional Water
Authority, (AMBAC), Prerefunded to
8/1/01, 6.50%, 8/1/07 259,300
------------------------------------------------------------------------
$15,237,229
------------------------------------------------------------------------
General Obligations -- 6.4%
------------------------------------------------------------------------
$ 190 Connecticut, 0.00%, 11/15/10 $ 114,882
150 Connecticut, 5.125%, 8/15/11 151,659
100 Danbury, CT, 5.00%, 8/1/17 95,659
495 Detroit, MI, 6.40%, 4/1/05 522,710
2,000 Detroit, MI, 6.50%, 4/1/02 2,048,960
500 Kershaw County, SC, School District,
5.00%, 2/1/18 470,385
265 New Fairfield, CT, 4.90%, 8/1/13 260,034
750 New York City, NY, 0.00%, 8/1/07 537,360
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
12
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
General Obligations (continued)
------------------------------------------------------------------------
$ 750 Ohio, 0.00%, 8/1/08 $ 509,647
115 Puerto Rico, 0.00%, 7/1/08 79,424
750 Wisconsin, (AMT), 5.10%, 5/1/15 709,267
------------------------------------------------------------------------
$ 5,499,987
------------------------------------------------------------------------
Health Care-Miscellaneous -- 0.6%
------------------------------------------------------------------------
$ 581 Tax Revenue Exempt Securities Trust,
Community Health Provider, (Pooled Loan
Program Various States Trust
Certificates), 6.00%, 12/1/36 $ 533,903
------------------------------------------------------------------------
$ 533,903
------------------------------------------------------------------------
Hospital -- 7.7%
------------------------------------------------------------------------
$ 500 Colorado Health Facilities Authority,
(Parkview Memorial Hospital),
6.125%, 9/1/25 $ 462,520
1,700 Colorado Health Facilities Authority,
(Steamboat Springs Health),
5.00%, 9/15/03 1,683,867
350 Colorado Health Facilities Authority,
(Steamboat Springs Health),
5.70%, 9/15/23 285,565
125 Connecticut HEFA, (Griffin Hospital),
6.00%, 7/1/13 115,843
750 Forsyth County, GA, Hospital Authority,
(Georgia Baptist Health Care System),
6.00%, 10/1/08 715,643
100 Mecosta County, MI, (Michigan General
Hospital), 5.75%, 5/15/09 94,385
100 Michigan Hospital Finance Authority,
(Community Hospital), 6.00%, 10/1/05 102,000
100 Michigan Hospital Finance Authority,
(Community Hospital), 6.10%, 10/1/06 102,413
225 Michigan Hospital Finance Authority,
(Community Hospital), 6.20%, 10/1/07 231,435
1,000 Michigan Hospital Finance Authority,
(Gratiot Community Hospital),
6.10%, 10/1/07 992,040
500 New Hampshire HEFA, (Littleton Hospital
Association), 5.45%, 5/1/08 458,545
1,010 Richardson, TX, Hospital Authority
(Baylor/Richardson Medical Center),
6.50%, 12/1/12 981,811
465 San Gorgonio, CA, Memorial Health Care
District, 5.60%, 5/1/11 419,235
------------------------------------------------------------------------
$ 6,645,302
------------------------------------------------------------------------
Housing -- 4.0%
------------------------------------------------------------------------
$1,005 Illinois Development Finance Authority,
Elderly Housing, (Mattoon Tower),
(Section 8), 6.35%, 7/1/10 $ 1,014,296
560 Illinois Development Finance Authority,
Elderly Housing, (Rome Meadows),
6.40%, 2/1/03 562,464
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Housing (continued)
------------------------------------------------------------------------
$1,145 Illinois Development Finance Authority,
Elderly Housing, (Rome Meadows),
6.65%, 2/1/06 $ 1,150,977
715 Sandaval County, NM, Multifamily,
6.00%, 5/1/32 693,314
------------------------------------------------------------------------
$ 3,421,051
------------------------------------------------------------------------
Industrial Development Revenue -- 11.4%
------------------------------------------------------------------------
$ 580 Austin, TX, (Cargoport Development LLC),
(AMT), 7.50%, 10/1/07 $ 582,401
445 Austin, TX, (Cargoport Development LLC),
(AMT), 8.30%, 10/1/21 460,183
500 Carbon County, PA, IDA (Panther Creek
Partners), 6.65%, 5/1/10 509,535
1,000 Columbus, NC, (International Paper),
5.80%, 12/1/16 962,380
625 Connecticut Development Authority,
(Frito Lay), 6.375%, 7/1/04 625,881
800 Eagle County, CO, Airport Terminal
Corp., (American Airlines), (AMT),
6.75%, 5/1/06 802,736
900 Iowa Finance Authority, (Southbridge
Mall), 6.375%, 12/1/13 897,912
500 Jones County, MS, (International Paper),
5.80%, 10/1/21 472,210
490 Kimball, NE, EDA, (Clean Harbors),
(AMT), 10.75%, 9/1/26 506,356
1,100 Michigan State Strategic Fund, (Crown
Paper), 6.25%, 8/1/12 847,000
500 Missouri Development Finance Authority,
Solid Waste Disposal, (Proctor and
Gamble Paper Products), (AMT),
5.20%, 3/15/29 459,660
1,000 New Jersey EDA, (Holt Hauling), (AMT),
7.90%, 3/1/27 970,620
750 Ohio Solid Waste Revenue, (Republic
Engineered Steels), (AMT),
9.00%, 6/1/21 148,230
500 Peru, IL, (Freightways Corp.),
5.25%, 11/1/03 488,235
970 Santa Fe, NM, (Crow Hobbs),
8.25%, 9/1/05 965,043
100 Sprague, CT, Environmental Improvement,
(International Paper), (AMT),
5.70%, 10/1/21 93,174
------------------------------------------------------------------------
$ 9,791,556
------------------------------------------------------------------------
Insured-Education -- 0.2%
------------------------------------------------------------------------
$ 500 Southern Illinois University, Housing
and Auxiliary Facilities, (MBIA),
0.00%, 4/1/17 $ 196,160
------------------------------------------------------------------------
$ 196,160
------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
13
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Electric Utilities -- 1.3%
------------------------------------------------------------------------
$ 500 Monroe County, MI, (Detroit Edison Co.),
(AMBAC), (AMT), 6.35%, 12/1/04 $ 528,465
400 Piedmont, SC, Municipal Power Agency,
(Electric Revenue), (MBIA),
5.00%, 1/1/15 377,924
250 Puerto Rico Electric Power Authority,
(FSA), 4.75%, 7/1/24 220,905
------------------------------------------------------------------------
$ 1,127,294
------------------------------------------------------------------------
Insured-General Obligations -- 3.1%
------------------------------------------------------------------------
$ 250 Fowlerville, MI, Community Schools
District, (FSA), 4.50%, 5/1/15 $ 220,425
500 Hartland, MI, School District, (FGIC),
5.125%, 5/1/17 476,450
500 Old Saybrook, CT, (AMBAC),
4.10%, 8/15/01 499,130
100 Parchment, MI, School District, (MBIA),
5.00%, 5/1/25 91,973
1,225 Paw Paw, MI, Public School District,
(FGIC), 5.00%, 5/1/21 1,135,085
250 Portage, MI, Public Schools, (FSA),
4.50%, 5/1/14 223,738
------------------------------------------------------------------------
$ 2,646,801
------------------------------------------------------------------------
Insured-Hospital -- 2.4%
------------------------------------------------------------------------
$ 300 Connecticut HEFA, (Middlesex Health
Services), (MBIA), 5.125%, 7/1/17 $ 282,282
250 Connecticut HEFA, (Stamford Hospital),
(MBIA), 6.50%, 7/1/06 258,763
2,000 El Paso County, TX, Hospital District,
(MBIA), 0.00%, 8/15/06 1,495,260
------------------------------------------------------------------------
$ 2,036,305
------------------------------------------------------------------------
Insured-Special Tax Revenue -- 0.6%
------------------------------------------------------------------------
$ 500 George L. Smith, (Georgia World Congress
Center-Domed Stadium), (MBIA), (AMT),
6.00%, 7/1/06 $ 531,755
------------------------------------------------------------------------
$ 531,755
------------------------------------------------------------------------
Insured-Transportation -- 3.7%
------------------------------------------------------------------------
$ 600 Connecticut Airport, (Bradley
International Airport), (FGIC),
7.40%, 10/1/04 $ 647,130
2,500 E-470 Public Highway Authority, CO,
(MBIA), 0.00%, 9/1/17 957,900
1,000 Metropolitan Transportation Authority,
NY, Commuter Facilities Revenue,
(AMBAC), 5.00%, 7/1/20 918,120
500 Metropolitan Transportation Authority,
NY, Transportation Facility Revenue,
(MBIA), 5.00%, 7/1/17 472,030
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Insured-Transportation (continued)
------------------------------------------------------------------------
$ 500 Puerto Rico Highway and Transportation
Authority, (AMBAC), 0.00%, 7/1/16 $ 217,625
------------------------------------------------------------------------
$ 3,212,805
------------------------------------------------------------------------
Miscellaneous -- 1.7%
------------------------------------------------------------------------
$ 890 Barona, CA, (Band of Mission Indians),
8.25%, 1/1/20 $ 884,215
150 Pittsfield Township, MI, EDC, (Arbor
Hospice), 7.875%, 8/15/27 142,929
500 San Juan, NM, Pueblo Development
Authority, Variable Rate, 10/15/06 477,200
------------------------------------------------------------------------
$ 1,504,344
------------------------------------------------------------------------
Nursing Home -- 6.0%
------------------------------------------------------------------------
$1,105 Arizona Health Facilities Authority,
(Care Institute, Inc.-Mesa),
7.625%, 1/1/06 $ 1,059,761
500 Citrus County, FL, IDA, (Beverly
Enterprises), 5.00%, 4/1/03 486,280
945 Clovis, NM, IDR, (Retirement Ranches,
Inc.), 7.75%, 4/1/19 949,224
510 Fairfield, OH, EDA, (Beverly
Enterprises), 8.50%, 1/1/03 520,664
1,285 Massachusetts IFA, (Age Institute of
Massachusetts), 7.60%, 11/1/05 1,307,269
395 Michigan Hospital Finance Authority,
(Presbyterian Villages), 6.20%, 1/1/06 399,357
500 Wisconsin HEFA, (Wisconsin Illinois
Senior Housing), 7.00%, 8/1/29 463,135
------------------------------------------------------------------------
$ 5,185,690
------------------------------------------------------------------------
Pooled Loans -- 3.6%
------------------------------------------------------------------------
$1,900 Arizona Educational Loan Marketing
Corp., (AMT), 6.25%, 6/1/06 $ 2,026,008
1,000 Arizona Student Loan Acquisition
Authority, (AMT), 7.625%, 5/1/10 1,076,440
------------------------------------------------------------------------
$ 3,102,448
------------------------------------------------------------------------
Senior Living / Life Care -- 5.3%
------------------------------------------------------------------------
$ 785 Albuquerque, NM, Retirement Facilities,
(La Vida Liena Retirement Center),
6.60%, 12/15/28 $ 674,511
2,000 Illinois HFA, (Lutheran Social
Services), 6.125%, 8/15/10 1,879,220
300 Kalamazoo, MI, (Friendship Village),
6.125%, 5/15/17 269,262
500 Kansas City, MO, IDR, (Kingswood Manor),
5.80%, 11/15/17 415,995
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
14
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Senior Living / Life Care (continued)
------------------------------------------------------------------------
$ 250 Massachusetts IFA, (Forge Hill), (AMT),
6.75%, 4/1/30 $ 213,805
360 Mesquite, TX, Health Facilities
Development, (Christian Care Centers),
7.00%, 2/15/10 358,592
500 North Miami, FL, Health Facilities
Authority, (Imperial Club),
6.75%, 1/1/33 427,760
305 Okaloosa County, FL, Retirement Rental
Housing, (Encore Retirement Partners),
5.25%, 2/1/04 284,135
------------------------------------------------------------------------
$ 4,523,280
------------------------------------------------------------------------
Special Tax Revenue -- 4.6%
------------------------------------------------------------------------
$ 500 Battle Creek, MI, Downtown Development
Authority, 6.65%, 5/1/02 $ 513,370
2,000 Detroit, MI, Downtown Development
Authority Tax Increment, 0.00%, 7/1/21 570,020
250 Frederick County, MD, Urbana Community
Development Authority, 6.625%, 7/1/25 240,003
500 Heritage Palms Community Development
District, FL, Capital Improvements,
6.25%, 11/1/04 499,465
1,000 Laredo, TX, 4.50%, 2/15/17 861,290
510 Longleaf, FL, Community Development
District, 6.20%, 5/1/09 487,907
500 Michigan Building Authority,
6.10%, 10/1/01 508,295
250 Stoneybrook, FL, West Community
Development District, 6.45%, 5/1/10 248,660
------------------------------------------------------------------------
$ 3,929,010
------------------------------------------------------------------------
<CAPTION>
PRINCIPAL AMOUNT
(000'S OMITTED) SECURITY VALUE
<C> <S> <C>
------------------------------------------------------------------------
Transportation -- 1.4%
------------------------------------------------------------------------
$ 240 Memphis-Shelby County, TN, Airport
Authority, 6.12%, 12/1/16 $ 222,235
1,000 Northwest Arkansas Regional Airport
Authority, (AMT), 7.625%, 2/1/27 1,019,220
------------------------------------------------------------------------
$ 1,241,455
------------------------------------------------------------------------
Water and Sewer -- 0.2%
------------------------------------------------------------------------
$ 150 Connecticut Clean Water Fund,
4.875%, 5/1/09 $ 151,256
------------------------------------------------------------------------
$ 151,256
------------------------------------------------------------------------
Total Tax-Exempt Investments -- 97.4%
(identified cost $84,685,304) $83,887,128
------------------------------------------------------------------------
Other Assets, Less Liabilities -- 2.6% $ 2,200,822
------------------------------------------------------------------------
Net Assets -- 100.0% $86,087,950
------------------------------------------------------------------------
</TABLE>
AMT - Interest earned from these securities may be considered a tax
preference item for purposes of the Federal Alternative Minimum Tax.
At September 30, 2000, the concentration of the Portfolio's investments in
the various states, determined as a percentage of net assets, is as follows:
<TABLE>
<S> <C>
Arizona 10.4%
Michigan 14.2%
Others, representing less than 10% individually 72.8%
</TABLE>
The Portfolio invests primarily in debt securities issued by municipali-
ties. 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, 2000, 13.9% of the securities in the portfolio
of investments are backed by bond insurance of various financial institutions
and financial guaranty assurance agencies. The aggregate percentage insured
by financial institutions ranged from 0.8% to 7.6% of total investments.
(1) Non-income producing security.
SEE NOTES TO FINANCIAL STATEMENTS
15
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
AS OF SEPTEMBER 30, 2000
<S> <C>
Assets
-----------------------------------------------------
Investments, at value
(identified cost, $84,685,304) $83,887,128
Cash 477,537
Receivable for investments sold 150,000
Interest receivable 1,582,412
-----------------------------------------------------
TOTAL ASSETS $86,097,077
-----------------------------------------------------
Liabilities
-----------------------------------------------------
Payable to affiliate for Trustees' fees $ 207
Accrued expenses 8,920
-----------------------------------------------------
TOTAL LIABILITIES $ 9,127
-----------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $86,087,950
-----------------------------------------------------
Sources of Net Assets
-----------------------------------------------------
Net proceeds from capital contributions
and withdrawals $86,886,126
Net unrealized depreciation (computed on
the basis of identified cost) (798,176)
-----------------------------------------------------
TOTAL $86,087,950
-----------------------------------------------------
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2000
<S> <C>
Investment Income
----------------------------------------------------
Interest $2,757,462
----------------------------------------------------
TOTAL INVESTMENT INCOME $2,757,462
----------------------------------------------------
Expenses
----------------------------------------------------
Investment adviser fee $ 212,785
Trustees fees and expenses 4,576
Custodian fee 18,597
Legal and accounting services 22,568
Miscellaneous 17,933
----------------------------------------------------
TOTAL EXPENSES $ 276,459
----------------------------------------------------
NET INVESTMENT INCOME $2,481,003
----------------------------------------------------
Realized and Unrealized Gain (Loss)
----------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ 44,064
Financial futures contracts (835)
----------------------------------------------------
NET REALIZED GAIN $ 43,229
----------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $ 443,994
Financial futures contracts 33,132
----------------------------------------------------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION) $ 477,126
----------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 520,355
----------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $3,001,358
----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
16
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
INCREASE (DECREASE) SEPTEMBER 30, 2000 YEAR ENDED
IN NET ASSETS (UNAUDITED) MARCH 31, 2000
<S> <C> <C>
----------------------------------------------------------------------------
From operations --
Net investment income $ 2,481,003 $ 4,880,282
Net realized gain (loss) 43,229 (11,006)
Net change in unrealized
appreciation (depreciation) 477,126 (5,908,048)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 3,001,358 $ (1,038,772)
----------------------------------------------------------------------------
Capital transactions --
Net Assets contributed by Connecticut
and Michigan Limited Maturity
Municipals Funds $ -- $ 16,239,145
Contributions 4,240,420 13,115,025
Withdrawals (11,090,381) (28,345,239)
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL TRANSACTIONS $ (6,849,961) $ 1,008,931
----------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (3,848,603) $ (29,841)
----------------------------------------------------------------------------
Net Assets
----------------------------------------------------------------------------
At beginning of period $ 89,936,553 $ 89,966,394
----------------------------------------------------------------------------
AT END OF PERIOD $ 86,087,950 $ 89,936,553
----------------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, 2000 ----------------------------------------------------------
(UNAUDITED) 2000 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.63%(1) 0.65% 0.61% 0.60% 0.60% 0.57%
Expenses after custodian
fee reduction 0.63%(1) 0.63% 0.60% 0.59% 0.58% 0.56%
Net investment income 5.69%(1) 5.49% 5.32% 5.53% 5.45% 5.08%
Portfolio Turnover 2% 27% 26% 41% 68% 68%
------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $86,088 $89,937 $89,966 $93,127 $102,504 $134,776
------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS
18
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
-------------------------------------------
National Limited Maturity Municipals Portfolio (the Portfolio) seeks to
provide (1) a high level of income exempt from regular federal income tax and
(2) limited principal fluctuation. The Portfolio is registered under the
Investment Company Act of 1940 as a diversified open-end management
investment company which was organized as a trust under the laws of the State
of New York on May 1, 1992. The Declaration of Trust permits the Trustees to
issue interests in the Portfolio. The following is a summary of significant
accounting policies of the Portfolio. The policies are in conformity with
generally accepted accounting principles.
A Investment Valuation -- 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 the
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 accretion of discount when required
for Federal income tax purposes.
C Income Taxes -- The Portfolio is treated as a partnership for federal tax
purposes. No provision is made by the Portfolio for federal or state taxes on
any taxable income of the Portfolio because each investor in the Portfolio 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 Portfolio, the Portfolio normally
must satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for its investors to satisfy them.
The Portfolio will allocate at least annually among its respective investors,
each investor's distributive share of the Portfolio's 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 Portfolio 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 the 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, the 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 the 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 the Portfolio.
The Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest rates. Should interest
rates move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the financial futures contracts and may realize a loss.
E Options on Financial Futures Contracts -- Upon the purchase of a put option
on a financial futures contract by the Portfolio, the premium paid is
recorded as an investment, the value of which is marked-to-market daily. When
a purchased option expires, the Portfolio will realize a loss in the amount
of the cost of the option. When the Portfolio enters into a closing sale
transaction, the Portfolio will realize a gain or loss depending on whether
the sales proceeds from the closing sale transaction are greater or less than
the cost of the option. When the Portfolio exercises a put option, settlement
is made in cash. The risk associated with purchasing put options is limited
to the premium originally paid.
F When-issued and Delayed Delivery Transactions -- The Portfolio may engage in
when-issued and delayed delivery transactions. The Portfolio records
when-issued securities on trade date and maintains 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.
G Expense Reduction -- Investors Bank & Trust Company (IBT) serves as custodian
of the Portfolio. Pursuant to the custodian agreement, IBT receives a fee
reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
total expenses in the Statement of Operations.
H 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
19
<PAGE>
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO AS OF SEPTEMBER 30, 2000
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
statements and the reported amounts of income and expense during the
reporting period. Actual results could differ from those estimates.
I Other -- Investment transactions are accounted for on a trade date basis.
Realized gains and losses are computed based on the specific identification
of the securities sold.
J Interim Financial Statements -- The interim financial statements relating to
September 30, 2000 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 the 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, 2000, the fee was
equivalent to 0.49% (annualized) of the Portfolio's average net assets for
such period and amounted to $212,785. Except as to Trustees of the Portfolio
who are not members of EVM's or BMR's organization, officers and Trustees
receive remuneration for their services to the Portfolio out of such
investment adviser fee. Certain officers and Trustees of the Portfolio are
officers of the above organizations. Trustees of the Portfolio that are not
affiliated with the Investment Adviser may elect to defer receipt of all or a
percentage of their annual fees in accordance with the terms of the Trustees
Deferred Compensation Plan. For the six months ended September 30, 2000, no
significant amounts have been deferred.
3 Line of Credit
-------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings may be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
federal funds 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. The National
Limited Maturity Municipals Portfolio did not have any significant borrowings
or allocated fees during the six months ended September 30, 2000.
4 Investments
-------------------------------------------
Purchases and sales of investments, other than U.S. Government securities and
short-term obligations, aggregated $1,991,092 and $7,631,679 respectively,
for the six months ended September 30, 2000.
5 Federal Income Tax Basis of Investments
-------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at September 30, 2000, as computed on a federal income tax
basis, were as follows:
<TABLE>
<S> <C>
AGGREGATE COST $84,685,304
-----------------------------------------------------
Gross unrealized appreciation $ 1,885,426
Gross unrealized depreciation (2,683,602)
-----------------------------------------------------
NET UNREALIZED DEPRECIATION $ (798,176)
-----------------------------------------------------
</TABLE>
6 Financial Instruments
-------------------------------------------
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments
include written options and futures contracts and may involve, to a varying
degree, elements of risk in excess of the amounts recognized for financial
statement purposes. The notional or contractual amounts of these instruments
represent the investment the Portfolio has in particular classes of financial
instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these
instruments is meaningful only when all related and offsetting transactions
are considered.
At September 30, 2000, there were no outstanding obligations under these
financial instruments.
7 Transfer of Net Assets
-------------------------------------------
Prior to the opening of business on November 1, 1999, Eaton Vance Connecticut
Limited Maturity Municipals and Eaton Vance Michigan Limited Maturity
Municipals Funds, pursuant to an Agreement and Plan of Reorganization dated
November 1, 1999, contributed securities with a market value of $7,443,241
and $8,864,366 including $88,630 and $97,151 of unrealized appreciation
respectively. The transaction was structured for tax purposes to qualify as a
tax free reorganization under the Internal Revenue Code.
20
<PAGE>
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND AS OF SEPTEMBER 30, 2000
INVESTMENT MANAGEMENT
EATON VANCE NATIONAL LIMITED MATURITY MUNICIPALS FUND
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 Planners
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
President, Unicorn
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
NATIONAL LIMITED MATURITY MUNICIPALS PORTFOLIO
Officers
Thomas J. Fetter
President
James B. Hawkes
Vice President and Trustee
William H. Ahern, Jr.
Vice President and Portfolio Manager
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 Planners
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
President, Unicorn
Lynn A. Stout
Professor of Law,
Georgetown University Law Center
Jack L. Treynor
Investment Adviser and Consultant
21
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<PAGE>
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